Braemar Hotels & Resorts (BHR) Cash Flow: Operating & Free Cash Flow

Braemar Hotels & Resorts Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Braemar Hotels & Resorts Inc. (BHR) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	-28.41	19.76	-30.63	19.35	-32.91	-124.68	1.20	2.59	28.32
Depreciation & Amortization	92.58	99.19	93.27	78.60	74.27	74.21	70.76	57.58	52.44
Deferred Income Tax	0.00	-0.10	1.33	0.05	-0.17	-0.96	0.76	-0.81	0.62
Stock Based Compensation	-0.45	2.61	9.24	11.29	10.20	7.89	7.94	7.00	-1.33
Change in Working Capital	-15.91	20.95	6.93	5.42	11.12	-3.37	-1.41	0.03	13.04
Change in Accounts Receivable	-7.37	6.26	11.26	-9.09	-11.04	4.06	-5.79	5.25	6.90
Change in Inventory	0.00	0.00	0.00	0.00	-35.98	10.50	0.00	-1.07	0.43
Change in Accounts Payable	5.53	8.45	0.05	0.00	35.98	-10.50	13.39	-8.17	0.78
Change in Other Working Capital	-8.54	11.21	-4.38	14.50	22.15	-7.43	-9.02	4.03	4.92
Other Operating Activities	-12.57	11.21	5.90	-5.21	1.46	-3.38	-12.99	4.34	-22.48
Net Cash from Operating Activities	40.78	66.82	84.71	109.48	63.95	-50.29	66.26	70.73	70.61
Investing Activities
Capital Expenditures	-83.41	-70.60	-77.11	0.00	-25.64	-25.55	0.00	-197.19	-188.15
Acquisitions	0.00	-0.08	-0.24	-0.33	-0.23	-0.03	0.27	-2.00	-248.20
Purchases of Investments	0.00	-42.28	-0.24	0.00	-17.85	-0.03	0.00	-2.00	248.20
Sales/Maturities of Investments	40.71	0.00	0.00	0.00	43.49	25.58	0.00	65.34	2.29
Other Investing Activities	4.77	-7.12	0.36	-401.89	-41.44	-16.52	-226.69	32.36	11.92
Net Cash from Investing Activities	209.63	35.51	-77.07	-402.22	-41.68	-16.54	-226.43	-166.82	-173.94
Financing Activities
Debt Repayment	-518.28	-184.10	-534.31	102.00	-0.99	61.50	72.41	174.45	59.27
Common Stock Issued	0.00	0.00	0.00	0.00	102.46	13.26	0.00	37.95	66.44
Common Stock Repurchased	-0.78	-45.97	-19.31	-7.41	-0.38	-0.26	-0.38	-0.32	-0.40
Dividends Paid	-47.34	-51.56	-52.56	-20.76	-9.09	-16.15	-33.41	-30.33	-27.10
Other Financing Activities	-28.46	-36.14	-9.31	271.23	35.95	-8.74	-6.56	25.44	132.42
Net Cash from Financing Activities	-268.63	-83.77	-156.84	345.06	127.95	49.60	32.06	169.24	124.03
Summary
Net Change in Cash	-18.22	18.55	-149.19	52.32	150.22	-17.23	-128.11	73.15	20.70
Cash at Beginning of Period	185.06	166.50	315.70	263.37	113.15	130.38	258.49	185.34	164.65
Cash at End of Period	166.83	185.06	166.50	315.70	263.37	113.15	130.38	258.49	185.34
Free Cash Flow	-42.64	66.82	7.60	109.48	38.31	-75.84	66.26	-126.46	-117.54
Supplemental Disclosures
Interest Paid	-	102.54	91.58	48.90	31.64	27.90	-	-	-
Income Taxes Paid	-	-0.73	3.42	1.24	-0.01	0.14	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Braemar Hotels & Resorts Cash Flow

What is Braemar Hotels & Resorts's free cash flow?

Braemar Hotels & Resorts had negative free cash flow of $42.63M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $40.78M minus $83.41M of capital expenditures.

How much does Braemar Hotels & Resorts spend on capital expenditures?

Braemar Hotels & Resorts spent $83.41M on capital expenditures in fiscal 2025, compared with $70.60M a year earlier. That equals 204.6% of operating cash flow.

Does Braemar Hotels & Resorts pay dividends or buy back shares?

Yes. In fiscal 2025 Braemar Hotels & Resorts returned $47.34M in dividends and $778.00K in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition