AHT · CIK 0001232582

ASHFORD HOSPITALITY TRUST, INC.

Annual figures as reported, FY2014–FY2025. Ratios and growth rates derived on-page.

Revenue

$1.1B

▼ −5.8% vs FY2024

Net income

−$179.8M

▼ −198.2% vs FY2024

Operating cash flow

−$15.7M

▲ +33.6% vs FY2024

Diluted EPS

−$35.99

▼ −105.2% vs FY2024

Revenue

Annual, as reported

Net income

Losses shown in terracotta

Recent quarters

momentum · last 12 quarters

Revenue — Mar ’26 quarter

$267.7M

▼ −3.5% vs Mar ’25

Net income — Mar ’26 quarter

−$63.8M

▼ −219.3% vs Mar ’25

Revenue — trailing 12 months

$1.1B

▼ −4.5% vs Mar ’25

Diluted EPS — trailing 12 months

−$42.11

▼ −48.1% vs Mar ’25

Quarterly revenue

Discrete quarters; Q4 derived from the annual figure

Quarterly net income

Losses shown in terracotta

Quarter	Revenue	Rev. YoY	Gross margin	Net income	Net margin	Diluted EPS
Mar ’26	$267.7M	−3.5%	—	−$63.8M	−23.8%	−$11.03
Dec ’25	$259.0M	−6.0%	—	−$69.3M	−26.8%	−$12.85
Sep ’25	$266.1M	−3.8%	—	−$60.1M	−22.6%	−$11.35
Jun ’25	$302.0M	−4.6%	—	−$30.4M	−10.1%	−$6.88
Mar ’25	$277.4M	−8.7%	—	−$20.0M	−7.2%	−$4.91
Dec ’24	$275.5M	−13.9%	—	−$124.2M	−45.1%	−$13.64
Sep ’24	$276.6M	−19.4%	—	−$57.9M	−20.9%	−$12.39
Jun ’24	$316.5M	−15.8%	—	$50.3M	15.9%	$2.50

Profitability & returns

quality of earnings

Margins

Share of revenue kept at each line

Operating marginNet margin

Returns on capital

Net income vs year-end equity and assets

Return on equityReturn on assets

Cash flow

cash generation

Operating cash flow

Net cash from operations

Shareholder returns

capital allocation

Capital returned

Cash paid out as dividends and share repurchases

Dividends paidBuybacks

Diluted shares outstanding

Falling count means buybacks outpace dilution

Balance sheet

financial position

Stockholders’ equity

At fiscal year end

Net debt

Long-term debt less cash — negative means net cash

Growth rates

compounding, annualized

Revenue CAGR

−3.8%

+16.8%

−1.9%

10y

Share count change (split-adjusted)

+3690.6%

+5100.2%

10y

Key ratios

derived per fiscal year

Fiscal year	Op. margin	Net margin	ROE	ROA	Debt / equity
FY2025	10.5%	−16.3%	—	−6.3%	—
FY2024	22.1%	−5.1%	—	−1.9%	—
FY2023	9.5%	−13.1%	—	−5.2%	—
FY2022	6.1%	−11.3%	—	−3.6%	—
FY2021	−15.5%	−33.2%	—	−6.5%	—
FY2020	−91.6%	−107.0%	—	−14.6%	—
FY2019	7.6%	−7.6%	−42.3%	−2.4%	15.28×
FY2018	6.3%	−8.9%	−28.1%	−2.7%	8.68×
FY2017	10.4%	−4.7%	−10.6%	−1.4%	5.84×
FY2016	12.6%	−3.1%	−5.8%	−0.9%	4.70×
FY2015	10.3%	20.3%	33.4%	5.5%	4.74×
FY2014	9.6%	−4.0%	−5.9%	−1.1%	3.66×

Annual figures

as reported

Fiscal year	Revenue	Gross profit	Op. income	Net income	Diluted EPS	Op. cash flow	Capex	Total assets	Liabilities	Equity	Cash	LT debt
FY2025	$1.1B	—	$116.4M	−$179.8M	−$35.99	−$15.7M	—	$2.8B	$3.2B	−$626.4M	$66.1M	$2.5B
FY2024	$1.2B	—	$259.2M	−$60.3M	−$17.54	−$23.6M	—	$3.2B	$3.4B	−$419.2M	$112.9M	$2.6B
FY2023	$1.4B	—	$130.4M	−$178.5M	−$56.11	$14.4M	—	$3.5B	$3.7B	−$345.9M	$165.2M	$3.0B
FY2022	$1.2B	—	$76.3M	−$139.8M	−$44.61	$39.2M	—	$3.9B	$4.0B	−$150.4M	$417.1M	$3.8B
FY2021	$805.4M	—	−$125.2M	−$267.0M	−$124.30	−$144.2M	—	$4.1B	$4.1B	−$2.7M	$592.1M	$3.9B
FY2020	$508.2M	—	−$465.4M	−$543.9M	−$3299.70	−$149.5M	—	$3.7B	$4.0B	−$283.6M	$92.9M	$3.7B
FY2019	$1.5B	—	$114.7M	−$113.6M	−$1577.40	$177.2M	—	$4.7B	$4.4B	$268.8M	$262.6M	$4.1B
FY2018	$1.4B	—	$90.4M	−$127.0M	−$1752.00	$181.6M	—	$4.7B	$4.2B	$452.5M	$319.2M	$3.9B
FY2017	$1.4B	—	$149.0M	−$67.0M	−$1300.00	$207.4M	—	$4.7B	$3.9B	$632.5M	$354.8M	$3.7B
FY2016	$1.5B	—	$187.3M	−$46.3M	−$950.00	$179.7M	—	$4.9B	$4.0B	$791.6M	$347.1M	$3.7B
FY2015	$1.3B	—	$137.9M	$270.9M	$2350.00	$203.6M	—	$5.0B	$4.0B	$811.1M	$215.1M	$3.8B
FY2014	$794.8M	—	$76.7M	−$31.4M	−$750.00	$111.3M	—	$2.8B	$2.1B	$531.6M	$215.1M	$1.9B

Latest filings

the most recent regulatory filings

4OWNERSHIP DOCUMENT2026-07-02 ↗424B3Prospectus2026-06-23 ↗8-KCurrent report — material event2026-06-23 ↗424B3Prospectus2026-06-16 ↗8-KCurrent report — material event2026-06-16 ↗424B3Prospectus2026-06-12 ↗8-KCurrent report — material event2026-06-12 ↗424B3Prospectus2026-06-04 ↗8-KCurrent report — material event2026-06-04 ↗424B3Prospectus2026-05-28 ↗

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Quarter

Revenue

Rev. YoY

Gross margin

Net income

Net margin

Diluted EPS

Mar ’26

$267.7M

−3.5%

—

−$63.8M

−23.8%

−$11.03

Dec ’25

$259.0M

−6.0%

—

−$69.3M

−26.8%

−$12.85

Sep ’25

$266.1M

−3.8%

—

−$60.1M

−22.6%

−$11.35

Jun ’25

$302.0M

−4.6%

—

−$30.4M

−10.1%

−$6.88

Mar ’25

$277.4M

−8.7%

—

−$20.0M

−7.2%

−$4.91

Dec ’24

$275.5M

−13.9%

—

−$124.2M

−45.1%

−$13.64

Sep ’24

$276.6M

−19.4%

—

−$57.9M

−20.9%

−$12.39

Jun ’24

$316.5M

−15.8%

—

$50.3M

15.9%

$2.50

Fiscal year

Op. margin

Net margin

ROE

ROA

Debt / equity

FY2025

10.5%

−16.3%

—

−6.3%

—

FY2024

22.1%

−5.1%

—

−1.9%

—

FY2023

9.5%

−13.1%

—

−5.2%

—

FY2022

6.1%

−11.3%

—

−3.6%

—

FY2021

−15.5%

−33.2%

—

−6.5%

—

FY2020

−91.6%

−107.0%

—

−14.6%

—

FY2019

7.6%

−7.6%

−42.3%

−2.4%

15.28×

FY2018

6.3%

−8.9%

−28.1%

−2.7%

8.68×

FY2017

10.4%

−4.7%

−10.6%

−1.4%

5.84×

FY2016

12.6%

−3.1%

−5.8%

−0.9%

4.70×

FY2015

10.3%

20.3%

33.4%

5.5%

4.74×

FY2014

9.6%

−4.0%

−5.9%

−1.1%

3.66×

Fiscal year

Revenue

Gross profit

Op. income

Net income

Diluted EPS

Op. cash flow

Capex

Total assets

Liabilities

Equity

Cash

LT debt

FY2025

$1.1B

—

$116.4M

−$179.8M

−$35.99

−$15.7M

—

$2.8B

$3.2B

−$626.4M

$66.1M

$2.5B

FY2024

$1.2B

—

$259.2M

−$60.3M

−$17.54

−$23.6M

—

$3.2B

$3.4B

−$419.2M

$112.9M

$2.6B

FY2023

$1.4B

—

$130.4M

−$178.5M

−$56.11

$14.4M

—

$3.5B

$3.7B

−$345.9M

$165.2M

$3.0B

FY2022

$1.2B

—

$76.3M

−$139.8M

−$44.61

$39.2M

—

$3.9B

$4.0B

−$150.4M

$417.1M

$3.8B

FY2021

$805.4M

—

−$125.2M

−$267.0M

−$124.30

−$144.2M

—

$4.1B

−$2.7M

$592.1M

$3.9B

FY2020

$508.2M

—

−$465.4M

−$543.9M

−$3299.70

−$149.5M

—

$3.7B

$4.0B

−$283.6M

$92.9M

$3.7B

FY2019

$1.5B

—

$114.7M

−$113.6M

−$1577.40

$177.2M

—

$4.7B

$4.4B

$268.8M

$262.6M

$4.1B

FY2018

$1.4B

—

$90.4M

−$127.0M

−$1752.00

$181.6M

—

$4.7B

$4.2B

$452.5M

$319.2M

$3.9B

FY2017

$1.4B

—

$149.0M

−$67.0M

−$1300.00

$207.4M

—

$4.7B

$3.9B

$632.5M

$354.8M

$3.7B

FY2016

$1.5B

—

$187.3M

−$46.3M

−$950.00

$179.7M

—

$4.9B

$4.0B

$791.6M

$347.1M

$3.7B

FY2015

$1.3B

—

$137.9M

$270.9M

$2350.00

$203.6M

—

$5.0B

$4.0B

$811.1M

$215.1M

$3.8B

FY2014

$794.8M

—

$76.7M

−$31.4M

−$750.00

$111.3M

—

$2.8B

$2.1B

$531.6M

$215.1M

$1.9B