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Side-by-side financial comparison of ASHFORD HOSPITALITY TRUST INC (AHT) and WYNDHAM HOTELS & RESORTS, INC. (WH). Click either name above to swap in a different company.
WYNDHAM HOTELS & RESORTS, INC. is the larger business by last-quarter revenue ($334.0M vs $259.0M, roughly 1.3× ASHFORD HOSPITALITY TRUST INC). WYNDHAM HOTELS & RESORTS, INC. runs the higher net margin — -18.0% vs -26.8%, a 8.8% gap on every dollar of revenue. On growth, ASHFORD HOSPITALITY TRUST INC posted the faster year-over-year revenue change (-6.0% vs -76.3%). WYNDHAM HOTELS & RESORTS, INC. produced more free cash flow last quarter ($168.0M vs $-86.8M). Over the past eight quarters, WYNDHAM HOTELS & RESORTS, INC.'s revenue compounded faster (-4.6% CAGR vs -7.7%).
Ashford Hospitality Trust Inc is a U.S.-headquartered real estate investment trust focused on upper-upscale full-service hotel properties across key U.S. urban, suburban and resort markets. Its portfolio holds assets under top global hospitality brands, serving business and leisure travelers, with a focus on long-term value growth and stable shareholder returns.
Wyndham Hotels & Resorts, Inc., is an American hospitality company based in Parsippany, New Jersey, United States. It describes itself as the largest hotel franchisor in the world, with 9,100 locations.
AHT vs WH — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $259.0M | $334.0M |
| Net Profit | $-69.3M | $-60.0M |
| Gross Margin | — | — |
| Operating Margin | -2.6% | — |
| Net Margin | -26.8% | -18.0% |
| Revenue YoY | -6.0% | -76.3% |
| Net Profit YoY | 44.2% | -170.6% |
| EPS (diluted) | $-12.85 | $-0.80 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $334.0M | ||
| Q4 25 | $259.0M | $334.0M | ||
| Q3 25 | $266.1M | $382.0M | ||
| Q2 25 | $302.0M | $397.0M | ||
| Q1 25 | $277.4M | $316.0M | ||
| Q4 24 | $275.5M | $336.0M | ||
| Q3 24 | $276.6M | $396.0M | ||
| Q2 24 | $316.5M | $367.0M |
| Q1 26 | — | $-60.0M | ||
| Q4 25 | $-69.3M | $-60.0M | ||
| Q3 25 | $-60.1M | $105.0M | ||
| Q2 25 | $-30.4M | $87.0M | ||
| Q1 25 | $-20.0M | $61.0M | ||
| Q4 24 | $-124.2M | $85.0M | ||
| Q3 24 | $-57.9M | $102.0M | ||
| Q2 24 | $50.3M | $86.0M |
| Q1 26 | — | — | ||
| Q4 25 | -2.6% | -11.4% | ||
| Q3 25 | 4.6% | 46.6% | ||
| Q2 25 | 16.3% | 37.8% | ||
| Q1 25 | 22.2% | 35.4% | ||
| Q4 24 | -17.8% | 38.4% | ||
| Q3 24 | 7.3% | 43.2% | ||
| Q2 24 | 42.8% | 39.5% |
| Q1 26 | — | -18.0% | ||
| Q4 25 | -26.8% | -18.0% | ||
| Q3 25 | -22.6% | 27.5% | ||
| Q2 25 | -10.1% | 21.9% | ||
| Q1 25 | -7.2% | 19.3% | ||
| Q4 24 | -45.1% | 25.3% | ||
| Q3 24 | -20.9% | 25.8% | ||
| Q2 24 | 15.9% | 23.4% |
| Q1 26 | — | $-0.80 | ||
| Q4 25 | $-12.85 | $-0.77 | ||
| Q3 25 | $-11.35 | $1.36 | ||
| Q2 25 | $-6.88 | $1.13 | ||
| Q1 25 | $-4.91 | $0.78 | ||
| Q4 24 | $-13.64 | $1.06 | ||
| Q3 24 | $-12.39 | $1.29 | ||
| Q2 24 | $2.50 | $1.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $66.1M | $64.0M |
| Total DebtLower is stronger | $2.5B | — |
| Stockholders' EquityBook value | $-626.4M | $468.0M |
| Total Assets | $2.8B | $4.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $64.0M | ||
| Q4 25 | $66.1M | $64.0M | ||
| Q3 25 | $81.9M | $70.0M | ||
| Q2 25 | $100.0M | $50.0M | ||
| Q1 25 | $85.8M | $48.0M | ||
| Q4 24 | $112.9M | $103.0M | ||
| Q3 24 | $119.7M | $72.0M | ||
| Q2 24 | $121.8M | $70.0M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $2.5B | ||
| Q3 25 | $2.6B | $2.6B | ||
| Q2 25 | $2.6B | $2.5B | ||
| Q1 25 | $2.7B | $2.5B | ||
| Q4 24 | $2.6B | $2.4B | ||
| Q3 24 | $2.7B | $2.4B | ||
| Q2 24 | $2.8B | $2.4B |
| Q1 26 | — | $468.0M | ||
| Q4 25 | $-626.4M | $468.0M | ||
| Q3 25 | $-548.7M | $583.0M | ||
| Q2 25 | $-485.5M | $570.0M | ||
| Q1 25 | $-446.1M | $579.0M | ||
| Q4 24 | $-419.2M | $650.0M | ||
| Q3 24 | $-288.4M | $583.0M | ||
| Q2 24 | $-225.9M | $623.0M |
| Q1 26 | — | $4.2B | ||
| Q4 25 | $2.8B | $4.2B | ||
| Q3 25 | $3.0B | $4.3B | ||
| Q2 25 | $3.1B | $4.3B | ||
| Q1 25 | $3.1B | $4.2B | ||
| Q4 24 | $3.2B | $4.2B | ||
| Q3 24 | $3.3B | $4.2B | ||
| Q2 24 | $3.3B | $4.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | 5.37× | ||
| Q3 25 | — | 4.43× | ||
| Q2 25 | — | 4.44× | ||
| Q1 25 | — | 4.29× | ||
| Q4 24 | — | 3.72× | ||
| Q3 24 | — | 4.19× | ||
| Q2 24 | — | 3.83× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-15.7M | $367.0M |
| Free Cash FlowOCF − Capex | $-86.8M | $168.0M |
| FCF MarginFCF / Revenue | -33.5% | 50.3% |
| Capex IntensityCapex / Revenue | 27.5% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-135.5M | $437.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $367.0M | ||
| Q4 25 | $-15.7M | $152.0M | ||
| Q3 25 | $5.5M | $86.0M | ||
| Q2 25 | $16.3M | $70.0M | ||
| Q1 25 | $-25.0M | $59.0M | ||
| Q4 24 | $-23.6M | $134.0M | ||
| Q3 24 | $795.0K | $79.0M | ||
| Q2 24 | $8.0M | $1.0M |
| Q1 26 | — | $168.0M | ||
| Q4 25 | $-86.8M | $136.0M | ||
| Q3 25 | $-226.0K | $75.0M | ||
| Q2 25 | $-3.6M | $58.0M | ||
| Q1 25 | $-44.8M | $52.0M | ||
| Q4 24 | $-131.6M | $109.0M | ||
| Q3 24 | $-21.8M | $71.0M | ||
| Q2 24 | $-22.9M | $-6.0M |
| Q1 26 | — | 50.3% | ||
| Q4 25 | -33.5% | 40.7% | ||
| Q3 25 | -0.1% | 19.6% | ||
| Q2 25 | -1.2% | 14.6% | ||
| Q1 25 | -16.2% | 16.5% | ||
| Q4 24 | -47.8% | 32.4% | ||
| Q3 24 | -7.9% | 17.9% | ||
| Q2 24 | -7.2% | -1.6% |
| Q1 26 | — | — | ||
| Q4 25 | 27.5% | 4.8% | ||
| Q3 25 | 2.1% | 2.9% | ||
| Q2 25 | 6.6% | 3.0% | ||
| Q1 25 | 7.2% | 2.2% | ||
| Q4 24 | 39.2% | 7.4% | ||
| Q3 24 | 8.2% | 2.0% | ||
| Q2 24 | 9.8% | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.82× | ||
| Q2 25 | — | 0.80× | ||
| Q1 25 | — | 0.97× | ||
| Q4 24 | — | 1.58× | ||
| Q3 24 | — | 0.77× | ||
| Q2 24 | 0.16× | 0.01× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AHT
| Occupancy | $190.2M | 73% |
| Food And Beverage | $51.8M | 20% |
| Hotel Other | $16.6M | 6% |
WH
| Fee-related and other revenues | $334.0M | 100% |
| Management and other fees | $2.0M | 1% |
