This study investigates the financial performance of hotel and restaurant firms listed on Borsa Istanbul (AYCES, AVTUR, BYDNR, BIGCH, DOCO, ETILR, KSTUR, MAALT, MARTI, MERIT, PKENT, TABGD, TEKTU, ULAS) over the period 2020–2024 performing ratio analysis. The analysis encompasses liquidity, capital structure, activity, profitability, and growth ratios, and explicitly incorporates the impacts of the global COVID-19 pandemic. Data were obtained from the Public Disclosure Platform, and due to the heterogeneous structure of the sector, hotel and restaurant enterprises were evaluated separately. Liquidity ratios in hotel firms fluctuated during the pandemic, although overall high levels were maintained; nevertheless, some firms experienced temporary weaknesses in meeting short-term obligations. In contrast, restaurants exhibited more stable liquidity patterns, indicating a stronger normalization trend in the post-pandemic period. Capital structure ratios revealed that hotels maintained low leverage and relied largely on equity financing, shifting toward more conservative capital management following the pandemic. Restaurant firms initially showed high leverage, but a more balanced financial structure emerged in the 2023–2024 period. Regarding activity ratios, the low levels of receivables and inventories in hotels resulted in structurally elevated turnover ratios. Restaurant firms, however, displayed relatively stable activity indicators, reflecting effective operational management. Profitability ratios in hotels were depressed or negative due to pandemic-related pressures, yet signs of recovery strengthened after 2022. Restaurants showed a gradual improvement following earlier loss periods. Both subsectors recorded a notable upswing in growth indicators after the pandemic. Overall, the findings demonstrated that the sector was significantly affected by pandemic-induced shocks, but achieved positive momentum in liquidity and growth metrics in the post-2022 period.