Ryman Hospitality Properties (RHP) Q4 2025 earnings summary

Executive summary

• Full year results exceeded guidance midpoints for entertainment, AFFO, and AFFO per share, with Q4 outperforming expectations due to strong holiday programming and Nashville venue volumes.

• Achieved record consolidated revenue of $737.8M in Q4 and $2.6B for full year 2025, with strong performance in both Hospitality and Entertainment segments.

• Q4 net income was $74.5M; full year net income was $247.3M; consolidated Adjusted EBITDAre reached $224.3M in Q4 and $794.7M for the year.

• Strategic investments, including the acquisition of JW Desert Ridge and ongoing upgrades at Gaylord Opryland, have strengthened the portfolio and positioned the company for future growth.

• Entertainment segment expanded with new amphitheater management contracts and continued brand development, notably with Category 10 and Ole Red.

Financial highlights

• Q4 revenue grew 13.9% year-over-year; full year revenue up 10.2%.

• Same-store hospitality segment achieved record quarterly total revenue and highest Q4 adjusted EBITDAre, driven by holiday demand and leisure volumes.

• ICE! ticket sales rose over 14% year-over-year to 1.5 million, with Gaylord National, Opryland, and Rockies posting best seasons.

• Entertainment segment Q4 revenue grew nearly 12% and adjusted EBITDAre by almost 13% year-over-year.

• Q4 Adjusted EBITDAre up 18.9% year-over-year; full year Adjusted EBITDAre up 4.9%.

Outlook and guidance

• 2026 guidance projects same-store Hospitality RevPAR growth of 1.5%–3.5% and Total RevPAR growth of 1.5%–3.5%.

• Entertainment business guidance implies nearly 10% adjusted EBITDAre growth in 2026, with seasonality weighted to Q2.

• Q1 2026 expected to be flat for hospitality RevPAR and down for entertainment adjusted EBITDAre due to tough comps and weather impacts.

• Capital expenditures for 2026 projected at $350–$450 million, mainly for hospitality.

• Dividend policy targets minimum payout of 100% of REIT taxable income annually.