Ryman Hospitality Properties (RHP) Q4 2025 earnings summary

Executive summary

• Full year and Q4 results exceeded guidance midpoints, with entertainment, AFFO, and AFFO per share above high-end guidance.

• 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 JW Desert Ridge acquisition and ongoing Gaylord Opryland expansion, are differentiating the platform and attracting premium group customers.

• Booked over 1.2M same-store Hospitality gross definite room nights in Q4 for future periods at a record ADR of $299; nearly 3.0M for the year at $292 ADR.

Financial highlights

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

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

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

• ICE! ticket sales rose over 14% to a record 1.5 million.

• Q4 Adjusted FFO per diluted share/unit rose 10.7% year-over-year; full year Adjusted FFO per diluted share/unit down 0.9%.

Outlook and guidance

• 2026 same-store hospitality RevPAR and total RevPAR growth guided at 2.5% midpoint, with group rooms revenue on the books up 6% year-over-year.

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

• Consolidated Adjusted EBITDAre expected between $846M–$895M; net income available to common stockholders projected at $250M–$261M.

• Q1 2026 expected to be flat for hospitality RevPAR and down for entertainment adjusted EBITDAre due to tough comps and Winter Storm Fern.

• Capital expenditures for 2026 expected between $350M and $450M, mainly for hospitality.