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Ryman Hospitality Properties (RHP) investor relations material
Ryman Hospitality Properties Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 revenue increased 7.7% year-over-year to $592.5M, driven by growth in both Hospitality and Entertainment segments, with Hospitality at $500.9M and Entertainment at $91.6M.
Net income for Q3 2025 was $34.0M, down 43.8% from Q3 2024, primarily due to higher operating and interest expenses.
Group bookings set a record with over 667,000 same-store Hospitality gross definite room nights at an ADR of $291, positioning for continued growth.
Major 2025 activities included the $865M acquisition of JW Marriott Desert Ridge, issuance of $625M in senior notes, and a $275.5M equity offering.
Announced a second Category 10 venue in Las Vegas, opening late 2026.
Financial highlights
Q3 2025 operating income was $88.6M, a 16.3% decrease year-over-year; Adjusted EBITDAre for Q3 was $173.1M.
Food and beverage outlet sales per occupied room rose nearly 13%, with record revenue at Gaylord National and Gaylord Rockies.
Q3 FFO per diluted share/unit was $1.60, down 14.0%; Adjusted FFO per diluted share/unit was $1.63, down 15.5%.
Consolidated Adjusted EBITDAre guidance for 2025 is $772M–$802M; AFFO guidance is $509.5M–$538M.
Unrestricted cash at quarter-end was $483.3M; total available liquidity nearly $1.3B.
Outlook and guidance
2025 full-year guidance narrowed, with slightly lower midpoints for operating income, Adjusted EBITDAre, and Adjusted FFO.
Same-store Hospitality RevPAR growth expected at 1.5–3.5%; Total RevPAR growth at 1.0–3.0%.
Group rooms revenue on the books for 2026 and 2027 is up 8% and 7% year-over-year, with ADR growth in the mid-single digits.
Capital expenditures for 2025 expected in the $375M–$425M range, with $252M spent YTD, focused on renovations and new developments.
Dividend policy targets at least 100% payout of REIT taxable income annually.
Group business impact from macro uncertainty?
Capital projects' expected future returns?
Entertainment segment's competitive strategy?
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Next Ryman Hospitality Properties earnings date
Q4 202520 Feb, 2026
Next Ryman Hospitality Properties earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
Ryman Hospitality Properties Inc. Ryman Hospitality Properties Inc. is a real estate investment trust (REIT) specializing in hospitality and entertainment properties. The company owns and operates a portfolio of upscale convention center resorts under the Gaylord Hotels brand, catering to group meetings, conventions, and leisure travelers. Additionally, Ryman owns iconic entertainment venues, such as the Grand Ole Opry and Ryman Auditorium, as well as other assets supporting the country music and live entertainment industries. The company is headquartered in Nashville, Tennessee, and its shares are listed on the NYSE.
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