8-K: Ryman Hospitality Reports Record Q4, Full Year 2025 Results

Ryman Hospitality Properties, Inc. announced record consolidated revenue for Q4 and full year 2025, driven by strong Hospitality and Entertainment segment performance, and provided optimistic 2026 guidance.

Summary

• Consolidated revenue reached an all-time quarterly record of $737.8 million for Q4 2025 and a record full year consolidated revenue of $2.6 billion for 2025.
• Net income for Q4 2025 was $74.5 million, and for the full year 2025 was $247.3 million.
• Consolidated Adjusted EBITDAre was $224.3 million for Q4 2025 and $794.7 million for the full year 2025.
• The company booked over 1.2 million same-store Hospitality Gross Definite Room Nights for all future periods in Q4, with an estimated average daily rate (ADR) of approximately $299, a new record and a 6.1% increase over the prior year quarter.
• For the full year 2025, nearly 3.0 million same-store Hospitality Gross Definite Room Nights were booked for all future periods, with an estimated ADR of approximately $292, a new record and a 3.5% increase over 2024.
• Subsequent to quarter-end, the corporate revolving credit facility was refinanced, increasing its size from $700 million to $850 million and extending its maturity from May 2027 to January 2030.
• Opry Entertainment Group (OEG) announced the development of a third Category 10 location at Universal Orlando Resorts CityWalk, anticipated to open in late 2027.
• OEG was selected to manage the CCNB Amphitheatre in Simpsonville, South Carolina, effective February 2026.
• A cash dividend of $1.20 per share for the first quarter of 2026 was declared, payable on April 15, 2026, to stockholders of record as of March 31, 2026.
• The company provided 2026 guidance, projecting low single-digit Adjusted EBITDAre growth for the same-store Hospitality segment and high single-digit Adjusted EBITDAre growth for the Entertainment segment.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this as a strong report with record revenues, positive booking trends, and strategic expansions, despite some year-over-year declines in net income and FFO per share, which are offset by robust future guidance and improved credit ratings.

Positives

• Achieved all-time quarterly record consolidated revenue of $737.8 million in Q4 2025 and record full year consolidated revenue of $2.6 billion for 2025.
• Reported quarterly record same-store Hospitality segment revenue of $578.2 million and record fourth quarter Entertainment segment revenue of $109.5 million.
• Booked over 1.2 million same-store Hospitality Gross Definite Room Nights in Q4 for future periods with a record estimated ADR of $299, up 6.1% year-over-year.
• Refinanced and expanded the corporate revolving credit facility from $700 million to $850 million, extending maturity to January 2030 while maintaining the same pricing.
• Opry Entertainment Group (OEG) is expanding with a new Category 10 location at Universal Orlando Resorts CityWalk and managing the CCNB Amphitheatre.
• Fitch upgraded the company's corporate family rating to BB (from BB-), senior secured credit facility to BBB(from BB+), and senior unsecured notes to BB (from BB-), resulting in a 25-basis-point spread reduction for its Term Loan B.
• Projected same-store group rooms revenue on the books for 2026 is pacing up approximately 6% compared to the same time last year for 2025, supported by expected mid-single-digit ADR growth.
• ICE! programming attracted over 1.5 million ticketed guests, a 14.2% increase year-over-year, with record property-level ticket sales at Gaylord Opryland and Gaylord Rockies.

Negatives

• Full year 2025 net income of $247.3 million decreased by 11.7% compared to $280.19 million in 2024.
• Full year 2025 operating income of $487.0 million decreased by 0.8% compared to $490.8 million in 2024.
• Net income available to common stockholders for full year 2025 decreased by 10.4% to $243.4 million from $271.6 million in 2024.
• Net income available to common stockholders per diluted share for full year 2025 decreased by 13.9% to $3.77 from $4.38 in 2024.
• Gross definite room nights booked decreased by 10.2% in Q4 2025 and 5.5% for the full year 2025 compared to prior periods.
• Net definite room nights booked decreased by 13.0% in Q4 2025 and 10.5% for the full year 2025 compared to prior periods.
• Cancellations In The Year For The Year (ITYFTY) increased significantly by 129.3% in Q4 2025 and 66.9% for the full year 2025.
• Gaylord Texan experienced decreases in revenue, operating income, and Adjusted EBITDAre for both Q4 and full year 2025.
• JW Marriott Hill Country saw declines in operating income and Adjusted EBITDAre for both Q4 and full year 2025.

Risks

• Economic conditions generally affecting the hospitality business.
• Geographic concentration of hotel properties.
• Business levels at the company's hotels.
• Effects of inflation and changes in international, national, regional, and local economic and market conditions (such as trade barriers or other changes in trade policy) on the company's business, including costs of labor and supplies and effects on group customers at the company's hotels and customers in OEG's businesses.
• Ability to remain qualified as a REIT.
• Ability to execute strategic goals as a REIT.
• Ability to generate cash flows to support dividends.
• Future board determinations regarding the timing and amount of dividends and changes to the dividend policy.
• Ability to borrow funds pursuant to credit agreements and to refinance indebtedness and/or to successfully amend the agreements governing its indebtedness in the future.
• Changes in interest rates.
• Integration of the JW Marriott Desert Ridge.
• Ability to identify and capitalize on additional value creation opportunities at the JW Marriott Desert Ridge.
• Occurrence of any event, change, or other circumstance that could limit the company's ability to capitalize on any additional value creation opportunities it identifies at the JW Marriott Desert Ridge.

Future Outlook

The company initiated its 2026 outlook, projecting low single-digit Adjusted EBITDAre growth for the same-store Hospitality segment, driven by group business growth and a stable leisure business. The Entertainment segment is expected to see high single-digit Adjusted EBITDAre growth, fueled by momentum from Opry 100 and investments in festivals, amphitheaters, and Category 10 Las Vegas. The outlook assumes growth in the group business and a stable leisure business for Hospitality.

Management Comments

• "We are very pleased to deliver strong full year results, near the top end of our most recent guidance ranges, with our Entertainment segment, as well as AFFO and AFFO per diluted share, surpassing the high end of those expectations."
• "Our fourth quarter performance reflected strong demand for our holiday programming in our Hospitality segment and stronger-than-anticipated volumes across our downtown Nashville Entertainment venues."
• "In our Hospitality business, meeting planner sentiment strengthened as the quarter progressed, driving monthly record same-store gross group room night, projected revenue, and projected ADR bookings production for all future periods during December."
• "This momentum underscores the effectiveness of our long-term capital deployment strategy, which we believe positions our portfolio for sustained growth."
• "Looking ahead, projected same-store group rooms revenue on the books for 2026 is pacing up approximately 6% compared to the same time last year for 2025, supported by expected mid-single-digit ADR growth on these bookings for 2026."
• "We believe the investments weve made, and continue to make across our portfolio, are creating durable demand and positioning the business for another strong year."
• "Our Entertainment business exceeded our expectations in the fourth quarter, driven by stronger volumes in our downtown Nashville venues and record performance metrics for the Opry during its October birthday month."
• "Building on the successes of 2025, we recently announced several new growth opportunities, including two amphitheater venues under management and further expansion of the Category 10 brand in Las Vegas and Orlando."
• "Demand for country music and live entertainment remains robust, and our unique portfolio of iconic brands is well-positioned for continued growth in 2026 and beyond."
• "We are pleased to initiate our outlook for 2026, which, at the midpoint, reflects low single-digit Adjusted EBITDAre growth for the same-store Hospitality segment and high single-digit Adjusted EBITDAre growth for the Entertainment segment."
• "Our outlook for the same-store Hospitality segment assumes growth in our group business and a stable leisure business."
• "Our outlook for the Entertainment segment reflects momentum behind Opry 100 and our investments in festivals, amphitheaters and Category 10 Las Vegas."

Industry Context

StockSavvy.ai notes that Ryman Hospitality Properties' strong performance in group-oriented destination hotels and live entertainment aligns with a broader post-pandemic recovery in business travel and experiential leisure. The expansion of the Category 10 brand and management of new amphitheaters capitalize on the robust demand for country music and live entertainment, a trend observed across the industry with increasing concert attendance and festival popularity. The focus on group bookings and ADR growth indicates a healthy corporate and convention segment, which is a key driver for large-scale hospitality REITs.

Comparison to Industry Standards

• The company's portfolio includes five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space, indicating a leading position in this specialized segment.
• The 2026 projected same-store group rooms revenue pacing up 6% and mid-single-digit ADR growth for 2026 bookings suggests a strong competitive position in the group segment, potentially outperforming general leisure travel trends which can be more volatile.
• The Fitch credit rating upgrade (corporate family rating to BB, senior secured to BBB-, senior unsecured to BB) indicates improved financial health and creditworthiness compared to industry peers, potentially leading to more favorable borrowing terms in a higher interest rate environment.

Stakeholder Impact

• Shareholders are positively impacted by record revenues, increased dividend intentions for 2026, and an improved credit rating, though potential future dilution from OEG put rights remains a consideration.
• Employees may benefit from continued investment in properties and strategic expansions, suggesting job stability and potential growth opportunities.
• Hospitality customers will experience enhanced offerings through ongoing renovations and new developments like the Foundry Fieldhouse and Category 10 venues.
• Entertainment customers will have more options with the expansion of the Category 10 brand and the management of new amphitheaters, catering to robust demand for live music.
• Creditors are positively impacted by the improved credit ratings and the expanded, extended revolving credit facility, indicating stronger financial health and liquidity.

Next Steps

• A conference call will be held on February 24, 2026, at 10:00 a.m. ET to discuss the financial results.
• The first quarter 2026 cash dividend of $1.20 per share will be paid on April 15, 2026.
• Continuation of the Foundry Fieldhouse sports bar, pavilion, and event lawn development at Gaylord Opryland, expected to be completed in April 2026.
• Continuation of the meeting space expansion at Gaylord Opryland, expected to be completed in 2027.
• Renovation of the rooms at Gaylord Texan, which began in July 2025, is expected to be completed by mid-year 2026.
• Development of Category 10 Las Vegas is expected to be completed in late 2026.
• Renovation of the rooms at JW Marriott Hill Country (estimated project cost: $90 million) is expected to begin in April 2026 and continue through the first quarter of 2027.
• Development of Category 10 in Orlando (estimated project cost: $35 million) is expected to begin in summer 2026 with an expected completion date in late 2027.

Key Dates

Recommendation

The company delivered record Q4 and full-year revenues, exceeding guidance in key areas like the Entertainment segment and AFFO. Strong booking trends for future periods, significant capital investments in growth projects, and an improved credit rating from Fitch underscore a robust operational and financial position. The increased dividend and optimistic 2026 guidance, despite some year-over-year declines in net income, suggest continued positive momentum and value creation for shareholders.

Keywords

Ryman Hospitality Properties, RHP, REIT, Hospitality, Hotels, Entertainment, Gaylord Hotels, Opry Entertainment Group, Financial Results, Q4 2025, Full Year 2025, 2026 Guidance, Revenue, Net Income, Adjusted EBITDAre, ADR, RevPAR, Dividends, Credit Facility, Capital Expenditures, Category 10, Amphitheatre, Group Bookings