Ryman Hospitality Properties (RHP) FY2024 results: revenue $2.3 billion, up 8.4% on the year

Ryman Hospitality Properties, Inc. (RHP) reported revenue of $2.3 billion for fiscal 2024, the year ended 31 December 2024, up 8.4% on the year before. Net income was $272 million, down 12.7%, and diluted earnings per share $4.38. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2025.

Revenue

$2.3 billion

+8.4% on the year

FY2017FY2024

Operating margin

21.0%

21.0% a year earlier

FY2017FY2024

Net income

$272 million

-12.7% on the year

FY2017FY2024

Diluted EPS

$4.38

-18.3% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,339	2,158	1,806	+8.4%
Cost of revenue	1,325	1,225	1,038	+8.1%
Gross profit	1,014	933	768	+8.8%
Gross margin	43.4%	43.2%	42.5%
Operating income	491	454	327	+8.2%
Operating margin	21.0%	21.0%	18.1%
Interest expense	225	211	148	+6.6%
Pre-tax income	294	248	174	+18.5%
Income tax	13.8	-93.7	38.8
Effective tax rate	4.7%	-37.8%	22.3%
Net income	272	311	129	-12.7%
Net margin	11.6%	14.4%	7.1%
Diluted EPS	$4.38	$5.36	$2.33	-18.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	577	557	420	+3.5%
Capital expenditure	408	207	89.5	+97.3%
Free cash flow	169	350	330	-51.9%
Free cash flow margin	7.2%	16.2%	18.3%
Cash from investing	-410	-1,013	-189
Cash from financing	-290	712	50.7
Depreciation and amortisation	236	211	209	+11.6%
Share-based compensation	13.9	15.4	15.0	-9.9%
Dividends paid	266	176	5.9	+51.2%
Dividend per share	$4.45	$3.85	$0.35	+15.6%
Diluted shares, weighted	64m	58m	55m	+9.6%
Shares outstanding at period end	60m	60m	55m	+0.3%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	549	569	95.3	-3.5%
Non-controlling interest	3.7	3.6	0.6	+0.9%
Debt	3,442	3,429	2,905	+0.4%
Other liabilities	1,223	1,186	1,040	+3.1%
Total liabilities and equity	5,218	5,189	4,041	+0.6%
Fixed assets	4,124	3,956	3,172	+4.3%
Intangible assets	116	124	106	-6.4%
Cash and equivalents	478	592	334	-19.3%
Inventory	16.1	14.0	12.0	+15.2%
Other assets	483	503	417	-3.9%
Total assets	5,218	5,189	4,041	+0.6%

10-K for the year ended 31 December 2024, filed 21 February 2025: the filing.