Ryman Hospitality Properties (RHP) FY2025 results: revenue $2.6 billion, up 10.2% on the year
Ryman Hospitality Properties, Inc. (RHP) reported revenue of $2.6 billion for fiscal 2025, the year ended 31 December 2025, up 10.2% on the year before. Net income was $243 million, down 10.4%, and diluted earnings per share $3.77. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.
Revenue
$2.6 billion
+10.2% on the year
FY2018FY2025
Operating margin
18.9%
21.0% a year earlier
FY2018FY2025
Net income
$243 million
-10.4% on the year
FY2018FY2025
Diluted EPS
$3.77
-13.9% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 lowered, 17 new.
Fourth-quarter revenue set an all-time record: Consolidated revenue was $737.8 million, up 13.9%. Net income was $74.5 million, up 3.0%, and Adjusted EBITDAre was $224.3 million, up 18.9%.
Adjusted FFO per share above expected range: Full-year results were near the top of recent guidance ranges. AFFO and AFFO per diluted share surpassed the high end of those expectations, per management.
Same-store Hospitality fourth-quarter revenue rose: Same-store Hospitality revenue was $578.2 million, up 5.2%. Same-store operating income was $125.9 million, up 14.2%. Full-year same-store revenue rose 2.7% to $2,051.5 million.
Fourth-quarter bookings at record ADR: Over 1.2 million same-store Hospitality room nights were booked for all future periods in the fourth quarter. Estimated ADR was about $299, up 6.1% and a new record.
Third Category 10 venue announced for Orlando: OEG announced development of a third Category 10 at Universal Orlando Resort's CityWalk, expected to open in late 2027.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
591
577
557
+2.4%
Capital expenditure
358
408
207
-12.2%
Free cash flow
232
169
350
+37.8%
Free cash flow margin
9.0%
7.2%
16.2%
Cash from investing
-1,234
-410
-1,013
Cash from financing
567
-290
712
Depreciation and amortisation
278
236
211
+18.0%
Share-based compensation
14.1
13.9
15.4
+1.2%
Dividends paid
286
266
176
+7.3%
Dividend per share
$4.65
$4.45
$3.85
+4.5%
Diluted shares, weighted
66m
64m
58m
+3.7%
Shares outstanding at period end
63m
60m
60m
+5.2%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
750
549
569
+36.6%
Non-controlling interest
38.9
3.7
3.6
+964.6%
Debt
4,040
3,442
3,429
+17.4%
Other liabilities
1,352
1,223
1,186
+10.6%
Total liabilities and equity
6,181
5,218
5,189
+18.5%
Fixed assets
4,970
4,124
3,956
+20.5%
Intangible assets
63.6
116
124
-45.3%
Cash and equivalents
471
478
592
-1.3%
Inventory
16.9
16.1
14.0
+5.0%
Other assets
659
483
503
+36.4%
Total assets
6,181
5,218
5,189
+18.5%
10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.