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Ryman Hospitality Properties (RHP) Q4 FY25 earnings call: guidance and Q&A

Earnings call· Dec 2025 (Q4 FY25)· Real Estate· Feb 24, 2026

Source: earnings call transcript

Executive summary

Ryman Hospitality Properties Q4 FY25 — Strong Holiday Performance and Strategic Growth Initiatives

Ryman Hospitality Properties concluded Q4 FY25 with strong performance, exceeding guidance across key metrics, driven by robust holiday programming and strategic investments. The company maintains a measured outlook for 2026 due to macroeconomic uncertainties, while continuing to advance its long-term growth strategy through portfolio enhancements and entertainment segment expansion. Management expressed confidence in the underlying strength of its business model and its ability to navigate market shifts.

Highlights

5

  • Full year results exceeded midpoints of guidance ranges, with Entertainment segment, AFFO, and AFFO per share above the high end.

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

  • ICE! ticket sales increased over 14% to a record 1.5 million, with Gaylord Opryland and Rockies achieving best seasons ever.

  • Same-store portfolio achieved its highest RevPAR index to Marriott competitive set (143% in Q4, 127% for FY25) excluding COVID-impacted periods.

  • Refinanced corporate revolving credit facility, increasing size from $700 million to $850 million and extending maturity to January 2030, boosting total liquidity to $1.4 billion.

Concerns

4

  • Q1 FY26 RevPAR and total RevPAR for same-store hospitality are expected to be roughly flat, with adjusted EBITDAre margin declining approximately 100 basis points.

  • Q1 FY26 Entertainment adjusted EBITDAre is expected to decline by several million dollars due to challenging comparisons and winter storm impact.

  • Macroeconomic uncertainty and its impact on meeting planner sentiment are primary drivers for potential variance in full-year results, leading to a measured view of demand.

  • Construction disruption from ongoing projects is expected to have an impact on results in 2026, similar to the $23 million EBITDA disruption experienced in 2025.

Guidance & targets

CategoryTargetConfidence
Initiation of major capital projects
all major capital projects in the plan initiated
high materiality
High
OEG growth platform expansion
meaningfully expanded
high materiality
High
Same-store hospitality RevPAR growth
2.5%
high materiality
Medium
Same-store hospitality Total RevPAR growth
2.5%
high materiality
Medium
Same-store hospitality operating expense growth
approximately 2.5%
medium materiality
Medium
JW Marriott Desert Ridge adjusted EBITDAre
midpoint of guidance range
medium materiality
Medium
Entertainment business adjusted EBITDAre growth
nearly 10% year-over-year
high materiality
Medium
Q1 FY26 Same-store hospitality RevPAR
roughly flat
medium materiality
Medium
Q1 FY26 Same-store hospitality Total RevPAR
roughly flat
medium materiality
Medium
Q1 FY26 Same-store hospitality adjusted EBITDAre margin
decline approximately 100 basis points
medium materiality
Medium
Q1 FY26 Entertainment adjusted EBITDAre
decline by several million dollars
medium materiality
Medium
Capital expenditures
$350 million to $450 million
high materiality
High
Dividend payout policy
continue to pay 100% of our REIT taxable income
high materiality
High
2027 Investor Day targets
remain well within that guidance range
high materiality
High

Segment performance

SegmentRevenueYoYQoQMargin
Hospitality (Same-store)
Driven by strong demand from holiday programming and higher leisure volumes. Leisure performance at Opryland was a bright spot. Group business performed well with improved attrition trends and record bookings production in December. New leads and late-stage opportunities remain near record levels.
ICE! ticket sales: 1.5 million (record, +14%)Same-store banquet and AV revenues: up nearly 5%Same-store banquet and AV contribution per group room night: increased more than 10% year-over-yearGross group room nights booked for all future years (Q4): >1.2 millionDecember bookings ADR: up more than 10% compared to December 2024Same-store group rooms revenue on books for 2026: up approximately 6% compared to same time last year for 2025Same-store group rooms revenue on books for 2027: up approximately 5% compared to same time last yearSame-store group ADR on books for 2027: pacing up in the mid-single digits rangeSame-store group ADR on books for 2028+: up over 5% (mid-single digits)Q4 RevPAR index: 143% (vs comp set, +1,200 bps YoY)FY25 RevPAR index: 127% (vs comp set, +610 bps YoY, +410 bps vs 2023)Group business mix (entering FY26): 3 points higher corporate mixGovernment room nights on books (as of Jan 1): 0.4% of total group room nightsMultiyear room nights booked (JW relationship): ~22,000
highest total revenue of any quarter——highest adjusted EBITDAre of any fourth quarter
JW Marriott Desert Ridge
Fourth quarter results were in line with expectations, supported by expanded holiday programming. Management is bullish on its long-term potential.
Transient demand: increased nearly 10% year-over-year
————
Entertainment
Delivered strong Q4 results behind Opry's record October birthday month programming and attendance, strong show calendar at the Ryman, and improved volume in downtown Nashville venues.
Opry 100 October programming: record monthly revenue and adjusted EBITDAre
nearly 12% growthnearly 12%—nearly 13% adjusted EBITDAre growth

RHP operating KPIs by quarter

RHP operating KPIs stated on its earnings calls, by fiscal quarter
KPIThis call Dec 2025 Q4 FY25 Jun 2026 Q2 FY26Change vs prior quarter
Gross group room nights booked Same-store
1.2M+ In the fourth quarter, the same-store portfolio booked more than 1.2 million gross group room nights for all future years. Source: earnings call transcript
768K+ During the second quarter, we booked more than 768,000 same-store gross group room nights for all future periods, up 6.7% year-over-year. Source: earnings call transcript
—

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Deals & partnerships

JW Marriott Desert Ridge Acquisition of a hotel property.

An asset that's long been at the top of our acquisition list.

City of Simpsonville, Southern Entertainment Program and manage CCNB amphitheater.

Latest win to program and manage the 14,000-seater capacity CCNB amphitheater in Simpsonville, South Carolina. Partnership with Southern Entertainment.

Luke Combs Expansion of Category 10 brand.

Continuing the expansion of the Category 10 brand with our friend and superstar, Luke Combs, with a Las Vegas location opening in the fourth quarter of '26. And with a third location to be developed at Universal City Walk in Orlando.

Capital programs

Gaylord Opryland Meeting Space Expansion underway
Spent to date: nearly halfway through

Benefit:100,000 square feet meeting space

Will open next year, nearly halfway through the expansion.

Foundry Fieldhouse (Gaylord Opryland) underway

Benefit:new sports bar development with premium indoor, outdoor reception space

Will open in April of this year. Part of a multiyear F&B refresh and expansion to increase seat count and capture demand.

JW Marriott Desert Ridge Meeting Space Conversion under construction

Remains on track to open in April of 2026.

Gaylord Texan Rooms Renovation nearing completion

Wrapping up at the Gaylord Texan.

JW Hill Country Rooms Renovation underway
Start: midyear or post April

Will kick off midyear or post April after the Valero open.

Risks & headwinds

Macroeconomic uncertainty and geopolitical issues FY26

difficult to predict where we're going to be tonight after the state of the union, let alone 6 months from now

Mitigation:measured view of demand is prudent in guidance; strong relative positioning means 'our business will be just fine'

Challenging Q1 FY26 comparisons and winter storm impact Q1 FY26

first quarter RevPAR and total RevPAR to be roughly flat and adjusted EBITDAre margin to decline approximately 100 basis points for same-store hospitality; first quarter adjusted EBITDAre to decline by several million dollars for Entertainment

Mitigation:recent winter storm fern was a modest drag on January results

Construction disruption FY26

$23 million of EBITDA disruption in '25

Mitigation:expected to be similar in '26 from ongoing projects at Opryland, Texan, and Hill Country

Government business exposure FY26

less than 0.4% of what's on the books for us

Mitigation:pivoting away from it due to past challenges

What to watch in Q1 FY26

Gaylord Rockies expansion decision

next 1 or 2 quarters
Current working through a number of issues at the local level
Target more to say on that over the next few quarters

Why it matters

Significant capital project that could drive future growth and value for a high-performing asset.

But I think we'll have more to say on that over the next few quarters.

Find out whether RHP delivers this. Inve re-checks your case every morning.

Q&A highlights

Seeking additional detail on the 2.5% RevPAR growth midpoint given the 6% group pace for 2026, especially considering last year's higher initial RevPAR guidance on lower group pace.

Management explained that RevPAR growth typically actualizes lower than initial group pace due to in-year bookings, attrition, cancellations, and leisure business. They are taking a conservative view on demand for the year due to macroeconomic uncertainty and geopolitical issues, which influence meeting planner sentiment.

“Historically, it's typical for RevPAR growth to actualize lower than the group pace at the beginning of the year.”

asked by Cooper Clark · answered by Mark Fioravanti

3 min read 6 chapters

Detailed narrative

Strategic Investments Driving Performance

Ryman's recent investments in its hotel portfolio, including the JW Desert Ridge acquisition and ongoing enhancements at Gaylord Opryland, are yielding early returns. Gaylord Palms and Rockies, which received significant investments in 2024, delivered record top and bottom-line performances in 2025, contributing to meaningful share gains across the portfolio. The 100,000 square feet meeting space expansion at Gaylord Opryland is nearly halfway complete and set to open next year, alongside the new Foundry Fieldhouse sports bar opening in April.

Entertainment Segment Expansion

The Opry Entertainment Group (OEG) continues to expand its growth platform, particularly in festivals and amphitheaters, securing a win to program and manage the 14,000-seater CCNB amphitheater in Simpsonville, South Carolina. The Category 10 brand is also expanding with new locations planned for Las Vegas (Q4 2026) and Universal CityWalk in Orlando, adjacent to Islands of Adventure Theme Park. Early returns from Opry 100 programming in October produced record monthly revenue and adjusted EBITDAre for the brand.

Strong Group Business Momentum

The same-store portfolio booked over 1.2 million gross group room nights for all future years in Q4 2025, with December seeing record room night revenue and ADR bookings production. ADR on December bookings was up over 10% compared to December 2024. For 2026, same-store group rooms revenue on the books is up approximately 6% year-over-year, and for 2027, it's up approximately 5%, with ADR pacing in the mid-single digits. The number of new leads and late-stage opportunities remains near record levels.

Balance Sheet Strength and Capital Allocation

The company ended Q4 with $471 million in unrestricted cash and nearly $1.3 billion in total available liquidity. Pro forma net leverage ratio was 4.3x. Fitch upgraded the corporate family rating to BB from BB-, lowering the interest rate margin on the corporate Term Loan B. Ryman also successfully refinanced its corporate revolving credit facility, increasing its size to $850 million and extending maturity to January 2030, boosting total available liquidity to $1.4 billion. The company declared a Q1 dividend of $1.20, maintaining its intention to pay 100% of REIT taxable income.

Leisure Performance and Holiday Programming

Holiday programming, particularly ICE! ticket sales, saw strong reception, increasing over 14% to a record 1.5 million tickets across the portfolio. Gaylord National had its best season since 2010, and Opryland and Rockies achieved their best seasons ever. Leisure performance at Opryland was a bright spot, with both leisure demand and ADR increasing year-over-year. Management noted a strategic shift in marketing to encourage early bookings and bundling opportunities, which proved successful in a cost-conscious consumer environment.

AI and Operational Efficiency

Management is actively exploring the impact of AI on the hospitality business, focusing on three primary areas: sales transaction efficiency, revenue management with dynamic pricing, and labor management tools. The company is pressuring Marriott to accelerate investments and progress in these areas, aiming for improved operational efficiency over the next 1-2 years. They also view live entertainment and in-person meetings as an "anti-AI play," suggesting AI could be a tailwind by increasing the value of face-to-face interactions.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.