Executive Summary

Q1 2025 delivered record first‑quarter revenue ($587.3M), net income ($63.0M), and Adjusted EBITDAre ($185.5M), with broad-based strength in both Hospitality and Entertainment; diluted EPS was $1.00 vs $0.67 last year (+49.3% YoY) .
Results beat Wall Street consensus on EPS ($1.02 vs $0.64 est), revenue ($587.3M vs $548.4M est), and EBITDA ($179.8M EBITDAre vs $167.7M est). Values retrieved from S&P Global.*
Management affirmed full‑year 2025 ranges for consolidated net income, Adjusted EBITDAre, and AFFO per diluted share/unit, but lowered the midpoint for Hospitality RevPAR and Total RevPAR growth by 100 bps amid near‑term macro/government-driven caution in “in‑the‑year‑for‑the‑year” group bookings .
Call tone: confident on medium‑term demand and cost controls, cautious near‑term on government-related pullbacks and policy/tariff uncertainty; book of business for 2026–2027 remains strong (rooms up low to mid‑single digits; revenue up 9% and 13% respectively) .

What Went Well and What Went Wrong

What Went Well
- Record first‑quarter revenue and profitability; Hospitality revenue up 7.9% YoY to $497.7M; Entertainment revenue up 33.9% YoY to $89.6M; consolidated Adjusted EBITDAre up 15.2% YoY to $185.5M .
- Booking momentum for out‑years: “booked over 363,000 Gross Definite Room Nights for all future years at a record ADR of ~$284,” and strength in 2026–2027 (revenue up 9% and 13%) .
- Management quote: “Our first quarter results exceeded our expectations… Hospitality delivered record first quarter performance… Entertainment delivered record first quarter performance… We have not seen notable indications of macro‑driven consumer softness [in Entertainment]” .
What Went Wrong
- Near‑term macro/policy uncertainty weighing on “in‑the‑year‑for‑the‑year” group bookings; attrition ticked up; cancellations higher ITYFTY; lower RevPAR outlook midpoint for 2025 by 100 bps .
- Government-related group exposure: cancellations concentrated in government customers; management stress‑tested and expects to remain within EBITDA guidance but sees near‑term pressure .
- Nashville transient softness/new supply: Gaylord Opryland impacted by new supply; management later flagged incremental second‑half transient rate risk in Nashville (not a Q1 issue but relevant to trajectory) .

Financial Results

Headline metrics vs prior year and prior quarter

Metric	Q1 2024	Q4 2024	Q1 2025
Total Revenue ($M)	528.3	647.6	587.3
Operating Income ($M)	96.4	120.5	116.1
Operating Margin (%)	18.2	18.6	19.8
Net Income ($M)	42.8	72.3	63.0
Diluted EPS ($)	0.67	1.13	1.00
Adjusted EBITDAre ($M)	161.1	188.6	185.5
Adjusted EBITDAre Margin (%)	30.5	29.1	31.6
AFFO per diluted share/unit ($)	1.63	2.15	2.08

Consensus vs actual (Q1 2025)

Metric	Consensus	Actual
Primary EPS ($)	0.643	1.018
Revenue ($M)	548.4	587.3
EBITDA ($M)	167.7	179.8

Values retrieved from S&P Global.*

Segment performance and mix (Q1 2025 vs Q1 2024)

Metric	Q1 2024	Q1 2025
Hospitality Revenue ($M)	461.5	497.7
Hospitality Adj. EBITDAre ($M)	154.6	173.0
Hospitality Adj. EBITDAre Margin (%)	33.5	34.8
Entertainment Revenue ($M)	66.9	89.6
Entertainment Adj. EBITDAre ($M)	15.5	20.9
Entertainment Adj. EBITDAre Margin (%)	23.2	23.4

Hospitality KPIs (portfolio)

KPI	Q1 2024	Q1 2025
Occupancy (%)	66.7	69.7
ADR ($)	250.48	264.40
RevPAR ($)	167.17	184.21
Total RevPAR ($)	444.29	484.52
Gross Definite Room Nights Booked	329,695	363,904
Net Definite Room Nights Booked	189,583	205,194
Group Attrition (% of block)	14.9	15.5
Cancellations ITYFTY (room nights)	13,050	22,779

Balance sheet & liquidity (end of Q1)

Cash and cash equivalents (unrestricted): $413.9M; total debt: $3.375B; revolvers largely undrawn with $763M available aggregate liquidity .
Capex YTD: ~$113M; FY25 capex guidance lowered to $350–$450M (from $400–$500M) with flexibility to pace projects .

Guidance Changes

Metric	Period	Previous Guidance (mid)	Current Guidance (mid)	Change
Consolidated Hospitality RevPAR growth	FY 2025	3.50%	2.50%	Lowered 100 bps
Consolidated Hospitality Total RevPAR growth	FY 2025	3.00%	2.00%	Lowered 100 bps
Consolidated Operating Income ($M)	FY 2025	476.0	476.0	Maintained
Consolidated Adjusted EBITDAre ($M)	FY 2025	775.0	775.0	Maintained
Net Income ($M)	FY 2025	253.1	253.1	Maintained
Adjusted FFO ($M)	FY 2025	532.5	532.5	Maintained
AFFO per diluted share/unit ($)	FY 2025	8.55	8.55	Maintained
Capex ($M)	FY 2025	400–500	350–450	Lower range

Dividend: Paid $1.15 on April 15, 2025; policy to distribute ≥100% of REIT taxable income annually .

Earnings Call Themes & Trends

Topic	Q3 2024 (Q-2)	Q4 2024 (Q-1)	Q1 2025 (Current)	Trend
Macro/Policy & Group Demand	Adopted more conservative 2024 outlook amid leisure softness/hurricane disruptions; group bookings remained strong .	Holiday leisure softness at year‑end, but record full‑year revenue/EBITDAre; 2025 guidance set .	Policy/trade uncertainty driving hesitancy in “in‑the‑year‑for‑the‑year” bookings; April leads improved from down ~50% to down ~8% MoM .	Near‑term cautious; signs of stabilization in April.
Government Exposure	Not a major theme.	Not prominent.	Cancellations concentrated in government groups; stress‑tested to remain within EBITDA guidance .	Government pullback a targeted headwind.
Cost Controls/Margins	Operating discipline evident; margins resilient .	Record full‑year Adjusted EBITDAre; margin stability .	$28–$30M profit improvement plans since January; wage margin +40 bps; HOUR/occ -60 bps .	Intensified cost actions offsetting top‑line risk.
Tariffs/Supply Chain	—	—	Diversifying sourcing away from China; expediting procurement within 90‑day tariff window; minimal exposure (steel) .	Proactive mitigation underway.
Entertainment Demand	OEG investments progressing; set up for 2025 .	Strong full‑year records; “Opry 100” plans .	Record Q1; no macro-driven consumer weakness; brand momentum .	Positive, secular strength continues.
Market Dynamics (Nashville)	—	Early signs of price sensitivity; ICE! softness .	Opryland impacted by new supply; later flagged 2H transient rate risk (update in Q2) .	Local supply pressure a watch item.

Management Commentary

“Our first quarter results exceeded our expectations, driven by outperformance across both our Hospitality and Entertainment business segments.” – CEO Mark Fioravanti .
“It’s prudent to modify our full year outlook for hospitality RevPAR and total RevPAR… You’ll note, we’re not lowering our outlook for adjusted EBITDAre or adjusted funds from operation.” – Executive Chairman Colin Reed .
“We currently have roughly $28 million to $30 million of profit improvement plans already loaded into our forecast … essentially since the first week of January.” – COO Patrick Chaffin .
“Our ‘Opry 100’ programming is off to a strong start… We have not seen notable indications of macro‑driven consumer softness [in Entertainment].” – CEO Mark Fioravanti .
Balance sheet/liquidity: $413.9M cash; revolvers undrawn; $763M availability .

Q&A Highlights

Near‑term demand: April lead volumes for “in‑the‑year‑for‑the‑year” improved from –50% in March to –8% in April; bookings “flattish” in room nights with solid rate .
Out‑year strength: 2026 and 2027 rooms up low–mid single digits; revenue up 9% and 13%, majority rate .
Government cancellations: concentrated in government groups; exposure manageable; still within Adjusted EBITDA guidance under stress test .
Cost actions: $28–$30M profit improvement plans in place since January; wage margin +40 bps; hours/occ –60 bps .
Tariff strategy: diversified sourcing and accelerated purchasing to land materials within 90 days; limited exposure (steel) for Opryland projects .

Estimates Context

Q1 2025 beats vs S&P Global consensus: EPS $1.02 vs $0.64 est (beat), Revenue $587.3M vs $548.4M est (beat), EBITDAre/EBITDA $179.8M vs $167.7M est (beat). Values retrieved from S&P Global.*

Key Takeaways for Investors

Constructive quarter with clear beat on EPS/revenue/EBITDA; strong operating leverage and cost management offset near‑term softness in “in‑the‑year‑for‑the‑year” demand .
Guidance strategy is conservative on RevPAR, but profit guidance intact—implying margin defense from cost initiatives and the group‑centric model with contractual protections (attrition/cancellation) .
Booking book durability: out‑years remain robust with rate‑led revenue growth for 2026–2027—supports medium‑term thesis despite near‑term macro noise .
Watch items: government‑related demand pullback and Nashville transient rate/supply dynamics; management is proactive on fee collection and sales targeting .
Capital deployment continues with optionality: capex range cut to $350–$450M, with flexibility to re‑pace projects; later quarter added strategic acquisition (JW Marriott Desert Ridge) broadening Western rotation (post‑Q1 development) .
Liquidity resilient with $1.2B total available liquidity (cash + revolvers); no near‑term maturities following OEG refinancing .

Additional details and sources:

Q1 2025 press release and 8‑K (financials, segments, KPIs, guidance):
Earnings call transcript (strategy, macro, bookings, costs, tariffs, government exposure):
Prior quarter references (Q4 2024; trend/seasonality; holiday softness context):
Out‑of‑period but relevant capital action (JW Marriott Desert Ridge acquisition announced in May):

*Consensus estimates (EPS, revenue, EBITDA) retrieved from S&P Global.

Ryman Hospitality Properties, Inc. (RHP)·Q1 2025 Earnings Summary