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RH

Ryman Hospitality Properties, Inc. (RHP)·Q2 2025 Earnings Summary

Executive Summary

  • Record consolidated revenue of $659.5M (+7.5% y/y), driven by Hospitality $516.2M and an all-time Entertainment high of $143.3M. GAAP diluted EPS was $1.12; Adjusted EBITDAre was $211.9M, both pressured by mix shift and lapping last year’s tax refunds .
  • Versus S&P Global consensus, revenue beat by ~$42.6M while EPS was modestly above; EBITDA was below consensus amid banquet/AV softness and mix. Management trimmed same-store Hospitality EBITDAre midpoint by $5M but raised consolidated Adjusted EBITDAre midpoint by $15M with Desert Ridge added* [functions.GetEstimates] .
  • Guidance updated: Net income per diluted share midpoint to $3.47 (from $3.93); AFFO/unit midpoint to $8.21 (from $8.55); consolidated Adjusted EBITDAre midpoint to $790M (from $775M); shares outstanding step-up reflects equity offering .
  • Key drivers: association vs. corporate group mix shift reduced banquet/AV by ~$16M; Nashville transient rate pressure from new high-end supply; festival season weather impacted Entertainment margins, partly offset by strong demand and recent OEG investments .

What Went Well and What Went Wrong

What Went Well

  • All-time record Entertainment revenue ($143.3M) with momentum from Category 10, Block 21, and Southern Entertainment; strong consumer demand for live experiences despite weather headwinds .
  • Same-store Hospitality still delivered $187.0M of Adjusted EBITDAre (second-highest quarter in history, per call), with association room nights +~49k y/y and healthy long-dated group demand; management affirmed favorable group supply dynamics (long-term) . “Group business on the books for 2026 and beyond remains healthy…positions our portfolio to benefit from growing group meeting demand in the years to come.” — CEO Mark Fioravanti .
  • Desert Ridge acquisition closed; capital structure actions (notes + equity) funded the deal; OEG simplified Block 21 debt via Term Loan B incremental borrowings .

What Went Wrong

  • Year-over-year margin compression: consolidated operating income margin -630 bps; Adjusted EBITDAre margin -590 bps; Hospitality EBITDAre margin -330 bps, partly from mix shift, timing of Easter, and lapping prior-year franchise tax refunds .
  • Banquet/AV revenue down by ~$16M due to mix shift toward associations and fewer corporate group room nights; ITYFTY cancellations rose 23.6% y/y .
  • Nashville transient softness (new high-end supply) prompted lowering same-store Hospitality EBITDAre midpoint (−$5M) and EPS/AFFO per share outlook; Entertainment margins also compressed y/y (weather plus Southern Entertainment impact) .

Financial Results

Consolidated results and trend

MetricQ4 2024Q1 2025Q2 2025
Revenue ($M)$647.6 $587.3 $659.5
Diluted EPS ($)$1.13 $1.00 $1.12
Adjusted EBITDAre ($M)$188.6 $185.5 $211.9
Net Income Margin (%)11.2% 10.7% 11.5%

Notes: All figures GAAP unless noted; Adjusted EBITDAre is non-GAAP as defined by company .

Q2 2025 vs prior year and estimates

MetricQ2 2024Q2 2025y/yConsensusActual vs Consensus
Revenue ($M)$613.3 $659.5 +7.5% $616.95*Beat by ~$42.55M*
Diluted EPS ($)$1.65 $1.12 (32.1%) $1.129*~+$0.03 vs $1.129 est.; S&P “actual” $1.157*
EBITDA ($M)———$213.77*Miss: S&P “actual” $206.38 vs $213.77 est.*
  • Consensus values marked with “*” are from S&P Global; S&P “actuals” may reflect standardization vs company-reported non-GAAP. Values retrieved from S&P Global.

Segment performance (Q2)

SegmentQ2 2024 Revenue ($M)Q2 2025 Revenue ($M)y/yQ2 2024 Adj. EBITDAre ($M)Q2 2025 Adj. EBITDAre ($M)y/y
Hospitality$519.1 $516.2 (0.6%) $204.6 $186.4 (8.9%)
Entertainment$94.2 $143.3 +52.1% $35.7 $33.9 (5.1%)

KPIs and group metrics (Q2)

KPIQ2 2024Q2 2025
Occupancy (Hospitality)73.7% 73.3%
ADR ($)$260.76 $258.88
RevPAR ($)$192.07 $189.77
Total RevPAR ($)$499.76 $487.62
Gross definite room nights booked844,170 720,644
Net definite room nights booked648,434 539,860
Group attrition15.1% 15.2%
Cancellations ITYFTY13,987 17,287

Property-level highlights: Palms revenue +6.3% y/y with occupancy +16.4 pts; Rockies revenue +6.4% and EBITDAre +3.2%; Opryland revenue −10.7% y/y with EBITDAre −25.7% (lapping tax refunds, mix) .

Guidance Changes

MetricPeriodPrevious Guidance (mid)Current Guidance (mid)Change
Same-store Hospitality RevPAR growthFY252.50% 2.50% Maintained
Same-store Total RevPAR growthFY252.00% 2.00% Maintained
Same-store Hospitality Operating Income ($M)FY25456.0 451.0 Lowered by $5M
Same-store Hospitality Adjusted EBITDAre ($M)FY25695.0 690.0 Lowered by $5M
JW Marriott Desert Ridge Adj. EBITDAre ($M)FY25—20.0New (added)
Consolidated Adjusted EBITDAre ($M)FY25775.0 790.0 Raised by $15M
Net income avail. to common ($M)FY25246.1 222.8 Lowered (−$23.4M)
EPS (diluted)FY25$3.93 $3.47 Lowered (−$0.46)
AFFO per diluted share/unitFY25$8.55 $8.21 Lowered (−$0.34)
Diluted shares (M)FY2564.5 66.2 Higher (+1.7M)
DividendQ2 paid—$1.15 paid 7/15/25Confirmed payment

Management cited incremental Nashville transient rate risk (new supply) as driver of same-store Hospitality reduction; Desert Ridge inclusion raised consolidated EBITDAre .

Earnings Call Themes & Trends

TopicPrevious Mentions (Q4’24, Q1’25)Current Period (Q2’25)Trend
Group demand/mixQ1: Bookings strong for 2026-27; macro uncertainty weighed on ITYFTY; banquet/AV +6.6% y/y Association rooms +~49k y/y; corporate −49k; banquet/AV −$16M; same-store EBITDAre still robust Mix shift towards associations; near-term banquet/AV pressure; long-dated demand healthy
Nashville transientQ4: Holiday leisure softness; ICE! visitation steady but spend softer New high-end supply pressuring transient occupancy and rates; drove guidance cut for same-store EBITDAre Worsened short term
Entertainment marginQ4: Continued investment; strong revenue; margins compressed y/y Record revenue; margin down y/y (Southern Entertainment, weather, lapping tax refunds) Revenue momentum; margin normalization lower
Construction disruptionQ4: Disruption heavy in 2024; 2025 impact guided at 250–350 bps RevPAR; $30–$35M EBITDAre 2025 disruption expectations affirmed; Opryland, Texan impacted in H2 Continuing as planned
Capital allocation/asset baseQ1: Capex $350–$450M; Opryland expansions; Texan room renovation to begin mid-2025 Desert Ridge closed; modest investments; capex $350–$450M reiterated Portfolio enhancement continues

For additional color (management remarks and Q&A) see company transcript page: https://ir.rymanhp.com/static-files/3923ab0a-24f9-4f2d-9de6-d2008489814f and event page: https://ir.rymanhp.com/events/event-details/q2-2025-ryman-hospitality-properties-inc-earnings-conference-call.

Management Commentary

  • “We are pleased to have delivered first-half results in line with our expectations and to have acquired the JW Marriott Desert Ridge… Group business on the books for 2026 and beyond remains healthy… positions our portfolio to benefit from growing group meeting demand in the years to come.” — Mark Fioravanti, CEO .
  • “Our Entertainment segment delivered all-time record revenue, driven by continued momentum from our recent investments… The festivals business is seasonally weighted to the second quarter, and this year was impacted by some unfavorable weather conditions. We continue to see healthy demand and consumer enthusiasm for live experiences...” — CEO .
  • “We are adjusting our full year 2025 outlook… to account for incremental transient rate risk for our Nashville-based hotels in the second half of the year… new hotel supply in the market… has impacted transient occupancy levels, and, more recently, room rates.” — CEO .

Q&A Highlights

  • Mix and banquet/AV: Management emphasized the association tilt in the quarter and associated ~$16M banquet/AV decline; attrition/cancellation revenue was ~$9.5M, slightly below last year .
  • Guidance clarification: Same-store Hospitality EBITDAre midpoint −$5M for H2 transient rate risk in Nashville; consolidated EBITDAre midpoint +$15M with Desert Ridge contribution .
  • Entertainment profitability: Margin pressure tied to Southern Entertainment integration and weather during festival season despite record revenue .
  • Construction cadence: Disruption guidance reaffirmed (RevPAR −250–350 bps; EBITDAre −$30–$35M) with Opryland and Texan most affected in H2’25 .
  • Long-term supply/demand: Management reiterated favorable long-term group dynamics and competitive positioning .

For full remarks, see transcript: https://ir.rymanhp.com/static-files/3923ab0a-24f9-4f2d-9de6-d2008489814f.

Estimates Context

  • Q2 2025 S&P Global consensus: Revenue $616.95M vs actual $659.50M (beat); EPS $1.129 vs S&P “actual” $1.157 (modest beat); EBITDA $213.77M vs S&P “actual” $206.38M (miss)* [functions.GetEstimates]. Values retrieved from S&P Global.
  • Implications: Top-line strength despite mix; EBITDA underperformance vs Street suggests near-term margin expectations may drift lower (banquet/AV, Nashville transient rates, Entertainment margin normalization), while consolidated FY Adjusted EBITDAre raised due to Desert Ridge .

Key Takeaways for Investors

  • Quality top-line print with record Entertainment revenue; Hospitality margins compressed on mix and tough compares; near-term margin debate likely weighs on multiples despite raised consolidated EBITDAre midpoint .
  • Guidance reset is surgical: same-store EBITDAre trimmed (Nashville transient), but Desert Ridge accretion lifts consolidated EBITDAre; EPS/AFFO per share lower given share issuance and rate pressure .
  • Group demand remains resilient with healthy long-dated bookings; ITYFTY volatility and macro caution persist, reinforcing focus on cost control and in-year booking closure .
  • Watch Nashville transient normalization and banquet/AV recovery as key H2 swing factors; construction disruption continues at Opryland and Texan in H2 .
  • Entertainment is scaling revenue via strategic investments; margin volatility near-term (seasonality, weather, integration) but demand backdrop is favorable .
  • Balance sheet/liquidity solid post-financing; $420.6M cash, no revolver draws, $780M total availability as of 6/30/25 .
  • Near-term trading: Expect mixed reaction—headline revenue/EPS beats vs EBITDA miss; medium term, Desert Ridge integration and group supply/demand should reassert earnings power once Nashville/new-supply and construction headwinds abate .
Citations: Company press releases and 8-K for Q2 2025 results, segment performance, KPIs, guidance, liquidity, and dividends **[1040829_83b06bb6a3a04c90a173f6271a9fc56f_0]** **[1040829_83b06bb6a3a04c90a173f6271a9fc56f_2]** **[1040829_83b06bb6a3a04c90a173f6271a9fc56f_4]** **[1040829_83b06bb6a3a04c90a173f6271a9fc56f_5]** **[1040829_83b06bb6a3a04c90a173f6271a9fc56f_6]** **[1040829_83b06bb6a3a04c90a173f6271a9fc56f_7]** **[1040829_83b06bb6a3a04c90a173f6271a9fc56f_8]** **[1040829_83b06bb6a3a04c90a173f6271a9fc56f_9]** **[1040829_83b06bb6a3a04c90a173f6271a9fc56f_10]** **[1040829_83b06bb6a3a04c90a173f6271a9fc56f_11]** **[1040829_83b06bb6a3a04c90a173f6271a9fc56f_12]** **[1040829_83b06bb6a3a04c90a173f6271a9fc56f_13]** **[1040829_83b06bb6a3a04c90a173f6271a9fc56f_20]**; Q1 2025 and Q4 2024 releases for trend **[1040829_8c610df932b0483cbb0920ba0f3303c0_1]** **[1040829_8c610df932b0483cbb0920ba0f3303c0_3]** **[1040829_e80799b7687d49e4987a93d5b778f5ef_2]**. Desert Ridge closing and financing detail **[1040829_eb393065e9614886900afb20403d299e_0]** **[1040829_0e024fd1209b444388e6197b92b8c8b6_0]**. Transcript access via IR: https://ir.rymanhp.com/static-files/3923ab0a-24f9-4f2d-9de6-d2008489814f; event page: https://ir.rymanhp.com/events/event-details/q2-2025-ryman-hospitality-properties-inc-earnings-conference-call. S&P Global consensus and actuals via GetEstimates (asterisked). Values retrieved from S&P Global.