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RH

Ryman Hospitality Properties, Inc. (RHP)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 revenue rose 7.7% year over year to $592.5M, with diluted EPS of $0.53; consolidated Adjusted EBITDAre was $173.1M as hospitality mix and cancellations tempered margins .
  • Against S&P Global consensus, RHP delivered a beat on revenue ($592.4M vs $576.7M*) and Primary EPS (0.586* vs 0.447*), while EBITDA (standard) was below consensus ($163.1M* vs $168.0M*) given definition differences with Adjusted EBITDAre .
  • Management narrowed full‑year ranges, modestly lowering midpoints for Entertainment and consolidated Adjusted EBITDAre, while maintaining same‑store RevPAR/Total RevPAR growth and EPS midpoints .
  • Call tone: constructive on 2026–2027 group pace and rate quality; near‑term caution on government‑related cancellations and Nashville entertainment supply; holiday programming pacing ahead, targeting improved Q4 leisure .
  • Potential stock reaction catalysts: sustained beats vs consensus on revenue/Primary EPS; updates on OEG growth (Category 10 Las Vegas), holiday outcomes, and 2026 guidance detail in February .

Values retrieved from S&P Global.*

What Went Well and What Went Wrong

What Went Well

  • Same-store hospitality continued to book at record rates; gross group room nights for all future years up 9% and ADR at an all-time high, with 2026 and 2027 group rooms revenue pacing +8% and +7% respectively .
  • Property-level performance: Gaylord National and Gaylord Rockies achieved third-quarter total revenue records; Rockies posted occupancy 83.6% and Total RevPAR $564.49 (+7.3% YoY) .
  • Entertainment brand momentum: Opry’s first international performance (Royal Albert Hall) drove engagement; Category 10 Las Vegas development underway for late 2026 opening .

What Went Wrong

  • Corporate group room nights down ~20k YoY; banquet and AV revenue declined ~$13.6M, reflecting mix shift and decision-making pauses tied to tariff uncertainty .
  • Elevated cancellations and attrition (same-store attrition/cancellation fee revenue ~$11.6M, up $3.7M YoY); government/government-related groups particularly impacted .
  • Downtown Nashville entertainment volumes softened amid new supply; Entertainment midpoint lowered and consolidated Adjusted EBITDAre midpoint reduced by $3M .

Financial Results

Consolidated Quarterly Performance

MetricQ1 2025Q2 2025Q3 2025
Revenue ($USD Millions)$587.3 $659.5 $592.5
Diluted EPS ($)$1.00 $1.12 $0.53
Operating Income ($USD Millions)$116.1 $139.4 $88.6
Operating Margin (%)19.8% 21.1% 15.0%
Adjusted EBITDAre ($USD Millions)$185.5 $211.9 $173.1

Year-over-Year Q3 Comparison

MetricQ3 2024Q3 2025Change
Revenue ($USD Millions)$550.0 $592.5 +7.7%
Diluted EPS ($)$0.94 $0.53 (43.6%)
Net Income ($USD Millions)$60.4 $34.0 (43.8%)
Adjusted EBITDAre ($USD Millions)$174.8 $173.1 (1.0%)
Operating Margin (%)19.3% 15.0% (430 bps)

Consensus vs. Actual (S&P Global)

Metric (Q3 2025)ConsensusActualResult
Revenue ($USD)$576.7M*$592.4M*Beat*
Primary EPS ($)0.447*0.586*Beat*
EBITDA ($USD)$168.0M*$163.1M*Miss*
Target Price ($)$111.85*$111.85*N/A*

Values retrieved from S&P Global.*

Note: Company reports Adjusted EBITDAre ($173.1M), which differs from standard EBITDA used by consensus .

Segment Breakdown (Q3 2025)

SegmentRevenue ($USD Millions)Adjusted EBITDAre ($USD Millions)Margin (%)
Hospitality$500.9 $156.3 31.2%
Entertainment$91.6 $24.7 27.0%
Corporate & OtherN/A($8.0) N/A

Hospitality KPIs (Q3 2025)

KPIPortfolioSame-store
Occupancy (%)66.6% 67.3%
ADR ($)$257.74 $258.04
RevPAR ($)$171.63 $173.71
Total RevPAR ($)$440.33 $442.58
Gross Definite Room Nights (All future)667,645 N/A
Net Definite Room Nights (All future)459,897 N/A
Group Attrition (%)16.3% N/A
Cancellations ITYFTY (room nights)22,920 N/A

Guidance Changes

MetricPeriodPrevious MidpointCurrent MidpointChange
Same-store Hospitality RevPAR growth (%)FY 20252.50 2.50 Maintained
Same-store Hospitality Total RevPAR growth (%)FY 20252.00 2.00 Maintained
Entertainment Operating Income ($M)FY 202567.8 64.8 Lowered (−$3.0M)
Consolidated Operating Income ($M)FY 2025472.0 469.0 Lowered (−$3.0M)
Consolidated Adjusted EBITDAre ($M)FY 2025790.0 787.0 Lowered (−$3.0M)
FFO available ($M)FY 2025503.1 501.1 Lowered (−$2.0M)
Adjusted FFO available ($M)FY 2025525.8 523.8 Lowered (−$2.0M)
Net Income available to common ($M)FY 2025222.8 222.8 Maintained
EPS (diluted) ($)FY 2025$3.47 $3.47 Maintained
AFFO per diluted share/unit ($)FY 2025$8.21 $8.19 Lowered (−$0.02)
Weighted Avg Shares – diluted (M)FY 202566.2 66.2 Maintained

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

Capex: FY 2025 expected $375–$425M (spent ~$252M YTD through 9/30); major projects include Opryland sports bar (Apr 2026), Opryland meeting expansion (2027), Texan rooms renovation (mid‑2026) .

Earnings Call Themes & Trends

TopicPrevious Mentions (Q1 & Q2 2025)Current Period (Q3 2025)Trend
Macro/tariffs on group demandAdopted more conservative top-line due to macro uncertainty; ITYFTY impacts Corporate group room nights −~20k YoY; cancellations elevated; pause in planner decision-making Improving into Sept/Oct; cautious near term
Group pace & rate qualityStrong bookings for 2026/2027; rate compression strategy 2026/2027 group rooms revenue on books +8%/+7%; two-thirds of 2026 uplift from rate Positive trajectory
Entertainment supply & OEG strategyRecord Q2 revenue; acknowledged transient risk in Nashville Downtown Nashville venues impacted by new supply; Category 10 Las Vegas announced; international Opry momentum Near-term absorption; long-term growth optionality
Renovations/capex executionPalms lobby/rooms completed; Opryland meeting space, Texan rooms starting JW Desert Ridge meeting space completed; Texan rooms underway; Opryland sports bar Apr 2026 Tailwind expected in 2026
Regulatory/governmentNo major in Q1; Q2 cited transient rate risk Govt shutdown: limited impact at Gaylord National to date; broader govt-related cancellations Monitored risk
Holiday leisure/ICE!N/AQ4 holiday tickets +95k vs last year; ~127k leisure room nights booked; pacing for ~5% improvement Positive pacing
Desert Ridge integrationAcquisition closed and capex plan Q3 performance in line; converting 5k sq ft to breakout space; bullish LT potential Stable integration
International/Nashville infrastructureN/AOpry on BBC; Nashville airport expansion, East Bank, Titans stadium boost long-term demand Structural demand drivers building

Management Commentary

  • “Our same-store hospitality segment delivered results towards the high end of our expectations… outlet sales per occupied room increased nearly 13%… Gaylord National and Gaylord Rockies were third-quarter records” — Mark Fioravanti .
  • “We were pleased to deliver third quarter results largely in line with our expectations… uncertainty associated with new U.S. tariff announcements… marginally impacted our group business” — CEO statement in release .
  • “International engagement with the Opry brand has exceeded our expectations… expanding Category 10 with a second location on the Las Vegas Strip” — Mark Fioravanti .
  • “Cancellations have been elevated… mostly in the government and government-related sectors… corporate leads and booking volumes continue to be very strong” — Patrick Chaffin .
  • “Room nights on the books previously… are calling in and reducing their blocks… we continue to see really strong gross results” — Patrick Chaffin .

Q&A Highlights

  • Entertainment outlook: management expects market absorption in Nashville given new supply; reaffirmed long-term growth trajectory with OEG expansion and Category 10 Las Vegas .
  • Cancellations: elevated primarily in government; early signs of improvement in September/October; corporate demand/leads remain strong .
  • Government shutdown impact: limited, isolated effects at Gaylord National; property performance on plan .
  • Group mix and rate: 2026 uplift driven ~two‑thirds by rate; strategic pivot toward higher‑quality corporate mix .
  • Desert Ridge rotation: early days; added sales resources to increase rotational overlap; expect more detail by February .

Estimates Context

  • Q3 2025 revenue beat S&P Global consensus ($592.4M* actual vs $576.7M* consensus); Primary EPS beat (0.586* vs 0.447*). Standard EBITDA missed consensus ($163.1M* actual vs $168.0M*), while company’s Adjusted EBITDAre printed $173.1M .
  • Note: Primary EPS (S&P) and diluted EPS (company) differ by definition; consensus EBITDA may not reflect Adjusted EBITDAre. Target price consensus mean is $111.85*; consensus recommendation unavailable*.

Values retrieved from S&P Global.*

Key Takeaways for Investors

  • Mix-driven margin pressure and cancellations are near-term headwinds, but the rate quality and forward group pace for 2026/2027 support medium-term EBITDA growth and visibility .
  • Holiday programming and leisure are pacing ahead; a stronger Q4 could catalyze sentiment if realized, particularly given cautious guidance .
  • Entertainment headwinds from Nashville supply are acknowledged; OEG’s pipeline (Category 10 Las Vegas, amphitheater operations) and international brand momentum provide offsetting growth vectors .
  • Capex projects (Opryland sports bar, Texan rooms, Desert Ridge meeting conversion) are slated to contribute in 2026 with management targeting mid-teens unlevered IRRs on Category 10 Las Vegas .
  • Balance sheet liquidity remains robust: ~$483M cash and $780M undrawn revolvers; dividend policy sustained at ≥100% REIT taxable income .
  • Tactical: watch Q4 holiday actuals, government shutdown resolution, and February’s 2026 guidance for group mix/rate detail; any early-cycle corporate demand acceleration could re-rate shares via estimate revisions .