Ryman Hospitality Properties reported fourth‑quarter 2025 results that exceeded analyst expectations on both revenue and adjusted funds from operations (AFFO). Revenue reached $737.8 million, up 2.28% versus the $721.35 million consensus estimate, while AFFO per diluted share was $2.38, beating the $2.22 estimate by $0.16 (a 7.12% surprise). Net income for the quarter was $74.5 million, up from $68.77 million in the same period a year earlier.
The company’s Entertainment segment delivered the strongest performance of the quarter, with the Grand Ole Opry and other Opry Entertainment Group assets exceeding guidance. The Hospitality division benefited from record group‑room nights and robust holiday demand, driving the overall revenue growth and supporting the strong cash‑flow metrics.
Year‑over‑year comparisons highlight the company’s accelerating momentum: Q4 2025 revenue rose 13.9% to $737.8 million from $647.63 million in Q4 2024, and AFFO per share climbed from $2.15 to $2.38. Full‑year 2025 revenue totaled $2.6 billion, up from $2.339 billion, while net income fell to $247.3 million from $271.64 million, reflecting a modest decline in GAAP earnings but a solid cash‑flow performance.
Management guided for fiscal 2026 with earnings per share of $8.50 to $9.00, well above the consensus estimate of $6.99. The company also projected a 6% increase in same‑store group‑room revenue, announced capital expenditures of $350 million to $450 million for hospitality upgrades, and refinanced its revolving credit facility to $850 million with a 2030 maturity. A quarterly dividend of $1.20 per share was declared for the first quarter of 2026.
CEO Mark Fioravanti emphasized the effectiveness of the company’s long‑term capital deployment strategy and noted that construction disruptions and storm impacts could temper near‑term margin visibility. These comments underscore the company’s confidence in its cash‑flow generation while acknowledging short‑term operational challenges.
Investors reacted with mixed sentiment: the strong FFO/AFFO and revenue beats were offset by a GAAP earnings miss and concerns about capital spending and occupancy trends, leading to a cautious but ultimately positive outlook for the company’s future performance.
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