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Jun 30, 2025
Ryman Q2 2025 Earnings Report
Ryman Hospitality Properties, Inc. reported financial results for the second quarter of 2025, with record consolidated revenue driven by strong performance in both Hospitality and Entertainment segments.
Key Takeaways
Ryman Hospitality Properties, Inc. achieved an all-time quarterly record consolidated revenue of $659.5 million in Q2 2025. Despite a decrease in net income and operating income compared to the prior year, the company demonstrated strong cost management and efficient capital deployment, including the acquisition of JW Marriott Phoenix Desert Ridge Resort & Spa. The Entertainment segment also delivered record revenue, benefiting from recent investments.
Consolidated revenue reached an all-time quarterly record of $659.5 million, a 7.5% increase year-over-year.
Net income decreased by 27.6% to $75.9 million, and operating income declined by 17.0% to $139.4 million, primarily due to challenging year-over-year comparisons including one-time franchise tax refunds in Q2 2024 and a shift in group mix.
The Hospitality segment generated $516.2 million in revenue, while the Entertainment segment achieved an all-time quarterly record revenue of $143.3 million, up 52.1% year-over-year.
The company acquired the 950-room JW Marriott Phoenix Desert Ridge Resort & Spa on June 10, 2025, and revised its full-year 2025 outlook to incorporate this acquisition and account for incremental transient rate risk in Nashville.
Revenue by Segment
Forward Guidance
Ryman Hospitality Properties, Inc. updated its full-year 2025 guidance to reflect the acquisition of JW Marriott Desert Ridge and to account for increased transient rate risk, particularly for its Nashville-based hotels. Despite these adjustments, the company remains optimistic about the long-term trajectory of its markets and competitive positioning.
Positive Outlook
- Acquisition of JW Marriott Desert Ridge Resort & Spa is expected to contribute positively to operating income and Adjusted EBITDAre.
- Continued healthy demand and consumer enthusiasm for live experiences are expected to support the Entertainment segment.
- Group business on the books for 2026 and beyond remains strong.
- Favorable competitive supply dynamics are anticipated to benefit the portfolio from growing group meeting demand.
- Visitation and tourism trends for Nashville remain robust.
Challenges Ahead
- Incremental transient rate risk is expected for Nashville-based hotels in the second half of the year.
- New hotel supply in the Nashville market, especially at the high end, has impacted transient occupancy levels and room rates.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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