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Sep 30, 2025
Ryman Q3 2025 Earnings Report
Ryman reported Q3 2025 results with solid revenues but saw a notable year-over-year decline in net income and operating margins due to group booking softness and construction disruptions.
Key Takeaways
Ryman Hospitality posted strong Q3 revenue led by its Hospitality segment, though net income declined year-over-year due to macroeconomic headwinds and increased cancellations. Entertainment segment grew revenue but faced margin pressure. Guidance midpoint was slightly lowered.
Total revenue for Q3 2025 was $592.5 million, with Hospitality contributing $500.9 million.
Net income fell to $34.0 million from $60.4 million a year ago, reflecting lower group demand and higher cancellations.
EPS was $0.53; Adjusted FFO per diluted share was $1.63.
Booked over 667,000 same-store Hospitality gross definite room nights, a quarterly record at $291 ADR.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Ryman narrowed its full-year 2025 guidance range and slightly lowered midpoints for entertainment segment performance due to competitive headwinds, while maintaining outlook for Hospitality.
Positive Outlook
- Estimated Q4 group rooms revenue pacing is comparable to last year.
- 2026 group rooms revenue pacing is up nearly 8% YoY.
- Renovations at Gaylord Rockies are exceeding underwriting expectations.
- International Opry brand expansion received strong reception.
- Las Vegas Category 10 location announced with 2026 opening target.
Challenges Ahead
- Entertainment guidance midpoint lowered due to new venue competition in Nashville.
- Group booking softness tied to macroeconomic uncertainty and new tariffs.
- Q3 cancellations spiked, especially from government-related groups.
- Attrition pressure continued, impacting banquet and AV revenues.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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