Ryman Hospitality Properties reported third‑quarter 2025 financial results, posting funds from operations of $1.63 per share, which exceeded the consensus estimate of $1.59 per share. The company’s GAAP earnings per share were $0.53, in line with analyst expectations.
Total revenue for the quarter reached $592.5 million, up 7.7% from $549.96 million in Q3 2024 and beating the consensus estimate of $585.68 million. Hospitality revenue accounted for $500.9 million and entertainment revenue for $91.6 million.
Operating income margin fell 4.3 percentage points to 12.5% from 16.8% in the prior year, largely due to higher cost of goods sold and increased marketing expenses. Net income declined 43.8% year‑over‑year to $45.2 million.
Management reiterated its full‑year 2025 guidance, maintaining an adjusted FFO range of $8.00 to $8.38 per share, and confirmed a capital‑expenditure plan of $375–$425 million for the year, with $252 million already spent through September.
The company highlighted that group‑room revenue for the fourth quarter is expected to remain flat versus the same period last year, while 2026 guidance projects an 8% increase in group‑room revenue on a same‑time basis. Ryman also noted ongoing investments in properties such as Gaylord Rockies and JW Marriott Desert Ridge, and a planned Category 10 venue in Las Vegas slated to open in late 2026.
Ryman cited tariff‑related uncertainty and a pause in meeting‑planner decision‑making as factors dampening group‑room demand, but emphasized that its diversified portfolio and strong cash flow position support continued investment in high‑return projects.
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