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Ryman Hospitality Properties, Inc. is a leading lodging and hospitality real estate investment trust. The firm specializes in upscale convention center resorts and entertainment experiences. The Company's holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns JW Marriott Phoenix Desert Ridge Resort & Spa and JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties. The Company's hotel portfolio is managed by Marriott International and includes a combined total of 12,364 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. The Company also owns an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium; WSM 650 AM; Ole Red; Category 10; Nashville-area attractions; Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, located in downtown Austin, Texas. OEG manages select outdoor live music venues, including Ascend Federal Credit Union Amphitheater in Nashville and, beginning in February 2026, CCNB Amphitheatre in Simpsonville, South Carolina. OEG also has a majority interest in Southern Entertainment, a leading festival and events business. The Company operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company's financial results. Ryman Hospitality Properties, Inc. was incorporated in 1991 in Delaware, USA.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.6B | $774M | $243M | $232M | 32.5% | 10.2% | -10.4% |
| 2024 | $2.3B | $755M | $272M | $169M | 49.5% | 8.4% | -12.7% |
| 2023 | $2.2B | $671M | $311M | $350M | 54.7% | 19.5% | 141.3% |
| 2022 | $1.8B | $531M | $129M | $330M | 135.4% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,805.97 | 2,158.14 | 2,339.23 | 2,577.06 |
| Operating Revenue | - | 1,805.97 | 2,158.14 | 2,339.23 | 2,577.06 |
| Cost Of Revenue | - | 1,226.22 | 1,449.13 | 1,566.60 | 1,765 |
| Gross Profit | - | 579.75 | 709.01 | 772.63 | 812.06 |
| Operating Expense | - | 251.60 | 254.02 | 277.44 | 320.87 |
| Selling General And Administration | 38.60 | 42.98 | - | - | - |
| Total Expenses | - | 1,477.82 | 1,703.14 | 1,844.04 | 2,085.87 |
| Operating Income | - | 328.15 | 454.99 | 495.18 | 491.19 |
| Total Operating Income As Reported | - | 327.15 | 453.68 | 490.83 | 487.01 |
| EBITDA | - | 530.74 | 670.70 | 755.05 | 774 |
| Normalized EBITDA | - | 533.29 | 674.26 | 761.87 | 781.10 |
| EBIT | - | 322.13 | 459.47 | 519.42 | 495.90 |
| Interest Income | - | 5.75 | 21.42 | 27.98 | 20.30 |
| Interest Expense | - | 148.41 | 211.37 | 225.40 | 241.27 |
| Net Interest Income | - | -142.66 | -189.95 | -197.42 | -220.97 |
| Other Non Operating Income Expenses | - | 1.74 | 3.92 | 2.81 | 1.54 |
| Other Income Expense | - | -11.77 | -16.95 | -3.74 | -15.58 |
| Interest Income Non Operating | - | 5.75 | 21.42 | 27.98 | 20.30 |
| Interest Expense Non Operating | - | 148.41 | 211.37 | 225.40 | 241.27 |
| Net Non Operating Interest Income Expense | - | -142.66 | -189.95 | -197.42 | -220.97 |
| Pretax Income | - | 173.72 | 248.10 | 294.03 | 254.63 |
| Tax Provision | - | 38.78 | -93.70 | 13.84 | 7.32 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.57 | -0.75 | -0.32 | -0.21 |
| Net Income Continuous Operations | - | 134.95 | 341.80 | 280.19 | 247.31 |
| Net Income From Continuing And Discontinued Operation | - | 128.99 | 311.22 | 271.64 | 243.42 |
| Net Income From Continuing Operation Net Minority Interest | - | 128.99 | 311.22 | 271.64 | 243.42 |
| Net Income | - | 128.99 | 311.22 | 271.64 | 243.42 |
| Net Income Common Stockholders | - | 128.99 | 311.22 | 271.64 | 243.42 |
| Net Income Including Noncontrolling Interests | - | 134.95 | 341.80 | 280.19 | 247.31 |
| Normalized Income | - | 130.97 | 314.03 | 278.14 | 250.32 |
| Diluted NI Availto Com Stockholders | - | 128.99 | 311.22 | 278.40 | 248.34 |
| Basic Average Shares | - | 55.14 | 57.75 | 59.86 | 61.83 |
| Diluted Average Shares | - | 55.38 | 58.06 | 63.63 | 65.96 |
| Reconciled Depreciation | - | 208.62 | 211.23 | 235.63 | 278.10 |
| Reconciled Cost Of Revenue | - | 1,226.22 | 1,449.13 | 1,566.60 | 1,765 |
| Total Unusual Items | - | -2.55 | -3.56 | -6.83 | -7.10 |
| Total Unusual Items Excluding Goodwill | - | -2.55 | -3.56 | -6.83 | -7.10 |
| Minority Interests | - | -5.96 | -30.58 | -8.55 | -3.88 |
| Special Income Charges | - | -2.55 | -3.56 | -6.83 | -7.10 |
| Other Special Charges | - | 2.08 | 3.56 | 7.10 | 5.80 |
| Depreciation Amortization Depletion Income Statement | - | 208.62 | 211.23 | 235.63 | 278.10 |
| Depreciation And Amortization In Income Statement | - | 208.62 | 211.23 | 235.63 | 278.10 |
| General And Administrative Expense | 38.60 | 42.98 | - | - | - |
| Other Gand A | 38.60 | 42.98 | - | - | - |
| Gain On Sale Of Ppe | - | -0.47 | 0 | 0.27 | -1.30 |
| Other Operating Expenses | - | 42.98 | 42.79 | 41.82 | 42.77 |
| Earnings From Equity Interest | - | -10.97 | -17.31 | 0.28 | -10.02 |
| Average Dilution Earnings | - | - | 0 | 6.76 | 4.92 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Ryman Hospitality Properties, Inc.this co. | RHP | $7.4B | 30.35↑ premium | 9.85 | 32.5% | 14.28 |
| Alexandria Real Estate Equities, Inc. | ARE | $9.3B | -6.48 | 0.60 | -9.2% | 59.56 |
| The Macerich Company | MAC | $6.8B | -34.74 | 2.80 | -8.1% | 26.10 |
| Terreno Realty Corporation | TRNO | $6.8B | 16.99 | 1.64 | 9.7% | 13.88 |
| Essential Properties Realty Trust, Inc. |
| 2021 | - | - | - | - | - | - | - |
| EPRT |
| $6.4B |
| 25.43 |
| 1.53 |
| 6.0% |
| 17.24 |
| OUTFRONT Media Inc. | OUT | $5.5B | 37.55 | 7.77 | 20.7% | 21.08 |
| Phillips Edison & Company, Inc. | PECO | $5.4B | 48.83 | 2.38 | 4.9% | 15.86 |
| Rithm Capital Corp. | RITM | $5.1B | 7.51 | 0.73 | 9.7% | - |
| Millrose Properties, Inc. | MRP | $4.8B | 12.59 | 0.82 | 6.5% | 13.94 |
| Peer Median | - | 14.79 | 1.59 | 6.3% | 17.24 | |