Ryman Hospitality Properties Reports Q3 2025 Revenue Growth but Declining Net Income

Ryman Hospitality Properties, Inc. reported its financial results for the third quarter of 2025, revealing total revenues of $592.5 million, a 7.7% increase from $550.0 million in the same period last year. For the nine months ended September 30, 2025, revenues reached $1.84 billion, up 8.7% from $1.69 billion in 2024. The company's net income for the quarter was $34.9 million, a decrease of 40.9% compared to $59.0 million in the prior year, while net income for the nine-month period fell 16.4% to $169.6 million from $202.9 million.

The decline in profitability was attributed to increased operating expenses, which rose by 13.5% to $503.8 million for the quarter and 13.2% to $1.50 billion for the nine months. This increase was driven by higher costs in both the Hospitality and Entertainment segments, as well as a significant rise in depreciation and amortization expenses. The company also noted a $12.7 million increase in interest expenses due to higher outstanding debt balances, which contributed to the overall decline in net income.

Strategically, Ryman completed the acquisition of the JW Marriott Desert Ridge in June 2025 for approximately $865 million, funded through a combination of equity and debt financing. This acquisition is expected to enhance the company's portfolio, which includes a network of upscale, meetings-focused resorts managed by Marriott. The addition of JW Marriott Desert Ridge contributed $36.1 million in revenues for the quarter, with an average revenue per available room (RevPAR) of $146.63.

Operationally, Ryman reported a total of 11,869 rooms across its properties, with a focus on group-oriented meetings. The company experienced a 6.0% increase in net definite group room nights booked during the quarter, although same-store group room nights traveled decreased by 6.1%. The company’s total cash and cash equivalents stood at $516.6 million as of September 30, 2025, with $700 million available under its revolving credit facility, indicating a strong liquidity position.

Looking ahead, Ryman anticipates continued investment in its properties, with planned capital expenditures between $125 million and $175 million for the remainder of 2025. The company remains committed to its dividend policy, aiming to distribute at least 100% of its REIT taxable income annually, subject to board discretion. Despite the challenges posed by macroeconomic conditions, Ryman's management expressed confidence in the company's strategic direction and operational resilience.