Revenue growth of 13.2% in 2026Q1 is tempered by inconsistent NOI margins, which experienced a sharp decline to 11.0% in 2025Q4, suggesting high fixed operating costs.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 2.65B | 2.58B | 2.34B | 2.16B | 1.81B | 939.37M | 524.48M | 1.6B | 1.28B | 1.18B | 1.15B | 1.09B | 1.04B | 954.56M | 986.59M | 952.14M | 769.96M | 879.12M | 930.87M | 747.72M | 947.92M | 868.79M | 749.45M | 448.8M | 414.36M | 325.16M | 514.38M | 510.8M | 524.5M | 826M | 747.2M |
| Revenue Growth % | 10.68% | 10.15% | 8.4% | 19.5% | 92.25% | 79.11% | -67.31% | 25.84% | 7.63% | 3.09% | 5.23% | 4.91% | 9.05% | -3.25% | 3.62% | 23.66% | -12.42% | -5.56% | 24.49% | -21.12% | 9.11% | 15.92% | 66.99% | 8.31% | 27.43% | -36.79% | 0.7% | -2.61% | -36.5% | 10.55% | - |
| Property Operating Expenses | 1.52B | 2.32B | 1.5B | 1.45B | 1.23B | 738.67M | 551.14M | 1.08B | 880.49M | 817.27M | 796.44M | 766.66M | 748.02M | 710.33M | 570.9M | 566.8M | 529.9M | 531.26M | 566.37M | 448.98M | 618.46M | 554.86M | 479.86M | 276.94M | 260.36M | 218.36M | 367.89M | 324.6M | 315.1M | 511.2M | 443.2M |
| Net Operating Income (NOI) | 1.14B | 255.86M | 844.3M | 709.01M | 579.75M | 200.7M | -26.67M | 520.78M | 394.63M | 367.45M | 352.76M | 325.47M | 292.97M | 244.23M | 415.69M | 385.35M | 240.06M | 347.86M | 364.5M | 298.75M | 329.47M | 313.93M | 269.59M | 171.86M | 154M | 106.8M | 146.49M | 186.2M | 209.4M | 314.8M | 304M |
| NOI Margin % | 42.85% | 9.93% | 36.09% | 32.85% | 32.1% | 21.37% | -5.08% | 32.46% | 30.95% | 31.02% | 30.7% | 29.8% | 28.14% | 25.59% | 42.13% | 40.47% | 31.18% | 39.57% | 39.16% | 39.95% | 34.76% | 36.13% | 35.97% | 38.29% | 37.17% | 32.85% | 28.48% | 36.45% | 39.92% | 38.11% | 40.69% |
| Operating Expenses | 476.33M | -232.45M | 353.47M | 255.32M | 252.6M | 259.37M | 277.17M | 253.25M | 151.71M | 145.45M | 138.96M | 143.3M | 139.85M | 165.01M | 419.25M | 304.59M | 306.05M | 292.14M | 327.04M | 255.57M | 397.91M | 292.9M | 283.4M | 188.55M | 145.62M | 142.4M | 219.86M | 190.9M | 166.5M | 214.7M | 174.4M |
| G&A Expenses | 10.86M | 0 | 113.22M | 0 | 42.98M | 38.6M | 28.8M | 36.28M | 30.83M | 33.49M | 29.14M | 28.91M | 60.88M | 55.09M | 186.59M | 179.3M | 158.17M | 175.55M | 178.81M | 178.22M | 201.36M | 209.67M | 204.18M | 128.74M | 119.53M | 86.86M | 161.4M | 138.3M | 123.7M | 161.3M | 125.5M |
| EBITDA | 798.77M | 766.41M | 726.46M | 664.91M | 535.77M | 161.68M | -88.75M | 481.38M | 1.28B | 1.15B | 1.15B | 276.44M | 265.38M | 192.72M | 125.94M | 204.82M | 39.58M | 165.73M | 151.65M | 134.8M | 47.36M | 133.99M | 93.27M | 77.49M | 101.16M | 39.49M | 5.87M | 47.9M | 85.7M | 153.5M | 178.5M |
| EBITDA Margin % | 30.09% | 29.74% | 31.05% | 30.81% | 29.67% | 17.21% | -16.92% | 30% | 100% | 96.9% | 100% | 25.31% | 25.49% | 20.19% | 12.76% | 21.51% | 5.14% | 18.85% | 16.29% | 18.03% | 5% | 15.42% | 12.44% | 17.27% | 24.41% | 12.14% | 1.14% | 9.38% | 16.34% | 18.58% | 23.89% |
| Depreciation & Amortization | 290.08M | 278.1M | 235.63M | 211.23M | 208.62M | 220.36M | 215.08M | 213.85M | 1.06B | 963.38M | 935.4M | 114.38M | 112.28M | 116.53M | 130.69M | 125.29M | 105.56M | 116.59M | 114.18M | 91.62M | 115.81M | 112.95M | 107.27M | 94.17M | 92.78M | 77.26M | 79.23M | 52.6M | 42.8M | 53.4M | 48.9M |
| D&A / Revenue % | 10.93% | 10.79% | 10.07% | 9.79% | 11.55% | 23.46% | 41.01% | 13.33% | 83.2% | 81.32% | 81.4% | 10.47% | 10.79% | 12.21% | 13.25% | 13.16% | 13.71% | 13.26% | 12.27% | 12.25% | 12.22% | 13% | 14.31% | 20.98% | 22.39% | 23.76% | 15.4% | 10.3% | 8.16% | 6.46% | 6.54% |
| Operating Income | 508.69M | 488.31M | 490.83M | 453.68M | 327.15M | -58.67M | -303.83M | 267.53M | 214.27M | 184.65M | 213.81M | 162.06M | 153.1M | 76.19M | -4.75M | 79.53M | -65.99M | 49.14M | 37.47M | 43.18M | -68.45M | 21.03M | -14M | -16.68M | 8.38M | -37.78M | -73.36M | -4.7M | 42.9M | 100.1M | 129.6M |
| Operating Margin % | 19.16% | 18.95% | 20.98% | 21.02% | 18.11% | -6.25% | -57.93% | 16.67% | 16.8% | 15.59% | 18.6% | 14.84% | 14.71% | 7.98% | -0.48% | 8.35% | -8.57% | 5.59% | 4.02% | 5.78% | -7.22% | 2.42% | -1.87% | -3.72% | 2.02% | -11.62% | -14.26% | -0.92% | 8.18% | 12.12% | 17.34% |
| Interest Expense | 2M | 241.27M | 225.4M | 211.37M | 148.41M | 125.35M | 115.78M | 131.62M | 74.96M | 66.05M | 63.91M | 63.9M | 61.45M | 60.92M | 58.58M | 74.67M | 81.43M | 76.59M | 64.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 2.06x | 2.17x | 2.17x | 2.17x | -0.51x | -2.75x | 2.12x | 4.69x | 2.92x | 3.55x | 2.56x | 2.49x | 1.42x | 0.51x | 1.23x | -0.63x | 1.22x | 1.09x | - | - | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | -725K | -7.6M | 819K | -5.78M | 5.02M | 5.82M | 14.12M | -10.86M | -137.11M | -7.08M | -12.87M | -1.5M | 0 | -10.42M | -34.67M | -12.63M | -14.5M | -44.31M | -32.26M | 0 | 0 | -7.27M | -196K | 0 | 17K | -2.18M | -12.95M | -1.04M | 0 | 0 | 0 |
| Pretax Income | 263.76M | 254.63M | 294.03M | 248.1M | 173.72M | -189.84M | -433.74M | 146.77M | 276.42M | 126.94M | 162.77M | 99.66M | 125M | 25.82M | -28.67M | 17.49M | -132.92M | 9.15M | 5.66M | 164.65M | -95.28M | -46.68M | -94.01M | -58.21M | 14.56M | -10.48M | -226.54M | 561.5M | 49.9M | 162.2M | 204.7M |
| Pretax Margin % | 9.94% | 9.88% | 12.57% | 11.5% | 9.62% | -20.21% | -82.7% | 9.15% | 21.68% | 10.72% | 14.16% | 9.12% | 12.01% | 2.7% | -2.91% | 1.84% | -17.26% | 1.04% | 0.61% | 22.02% | -10.05% | -5.37% | -12.54% | -12.97% | 3.51% | -3.22% | -44.04% | 109.93% | 9.51% | 19.64% | 27.4% |
| Income Tax | -3.73M | 7.32M | 13.84M | -93.7M | 38.77M | 4.96M | 27.08M | 18.48M | 11.74M | -49.16M | 3.4M | -11.86M | -1.47M | -92.66M | -2.03M | 7.42M | -40.72M | 9.2M | 1.05M | 62.66M | -12.45M | -15.15M | -39.73M | -24.67M | 1.81M | -3.19M | -73.07M | 211.7M | 18.7M | 10.8M | 73.5M |
| Effective Tax Rate % | -1.42% | 2.88% | 4.71% | -37.77% | 22.32% | -2.61% | -6.24% | 12.59% | 4.25% | -38.72% | 2.09% | -11.9% | -1.17% | -358.95% | 7.09% | 42.43% | 30.63% | 100.51% | 18.5% | 38.06% | 13.06% | 32.45% | 42.26% | 42.38% | 12.4% | 30.43% | 32.26% | 37.7% | 37.47% | 6.66% | 35.91% |
| Net Income | 263.66M | 243.43M | 271.64M | 311.22M | 128.99M | -176.97M | -417.39M | 145.79M | 264.67M | 176.1M | 159.37M | 111.51M | 126.45M | 118.35M | -26.64M | 10.18M | -89.13M | -23K | 4.36M | 111.91M | -79.44M | -33.95M | -53.64M | 826K | 95.14M | -47.74M | -153.47M | 349.8M | 31.2M | 143.9M | 131.2M |
| Net Margin % | 9.93% | 9.45% | 11.61% | 14.42% | 7.14% | -18.84% | -79.58% | 9.09% | 20.76% | 14.86% | 13.87% | 10.21% | 12.15% | 12.4% | -2.7% | 1.07% | -11.58% | -0% | 0.47% | 14.97% | -8.38% | -3.91% | -7.16% | 0.18% | 22.96% | -14.68% | -29.84% | 68.48% | 5.95% | 17.42% | 17.56% |
| Net Income Growth % | -9.56% | -10.39% | -12.72% | 141.27% | 172.89% | 57.6% | -386.29% | -44.91% | 50.3% | 10.5% | 42.91% | -11.82% | 6.84% | 544.2% | -361.81% | 111.42% | -387413.04% | -100.53% | -96.1% | 240.88% | -133.98% | 36.71% | -6593.7% | -99.13% | 299.28% | 68.89% | -143.87% | 1021.15% | -78.32% | 9.68% | - |
| Funds From Operations (FFO) | 553.75M | 521.52M | 507.26M | 522.44M | 337.61M | 43.39M | -202.31M | 359.64M | 1.33B | 1.14B | 1.09B | 225.89M | 238.73M | 234.88M | 104.05M | 135.47M | 16.43M | 116.57M | 118.55M | 203.53M | 36.37M | 79M | 53.63M | 95M | 187.93M | 29.52M | -74.23M | 402.4M | 74M | 197.3M | 180.1M |
| FFO Margin % | 20.86% | 20.24% | 21.68% | 24.21% | 18.69% | 4.62% | -38.57% | 22.41% | 103.95% | 96.18% | 95.26% | 20.68% | 22.93% | 24.61% | 10.55% | 14.23% | 2.13% | 13.26% | 12.73% | 27.22% | 3.84% | 9.09% | 7.16% | 21.17% | 45.35% | 9.08% | -14.43% | 78.78% | 14.11% | 23.89% | 24.1% |
| FFO Growth % | 18.28% | 2.81% | -2.91% | 54.75% | 678.06% | 121.45% | -156.25% | -72.87% | 16.33% | 4.08% | 384.64% | -5.38% | 1.64% | 125.74% | -23.19% | 724.35% | -85.9% | -1.67% | -41.75% | 459.55% | -53.96% | 47.3% | -43.54% | -49.45% | 536.63% | 139.76% | -118.45% | 443.78% | -62.49% | 9.55% | - |
| FFO per Share | - | 7.91 | 7.97 | 9.00 | 6.10 | 0.79 | -3.68 | 6.92 | 25.73 | 22.18 | 21.34 | 4.38 | 4.27 | 3.74 | 2.19 | 2.72 | 0.35 | 2.73 | 2.87 | 4.82 | 0.87 | 1.98 | 1.35 | 2.79 | 5.56 | 0.88 | -2.24 | 13.63 | 2.11 | 6.05 | 5.59 |
| FFO Payout Ratio % | 38.88% | 54.76% | 52.46% | 33.69% | 1.73% | 1.16% | -50.58% | 50.98% | 13.01% | 14.19% | 13.81% | 58.13% | 45.83% | 32.54% | 59.6% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 6.56% | 28.78% | 17.18% | 19.38% |
| EPS (Diluted) | - | 3.77 | 4.38 | 5.36 | 2.33 | -3.21 | -7.59 | 2.47 | 5.14 | 3.43 | 3.11 | 2.16 | 2.17 | 1.81 | -0.56 | 0.20 | -1.87 | -0.00 | 0.11 | 2.65 | -1.91 | -0.85 | -1.35 | -0.89 | 0.41 | -1.42 | -4.62 | 11.85 | 0.89 | 4.41 | 4.07 |
| EPS Growth % | -19.49% | -13.93% | -18.28% | 130.04% | 172.59% | 57.71% | -407.29% | -51.95% | 49.85% | 10.29% | 43.98% | -0.46% | 19.89% | 423.21% | -380% | 110.7% | - | -100.45% | -95.85% | 238.74% | -124.71% | 37.04% | -51.69% | -317.07% | 128.87% | 69.26% | -138.99% | 1231.46% | -79.82% | 8.35% | - |
| EPS (Basic) | - | 3.94 | 4.54 | 5.39 | 2.34 | -3.21 | -7.59 | 2.49 | 5.16 | 3.44 | 3.12 | 2.18 | 2.38 | 2.22 | -0.56 | 0.21 | -1.89 | -0.00 | 0.11 | 2.73 | -1.96 | -0.85 | -1.46 | -0.89 | 0.41 | -1.42 | -4.62 | 11.96 | 0.90 | 4.45 | 4.07 |
| Diluted Shares Outstanding | 0 | 65.96M | 63.63M | 58.06M | 55.38M | 55.05M | 54.96M | 51.98M | 51.51M | 51.37M | 51.31M | 51.61M | 55.88M | 62.81M | 47.6M | 49.78M | 47.6M | 42.73M | 41.26M | 42.23M | 41.59M | 39.94M | 39.73M | 34M | 33.78M | 33.69M | 33.2M | 29.52M | 35.06M | 32.63M | 32.24M |
High Operating Cost Sensitivity
According to recent financial disclosures, RHP achieved a 13.2% revenue increase in 2026Q1, yet the underlying NOI margin experienced significant fluctuations, dropping to 11.0% in 2025Q4 before rebounding, suggesting that top-line expansion is not consistently translating into proportional property-level profitability due to high fixed operating costs.
The divergence between revenue growth and NOI margins indicates that the company's large-scale convention model remains highly sensitive to operating leverage. Investors should monitor whether the recent revenue gains are sustainable or if they are being driven by aggressive pricing that may eventually dampen group demand.
As reported in quarterly filings, FFO per share has demonstrated extreme volatility, swinging from a high of 3.31 in 2023Q4 to 1.58 in 2024Q1, which complicates the assessment of long-term dividend sustainability and suggests that earnings quality is heavily influenced by non-recurring items or seasonal booking cycles.
The erratic nature of FFO growth warrants further investigation into the consistency of the company's core hospitality operations. Relying on FFO as a proxy for cash flow appears risky given the significant delta between FFO and AFFO, which often reflects substantial recurring capital expenditure requirements.
Based on reported figures, the stark discrepancy between FFO and AFFO, notably the negative AFFO of -14.3M in 2024Q3, suggests that heavy maintenance CAPEX and tenant improvement costs are significantly eroding the cash available to shareholders, potentially overstating the REIT's true economic earnings power.
The recurring need for significant capital reinvestment to maintain the competitive positioning of massive assets like Gaylord Opryland may act as a permanent drag on free cash flow. This implies that the company's valuation should be scrutinized through an AFFO lens rather than FFO to account for the true cost of maintaining its physical moat.
Financial statements reveal that NOI margins have struggled to maintain stability, falling from a peak of 38.7% in 2024Q2 to 11.0% by 2025Q4, which may indicate that rising labor and utility costs are effectively neutralizing the pricing power inherent in the company's unique convention center assets.
The compression of property-level margins suggests that the company's cost structure is less flexible than previously assumed. If these margin pressures persist, it may indicate a structural shift in the hospitality sector where rising service-sector wages and insurance premiums become a permanent headwind to profitability.
Quick answers to the most common questions about buying RHP stock.
For fiscal year 2025, Ryman Hospitality Properties, Inc. (RHP) reported total revenue of $2.58B. This represents a 244.9% increase compared to $747.2M in 1996.
Ryman Hospitality Properties, Inc. (RHP) is profitable, generating $243.4M in net income for the fiscal year ending 2025 with a net profit margin of 9.4%.
Ryman Hospitality Properties, Inc. (RHP) reported an operating income of $488.3M, resulting in an operating profit margin of 18.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Ryman Hospitality Properties, Inc. (RHP) generated $255.9M in gross profit for the year, representing a gross profit margin of 9.9%. This demonstrates the company's core pricing power and production efficiency.