Ryman Hospitality Posts Record $737.8M Q4 Revenue, Raises Revolver to $850M
Ryman posted record Q4 consolidated revenue of $737.8M, net income of $74.5M and adjusted EBITDAre of $224.3M, while same-store ADR bookings rose 6.1% year-over-year to $299. It refinanced its revolving credit facility at $850M through January 2030 and declared a $1.20 Q1 2026 dividend.
1. Fourth Quarter Financial Highlights
Ryman delivered record consolidated Q4 revenue of $737.8 million, up 13.9% year-over-year, driven by same-store Hospitality segment revenue of $578.2 million and Entertainment segment revenue of $109.5 million. Net income rose 3.0% to $74.5 million, and adjusted EBITDAre reached $224.3 million. Future same-store bookings exceeded 1.2 million room nights with an ADR of $299, a 6.1% increase over the prior-year quarter.
2. Capital Structure Update
Following quarter-end, the company increased its revolving credit facility from $700 million to $850 million and extended maturity to January 2030, maintaining existing pricing and covenants. This refinancing enhances liquidity and financial flexibility to support ongoing capital deployment and development initiatives across its hotel and entertainment properties.
3. Dividend Declaration and Outlook
Ryman declared a first-quarter 2026 cash dividend of $1.20 per share, payable April 15 to holders of record as of March 31. For full-year 2025, the REIT raised total dividends by 4.5% to $4.65 per share and plans a minimum aggregate of $4.80 per share for 2026, while pacing 2026 group revenue bookings approximately 6% ahead of last year.