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REITs · Real Estate · Fiscal year ends Dec 31
Ryman Hospitality Properties reported revenue of $2.6B in the fiscal year ended Dec 2025, up 10.2% from the year before. Operating income was $487M, an operating margin of 18.9%, and net income was $243M. Operating cash flow of $591M less capital expenditure of $358M left free cash flow of $232M. Net debt was $3.5B.
Ranks among the 75 reits companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 939 | 1,806 | 2,158 | 2,339 | 2,577 |
| Cost of revenue | 621 | 1,038 | 1,225 | 1,325 | 1,441 |
| Gross profit | 318 | 768 | 933 | 1,014 | 1,136 |
| Operating income | −58.7 | 327 | 454 | 491 | 487 |
| Interest expense | 125 | 148 | 211 | 225 | 241 |
| Pre-tax income | −190 | 174 | 248 | 294 | 255 |
| Income tax | 5.0 | 38.8 | −93.7 | 13.8 | 7.3 |
| Net income | −195 | 135 | 311 | 272 | 243 |
| Diluted EPS | −3.21 | 2.33 | 5.36 | 4.38 | 3.77 |
| Diluted shares | 55.0 | 55.4 | 58.1 | 63.6 | 66.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 141 | 334 | 592 | 478 | 471 |
| Inventory | 8.4 | 12.0 | 14.0 | 16.1 | 16.9 |
| Net PP&E | 3,032 | 3,172 | 3,956 | 4,124 | 4,970 |
| Total assets | 3,581 | 4,041 | 5,189 | 5,218 | 6,181 |
| Deferred revenue | 117 | 136 | 160 | 173 | 221 |
| Long-term debt | 2,937 | 2,863 | 3,377 | 3,378 | 3,977 |
| Total liabilities | 3,603 | 3,633 | 4,271 | 4,283 | 4,969 |
| Shareholders' equity | −22.2 | 95.3 | 569 | 549 | 750 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 111 | 420 | 557 | 577 | 591 |
| Capital expenditure | 77.4 | 89.5 | 207 | 408 | 358 |
| Free cash flow | 33.8 | 330 | 350 | 169 | 232 |
| Depreciation & amortisation | 220 | 209 | 211 | 236 | 278 |
| Stock-based compensation | 12.1 | 15.0 | 15.4 | 13.9 | 14.1 |
| Dividends paid | 0.5 | 5.9 | 176 | 266 | 286 |
| Dividend per share | – | 0.35 | 3.85 | 4.45 | 4.65 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 92.3% | 19.5% | 8.4% | 10.2% |
| Operating income growth (YoY) | – | – | 38.7% | 8.2% | −0.8% |
| EPS growth (YoY) | – | – | 130.0% | −18.3% | −13.9% |
| Gross margin | 33.9% | 42.5% | 43.2% | 43.4% | 44.1% |
| Operating margin | −6.2% | 18.1% | 21.0% | 21.0% | 18.9% |
| Net margin | −20.7% | 7.5% | 14.4% | 11.6% | 9.4% |
| Return on equityBlank when equity is negative | – | 141.6% | 54.7% | 49.5% | 32.5% |
| Free cash flow margin | 3.6% | 18.3% | 16.2% | 7.2% | 9.0% |
| Cash conversion (CFO ÷ net income) | −0.57x | 3.11x | 1.79x | 2.12x | 2.43x |
| Inventory days | 5 | 4 | 4 | 4 | 4 |
| Interest cover | −0.47x | 2.20x | 2.15x | 2.18x | 2.02x |
| Debt ÷ equity | – | 30.0x | 5.93x | 6.15x | 5.30x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,796 | 2,528 | 2,785 | 2,901 | 3,505 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.