Ryman Hospitality Properties, Inc. Segments Disclosure
13. Financial Reporting By Business Segments
The Company’s operations are organized into the following principal business :
| ● | Hospitality, which includes the Gaylord Hotels properties, the JW Marriott properties (including, effective June 10, 2025, JW Marriott Desert Ridge and effective June 30, 2023, JW Marriott Hill Country), the Inn at Opryland and the AC Hotel; |
| ● | Entertainment, which includes the OEG business, specifically, the Grand Ole Opry, the Ryman Auditorium, WSM-AM, Ole Red, Category 10, Block 21, and Southern Entertainment; and |
| ● | Corporate and Other, which includes operating and general and administrative expenses related to the overall management of the Company which are not allocated to the other reportable segments. |
The Company’s chief operating decision maker (“CODM”) is comprised of the Company’s chief executive officer and the Company’s chief financial officer. The CODM uses segment operating income (loss) to evaluate the performance of each segment and to allocate resources.
The accounting policies for each segment are the same as those described in Note 1, “Description of the Business and Summary of Significant Accounting Policies.” The Company does not have intersegment sales or transfers. The following information (amounts in thousands) is derived directly from the segments’ internal financial reports used by the CODM and for corporate management purposes.
For the Year Ended December 31, 2025 | ||||||||||||
Hospitality | Entertainment | Corporate and Other | Total | |||||||||
Revenues | $ | 2,143,086 | $ | 433,975 | $ | — | $ | 2,577,061 | ||||
Expenses: | ||||||||||||
Rooms | 190,686 | 190,686 | ||||||||||
Food and beverage | 561,980 | 561,980 | ||||||||||
Other hotel expenses (1) | 613,304 | 613,304 | ||||||||||
Management fees | 75,082 | 75,082 | ||||||||||
Employment costs | 121,209 | 121,209 | ||||||||||
Cost of goods sold | 56,164 | 56,164 | ||||||||||
Contract services | 67,391 | 67,391 | ||||||||||
Non-income taxes and insurance | 27,543 | 27,543 | ||||||||||
Preopening costs | 2,882 | 2,882 | ||||||||||
Other segment expenses (1) | 51,641 | 42,771 | 94,412 | |||||||||
Loss on sale of assets | 1,296 | 1,296 | ||||||||||
Depreciation and amortization | 239,857 | 37,310 | 933 | 278,100 | ||||||||
Operating income (loss) | $ | 462,177 | $ | 68,539 | $ | (43,704) | $ | 487,012 | ||||
Interest expense | (47) | (36,995) | (204,228) | (241,270) | ||||||||
Interest income | 20,299 | |||||||||||
Loss on extinguishment of debt | (2,922) | |||||||||||
Loss from unconsolidated joint ventures (2) | (10,025) | |||||||||||
Other gains and (losses), net | 1,540 | |||||||||||
Income before income taxes | $ | 254,634 | ||||||||||
For the Year Ended December 31, 2024 | ||||||||||||
Hospitality | Entertainment | Corporate and Other | Total | |||||||||
Revenues | $ | 1,997,050 | $ | 342,176 | $ | — | $ | 2,339,226 | ||||
Expenses: | ||||||||||||
Rooms | 179,358 | 179,358 | ||||||||||
Food and beverage | 516,309 | 516,309 | ||||||||||
Other hotel expenses (1) | 555,554 | 555,554 | ||||||||||
Management fees | 73,531 | 73,531 | ||||||||||
Employment costs | 102,653 | 102,653 | ||||||||||
Cost of goods sold | 46,112 | 46,112 | ||||||||||
Contract services | 39,736 | 39,736 | ||||||||||
Non-income taxes and insurance | 11,973 | 11,973 | ||||||||||
Preopening costs | 4,618 | 4,618 | ||||||||||
Other segment expenses (1) | 41,373 | 41,819 | 83,192 | |||||||||
Gain on sale of assts | (270) | (270) | ||||||||||
Depreciation and amortization | 205,189 | 29,519 | 918 | 235,626 | ||||||||
Operating income (loss) | $ | 467,109 | $ | 66,192 | $ | (42,467) | $ | 490,834 | ||||
Interest expense | (14,611) | (38,283) | (172,501) | (225,395) | ||||||||
Interest income | 27,977 | |||||||||||
Loss on extinguishment of debt | (2,479) | |||||||||||
Income from unconsolidated joint ventures (2) | 275 | |||||||||||
Other gains and (losses), net | 2,814 | |||||||||||
Income before income taxes | $ | 294,026 | ||||||||||
For the Year Ended December 31, 2023 | ||||||||||||
Hospitality | Entertainment | Corporate and Other | Total | |||||||||
Revenues | $ | 1,833,478 | $ | 324,658 | $ | — | $ | 2,158,136 | ||||
Expenses: | ||||||||||||
Rooms | 173,749 | 173,749 | ||||||||||
Food and beverage | 465,963 | 465,963 | ||||||||||
Other hotel expenses (1) | 519,328 | 519,328 | ||||||||||
Management fees | 66,425 | 66,425 | ||||||||||
Employment costs | 91,317 | 91,317 | ||||||||||
Cost of goods sold | 43,544 | 43,544 | ||||||||||
Contract services | 32,925 | 32,925 | ||||||||||
Non-income taxes and insurance | 17,645 | 17,645 | ||||||||||
Preopening costs | 1,308 | 1,308 | ||||||||||
Other segment expenses (1) | 38,232 | 42,789 | 81,021 | |||||||||
Depreciation and amortization | 186,749 | 23,611 | 867 | 211,227 | ||||||||
Operating income (loss) | $ | 421,264 | $ | 76,076 | $ | (43,656) | $ | 453,684 | ||||
Interest expense | (55,865) | (40,988) | (114,517) | (211,370) | ||||||||
Interest income | 21,423 | |||||||||||
Loss on extinguishment of debt | (2,252) | |||||||||||
Loss from unconsolidated joint ventures (2) | (17,308) | |||||||||||
Other gains and (losses), net | 3,921 | |||||||||||
Income before income taxes | $ | 248,098 | ||||||||||
| (1) | Other segment expense include: Hospitality segment – administrative employment costs, utilities, property taxes, supplies, advertising, maintenance and consulting expenses Entertainment segment – advertising, utilities, maintenance and certain overhead expenses Corporate and Other – information technology, human resources, accounting, equity-based compensation and other administrative expenses |
| (2) | Income (loss) from unconsolidated joint ventures relates to the Entertainment segment. |
| December 31, | | December 31, | |||
2025 | 2024 | |||||
Total assets: |
| |
| | ||
Hospitality | $ | 4,996,594 | $ | 4,081,754 | ||
Entertainment |
| 745,755 |
| 653,969 | ||
Corporate and Other |
| 438,834 |
| 481,850 | ||
Total assets | $ | 6,181,183 | $ | 5,217,573 | ||
The following table represents the capital expenditures by segment for the years ended December 31 (amounts in thousands):
| 2025 | | 2024 | | 2023 | ||||
Hospitality | $ | 325,156 | $ | 300,867 | $ | 145,805 | |||
Entertainment |
| 32,452 |
| 106,828 |
| 60,428 | |||
Corporate and Other |
| 627 |
| 210 |
| 543 | |||
Total capital expenditures | $ | 358,235 | $ | 407,905 | $ | 206,776 | |||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.