RCI Hospitality Holdings (NASDAQ: RICK) is an adult entertainment and dining company that owns and operates adult nightclubs and casual dining restaurants through subsidiaries across the United States. Revenue comes from four transactional streams: sales of alcoholic beverages (43.7% of consolidated revenue in FY2025), service revenues including entertainer fees and admission (34.7%), food and merchandise sales (14.3%), and other revenues (7.3%). The company operated 71 establishments in 15 states as of September 30, 2025, organized into two reportable segments: Nightclubs, which generated $242.5 million in revenue in FY2025, and Bombshells restaurants, which generated $35.8 million. Consolidated revenue was $279.4 million in FY2025, down 5.5% from $295.6 million in FY2024. RCIHH was incorporated in Texas in 1994 and became public in 1995. The company also operates a business communications unit serving the adult nightclub industry. Growth has historically been acquisition-driven, with six clubs acquired in FY2023 for a combined $75.5 million.

Revenue model

Transactional revenue from four streams at company-owned venues: alcoholic beverage sales, service revenues (entertainer fees, admissions), food and merchandise sales, and other. No franchise or royalty model disclosed. Revenue is generated at 71 company-operated establishments as of September 30, 2025.

Products and services

Adult nightclub entertainment venues (Nightclubs segment), Bombshells casual dining and sports bar restaurants (Bombshells segment), and a business communications company serving the adult nightclub industry.

Customers and end markets

Individual guests seeking live adult entertainment or casual dining experiences. End markets are adult entertainment and restaurant/bar dining. No customer concentration disclosures in the filing excerpts.

Value-chain role

Owner-operator of adult entertainment venues and casual dining restaurants. Acquires, develops, and operates brick-and-mortar locations directly. Also owns a B2B media and communications business serving the adult nightclub industry.

Geographic exposure

United States only. 71 establishments across 15 states as of September 30, 2025. No international operations disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-03-19

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