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NASHVILLE, Tenn., Aug. 06, 2026 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP), a leading lodging real estate investment trust (“REIT”) specializing in group-oriented, upscale convention center resorts and entertainment experiences, today reported financial results for the three and six months ended June 30, 2026.
Second Quarter 2026 Highlights and Recent Developments:
The Company reported all-time quarterly record consolidated revenue of $749.0 million, driven by record second quarter same-store Hospitality(1) segment revenue of $544.3 million and all-time quarterly record Entertainment segment revenue of $144.0 million. The Company generated consolidated net income of $102.1 million and consolidated Adjusted EBITDAre of $258.3 million.During the quarter, the Company booked over 768,000 same-store Hospitality Gross Definite Room Nights for all future periods. The estimated average daily rate (ADR) for these bookings was approximately $310, an increase of 8.6% compared to the prior year quarter estimated ADR for future bookings and an all-time quarterly record. The Company is raising its full year outlook due to strong second quarter performance for the Hospitality portfolio and a modest increase in its expectations for the same-store Hospitality business for the second half of 2026. Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “We delivered record quarterly consolidated revenue and Adjusted EBITDAre, reflecting the continued success of our premium group customer strategy and strong execution in our Entertainment business. In our same-store Hospitality business, higher ADR across all customer segments and strong ancillary spending trends drove results above our expectations, while healthy booking pace and record estimated ADR for future bookings reinforce our confidence in the durability of demand for our differentiated group-focused hotel assets. Our revised outlook incorporates the second quarter outperformance and a modest increase in our expectations for the second half of 2026.”
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(1) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
Second Quarter 2026 Results (as compared to Second Quarter 2025):
Three Months Ended Six Months Ended June 30, June 30, ($ in thousands, except per share amounts) % % 2026 2025 Change 2026 2025 ChangeTotal revenue $748,978 $659,515 13.6% $1,413,550 $1,246,795 13.4% Operating income $174,545 $139,425 25.2% $312,341 $255,546 22.2%Operating income margin 23.3% 21.1% 2.2pts 22.1% 20.5% 1.6 pts Net income $102,079 $75,875 34.5% $171,481 $138,889 23.5%Net income margin 13.6% 11.5% 2.1 pts 12.1% 11.1% 1.0 pts Net income available to common stockholders $92,750 $71,753 29.3% $163,225 $134,714 21.2%Net income available to common stockholders margin 12.4% 10.9% 1.5 pts 11.5% 10.8% 0.7 ptsNet income available to common stockholders per diluted share (1) $1.42 $1.12 26.8% $2.46 $2.13 15.5% Adjusted EBITDAre $258,311 $211,856 21.9% $477,604 $397,358 20.2%Adjusted EBITDAre margin 34.5% 32.1% 2.4 pts 33.8% 31.9% 1.9 ptsAdjusted EBITDAre, excluding noncontrolling interest $241,921 $200,561 20.6% $457,057 $380,437 20.1%Adjusted EBITDAre, excluding noncontrolling interest margin 32.3% 30.4% 1.9 pts 32.3% 30.5% 1.8 pts Funds From Operations (FFO) available to common stockholders and unit holders $167,229 $137,145 21.9% $310,701 $260,047 19.5%FFO available to common stockholders and unit holders per diluted share/unit (1) $2.54 $2.14 18.7% $4.69 $4.13 13.6% Adjusted FFO available to common stockholders and unit holders $181,399 $148,845 21.9% $337,477 $278,668 21.1%Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $2.77 $2.35 17.9% $5.11 $4.44 15.1% ___________________
(1) Diluted weighted average common shares for the three and six months ended June 30, 2026 and 2025 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2026 and 2025 include 4.9 million and 4.2 million, respectively, and for the six months ended June 30, 2026 and 2025 include 4.5 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.
Note: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest, Adjusted EBITDAre, excluding noncontrolling interest margin, FFO available to common stockholders and unit holders, and Adjusted FFO available to common stockholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measures FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders to Net Income, see “Non-GAAP Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition,” “Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO Available to Common Stockholders and Unit Holders Definition” and “Supplemental Financial Results” below.
Hospitality Segment
Three Months Ended Six Months Ended June 30, June 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR) % % 2026 2025 Change 2026 2025 ChangeHospitality revenue $604,964 $516,211 17.2 % $1,190,353 $1,013,941 17.4 %Same-store Hospitality revenue (1) $544,315 $510,862 6.5 % $1,055,836 $1,008,592 4.7 % Hospitality operating income $153,643 $126,920 21.1 % $298,730 $243,729 22.6 %Hospitality operating income margin 25.4% 24.6% 0.8 pts 25.1% 24.0% 1.1 ptsHospitality Adjusted EBITDAre $223,042 $186,435 19.6 % $435,612 $359,409 21.2 %Hospitality Adjusted EBITDAre margin 36.9% 36.1% 0.8 pts 36.6% 35.4% 1.2 pts Same-store Hospitality operating income (1) $141,711 $129,503 9.4 % $262,543 $246,312 6.6 %Same-store Hospitality operating income margin (1) 26.0% 25.3% 0.7 pts 24.9% 24.4% 0.5 ptsSame-store Hospitality Adjusted EBITDAre (1) $202,278 $187,017 8.2 % $382,534 $359,991 6.3 %Same-store Hospitality Adjusted EBITDAre margin (1) 37.2% 36.6% 0.6 pts 36.2% 35.7% 0.5 pts Hospitality performance metrics: Occupancy 72.7% 73.3% (0.6)pts 70.4% 71.5% (1.1)ptsAverage Daily Rate (ADR) $284.05 $258.88 9.7 % $289.42 $261.53 10.7 %RevPAR $206.52 $189.77 8.8 % $203.82 $187.03 9.0 %Total RevPAR $537.69 $487.62 10.3 % $531.91 $486.10 9.4 % Same-store Hospitality performance metrics: (1) Occupancy 72.8% 74.0% (1.2)pts 70.2% 71.8% (1.6)ptsADR $277.19 $259.19 6.9 % $277.47 $261.71 6.0 %RevPAR $201.67 $191.70 5.2 % $194.91 $187.97 3.7 %Total RevPAR $524.05 $491.84 6.5 % $511.07 $488.20 4.7 % Gross definite room nights booked 768,697 720,644 6.7 % 1,229,635 1,084,548 13.4 %Net definite room nights booked 589,929 539,860 9.3 % 832,198 745,054 11.7 %Group attrition (as % of contracted block) 14.6% 15.2% (0.6)pts 16.1% 15.4% 0.7 ptsCancellations ITYFTY (2) 17,515 17,287 1.3 % 44,679 40,066 11.5 % ___________________
(1) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
(2) “ITYFTY” represents In The Year For The Year.
Note: For the Company’s definitions of Revenue Per Available Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR), see “Calculation of RevPAR and Total RevPAR” below. Property-level results and operating metrics for the applicable period are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDAre to Hospitality Operating Income, and property-level Adjusted EBITDAre to property-level Operating Income for each of the hotel properties.
Hospitality Segment Highlights
The same-store Hospitality portfolio generated all-time quarterly record RevPAR of approximately $202 in the second quarter, an increase of 5.2% from the prior year quarter, and record second quarter Total RevPAR of approximately $524, an increase of 6.5% from the prior year quarter. The same-store Hospitality portfolio generated second quarter operating income of $141.7 million and Adjusted EBITDAre of $202.3 million.Second quarter same-store banquet and AV revenue contribution per group room night, a proxy for catering spend per group guest, increased 12.9% year over year, driven by our premium group customer strategy. Second quarter same-store attrition and cancellation fee revenue was approximately $9.0 million, a decrease of $0.4 million compared to the prior year quarter.JW Marriott Desert Ridge performance benefited from continued strong demand and the ongoing realization of portfolio-driven synergies. Subsequent to quarter-end, Marriott launched the marketing of 2026 ice! holiday programming to be featured across the Gaylord Hotels portfolio, JW Marriott Hill Country and JW Marriott Desert Ridge, including three new themes. Early customer engagement has been encouraging. Gaylord Opryland
Three Months Ended Six Months Ended June 30, June 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR) % % 2026 2025 Change 2026 2025 ChangeRevenue $125,190 $116,465 7.5 % $253,569 $226,643 11.9% Operating income $36,567 $35,144 4.0 % $76,389 $65,242 17.1%Operating income margin 29.2% 30.2% (1.0)pts 30.1% 28.8% 1.3ptsAdjusted EBITDAre $45,956 $43,710 5.1 % $94,472 $81,858 15.4%Adjusted EBITDAre margin 36.7% 37.5% (0.8)pts 37.3% 36.1% 1.2pts Performance metrics: Occupancy 74.2% 75.2% (1.0)pts 72.0% 70.1% 1.9ptsADR $266.96 $246.17 8.4 % $272.09 $253.72 7.2%RevPAR $198.18 $185.19 7.0 % $195.89 $177.88 10.1%Total RevPAR $476.36 $443.16 7.5 % $485.09 $433.58 11.9% Gaylord Palms
Three Months Ended Six Months Ended June 30, June 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR) % % 2026 2025 Change 2026 2025 ChangeRevenue $88,491 $73,113 21.0 % $186,137 $161,506 15.3 % Operating income $21,118 $13,671 54.5 % $50,861 $37,453 35.8 %Operating income margin 23.9% 18.7% 5.2 pts 27.3% 23.2% 4.1 ptsAdjusted EBITDAre $30,946 $23,236 33.2 % $70,420 $56,183 25.3 %Adjusted EBITDAre margin 35.0% 31.8% 3.2 pts 37.8% 34.8% 3.0 pts Performance metrics: Occupancy 75.0% 78.9% (3.9)pts 76.1% 77.4% (1.3)ptsADR $270.06 $243.35 11.0 % $285.86 $259.34 10.2 %RevPAR $202.49 $192.00 5.5 % $217.65 $200.80 8.4 %Total RevPAR $566.02 $467.66 21.0 % $598.59 $519.38 15.3 % Gaylord Texan
Three Months Ended Six Months Ended June 30, June 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR) % % 2026 2025 Change 2026 2025 ChangeRevenue $82,259 $82,494 (0.3)% $165,630 $168,871 (1.9)% Operating income $23,528 $25,002 (5.9)% $47,333 $52,697 (10.2)%Operating income margin 28.6% 30.3% (1.7)pts 28.6% 31.2% (2.6)ptsAdjusted EBITDAre $31,209 $31,159 0.2 % $62,339 $64,783 (3.8)%Adjusted EBITDAre margin 37.9% 37.8% 0.1 pts 37.6% 38.4% (0.8)pts Performance metrics: Occupancy 69.9% 72.0% (2.1)pts 67.7% 72.5% (4.8)ptsADR $268.51 $253.06 6.1 % $266.01 $255.16 4.3 %RevPAR $187.60 $182.32 2.9 % $179.96 $185.04 (2.7)%Total RevPAR $498.32 $499.74 (0.3)% $504.46 $514.33 (1.9)% Gaylord National
Three Months Ended Six Months Ended June 30, June 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR) % % 2026 2025 Change 2026 2025 ChangeRevenue $90,422 $83,413 8.4% $164,649 $164,242 0.2 % Operating income $19,550 $15,818 23.6% $25,775 $25,292 1.9 %Operating income margin 21.6% 19.0% 2.6pts 15.7% 15.4% 0.3 ptsAdjusted EBITDAre $29,063 $25,420 14.3% $44,805 $44,451 0.8 %Adjusted EBITDAre margin 32.1% 30.5% 1.6pts 27.2% 27.1% 0.1 pts Performance metrics: Occupancy 71.3% 67.8% 3.5pts 67.2% 70.1% (2.9)ptsADR $280.70 $263.97 6.3% $274.10 $256.29 6.9 %RevPAR $200.10 $178.85 11.9% $184.16 $179.59 2.5 %Total RevPAR $497.82 $459.23 8.4% $455.74 $454.62 0.2 % Gaylord Rockies
Three Months Ended Six Months Ended June 30, June 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR) % % 2026 2025 Change 2026 2025 ChangeRevenue $84,735 $81,722 3.7 % $156,984 $152,670 2.8% Operating income $23,792 $21,798 9.1 % $38,237 $36,621 4.4%Operating income margin 28.1% 26.7% 1.4 pts 24.4% 24.0% 0.4ptsAdjusted EBITDAre $38,933 $36,695 6.1 % $68,566 $66,370 3.3%Adjusted EBITDAre margin 45.9% 44.9% 1.0 pts 43.7% 43.5% 0.2pts Performance metrics: Occupancy 79.4% 80.3% (0.9)pts 77.4% 76.3% 1.1ptsADR $275.43 $259.78 6.0 % $267.28 $258.52 3.4%RevPAR $218.64 $208.62 4.8 % $206.93 $197.21 4.9%Total RevPAR $620.35 $598.29 3.7 % $577.82 $561.94 2.8% JW Marriott Hill Country
Three Months Ended Six Months Ended June 30, June 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR) % % 2026 2025 Change 2026 2025 ChangeRevenue $65,762 $66,573 (1.2)% $116,057 $121,849 (4.8)% Operating income $15,982 $17,250 (7.4)% $23,190 $28,099 (17.5)%Operating income margin 24.3% 25.9% (1.6)pts 20.0% 23.1% (3.1)ptsAdjusted EBITDAre $24,175 $25,169 (3.9)% $39,545 $43,849 (9.8)%Adjusted EBITDAre margin 36.8% 37.8% (1.0)pts 34.1% 36.0% (1.9)pts Performance metrics: Occupancy 70.9% 75.6% (4.7)pts 64.8% 71.8% (7.0)ptsADR $344.31 $342.79 0.4 % $341.31 $332.79 2.6 %RevPAR $244.21 $259.31 (5.8)% $221.24 $238.96 (7.4)%Total RevPAR $721.22 $730.11 (1.2)% $639.92 $671.85 (4.8)% JW Marriott Desert Ridge(1)
Three Months Ended Six Months Ended Period Ended June 30, June 30, June 30, ($ in thousands, except ADR, RevPAR, and Total RevPAR) 2026 2026 2025Revenue $60,649 $134,517 $5,349 Operating income (loss) $11,932 $36,187 $(2,583) Operating income (loss) margin 19.7% 26.9% (48.3)%Adjusted EBITDAre $20,764 $53,078 $(582) Adjusted EBITDAre margin 34.2% 39.5% (10.9)% Performance metrics: Occupancy 72.2% 72.6% 39.3 %ADR $367.08 $428.43 $228.50 RevPAR $264.85 $310.88 $89.76 Total RevPAR $701.55 $782.30 $268.11 ___________________
(1) JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore results are not comparable to the prior year period.
Entertainment Segment
Three Months Ended Six Months Ended June 30, June 30, ($ in thousands) % % 2026 2025 Change 2026 2025 ChangeRevenue $144,014 $143,304 0.5% $223,197 $232,854 (4.1)% Operating income $32,404 $23,495 37.9% $36,657 $33,811 8.4 %Operating income margin 22.5% 16.4% 6.1pts 16.4% 14.5% 1.9 ptsAdjusted EBITDAre $43,918 $33,908 29.5% $59,599 $54,847 8.7 %Adjusted EBITDAre margin 30.5% 23.7% 6.8pts 26.7% 23.6% 3.1 pts Fioravanti continued, “Our Entertainment business delivered record quarterly Adjusted EBITDAre driven by a successful festivals season and continued strong demand for our artist-centered venues. The continued strength in demand for these experiences underscores the opportunities ahead within our multi-year development pipeline.”
Corporate and Other Segment
Three Months Ended Six Months Ended June 30, June 30, ($ in thousands) % % 2026 2025 Change 2026 2025 ChangeOperating loss $(11,502) $(10,990) (4.7)% $(23,046) $(21,994) (4.8)%Adjusted EBITDAre $(8,649) $(8,487) (1.9)% $(17,607) $(16,898) (4.2)% Capital Expenditures
In 2026, the Company expects to spend approximately $400 to $500 million on capital expenditures, an increase from the previous estimate of $350 to $450 million. The increase reflects the timing of cash flows and the acceleration of a portion of projected spending previously expected in 2027, now expected to occur in 2026, and does not reflect a change in overall project scope. Capital expenditures for the first half of 2026 were approximately $241 million.
In the second quarter, the Company completed the Foundry Fieldhouse sports bar, pavilion, and event lawn development at Gaylord Opryland and the meeting space conversion project at JW Marriott Desert Ridge.
Additional capital expenditure activity in 2026 includes:
Continuation of the meeting space expansion at Gaylord Opryland, which is expected to be completed by mid-year 2027;Renovation of the rooms at Gaylord Texan, which began in July 2025 and is expected to be completed in August 2026;Renovation of the rooms at JW Marriott Hill Country, which began in April 2026 and is expected to be completed in March 2027;The development of Category 10 Las Vegas, which is expected to be completed in October 2026;The development of Category 10 in Orlando, which is expected to begin in fall 2026 and is expected to be completed in early 2028; andThe development of Ole Red Indianapolis, which is expected to be completed by our development partner Pacer Sports & Entertainment in early 2028. 2026 Guidance
The Company is updating its 2026 business performance outlook based on current information as of August 6, 2026. The Company does not expect to update the guidance provided below before next quarter’s earnings release. However, the Company may update or withdraw its full business outlook or any portion thereof at any time for any reason.
Fioravanti concluded, “We are pleased to raise the midpoints of our 2026 guidance ranges to reflect the stronger second quarter results in our Hospitality portfolio, including JW Marriott Desert Ridge. Our outlook also incorporates a more constructive view on second-half group business trends, supported by the business we have on the books.”
Guidance Range Prior Guidance Range (in millions, except per share figures) For Full Year 2026 (1) Full Year 2026 (1) Change to Low High Midpoint Low High Midpoint MidpointSame-store Hospitality RevPAR growth(2) 3.50 % 4.50 % 4.00 % 2.25 % 3.75 % 3.00 % 1.00%Same-store Hospitality Total RevPAR growth(2) 3.50 % 4.50 % 4.00 % 2.25 % 3.75 % 3.00 % 1.00% Operating income: Hospitality (same-store) (2) $484.5 $489.5 $487.0 $475.5 $485.5 $480.5 $6.5 JW Marriott Desert Ridge 35.0 37.0 36.0 33.5 35.0 34.3 1.8 Entertainment 74.8 79.5 77.1 74.8 79.5 77.1 - Corporate and Other (50.5) (49.0) (49.8) (50.5) (49.0) (49.8) - Consolidated operating income $ 543.8 $ 557.0 $ 550.4 $ 533.3 $ 551.0 $ 542.1 $ 8.3 Adjusted EBITDAre: Hospitality (same-store) (2) $728.0 $742.0 $735.0 $715.0 $735.0 $725.0 $10.0 JW Marriott Desert Ridge 69.0 73.0 71.0 68.0 72.0 70.0 1.0 Entertainment 120.0 130.0 125.0 120.0 130.0 125.0 - Corporate and Other (39.0) (35.0) (37.0) (39.0) (35.0) (37.0) - Consolidated Adjusted EBITDAre $ 878.0 $ 910.0 $ 894.0 $ 864.0 $ 902.0 $ 883.0 $ 11.0 Net income $280.5 $285.5 $283.0 $271.0 $279.0 $275.0 $8.0 Net income available to common stockholders $270.5 $273.5 $272.0 $261.0 $267.0 $264.0 $8.0 FFO available to common stockholders and unit holders $565.5 $582.0 $573.8 $552.0 $572.5 $562.3 $11.5 Adjusted FFO available to common stockholders and unit holders $592.3 $616.8 $604.5 $577.3 $607.0 $592.1 $12.4 Net income available to common stockholders per diluted share (3) $4.10 $4.11 $4.11 $3.96 $4.02 $3.99 $0.12 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (3) $8.98 $9.28 $9.13 $8.77 $9.14 $8.96 $0.17 Weighted average shares outstanding - diluted (3) 68.4 68.4 68.4 68.4 68.4 68.4 - Weighted average shares and OP units outstanding - diluted (3) 68.8 68.8 68.8 68.8 68.8 68.8 - ___________________
(1) Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
(3) Includes shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.
Note: For reconciliations of Consolidated Adjusted EBITDAre guidance to Net Income, segment-level Adjusted EBITDAre to segment-level Operating Income, and FFO and Adjusted FFO available to common stockholders and unit holders to Net Income available to common stockholders, see “Reconciliation of Forward-Looking Statements.”
Dividend Update
On July 15, 2026, the Company paid the previously announced quarterly cash dividend of $1.20 per common share, which was paid to stockholders of record as of June 30, 2026.
The Company’s dividend policy provides that it will distribute minimum dividends of 100% of REIT taxable income annually. Future dividends are subject to the Board’s future determinations as to amount and timing.
Balance Sheet/Liquidity Update
As of June 30, 2026, the Company had unrestricted cash of $366.1 million and total debt outstanding of $3,969.5 million, net of unamortized deferred financing costs. As of June 30, 2026, there were no amounts drawn under the Company’s revolving credit facility or OEG’s revolving credit facility, which left $930.0 million of aggregate borrowing availability under the Company’s revolving credit facility and OEG’s revolving credit facility.
Opry Entertainment Group Update
The Company continues to evaluate a path to greater independence for Opry Entertainment Group (“OEG”), and discussions continue with select potential investors related to an investment in or partnership with OEG. The Company has not entered into any agreements with respect to a potential investment by a third party in OEG, and there can be no assurance that any definitive agreement will ultimately be reached.
As a result of this ongoing process, Atairos’ liquidity request rights, including its put right, are currently unexercisable under the Company’s agreement with Atairos.
Earnings Call Information
Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, August 7, at 10:00 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/News & Events/Events & Presentation) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.
About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in group-oriented, upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns JW Marriott Phoenix Desert Ridge Resort & Spa and JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to the Company’s Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 12,364 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium; WSM 650 AM; Ole Red; Category 10; Nashville-area attractions; and Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, located in downtown Austin, Texas. OEG manages select outdoor live music venues, including Ascend Federal Credit Union Amphitheater in Nashville and CCNB Amphitheatre in Simpsonville, South Carolina. OEG also owns a majority interest in Southern Entertainment, a leading festival and events business. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company’s financial results.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of the Company’s business, anticipated business levels and anticipated financial results for the Company during future periods, the Company’s expected cash dividend, and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, geopolitical uncertainty and the effects of inflation and changes in international, national, regional and local economic and market conditions (such as the imposition of trade barriers or other changes in trade policy) on the Company’s business, including the effects on costs of labor and supplies and effects on group customers at the Company’s hotels and customers in OEG’s businesses, the Company’s ability to remain qualified as a REIT, the Company’s ability to execute our strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, the Company’s ability to borrow funds pursuant to its credit agreements and to refinance indebtedness and/or to successfully amend the agreements governing its indebtedness in the future, changes in interest rates, the Company’s integration of the JW Marriott Desert Ridge, the Company’s ability to identify and capitalize on additional value creation opportunities at the JW Marriott Desert Ridge and the occurrence of any event, change or other circumstance that could limit the Company’s ability to capitalize on any additional value creation opportunities it identifies at the JW Marriott Desert Ridge. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequent filings. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.
Additional Information
This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent Annual Report on Form 10-K. Copies of our reports are available on our website at no expense at www.rymanhp.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.
Calculation of RevPAR and Total RevPAR
We calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. We calculate total revenue per available room (“Total RevPAR”) for our hotels by dividing the sum of room revenue, food & beverage, and other ancillary services revenue by room nights available to guests for the period. Hospitality metrics do not include the results of the W Austin, which is included in the Entertainment segment.
Calculation of GAAP Margin Figures
We calculate net income available to common stockholders margin by dividing GAAP consolidated net income available to common stockholders by GAAP consolidated total revenue. We calculate consolidated, segment or property-level operating income margin by dividing consolidated, segment or property-level GAAP operating income by consolidated, segment or property-level GAAP revenue.
Non-GAAP Financial Measures
We present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance:
EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition
We calculate EBITDAre, which is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) in its September 2017 white paper as net income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property of the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.
Adjusted EBITDAre is then calculated as EBITDAre, plus to the extent the following adjustments occurred during the periods presented:
preopening costs;non-cash lease expense;equity-based compensation expense;impairment charges that do not meet the NAREIT definition above;credit losses on held-to-maturity securities;transaction costs of acquisitions;interest income on bonds;loss on extinguishment of debt;pension settlement charges;pro rata Adjusted EBITDAre from unconsolidated joint ventures; andany other adjustments we have identified herein. We then exclude the pro rata share of Adjusted EBITDAre related to noncontrolling interests to calculate Adjusted EBITDAre, Excluding Noncontrolling Interest.
We use EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest and segment or property-level EBITDAre and Adjusted EBITDAre to evaluate our operating performance. We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of these non-GAAP financial measures, when combined with the primary GAAP presentation of net income or operating income, as applicable, is beneficial to an investor’s complete understanding of our operating performance. We make additional adjustments to EBITDAre when evaluating our performance because we believe that presenting Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest provides useful information to investors regarding our operating performance and debt leverage metrics.
Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition
We calculate consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest Margin by dividing consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest by GAAP consolidated total revenue. We calculate consolidated, segment or property-level Adjusted EBITDAre Margin by dividing consolidated, segment-, or property-level Adjusted EBITDAre by consolidated, segment-, or property-level GAAP revenue. We believe Adjusted EBITDAre, Excluding Noncontrolling Interest Margin is useful to investors in evaluating our operating performance because this non-GAAP financial measure helps investors evaluate and compare the results of our operations from period to period by presenting a ratio showing the quantitative relationship between Adjusted EBITDAre, Excluding Noncontrolling Interest and GAAP consolidated total revenue or segment or property-level GAAP revenue, as applicable.
FFO, Adjusted FFO, and Adjusted FFO Available to Common Stockholders and Unit Holders Definition
We calculate FFO, which definition is clarified by NAREIT in its December 2018 white paper as net income (calculated in accordance with GAAP) excluding depreciation and amortization (excluding amortization of deferred financing costs and debt discounts), gains and losses from the sale of certain real estate assets, gains and losses from a change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciated real estate held by the entity, income (loss) from consolidated joint ventures attributable to noncontrolling interest, and pro rata adjustments from unconsolidated joint ventures.
To calculate Adjusted FFO available to common stockholders and unit holders, we then exclude, to the extent the following adjustments occurred during the periods presented:
right-of-use asset amortization;impairment charges that do not meet the NAREIT definition above;write-offs of deferred financing costs;amortization of debt discounts or premiums and amortization of deferred financing costs;loss on extinguishment of debt;non-cash lease expense;credit loss on held-to-maturity securities;pension settlement charges;additional pro rata adjustments from unconsolidated joint ventures;(gains) losses on other assets;transaction costs of acquisitions;deferred income tax expense (benefit); andany other adjustments we have identified herein. FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders exclude the ownership portion of the joint ventures not controlled or owned by the Company.
We present Adjusted FFO available to common stockholders and unit holders per diluted share/unit as a non-GAAP measure of our performance in addition to net income available to common stockholders per diluted share (calculated in accordance with GAAP). We calculate Adjusted FFO available to common stockholders and unit holders per diluted share/unit as Adjusted FFO (defined as set forth above) for a given operating period, as adjusted for the effect of dilutive securities, divided by the number of diluted shares and units outstanding during such period.
We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding the performance of our ongoing operations because each presents a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items, which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use these non-GAAP financial measures as measures in determining our results after considering the impact of our capital structure.
We caution investors that non-GAAP financial measures we present may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. The non-GAAP financial measures we present, and any related per share measures, should not be considered as alternative measures of our net income, operating performance, cash flow or liquidity. These non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that these non-GAAP financial measures can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as net income, operating income, or cash flow from operations.
Investor Relations Contacts:
Mark Fioravanti, President and Chief Executive Officer
(615) 316-6588
[email protected] Jennifer Hutcheson, Chief Financial Officer
(615) 316-6320
[email protected]
Sarah Martin, Vice President, Investor Relations
(615) 316-6011
[email protected]
Media Contact:
Shannon Sullivan, Vice President, Corporate and Brand Communications
(615) 316-6725
[email protected] Ryman Hospitality Properties, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
Unaudited
(In thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025Revenues: Rooms $232,366 $200,900 $456,124 $390,132 Food and beverage 296,437 250,391 585,784 503,654 Other hotel revenue 76,161 64,920 148,445 120,155 Entertainment 144,014 143,304 223,197 232,854 Total revenues 748,978 659,515 1,413,550 1,246,795 Operating expenses: Rooms 52,581 47,238 103,175 93,527 Food and beverage 159,120 136,152 317,283 274,291 Other hotel expenses 150,260 130,588 294,882 254,512 Management fees, net 22,142 17,916 43,057 36,379 Total hotel operating expenses 384,103 331,894 758,397 658,709 Entertainment 101,563 110,376 166,672 180,146 Corporate 11,245 10,759 22,530 21,529 Preopening costs 438 98 825 185 Depreciation and amortization 77,084 66,963 152,785 130,680 Total operating expenses 574,433 520,090 1,101,209 991,249 Operating income 174,545 139,425 312,341 255,546 Interest expense, net of amounts capitalized (63,875) (58,534) (127,994) (112,817)Interest income 3,727 5,583 8,913 11,042 Loss on extinguishment of debt – (2,542) (2,200) (2,542)Income (loss) from unconsolidated joint ventures 4 (13) 4 (29)Other gains and (losses), net (259) (196) (621) (304)Income before income taxes 114,142 83,723 190,443 150,896 Provision for income taxes (12,063) (7,848) (18,962) (12,007)Net income 102,079 75,875 171,481 138,889 Net income attributable to noncontrolling interest in OEG (4,050) (2,094) (3,462) (2,805)Net income attributable to other noncontrolling interests (5,279) (2,028) (4,794) (1,370)Net income available to common stockholders $92,750 $71,753 $163,225 $134,714 Basic income per share available to common stockholders(1) $1.47 $1.17 $2.59 $2.22 Diluted income per share available to common stockholders(1) $1.42 $1.12 $2.46 $2.13 Weighted average common shares for the period: Basic(1) 63,114 61,352 63,069 60,639 Diluted(1) 68,143 65,732 67,799 64,577 ___________________
(1) Basic and diluted weighted average common shares for the three and six months ended June 30, 2026 and 2025 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2026 and 2025 include 4.9 million and 4.2 million, respectively, and for the six months ended June 30, 2026 and 2025 include 4.5 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.
Ryman Hospitality Properties, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
Unaudited
(In thousands) June 30, December 31, 2026 2025ASSETS: Property and equipment, net of accumulated depreciation $5,078,259 $4,970,429Cash and cash equivalents - unrestricted 366,125 471,421Cash and cash equivalents - restricted 31,695 28,759Notes receivable, net 53,634 53,503Trade receivables, net 122,120 105,903Deferred income tax assets, net 51,150 67,669Prepaid expenses and other assets 211,266 196,798Intangible assets and goodwill, net 277,587 286,701Total assets $6,191,836 $6,181,183 LIABILITIES AND EQUITY: Debt and finance lease obligations $3,969,453 $3,976,913Accounts payable and accrued liabilities 505,529 517,708Distributions payable 78,229 78,819Deferred management rights proceeds 162,541 162,901Operating lease liabilities 163,143 158,815Other liabilities 77,745 74,251Noncontrolling interest in OEG 444,096 422,691Total equity 791,100 789,085Total liabilities and equity $6,191,836 $6,181,183 Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Adjusted EBITDAre Reconciliation
Unaudited
(In thousands) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 $ Margin $ Margin $ Margin $ MarginConsolidated: Revenue $748,978 $659,515 $1,413,550 $1,246,795 Net income $102,079 13.6% $75,875 11.5% $171,481 12.1% $138,889 11.1%Interest expense, net 60,148 52,951 119,081 101,775 Provision for income taxes 12,063 7,848 18,962 12,007 Depreciation and amortization 77,084 66,963 152,785 130,680 Pro rata EBITDAre from unconsolidated joint ventures 1 1 2 2 EBITDAre 251,375 33.6% 203,638 30.9% 462,311 32.7% 383,353 30.7%Preopening costs 438 98 825 185 Non-cash lease expense 1,649 945 2,592 1,834 Equity-based compensation expense 3,827 3,495 7,629 7,117 Interest income on Gaylord National bonds 1,026 1,113 2,051 2,227 Loss on extinguishment of debt – 2,542 2,200 2,542 Transaction costs of acquisitions – 25 – 100 Pro rata adjusted EBITDAre from unconsolidated joint ventures (4) – (4) – Adjusted EBITDAre 258,311 34.5% 211,856 32.1% 477,604 33.8% 397,358 31.9%Adjusted EBITDAre of noncontrolling interest (16,390) (11,295) (20,547) (16,921) Adjusted EBITDAre, excluding noncontrolling interest $241,921 32.3% $200,561 30.4% $457,057 32.3% $380,437 30.5% Hospitality segment: Revenue $604,964 $516,211 $1,190,353 $1,013,941 Operating income $153,643 25.4% $126,920 24.6% $298,730 25.1% $243,729 24.0%Depreciation and amortization 67,218 57,397 133,226 111,503 Non-cash lease expense 1,163 1,005 1,613 1,950 Interest income on Gaylord National bonds 1,026 1,113 2,051 2,227 Other gains and (losses), net (8) – (8) – Adjusted EBITDAre $223,042 36.9% $186,435 36.1% $435,612 36.6% $359,409 35.4% Same-store Hospitality segment: (1) Revenue $544,315 $510,862 $1,055,836 $1,008,592 Operating income $141,711 26.0% $129,503 25.3% $262,543 24.9% $246,312 24.4%Depreciation and amortization 58,640 55,454 116,132 109,560 Non-cash lease expense 909 947 1,816 1,892 Interest income on Gaylord National bonds 1,026 1,113 2,051 2,227 Other gains and (losses), net (8) – (8) – Adjusted EBITDAre $202,278 37.2% $187,017 36.6% $382,534 36.2% $359,991 35.7% Entertainment segment: Revenue $144,014 $143,304 $223,197 $232,854 Operating income $32,404 22.5% $23,495 16.4% $36,657 16.4% $33,811 14.5%Depreciation and amortization 9,609 9,335 19,043 18,712 Preopening costs 438 98 825 185 Non-cash lease (revenue) expense 486 (60) 979 (116) Equity-based compensation 981 1,028 2,095 2,048 Other gains and (losses), net – – – 136 Transaction costs of acquisitions – 25 – 100 Pro rata adjusted EBITDAre from unconsolidated joint ventures – (13) – (29) Adjusted EBITDAre $43,918 30.5% $33,908 23.7% $59,599 26.7% $54,847 23.6% Corporate and Other segment: Operating loss $(11,502) $(10,990) $(23,046) $(21,994) Depreciation and amortization 257 231 516 465 Other gains and (losses), net (250) (195) (611) (438) Equity-based compensation 2,846 2,467 5,534 5,069 Adjusted EBITDAre $(8,649) $(8,487) $(17,607) $(16,898) ___________________
(1) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Funds From Operations (“FFO”) and Adjusted FFO Reconciliation
Unaudited
(In thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025Net income available to common stockholders $92,750 $71,753 $163,225 $134,714 Noncontrolling interest in OP Units 581 1,532 1,022 874 Net income available to common stockholders and unit holders 93,331 73,285 164,247 135,588 Depreciation and amortization 76,974 66,906 152,554 130,582 Adjustments for noncontrolling interest (3,076) (3,046) (6,100) (6,123)FFO available to common stockholders and unit holders 167,229 137,145 310,701 260,047 Right-of-use asset amortization 110 57 231 98 Non-cash lease expense 1,649 945 2,592 1,834 Pro rata adjustments from joint ventures (4) – (4) – Amortization of deferred financing costs 3,105 2,900 6,352 5,607 Amortization of debt discounts and premiums 476 430 859 988 Loss on extinguishment of debt – 2,542 2,200 2,542 Adjustments for noncontrolling interest (2,023) (1,736) (2,065) (2,018)Transaction costs of acquisitions – 25 – 100 Deferred tax provision 10,857 6,537 16,611 9,470 Adjusted FFO available to common stockholders and unit holders $181,399 $148,845 $337,477 $278,668 Basic net income per share(1) $1.47 $1.17 $2.59 $2.22 Diluted net income per share(1) $1.42 $1.12 $2.46 $2.13 FFO available to common stockholders and unit holders per basic share/unit(1) $2.63 $2.22 $4.90 $4.26 Adjusted FFO available to common stockholders and unit holders per basic share/unit(1) $2.86 $2.41 $5.32 $4.57 FFO available to common stockholders and unit holders per diluted share/unit (1) $2.54 $2.14 $4.69 $4.13 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $2.77 $2.35 $5.11 $4.44 Weighted average common shares and OP units for the period: Basic(1) 63,509 61,747 63,464 61,034 Diluted (1) 68,538 66,127 68,194 64,972 ___________________
(1) Basic and diluted weighted average common shares for the three and six months ended June 30, 2026 and 2025 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2026 and 2025 include 4.9 million and 4.2 million, respectively, and for the six months ended June 30, 2026 and 2025 include 4.5 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.
Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics
Unaudited
($ in thousands, except for performance metrics) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 $ Margin $ Margin $ Margin $ MarginHospitality segment: Revenue $604,964 $516,211 $1,190,353 $1,013,941 Operating income $153,643 25.4% $126,920 24.6% $298,730 25.1% $243,729 24.0%Depreciation and amortization 67,218 57,397 133,226 111,503 Non-cash lease expense 1,163 1,005 1,613 1,950 Interest income on Gaylord National bonds 1,026 1,113 2,051 2,227 Other gains and (losses), net (8) – (8) – Adjusted EBITDAre $223,042 36.9% $186,435 36.1% $435,612 36.6% $359,409 35.4% Performance metrics: Occupancy 72.7 % 73.3 % 70.4 % 71.5 % ADR $284.05 $258.88 $289.42 $261.53 RevPAR $206.52 $189.77 $203.82 $187.03 OtherPAR $331.16 $297.85 $328.09 $299.07 Total RevPAR $537.69 $487.62 $531.91 $486.10 Same-store Hospitality segment: (1) Revenue $544,315 $510,862 $1,055,836 $1,008,592 Operating income $141,711 26.0% $129,503 25.3% $262,543 24.9% $246,312 24.4%Depreciation and amortization 58,640 55,454 116,132 109,560 Non-cash lease expense 909 947 1,816 1,892 Interest income on Gaylord National bonds 1,026 1,113 2,051 2,227 Other gains and (losses), net (8) – (8) – Adjusted EBITDAre $202,278 37.2% $187,017 36.6% $382,534 36.2% $359,991 35.7% Performance metrics: Occupancy 72.8 % 74.0 % 70.2 % 71.8 % ADR $277.19 $259.19 $277.47 $261.71 RevPAR $201.67 $191.70 $194.91 $187.97 OtherPAR $322.38 $300.14 $316.16 $300.23 Total RevPAR $524.05 $491.84 $511.07 $488.20 Gaylord Opryland: Revenue $125,190 $116,465 $253,569 $226,643 Operating income $36,567 29.2% $35,144 30.2% $76,389 30.1% $65,242 28.8%Depreciation and amortization 9,396 8,575 18,099 16,635 Non-cash lease revenue (7) (9) (16) (19) Adjusted EBITDAre $45,956 36.7% $43,710 37.5% $94,472 37.3% $81,858 36.1% Performance metrics: Occupancy 74.2 % 75.2 % 72.0 % 70.1 % ADR $266.96 $246.17 $272.09 $253.72 RevPAR $198.18 $185.19 $195.89 $177.88 OtherPAR $278.18 $257.97 $289.19 $255.70 Total RevPAR $476.36 $443.16 $485.09 $433.58 Gaylord Palms: Revenue $88,491 $73,113 $186,137 $161,506 Operating income $21,118 23.9% $13,671 18.7% $50,861 27.3% $37,453 23.2%Depreciation and amortization 8,912 8,609 17,727 16,819 Non-cash lease expense 916 956 1,832 1,911 Adjusted EBITDAre $30,946 35.0% $23,236 31.8% $70,420 37.8% $56,183 34.8% Performance metrics: Occupancy 75.0 % 78.9 % 76.1 % 77.4 % ADR $270.06 $243.35 $285.86 $259.34 RevPAR $202.49 $192.00 $217.65 $200.80 OtherPAR $363.53 $275.66 $380.94 $318.58 Total RevPAR $566.02 $467.66 $598.59 $519.38 ___________________
(1) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics
Unaudited
($ in thousands, except for performance metrics) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 $ Margin $ Margin $ Margin $ MarginGaylord Texan: Revenue $82,259 $82,494 $165,630 $168,871 Operating income $23,528 28.6% $25,002 30.3% $47,333 28.6% $52,697 31.2%Depreciation and amortization 7,681 6,157 15,006 12,086 Adjusted EBITDAre $31,209 37.9% $31,159 37.8% $62,339 37.6% $64,783 38.4% Performance metrics: Occupancy 69.9 % 72.0% 67.7 % 72.5% ADR $268.51 $253.06 $266.01 $255.16 RevPAR $187.60 $182.32 $179.96 $185.04 OtherPAR $310.72 $317.42 $324.50 $329.29 Total RevPAR $498.32 $499.74 $504.46 $514.33 Gaylord National: Revenue $90,422 $83,413 $164,649 $164,242 Operating income $19,550 21.6% $15,818 19.0% $25,775 15.7% $25,292 15.4%Depreciation and amortization 8,495 8,489 16,987 16,932 Interest income on Gaylord National bonds 1,026 1,113 2,051 2,227 Other gains and (losses), net (8) – (8) – Adjusted EBITDAre $29,063 32.1% $25,420 30.5% $44,805 27.2% $44,451 27.1% Performance metrics: Occupancy 71.3 % 67.8% 67.2 % 70.1% ADR $280.70 $263.97 $274.10 $256.29 RevPAR $200.10 $178.85 $184.16 $179.59 OtherPAR $297.72 $280.38 $271.59 $275.03 Total RevPAR $497.82 $459.23 $455.74 $454.62 Gaylord Rockies: Revenue $84,735 $81,722 $156,984 $152,670 Operating income $23,792 28.1% $21,798 26.7% $38,237 24.4% $36,621 24.0%Depreciation and amortization 15,141 14,897 30,329 29,749 Adjusted EBITDAre $38,933 45.9% $36,695 44.9% $68,566 43.7% $66,370 43.5% Performance metrics: Occupancy 79.4 % 80.3% 77.4 % 76.3% ADR $275.43 $259.78 $267.28 $258.52 RevPAR $218.64 $208.62 $206.93 $197.21 OtherPAR $401.71 $389.67 $370.90 $364.73 Total RevPAR $620.35 $598.29 $577.82 $561.94 JW Marriott Hill Country: Revenue $65,762 $66,573 $116,057 $121,849 Operating income $15,982 24.3% $17,250 25.9% $23,190 20.0% $28,099 23.1%Depreciation and amortization 8,193 7,919 16,355 15,750 Adjusted EBITDAre $24,175 36.8% $25,169 37.8% $39,545 34.1% $43,849 36.0% Performance metrics: Occupancy 70.9 % 75.6% 64.8 % 71.8% ADR $344.31 $342.79 $341.31 $332.79 RevPAR $244.21 $259.31 $221.24 $238.96 OtherPAR $477.00 $470.80 $418.68 $432.89 Total RevPAR $721.22 $730.11 $639.92 $671.85 Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics
Unaudited
($ in thousands, except for performance metrics) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 $ Margin $ Margin $ Margin $ MarginJW Marriott Desert Ridge: (1) Revenue $60,649 $5,349 $134,517 $5,349 Operating income (loss) $11,932 19.7 % $(2,583) (48.3)% $36,187 26.9 % $(2,583) (48.3)%Depreciation and amortization 8,578 1,943 17,094 1,943 Non-cash lease (revenue) expense 254 58 (203) 58 Adjusted EBITDAre $20,764 34.2 % $(582) (10.9)% $53,078 39.5 % $(582) (10.9)% Performance metrics: Occupancy 72.2 % 39.3 % 72.6 % 39.3 % ADR $367.08 $228.50 $428.43 $228.50 RevPAR $264.85 $89.76 $310.88 $89.76 OtherPAR $436.70 $178.35 $471.42 $178.35 Total RevPAR $701.55 $268.11 $782.30 $268.11 The AC Hotel at National Harbor: Revenue $4,220 $3,562 $6,556 $6,260 Operating income $1,250 29.6 % $757 21.3 % $1,033 15.8 % $871 13.9 %Depreciation and amortization 230 223 451 445 Adjusted EBITDAre $1,480 35.1 % $980 27.5 % $1,484 22.6 % $1,316 21.0 % Performance metrics: Occupancy 72.9 % 59.8 % 59.3 % 57.3 % ADR $300.09 $286.90 $280.12 $271.75 RevPAR $218.68 $171.54 $166.24 $155.71 OtherPAR $22.77 $32.33 $22.40 $24.43 Total RevPAR $241.45 $203.87 $188.64 $180.14 The Inn at Opryland: (2) Revenue $3,236 $3,520 $6,254 $6,551 Operating income (loss) $(76) (2.3)% $63 1.8 % $(275) (4.4)% $37 0.6 %Depreciation and amortization 592 585 1,178 1,144 Adjusted EBITDAre $516 15.9 % $648 18.4 % $903 14.4 % $1,181 18.0 % Performance metrics: Occupancy 46.1 % 58.1 % 45.2 % 51.0 % ADR $193.63 $168.74 $195.93 $177.02 RevPAR $89.27 $98.04 $88.48 $90.29 OtherPAR $28.10 $29.63 $25.57 $29.15 Total RevPAR $117.37 $127.67 $114.05 $119.44 ___________________
(1) JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore results are not comparable to the prior year period.
(2) Includes other hospitality revenue and expense.
Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Earnings Per Share, FFO Per Share and Adjusted FFO Per Share Calculations
Unaudited
(in thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025Earnings per share: Numerator: Net income available to common stockholders $92,750 $71,753 $163,225 $134,714Net income attributable to noncontrolling interest in OEG 4,050 2,094 3,462 2,805Net income available to common stockholders - if-converted method $96,800 $73,847 $166,687 $137,519 Denominator: Weighted average shares outstanding - basic 63,114 61,352 63,069 60,639Effect of dilutive equity-based compensation 169 147 187 194Effect of dilutive put rights (1) 4,860 4,233 4,543 3,744Weighted average shares outstanding - diluted 68,143 65,732 67,799 64,577 Basic income per share available to common stockholders $1.47 $1.17 $2.59 $2.22Diluted income per share available to common stockholders (1) $1.42 $1.12 $2.46 $2.13 FFO per share/unit: Numerator: FFO available to common stockholders and unit holders $167,229 $137,145 $310,701 $260,047Net income attributable to noncontrolling interest in OEG 4,050 2,094 3,462 2,805FFO adjustments for noncontrolling interest in OEG 2,703 2,601 5,354 5,234FFO available to common stockholders and unit holders - if-converted method $173,982 $141,840 $319,517 $268,086 Denominator: Weighted average shares and OP units outstanding - basic 63,509 61,747 63,464 61,034Effect of dilutive equity-based compensation 169 147 187 194Effect of dilutive put rights (1) 4,860 4,233 4,543 3,744Weighted average shares and OP units outstanding - diluted 68,538 66,127 68,194 64,972 FFO available to common stockholders and unit holders per basic share/unit $2.63 $2.22 $4.90 $4.26FFO available to common stockholders and unit holders per diluted share/unit (1) $2.54 $2.14 $4.69 $4.13 Adjusted FFO per share/unit: Numerator: Adjusted FFO available to common stockholders and unit holders $181,399 $148,845 $337,477 $278,668Net income attributable to noncontrolling interest in OEG 4,050 2,094 3,462 2,805FFO adjustments for noncontrolling interest in OEG 2,703 2,601 5,354 5,234Adjusted FFO adjustments for noncontrolling interest in OEG 2,023 1,736 2,065 2,018Adjusted FFO available to common stockholders and unit holders - if-converted method $190,175 $155,276 $348,358 $288,725 Denominator: Weighted average shares and OP units outstanding - basic 63,509 61,747 63,464 61,034Effect of dilutive equity-based compensation 169 147 187 194Effect of dilutive put rights (1) 4,860 4,233 4,543 3,744Weighted average shares and OP units outstanding - diluted 68,538 66,127 68,194 64,972 Adjusted FFO available to common stockholders and unit holders per basic share/unit $2.86 $2.41 $5.32 $4.57Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $2.77 $2.35 $5.11 $4.44 ___________________
(1) Basic and diluted weighted average common shares for the three and six months ended June 30, 2026 and 2025 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2026 and 2025 include 4.9 million and 4.2 million, respectively, and for the six months ended June 30, 2026 and 2025 include 4.5 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.
Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)
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($ in thousands, except per share data) Guidance Range For Full Year 2026(1) Low High MidpointConsolidated: Net income $ 280,500 $ 285,500 $ 283,000 Provision for income taxes 13,000 14,500 13,750 Interest expense, net 246,250 253,500 249,875 Depreciation and amortization 306,500 318,000 312,250 EBITDAre $ 846,250 $ 871,500 $ 858,875 Non-cash lease expense 2,750 4,000 3,375 Preopening costs 4,500 5,500 5,000 Equity-based compensation expense 15,000 17,000 16,000 Pension settlement charge 4,000 4,500 4,250 Interest income on Gaylord National bonds 3,500 4,500 4,000 Loss on extinguishment of debt 2,000 3,000 2,500 Adjusted EBITDAre $ 878,000 $ 910,000 $ 894,000 Hospitality segment: Operating income $ 519,500 $ 526,500 $ 523,000 Depreciation and amortization 268,000 276,000 272,000 Non-cash lease expense 3,000 4,000 3,500 Interest income on Gaylord National bonds 3,500 4,500 4,000 Other gains and (losses), net 3,000 4,000 3,500 Adjusted EBITDAre $ 797,000 $ 815,000 $ 806,000 Hospitality segment (same-store)(2) Operating income $ 484,500 $ 489,500 $ 487,000 Depreciation and amortization 234,000 240,000 237,000 Non-cash lease expense 3,000 4,000 3,500 Interest income on Gaylord National bonds 3,500 4,500 4,000 Other gains and (losses), net 3,000 4,000 3,500 Adjusted EBITDAre $ 728,000 $ 742,000 $ 735,000 JW Marriott Desert Ridge Operating income $ 35,000 $ 37,000 $ 36,000 Depreciation and amortization 34,000 36,000 35,000 Non-cash lease expense – – – Adjusted EBITDAre $ 69,000 $ 73,000 $ 71,000 Entertainment segment: Operating income $ 74,750 $ 79,500 $ 77,125 Depreciation and amortization 36,500 39,500 38,000 Non-cash lease revenue (250) – (125)Preopening costs 4,500 5,500 5,000 Equity-based compensation 4,500 5,500 5,000 Adjusted EBITDAre $ 120,000 $ 130,000 $ 125,000 Corporate and Other segment: Operating loss $ (50,500) $ (49,000) $ (49,750)Depreciation and amortization 2,000 2,500 2,250 Equity-based compensation 10,500 11,500 11,000 Pension settlement charge 4,000 4,500 4,250 Other gains and (losses), net (5,000) (4,500) (4,750)Adjusted EBITDAre $ (39,000) $ (35,000) $ (37,000) ___________________
(1) Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Funds From Operations (“FFO”) and Adjusted FFO
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($ in thousands, except per share data) Guidance Range For Full Year 2026(1) Low High MidpointConsolidated: Net income available to common stockholders $ 270,500 $ 273,500 $ 272,000 Noncontrolling interest in OP units 1,000 2,000 1,500 Net income available to common stockholders and unit holders $ 271,500 $ 275,500 $ 273,500 Depreciation and amortization 306,500 318,000 312,250 Adjustments for noncontrolling interest (12,500) (11,500) (12,000)FFO available to common stockholders and unit holders $ 565,500 $ 582,000 $ 573,750 Right-of-use asset amortization – 500 250 Non-cash lease expense 2,750 4,000 3,375 Pension settlement charge 4,000 4,500 4,250 Loss on extinguishment of debt 2,000 3,000 2,500 Adjustments for noncontrolling interest (5,000) (4,000) (4,500)Amortization of deferred financing costs 12,500 14,000 13,250 Amortization of debt discounts and premiums 1,500 2,500 2,000 Deferred tax provision 9,000 10,250 9,625 Adjusted FFO available to common stockholders and unit holders $ 592,250 $ 616,750 $ 604,500 Net income available to common stockholders per diluted share (2) $ 4.10 $ 4.11 $ 4.11 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (2) $ 8.98 $ 9.28 $ 9.13 Estimated weighted average shares outstanding - diluted (in millions) (2) 68.4 68.4 68.4 Estimated weighted average shares and OP units outstanding - diluted (in millions) (2) 68.8 68.8 68.8 ___________________
(1) Includes JW Marriott Desert Ridge. Amounts are calculated based on unrounded numbers.
(2) Includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.
Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Earnings Per Share and Adjusted FFO Per Share
Unaudited
($ in thousands, except per share data) Guidance Range For Full Year 2026 Low High MidpointEarnings per share: Numerator: Net income available to common stockholders $270,500 $273,500 $272,000Net income attributable to noncontrolling interest in OEG 10,000 8,000 9,000Net income available to common stockholders - if-converted method $280,500 $281,500 $281,000 Denominator: Estimated weighted average shares outstanding - diluted (in millions) (1) 68.4 68.4 68.4 Diluted income per share available to common stockholders $ 4.10 $ 4.11 $ 4.11 Adjusted FFO per share: Numerator: Adjusted FFO available to common stockholders and unit holders $592,250 $616,750 $604,500Net income attributable to noncontrolling interest in OEG 10,000 8,000 9,000FFO adjustments for noncontrolling interest in OEG 11,000 10,000 10,500Adjusted FFO Adjustments for noncontrolling interest in OEG 5,000 4,000 4,500Adjusted FFO available to common stockholders and unit holders - if-converted method $618,250 $638,750 $628,500 Denominator: Estimated weighted average shares and OP units outstanding - diluted (in millions) (1) 68.8 68.8 68.8 Adjusted FFO available to common stockholders and unit holders per diluted share/unit $ 8.98 $ 9.28 $ 9.13 ___________________
(1) Includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.
Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)
Unaudited
($ in thousands, except per share data) Prior Guidance Range For Full Year 2026(1) Low High MidpointConsolidated: Net income $ 271,000 $ 279,000 $ 275,000 Provision for income taxes 11,500 13,000 12,250 Interest expense, net 246,750 255,500 251,125 Depreciation and amortization 302,500 315,000 308,750 EBITDAre $ 831,750 $ 862,500 $ 847,125 Non-cash lease expense 3,250 5,000 4,125 Preopening costs 4,500 5,500 5,000 Equity-based compensation expense 15,000 17,000 16,000 Pension settlement charge 4,000 4,500 4,250 Interest income on Gaylord National bonds 3,500 4,500 4,000 Loss on extinguishment of debt 2,000 3,000 2,500 Adjusted EBITDAre $ 864,000 $ 902,000 $ 883,000 Hospitality segment: Operating income $ 509,000 $ 520,500 $ 514,750 Depreciation and amortization 264,000 273,000 268,500 Non-cash lease expense 3,500 5,000 4,250 Interest income on Gaylord National bonds 3,500 4,500 4,000 Other gains and (losses), net 3,000 4,000 3,500 Adjusted EBITDAre $ 783,000 $ 807,000 $ 795,000 Hospitality segment (same-store)(2) Operating income $ 475,500 $ 485,500 $ 480,500 Depreciation and amortization 230,000 237,000 233,500 Non-cash lease expense 3,000 4,000 3,500 Interest income on Gaylord National bonds 3,500 4,500 4,000 Other gains and (losses), net 3,000 4,000 3,500 Adjusted EBITDAre $ 715,000 $ 735,000 $ 725,000 JW Marriott Desert Ridge Operating income $ 33,500 $ 35,000 $ 34,250 Depreciation and amortization 34,000 36,000 35,000 Non-cash lease expense 500 1,000 750 Adjusted EBITDAre $ 68,000 $ 72,000 $ 70,000 Entertainment segment: Operating income $ 74,750 $ 79,500 $ 77,125 Depreciation and amortization 36,500 39,500 38,000 Non-cash lease revenue (250) – (125)Preopening costs 4,500 5,500 5,000 Equity-based compensation 4,500 5,500 5,000 Adjusted EBITDAre $ 120,000 $ 130,000 $ 125,000 Corporate and Other segment: Operating loss $ (50,500) $ (49,000) $ (49,750)Depreciation and amortization 2,000 2,500 2,250 Equity-based compensation 10,500 11,500 11,000 Pension settlement charge 4,000 4,500 4,250 Other gains and (losses), net (5,000) (4,500) (4,750)Adjusted EBITDAre $ (39,000) $ (35,000) $ (37,000) ___________________
(1) Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Funds From Operations (“FFO”) and Adjusted FFO
Unaudited
($ in thousands, except per share data) Prior Guidance Range For Full Year 2026(1) Low High MidpointConsolidated: Net income available to common stockholders $ 261,000 $ 267,000 $ 264,000 Noncontrolling interest in OP units 1,000 2,000 1,500 Net income available to common stockholders and unit holders $ 262,000 $ 269,000 $ 265,500 Depreciation and amortization 302,500 315,000 308,750 Adjustments for noncontrolling interest (12,500) (11,500) (12,000)FFO available to common stockholders and unit holders $ 552,000 $ 572,500 $ 562,250 Right-of-use asset amortization – 500 250 Non-cash lease expense 3,250 5,000 4,125 Pension settlement charge 4,000 4,500 4,250 Loss on extinguishment of debt 2,000 3,000 2,500 Adjustments for noncontrolling interest (5,000) (4,000) (4,500)Amortization of deferred financing costs 12,500 14,000 13,250 Amortization of debt discounts and premiums 1,500 2,500 2,000 Deferred tax provision 7,000 9,000 8,000 Adjusted FFO available to common stockholders and unit holders $ 577,250 $ 607,000 $ 592,125 Net income available to common stockholders per diluted share (2) $ 3.96 $ 4.02 $ 3.99 Adjusted FFO available to common stockholders and unit holders per diluted share/unit (2) $ 8.77 $ 9.14 $ 8.96 Estimated weighted average shares outstanding - diluted (in millions) (2) 68.4 68.4 68.4 Estimated weighted average shares and OP units outstanding - diluted (in millions) (2) 68.8 68.8 68.8 ___________________
(1) Includes JW Marriott Desert Ridge. Amounts are calculated based on unrounded numbers.
(2) Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.
Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Earnings Per Share and Adjusted FFO Per Share
Unaudited
($ in thousands, except per share data) Prior Guidance Range For Full Year 2026 Low High MidpointEarnings per share: Numerator: Net income available to common stockholders $261,000 $267,000 $264,000Net income attributable to noncontrolling interest in OEG 10,000 8,000 9,000Net income available to common stockholders - if-converted method $271,000 $275,000 $273,000 Denominator: Estimated weighted average shares outstanding - diluted (in millions) (1) 68.4 68.4 68.4 Diluted income per share available to common stockholders $ 3.96 $ 4.02 $ 3.99 Adjusted FFO per share: Numerator: Adjusted FFO available to common stockholders and unit holders $577,250 $607,000 $592,125Net income attributable to noncontrolling interest in OEG 10,000 8,000 9,000FFO adjustments for noncontrolling interest in OEG 11,000 10,000 10,500Adjusted FFO Adjustments for noncontrolling interest in OEG 5,000 4,000 4,500Adjusted FFO available to common stockholders and unit holders - if-converted method $603,250 $629,000 $616,125 Denominator: Estimated weighted average shares and OP units outstanding - diluted (in millions) (1) 68.8 68.8 68.8 Adjusted FFO available to common stockholders and unit holders per diluted share/unit $ 8.77 $ 9.14 $ 8.96 ___________________
(1) Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.
