Ryman Hospitality Properties, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Consolidated revenue for the three months ended September 30, 2026, reached a record $655.8 million, a 10.7% increase year-over-year from $592.5 million; for the nine months ended September 30, 2026, revenue was $2,069.4 million, a 12.5% increase from $1,839.3 million.
• Consolidated net income for the quarter was $39.7 million (up 16.8% from $34.0 million in Q3 2025); for the nine months, net income was $211.2 million (up 22.2% from $172.8 million).
• Consolidated Adjusted EBITDAre for the quarter was $191.8 million (up 10.8% from $173.1 million); for the nine months, it was $669.4 million (up 17.3% from $570.4 million).
• Net income available to common stockholders per diluted share was $0.58 for the quarter (up 9.4% from $0.53) and $3.00 for the nine months (up 13.2% from $2.65).
• Funds From Operations (FFO) available to common stockholders and unit holders was $120.4 million for the quarter (up 14.6%) and $431.1 million for the nine months (up 18.1%).
• Adjusted FFO available to common stockholders and unit holders was $121.5 million for the quarter (up 14.3%) and $459.0 million for the nine months (up 19.2%).
• As of September 30, 2026, the company held $348.2 million in unrestricted cash and had total debt outstanding of $4,659.3 million.
• There were no amounts drawn under the company's or OEG's revolving credit facilities, leaving $930.0 million of aggregate borrowing availability.

Guidance and Future Outlook:

• The company raised its full-year 2026 guidance midpoints, citing strong same-store Hospitality performance and modestly higher expectations for holiday leisure demand.
• New 2026 guidance ranges for Same-store Hospitality RevPAR growth are 4.50% to 5.50% (midpoint 5.00%), up from 3.50% to 4.50%.
• New 2026 guidance ranges for Same-store Hospitality Total RevPAR growth are 4.50% to 5.50% (midpoint 5.00%), up from 3.50% to 4.50%.
• Consolidated operating income guidance for 2026 is $561.2 million to $572.4 million (midpoint $566.8 million), up from $554.8 million to $571.0 million.
• Consolidated Adjusted EBITDAre guidance for 2026 is $920.0 million to $947.0 million (midpoint $933.5 million), up from $908.0 million to $945.0 million.
• Net income available to common stockholders guidance for 2026 is $277.0 million to $281.5 million (midpoint $279.3 million), up from $266.0 million to $271.5 million.
• Adjusted FFO available to common stockholders and unit holders guidance for 2026 is $625.1 million to $648.6 million (midpoint $636.8 million), up from $606.8 million to $636.3 million.
• Net income available to common stockholders per diluted share guidance for 2026 is $4.06 to $4.09 (midpoint $4.08), up from $3.90 to $3.95.
• The company expects AFFO per diluted share to grow approximately 10% year-over-year at the midpoint of the outlook.
• Entertainment operating income guidance for 2026 was lowered to $70.2 million to $71.9 million (midpoint $71.0 million) from $74.8 million to $79.5 million, primarily due to the closure of the General Jackson Showboat.
• Capital expenditure estimates for 2026 are updated to $450 million to $500 million; $363 million was spent year-to-date through September 30, 2026, excluding the Grande Lakes Orlando acquisition.

Business Segments and Product Lines:

• Hospitality Segment: Revenue was $562.8 million for the quarter (up 12.4%) and $1,753.2 million for the nine months (up 15.7%). Operating income was $99.9 million (up 14.8%) and $398.7 million (up 20.5%). Adjusted EBITDAre was $178.3 million (up 14.0%) and $613.9 million (up 19.0%).
• Same-Store Hospitality: Revenue was $501.8 million for the quarter (up 8.0%) and $1,557.6 million for the nine months (up 5.7%). Operating income was $104.5 million (up 15.1%) and $367.0 million (up 8.9%). Adjusted EBITDAre was $169.5 million (up 12.0%) and $552.0 million (up 7.9%).
• Same-Store Performance Metrics: Occupancy was 70.3% (up 3.0 pts); ADR was $266.63 (up 3.3%); RevPAR was $187.49 (up 7.9%); Total RevPAR was $477.82 (up 8.0%).
• Entertainment Segment: Revenue was $93.0 million for the quarter (up 1.5%) and $316.2 million for the nine months (down 2.5%). Operating income was $7.0 million (down 40.9%) and $43.6 million (down 4.4%). Adjusted EBITDAre was $23.8 million (down 3.7%) and $83.4 million (up 4.8%).
• Corporate and Other: Operating loss was $12.6 million for the quarter (wider than $10.3 million loss) and $35.7 million for the nine months (wider than $32.3 million loss). Adjusted EBITDAre loss was $10.3 million for the quarter and $27.9 million for the nine months.
• Property Specifics:
  • Gaylord Opryland: Revenue up 13.5% to $125.0 million; Occupancy up 9.6 pts to 73.6%.
  • Gaylord Palms: Revenue up 4.5% to $69.7 million; Occupancy up 1.0 pt to 65.2%.
  • Gaylord Texan: Revenue up 8.3% to $80.3 million; Occupancy up 4.4 pts to 71.4%. Rooms renovation completed in Q3.
  • Gaylord National: Revenue up 6.1% to $82.9 million; Occupancy up 0.4 pts to 66.1%.
  • Gaylord Rockies: Revenue up 10.5% to $86.1 million; Occupancy down 0.7 pts to 82.9%.
  • JW Marriott Hill Country: Revenue down 2.0% to $50.6 million; Occupancy down 4.1 pts to 62.6%. Rooms renovation began April 2026, completion expected March 2027.
  • JW Marriott Desert Ridge: Revenue up 8.2% to $39.1 million (partial year 2026 vs full year 2025); Operating loss narrowed to $2.7 million.
  • Grande Lakes Orlando: Acquired September 1, 2026; Revenue $22.0 million for the partial period; Operating loss $1.9 million.
• New Developments: Category 10 Las Vegas opened in mid-October 2026. Category 10 Orlando development expected to begin by year-end 2026. Ole Red Indianapolis expected to be completed by early 2028.

Market and Competitive Landscape:

• The company operates in the group-oriented, upscale convention center resort and entertainment experience market.
• Grande Lakes Orlando is located in the nation's top meetings market (per Cvent Top Meetings Destinations in North America 2026).
• The company holds a controlling interest in Opry Entertainment Group (OEG), which owns iconic country music brands including the Grand Ole Opry, Ryman Auditorium, and Ole Red.
• The company manages a portfolio of 13,956 rooms and over 3 million square feet of meeting space.

Risks and Challenges:

• Entertainment guidance was lowered due to the closure of the General Jackson Showboat.
• OEG is evaluating a path to greater independence; no definitive agreements exist, and third-party investment is not assured.
• Atairos' liquidity request rights, including put rights, are currently unexercisable due to the ongoing OEG independence process.
• Forward-looking statements are subject to risks including economic conditions, geographic concentration, geopolitical uncertainty, inflation, labor costs, and the ability to execute strategic goals or refinance indebtedness.

Management Commentary and Tone:

• CEO Mark Fioravanti described the quarter as "strong," noting revenue and Adjusted EBITDAre were ahead of expectations.
• Management highlighted that the premium group strategy drove higher meeting attendance and increased catering and audio-visual spending.
• Same-store group rooms revenue pace for 2027 and 2028 improved sequentially during the quarter.
• Entertainment results were in line with expectations despite a seasonally light quarter, with healthy customer spending and strong performance from recent artist-centered venue investments.
• Management expressed cautious optimism on fourth-quarter hotel leisure trends, citing positive early demand indicators for ice! ticket sales and holiday room night bookings.

Other Key Points:

• Acquisition: Completed the acquisition of the 1,592-room Grande Lakes Orlando Resort on September 1, 2026, funded by a public offering and private placement.
• Capital Raise: Completed an underwritten public offering of approximately 5.9 million common shares at $117.00 per share and a private placement of $700 million of 6.250% senior unsecured notes due 2035.
• Dividend: Paid a quarterly cash dividend of $1.20 per common share on October 15, 2026, to stockholders of record as of September 30, 2026.
• Booking Trends: Booked over 653,000 same-store Hospitality Gross Definite Room Nights for future periods in Q3 2026, with an estimated ADR of $293 (a record).
• Attrition: Third-quarter same-store attrition and cancellation fee revenue was approximately $8.8 million, a decrease of $2.8 million compared to the prior year quarter.
• Banquet/AV: Third-quarter same-store banquet and AV revenue contribution per group room night increased 9.7% year-over-year.