Ryman Hospitality Properties, Inc. Reports Third Quarter 2026 Results
Ryman Hospitality Properties, Inc. (RHP) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Ryman Hospitality Properties, Inc. Reports Third Quarter 2026 Results NASHVILLE, Tenn. (November 2, 2026) – Ryman Hospitality Properties, Inc. (NYSE: RHP), a leading lodging real estate investment trust (“REIT”) specializing in group-oriented, upscale convention cent
Facts are quoted from the filing text and checked against it. Details that could not be matched to the text are left out.
How this was made
The 30-second read
Why it matters
The earnings beat and raised guidance could drive short-term price appreciation
Market read
RHP's performance may influence other hospitality REITs and related lenders
What to watch
Potential headwinds from rising interest rates on REIT financing
Ryman Hospitality Properties reports record third quarter consolidated revenue of $655.8 million and raises its full year 2026 outlook.
Third-quarter revenue, net income, Adjusted EBITDAre, FFO and Adjusted FFO increased year over year, led by same-store Hospitality revenue, RevPAR and margin expansion. The company raised the midpoint of major full-year targets, although Entertainment operating income and Adjusted EBITDAre declined in the quarter.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, three months ended September 30, 2026GAAP | $655.8M | – | 10.7% |
| Rooms revenue, three months ended September 30, 2026GAAP | $219,409 | – | – |
| Food and beverage revenue, three months ended September 30, 2026GAAP | $270,278 | – | – |
| Other hotel revenue, three months ended September 30, 2026GAAP | $73.13M | – | – |
| Total revenue, nine months ended September 30, 2026GAAP | $2,069,351 | – | 12.5% |
| Operating income, three months ended September 30, 2026GAAP | $94.33M | – | 6.5% |
| Operating income margin, three months ended September 30, 2026GAAP | 14.4% | – | (0.6) pts |
| Operating income, nine months ended September 30, 2026GAAP | $406.7M | – | 18.2% |
| Net income, three months ended September 30, 2026GAAP | $39.68M | – | 16.8% |
| Net income margin, three months ended September 30, 2026GAAP | 6.1% | – | 0.4 pts |
| Net income, nine months ended September 30, 2026GAAP | $211.2M | – | 22.2% |
| Net income available to common stockholders, three months ended September 30, 2026GAAP | $40.21M | – | 15.3% |
| Net income available to common stockholders per diluted share, three months ended September 30, 2026GAAP | $0.58 | – | 9.4% |
| Net income available to common stockholders per diluted share, nine months ended September 30, 2026GAAP | $3.00 | – | 13.2% |
| Adjusted EBITDAre, three months ended September 30, 2026non-GAAP | $191.8M | – | 10.8% |
| Adjusted EBITDAre margin, three months ended September 30, 2026non-GAAP | 29.2% | – | — pts |
| Adjusted EBITDAre, nine months ended September 30, 2026non-GAAP | $669,399 | – | 17.3% |
| Adjusted EBITDAre excluding noncontrolling interest, three months ended September 30, 2026non-GAAP | $185,173 | – | 11.3% |
| FFO available to common stockholders and unit holders, three months ended September 30, 2026non-GAAP | $120.4M | – | 14.6% |
| FFO available to common stockholders and unit holders per diluted share/unit, three months ended September 30, 2026non-GAAP | $1.75 | – | 9.4% |
| Adjusted FFO available to common stockholders and unit holders, three months ended September 30, 2026non-GAAP | $121.5M | – | 14.3% |
| Adjusted FFO available to common stockholders and unit holders per diluted share/unit, three months ended September 30, 2026non-GAAP | $1.79 | – | 9.8% |
| Hospitality revenue, three months ended September 30, 2026GAAP | $562.8M | – | 12.4% |
| Hospitality operating income, three months ended September 30, 2026GAAP | $99.97M | – | 14.8% |
| Hospitality Adjusted EBITDAre, three months ended September 30, 2026non-GAAP | $178,268 | – | 14.0% |
| Same-store Hospitality revenue, three months ended September 30, 2026GAAP | $501.8M | – | 8.0% |
| Same-store Hospitality operating income margin, three months ended September 30, 2026GAAP | 20.8% | – | 1.3 pts |
| Same-store Hospitality Adjusted EBITDAre margin, three months ended September 30, 2026non-GAAP | 33.8% | – | 1.2 pts |
| Same-store Hospitality occupancy, three months ended September 30, 2026other | 70.3% | – | 3.0 pts |
| Same-store Hospitality ADR, three months ended September 30, 2026other | $266.63 | – | 3.3% |
| Same-store Hospitality RevPAR, three months ended September 30, 2026other | $187.49 | – | 7.9% |
| Same-store Hospitality Total RevPAR, three months ended September 30, 2026other | $477.82 | – | 8.0% |
| Gross definite room nights booked, three months ended September 30, 2026other | 653,958 | – | (2.1)% |
| Net definite room nights booked, three months ended September 30, 2026other | 501,109 | – | 9.0% |
| Group attrition, three months ended September 30, 2026other | 15.0% | – | (1.3) pts |
| Cancellations ITYFTY, three months ended September 30, 2026other | 8,549 | – | (62.7)% |
| Entertainment operating income, three months ended September 30, 2026GAAP | $6,984 | – | (40.9)% |
| Entertainment Adjusted EBITDAre, three months ended September 30, 2026non-GAAP | $23,815 | – | (3.7)% |
| Corporate and Other operating loss, three months ended September 30, 2026GAAP | $(12,625) | – | (22.7)% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| HospitalitySame-store Hospitality revenue was $501,750. Same-store RevPAR was $187.49, occupancy was 70.3%, and ADR was $266.63. | $562,812 | – | 12.4% |
| EntertainmentCustomer spending across venues remained healthy, and investments in artist-centered venues and amphitheaters continued to perform well. Entertainment operating income was $6,984 and Adjusted EBITDAre was $23,815. | $92.99M | – | 1.5% |
| Corporate and OtherOperating loss was $(12,625) and Adjusted EBITDAre was $(10,288). | not reported | – | – |
Full Year 2026 outlook
- NoteSame-store Hospitality RevPAR growth: 4.50% to 5.50%
- NoteSame-store Hospitality Total RevPAR growth: 4.50% to 5.50%
- NoteSame-store Hospitality operating income: $495.5 to $498.5 million
- NoteJW Marriott Desert Ridge operating income: $35.0 to $37.0 million
- NoteGrande Lakes Orlando operating income: $11.0 to $14.0 million
- NoteEntertainment operating income: $70.2 to $71.9 million
- NoteCorporate and Other operating loss: $(50.5) to $(49.0) million
- NoteConsolidated operating income: $561.2 to $572.4 million
- NoteSame-store Hospitality Adjusted EBITDAre: $740.0 to $750.0 million
- NoteJW Marriott Desert Ridge Adjusted EBITDAre: $69.0 to $73.0 million
- NoteGrande Lakes Orlando Adjusted EBITDAre: $30.0 to $35.0 million
- NoteEntertainment Adjusted EBITDAre: $120.0 to $124.0 million
- NoteCorporate and Other Adjusted EBITDAre: $(39.0) to $(35.0) million
- NoteConsolidated Adjusted EBITDAre: $920.0 to $947.0 million
- NoteNet income: $287.0 to $293.5 million
- NoteNet income available to common stockholders: $277.0 to $281.5 million
- NoteFFO available to common stockholders and unit holders: $593.0 to $609.0 million
- NoteAdjusted FFO available to common stockholders and unit holders: $625.1 to $648.6 million
- NoteNet income available to common stockholders per diluted share: $4.06 to $4.09
- NoteAdjusted FFO available to common stockholders and unit holders per diluted share/unit: $9.16 to $9.43
- NoteWeighted average shares outstanding - diluted: 70.7 million
- NoteWeighted average shares and OP units outstanding - diluted: 71.1 million
Capital returns
- On October 15, 2026, the Company paid the previously announced quarterly cash dividend of $1.20 per common share to stockholders of record as of September 30, 2026.
- The Company completed an underwritten public offering of approximately 5.9 million common shares at a price to the public of $117.00 per share.
- The Company completed a private placement of $700 million of 6.250% senior unsecured notes due 2035.
What drove it
- Record third-quarter same-store Hospitality revenue of $501.8 million and record Entertainment revenue of $93.0 million supported record consolidated revenue.
- Higher meeting attendance and increased catering and audio visual spending supported same-store Hospitality performance.
- Third-quarter same-store banquet and AV revenue contribution per group room night increased 9.7% year over year.
- The acquisition of the 1,592-room Grande Lakes Orlando Resort was completed on September 1, 2026.
- Same-store group rooms revenue pace for 2027 and 2028 improved sequentially during the quarter.
- Early indicators for fourth-quarter holiday demand, including ice! ticket sales and leisure room night bookings, were trending positively.
Concerns
- Entertainment operating income decreased 40.9% to $6,984 and Entertainment Adjusted EBITDAre decreased 3.7% to $23,815.
- The full-year Entertainment operating income outlook midpoint decreased by $6.1 million and the Entertainment Adjusted EBITDAre outlook midpoint decreased by $3.0 million, related primarily to the closure of the General Jackson Showboat.
- JW Marriott Hill Country revenue decreased 2.0% to $50,585, operating income decreased 30.3% to $4,777, and Adjusted EBITDAre decreased 9.8% to $13,332.
- Consolidated operating income margin was 14.4%, compared with 15.0%.
- 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.
- The Company continues to evaluate a path to greater independence for OEG, but has not entered into definitive agreements with respect to a potential third-party investment.
What to watch
- Fourth-quarter hotel leisure room night demand and holiday-period ice! ticket sales.
- Execution and contribution from Grande Lakes Orlando following its September 1, 2026 acquisition.
- Completion of the Gaylord Opryland meeting-space expansion expected by mid-year 2027.
- Completion of the JW Marriott Hill Country rooms renovation expected in March 2027.
- The development of Category 10 in Orlando, expected to begin by year-end 2026 and be completed by mid-year 2028.
- Potential developments in the evaluation of greater independence for OEG.
Balance sheet and cash flow
- As of September 30, 2026, unrestricted cash was $348.2 million.
- As of September 30, 2026, total debt outstanding was $4,659.3 million, net of unamortized deferred financing costs.
- As of September 30, 2026, aggregate borrowing availability under the Company's revolving credit facility and OEG's revolving credit facility was $930.0 million, with no amounts drawn.
- Year to date through September 30, 2026, the Company spent approximately $363 million in capital expenditures, excluding the purchase of Grande Lakes Orlando.
- The updated 2026 capital expenditure estimate is $450 to $500 million.
- Property and equipment, net of accumulated depreciation, was $6,466,416 as of September 30, 2026, compared with $4,970,429 as of December 31, 2025.
Analysis
Ryman Hospitality reported record third-quarter consolidated revenue of $655,801, up 10.7% from $592,458. Net income increased 16.8% to $39,677, while net income available to common stockholders per diluted share increased 9.4% to $0.58. Consolidated Adjusted EBITDAre increased 10.8% to $191,795, with the Adjusted EBITDAre margin unchanged at 29.2%. Operating income increased 6.5% to $94,334, though the operating income margin declined to 14.4% from 15.0%.
Hospitality was the principal operating driver. Segment revenue increased 12.4% to $562,812, and same-store revenue increased 8.0% to $501,750. Same-store RevPAR increased 7.9% to $187.49, supported by a 3.0-point increase in occupancy to 70.3% and a 3.3% increase in ADR to $266.63. Same-store operating income margin expanded 1.3 points to 20.8%, and same-store Adjusted EBITDAre margin expanded 1.2 points to 33.8%. Management attributed performance to higher meeting attendance and increased catering and audio visual spending.
Entertainment revenue increased 1.5% to $92,989, but operating income declined 40.9% to $6,984 and Adjusted EBITDAre declined 3.7% to $23,815. The company described the quarter as seasonally light and stated that customer spending remained healthy. JW Marriott Hill Country was a notable lodging pressure point, with revenue down 2.0%, occupancy down 4.1 points, operating income down 30.3%, and Adjusted EBITDAre down 9.8%. The company also recorded $4,858 of impairment charges during the quarter.
The company raised its full-year outlook. The midpoint for same-store Hospitality RevPAR growth increased to 5.00% from 4.00%, same-store Hospitality operating income increased to $497.0 million from $487.0 million, and consolidated Adjusted EBITDAre increased to $933.5 million from $926.5 million. The Adjusted FFO per diluted share/unit midpoint increased to $9.29 from $9.08. These increases were partly offset by lower Entertainment expectations, with the Entertainment operating income midpoint reduced to $71.0 million from $77.1 million and the Entertainment Adjusted EBITDAre midpoint reduced to $122.0 million from $125.0 million.
Capital allocation centered on Grande Lakes Orlando and development spending. The company completed the acquisition on September 1, 2026, funded through an offering of approximately 5.9 million common shares at $117.00 per share and $700 million of 6.250% senior unsecured notes due 2035. At September 30, unrestricted cash was $348.2 million, total debt outstanding was $4,659.3 million, and aggregate revolver availability was $930.0 million. The company spent approximately $363 million in capital expenditures year to date and now expects $450 to $500 million for 2026. It paid a quarterly cash dividend of $1.20 per common share on October 15, 2026.
Management, verbatim
We delivered another strong quarter with consolidated revenue and Adjusted EBITDA re ahead of our expectations driven by strong group and leisure trends in our same-store Hospitality business. Our premium group strategy continues to produce attractive results as higher meeting attendance and increased catering and audio visual spending drove performance in the quarter. Looking ahead, same-store group rooms revenue pace for 2027 and 2028 improved sequentially during the quarter, further supporting our view that we remain well positioned for continued growth in 2027.
Mark Fioravanti, President and Chief Executive Officer
We are pleased to raise the midpoints of our 2026 guidance ranges to reflect performance in our same-store Hospitality business, partially offset by lower Entertainment expectations related primarily to the closure of the General Jackson Showboat. We are cautiously optimistic on fourth quarter hotel leisure trends, as early demand indicators including ice! ticket sales and leisure room night bookings for the holiday period are trending positively.
Mark Fioravanti, President and Chief Executive Officer
Not in the filing
stated, not guessed- Gross profit and gross margin were not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Share repurchases were not reported.
- A separately provided previous-release outlook for actual-versus-guidance comparison was not provided.
- Quarter-over-quarter comparisons were not reported for the listed metrics.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
RHP reported Q3 2026 results with record revenue and announced a public offering to fund an acquisition
Ticker impact
raised guidance for full-year outlook reflecting strong third quarter performance and higher holiday leisure demand
likely upside as market prices in raised guidance
Guidance lift and record revenue indicate stronger cash flow and earnings potential
Market effects
hospitality REIT sector may see improved sentiment from RHP's strong results
U.S. lodging market outlook strengthened
limited to REIT investors, no broad market effect
Counterpoint
Higher guidance may already be priced in, limiting upside
Key entities
- companyRyman Hospitality Properties, Inc.
Hospitality REIT that issued the earnings release
- assetGrande Lakes Orlando Resort
Acquired property adding 1,592 rooms
