Ryman Hospitality Properties, Inc. Reports Third Quarter 2026 Results

Q: What were Ryman Hospitality Properties' third-quarter 2026 earnings?

Ryman reported $39.7 million in net income and diluted earnings of $0.58 for the quarter ended September 30, 2026. Those figures increased 16.8% and 9.4%, respectively, from the prior-year quarter. Revenue increased 10.7% to $655.8 million.

Q: How did Ryman fund its Grande Lakes Orlando acquisition?

Ryman used net proceeds from an 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. The acquisition closed on September 1, 2026.

Q: Which hotels are excluded from Ryman's same-store Hospitality results?

Ryman's same-store Hospitality results exclude JW Marriott Desert Ridge, acquired June 10, 2025, and Grande Lakes Orlando, acquired September 1, 2026.

The Grande Lakes Orlando acquisition added 1,592 rooms, with funding from new common shares and senior unsecured notes.

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(Moderate)

Rhea-AI Sentiment

(Positive)How Sentiment works

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Rhea-AI Summary

Ryman Hospitality Properties (NYSE: RHP) reported third-quarter 2026 revenue of $655.8 million, up 10.7% from the prior-year quarter. Net income rose 16.8% to $39.7 million, while diluted earnings increased 9.4% to $0.58. Adjusted EBITDAre, an adjusted real-estate earnings measure, increased 10.8% to $191.8 million.

Same-store Hospitality revenue rose 8.0% to $501.8 million, and occupancy increased to 70.3%. Gross room-night bookings fell 2.1%, although net bookings rose 9.0%. Ryman completed its acquisition of the 1,592-room Grande Lakes Orlando on September 1, 2026, funded with proceeds from approximately 5.9 million common shares at $117.00 each and $700 million of senior notes. The company raised its full-year outlook, citing same-store performance and modestly higher fourth-quarter holiday leisure demand expectations. Consolidated operating margin fell to 14.4% from 15.0%.

61 points · 1 major

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0 major · 10 points

Hollow bars mark forward-looking points. How the balance works

Positive

Major point. Forward-looking: it has not happened yet and may not happen.Full-year outlook raised, reflecting same-store performance and modestly higher expected fourth-quarter holiday leisure room-night demand.
Moderate pointThird-quarter revenue rose 10.7% to $655.8 million year over year.
Moderate pointThird-quarter net income increased 16.8% to $39.7 million; net margin rose 0.4 percentage points to 6.1%.
Moderate pointThird-quarter Adjusted EBITDAre increased 10.8% to $191.8 million year over year.
Moderate pointThird-quarter funds from operations per diluted share/unit rose 9.4% to $1.75 year over year.
Moderate pointGrande Lakes Orlando acquisition completed September 1, 2026, adding a 1,592-room resort.
Moderate pointAcquisition financing included an equity offering at $117.00 per share and a $700 million note placement. 7.6% of market cap

54 minor points

Minor pointThird-quarter diluted earnings increased 9.4% to $0.58 year over year.
Minor pointThird-quarter operating income increased 6.5% to $94.3 million year over year.
Minor pointThird-quarter Adjusted EBITDAre excluding noncontrolling interest rose 11.3% to $185.2 million year over year.
Minor pointThird-quarter adjusted funds from operations per diluted share/unit increased 9.8% to $1.79 year over year.
Minor pointNine-month revenue rose 12.5% to $2,069.4 million versus the corresponding 2025 period.
Minor pointNine-month net income rose 22.2% to $211.2 million; net margin increased to 10.2% from 9.4%.
Minor pointNine-month diluted earnings increased 13.2% to $3.00 versus the corresponding 2025 period.
Minor pointNine-month operating income rose 18.2% to $406.7 million; operating margin increased to 19.7% from 18.7%.
Minor pointNine-month Adjusted EBITDAre rose 17.3% to $669.4 million; margin increased to 32.3% from 31.0%.
Minor pointNine-month Adjusted EBITDAre excluding noncontrolling interest increased 17.5% to $642.2 million versus the corresponding 2025 period.
Minor pointNine-month funds from operations per diluted share/unit increased 11.7% to $6.39 versus the corresponding 2025 period.
Minor pointNine-month adjusted funds from operations per diluted share/unit rose 12.9% to $6.84 versus the corresponding 2025 period.
Minor pointSame-store group rooms revenue pace for 2027 and 2028 improved sequentially during the quarter.
Minor pointThird-quarter Hospitality revenue increased 12.4% to $562.8 million year over year.
Minor pointThird-quarter Hospitality operating income rose 14.8% to $100.0 million; margin increased to 17.8% from 17.4%.
Minor pointThird-quarter Hospitality Adjusted EBITDAre increased 14.0% to $178.3 million; margin rose to 31.7% from 31.2%.
Minor pointThird-quarter same-store Hospitality revenue rose 8.0% to $501.8 million year over year.
Minor pointThird-quarter same-store Hospitality operating income rose 15.1% to $104.5 million; margin increased to 20.8% from 19.5%.
Minor pointThird-quarter same-store Hospitality Adjusted EBITDAre rose 12.0% to $169.5 million; margin increased to 33.8% from 32.6%.
Minor pointThird-quarter Hospitality occupancy increased 2.6 percentage points to 69.2% year over year.
Minor pointThird-quarter Hospitality average daily room rate increased 3.8% to $267.51 year over year.
Minor pointThird-quarter Hospitality revenue per available room increased 7.9% to $185.12 year over year.
Minor pointThird-quarter Hospitality total revenue per available room increased 7.8% to $474.85 year over year.
Minor pointThird-quarter same-store occupancy increased 3.0 percentage points to 70.3% year over year.
Minor pointThird-quarter same-store average daily room rate increased 3.3% to $266.63 year over year.
Minor pointThird-quarter same-store revenue per available room increased 7.9% to $187.49 year over year.
Minor pointThird-quarter same-store total revenue per available room increased 8.0% to $477.82 year over year.
Minor pointNine-month Hospitality revenue rose 15.7% to $1,753.2 million versus the corresponding 2025 period.
Minor pointNine-month Hospitality operating income rose 20.5% to $398.7 million; Adjusted EBITDAre increased 19.0% to $613.9 million.
Minor pointNine-month same-store Hospitality revenue rose 5.7% to $1,557.6 million versus the corresponding 2025 period.
Minor pointNine-month same-store operating income increased 8.9% to $367.0 million; Adjusted EBITDAre rose 7.9% to $552.0 million.
Minor pointThird-quarter Entertainment revenue reached $93.0 million, a third-quarter record.
Minor pointThird-quarter net definite room-night bookings increased 9.0% to 501,109 year over year.
Minor pointThird-quarter future same-store bookings carried an estimated average daily rate of approximately $293, a third-quarter record.
Minor pointThird-quarter group attrition declined 1.3 percentage points to 15.0% of contracted room blocks year over year.
Minor pointThird-quarter cancellations for stays within the year decreased 62.7% to 8,549 room nights year over year.
Minor pointNine-month gross definite room-night bookings rose 7.5% to 1,883,593 versus the corresponding 2025 period.
Minor pointNine-month net definite room-night bookings rose 10.7% to 1,333,307 versus the corresponding 2025 period.
Minor pointNine-month cancellations for stays within the year decreased 15.5% to 53,228 room nights versus 2025.
Minor pointThird-quarter same-store banquet and audiovisual revenue per group room night increased 9.7% year over year.
Minor pointGaylord Texan room renovation completed during the third quarter.
Minor pointGaylord Opryland third-quarter revenue rose 13.5% to $125.0 million; operating income increased 16.9% to $35.9 million.
Minor pointGaylord Opryland third-quarter Adjusted EBITDAre rose 16.5% to $45.2 million; margin increased to 36.2% from 35.3%.
Minor pointGaylord Opryland third-quarter occupancy rose 9.6 percentage points to 73.6% year over year.
Minor pointGaylord Opryland third-quarter revenue per available room increased 15.5% to $198.29 year over year.
Minor pointGaylord Opryland nine-month revenue rose 12.4% to $378.5 million; operating income increased 17.0% to $112.3 million.
Minor pointGaylord Opryland nine-month Adjusted EBITDAre increased 15.7% to $139.7 million versus the corresponding 2025 period.
Minor pointGaylord Palms third-quarter revenue increased 4.5% to $69.7 million year over year.
Minor pointGaylord Palms third-quarter revenue per available room increased 2.9% to $151.97 year over year.
Minor pointGaylord Palms nine-month revenue increased 12.1% to $255.9 million; operating income rose 28.9% to $58.6 million.
Minor pointGaylord Palms nine-month Adjusted EBITDAre rose 19.0% to $88.1 million versus the corresponding 2025 period.
Minor pointGaylord Texan third-quarter revenue increased 8.3% to $80.3 million; operating income rose 14.9% to $18.9 million.
Minor pointGaylord Texan third-quarter Adjusted EBITDAre increased 18.6% to $26.9 million year over year.
Minor pointGaylord Texan nine-month revenue rose 1.2% to $245.9 million; Adjusted EBITDAre increased 2.0% to $89.3 million.

Negative

Moderate pointEquity offering issued approximately 5.9 million common shares at $117.00 each, diluting existing holders.
Moderate pointSenior unsecured notes added $700 million of debt at 6.250%, due 2035. 7.6% of market cap
Moderate pointThird-quarter consolidated operating margin declined 0.6 percentage points to 14.4% year over year.
Minor pointThird-quarter gross definite room-night bookings declined 2.1% to 653,958 year over year.
Minor pointThird-quarter same-store attrition and cancellation fee revenue fell $2.8 million to approximately $8.8 million year over year.

5 minor points

Minor pointNine-month group attrition increased 0.1 percentage points to 15.8% of contracted room blocks versus 2025.
Minor pointGaylord Palms third-quarter operating income fell 3.2% to $7.7 million; margin declined to 11.1% from 12.0%.
Minor pointGaylord Palms third-quarter Adjusted EBITDAre fell 0.9% to $17.6 million; margin declined to 25.3% from 26.7%.
Minor pointGaylord Palms nine-month occupancy declined 0.5 percentage points to 72.5% versus the corresponding 2025 period.
Minor pointGaylord Texan nine-month operating income fell 4.2% to $66.3 million; margin declined to 26.9% from 28.5%.

News Explained

Ryman’s completed issuance of approximately 5.9 million new common shares increased the share count, reducing existing holders’ percentage ownership absent offsetting changes; this is dilution.

Key Figures

Consolidated revenue: $655.8 million; up 10.7% year over year Consolidated net income: $39.7 million; up 16.8% year over year Adjusted EBITDAre: $191.8 million; up 10.8% year over year +3 more

Consolidated revenue: $655.8 million; up 10.7% year over year; Third quarter 2026
Consolidated net income: $39.7 million; up 16.8% year over year; Third quarter 2026
Adjusted EBITDAre: $191.8 million; up 10.8% year over year; Third quarter 2026
Net income per diluted share: $0.58; up 9.4% year over year; Third quarter 2026
Common share offering: Approximately 5.9 million shares at $117.00 per share; Underwritten public offering completed during the quarter
Senior unsecured notes: $700 million at 6.250%, due 2035; Private placement proceeds used to fund the Grande Lakes Orlando acquisition

Previous Earnings Reports

2 past events · Latest: Aug 06

Same Type 2 events

Aug 06
Quarterly earnings

24h Move

-2.7%

Q2 record revenue and raised full-year outlook followed by a 2.73% share decline.
Apr 30
Quarterly earnings

24h Move

+1.1%

Q1 record revenue and raised full-year outlook followed by a 1.08% share gain.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

reit, underwritten public offering, senior unsecured notes, adjusted ebitdare, +2 more

6 terms

reit financial

"lodging real estate investment trust (“REIT”)"

A real estate investment trust (REIT) is a company that owns, operates, or finances income-producing real estate, like shopping centers, apartments, or office buildings. For investors, REITs offer a way to invest in real estate without having to buy property directly, often providing regular income through dividends. They function like a mutual fund for real estate, making it easier for people to add property investments to their portfolio.

underwritten public offering financial

"completed an underwritten public offering of approximately 5.9 million common shares"

An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.

senior unsecured notes financial

"a private placement of $700 million of 6.250% senior unsecured notes due 2035"

Senior unsecured notes are a type of loan a company borrows from investors, promising to pay back with interest. They are called "unsecured" because they aren’t backed by specific assets like buildings or equipment, but "senior" because they are paid back before other debts if the company gets into trouble. Investors see them as a relatively safer way for companies to raise money.

adjusted ebitdare financial

"consolidated Adjusted EBITDAre of $191.8 million"

Adjusted EBITDA is a measure of a company's earnings that shows its profitability by focusing on core operations, excluding certain expenses or income that are unusual or not part of normal business activities. It provides investors with a clearer picture of how well the company is performing day-to-day, much like evaluating a restaurant's regular sales without counting special event or one-time expenses. This helps investors compare companies more fairly and assess their ongoing financial health.

revpar technical

"record third quarter RevPAR of approximately $187"

RevPAR, or revenue per available room, is a measure used in the hotel industry to show how much money a hotel earns from each of its rooms over a certain period. It helps investors understand how well a hotel is performing financially, similar to how a store's sales per square foot reveal its profitability. Higher RevPAR indicates better use of resources and stronger financial health.

funds from operations (ffo) financial

"Funds From Operations (FFO) available to common stockholders and unit holders"

Funds from operations (FFO) is a performance measure commonly used for real estate companies that adjusts net income by adding back non‑cash items like building depreciation and removing one‑time gains or losses from property sales, to show recurring operating earnings. Investors use FFO to judge a property portfolio’s ability to generate cash for dividends and growth — think of it as measuring a car’s regular fuel efficiency rather than its accounting value or one‑off resale price.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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11/02/2026 - 04:15 PM EST

NASHVILLE, Tenn., Nov. 02, 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 nine months ended September 30, 2026.

Third Quarter 2026 Highlights and Recent Developments:

The Company reported record third quarter consolidated revenue of $655.8 million, driven by record third quarter same-store Hospitality⁽¹⁾segment revenue of $501.8 million and record third quarter Entertainment segment revenue of $93.0 million.
The Company generated consolidated net income of $39.7 million and consolidated Adjusted EBITDAre of $191.8 million.
During the quarter, the Company booked over 653,000 same-store Hospitality Gross Definite Room Nights for all future periods. The estimated average daily rate (ADR) for these bookings was approximately $293, a third quarter record.
The Company completed the acquisition of the 1,592-room Grande Lakes Orlando Resort (“Grande Lakes Orlando”) on September 1, 2026, adding a turnkey asset in the nation’s top meetings market⁽²⁾ and creating incremental group customer rotation opportunities.
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 and a private placement of $700 million of 6.250% senior unsecured notes due 2035, the net proceeds of which were used to fund the acquisition of Grande Lakes Orlando.
The Company is raising its full year outlook, reflecting strong third quarter performance in its same-store Hospitality portfolio and modestly higher expectations for holiday leisure room night demand in the fourth quarter.

Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “We delivered another strong quarter with consolidated revenue and Adjusted EBITDAre 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.”

______________________

⁽¹⁾	^{Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025, and Grande Lakes Orlando, which was acquired September 1, 2026.}
⁽²⁾	^{Source: Cvent Top Meetings Destinations in North America 2026}

Third Quarter 2026 Results (as compared to Third Quarter 2025):


	Three Months Ended								Nine Months Ended
	September 30,								September 30,
($ in thousands, except per share amounts)							%								%
	2026			2025			Change		2026			2025			Change
Total revenue	$	655,801		$	592,458		10.7	%	$	2,069,351		$	1,839,253		12.5	%

Operating income	$	94,334		$	88,612		6.5	%	$	406,675		$	344,158		18.2	%
Operating income margin		14.4	%		15.0	%	(0.6	)pts		19.7	%		18.7	%	1.0	pts

Net income	$	39,677		$	33,959		16.8	%	$	211,158		$	172,848		22.2	%
Net income margin		6.1	%		5.7	%	0.4	pts		10.2	%		9.4	%	0.8	pts

Net income available to common stockholders	$	40,208		$	34,886		15.3	%	$	203,433		$	169,600		19.9	%
Net income available to common stockholders margin		6.1	%		5.9	%	0.2	pts		9.8	%		9.2	%	0.6	pts
Net income available to common stockholders per diluted share⁽¹⁾	$	0.58		$	0.53		9.4	%	$	3.00		$	2.65		13.2	%

Adjusted EBITDAre	$	191,795		$	173,073		10.8	%	$	669,399		$	570,431		17.3	%
Adjusted EBITDAre margin		29.2	%		29.2	%	—	pts		32.3	%		31.0	%	1.3	pts
Adjusted EBITDAre, excluding noncontrolling interest	$	185,173		$	166,368		11.3	%	$	642,230		$	546,805		17.5	%
Adjusted EBITDAre, excluding noncontrolling interest margin		28.2	%		28.1	%	0.1	pts		31.0	%		29.7	%	1.3	pts

Funds From Operations (FFO) available to common stockholders and unit holders	$	120,442		$	105,138		14.6	%	$	431,143		$	365,185		18.1	%
FFO available to common stockholders and unit holders per diluted share/unit⁽¹⁾	$	1.75		$	1.60		9.4	%	$	6.39		$	5.72		11.7	%

Adjusted FFO available to common stockholders and unit holders	$	121,530		$	106,352		14.3	%	$	459,007		$	385,020		19.2	%
Adjusted FFO available to common stockholders and unit holders per diluted share/unit⁽¹⁾	$	1.79		$	1.63		9.8	%	$	6.84		$	6.06		12.9	%

______________________

⁽¹⁾

^{Basic and diluted weighted average common shares for the three and nine months ended September 30, 2026 include the impact of approximately 5.9 million additional shares issued on August 12, 2026. Basic and diluted weighted average common shares for the three and nine months ended September 30, 2026 and 2025 include the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended September 30, 2026 and 2025 include 3.5 million and 4.2 million, respectively, and for the nine months ended September 30, 2026 and 2025 include 4.5 million and 3.8 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								Nine Months Ended
	September 30,								September 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)							%								%
	2026			2025			Change		2026			2025			Change
Hospitality revenue	$	562,812		$	500,869		12.4	%	$	1,753,165		$	1,514,810		15.7	%
Same-store Hospitality revenue⁽¹⁾	$	501,750		$	464,751		8.0	%	$	1,557,586		$	1,473,343		5.7	%

Hospitality operating income	$	99,975		$	87,078		14.8	%	$	398,705		$	330,807		20.5	%
Hospitality operating income margin		17.8	%		17.4	%	0.4	pts		22.7	%		21.8	%	0.9	pts
Hospitality Adjusted EBITDAre	$	178,268		$	156,315		14.0	%	$	613,880		$	515,724		19.0	%
Hospitality Adjusted EBITDAre margin		31.7	%		31.2	%	0.5	pts		35.0	%		34.0	%	1.0	pts

Same-store Hospitality operating income⁽¹⁾	$	104,497		$	90,754		15.1	%	$	367,040		$	337,066		8.9	%
Same-store Hospitality operating income margin⁽¹⁾		20.8	%		19.5	%	1.3	pts		23.6	%		22.9	%	0.7	pts
Same-store Hospitality Adjusted EBITDAre⁽¹⁾	$	169,458		$	151,358		12.0	%	$	551,992		$	511,349		7.9	%
Same-store Hospitality Adjusted EBITDAre margin⁽¹⁾		33.8	%		32.6	%	1.2	pts		35.4	%		34.7	%	0.7	pts

Hospitality performance metrics:
Occupancy		69.2	%		66.6	%	2.6	pts		70.0	%		69.8	%	0.2	pts
Average Daily Rate (ADR)	$	267.51		$	257.74		3.8	%	$	281.92		$	260.25		8.3	%
RevPAR	$	185.12		$	171.63		7.9	%	$	197.34		$	181.60		8.7	%
Total RevPAR	$	474.85		$	440.33		7.8	%	$	512.15		$	469.95		9.0	%

Same-store Hospitality performance metrics:⁽¹⁾
Occupancy		70.3	%		67.3	%	3.0	pts		70.3	%		70.3	%	–	pts
ADR	$	266.63		$	258.04		3.3	%	$	273.81		$	260.52		5.1	%
RevPAR	$	187.49		$	173.71		7.9	%	$	192.41		$	183.17		5.0	%
Total RevPAR	$	477.82		$	442.58		8.0	%	$	499.86		$	472.83		5.7	%

Gross definite room nights booked		653,958			667,645		(2.1	)%		1,883,593			1,752,193		7.5	%
Net definite room nights booked		501,109			459,897		9.0	%		1,333,307			1,204,951		10.7	%
Group attrition (as % of contracted block)		15.0	%		16.3	%	(1.3	)pts		15.8	%		15.7	%	0.1	pts
Cancellations ITYFTY⁽²⁾		8,549			22,920		(62.7	)%		53,228			62,986		(15.5	)%

______________________

⁽¹⁾	^{Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025, and Grande Lakes Orlando, which was acquired September 1, 2026.}
⁽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 record third quarter RevPAR of approximately $187, an increase of 7.9% from the prior year quarter, and record third quarter Total RevPAR of approximately $478, an increase of 8.0% from the prior year quarter.
The same-store Hospitality portfolio generated record third quarter operating income of $104.5 million and record third quarter Adjusted EBITDAre of $169.5 million.
Third quarter same-store banquet and AV revenue contribution per group room night, a proxy for catering spend per group guest, increased 9.7% year over year, driven by our premium group customer strategy.
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.
In the third quarter, the Company completed the rooms renovation at Gaylord Texan.

Gaylord Opryland


	Three Months Ended								Nine Months Ended
	September 30,								September 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)							%								%
	2026			2025			Change		2026			2025			Change
Revenue	$	124,963		$	110,078		13.5	%	$	378,532		$	336,721		12.4	%

Operating income	$	35,879		$	30,683		16.9	%	$	112,268		$	95,925		17.0	%
Operating income margin		28.7	%		27.9	%	0.8	pts		29.7	%		28.5	%	1.2	pts
Adjusted EBITDAre	$	45,194		$	38,805		16.5	%	$	139,666		$	120,663		15.7	%
Adjusted EBITDAre margin		36.2	%		35.3	%	0.9	pts		36.9	%		35.8	%	1.1	pts

Performance metrics:
Occupancy		73.6	%		64.0	%	9.6	pts		72.5	%		68.1	%	4.4	pts
ADR	$	269.32		$	268.20		0.4	%	$	271.14		$	258.31		5.0	%
RevPAR	$	198.29		$	171.68		15.5	%	$	196.70		$	175.79		11.9	%
Total RevPAR	$	470.33		$	414.30		13.5	%	$	480.11		$	427.08		12.4	%

Gaylord Palms


	Three Months Ended								Nine Months Ended
	September 30,								September 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)							%								%
	2026			2025			Change		2026			2025			Change
Revenue	$	69,736		$	66,745		4.5	%	$	255,873		$	228,251		12.1	%

Operating income	$	7,743		$	7,997		(3.2	)%	$	58,604		$	45,450		28.9	%
Operating income margin		11.1	%		12.0	%	(0.9	)pts		22.9	%		19.9	%	3.0	pts
Adjusted EBITDAre	$	17,643		$	17,803		(0.9	)%	$	88,063		$	73,986		19.0	%
Adjusted EBITDAre margin		25.3	%		26.7	%	(1.4	)pts		34.4	%		32.4	%	2.0	pts

Performance metrics:
Occupancy		65.2	%		64.2	%	1.0	pts		72.5	%		73.0	%	(0.5	)pts
ADR	$	232.93		$	230.01		1.3	%	$	269.80		$	250.64		7.6	%
RevPAR	$	151.97		$	147.75		2.9	%	$	195.51		$	182.92		6.9	%
Total RevPAR	$	441.21		$	422.29		4.5	%	$	545.55		$	486.66		12.1	%

Gaylord Texan


	Three Months Ended								Nine Months Ended
	September 30,								September 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)							%								%
	2026			2025			Change		2026			2025			Change
Revenue	$	80,261		$	74,082		8.3	%	$	245,891		$	242,953		1.2	%

Operating income	$	18,933		$	16,480		14.9	%	$	66,266		$	69,177		(4.2	)%
Operating income margin		23.6	%		22.2	%	1.4	pts		26.9	%		28.5	%	(1.6	)pts
Adjusted EBITDAre	$	26,923		$	22,701		18.6	%	$	89,262		$	87,484		2.0	%
Adjusted EBITDAre margin		33.5	%		30.6	%	2.9	pts		36.3	%		36.0	%	0.3	pts

Performance metrics:
Occupancy		71.4	%		67.0	%	4.4	pts		68.9	%		70.7	%	(1.8	)pts
ADR	$	262.01		$	248.99		5.2	%	$	264.61		$	253.19		4.5	%
RevPAR	$	187.15		$	166.86		12.2	%	$	182.38		$	178.91		1.9	%
Total RevPAR	$	480.92		$	443.90		8.3	%	$	496.53		$	490.59		1.2	%

Gaylord National


	Three Months Ended								Nine Months Ended
	September 30,								September 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)							%								%
	2026			2025			Change		2026			2025			Change
Revenue	$	82,900		$	78,098		6.1	%	$	247,549		$	242,340		2.1	%

Operating income	$	13,045		$	11,340		15.0	%	$	38,820		$	36,632		6.0	%
Operating income margin		15.7	%		14.5	%	1.2	pts		15.7	%		15.1	%	0.6	pts
Adjusted EBITDAre	$	26,053		$	24,130		8.0	%	$	70,858		$	68,581		3.3	%
Adjusted EBITDAre margin		31.4	%		30.9	%	0.5	pts		28.6	%		28.3	%	0.3	pts

Performance metrics:
Occupancy		66.1	%		65.7	%	0.4	pts		66.8	%		68.6	%	(1.8	)pts
ADR	$	260.56		$	241.65		7.8	%	$	269.59		$	251.56		7.2	%
RevPAR	$	172.15		$	158.79		8.4	%	$	180.11		$	172.58		4.4	%
Total RevPAR	$	451.45		$	425.30		6.1	%	$	454.29		$	444.74		2.1	%

Gaylord Rockies


	Three Months Ended								Nine Months Ended
	September 30,								September 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)							%								%
	2026			2025			Change		2026			2025			Change
Revenue	$	86,102		$	77,951		10.5	%	$	243,086		$	230,621		5.4	%

Operating income	$	23,436		$	17,156		36.6	%	$	61,673		$	53,777		14.7	%
Operating income margin		27.2	%		22.0	%	5.2	pts		25.4	%		23.3	%	2.1	pts
Adjusted EBITDAre	$	38,652		$	32,069		20.5	%	$	107,218		$	98,439		8.9	%
Adjusted EBITDAre margin		44.9	%		41.1	%	3.8	pts		44.1	%		42.7	%	1.4	pts

Performance metrics:
Occupancy		82.9	%		83.6	%	(0.7	)pts		79.3	%		78.7	%	0.6	pts
ADR	$	275.64		$	266.03		3.6	%	$	270.23		$	261.20		3.5	%
RevPAR	$	228.57		$	222.36		2.8	%	$	214.22		$	205.69		4.1	%
Total RevPAR	$	623.52		$	564.49		10.5	%	$	593.22		$	562.80		5.4	%

JW Marriott Hill Country


	Three Months Ended								Nine Months Ended
	September 30,								September 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)							%								%
	2026			2025			Change		2026			2025			Change
Revenue	$	50,585		$	51,615		(2.0	)%	$	166,642		$	173,464		(3.9	)%

Operating income	$	4,777		$	6,849		(30.3	)%	$	27,967		$	34,948		(20.0	)%
Operating income margin		9.4	%		13.3	%	(3.9	)pts		16.8	%		20.1	%	(3.3	)pts
Adjusted EBITDAre	$	13,332		$	14,786		(9.8	)%	$	52,877		$	58,635		(9.8	)%
Adjusted EBITDAre margin		26.4	%		28.6	%	(2.2	)pts		31.7	%		33.8	%	(2.1	)pts

Performance metrics:
Occupancy		62.6	%		66.7	%	(4.1	)pts		64.1	%		70.1	%	(6.0	)pts
ADR	$	343.98		$	337.63		1.9	%	$	342.19		$	334.35		2.3	%
RevPAR	$	215.41		$	225.31		(4.4	)%	$	219.28		$	234.36		(6.4	)%
Total RevPAR	$	548.74		$	559.92		(2.0	)%	$	609.19		$	634.13		(3.9	)%

JW Marriott Desert Ridge⁽¹⁾


	Three Months Ended								Nine Months Ended			Period Ended
	September 30,								September 30,			September 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)							%
	2026			2025			Change		2026			2025
Revenue	$	39,071		$	36,118		8.2	%	$	173,588		$	41,467

Operating income (loss)	$	(2,671		$	(3,676	)	27.3	%	$	33,516		$	(6,259	)
Operating income (loss) margin		(6.8	)%		(10.2	)%	3.4	pts		19.3	%		(15.1	)%
Adjusted EBITDAre	$	5,607		$	4,957		13.1	%	$	58,685		$	4,375
Adjusted EBITDAre margin		14.4	%		13.7	%	0.7	pts		33.8	%		10.6	%

Performance metrics:
Occupancy		59.1	%		57.9	%	1.2	pts		68.0	%		54.4	%
ADR	$	252.56		$	253.43		(0.3	)%	$	376.93		$	250.08
RevPAR	$	149.30		$	146.63		1.8	%	$	256.43		$	136.07
Total RevPAR	$	447.03		$	413.25		8.2	%	$	669.32		$	386.27

Grande Lakes Orlando⁽²⁾


	Period Ended
	September 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
	2026
Revenue	$	21,991

Operating loss	$	(1,851	)
Operating loss margin		(8.4	)%
Adjusted EBITDAre	$	3,203
Adjusted EBITDAre margin		14.6	%

Performance metrics:
Occupancy		63.1	%
ADR	$	314.64
RevPAR	$	198.49
Total RevPAR	$	460.45

______________________

⁽¹⁾	^{JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore nine months results are not comparable to the prior year period.}
⁽²⁾	^{Grande Lakes Orlando was acquired by the Company on September 1, 2026, therefore there are no comparison figures.}

Entertainment Segment


	Three Months Ended								Nine Months Ended
	September 30,								September 30,
($ in thousands)							%								%
	2026			2025			Change		2026			2025			Change
Revenue	$	92,989		$	91,589		1.5	%	$	316,186		$	324,443		(2.5	)%

Operating income	$	6,984		$	11,827		(40.9	)%	$	43,641		$	45,638		(4.4	)%
Operating income margin		7.5	%		12.9	%	(5.4	)pts		13.8	%		14.1	%	(0.3	)pts
Adjusted EBITDAre	$	23,815		$	24,738		(3.7	)%	$	83,414		$	79,585		4.8	%
Adjusted EBITDAre margin		25.6	%		27.0	%	(1.4	)pts		26.4	%		24.5	%	1.9	pts

Fioravanti continued, “Our Entertainment business delivered results in line with our expectations in a seasonally light quarter. Customer spending across our venues remained healthy and our recent investments in artist-centered venues and amphitheaters continued to perform well. In mid-October, Category 10 Las Vegas opened to a strong reception, exceeding our expectations. We believe the strength of these brands and venues, together with the opportunities in our development pipeline, provides an attractive foundation for OEG’s continued growth.”

Corporate and Other Segment


	Three Months Ended								Nine Months Ended
	September 30,								September 30,
($ in thousands)							%								%
	2026			2025			Change		2026			2025			Change
Operating loss	$	(12,625	)	$	(10,293	)	(22.7	)%	$	(35,671	)	$	(32,287	)	(10.5	)%
Adjusted EBITDAre	$	(10,288	)	$	(7,980	)	(28.9	)%	$	(27,895	)	$	(24,878	)	(12.1	)%

Capital Expenditures

The Company’s updated estimate of capital expenditures in 2026 is $450 to $500 million, reflecting greater visibility into the timing of cash outflows for the remainder of the year. Year to date through September 30, 2026, the Company has spent approximately $363 million in capital expenditures, excluding the purchase of Grande Lakes Orlando.

In the third quarter, the Company completed the rooms renovation at Gaylord Texan. Subsequent to quarter-end, the Company completed the development of Category 10 Las Vegas.

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 JW Marriott Hill Country, which began in April 2026 and is expected to be completed in March 2027;
The development of Category 10 in Orlando, which is expected to begin by year-end 2026 and is expected to be completed by mid-year 2028; and
The 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 November 2, 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 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. At the midpoint of our outlook, AFFO per diluted share is expected to grow approximately 10% year over year. We believe this level of growth is particularly meaningful given the outlook includes a partial year contribution of Grande Lakes Orlando operations and the share dilution from our recent equity offering.”


	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			Midpoint
Same-store Hospitality RevPAR growth⁽²⁾		4.50	%		5.50	%		5.00	%		3.50	%		4.50	%		4.00	%		1.00	%
Same-store Hospitality Total RevPAR growth⁽²⁾		4.50	%		5.50	%		5.00	%		3.50	%		4.50	%		4.00	%		1.00	%

Operating income:
Hospitality (same-store)⁽²⁾	$	495.5		$	498.5		$	497.0		$	484.5		$	489.5		$	487.0		$	10.0
JW Marriott Desert Ridge		35.0			37.0			36.0			35.0			37.0			36.0			-
Grande Lakes Orlando		11.0			14.0			12.5			11.0			14.0			12.5			-
Entertainment		70.2			71.9			71.0			74.8			79.5			77.1			(6.1	)
Corporate and Other		(50.5	)		(49.0	)		(49.8	)		(50.5	)		(49.0	)		(49.8	)		-
Consolidated operating income	$	561.2		$	572.4		$	566.8		$	554.8		$	571.0		$	562.9		$	3.9

Adjusted EBITDAre:
Hospitality (same-store)⁽²⁾	$	740.0		$	750.0		$	745.0		$	728.0		$	742.0		$	735.0		$	10.0
JW Marriott Desert Ridge		69.0			73.0			71.0			69.0			73.0			71.0			-
Grande Lakes Orlando		30.0			35.0			32.5			30.0			35.0			32.5			-
Entertainment		120.0			124.0			122.0			120.0			130.0			125.0			(3.0	)
Corporate and Other		(39.0	)		(35.0	)		(37.0	)		(39.0	)		(35.0	)		(37.0	)		-
Consolidated Adjusted EBITDAre	$	920.0		$	947.0		$	933.5		$	908.0		$	945.0		$	926.5		$	7.0

Net income	$	287.0		$	293.5		$	290.3		$	276.0		$	283.5		$	279.8		$	10.5
Net income available to common stockholders	$	277.0		$	281.5		$	279.3		$	266.0		$	271.5		$	268.8		$	10.5

FFO available to common stockholders and unit holders	$	593.0		$	609.0		$	601.0		$	580.0		$	601.0		$	590.5		$	10.5
Adjusted FFO available to common stockholders and unit holders	$	625.1		$	648.6		$	636.8		$	606.8		$	636.3		$	621.5		$	15.3

Net income available to common stockholders per diluted share⁽³⁾	$	4.06		$	4.09		$	4.08		$	3.90		$	3.95		$	3.93		$	0.15
Adjusted FFO available to common stockholders and unit holders per diluted share/unit ⁽³⁾	$	9.16		$	9.43		$	9.29		$	8.90		$	9.26		$	9.08		$	0.21

Weighted average shares outstanding - diluted⁽³⁾		70.7			70.7			70.7			70.7			70.7			70.7			-
Weighted average shares and OP units outstanding - diluted⁽³⁾		71.1			71.1			71.1			71.1			71.1			71.1			-

______________________

⁽¹⁾	^{Includes JW Marriott Desert Ridge and Grande Lakes Orlando, 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, and Grande Lakes Orlando, which was acquired September 1, 2026.}
⁽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 October 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 September 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 September 30, 2026, the Company had unrestricted cash of $348.2 million and total debt outstanding of $4,659.3 million, net of unamortized deferred financing costs. As of September 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”). The Company has not entered into definitive 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, November 3, at 10:00 a.m. ET. To participate in the conference call, please register using the link provided in our Third Quarter 2026 Earnings Conference Call announcement issued September 8, 2026, which is available in the News Releases section of the Company’s Investor Relations website at http://ir.rymanhp.com. A confirmation email with dial-in details will be sent after registering. We recommend registering a minimum of thirty minutes prior to the start of the call. A live webcast will also be available on the Company’s Investor Relations website.

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 the Grande Lakes Orlando Resort, the JW Marriott Phoenix Desert Ridge Resort & Spa and the 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 13,956 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 Grande Lakes Orlando, the Company’s ability to identify and capitalize on additional value creation opportunities at Grande Lakes Orlando 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 Grande Lakes Orlando. 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; and
any 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); and
any 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
mfioravanti@rymanhp.com

Jennifer Hutcheson, Chief Financial Officer
(615) 316-6320
jhutcheson@rymanhp.com

Sarah Martin, Vice President, Investor Relations
(615) 316-6011
sarah.martin@rymanhp.com

Media Contact:
Shannon Sullivan, Vice President, Corporate and Brand Communications
(615) 316-6725
ssullivan@rymanhp.com

Ryman Hospitality Properties, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
Unaudited
(In thousands, except per share data)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2026			2025			2026			2025
Revenues:
Rooms	$	219,409		$	195,227		$	675,533		$	585,359
Food and beverage		270,278			233,674			856,062			737,328
Other hotel revenue		73,125			71,968			221,570			192,123
Entertainment		92,989			91,589			316,186			324,443
Total revenues		655,801			592,458			2,069,351			1,839,253

Operating expenses:
Rooms		54,481			48,668			157,656			142,195
Food and beverage		158,134			139,961			475,417			414,252
Other hotel expenses		156,829			144,882			451,711			399,394
Management fees, net		19,946			16,551			63,003			52,930
Total hotel operating expenses		389,390			350,062			1,147,787			1,008,771
Entertainment		70,790			67,935			237,462			248,081
Corporate		12,369			10,062			34,899			31,591
Preopening costs		897			1,289			1,722			1,474
Loss on sale of assets		–			1,296			–			1,296
Impairment charges		4,858			–			4,858			–
Depreciation and amortization		83,163			73,202			235,948			203,882
Total operating expenses		561,467			503,846			1,662,676			1,495,095

Operating income		94,334			88,612			406,675			344,158

Interest expense, net of amounts capitalized		(68,275	)		(64,873	)		(196,269	)		(177,690	)
Interest income		5,096			4,836			14,009			15,878
Loss on extinguishment of debt		–			(380	)		(2,200	)		(2,922	)
Income (loss) from unconsolidated joint ventures		–			(37	)		4			(66	)
Other gains and (losses), net		2,074			2,168			1,453			1,864
Income before income taxes		33,229			30,326			223,672			181,222
(Provision) benefit for income taxes		6,448			3,633			(12,514	)		(8,374	)
Net income		39,677			33,959			211,158			172,848

Net income attributable to noncontrolling interest in OEG		(54	)		(987	)		(3,516	)		(3,792	)
Net (income) loss attributable to other noncontrolling interests		585			1,914			(4,209	)		544
Net income available to common stockholders	$	40,208		$	34,886		$	203,433		$	169,600

Basic income per share available to common stockholders⁽¹⁾	$	0.61		$	0.55		$	3.17		$	2.76
Diluted income per share available to common stockholders⁽¹⁾	$	0.58		$	0.53		$	3.00		$	2.65

Weighted average common shares for the period:
Basic⁽¹⁾		66,307			63,000			64,160			61,435
Diluted⁽¹⁾		70,017			67,335			68,911			65,463

______________________

⁽¹⁾

Ryman Hospitality Properties, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
Unaudited
(In thousands)


	September 30,		December 31,
	2026		2025
ASSETS:
Property and equipment, net of accumulated depreciation	$	6,466,416	$	4,970,429
Cash and cash equivalents - unrestricted		348,177		471,421
Cash and cash equivalents - restricted		47,450		28,759
Notes receivable, net		47,856		53,503
Trade receivables, net		116,234		105,903
Deferred income tax assets, net		58,154		67,669
Prepaid expenses and other assets		253,973		196,798
Intangible assets and goodwill, net		303,079		286,701
Total assets	$	7,641,339	$	6,181,183

LIABILITIES AND EQUITY:
Debt and finance lease obligations	$	4,659,308	$	3,976,913
Accounts payable and accrued liabilities		633,370		517,708
Distributions payable		85,594		78,819
Deferred management rights proceeds		162,385		162,901
Operating lease liabilities		163,694		158,815
Other liabilities		78,004		74,251
Noncontrolling interest in OEG		444,096		422,691
Total equity		1,414,888		789,085
Total liabilities and equity	$	7,641,339	$	6,181,183

Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Adjusted EBITDAre Reconciliation
Unaudited
(In thousands)


	Three Months Ended										Nine Months Ended
	September 30,										September 30,
	2026					2025					2026					2025
	$			Margin		$			Margin		$			Margin		$			Margin
Consolidated:
Revenue	$	655,801				$	592,458				$	2,069,351				$	1,839,253
Net income	$	39,677		6.1	%	$	33,959		5.7	%	$	211,158		10.2	%	$	172,848		9.4	%
Interest expense, net		63,179					60,037					182,260					161,812
Provision (benefit) for income taxes		(6,448	)				(3,633	)				12,514					8,374
Depreciation and amortization		83,163					73,202					235,948					203,882
Loss on sale of assets		–					1,296					–					1,296
Pro rata EBITDAre from unconsolidated joint ventures		–					(1	)				2					1
EBITDAre		179,571		27.4	%		164,860		27.8	%		641,882		31.0	%		548,213		29.8	%
Preopening costs		897					1,289					1,722					1,474
Non-cash lease expense		999					1,219					3,591					3,053
Equity-based compensation expense		4,113					3,660					11,742					10,777
Pension settlement charge		428					640					428					640
Impairment charges		4,858					–					4,858					–
Interest income on Gaylord National bonds		929					1,025					2,980					3,252
Loss on extinguishment of debt		–					380					2,200					2,922
Transaction costs of acquisitions		–					–					–					100
Pro rata adjusted EBITDAre from unconsolidated joint ventures		–					–					(4	)				–
Adjusted EBITDAre		191,795		29.2	%		173,073		29.2	%		669,399		32.3	%		570,431		31.0	%
Adjusted EBITDAre of noncontrolling interest		(6,622	)				(6,705	)				(27,169	)				(23,626	)
Adjusted EBITDAre, excluding noncontrolling interest	$	185,173		28.2	%	$	166,368		28.1	%	$	642,230		31.0	%	$	546,805		29.7	%

Hospitality segment:
Revenue	$	562,812				$	500,869				$	1,753,165				$	1,514,810
Operating income	$	99,975		17.8	%	$	87,078		17.4	%	$	398,705		22.7	%	$	330,807		21.8	%
Depreciation and amortization		73,447					63,729					206,673					175,232
Non-cash lease expense		512					1,184					2,125					3,134
Interest income on Gaylord National bonds		929					1,025					2,980					3,252
Other gains and (losses), net		3,405					3,299					3,397					3,299
Adjusted EBITDAre	$	178,268		31.7	%	$	156,315		31.2	%	$	613,880		35.0	%	$	515,724		34.0	%

Same-store Hospitality segment:⁽¹⁾
Revenue	$	501,750				$	464,751				$	1,557,586				$	1,473,343
Operating income	$	104,497		20.8	%	$	90,754		19.5	%	$	367,040		23.6	%	$	337,066		22.9	%
Depreciation and amortization		59,718					55,335					175,850					164,895
Non-cash lease expense		909					945					2,725					2,837
Interest income on Gaylord National bonds		929					1,025					2,980					3,252
Other gains and (losses), net		3,405					3,299					3,397					3,299
Adjusted EBITDAre	$	169,458		33.8	%	$	151,358		32.6	%	$	551,992		35.4	%	$	511,349		34.7	%

Entertainment segment:
Revenue	$	92,989				$	91,589				$	316,186				$	324,443
Operating income	$	6,984		7.5	%	$	11,827		12.9	%	$	43,641		13.8	%	$	45,638		14.1	%
Depreciation and amortization		9,460					9,242					28,503					27,954
Preopening costs		897					1,289					1,722					1,474
Non-cash lease (revenue) expense		487					35					1,466					(81	)
Equity-based compensation		1,129					1,087					3,224					3,135
Impairment charges		4,858					–					4,858					–
Loss on sale of assets		–					1,296					–					1,296
Other gains and (losses), net		–					–					–					136
Transaction costs of acquisitions		–					–					–					100
Pro rata adjusted EBITDAre from unconsolidated joint ventures		–					(38	)				–					(67	)
Adjusted EBITDAre	$	23,815		25.6	%	$	24,738		27.0	%	$	83,414		26.4	%	$	79,585		24.5	%

Corporate and Other segment:
Operating loss	$	(12,625	)			$	(10,293	)			$	(35,671	)			$	(32,287	)
Depreciation and amortization		256					231					772					696
Other gains and (losses), net		(1,331	)				(1,131	)				(1,942	)				(1,569	)
Equity-based compensation		2,984					2,573					8,518					7,642
Pension settlement charge		428					640					428					640
Adjusted EBITDAre	$	(10,288	)			$	(7,980	)			$	(27,895	)			$	(24,878	)

______________________

⁽¹⁾	^{Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025, and Grande Lakes Orlando, which was acquired September 1, 2026.}

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						Nine Months Ended
	September 30,						September 30,
	2026			2025			2026			2025
Net income available to common stockholders	$	40,208		$	34,886		$	203,433		$	169,600
Noncontrolling interest in OP Units		235			218			1,257			1,092
Net income available to common stockholders and unit holders		40,443			35,104			204,690			170,692
Depreciation and amortization		83,025			73,053			235,579			203,635
Adjustments for noncontrolling interest		(3,026	)		(3,019	)		(9,126	)		(9,142	)
FFO available to common stockholders and unit holders		120,442			105,138			431,143			365,185

Right-of-use asset amortization		138			149			369			247
Non-cash lease expense		999			1,219			3,591			3,053
Pension settlement charge		428			640			428			640
Impairment charges		4,858			–			4,858			–
Pro rata adjustments from joint ventures		–			–			(4	)		–
Loss on sale of assets		–			1,296			–			1,296
Amortization of deferred financing costs		3,302			3,155			9,654			8,762
Amortization of debt discounts and premiums		509			387			1,368			1,375
Loss on extinguishment of debt		–			380			2,200			2,922
Adjustments for noncontrolling interest		(1,634	)		(1,621	)		(3,699	)		(3,639	)
Transaction costs of acquisitions		–			–			–			100
Deferred tax provision (benefit)		(7,512	)		(4,391	)		9,099			5,079
Adjusted FFO available to common stockholders and unit holders	$	121,530		$	106,352		$	459,007		$	385,020

Basic net income per share⁽¹⁾	$	0.61		$	0.55		$	3.17		$	2.76
Diluted net income per share⁽¹⁾	$	0.58		$	0.53		$	3.00		$	2.65

FFO available to common stockholders and unit holders per basic share/unit⁽¹⁾	$	1.81		$	1.66		$	6.68		$	5.91
Adjusted FFO available to common stockholders and unit holders per basic share/unit⁽¹⁾	$	1.82		$	1.68		$	7.11		$	6.23

FFO available to common stockholders and unit holders per diluted share/unit⁽¹⁾	$	1.75		$	1.60		$	6.39		$	5.72
Adjusted FFO available to common stockholders and unit holders per diluted share/unit⁽¹⁾	$	1.79		$	1.63		$	6.84		$	6.06

Weighted average common shares and OP units for the period:
Basic⁽¹⁾		66,702			63,395			64,555			61,830
Diluted⁽¹⁾		70,412			67,730			69,306			65,858

______________________

⁽¹⁾

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										Nine Months Ended
	September 30,										September 30,
	2026					2025					2026					2025
	$			Margin		$			Margin		$			Margin		$			Margin
Hospitality segment:
Revenue	$	562,812				$	500,869				$	1,753,165				$	1,514,810
Operating income	$	99,975		17.8	%	$	87,078		17.4	%	$	398,705		22.7	%	$	330,807		21.8	%
Depreciation and amortization		73,447					63,729					206,673					175,232
Non-cash lease expense		512					1,184					2,125					3,134
Interest income on Gaylord National bonds		929					1,025					2,980					3,252
Other gains and (losses), net		3,405					3,299					3,397					3,299
Adjusted EBITDAre	$	178,268		31.7	%	$	156,315		31.2	%	$	613,880		35.0	%	$	515,724		34.0	%

Performance metrics:
Occupancy		69.2	%				66.6	%				70.0	%				69.8	%
ADR	$	267.51				$	257.74				$	281.92				$	260.25
RevPAR	$	185.12				$	171.63				$	197.34				$	181.60
OtherPAR	$	289.73				$	268.70				$	314.81				$	288.35
Total RevPAR	$	474.85				$	440.33				$	512.15				$	469.95

Same-store Hospitality segment:⁽¹⁾
Revenue	$	501,750				$	464,751				$	1,557,586				$	1,473,343
Operating income	$	104,497		20.8	%	$	90,754		19.5	%	$	367,040		23.6	%	$	337,066		22.9	%
Depreciation and amortization		59,718					55,335					175,850					164,895
Non-cash lease expense		909					945					2,725					2,837
Interest income on Gaylord National bonds		929					1,025					2,980					3,252
Other gains and (losses), net		3,405					3,299					3,397					3,299
Adjusted EBITDAre	$	169,458		33.8	%	$	151,358		32.6	%	$	551,992		35.4	%	$	511,349		34.7	%

Performance metrics:
Occupancy		70.3	%				67.3	%				70.3	%				70.3	%
ADR	$	266.63				$	258.04				$	273.81				$	260.52
RevPAR	$	187.49				$	173.71				$	192.41				$	183.17
OtherPAR	$	290.33				$	268.87				$	307.45				$	289.66
Total RevPAR	$	477.82				$	442.58				$	499.86				$	472.83

Gaylord Opryland:
Revenue	$	124,963				$	110,078				$	378,532				$	336,721
Operating income	$	35,879		28.7	%	$	30,683		27.9	%	$	112,268		29.7	%	$	95,925		28.5	%
Depreciation and amortization		9,322					8,132					27,421					24,767
Non-cash lease revenue		(7	)				(10	)				(23	)				(29	)
Adjusted EBITDAre	$	45,194		36.2	%	$	38,805		35.3	%	$	139,666		36.9	%	$	120,663		35.8	%

Performance metrics:
Occupancy		73.6	%				64.0	%				72.5	%				68.1	%
ADR	$	269.32				$	268.20				$	271.14				$	258.31
RevPAR	$	198.29				$	171.68				$	196.70				$	175.79
OtherPAR	$	272.04				$	242.62				$	283.41				$	251.29
Total RevPAR	$	470.33				$	414.30				$	480.11				$	427.08

Gaylord Palms:
Revenue	$	69,736				$	66,745				$	255,873				$	228,251
Operating income	$	7,743		11.1	%	$	7,997		12.0	%	$	58,604		22.9	%	$	45,450		19.9	%
Depreciation and amortization		8,984					8,851					26,711					25,670
Non-cash lease expense		916					955					2,748					2,866
Adjusted EBITDAre	$	17,643		25.3	%	$	17,803		26.7	%	$	88,063		34.4	%	$	73,986		32.4	%

Performance metrics:
Occupancy		65.2	%				64.2	%				72.5	%				73.0	%
ADR	$	232.93				$	230.01				$	269.80				$	250.64
RevPAR	$	151.97				$	147.75				$	195.51				$	182.92
OtherPAR	$	289.24				$	274.54				$	350.04				$	303.74
Total RevPAR	$	441.21				$	422.29				$	545.55				$	486.66

______________________

⁽¹⁾	^{Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025, and Grande Lakes Orlando, which was acquired September 1, 2026.}


	Three Months Ended										Nine Months Ended
	September 30,										September 30,
	2026					2025					2026					2025
	$			Margin		$			Margin		$			Margin		$			Margin
Gaylord Texan:
Revenue	$	80,261				$	74,082				$	245,891				$	242,953
Operating income	$	18,933		23.6	%	$	16,480		22.2	%	$	66,266		26.9	%	$	69,177		28.5	%
Depreciation and amortization		7,990					6,221					22,996					18,307
Adjusted EBITDAre	$	26,923		33.5	%	$	22,701		30.6	%	$	89,262		36.3	%	$	87,484		36.0	%

Performance metrics:
Occupancy		71.4	%				67.0	%				68.9	%				70.7	%
ADR	$	262.01				$	248.99				$	264.61				$	253.19
RevPAR	$	187.15				$	166.86				$	182.38				$	178.91
OtherPAR	$	293.77				$	277.04				$	314.15				$	311.68
Total RevPAR	$	480.92				$	443.90				$	496.53				$	490.59

Gaylord National:
Revenue	$	82,900				$	78,098				$	247,549				$	242,340
Operating income	$	13,045		15.7	%	$	11,340		14.5	%	$	38,820		15.7	%	$	36,632		15.1	%
Depreciation and amortization		8,674					8,466					25,661					25,398
Interest income on Gaylord National bonds		929					1,025					2,980					3,252
Other gains and (losses), net		3,405					3,299					3,397					3,299
Adjusted EBITDAre	$	26,053		31.4	%	$	24,130		30.9	%	$	70,858		28.6	%	$	68,581		28.3	%

Performance metrics:
Occupancy		66.1	%				65.7	%				66.8	%				68.6	%
ADR	$	260.56				$	241.65				$	269.59				$	251.56
RevPAR	$	172.15				$	158.79				$	180.11				$	172.58
OtherPAR	$	279.30				$	266.51				$	274.18				$	272.16
Total RevPAR	$	451.45				$	425.30				$	454.29				$	444.74

Gaylord Rockies:
Revenue	$	86,102				$	77,951				$	243,086				$	230,621
Operating income	$	23,436		27.2	%	$	17,156		22.0	%	$	61,673		25.4	%	$	53,777		23.3	%
Depreciation and amortization		15,216					14,913					45,545					44,662
Adjusted EBITDAre	$	38,652		44.9	%	$	32,069		41.1	%	$	107,218		44.1	%	$	98,439		42.7	%

Performance metrics:
Occupancy		82.9	%				83.6	%				79.3	%				78.7	%
ADR	$	275.64				$	266.03				$	270.23				$	261.20
RevPAR	$	228.57				$	222.36				$	214.22				$	205.69
OtherPAR	$	394.95				$	342.13				$	379.00				$	357.11
Total RevPAR	$	623.52				$	564.49				$	593.22				$	562.80

JW Marriott Hill Country:
Revenue	$	50,585				$	51,615				$	166,642				$	173,464
Operating income	$	4,777		9.4	%	$	6,849		13.3	%	$	27,967		16.8	%	$	34,948		20.1	%
Depreciation and amortization		8,555					7,937					24,910					23,687
Adjusted EBITDAre	$	13,332		26.4	%	$	14,786		28.6	%	$	52,877		31.7	%	$	58,635		33.8	%

Performance metrics:
Occupancy		62.6	%				66.7	%				64.1	%				70.1	%
ADR	$	343.98				$	337.63				$	342.19				$	334.35
RevPAR	$	215.41				$	225.31				$	219.28				$	234.36
OtherPAR	$	333.33				$	334.61				$	389.91				$	399.77
Total RevPAR	$	548.74				$	559.92				$	609.19				$	634.13


	Three Months Ended										Nine Months Ended
	September 30,										September 30,
	2026					2025					2026					2025
	$			Margin		$			Margin		$			Margin		$			Margin
JW Marriott Desert Ridge:⁽¹⁾
Revenue	$	39,071				$	36,118				$	173,588				$	41,467
Operating income (loss)	$	(2,671	)	(6.8	)%	$	(3,676	)	(10.2	)%	$	33,516		19.3	%	$	(6,259	)	(15.1	)%
Depreciation and amortization		8,675					8,394					25,769					10,337
Non-cash lease (revenue) expense		(397	)				239					(600	)				297
Adjusted EBITDAre	$	5,607		14.4	%	$	4,957		13.7	%	$	58,685		33.8	%	$	4,375		10.6	%

Performance metrics:
Occupancy		59.1	%				57.9	%				68.0	%				54.4	%
ADR	$	252.56				$	253.43				$	376.93				$	250.08
RevPAR	$	149.30				$	146.63				$	256.43				$	136.07
OtherPAR	$	297.73				$	266.62				$	412.89				$	250.20
Total RevPAR	$	447.03				$	413.25				$	669.32				$	386.27

Grande Lakes Orlando:⁽¹⁾
Revenue	$	21,991				$	–				$	21,991				$	–
Operating loss	$	(1,851	)	(8.4	)%	$	–		N/A	%	$	(1,851	)	(8.4	)%	$	–		N/A	%
Depreciation and amortization		5,054					–					5,054					–
Adjusted EBITDAre	$	3,203		14.6	%	$	–		N/A	%	$	3,203		14.6	%	$	–		N/A	%

Performance metrics:
Occupancy		63.1	%				N/A	%				63.1	%				N/A	%
ADR	$	314.64				$	N/A				$	314.64				$	N/A
RevPAR	$	198.49				$	N/A				$	198.49				$	N/A
OtherPAR	$	261.96				$	N/A				$	261.96				$	N/A
Total RevPAR	$	460.45				$	N/A				$	460.45				$	N/A

The AC Hotel at National Harbor:
Revenue	$	3,114				$	2,880				$	9,670				$	9,140
Operating income	$	87		2.8	%	$	253		8.8	%	$	1,120		11.6	%	$	1,124		12.3	%
Depreciation and amortization		382					224					833					669
Adjusted EBITDAre	$	469		15.1	%	$	477		16.6	%	$	1,953		20.2	%	$	1,793		19.6	%

Performance metrics:
Occupancy		63.9	%				61.7	%				60.9	%				58.8	%
ADR	$	246.01				$	233.22				$	268.06				$	258.12
RevPAR	$	157.10				$	143.95				$	163.16				$	151.75
OtherPAR	$	19.23				$	19.07				$	21.33				$	22.62
Total RevPAR	$	176.33				$	163.02				$	184.49				$	174.37

The Inn at Opryland:⁽²⁾
Revenue	$	4,089				$	3,302				$	10,343				$	9,853
Operating income (loss)	$	597		14.6	%	$	(4	)	(0.1	)%	$	322		3.1	%	$	33		0.3	%
Depreciation and amortization		595					591					1,773					1,735
Adjusted EBITDAre	$	1,192		29.2	%	$	587		17.8	%	$	2,095		20.3	%	$	1,768		17.9	%

Performance metrics:
Occupancy		56.0	%				53.6	%				48.8	%				51.9	%
ADR	$	200.85				$	161.88				$	197.83				$	171.75
RevPAR	$	112.47				$	86.81				$	96.56				$	89.12
OtherPAR	$	34.16				$	31.61				$	28.47				$	29.98
Total RevPAR	$	146.63				$	118.42				$	125.03				$	119.10

______________________

⁽¹⁾	^{JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore nine months results are not comparable to the prior year period. Grande Lakes Orlando was acquired by the Company on September 1, 2026, therefore there are no comparable figures.}
⁽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				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Earnings per share:

Numerator:
Net income available to common stockholders	$	40,208	$	34,886	$	203,433	$	169,600
Net income attributable to noncontrolling interest in OEG		54		987		3,516		3,792
Net income available to common stockholders - if-converted method	$	40,262	$	35,873	$	206,949	$	173,392

Denominator:
Weighted average shares outstanding - basic		66,307		63,000		64,160		61,435
Effect of dilutive equity-based compensation		250		166		208		184
Effect of dilutive put rights⁽¹⁾		3,460		4,169		4,543		3,844
Weighted average shares outstanding - diluted		70,017		67,335		68,911		65,463

Basic income per share available to common stockholders	$	0.61	$	0.55	$	3.17	$	2.76
Diluted income per share available to common stockholders⁽¹⁾	$	0.58	$	0.53	$	3.00	$	2.65

FFO per share/unit:

Numerator:
FFO available to common stockholders and unit holders	$	120,442	$	105,138	$	431,143	$	365,185
Net income attributable to noncontrolling interest in OEG		54		987		3,516		3,792
FFO adjustments for noncontrolling interest in OEG		2,654		2,574		8,008		7,808
FFO available to common stockholders and unit holders - if-converted method	$	123,150	$	108,699	$	442,667	$	376,785

Denominator:
Weighted average shares and OP units outstanding - basic		66,702		63,395		64,555		61,830
Effect of dilutive equity-based compensation		250		166		208		184
Effect of dilutive put rights⁽¹⁾		3,460		4,169		4,543		3,844
Weighted average shares and OP units outstanding - diluted		70,412		67,730		69,306		65,858

FFO available to common stockholders and unit holders per basic share/unit	$	1.81	$	1.66	$	6.68	$	5.91
FFO available to common stockholders and unit holders per diluted share/unit⁽¹⁾	$	1.75	$	1.60	$	6.39	$	5.72

Adjusted FFO per share/unit:

Numerator:
Adjusted FFO available to common stockholders and unit holders	$	121,530	$	106,352	$	459,007	$	385,020
Net income attributable to noncontrolling interest in OEG		54		987		3,516		3,792
FFO adjustments for noncontrolling interest in OEG		2,654		2,574		8,008		7,808
Adjusted FFO adjustments for noncontrolling interest in OEG		1,634		661		3,699		2,679
Adjusted FFO available to common stockholders and unit holders - if-converted method	$	125,872	$	110,574	$	474,230	$	399,299

Denominator:
Weighted average shares and OP units outstanding - basic		66,702		63,395		64,555		61,830
Effect of dilutive equity-based compensation		250		166		208		184
Effect of dilutive put rights⁽¹⁾		3,460		4,169		4,543		3,844
Weighted average shares and OP units outstanding - diluted		70,412		67,730		69,306		65,858

Adjusted FFO available to common stockholders and unit holders per basic share/unit	$	1.82	$	1.68	$	7.11	$	6.23
Adjusted FFO available to common stockholders and unit holders per diluted share/unit⁽¹⁾	$	1.79	$	1.63	$	6.84	$	6.06

______________________

⁽¹⁾

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)


	Guidance Range
	For Full Year 2026⁽¹⁾
	Low			High			Midpoint
Consolidated:
Net income	$	287,000		$	293,500		$	290,250
Provision for income taxes		12,500			14,500			13,500
Interest expense, net		258,450			262,700			260,575
Depreciation and amortization		327,500			337,000			332,250
EBITDAre	$	885,450		$	907,700		$	896,575
Non-cash lease expense		4,000			5,250			4,625
Preopening costs		2,000			2,500			2,250
Equity-based compensation expense		15,000			16,500			15,750
Pension settlement charge		3,000			3,500			3,250
Interest income on Gaylord National bonds		3,500			4,500			4,000
Impairment		4,850			4,850			4,850
Loss on extinguishment of debt		2,200			2,200			2,200
Adjusted EBITDAre	$	920,000		$	947,000		$	933,500

Hospitality segment:
Operating income	$	541,500		$	549,500		$	545,500
Depreciation and amortization		288,000			296,000			292,000
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	$	839,000		$	858,000		$	848,500

Hospitality segment (same-store)⁽²⁾
Operating income	$	495,500		$	498,500		$	497,000
Depreciation and amortization		235,000			239,000			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	$	740,000		$	750,000		$	745,000

JW Marriott Desert Ridge
Operating income	$	35,000		$	37,000		$	36,000
Depreciation and amortization		34,000			36,000			35,000
Adjusted EBITDAre	$	69,000		$	73,000		$	71,000

Grande Lakes Orlando
Operating income	$	11,000		$	14,000		$	12,500
Depreciation and amortization		19,000			21,000			20,000
Adjusted EBITDAre	$	30,000		$	35,000		$	32,500

Entertainment segment:
Operating income	$	70,150		$	71,900		$	71,025
Depreciation and amortization		37,500			38,500			38,000
Non-cash lease expense		1,000			1,250			1,125
Preopening costs		2,000			2,500			2,250
Equity-based compensation		4,500			5,000			4,750
Impairment		4,850			4,850			4,850
Adjusted EBITDAre	$	120,000		$	124,000		$	122,000

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		3,000			3,500			3,250
Other gains and (losses), net		(4,000	)		(3,500	)		(3,750	)
Adjusted EBITDAre	$	(39,000	)	$	(35,000	)	$	(37,000	)

______________________

⁽¹⁾	^{Includes JW Marriott Desert Ridge and Grande Lakes Orlando, 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, and Grande Lakes Orlando, which was acquired September 1, 2026.}

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)


	Guidance Range
	For Full Year 2026⁽¹⁾
	Low			High			Midpoint
Consolidated:
Net income available to common stockholders	$	277,000		$	281,500		$	279,250
Noncontrolling interest in OP units		1,000			2,000			1,500
Net income available to common stockholders and unit holders	$	278,000		$	283,500		$	280,750
Depreciation and amortization		327,500			337,000			332,250
Adjustments for noncontrolling interest		(12,500	)		(11,500	)		(12,000	)
FFO available to common stockholders and unit holders	$	593,000		$	609,000		$	601,000
Right-of-use asset amortization		–			500			250
Non-cash lease expense		4,000			5,250			4,625
Pension settlement charge		3,000			3,500			3,250
Loss on extinguishment of debt		2,200			2,200			2,200
Adjustments for noncontrolling interest		(5,000	)		(4,000	)		(4,500	)
Amortization of deferred financing costs		13,000			14,500			13,750
Amortization of debt discounts and premiums		1,500			2,500			2,000
Impairment		4,850			4,850			4,850
Deferred tax provision		8,500			10,250			9,375
Adjusted FFO available to common stockholders and unit holders	$	625,050		$	648,550		$	636,800

Net income available to common stockholders per diluted share⁽²⁾	$	4.06		$	4.09		$	4.08
Adjusted FFO available to common stockholders and unit holders per diluted share/unit⁽²⁾	$	9.16		$	9.43		$	9.29

Estimated weighted average shares outstanding - diluted (in millions) ⁽²⁾		70.7			70.7			70.7
Estimated weighted average shares and OP units outstanding - diluted (in millions) ⁽²⁾		71.1			71.1			71.1

______________________

⁽¹⁾	^{Includes JW Marriott Desert Ridge and Grande Lakes Orlando. Amounts are calculated based on unrounded numbers.}
⁽²⁾	^{Includes the impact of approximately 5.9 million additional shares issued August 12, 2026. 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		Midpoint
Earnings per share:
Numerator:
Net income available to common stockholders	$	277,000	$	281,500	$	279,250
Net income attributable to noncontrolling interest in OEG		10,000		8,000		9,000
Net income available to common stockholders - if-converted method	$	287,000	$	289,500	$	288,250

Denominator:
Estimated weighted average shares outstanding - diluted (in millions) ⁽¹⁾		70.7		70.7		70.7

Diluted income per share available to common stockholders	$	4.06	$	4.09	$	4.08


Adjusted FFO per share:
Numerator:
Adjusted FFO available to common stockholders and unit holders	$	625,050	$	648,550	$	636,800
Net income attributable to noncontrolling interest in OEG		10,000		8,000		9,000
FFO adjustments for noncontrolling interest in OEG		11,000		10,000		10,500
Adjusted FFO Adjustments for noncontrolling interest in OEG		5,000		4,000		4,500
Adjusted FFO available to common stockholders and unit holders - if-converted method	$	651,050	$	670,550	$	660,800

Denominator:
Estimated weighted average shares and OP units outstanding - diluted (in millions) ⁽¹⁾		71.1		71.1		71.1

Adjusted FFO available to common stockholders and unit holders per diluted share/unit	$	9.16	$	9.43	$	9.29

______________________

⁽¹⁾

^{Includes the impact of approximately 5.9 million shares issued August 12, 2026. 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.}


	Prior Guidance Range
	For Full Year 2026⁽¹⁾
	Low			High			Midpoint
Consolidated:
Net income	$	276,000		$	283,500		$	279,750
Provision for income taxes		12,500			14,500			13,500
Interest expense, net		262,250			269,500			265,875
Depreciation and amortization		325,500			339,000			332,250
EBITDAre	$	876,250		$	906,500		$	891,375
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	$	908,000		$	945,000		$	926,500

Hospitality segment:
Operating income	$	530,500		$	540,500		$	535,500
Depreciation and amortization		287,000			297,000			292,000
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	$	827,000		$	850,000		$	838,500

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
Adjusted EBITDAre	$	69,000		$	73,000		$	71,000

Grande Lakes Orlando
Operating income	$	11,000		$	14,000		$	12,500
Depreciation and amortization		19,000			21,000			20,000
Adjusted EBITDAre	$	30,000		$	35,000		$	32,500

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 and Grande Lakes Orlando, 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, and Grande Lakes Orlando, which was acquired September 1, 2026.}


	Prior Guidance Range
	For Full Year 2026⁽¹⁾
	Low			High			Midpoint
Consolidated:
Net income available to common stockholders	$	266,000		$	271,500		$	268,750
Noncontrolling interest in OP units		1,000			2,000			1,500
Net income available to common stockholders and unit holders	$	267,000		$	273,500		$	270,250
Depreciation and amortization		325,500			339,000			332,250
Adjustments for noncontrolling interest		(12,500	)		(11,500	)		(12,000	)
FFO available to common stockholders and unit holders	$	580,000		$	601,000		$	590,500
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		13,000			14,500			13,750
Amortization of debt discounts and premiums		1,500			2,500			2,000
Deferred tax provision		8,500			10,250			9,375
Adjusted FFO available to common stockholders and unit holders	$	606,750		$	636,250		$	621,500

Net income available to common stockholders per diluted share⁽²⁾	$	3.90		$	3.95		$	3.93
Adjusted FFO available to common stockholders and unit holders per diluted share/unit⁽²⁾	$	8.90		$	9.26		$	9.08

Estimated weighted average shares outstanding - diluted (in millions) ⁽²⁾		70.7			70.7			70.7
Estimated weighted average shares and OP units outstanding - diluted (in millions) ⁽²⁾		71.1			71.1			71.1

______________________

⁽¹⁾	^{Includes JW Marriott Desert Ridge and Grande Lakes Orlando. Amounts are calculated based on unrounded numbers.}
⁽²⁾	^{Includes the impact of approximately 5.9 million shares issued August 12, 2026. 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.}


	Prior Guidance Range
	For Full Year 2026
	Low		High		Midpoint
Earnings per share:
Numerator:
Net income available to common stockholders	$	266,000	$	271,500	$	268,750
Net income attributable to noncontrolling interest in OEG		10,000		8,000		9,000
Net income available to common stockholders - if-converted method	$	276,000	$	279,500	$	277,750

Denominator:
Estimated weighted average shares outstanding - diluted (in millions) ⁽¹⁾		70.7		70.7		70.7

Diluted income per share available to common stockholders	$	3.90	$	3.95	$	3.93


Adjusted FFO per share:
Numerator:
Adjusted FFO available to common stockholders and unit holders	$	606,750	$	636,250	$	621,500
Net income attributable to noncontrolling interest in OEG		10,000		8,000		9,000
FFO adjustments for noncontrolling interest in OEG		11,000		10,000		10,500
Adjusted FFO Adjustments for noncontrolling interest in OEG		5,000		4,000		4,500
Adjusted FFO available to common stockholders and unit holders - if-converted method	$	632,750	$	658,250	$	645,500

Denominator:
Estimated weighted average shares and OP units outstanding - diluted (in millions) ⁽¹⁾		71.1		71.1		71.1

Adjusted FFO available to common stockholders and unit holders per diluted share/unit	$	8.90	$	9.26	$	9.08

______________________

⁽¹⁾

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Ryman Hospitality Properties' third-quarter 2026 earnings?

Ryman reported $39.7 million in net income and diluted earnings of $0.58 for the quarter ended September 30, 2026. Those figures increased 16.8% and 9.4%, respectively, from the prior-year quarter. Revenue increased 10.7% to $655.8 million.

How did Ryman fund its Grande Lakes Orlando acquisition?

Ryman used net proceeds from an 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. The acquisition closed on September 1, 2026.

Which hotels are excluded from Ryman's same-store Hospitality results?

Ryman's same-store Hospitality results exclude JW Marriott Desert Ridge, acquired June 10, 2025, and Grande Lakes Orlando, acquired September 1, 2026.

Ryman Hospitality Properties, Inc. Reports Third Quarter 2026 Results

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What were Ryman Hospitality Properties' third-quarter 2026 earnings?

How did Ryman fund its Grande Lakes Orlando acquisition?

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Ryman Hospitality Properties, Inc. Reports Third Quarter 2026 Results

Rhea-AI Summary

Positive

Negative

News Explained

Key Figures

Previous Earnings Reports

Key Terms

FAQ

What were Ryman Hospitality Properties' third-quarter 2026 earnings?

How did Ryman fund its Grande Lakes Orlando acquisition?

Which hotels are excluded from Ryman's same-store Hospitality results?

Keep reading

More on RHP

Trending in the feed

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