Record Q2 for Ryman Hospitality (NYSE: RHP) as guidance rises

Q: What were Ryman Hospitality (RHP) revenues and earnings for Q2 2026?

Ryman Hospitality reported $748,978 thousand in total revenue for Q2 2026, up 13.6% year over year, and net income of $102,079 thousand , up 34.5%. Diluted net income per share rose to $1.42 from $1.12 in Q2 2025.

Q: How did Ryman Hospitality’s (RHP) Hospitality segment perform in Q2 2026?

The Hospitality segment generated $604,964 thousand of revenue in Q2 2026, up 17.2% from 2025, and Adjusted EBITDAre of $223,042 thousand , up 19.6%. Hospitality Adjusted EBITDAre margin improved to 36.9% from 36.1%.

Q: How did Ryman Hospitality’s (RHP) Entertainment segment perform in Q2 2026?

The Entertainment segment posted revenue of $144,014 thousand in Q2 2026, slightly above 2025, while Adjusted EBITDAre rose 29.5% to $43,918 thousand . Management described this as record quarterly Adjusted EBITDAre, with the margin improving to 30.5%.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Ryman Hospitality Properties reported second quarter 2026 results with total revenue of $748.978 million, up 13.6% from 2025, and net income of $102.079 million, up 34.5%. Diluted net income per share rose to $1.42 from $1.12, while Adjusted EBITDAre increased 21.9% to $258.311 million, expanding the margin to 34.5%.

The Hospitality segment generated revenue of $604.964 million, up 17.2%, and Adjusted EBITDAre of $223.042 million, up 19.6%, driven by higher ADR and Total RevPAR. Management said the Entertainment segment delivered record quarterly Adjusted EBITDAre of $43.918 million as its margin improved to 30.5%.

For 2026, the company raised the midpoints of its guidance ranges, including same-store Hospitality RevPAR and Total RevPAR growth to 4.0% and consolidated Adjusted EBITDAre to $894.0 million. Expected 2026 capital expenditures were increased to approximately $400–$500 million, with about $241 million spent in the first half.

Positive

Management reported record quarterly consolidated revenue of $748,978 thousand and record Adjusted EBITDAre of $258,311 thousand, both showing double-digit growth versus 2025 and margin expansion.
Full-year 2026 outlook was raised, increasing consolidated Adjusted EBITDAre guidance midpoint to $894.0 million and same-store Hospitality RevPAR and Total RevPAR growth midpoints to 4.00%.

Negative

None.

Filing Explained

As of June 30, 2026, Ryman Hospitality Properties had lower unrestricted cash than at December 31, 2025, while debt and finance lease obligations were broadly similar. The filing therefore adds a lower-cash, broadly similar-debt liquidity position to the reported results.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q2 2026 total revenue: $748,978 thousand Q2 2026 net income: $102,079 thousand Q2 2026 diluted EPS: $1.42 per share +5 more

8 metrics

Q2 2026 total revenue $748,978 thousand Three months ended June 30, 2026; up 13.6% from $659,515 thousand in 2025

Q2 2026 net income $102,079 thousand Three months ended June 30, 2026; up 34.5% from $75,875 thousand in 2025

Q2 2026 diluted EPS $1.42 per share Net income available to common stockholders per diluted share for Q2 2026; up 26.8% from $1.12

Q2 2026 Adjusted EBITDAre $258,311 thousand Consolidated Adjusted EBITDAre for three months ended June 30, 2026; up 21.9%

2026 consolidated Adjusted EBITDAre guidance midpoint $894.0 million Full-year 2026 guidance range $878.0–$910.0 million; midpoint raised from $883.0 million

2026 same-store Hospitality RevPAR growth midpoint 4.00% Full-year 2026 guidance range 3.50%–4.50%; midpoint increased from 3.00%

2026 expected capital expenditures $400 to $500 million Full-year 2026 capex outlook, increased from $350 to $450 million; first-half 2026 capex about $241 million

Cash and cash equivalents as of June 30, 2026 $366,125 thousand Unrestricted cash balance on the condensed consolidated balance sheet at June 30, 2026

Key Terms

Adjusted EBITDAre, Funds From Operations, RevPAR, Total RevPAR, +1 more

5 terms

Adjusted EBITDAre financial

"Adjusted EBITDA re increased 21.9% to $258,311"

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.

Funds From Operations financial

"Funds From Operations (FFO) available to common stockholders"

Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.

RevPAR financial

"RevPAR | $ 206.52 | $ 189.77 | 8.8 % |"

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.

Total RevPAR financial

"Total RevPAR | $ 537.69 | $ 487.62 | 10.3 %"

Total revenue per available room (total revpar) measures how much money a hotel earns from all its rooms during a specific period, considering both occupied and vacant rooms. It helps investors understand the overall revenue generated by a hotel's entire inventory, similar to how a store's total sales reflect its overall performance. This metric is important because it shows the hotel's ability to maximize income from its available space, regardless of how many rooms are booked.

same-store Hospitality financial

"Same-store Hospitality revenue (1) | $ 544,315 | $ 510,862"

Earnings Snapshot

Total revenue Q2 2026: $748,978 thousand · Guidance included

Three and six months ended June 30, 2026

Total revenue Q2 2026 $748,978 thousand up 13.6% from Q2 2025

Net income Q2 2026 $102,079 thousand up 34.5% from Q2 2025

Adjusted EBITDAre Q2 2026 $258,311 thousand up 21.9% from Q2 2025

FFO available to common stockholders and unit holders Q2 2026 $167,229 thousand up 21.9% from Q2 2025

Adjusted FFO per diluted share/unit Q2 2026 $2.77 up 17.9% from $2.35 in Q2 2025

Guidance

Full-year 2026 guidance was raised, with consolidated Adjusted EBITDAre now projected at $878.0–$910.0 million (midpoint $894.0 million), same-store Hospitality RevPAR and Total RevPAR growth at 3.50%–4.50% (midpoint 4.00%), and net income available to common stockholders at $270.5–$273.5 million.

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

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Available on EDGAR 08/07/2026 - 08:16 AM Accepted by SEC EDGAR 08/07/2026 - 08:15 AM

FAQ

What were Ryman Hospitality (RHP) revenues and earnings for Q2 2026?

Ryman Hospitality reported $748,978 thousand in total revenue for Q2 2026, up 13.6% year over year, and net income of $102,079 thousand, up 34.5%. Diluted net income per share rose to $1.42 from $1.12 in Q2 2025.

How did Ryman Hospitality’s (RHP) Hospitality segment perform in Q2 2026?

The Hospitality segment generated $604,964 thousand of revenue in Q2 2026, up 17.2% from 2025, and Adjusted EBITDAre of $223,042 thousand, up 19.6%. Hospitality Adjusted EBITDAre margin improved to 36.9% from 36.1%.

What were the key 2026 guidance changes Ryman Hospitality (RHP) announced?

For 2026, Ryman Hospitality raised midpoints for several metrics, including consolidated Adjusted EBITDAre to a $894.0 million midpoint and same-store Hospitality RevPAR and Total RevPAR growth to a 4.00% midpoint, up from 3.00% previously.

How did Ryman Hospitality’s (RHP) Entertainment segment perform in Q2 2026?

The Entertainment segment posted revenue of $144,014 thousand in Q2 2026, slightly above 2025, while Adjusted EBITDAre rose 29.5% to $43,918 thousand. Management described this as record quarterly Adjusted EBITDAre, with the margin improving to 30.5%.

What capital expenditures is Ryman Hospitality (RHP) planning for 2026?

Ryman Hospitality expects 2026 capital expenditures of approximately $400 to $500 million, up from a prior $350 to $450 million estimate. The change reflects timing and acceleration of spending. First‑half 2026 capital expenditures were about $241 million.

What were Ryman Hospitality’s (RHP) Q2 2026 FFO and Adjusted FFO?

Funds From Operations available to common stockholders and unit holders were $167,229 thousand in Q2 2026, up 21.9%. Adjusted FFO was $181,399 thousand, and Adjusted FFO per diluted share/unit increased to $2.77 from $2.35 a year earlier.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 6, 2026

RYMAN HOSPITALITY PROPERTIES, INC.

(Exact name of registrant as specified in its charter)

Delaware

1-13079

73-0664379

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

One Gaylord Drive

Nashville, Tennessee

37214

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (615) 316-6000

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, par value $.01	RHP	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02.RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On August 6, 2026, Ryman Hospitality Properties, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2026 and revising guidance for certain financial measures for 2026. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

ITEM 9.01.FINANCIAL STATEMENTS AND EXHIBITS.

(d)Exhibits

99.1Press Release of Ryman Hospitality Properties, Inc. dated August 6, 2026.

104Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

RYMAN HOSPITALITY PROPERTIES, INC.

Date: August 7, 2026 By: /s/ Scott J. Lynn

Name: Scott J. Lynn

Title:

Executive Vice President, General Counsel and Secretary

Exhibit 99.1

Ryman Hospitality Properties, Inc. Reports Second Quarter 2026 Results

NASHVILLE, Tenn. (August 6, 2026) – Ryman Hospitality Properties, Inc. (NYSE: RHP), a leading lodging real estate investment trust (“REIT”) specializing in group-oriented, upscale convention center resorts and entertainment experiences, today reported financial results for the three and six months ended June 30, 2026.

Second Quarter 2026 Highlights and Recent Developments:

●

The Company reported all-time quarterly record consolidated revenue of $749.0 million, driven by record second quarter same-store Hospitality⁽¹⁾segment revenue of $544.3 million and all-time quarterly record Entertainment segment revenue of $144.0 million.

●

The Company generated consolidated net income of $102.1 million and consolidated Adjusted EBITDAre of $258.3 million.

●

During the quarter, the Company booked over 768,000 same-store Hospitality Gross Definite Room Nights for all future periods. The estimated average daily rate (ADR) for these bookings was approximately $310, an increase of 8.6% compared to the prior year quarter estimated ADR for future bookings and an all-time quarterly record.

●

The Company is raising its full year outlook due to strong second quarter performance for the Hospitality portfolio and a modest increase in its expectations for the same-store Hospitality business for the second half of 2026.

Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “We delivered record quarterly consolidated revenue and Adjusted EBITDAre, reflecting the continued success of our premium group customer strategy and strong execution in our Entertainment business. In our same-store Hospitality business, higher ADR across all customer segments and strong ancillary spending trends drove results above our expectations, while healthy booking pace and record estimated ADR for future bookings reinforce our confidence in the durability of demand for our differentiated group-focused hotel assets. Our revised outlook incorporates the second quarter outperformance and a modest increase in our expectations for the second half of 2026.”

(1)	Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.

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


		Three Months Ended									Six Months Ended
		June 30,									June 30,
($ in thousands, except per share amounts)								%									%
		2026			2025			Change			2026			2025			Change
Total revenue		$	748,978		$	659,515		13.6	%		$	1,413,550		$	1,246,795		13.4	%

Operating income		$	174,545		$	139,425		25.2	%		$	312,341		$	255,546		22.2	%
Operating income margin			23.3	%		21.1	%	2.2	pts			22.1	%		20.5	%	1.6	pts

Net income		$	102,079		$	75,875		34.5	%		$	171,481		$	138,889		23.5	%
Net income margin			13.6	%		11.5	%	2.1	pts			12.1	%		11.1	%	1.0	pts

Net income available to common stockholders		$	92,750		$	71,753		29.3	%		$	163,225		$	134,714		21.2	%
Net income available to common stockholders margin			12.4	%		10.9	%	1.5	pts			11.5	%		10.8	%	0.7	pts
Net income available to common stockholders per diluted share⁽¹⁾		$	1.42		$	1.12		26.8	%		$	2.46		$	2.13		15.5	%

Adjusted EBITDAre		$	258,311		$	211,856		21.9	%		$	477,604		$	397,358		20.2	%
Adjusted EBITDAre margin			34.5	%		32.1	%	2.4	pts			33.8	%		31.9	%	1.9	pts
Adjusted EBITDAre, excluding noncontrolling interest		$	241,921		$	200,561		20.6	%		$	457,057		$	380,437		20.1	%
Adjusted EBITDAre, excluding noncontrolling interest margin			32.3	%		30.4	%	1.9	pts			32.3	%		30.5	%	1.8	pts

Funds From Operations (FFO) available to common stockholders and unit holders		$	167,229		$	137,145		21.9	%		$	310,701		$	260,047		19.5	%
FFO available to common stockholders and unit holders per diluted share/unit⁽¹⁾		$	2.54		$	2.14		18.7	%		$	4.69		$	4.13		13.6	%

Adjusted FFO available to common stockholders and unit holders		$	181,399		$	148,845		21.9	%		$	337,477		$	278,668		21.1	%
Adjusted FFO available to common stockholders and unit holders per diluted share/unit⁽¹⁾		$	2.77		$	2.35		17.9	%		$	5.11		$	4.44		15.1	%

(1)

Diluted weighted average common shares for the three and six months ended June 30, 2026 and 2025 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2026 and 2025 include 4.9 million and 4.2 million, respectively, and for the six months ended June 30, 2026 and 2025 include 4.5 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.

Note: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest, Adjusted EBITDAre, excluding noncontrolling interest margin, FFO available to common stockholders and unit holders, and Adjusted FFO available to common stockholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measures FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders to Net Income, see “Non-GAAP Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition,” “Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO Available to Common Stockholders and Unit Holders Definition” and “Supplemental Financial Results” below.

Hospitality Segment


		Three Months Ended									Six Months Ended
		June 30,									June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)								%									%
		2026			2025			Change			2026			2025			Change
Hospitality revenue		$	604,964		$	516,211		17.2	%		$	1,190,353		$	1,013,941		17.4	%
Same-store Hospitality revenue⁽¹⁾		$	544,315		$	510,862		6.5	%		$	1,055,836		$	1,008,592		4.7	%

Hospitality operating income		$	153,643		$	126,920		21.1	%		$	298,730		$	243,729		22.6	%
Hospitality operating income margin			25.4	%		24.6	%	0.8	pts			25.1	%		24.0	%	1.1	pts
Hospitality Adjusted EBITDAre		$	223,042		$	186,435		19.6	%		$	435,612		$	359,409		21.2	%
Hospitality Adjusted EBITDAre margin			36.9	%		36.1	%	0.8	pts			36.6	%		35.4	%	1.2	pts

Same-store Hospitality operating income⁽¹⁾		$	141,711		$	129,503		9.4	%		$	262,543		$	246,312		6.6	%
Same-store Hospitality operating income margin⁽¹⁾			26.0	%		25.3	%	0.7	pts			24.9	%		24.4	%	0.5	pts
Same-store Hospitality Adjusted EBITDAre⁽¹⁾		$	202,278		$	187,017		8.2	%		$	382,534		$	359,991		6.3	%
Same-store Hospitality Adjusted EBITDAre margin⁽¹⁾			37.2	%		36.6	%	0.6	pts			36.2	%		35.7	%	0.5	pts

Hospitality performance metrics:
Occupancy			72.7	%		73.3	%	(0.6)	pts			70.4	%		71.5	%	(1.1)	pts
Average Daily Rate (ADR)		$	284.05		$	258.88		9.7	%		$	289.42		$	261.53		10.7	%
RevPAR		$	206.52		$	189.77		8.8	%		$	203.82		$	187.03		9.0	%
Total RevPAR		$	537.69		$	487.62		10.3	%		$	531.91		$	486.10		9.4	%

Same-store Hospitality performance metrics:⁽¹⁾
Occupancy			72.8	%		74.0	%	(1.2)	pts			70.2	%		71.8	%	(1.6)	pts
ADR		$	277.19		$	259.19		6.9	%		$	277.47		$	261.71		6.0	%
RevPAR		$	201.67		$	191.70		5.2	%		$	194.91		$	187.97		3.7	%
Total RevPAR		$	524.05		$	491.84		6.5	%		$	511.07		$	488.20		4.7	%

Gross definite room nights booked			768,697			720,644		6.7	%			1,229,635			1,084,548		13.4	%
Net definite room nights booked			589,929			539,860		9.3	%			832,198			745,054		11.7	%
Group attrition (as % of contracted block)			14.6	%		15.2	%	(0.6)	pts			16.1	%		15.4	%	0.7	pts
Cancellations ITYFTY⁽²⁾			17,515			17,287		1.3	%			44,679			40,066		11.5	%

(1)	Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.

(2)	“ITYFTY” represents In The Year For The Year.

Note: For the Company’s definitions of Revenue Per Available Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR), see “Calculation of RevPAR and Total RevPAR” below. Property-level results and operating metrics for the applicable period are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDAre to Hospitality Operating Income, and property-level Adjusted EBITDAre to property-level Operating Income for each of the hotel properties.

Hospitality Segment Highlights

●

The same-store Hospitality portfolio generated all-time quarterly record RevPAR of approximately $202 in the second quarter, an increase of 5.2% from the prior year quarter, and record second quarter Total RevPAR of approximately $524, an increase of 6.5% from the prior year quarter.

●

The same-store Hospitality portfolio generated second quarter operating income of $141.7 million and Adjusted EBITDAre of $202.3 million.

●

Second quarter same-store banquet and AV revenue contribution per group room night, a proxy for catering spend per group guest, increased 12.9% year over year, driven by our premium group customer strategy.

●

Second quarter same-store attrition and cancellation fee revenue was approximately $9.0 million, a decrease of $0.4 million compared to the prior year quarter.

●

JW Marriott Desert Ridge performance benefited from continued strong demand and the ongoing realization of portfolio-driven synergies.

●

Subsequent to quarter-end, Marriott launched the marketing of 2026 ice! holiday programming to be featured across the Gaylord Hotels portfolio, JW Marriott Hill Country and JW Marriott Desert Ridge, including three new themes. Early customer engagement has been encouraging.

Gaylord Opryland


		Three Months Ended									Six Months Ended
		June 30,									June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)								%									%
		2026			2025			Change			2026			2025			Change
Revenue		$	125,190		$	116,465		7.5	%		$	253,569		$	226,643		11.9	%

Operating income		$	36,567		$	35,144		4.0	%		$	76,389		$	65,242		17.1	%
Operating income margin			29.2	%		30.2	%	(1.0)	pts			30.1	%		28.8	%	1.3	pts
Adjusted EBITDAre		$	45,956		$	43,710		5.1	%		$	94,472		$	81,858		15.4	%
Adjusted EBITDAre margin			36.7	%		37.5	%	(0.8)	pts			37.3	%		36.1	%	1.2	pts

Performance metrics:
Occupancy			74.2	%		75.2	%	(1.0)	pts			72.0	%		70.1	%	1.9	pts
ADR		$	266.96		$	246.17		8.4	%		$	272.09		$	253.72		7.2	%
RevPAR		$	198.18		$	185.19		7.0	%		$	195.89		$	177.88		10.1	%
Total RevPAR		$	476.36		$	443.16		7.5	%		$	485.09		$	433.58		11.9	%

Gaylord Palms


		Three Months Ended									Six Months Ended
		June 30,									June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)								%									%
		2026			2025			Change			2026			2025			Change
Revenue		$	88,491		$	73,113		21.0	%		$	186,137		$	161,506		15.3	%

Operating income		$	21,118		$	13,671		54.5	%		$	50,861		$	37,453		35.8	%
Operating income margin			23.9	%		18.7	%	5.2	pts			27.3	%		23.2	%	4.1	pts
Adjusted EBITDAre		$	30,946		$	23,236		33.2	%		$	70,420		$	56,183		25.3	%
Adjusted EBITDAre margin			35.0	%		31.8	%	3.2	pts			37.8	%		34.8	%	3.0	pts

Performance metrics:
Occupancy			75.0	%		78.9	%	(3.9)	pts			76.1	%		77.4	%	(1.3)	pts
ADR		$	270.06		$	243.35		11.0	%		$	285.86		$	259.34		10.2	%
RevPAR		$	202.49		$	192.00		5.5	%		$	217.65		$	200.80		8.4	%
Total RevPAR		$	566.02		$	467.66		21.0	%		$	598.59		$	519.38		15.3	%

Gaylord Texan


		Three Months Ended									Six Months Ended
		June 30,									June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)								%									%
		2026			2025			Change			2026			2025			Change
Revenue		$	82,259		$	82,494		(0.3)	%		$	165,630		$	168,871		(1.9)	%

Operating income		$	23,528		$	25,002		(5.9)	%		$	47,333		$	52,697		(10.2)	%
Operating income margin			28.6	%		30.3	%	(1.7)	pts			28.6	%		31.2	%	(2.6)	pts
Adjusted EBITDAre		$	31,209		$	31,159		0.2	%		$	62,339		$	64,783		(3.8)	%
Adjusted EBITDAre margin			37.9	%		37.8	%	0.1	pts			37.6	%		38.4	%	(0.8)	pts

Performance metrics:
Occupancy			69.9	%		72.0	%	(2.1)	pts			67.7	%		72.5	%	(4.8)	pts
ADR		$	268.51		$	253.06		6.1	%		$	266.01		$	255.16		4.3	%
RevPAR		$	187.60		$	182.32		2.9	%		$	179.96		$	185.04		(2.7)	%
Total RevPAR		$	498.32		$	499.74		(0.3)	%		$	504.46		$	514.33		(1.9)	%

Gaylord National


		Three Months Ended									Six Months Ended
		June 30,									June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)								%									%
		2026			2025			Change			2026			2025			Change
Revenue		$	90,422		$	83,413		8.4	%		$	164,649		$	164,242		0.2	%

Operating income		$	19,550		$	15,818		23.6	%		$	25,775		$	25,292		1.9	%
Operating income margin			21.6	%		19.0	%	2.6	pts			15.7	%		15.4	%	0.3	pts
Adjusted EBITDAre		$	29,063		$	25,420		14.3	%		$	44,805		$	44,451		0.8	%
Adjusted EBITDAre margin			32.1	%		30.5	%	1.6	pts			27.2	%		27.1	%	0.1	pts

Performance metrics:
Occupancy			71.3	%		67.8	%	3.5	pts			67.2	%		70.1	%	(2.9)	pts
ADR		$	280.70		$	263.97		6.3	%		$	274.10		$	256.29		6.9	%
RevPAR		$	200.10		$	178.85		11.9	%		$	184.16		$	179.59		2.5	%
Total RevPAR		$	497.82		$	459.23		8.4	%		$	455.74		$	454.62		0.2	%

Gaylord Rockies


		Three Months Ended									Six Months Ended
		June 30,									June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)								%									%
		2026			2025			Change			2026			2025			Change
Revenue		$	84,735		$	81,722		3.7	%		$	156,984		$	152,670		2.8	%

Operating income		$	23,792		$	21,798		9.1	%		$	38,237		$	36,621		4.4	%
Operating income margin			28.1	%		26.7	%	1.4	pts			24.4	%		24.0	%	0.4	pts
Adjusted EBITDAre		$	38,933		$	36,695		6.1	%		$	68,566		$	66,370		3.3	%
Adjusted EBITDAre margin			45.9	%		44.9	%	1.0	pts			43.7	%		43.5	%	0.2	pts

Performance metrics:
Occupancy			79.4	%		80.3	%	(0.9)	pts			77.4	%		76.3	%	1.1	pts
ADR		$	275.43		$	259.78		6.0	%		$	267.28		$	258.52		3.4	%
RevPAR		$	218.64		$	208.62		4.8	%		$	206.93		$	197.21		4.9	%
Total RevPAR		$	620.35		$	598.29		3.7	%		$	577.82		$	561.94		2.8	%

JW Marriott Hill Country


		Three Months Ended									Six Months Ended
		June 30,									June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)								%									%
		2026			2025			Change			2026			2025			Change
Revenue		$	65,762		$	66,573		(1.2)	%		$	116,057		$	121,849		(4.8)	%

Operating income		$	15,982		$	17,250		(7.4)	%		$	23,190		$	28,099		(17.5)	%
Operating income margin			24.3	%		25.9	%	(1.6)	pts			20.0	%		23.1	%	(3.1)	pts
Adjusted EBITDAre		$	24,175		$	25,169		(3.9)	%		$	39,545		$	43,849		(9.8)	%
Adjusted EBITDAre margin			36.8	%		37.8	%	(1.0)	pts			34.1	%		36.0	%	(1.9)	pts

Performance metrics:
Occupancy			70.9	%		75.6	%	(4.7)	pts			64.8	%		71.8	%	(7.0)	pts
ADR		$	344.31		$	342.79		0.4	%		$	341.31		$	332.79		2.6	%
RevPAR		$	244.21		$	259.31		(5.8)	%		$	221.24		$	238.96		(7.4)	%
Total RevPAR		$	721.22		$	730.11		(1.2)	%		$	639.92		$	671.85		(4.8)	%

JW Marriott Desert Ridge⁽¹⁾


		Three Months Ended				Six Months Ended			Period Ended
		June 30,				June 30,			June 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
		2026				2026			2025
Revenue		$	60,649			$	134,517		$	5,349

Operating income (loss)		$	11,932			$	36,187		$	(2,583)
Operating income (loss) margin			19.7	%			26.9	%		(48.3)	%
Adjusted EBITDAre		$	20,764			$	53,078		$	(582)
Adjusted EBITDAre margin			34.2	%			39.5	%		(10.9)	%

Performance metrics:
Occupancy			72.2	%			72.6	%		39.3	%
ADR		$	367.08			$	428.43		$	228.50
RevPAR		$	264.85			$	310.88		$	89.76
Total RevPAR		$	701.55			$	782.30		$	268.11

⁽¹⁾ JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore results are not comparable to the prior year period.

Entertainment Segment


		Three Months Ended									Six Months Ended
		June 30,									June 30,
($ in thousands)								%									%
		2026			2025			Change			2026			2025			Change
Revenue		$	144,014		$	143,304		0.5	%		$	223,197		$	232,854		(4.1)	%

Operating income		$	32,404		$	23,495		37.9	%		$	36,657		$	33,811		8.4	%
Operating income margin			22.5	%		16.4	%	6.1	pts			16.4	%		14.5	%	1.9	pts
Adjusted EBITDAre		$	43,918		$	33,908		29.5	%		$	59,599		$	54,847		8.7	%
Adjusted EBITDAre margin			30.5	%		23.7	%	6.8	pts			26.7	%		23.6	%	3.1	pts

Fioravanti continued, “Our Entertainment business delivered record quarterly Adjusted EBITDAre driven by a successful festivals season and continued strong demand for our artist-centered venues. The continued strength in demand for these experiences underscores the opportunities ahead within our multi-year development pipeline.”

Corporate and Other Segment


		Three Months Ended							Six Months Ended
		June 30,							June 30,
($ in thousands)						%							%
		2026		2025		Change			2026		2025		Change
Operating loss		$	(11,502)	$	(10,990)	(4.7)	%		$	(23,046)	$	(21,994)	(4.8)	%
Adjusted EBITDAre		$	(8,649)	$	(8,487)	(1.9)	%		$	(17,607)	$	(16,898)	(4.2)	%

Capital Expenditures

In 2026, the Company expects to spend approximately $400 to $500 million on capital expenditures, an increase from the previous estimate of $350 to $450 million. The increase reflects the timing of cash flows and the acceleration of a portion of projected spending previously expected in 2027, now expected to occur in 2026, and does not reflect a change in overall project scope. Capital expenditures for the first half of 2026 were approximately $241 million.

In the second quarter, the Company completed the Foundry Fieldhouse sports bar, pavilion, and event lawn development at Gaylord Opryland and the meeting space conversion project at JW Marriott Desert Ridge.

Additional capital expenditure activity in 2026 includes:

●

Continuation of the meeting space expansion at Gaylord Opryland, which is expected to be completed by mid-year 2027;

●

Renovation of the rooms at Gaylord Texan, which began in July 2025 and is expected to be completed in August 2026;

●

Renovation of the rooms at JW Marriott Hill Country, which began in April 2026 and is expected to be completed in March 2027;

●

The development of Category 10 Las Vegas, which is expected to be completed in October 2026;

●

The development of Category 10 in Orlando, which is expected to begin in fall 2026 and is expected to be completed in early 2028; 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 August 6, 2026. The Company does not expect to update the guidance provided below before next quarter’s earnings release. However, the Company may update or withdraw its full business outlook or any portion thereof at any time for any reason.

Fioravanti concluded, “We are pleased to raise the midpoints of our 2026 guidance ranges to reflect the stronger second quarter results in our Hospitality portfolio, including JW Marriott Desert Ridge. Our outlook also incorporates a more constructive view on second-half group business trends, supported by the business we have on the books.”


	Guidance Range									Prior Guidance Range
(in millions, except per share figures)	For Full Year 2026 ⁽¹⁾									Full Year 2026 ⁽¹⁾									Change to
	Low			High			Midpoint			Low			High			Midpoint			Midpoint
Same-store Hospitality RevPAR growth⁽²⁾		3.50	%		4.50	%		4.00	%		2.25	%		3.75	%		3.00	%		1.00	%
Same-store Hospitality Total RevPAR growth⁽²⁾		3.50	%		4.50	%		4.00	%		2.25	%		3.75	%		3.00	%		1.00	%

Operating income:
Hospitality (same-store)⁽²⁾	$	484.5		$	489.5		$	487.0		$	475.5		$	485.5		$	480.5		$	6.5
JW Marriott Desert Ridge		35.0			37.0			36.0			33.5			35.0			34.3			1.8
Entertainment		74.8			79.5			77.1			74.8			79.5			77.1			-
Corporate and Other		(50.5)			(49.0)			(49.8)			(50.5)			(49.0)			(49.8)			-
Consolidated operating income	$	543.8		$	557.0		$	550.4		$	533.3		$	551.0		$	542.1		$	8.3

Adjusted EBITDAre:
Hospitality (same-store)⁽²⁾	$	728.0		$	742.0		$	735.0		$	715.0		$	735.0		$	725.0		$	10.0
JW Marriott Desert Ridge		69.0			73.0			71.0			68.0			72.0			70.0			1.0
Entertainment		120.0			130.0			125.0			120.0			130.0			125.0			-
Corporate and Other		(39.0)			(35.0)			(37.0)			(39.0)			(35.0)			(37.0)			-
Consolidated Adjusted EBITDAre	$	878.0		$	910.0		$	894.0		$	864.0		$	902.0		$	883.0		$	11.0

Net income	$	280.5		$	285.5		$	283.0		$	271.0		$	279.0		$	275.0		$	8.0
Net income available to common stockholders	$	270.5		$	273.5		$	272.0		$	261.0		$	267.0		$	264.0		$	8.0

FFO available to common stockholders and unit holders	$	565.5		$	582.0		$	573.8		$	552.0		$	572.5		$	562.3		$	11.5
Adjusted FFO available to common stockholders and unit holders	$	592.3		$	616.8		$	604.5		$	577.3		$	607.0		$	592.1		$	12.4

Net income available to common stockholders per diluted share⁽³⁾	$	4.10		$	4.11		$	4.11		$	3.96		$	4.02		$	3.99		$	0.12
Adjusted FFO available to common stockholders and unit holders
per diluted share/unit ⁽³⁾	$	8.98		$	9.28		$	9.13		$	8.77		$	9.14		$	8.96		$	0.17

Weighted average shares outstanding - diluted⁽³⁾		68.4			68.4			68.4			68.4			68.4			68.4			-
Weighted average shares and OP units outstanding - diluted⁽³⁾		68.8			68.8			68.8			68.8			68.8			68.8			-

(1)	Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.

(2)	Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.

(3)	Includes shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.

Note: For reconciliations of Consolidated Adjusted EBITDAre guidance to Net Income, segment-level Adjusted EBITDAre to segment-level Operating Income, and FFO and Adjusted FFO available to common stockholders and unit holders to Net Income available to common stockholders, see “Reconciliation of Forward-Looking Statements.”

Dividend Update

On July 15, 2026, the Company paid the previously announced quarterly cash dividend of $1.20 per common share, which was paid to stockholders of record as of June 30, 2026.

The Company’s dividend policy provides that it will distribute minimum dividends of 100% of REIT taxable income annually. Future dividends are subject to the Board’s future determinations as to amount and timing.

Balance Sheet/Liquidity Update

As of June 30, 2026, the Company had unrestricted cash of $366.1 million and total debt outstanding of $3,969.5 million, net of unamortized deferred financing costs. As of June 30, 2026, there were no amounts drawn under the Company’s revolving credit facility or OEG’s revolving credit facility, which left $930.0 million of aggregate borrowing availability under the Company’s revolving credit facility and OEG’s revolving credit facility.

Opry Entertainment Group Update

The Company continues to evaluate a path to greater independence for Opry Entertainment Group (“OEG”), and discussions continue with select potential investors related to an investment in or partnership with OEG. The Company has not entered into any agreements with respect to a potential investment by a third party in OEG, and there can be no assurance that any definitive agreement will ultimately be reached.

As a result of this ongoing process, Atairos’ liquidity request rights, including its put right, are currently unexercisable under the Company’s agreement with Atairos.

Earnings Call Information

Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, August 7, at 10:00 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/News & Events/Events & Presentation) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.

About Ryman Hospitality Properties, Inc.

Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in group-oriented, upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns JW Marriott Phoenix Desert Ridge Resort & Spa and JW Marriott San Antonio Hill Country

Resort & Spa as well as two ancillary hotels adjacent to the Company’s Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 12,364 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium; WSM 650 AM; Ole Red; Category 10; Nashville-area attractions; and Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, located in downtown Austin, Texas. OEG manages select outdoor live music venues, including Ascend Federal Credit Union Amphitheater in Nashville and CCNB Amphitheatre in Simpsonville, South Carolina. OEG also owns a majority interest in Southern Entertainment, a leading festival and events business. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company’s financial results.

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of the Company’s business, anticipated business levels and anticipated financial results for the Company during future periods, the Company’s expected cash dividend, and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, geopolitical uncertainty and the effects of inflation and changes in international, national, regional and local economic and market conditions (such as the imposition of trade barriers or other changes in trade policy) on the Company’s business, including the effects on costs of labor and supplies and effects on group customers at the Company’s hotels and customers in OEG’s businesses, the Company’s ability to remain qualified as a REIT, the Company’s ability to execute our strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, the Company’s ability to borrow funds pursuant to its credit agreements and to refinance indebtedness and/or to successfully amend the agreements governing its indebtedness in the future, changes in interest rates, the Company’s integration of the JW Marriott Desert Ridge, the Company’s ability to identify and capitalize on additional value creation opportunities at the JW Marriott Desert Ridge and the occurrence of any event, change or other circumstance that could limit the Company’s ability to capitalize on any additional value creation opportunities it identifies at the JW Marriott Desert Ridge. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequent filings. Except as required by law, the Company does not undertake any obligation to release publicly any

revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

Additional Information

This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent Annual Report on Form 10-K. Copies of our reports are available on our website at no expense at www.rymanhp.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.

Calculation of RevPAR and Total RevPAR

We calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. We calculate total revenue per available room (“Total RevPAR”) for our hotels by dividing the sum of room revenue, food & beverage, and other ancillary services revenue by room nights available to guests for the period. Hospitality metrics do not include the results of the W Austin, which is included in the Entertainment segment.

Calculation of GAAP Margin Figures

We calculate net income available to common stockholders margin by dividing GAAP consolidated net income available to common stockholders by GAAP consolidated total revenue. We calculate consolidated, segment or property-level operating income margin by dividing consolidated, segment or property-level GAAP operating income by consolidated, segment or property-level GAAP revenue.

Non-GAAP Financial Measures

We present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance:

EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition

We calculate EBITDAre, which is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) in its September 2017 white paper as net income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property of the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.

Adjusted EBITDAre is then calculated as EBITDAre, plus to the extent the following adjustments occurred during the periods presented:

●

preopening costs;

●

non-cash lease expense;

●

equity-based compensation expense;

●

impairment charges that do not meet the NAREIT definition above;

●

credit losses on held-to-maturity securities;

●

transaction costs of acquisitions;

●

interest income on bonds;

●

loss on extinguishment of debt;

●

pension settlement charges;

●

pro rata Adjusted EBITDAre from unconsolidated joint ventures; 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						Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025
Revenues:
Rooms		$	232,366		$	200,900		$	456,124		$	390,132
Food and beverage			296,437			250,391			585,784			503,654
Other hotel revenue			76,161			64,920			148,445			120,155
Entertainment			144,014			143,304			223,197			232,854
Total revenues			748,978			659,515			1,413,550			1,246,795

Operating expenses:
Rooms			52,581			47,238			103,175			93,527
Food and beverage			159,120			136,152			317,283			274,291
Other hotel expenses			150,260			130,588			294,882			254,512
Management fees, net			22,142			17,916			43,057			36,379
Total hotel operating expenses			384,103			331,894			758,397			658,709
Entertainment			101,563			110,376			166,672			180,146
Corporate			11,245			10,759			22,530			21,529
Preopening costs			438			98			825			185
Depreciation and amortization			77,084			66,963			152,785			130,680
Total operating expenses			574,433			520,090			1,101,209			991,249

Operating income			174,545			139,425			312,341			255,546

Interest expense, net of amounts capitalized			(63,875)			(58,534)			(127,994)			(112,817)
Interest income			3,727			5,583			8,913			11,042
Loss on extinguishment of debt			–			(2,542)			(2,200)			(2,542)
Income (loss) from unconsolidated joint ventures			4			(13)			4			(29)
Other gains and (losses), net			(259)			(196)			(621)			(304)
Income before income taxes			114,142			83,723			190,443			150,896
Provision for income taxes			(12,063)			(7,848)			(18,962)			(12,007)
Net income			102,079			75,875			171,481			138,889

Net income attributable to noncontrolling interest in OEG			(4,050)			(2,094)			(3,462)			(2,805)
Net income attributable to other noncontrolling interests			(5,279)			(2,028)			(4,794)			(1,370)
Net income available to common stockholders		$	92,750		$	71,753		$	163,225		$	134,714

Basic income per share available to common stockholders⁽¹⁾		$	1.47		$	1.17		$	2.59		$	2.22
Diluted income per share available to common stockholders⁽¹⁾		$	1.42		$	1.12		$	2.46		$	2.13

Weighted average common shares for the period:
Basic⁽¹⁾			63,114			61,352			63,069			60,639
Diluted⁽¹⁾			68,143			65,732			67,799			64,577

(1)

Basic and diluted weighted average common shares for the three and six months ended June 30, 2026 and 2025 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2026 and 2025 include 4.9 million and 4.2 million, respectively, and for the six months ended June 30, 2026 and 2025 include 4.5 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option.

Ryman Hospitality Properties, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

Unaudited

(In thousands)


		June 30,			December 31,
		2026			2025
ASSETS:
Property and equipment, net of accumulated depreciation		$	5,078,259		$	4,970,429
Cash and cash equivalents - unrestricted			366,125			471,421
Cash and cash equivalents - restricted			31,695			28,759
Notes receivable, net			53,634			53,503
Trade receivables, net			122,120			105,903
Deferred income tax assets, net			51,150			67,669
Prepaid expenses and other assets			211,266			196,798
Intangible assets and goodwill, net			277,587			286,701
Total assets		$	6,191,836		$	6,181,183

LIABILITIES AND EQUITY:
Debt and finance lease obligations		$	3,969,453		$	3,976,913
Accounts payable and accrued liabilities			505,529			517,708
Distributions payable			78,229			78,819
Deferred management rights proceeds			162,541			162,901
Operating lease liabilities			163,143			158,815
Other liabilities			77,745			74,251
Noncontrolling interest in OEG			444,096			422,691
Total equity			791,100			789,085
Total liabilities and equity		$	6,191,836		$	6,181,183

Ryman Hospitality Properties, Inc. and Subsidiaries

Supplemental Financial Results

Adjusted EBITDAre Reconciliation

Unaudited

(In thousands)


	Three Months Ended									Six Months Ended
	June 30,									June 30,
	2026					2025				2026					2025
	$		Margin			$		Margin		$		Margin			$		Margin
Consolidated:
Revenue	$	748,978				$	659,515			$	1,413,550				$	1,246,795
Net income	$	102,079	13.6	%		$	75,875	11.5	%	$	171,481	12.1	%		$	138,889	11.1	%
Interest expense, net		60,148					52,951				119,081					101,775
Provision for income taxes		12,063					7,848				18,962					12,007
Depreciation and amortization		77,084					66,963				152,785					130,680
Pro rata EBITDAre from unconsolidated joint ventures		1					1				2					2
EBITDAre		251,375	33.6	%			203,638	30.9	%		462,311	32.7	%			383,353	30.7	%
Preopening costs		438					98				825					185
Non-cash lease expense		1,649					945				2,592					1,834
Equity-based compensation expense		3,827					3,495				7,629					7,117
Interest income on Gaylord National bonds		1,026					1,113				2,051					2,227
Loss on extinguishment of debt		–					2,542				2,200					2,542
Transaction costs of acquisitions		–					25				–					100
Pro rata adjusted EBITDAre from unconsolidated joint ventures		(4)					–				(4)					–
Adjusted EBITDAre		258,311	34.5	%			211,856	32.1	%		477,604	33.8	%			397,358	31.9	%
Adjusted EBITDAre of noncontrolling interest		(16,390)					(11,295)				(20,547)					(16,921)
Adjusted EBITDAre, excluding noncontrolling interest	$	241,921	32.3	%		$	200,561	30.4	%	$	457,057	32.3	%		$	380,437	30.5	%

Hospitality segment:
Revenue	$	604,964				$	516,211			$	1,190,353				$	1,013,941
Operating income	$	153,643	25.4	%		$	126,920	24.6	%	$	298,730	25.1	%		$	243,729	24.0	%
Depreciation and amortization		67,218					57,397				133,226					111,503
Non-cash lease expense		1,163					1,005				1,613					1,950
Interest income on Gaylord National bonds		1,026					1,113				2,051					2,227
Other gains and (losses), net		(8)					–				(8)					–
Adjusted EBITDAre	$	223,042	36.9	%		$	186,435	36.1	%	$	435,612	36.6	%		$	359,409	35.4	%

Same-store Hospitality segment:⁽¹⁾
Revenue	$	544,315				$	510,862			$	1,055,836				$	1,008,592
Operating income	$	141,711	26.0	%		$	129,503	25.3	%	$	262,543	24.9	%		$	246,312	24.4	%
Depreciation and amortization		58,640					55,454				116,132					109,560
Non-cash lease expense		909					947				1,816					1,892
Interest income on Gaylord National bonds		1,026					1,113				2,051					2,227
Other gains and (losses), net		(8)					–				(8)					–
Adjusted EBITDAre	$	202,278	37.2	%		$	187,017	36.6	%	$	382,534	36.2	%		$	359,991	35.7	%

Entertainment segment:
Revenue	$	144,014				$	143,304			$	223,197				$	232,854
Operating income	$	32,404	22.5	%		$	23,495	16.4	%	$	36,657	16.4	%		$	33,811	14.5	%
Depreciation and amortization		9,609					9,335				19,043					18,712
Preopening costs		438					98				825					185
Non-cash lease (revenue) expense		486					(60)				979					(116)
Equity-based compensation		981					1,028				2,095					2,048
Other gains and (losses), net		–					–				–					136
Transaction costs of acquisitions		–					25				–					100
Pro rata adjusted EBITDAre from unconsolidated joint ventures		–					(13)				–					(29)
Adjusted EBITDAre	$	43,918	30.5	%		$	33,908	23.7	%	$	59,599	26.7	%		$	54,847	23.6	%

Corporate and Other segment:
Operating loss	$	(11,502)				$	(10,990)			$	(23,046)				$	(21,994)
Depreciation and amortization		257					231				516					465
Other gains and (losses), net		(250)					(195)				(611)					(438)
Equity-based compensation		2,846					2,467				5,534					5,069
Adjusted EBITDAre	$	(8,649)				$	(8,487)			$	(17,607)				$	(16,898)

(1)	Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.

Ryman Hospitality Properties, Inc. and Subsidiaries

Supplemental Financial Results

Funds From Operations (“FFO”) and Adjusted FFO Reconciliation

Unaudited

(In thousands, except per share data)


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2026			2025		2026			2025
Net income available to common stockholders	$	92,750		$	71,753	$	163,225		$	134,714
Noncontrolling interest in OP Units		581			1,532		1,022			874
Net income available to common stockholders and unit holders		93,331			73,285		164,247			135,588
Depreciation and amortization		76,974			66,906		152,554			130,582
Adjustments for noncontrolling interest		(3,076)			(3,046)		(6,100)			(6,123)
FFO available to common stockholders and unit holders		167,229			137,145		310,701			260,047

Right-of-use asset amortization		110			57		231			98
Non-cash lease expense		1,649			945		2,592			1,834
Pro rata adjustments from joint ventures		(4)			–		(4)			–
Amortization of deferred financing costs		3,105			2,900		6,352			5,607
Amortization of debt discounts and premiums		476			430		859			988
Loss on extinguishment of debt		–			2,542		2,200			2,542
Adjustments for noncontrolling interest		(2,023)			(1,736)		(2,065)			(2,018)
Transaction costs of acquisitions		–			25		–			100
Deferred tax provision		10,857			6,537		16,611			9,470
Adjusted FFO available to common stockholders and unit holders	$	181,399		$	148,845	$	337,477		$	278,668

Basic net income per share⁽¹⁾	$	1.47		$	1.17	$	2.59		$	2.22
Diluted net income per share⁽¹⁾	$	1.42		$	1.12	$	2.46		$	2.13

FFO available to common stockholders and unit holders per basic share/unit⁽¹⁾	$	2.63		$	2.22	$	4.90		$	4.26
Adjusted FFO available to common stockholders and unit holders per basic share/unit⁽¹⁾	$	2.86		$	2.41	$	5.32		$	4.57

FFO available to common stockholders and unit holders per diluted share/unit⁽¹⁾	$	2.54		$	2.14	$	4.69		$	4.13
Adjusted FFO available to common stockholders and unit holders per diluted share/unit⁽¹⁾	$	2.77		$	2.35	$	5.11		$	4.44

Weighted average common shares and OP units for the period:
Basic⁽¹⁾		63,509			61,747		63,464			61,034
Diluted⁽¹⁾		68,538			66,127		68,194			64,972

(1)

Ryman Hospitality Properties, Inc. and Subsidiaries

Supplemental Financial Results

Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics

Unaudited

($ in thousands, except for performance metrics)


	Three Months Ended											Six Months Ended
	June 30,											June 30,
	2026						2025					2026						2025
	$			Margin			$			Margin		$			Margin			$			Margin
Hospitality segment:
Revenue	$	604,964					$	516,211				$	1,190,353					$	1,013,941
Operating income	$	153,643		25.4	%		$	126,920		24.6	%	$	298,730		25.1	%		$	243,729		24.0	%
Depreciation and amortization		67,218						57,397					133,226						111,503
Non-cash lease expense		1,163						1,005					1,613						1,950
Interest income on Gaylord National bonds		1,026						1,113					2,051						2,227
Other gains and (losses), net		(8)						–					(8)						–
Adjusted EBITDAre	$	223,042		36.9	%		$	186,435		36.1	%	$	435,612		36.6	%		$	359,409		35.4	%

Performance metrics:
Occupancy		72.7	%					73.3	%				70.4	%					71.5	%
ADR	$	284.05					$	258.88				$	289.42					$	261.53
RevPAR	$	206.52					$	189.77				$	203.82					$	187.03
OtherPAR	$	331.16					$	297.85				$	328.09					$	299.07
Total RevPAR	$	537.69					$	487.62				$	531.91					$	486.10

Same-store Hospitality segment:⁽¹⁾
Revenue	$	544,315					$	510,862				$	1,055,836					$	1,008,592
Operating income	$	141,711		26.0	%		$	129,503		25.3	%	$	262,543		24.9	%		$	246,312		24.4	%
Depreciation and amortization		58,640						55,454					116,132						109,560
Non-cash lease expense		909						947					1,816						1,892
Interest income on Gaylord National bonds		1,026						1,113					2,051						2,227
Other gains and (losses), net		(8)						–					(8)						–
Adjusted EBITDAre	$	202,278		37.2	%		$	187,017		36.6	%	$	382,534		36.2	%		$	359,991		35.7	%

Performance metrics:
Occupancy		72.8	%					74.0	%				70.2	%					71.8	%
ADR	$	277.19					$	259.19				$	277.47					$	261.71
RevPAR	$	201.67					$	191.70				$	194.91					$	187.97
OtherPAR	$	322.38					$	300.14				$	316.16					$	300.23
Total RevPAR	$	524.05					$	491.84				$	511.07					$	488.20

Gaylord Opryland:
Revenue	$	125,190					$	116,465				$	253,569					$	226,643
Operating income	$	36,567		29.2	%		$	35,144		30.2	%	$	76,389		30.1	%		$	65,242		28.8	%
Depreciation and amortization		9,396						8,575					18,099						16,635
Non-cash lease revenue		(7)						(9)					(16)						(19)
Adjusted EBITDAre	$	45,956		36.7	%		$	43,710		37.5	%	$	94,472		37.3	%		$	81,858		36.1	%

Performance metrics:
Occupancy		74.2	%					75.2	%				72.0	%					70.1	%
ADR	$	266.96					$	246.17				$	272.09					$	253.72
RevPAR	$	198.18					$	185.19				$	195.89					$	177.88
OtherPAR	$	278.18					$	257.97				$	289.19					$	255.70
Total RevPAR	$	476.36					$	443.16				$	485.09					$	433.58

Gaylord Palms:
Revenue	$	88,491					$	73,113				$	186,137					$	161,506
Operating income	$	21,118		23.9	%		$	13,671		18.7	%	$	50,861		27.3	%		$	37,453		23.2	%
Depreciation and amortization		8,912						8,609					17,727						16,819
Non-cash lease expense		916						956					1,832						1,911
Adjusted EBITDAre	$	30,946		35.0	%		$	23,236		31.8	%	$	70,420		37.8	%		$	56,183		34.8	%

Performance metrics:
Occupancy		75.0	%					78.9	%				76.1	%					77.4	%
ADR	$	270.06					$	243.35				$	285.86					$	259.34
RevPAR	$	202.49					$	192.00				$	217.65					$	200.80
OtherPAR	$	363.53					$	275.66				$	380.94					$	318.58
Total RevPAR	$	566.02					$	467.66				$	598.59					$	519.38

(1)	Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.

Ryman Hospitality Properties, Inc. and Subsidiaries

Supplemental Financial Results

Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics

Unaudited

($ in thousands, except for performance metrics)


	Three Months Ended											Six Months Ended
	June 30,											June 30,
	2026						2025					2026						2025
	$			Margin			$			Margin		$			Margin			$			Margin
Gaylord Texan:
Revenue	$	82,259					$	82,494				$	165,630					$	168,871
Operating income	$	23,528		28.6	%		$	25,002		30.3	%	$	47,333		28.6	%		$	52,697		31.2	%
Depreciation and amortization		7,681						6,157					15,006						12,086
Adjusted EBITDAre	$	31,209		37.9	%		$	31,159		37.8	%	$	62,339		37.6	%		$	64,783		38.4	%

Performance metrics:
Occupancy		69.9	%					72.0	%				67.7	%					72.5	%
ADR	$	268.51					$	253.06				$	266.01					$	255.16
RevPAR	$	187.60					$	182.32				$	179.96					$	185.04
OtherPAR	$	310.72					$	317.42				$	324.50					$	329.29
Total RevPAR	$	498.32					$	499.74				$	504.46					$	514.33

Gaylord National:
Revenue	$	90,422					$	83,413				$	164,649					$	164,242
Operating income	$	19,550		21.6	%		$	15,818		19.0	%	$	25,775		15.7	%		$	25,292		15.4	%
Depreciation and amortization		8,495						8,489					16,987						16,932
Interest income on Gaylord National bonds		1,026						1,113					2,051						2,227
Other gains and (losses), net		(8)						–					(8)						–
Adjusted EBITDAre	$	29,063		32.1	%		$	25,420		30.5	%	$	44,805		27.2	%		$	44,451		27.1	%

Performance metrics:
Occupancy		71.3	%					67.8	%				67.2	%					70.1	%
ADR	$	280.70					$	263.97				$	274.10					$	256.29
RevPAR	$	200.10					$	178.85				$	184.16					$	179.59
OtherPAR	$	297.72					$	280.38				$	271.59					$	275.03
Total RevPAR	$	497.82					$	459.23				$	455.74					$	454.62

Gaylord Rockies:
Revenue	$	84,735					$	81,722				$	156,984					$	152,670
Operating income	$	23,792		28.1	%		$	21,798		26.7	%	$	38,237		24.4	%		$	36,621		24.0	%
Depreciation and amortization		15,141						14,897					30,329						29,749
Adjusted EBITDAre	$	38,933		45.9	%		$	36,695		44.9	%	$	68,566		43.7	%		$	66,370		43.5	%

Performance metrics:
Occupancy		79.4	%					80.3	%				77.4	%					76.3	%
ADR	$	275.43					$	259.78				$	267.28					$	258.52
RevPAR	$	218.64					$	208.62				$	206.93					$	197.21
OtherPAR	$	401.71					$	389.67				$	370.90					$	364.73
Total RevPAR	$	620.35					$	598.29				$	577.82					$	561.94

JW Marriott Hill Country:
Revenue	$	65,762					$	66,573				$	116,057					$	121,849
Operating income	$	15,982		24.3	%		$	17,250		25.9	%	$	23,190		20.0	%		$	28,099		23.1	%
Depreciation and amortization		8,193						7,919					16,355						15,750
Adjusted EBITDAre	$	24,175		36.8	%		$	25,169		37.8	%	$	39,545		34.1	%		$	43,849		36.0	%

Performance metrics:
Occupancy		70.9	%					75.6	%				64.8	%					71.8	%
ADR	$	344.31					$	342.79				$	341.31					$	332.79
RevPAR	$	244.21					$	259.31				$	221.24					$	238.96
OtherPAR	$	477.00					$	470.80				$	418.68					$	432.89
Total RevPAR	$	721.22					$	730.11				$	639.92					$	671.85

Ryman Hospitality Properties, Inc. and Subsidiaries

Supplemental Financial Results

Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics

Unaudited

($ in thousands, except for performance metrics)


	Three Months Ended											Six Months Ended
	June 30,											June 30,
	2026						2025					2026						2025
	$			Margin			$			Margin		$			Margin			$			Margin
JW Marriott Desert Ridge:⁽¹⁾
Revenue	$	60,649					$	5,349				$	134,517					$	5,349
Operating income (loss)	$	11,932		19.7	%		$	(2,583)		(48.3)	%	$	36,187		26.9	%		$	(2,583)		(48.3)	%
Depreciation and amortization		8,578						1,943					17,094						1,943
Non-cash lease (revenue) expense		254						58					(203)						58
Adjusted EBITDAre	$	20,764		34.2	%		$	(582)		(10.9)	%	$	53,078		39.5	%		$	(582)		(10.9)	%

Performance metrics:
Occupancy		72.2	%					39.3	%				72.6	%					39.3	%
ADR	$	367.08					$	228.50				$	428.43					$	228.50
RevPAR	$	264.85					$	89.76				$	310.88					$	89.76
OtherPAR	$	436.70					$	178.35				$	471.42					$	178.35
Total RevPAR	$	701.55					$	268.11				$	782.30					$	268.11

The AC Hotel at National Harbor:
Revenue	$	4,220					$	3,562				$	6,556					$	6,260
Operating income	$	1,250		29.6	%		$	757		21.3	%	$	1,033		15.8	%		$	871		13.9	%
Depreciation and amortization		230						223					451						445
Adjusted EBITDAre	$	1,480		35.1	%		$	980		27.5	%	$	1,484		22.6	%		$	1,316		21.0	%

Performance metrics:
Occupancy		72.9	%					59.8	%				59.3	%					57.3	%
ADR	$	300.09					$	286.90				$	280.12					$	271.75
RevPAR	$	218.68					$	171.54				$	166.24					$	155.71
OtherPAR	$	22.77					$	32.33				$	22.40					$	24.43
Total RevPAR	$	241.45					$	203.87				$	188.64					$	180.14

The Inn at Opryland:⁽²⁾
Revenue	$	3,236					$	3,520				$	6,254					$	6,551
Operating income (loss)	$	(76)		(2.3)	%		$	63		1.8	%	$	(275)		(4.4)	%		$	37		0.6	%
Depreciation and amortization		592						585					1,178						1,144
Adjusted EBITDAre	$	516		15.9	%		$	648		18.4	%	$	903		14.4	%		$	1,181		18.0	%

Performance metrics:
Occupancy		46.1	%					58.1	%				45.2	%					51.0	%
ADR	$	193.63					$	168.74				$	195.93					$	177.02
RevPAR	$	89.27					$	98.04				$	88.48					$	90.29
OtherPAR	$	28.10					$	29.63				$	25.57					$	29.15
Total RevPAR	$	117.37					$	127.67				$	114.05					$	119.44

(1)	JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore results are not comparable to the prior year period.

(2)	Includes other hospitality revenue and expense.

Ryman Hospitality Properties, Inc. and Subsidiaries

Supplemental Financial Results

Earnings Per Share, FFO Per Share and Adjusted FFO Per Share Calculations

Unaudited

(in thousands, except per share data)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Earnings per share:

Numerator:
Net income available to common stockholders	$	92,750	$	71,753	$	163,225	$	134,714
Net income attributable to noncontrolling interest in OEG		4,050		2,094		3,462		2,805
Net income available to common stockholders - if-converted method	$	96,800	$	73,847	$	166,687	$	137,519

Denominator:
Weighted average shares outstanding - basic		63,114		61,352		63,069		60,639
Effect of dilutive equity-based compensation		169		147		187		194
Effect of dilutive put rights⁽¹⁾		4,860		4,233		4,543		3,744
Weighted average shares outstanding - diluted		68,143		65,732		67,799		64,577

Basic income per share available to common stockholders	$	1.47	$	1.17	$	2.59	$	2.22
Diluted income per share available to common stockholders⁽¹⁾	$	1.42	$	1.12	$	2.46	$	2.13

FFO per share/unit:

Numerator:
FFO available to common stockholders and unit holders	$	167,229	$	137,145	$	310,701	$	260,047
Net income attributable to noncontrolling interest in OEG		4,050		2,094		3,462		2,805
FFO adjustments for noncontrolling interest in OEG		2,703		2,601		5,354		5,234
FFO available to common stockholders and unit holders - if-converted method	$	173,982	$	141,840	$	319,517	$	268,086

Denominator:
Weighted average shares and OP units outstanding - basic		63,509		61,747		63,464		61,034
Effect of dilutive equity-based compensation		169		147		187		194
Effect of dilutive put rights⁽¹⁾		4,860		4,233		4,543		3,744
Weighted average shares and OP units outstanding - diluted		68,538		66,127		68,194		64,972

FFO available to common stockholders and unit holders per basic share/unit	$	2.63	$	2.22	$	4.90	$	4.26
FFO available to common stockholders and unit holders per diluted share/unit⁽¹⁾	$	2.54	$	2.14	$	4.69	$	4.13

Adjusted FFO per share/unit:

Numerator:
Adjusted FFO available to common stockholders and unit holders	$	181,399	$	148,845	$	337,477	$	278,668
Net income attributable to noncontrolling interest in OEG		4,050		2,094		3,462		2,805
FFO adjustments for noncontrolling interest in OEG		2,703		2,601		5,354		5,234
Adjusted FFO adjustments for noncontrolling interest in OEG		2,023		1,736		2,065		2,018
Adjusted FFO available to common stockholders and unit holders - if-converted method	$	190,175	$	155,276	$	348,358	$	288,725

Denominator:
Weighted average shares and OP units outstanding - basic		63,509		61,747		63,464		61,034
Effect of dilutive equity-based compensation		169		147		187		194
Effect of dilutive put rights⁽¹⁾		4,860		4,233		4,543		3,744
Weighted average shares and OP units outstanding - diluted		68,538		66,127		68,194		64,972

Adjusted FFO available to common stockholders and unit holders per basic share/unit	$	2.86	$	2.41	$	5.32	$	4.57
Adjusted FFO available to common stockholders and unit holders per diluted share/unit⁽¹⁾	$	2.77	$	2.35	$	5.11	$	4.44

(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	$	280,500	$	285,500	$	283,000
Provision for income taxes		13,000		14,500		13,750
Interest expense, net		246,250		253,500		249,875
Depreciation and amortization		306,500		318,000		312,250
EBITDAre	$	846,250	$	871,500	$	858,875
Non-cash lease expense		2,750		4,000		3,375
Preopening costs		4,500		5,500		5,000
Equity-based compensation expense		15,000		17,000		16,000
Pension settlement charge		4,000		4,500		4,250
Interest income on Gaylord National bonds		3,500		4,500		4,000
Loss on extinguishment of debt		2,000		3,000		2,500
Adjusted EBITDAre	$	878,000	$	910,000	$	894,000

Hospitality segment:
Operating income	$	519,500	$	526,500	$	523,000
Depreciation and amortization		268,000		276,000		272,000
Non-cash lease expense		3,000		4,000		3,500
Interest income on Gaylord National bonds		3,500		4,500		4,000
Other gains and (losses), net		3,000		4,000		3,500
Adjusted EBITDAre	$	797,000	$	815,000	$	806,000

Hospitality segment (same-store)⁽²⁾
Operating income	$	484,500	$	489,500	$	487,000
Depreciation and amortization		234,000		240,000		237,000
Non-cash lease expense		3,000		4,000		3,500
Interest income on Gaylord National bonds		3,500		4,500		4,000
Other gains and (losses), net		3,000		4,000		3,500
Adjusted EBITDAre	$	728,000	$	742,000	$	735,000

JW Marriott Desert Ridge
Operating income	$	35,000	$	37,000	$	36,000
Depreciation and amortization		34,000		36,000		35,000
Non-cash lease expense		–		–		–
Adjusted EBITDAre	$	69,000	$	73,000	$	71,000

Entertainment segment:
Operating income	$	74,750	$	79,500	$	77,125
Depreciation and amortization		36,500		39,500		38,000
Non-cash lease revenue		(250)		–		(125)
Preopening costs		4,500		5,500		5,000
Equity-based compensation		4,500		5,500		5,000
Adjusted EBITDAre	$	120,000	$	130,000	$	125,000

Corporate and Other segment:
Operating loss	$	(50,500)	$	(49,000)	$	(49,750)
Depreciation and amortization		2,000		2,500		2,250
Equity-based compensation		10,500		11,500		11,000
Pension settlement charge		4,000		4,500		4,250
Other gains and (losses), net		(5,000)		(4,500)		(4,750)
Adjusted EBITDAre	$	(39,000)	$	(35,000)	$	(37,000)

(1)	Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.

(2)	Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.

Ryman Hospitality Properties, Inc. and Subsidiaries

Reconciliation of Forward-Looking Statements

Funds From Operations (“FFO”) and Adjusted FFO

Unaudited

($ in thousands, except per share data)


	Guidance Range
	For Full Year 2026⁽¹⁾
	Low		High		Midpoint
Consolidated:
Net income available to common stockholders	$	270,500	$	273,500	$	272,000
Noncontrolling interest in OP units		1,000		2,000		1,500
Net income available to common stockholders and unit holders	$	271,500	$	275,500	$	273,500
Depreciation and amortization		306,500		318,000		312,250
Adjustments for noncontrolling interest		(12,500)		(11,500)		(12,000)
FFO available to common stockholders and unit holders	$	565,500	$	582,000	$	573,750
Right-of-use asset amortization		–		500		250
Non-cash lease expense		2,750		4,000		3,375
Pension settlement charge		4,000		4,500		4,250
Loss on extinguishment of debt		2,000		3,000		2,500
Adjustments for noncontrolling interest		(5,000)		(4,000)		(4,500)
Amortization of deferred financing costs		12,500		14,000		13,250
Amortization of debt discounts and premiums		1,500		2,500		2,000
Deferred tax provision		9,000		10,250		9,625
Adjusted FFO available to common stockholders and unit holders	$	592,250	$	616,750	$	604,500

Net income available to common stockholders per diluted share⁽²⁾	$	4.10	$	4.11	$	4.11
Adjusted FFO available to common stockholders and unit holders per diluted share/unit⁽²⁾	$	8.98	$	9.28	$	9.13

Estimated weighted average shares outstanding - diluted (in millions) ⁽²⁾		68.4		68.4		68.4
Estimated weighted average shares and OP units outstanding - diluted (in millions) ⁽²⁾		68.8		68.8		68.8

(1)	Includes JW Marriott Desert Ridge. Amounts are calculated based on unrounded numbers.

(2)

Includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.

Ryman Hospitality Properties, Inc. and Subsidiaries

Reconciliation of Forward-Looking Statements

Earnings Per Share and Adjusted FFO Per Share

Unaudited

($ in thousands, except per share data)


	Guidance Range
	For Full Year 2026
	Low		High		Midpoint
Earnings per share:
Numerator:
Net income available to common stockholders	$	270,500	$	273,500	$	272,000
Net income attributable to noncontrolling interest in OEG		10,000		8,000		9,000
Net income available to common stockholders - if-converted method	$	280,500	$	281,500	$	281,000

Denominator:
Estimated weighted average shares outstanding - diluted (in millions) ⁽¹⁾		68.4		68.4		68.4

Diluted income per share available to common stockholders	$	4.10	$	4.11	$	4.11


Adjusted FFO per share:
Numerator:
Adjusted FFO available to common stockholders and unit holders	$	592,250	$	616,750	$	604,500
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	$	618,250	$	638,750	$	628,500

Denominator:
Estimated weighted average shares and OP units outstanding - diluted (in millions) ⁽¹⁾		68.8		68.8		68.8

Adjusted FFO available to common stockholders and unit holders per diluted share/unit	$	8.98	$	9.28	$	9.13

(1)

Ryman Hospitality Properties, Inc. and Subsidiaries

Reconciliation of Forward-Looking Statements

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)

Unaudited

($ in thousands, except per share data)


	Prior Guidance Range
	For Full Year 2026⁽¹⁾
	Low		High		Midpoint
Consolidated:
Net income	$	271,000	$	279,000	$	275,000
Provision for income taxes		11,500		13,000		12,250
Interest expense, net		246,750		255,500		251,125
Depreciation and amortization		302,500		315,000		308,750
EBITDAre	$	831,750	$	862,500	$	847,125
Non-cash lease expense		3,250		5,000		4,125
Preopening costs		4,500		5,500		5,000
Equity-based compensation expense		15,000		17,000		16,000
Pension settlement charge		4,000		4,500		4,250
Interest income on Gaylord National bonds		3,500		4,500		4,000
Loss on extinguishment of debt		2,000		3,000		2,500
Adjusted EBITDAre	$	864,000	$	902,000	$	883,000

Hospitality segment:
Operating income	$	509,000	$	520,500	$	514,750
Depreciation and amortization		264,000		273,000		268,500
Non-cash lease expense		3,500		5,000		4,250
Interest income on Gaylord National bonds		3,500		4,500		4,000
Other gains and (losses), net		3,000		4,000		3,500
Adjusted EBITDAre	$	783,000	$	807,000	$	795,000

Hospitality segment (same-store)⁽²⁾
Operating income	$	475,500	$	485,500	$	480,500
Depreciation and amortization		230,000		237,000		233,500
Non-cash lease expense		3,000		4,000		3,500
Interest income on Gaylord National bonds		3,500		4,500		4,000
Other gains and (losses), net		3,000		4,000		3,500
Adjusted EBITDAre	$	715,000	$	735,000	$	725,000

JW Marriott Desert Ridge
Operating income	$	33,500	$	35,000	$	34,250
Depreciation and amortization		34,000		36,000		35,000
Non-cash lease expense		500		1,000		750
Adjusted EBITDAre	$	68,000	$	72,000	$	70,000

Entertainment segment:
Operating income	$	74,750	$	79,500	$	77,125
Depreciation and amortization		36,500		39,500		38,000
Non-cash lease revenue		(250)		–		(125)
Preopening costs		4,500		5,500		5,000
Equity-based compensation		4,500		5,500		5,000
Adjusted EBITDAre	$	120,000	$	130,000	$	125,000

Corporate and Other segment:
Operating loss	$	(50,500)	$	(49,000)	$	(49,750)
Depreciation and amortization		2,000		2,500		2,250
Equity-based compensation		10,500		11,500		11,000
Pension settlement charge		4,000		4,500		4,250
Other gains and (losses), net		(5,000)		(4,500)		(4,750)
Adjusted EBITDAre	$	(39,000)	$	(35,000)	$	(37,000)

(1)	Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.

(2)	Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.

Ryman Hospitality Properties, Inc. and Subsidiaries

Reconciliation of Forward-Looking Statements

Funds From Operations (“FFO”) and Adjusted FFO

Unaudited

($ in thousands, except per share data)


	Prior Guidance Range
	For Full Year 2026⁽¹⁾
	Low		High		Midpoint
Consolidated:
Net income available to common stockholders	$	261,000	$	267,000	$	264,000
Noncontrolling interest in OP units		1,000		2,000		1,500
Net income available to common stockholders and unit holders	$	262,000	$	269,000	$	265,500
Depreciation and amortization		302,500		315,000		308,750
Adjustments for noncontrolling interest		(12,500)		(11,500)		(12,000)
FFO available to common stockholders and unit holders	$	552,000	$	572,500	$	562,250
Right-of-use asset amortization		–		500		250
Non-cash lease expense		3,250		5,000		4,125
Pension settlement charge		4,000		4,500		4,250
Loss on extinguishment of debt		2,000		3,000		2,500
Adjustments for noncontrolling interest		(5,000)		(4,000)		(4,500)
Amortization of deferred financing costs		12,500		14,000		13,250
Amortization of debt discounts and premiums		1,500		2,500		2,000
Deferred tax provision		7,000		9,000		8,000
Adjusted FFO available to common stockholders and unit holders	$	577,250	$	607,000	$	592,125

Net income available to common stockholders per diluted share⁽²⁾	$	3.96	$	4.02	$	3.99
Adjusted FFO available to common stockholders and unit holders per diluted share/unit⁽²⁾	$	8.77	$	9.14	$	8.96

Estimated weighted average shares outstanding - diluted (in millions) ⁽²⁾		68.4		68.4		68.4
Estimated weighted average shares and OP units outstanding - diluted (in millions) ⁽²⁾		68.8		68.8		68.8

(1)	Includes JW Marriott Desert Ridge. Amounts are calculated based on unrounded numbers.

(2)	Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.

Ryman Hospitality Properties, Inc. and Subsidiaries

Reconciliation of Forward-Looking Statements

Earnings Per Share and Adjusted FFO Per Share

Unaudited

($ in thousands, except per share data)


	Prior Guidance Range
	For Full Year 2026
	Low		High		Midpoint
Earnings per share:
Numerator:
Net income available to common stockholders	$	261,000	$	267,000	$	264,000
Net income attributable to noncontrolling interest in OEG		10,000		8,000		9,000
Net income available to common stockholders - if-converted method	$	271,000	$	275,000	$	273,000

Denominator:
Estimated weighted average shares outstanding - diluted (in millions) ⁽¹⁾		68.4		68.4		68.4

Diluted income per share available to common stockholders	$	3.96	$	4.02	$	3.99


Adjusted FFO per share:
Numerator:
Adjusted FFO available to common stockholders and unit holders	$	577,250	$	607,000	$	592,125
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	$	603,250	$	629,000	$	616,125

Denominator:
Estimated weighted average shares and OP units outstanding - diluted (in millions) ⁽¹⁾		68.8		68.8		68.8

Adjusted FFO available to common stockholders and unit holders per diluted share/unit	$	8.77	$	9.14	$	8.96

(1)	Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.

Source: View Original Filing on SEC EDGAR

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Record Q2 for Ryman Hospitality (NYSE: RHP) as guidance rises

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