Ryman Hospitality Properties (RHP) Q2 2026 earnings summary

Executive summary

• Achieved record consolidated Q2 2026 revenue of $749.0 million, up 13.6% year-over-year, driven by strong Hospitality segment growth and the full-period contribution of JW Marriott Desert Ridge.

• Net income rose 34.5% to $102.1 million, with diluted EPS up 26.8% to $1.42 and Adjusted EBITDAre up 21.9% to $258.3 million.

• Booked over 768,000 same-store Hospitality Gross Definite Room Nights for future periods at an ADR of $310, up 8.6% year-over-year.

• The company continues to invest in property enhancements and strategic expansion, including $241.2 million in capital expenditures year-to-date.

• Raised full-year 2026 outlook due to strong Q2 performance and improved expectations for the second half.

Financial highlights

• Q2 2026 Hospitality segment revenue grew 17.2% year-over-year to $604.96 million, with segment operating income up 21.1%.

• Entertainment segment Q2 revenue was $144.0 million, up 0.5%, with Adjusted EBITDAre up 30.5% to a record $43.9 million.

• Same-store RevPAR reached $202, up 5.2% year-over-year; Total RevPAR at $524, up 6.5%.

• Adjusted EBITDAre for Q2 2026 was $258.31 million, up from $211.86 million in Q2 2025.

• Net cash provided by operating activities for the first half of 2026 was $321.9 million, up from $220.7 million in the prior year.

Outlook and guidance

• Raised 2026 guidance midpoints: consolidated Adjusted EBITDAre now $894 million, net income available to common stockholders $272 million, and Adjusted FFO per diluted share/unit $9.13.

• Same-store Hospitality RevPAR and Total RevPAR growth expected at 4.0% for 2026.

• Management expects to invest $160–$260 million in capital expenditures for the remainder of 2026, focusing on hotel renovations and new entertainment venues.

• Dividend policy remains at a minimum of 100% of REIT taxable income annually, with $152.4 million in cash distributions declared year-to-date.

• No debt maturities until July 2028; management anticipates sufficient liquidity to fund operations and investments.