Ryman Hospitality Properties (RHP) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 consolidated 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 a record ADR of $310, up 8.6% year-over-year.

• Continued investments in property enhancements and strategic expansion, with $241.2 million in capital expenditures year-to-date.

• Entertainment business achieved record results, with ongoing strategic review for potential new investors in OEG.

Financial highlights

• Hospitality segment Q2 revenue grew 17.2% to $604.96 million, with operating income up 21.1%; Entertainment segment revenue was $144.0 million, with operating income up 37.9%.

• Q2 net income margin improved by 2.1 pts to 13.6%; Adjusted EBITDAre margin expanded by 2.4 pts to 34.5%.

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

• Net cash provided by operating activities for H1 2026 was $321.9 million, up from $220.7 million in the prior year.

• Gaylord Palms, Gaylord Rockies, and Gaylord National achieved record second quarter revenue; Palms also delivered record adjusted EBITDAre.

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; full-year net income per diluted share guidance raised to $4.11.

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

• Expect third quarter to deliver strongest adjusted EBITDAre margin growth of the year; entertainment business EBITDAre to be more weighted to Q4.

• Dividend policy remains at a minimum of 100% of REIT taxable income annually.