Ryman Hospitality Properties (RHP) Q1 2026 earnings summary

Executive summary

• Achieved record first quarter consolidated revenue of $664.6 million, up 13.2% year-over-year, and record net income of $69.4 million, up 10.1% year-over-year, driven by strong Hospitality segment growth and the addition of JW Marriott Desert Ridge.

• Hospitality segment revenues grew 17.6%, with record same-store revenue and robust group bookings, despite weather disruptions.

• Entertainment segment revenues declined 11.6% year-over-year due to prior year event comps and weather impacts, but Ole Red and Category 10 outperformed expectations.

• Completed $700 million senior unsecured notes refinancing, extending maturity to 2034 and eliminating near-term refinancing risk.

• Announced new Ole Red development in Indianapolis and completed key property developments, including Foundry Field House and JW Marriott Desert Ridge meeting space conversion.

Financial highlights

• Consolidated revenue rose 13.2% to $664.6 million; operating income increased 18.7% to $137.8 million.

• Adjusted EBITDAre reached $219.3 million, up 18.2%, with margin improving to 33.0%.

• Net income available to common stockholders was $70.5 million; diluted EPS was $1.03, up 3%.

• Net cash provided by operating activities was $169.2 million, up from $98.2 million in the prior year.

• Paid $1.20 per share quarterly dividend; unrestricted cash at $424 million, total debt at $3.97 billion.

Outlook and guidance

• Raised full-year 2026 guidance midpoints: net income to $275 million, Adjusted EBITDAre to $883 million, Adjusted FFO per diluted share/unit to $8.96.

• Same-store Hospitality RevPAR growth expected at 3.0% and Total RevPAR growth at 2.5% for 2026.

• Guidance reflects continued strong group and leisure demand despite geopolitical and macroeconomic uncertainty.

• High end of guidance assumes continued strong group trends and leisure momentum; low end assumes potential pullback in meeting budgets and softer leisure demand.

• Expect third quarter to show strongest revenue and margin growth as renovations complete.