First Quarter 2026 Highlights and Recent Developments:
The Company reported record first quarter consolidated revenue of $664.6 million, driven by record first quarter same-store Hospitality(1) segment revenue of $511.5 million.
The Company generated record first quarter consolidated net income of $69.4 million and record first quarter consolidated Adjusted EBITDAre of $219.3 million.
During the quarter, the Company booked over 460,000 same-store Hospitality Gross Definite Room Nights for all future periods. The estimated average daily rate (ADR) for these bookings was approximately $303, an increase of 6.7% compared to the prior year quarter estimated ADR for future bookings and a new record.
The Company completed a private placement of $700 million senior unsecured notes due 2034, and used the net proceeds, together with cash on hand, to redeem in full the outstanding $700 million senior unsecured notes due 2027.
Subsequent to quarter-end, Opry Entertainment Group (OEG) announced the planned development of a seventh Ole Red location in downtown Indianapolis, which is expected to open in late 2027.
The Company is raising its full year outlook due to strong first quarter performance for the Hospitality portfolio.
Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, "We are very pleased to deliver a strong start to 2026, with first quarter results exceeding our expectations. In our same-store Hospitality portfolio, favorable group mix drove upside in group ADR and outside-the-room spending, which together with strong Spring Break leisure performance more than offset the impact of Winter Storm Fern. Meeting planner sentiment remained resilient throughout the quarter, resulting in the highest first quarter same-store group room night bookings production since 2018. While the operating environment remains dynamic, current and forward-looking group business indicators remain strong, and our first quarter results underscore the strength of our business model, the quality of our assets, and the effectiveness of our capital allocation strategy. As a result, we are raising our guidance ranges to reflect the first quarter outperformance."
________________________________(1) Same-store Hospitality segment excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
First Quarter 2026 Results (as compared to First Quarter 2025):
Three Months Ended
March 31,
($ in thousands, except per share amounts)
%
2026
2025
Change
Total revenue
$
664,572
$
587,280
13.2
%
Operating income
$
137,796
$
116,121
18.7
%
Operating income margin
20.7
%
19.8
%
0.9
pts
Net income
$
69,402
$
63,014
10.1
%
Net income margin
10.4
%
10.7
%
(0.3
)
pts
Net income available to common stockholders
$
70,475
$
62,961
11.9
%
Net income available to common stockholders margin
10.6
%
10.7
%
(0.1
)
pts
Net income available to common stockholders per diluted share(1)
$
1.03
$
1.00
3.0
%
Adjusted EBITDAre
$
219,293
$
185,502
18.2
%
Adjusted EBITDAre margin
33.0
%
31.6
%
1.4
pts
Adjusted EBITDAre, excluding noncontrolling interest
$
215,136
$
179,876
19.6
%
Adjusted EBITDAre, excluding noncontrolling interest margin
32.4
%
30.6
%
1.8
pts
Funds From Operations (FFO) available to common stockholders and unit holders
$
143,472
$
123,975
15.7
%
FFO available to common stockholders and unit holders per diluted share/unit(1)
$
2.14
$
1.98
8.1
%
Adjusted FFO available to common stockholders and unit holders
$
156,078
$
130,896
19.2
%
Adjusted FFO available to common stockholders and unit holders per diluted share/unit(1)
$
2.32
$
2.10
10.5
%
________________________________(1) Diluted weighted average common shares for the three months ended March 31, 2026 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 March 31, 2026 and 2025 include 4.4 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
March 31,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
2026
2025
Change
Hospitality revenue
$
585,389
$
497,730
17.6
%
Same-store Hospitality revenue(1)
$
511,521
$
497,730
2.8
%
Hospitality operating income
$
145,087
$
116,809
24.2
%
Hospitality operating income margin
24.8
%
23.5
%
1.3
pts
Hospitality Adjusted EBITDAre
$
212,570
$
172,974
22.9
%
Hospitality Adjusted EBITDAre margin
36.3
%
34.8
%
1.5
pts
Same-store Hospitality operating income(1)
$
120,832
$
116,809
3.4
%
Same-store Hospitality operating income margin(1)
23.6
%
23.5
%
0.1
pts
Same-store Hospitality Adjusted EBITDAre(1)
$
180,256
$
172,974
4.2
%
Same-store Hospitality Adjusted EBITDAre margin(1)
35.2
%
34.8
%
0.4
pts
Hospitality performance metrics:
Occupancy
68.1
%
69.7
%
(1.6
)
pts
Average Daily Rate (ADR)
$
295.21
$
264.40
11.7
%
RevPAR
$
201.08
$
184.21
9.2
%
Total RevPAR
$
526.07
$
484.52
8.6
%
Same-store Hospitality performance metrics:(1)
Occupancy
67.7
%
69.7
%
(2.0
)
pts
ADR
$
277.76
$
264.40
5.1
%
RevPAR
$
188.07
$
184.21
2.1
%
Total RevPAR
$
497.95
$
484.52
2.8
%
Gross definite room nights booked
460,938
363,904
26.7
%
Net definite room nights booked
242,269
205,194
18.1
%
Group attrition (as % of contracted block)
17.7
%
15.5
%
2.2
pts
Cancellations ITYFTY(2)
27,164
22,779
19.3
%
________________________________(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 first quarter 2026 are presented in greater detail below and under "Supplemental Financial Results—Hospitality Segment Adjusted EBITDAre Reconciliations 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 RevPAR of approximately $188, an increase of 2.1% from the prior year quarter, and Total RevPAR of approximately $498, an increase of 2.8% from the prior year quarter.
The same-store Hospitality portfolio generated record first quarter operating income of $120.8 million, and record first quarter Adjusted EBITDAre of $180.3 million.
First quarter same-store banquet and AV revenue contribution per group room night, a proxy for catering spend per group guest, increased 6.6% year over year, driven by a more favorable group mix.
First quarter same-store attrition and cancellation fee revenue was approximately $7.5 million, an increase of $0.8 million compared to the prior year quarter.
At the end of January, Winter Storm Fern impacted group attendance at Gaylord National and, to a lesser extent, Gaylord Texan and Gaylord Opryland. Excluding January, group attrition improved compared to the prior year quarter, and cancellations ITYFTY were essentially flat.
Subsequent to quarter-end, the Company completed the Foundry Fieldhouse sports bar, pavilion, and event lawn development at Gaylord Opryland and the meeting space conversion project at JW Marriott Desert Ridge.
Gaylord Opryland
Three Months Ended
March 31,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
2026
2025
Change
Revenue
$
128,379
$
110,178
16.5
%
Operating income
$
39,822
$
30,098
32.3
%
Operating income margin
31.0
%
27.3
%
3.7
pts
Adjusted EBITDAre
$
48,516
$
38,148
27.2
%
Adjusted EBITDAre margin
37.8
%
34.6
%
3.2
pts
Performance metrics:
Occupancy
69.7
%
64.9
%
4.8
pts
ADR
$
277.60
$
262.57
5.7
%
RevPAR
$
193.58
$
170.49
13.5
%
Total RevPAR
$
493.92
$
423.89
16.5
%
Gaylord Palms
Three Months Ended
March 31,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
2026
2025
Change
Revenue
$
97,646
$
88,393
10.5
%
Operating income
$
29,743
$
23,782
25.1
%
Operating income margin
30.5
%
26.9
%
3.6
pts
Adjusted EBITDAre
$
39,474
$
32,947
19.8
%
Adjusted EBITDAre margin
40.4
%
37.3
%
3.1
pts
Performance metrics:
Occupancy
77.3
%
75.9
%
1.4
pts
ADR
$
301.35
$
276.14
9.1
%
RevPAR
$
232.97
$
209.69
11.1
%
Total RevPAR
$
631.52
$
571.68
10.5
%
Gaylord Texan
Three Months Ended
March 31,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
2026
2025
Change
Revenue
$
83,371
$
86,377
(3.5
)
%
Operating income
$
23,805
$
27,695
(14.0
)
%
Operating income margin
28.6
%
32.1
%
(3.5
)
pts
Adjusted EBITDAre
$
31,130
$
33,624
(7.4
)
%
Adjusted EBITDAre margin
37.3
%
38.9
%
(1.6
)
pts
Performance metrics:
Occupancy
65.4
%
73.0
%
(7.6
)
pts
ADR
$
263.31
$
257.26
2.4
%
RevPAR
$
172.23
$
187.80
(8.3
)
%
Total RevPAR
$
510.66
$
529.08
(3.5
)
%
Gaylord National
Three Months Ended
March 31,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
2026
2025
Change
Revenue
$
74,227
$
80,829
(8.2
)
%
Operating income
$
6,225
$
9,474
(34.3
)
%
Operating income margin
8.4
%
11.7
%
(3.3
)
pts
Adjusted EBITDAre
$
15,742
$
19,031
(17.3
)
%
Adjusted EBITDAre margin
21.2
%
23.5
%
(2.3
)
pts
Performance metrics:
Occupancy
63.0
%
72.4
%
(9.4
)
pts
ADR
$
266.55
$
249.02
7.0
%
RevPAR
$
168.04
$
180.33
(6.8
)
%
Total RevPAR
$
413.20
$
449.95
(8.2
)
%
Gaylord Rockies
Three Months Ended
March 31,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
2026
2025
Change
Revenue
$
72,249
$
70,948
1.8
%
Operating income
$
14,445
$
14,823
(2.6
)
%
Operating income margin
20.0
%
20.9
%
(0.9
)
pts
Adjusted EBITDAre
$
29,633
$
29,675
(0.1
)
%
Adjusted EBITDAre margin
41.0
%
41.8
%
(0.8
)
pts
Performance metrics:
Occupancy
75.4
%
72.2
%
3.2
pts
ADR
$
258.62
$
257.09
0.6
%
RevPAR
$
195.08
$
185.68
5.1
%
Total RevPAR
$
534.82
$
525.19
1.8
%
JW Marriott Hill Country
Three Months Ended
March 31,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
%
2026
2025
Change
Revenue
$
50,295
$
55,276
(9.0
)
%
Operating income
$
7,208
$
10,849
(33.6
)
%
Operating income margin
14.3
%
19.6
%
(5.3
)
pts
Adjusted EBITDAre
$
15,370
$
18,680
(17.7
)
%
Adjusted EBITDAre margin
30.6
%
33.8
%
(3.2
)
pts
Performance metrics:
Occupancy
58.6
%
67.9
%
(9.3
)
pts
ADR
$
337.63
$
321.54
5.0
%
RevPAR
$
198.01
$
218.38
(9.3
)
%
Total RevPAR
$
557.72
$
612.95
(9.0
)
%
JW Marriott Desert Ridge(2)
Three Months Ended
March 31,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
2026
Revenue
$
73,868
Operating income
$
24,255
Operating income margin
32.8
%
Adjusted EBITDAre
$
32,314
Adjusted EBITDAre margin
43.7
%
Performance metrics:
Occupancy
73.0
%
ADR
$
489.75
RevPAR
$
357.42
Total RevPAR
$
863.95
Entertainment Segment
Three Months Ended
March 31,
($ in thousands)
%
2026
2025
Change
Revenue
$
79,183
$
89,550
(11.6
)
%
Operating income
$
4,253
$
10,316
(58.8
)
%
Operating income margin
5.4
%
11.5
%
(6.1
)
pts
Adjusted EBITDAre
$
15,681
$
20,939
(25.1
)
%
Adjusted EBITDAre margin
19.8
%
23.4
%
(3.6
)
pts
Fioravanti continued, "Our Entertainment business delivered results in line with our expectations despite a challenging comparison to record first quarter performance in the prior year period and the unfavorable impact of Winter Storm Fern at our Nashville venues. Our Ole Red brand exceeded our expectations, particularly in Las Vegas and Nashville, and we are excited to bring a seventh Ole Red to downtown Indianapolis, through a development agreement with the Pacers organization. Our growing platform of iconic brands is uniquely positioned to continue to serve the country music and live entertainment consumer and deliver attractive results."
________________________________(1) JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore there are no comparison figures.
Corporate and Other Segment
Three Months Ended
March 31,
($ in thousands)
%
2026
2025
Change
Operating loss
$
(11,544
)
$
(11,004
)
(4.9
)
%
Adjusted EBITDAre
$
(8,958
)
$
(8,411
)
(6.5
)
%
Capital Expenditures
In 2026, the Company expects to spend approximately $350 to $450 million on capital expenditures, including $114 million spent in the first quarter of 2026. Subsequent to quarter-end, 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.
Capital expenditures 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 late 2026; and
The development of Category 10 in Orlando, which is expected to begin in summer 2026 and is expected to be completed in late 2027.
Subsequent to quarter-end, the Company announced the planned development of Ole Red Indianapolis by development partner Pacer Sports & Entertainment, the organization behind the NBA Pacers and the WNBA Fever. The development is expected to be completed in late 2027, and OEG expects to invest approximately $15 million in 2027.
2026 Guidance
The Company is updating its 2026 business performance outlook based on current information as of April 30, 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 stronger first quarter results in our Hospitality portfolio, including the JW Marriott Desert Ridge. Our outlook for the balance of the year continues to reflect measured confidence in our business. Demand from both group and leisure guests has remained resilient amid elevated geopolitical uncertainty, and our business model has proven to be durable across a range of operating environments."
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)
2.25
%
3.75
%
3.00
%
1.50
%
3.50
%
2.50
%
0.50
%
Same-store Hospitality Total RevPAR growth(2)
2.25
%
3.75
%
3.00
%
1.50
%
3.50
%
2.50
%
0.50
%
Operating income:
Hospitality (same-store)(2)
$
475.5
$
485.5
$
480.5
$
466.5
$
483.5
$
475.0
$
5.5
JW Marriott Desert Ridge
33.5
35.0
34.3
30.5
33.0
31.8
2.5
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
$
533.3
$
551.0
$
542.1
$
521.3
$
547.0
$
534.1
$
8.0
Adjusted EBITDAre:
Hospitality (same-store)(2)
$
715.0
$
735.0
$
725.0
$
700.0
$
730.0
$
715.0
$
10.0
JW Marriott Desert Ridge
68.0
72.0
70.0
65.0
70.0
67.5
2.5
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
$
864.0
$
902.0
$
883.0
$
846.0
$
895.0
$
870.5
$
12.5
Net income
$
271.0
$
279.0
$
275.0
$
260.0
$
273.0
$
266.5
$
8.5
Net income available to common stockholders
$
261.0
$
267.0
$
264.0
$
250.0
$
261.0
$
255.5
