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Ryman Hospitality Properties (RHP) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Real Estate· Aug 7, 2026

Source: earnings call transcript

Executive summary

Ryman Hospitality Properties Q2 FY26 — Strong Group Demand and Strategic Investments Drive Outperformance

Ryman Hospitality delivered a strong quarter, driven by robust group demand, successful premium customer strategies, and strategic capital investments. The company raised its full-year guidance, reflecting confidence in its operating model and the long-term growth potential of its hospitality and entertainment segments, while also exploring strategic options for Opry Entertainment Group.

Highlights

5

  • Same-store hospitality Adjusted EBITDAre outperformed expectations by approximately $7 million.

  • Group ADR increased 7.5% year-over-year, approximately 3 percentage points better than expectations.

  • Entertainment Adjusted EBITDAre increased nearly 30% year-over-year to a new quarterly record.

  • The same-store portfolio's trailing 12-month average RevPAR index reached nearly 130% of fair share, an increase of 6 points year-over-year.

  • More than 768,000 same-store gross group room nights were booked for all future periods in Q2, up 6.7% year-over-year.

Concerns

2

  • The broader macroeconomic environment remains dynamic, with ongoing monitoring of interest rates and inflation, though no meaningful impact on demand trends has been observed to date.

  • A conservative outlook is maintained for ICE due to limited visibility into ticket sales, with much of the season's success determined in the final two weeks of the year.

Guidance & targets

CategoryTargetConfidence
Full-year 2026 Same-store hospitality Adjusted EBITDAre
Midpoint raised by $10M
high materiality
High
Full-year 2026 JW Desert Ridge Adjusted EBITDAre
Midpoint raised by $1M
medium materiality
High
Full-year 2026 Capital Expenditures
$400M-$500M
high materiality
High
Full-year 2026 Same-store leisure rooms revenue performance
Roughly flat
medium materiality
Medium
Q3 2026 Same-store RevPAR growth
Low to mid-single-digit growth
medium materiality
Medium
Q4 2026 Same-store RevPAR growth
Mid-single-digit growth
medium materiality
Medium
Q3/Q4 2026 Total revenue growth
Low to mid-single-digit growth in each, stronger growth in Q3
medium materiality
Medium
Q3 2026 Adjusted EBITDAre margin growth
Strongest of the year
medium materiality
High
Full-year 2026 Entertainment Adjusted EBITDAre weighting
More heavily weighted to the fourth quarter
medium materiality
Medium
2027 Financial Targets
On track to achieve
high materiality
High
Dividend Policy
Distribute a minimum of 100% of REIT taxable income
high materiality
High

Segment performance

SegmentRevenueYoYQoQMargin
Hospitality (Same-Store)
Delivered results ahead of expectations, driven by strong group and leisure outperformance and robust catering contribution. Several properties achieved record second quarter revenue and Adjusted EBITDAre.
RevPAR Index: 130% of fair share (trailing 12-month average at end of June), +6 points YoYGroup ADR: +7.5% YoYCatering contribution per group room night: +13% YoYBooked same-store gross group room nights: >768,000 (+6.7% YoY)ADR on bookings: ~$310 (+8.6% YoY)Group rooms revenue on books for 2027: +3.2% YoY (vs. same time last year for 2026)Group rooms revenue on books for 2028: -0.5% YoY (vs. same time last year for 2027)
—RevPAR and total RevPAR exceeded expectations by approximately 2.5 points each—Adjusted EBITDAre outperformed by approximately $7M
JW Desert Ridge
Delivered a terrific quarter, with group business as the primary driver of RevPAR and total RevPAR growth. Outperformed its competitive set due to successful demand remixing strategy.
Group mix: +13 points YoYRevPAR Index: +18 points YoY
—RevPAR and total RevPAR growth compared to last year——
Opry Entertainment Group (OEG)
Terrific second quarter results driven by strong execution across recent growth investments, including successful festivals and artist-centered venues.
Category 10 Nashville Revenue: highest revenue month ever
—Adjusted EBITDAre +30% YoY—Adjusted EBITDAre new quarterly record

RHP operating KPIs by quarter

RHP operating KPIs stated on its earnings calls, by fiscal quarter
KPI Dec 2025 Q4 FY25This call Jun 2026 Q2 FY26Change vs prior quarter
Gross group room nights booked Same-store
1.2M+ In the fourth quarter, the same-store portfolio booked more than 1.2 million gross group room nights for all future years. Source: earnings call transcript
768K+ During the second quarter, we booked more than 768,000 same-store gross group room nights for all future periods, up 6.7% year-over-year. Source: earnings call transcript
—

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Deals & partnerships

Select potential investors Evaluation of possible new investors or partners in Opry Entertainment Group (OEG)

The Board, advised by Morgan Stanley, is evaluating potential new investors or partners for OEG. No agreements have been entered into, and there is no assurance a definitive agreement will be reached. The goal is to preserve OEG's legacy and position it for continued growth.

Capital programs

Gaylord Opryland Meeting Space Expansion underway
Spent to date: structural framework completed

Benefit:enhance Opryland's ability to attract more premium groups

Topping off ceremony marked completion of structural framework. Investment will strengthen competitive position.

JW Hill Country Rooms Renovation & Work underway

Benefit:minimize disruption

Accelerated from 2027 to complete concurrently with ongoing rooms renovation to minimize disruption.

Gaylord Texan Water Amenity Improvements underway

Accelerated from 2027 as part of capital plan adjustments.

Gaylord National Meeting Space Renovation planned

Benefit:help them next year

A light-touch refresh planned for the fourth quarter.

Risks & headwinds

Broader macroeconomic backdrop (interest rates, inflation) ongoing

dynamic

Mitigation:To date, no meaningful impact on demand trends, customer behavior, or future booking activity has been observed.

Limited visibility into ICE ticket sales Q4 FY26

conservative outlook

Mitigation:Marriott announced new themes (Home Alone, Harry Potter, Nightmare Before Christmas), and early customer reception has been encouraging.

What to watch in Q3 FY26

Opryland Meeting Space Expansion Completion

next year
Current Structural framework completed
Target Completion

Why it matters

Enhances ability to attract premium groups and strengthens competitive position, contributing to future earnings power.

last month, we celebrated an important milestone at Gaylord Opryland with a topping off ceremony for the meeting space expansion project. marking the completion of the expansion structural framework. When completed, this investment will enhance Opryland's ability to attract more premium groups

Find out whether RHP delivers this. Inve re-checks your case every morning.

Q&A highlights

Inquire about the current state of the relationship with Marriott and views on management fees/royalty rates given industry discussions.

Mark Fioravanti stated the relationship with Marriott is 'quite good' and 'very positive,' with broad alignment on most issues, though they remain focused on fee revenue and cost structure.

“broadly speaking, what I would tell you is that our relationship is good, and I think that it's -- we're fairly well aligned with Marriott and what the objectives are for our business.”

asked by Dan Politzer · answered by Mark Fioravanti

2 min read 6 chapters

Detailed narrative

Strategic Focus and Performance

Ryman's strategy of attracting higher-value customers and reinvesting in assets is yielding strong results, with Gaylord Opryland's Adjusted EBITDA projected to reach $200 million this year, up from $57 million 25 years ago. The company's scale and differentiated offerings enable it to attract premium business, deepen customer relationships, and drive stronger spending trends, reinforcing confidence in capital allocation and long-term shareholder value creation.

Group Business Strength and Market Share Gains

The hospitality segment benefited from strong in-the-month for-the-month trends, with group ADR increasing 7.5% YoY and catering contribution per group room night up nearly 13% YoY. This outperformance was broad-based across segments, including SMERF, and driven by a mix of higher-rated premium group customers. The company is actively gaining market share against competitors who lack the physical assets to attract this higher-rated group business, as evidenced by the same-store portfolio's RevPAR index reaching nearly 130% of fair share.

JW Marriott Portfolio Strategy Delivering Results

The newly acquired JW Marriott hotels are demonstrating strong performance, with JW Desert Ridge significantly outperforming its competitive set, seeing its RevPAR index increase by 18 points YoY. The rotational strategy between the JWs and Gaylord properties is proving successful, with a dedicated team booking approximately 129,000 multi-year rotational group room nights life-to-date, reinforcing confidence in the acquisition thesis and future opportunities.

Opry Entertainment Group (OEG) Performance and Strategic Review

OEG delivered a record quarter with Adjusted EBITDAre increasing nearly 30% YoY, driven by strong execution in festivals and artist-centered venues, including Category 10 Nashville achieving its highest revenue month ever. The Board is actively evaluating potential new investors or partners for OEG to provide greater independence and create shareholder value, with ongoing discussions but no definitive agreements yet, while aiming to preserve OEG's legacy and enable continued growth.

Capital Investments and Project Acceleration

Significant capital investments, such as the Gaylord Opryland meeting space expansion, are enhancing asset quality and future growth opportunities. The company accelerated approximately $50 million of projects into 2026, including work at JW Hill Country and Gaylord Texan water amenity improvements, to minimize disruption and improve efficiency. These projects remain on time and on budget, supporting the overall multi-year capital plan.

Positive Forward Bookings and Outlook

Forward-looking indicators remain positive, with over 768,000 same-store gross group room nights booked in Q2 for future periods, up 6.7% YoY, and ADR on those bookings reaching a new record of $310. Group rooms revenue on the books for 2027 is up 3.2% YoY compared to the same time last year for 2026, supported by near-record corporate lead volumes and favorable pattern availability, reinforcing confidence in achieving 2027 financial targets.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.