Open the filing on EDGARRyman Hospitality Properties, Inc. Reports Fourth Quarter and Full Year 2025 Results
NASHVILLE, Tenn. (February 23, 2026) - Ryman Hospitality Properties, Inc. (NYSE: RHP), a leading lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the three and twelve months ended December 31, 2025.
Fourth Quarter 2025 Highlights and Recent Developments:
- The Company reported all-time quarterly record consolidated revenue of $737.8 million, driven by quarterly record same-store Hospitality segment revenue of $578.2 million and record fourth quarter Entertainment segment revenue of $109.5 million.
- The Company generated fourth quarter net income of $74.5 million and consolidated Adjusted EBITDAre of $224.3 million.
- During the fourth quarter, the Company booked over 1.2 million same-store Hospitality Gross Definite Room Nights for all future periods. The estimated average daily rate (ADR) for these bookings was approximately $299, an increase of 6.1% compared to prior year quarter estimated ADR for future bookings and a new record.
- Subsequent to quarter-end, the Company refinanced its corporate revolving credit facility, increasing the size from $700 million to $850 million and extending the maturity from May 2027 to January 2030. The amended revolving credit facility maintains the same pricing, and other terms of the agreement are largely similar to the Company’s previous credit facility agreement.
- Subsequent to quarter-end, Opry Entertainment Group (OEG) announced the development of a third Category 10 located at Universal Orlando Resort’s CityWalk, expected to open in late 2027. In addition, the City of Simpsonville, South Carolina selected OEG’s bid to manage the CCNB Amphitheatre, beginning in February 2026.
- The Company declared a cash dividend of $1.20 per share for the first quarter of 2026. The dividend is payable on April 15, 2026, to stockholders of record as of March 31, 2026.
- Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
Full Year 2025 Highlights:
- The Company generated record full year consolidated revenue of $2.6 billion, with net income of $247.3 million and consolidated Adjusted EBITDAre of $794.7 million.
- The Company booked nearly 3.0 million same-store Hospitality Gross Definite Room Nights for all future periods. The estimated ADR for those bookings was approximately $292, an increase of 3.5% over 2024 estimated ADR for future bookings and a new record.
- In 2025, the Company declared total dividends of $4.65 per share, an increase of 4.5% from total dividends declared in 2024; it intends to pay aggregate minimum dividends for 2026 of $4.80 per share, subject to the Board’s future determinations.
Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “We are very pleased to deliver strong full year results, near the top end of our most recent guidance ranges, with our Entertainment segment, as well as AFFO and AFFO per diluted share, surpassing the high end of those expectations. Our fourth quarter performance reflected strong demand for our holiday programming in our Hospitality segment and stronger-than-anticipated volumes across our downtown Nashville Entertainment venues.
In our Hospitality business, meeting planner sentiment strengthened as the quarter progressed, driving monthly record same-store gross group room night, projected revenue, and projected ADR bookings production for all future periods during December. This momentum underscores the effectiveness of our long-term capital deployment strategy, which we believe positions our portfolio for sustained growth.”
Fioravanti continued, “Looking ahead, projected same-store group rooms revenue on the books for 2026 is pacing up approximately 6% compared to the same time last year for 2025, supported by expected mid-single-digit ADR growth on these bookings for 2026. We believe the investments we’ve made, and continue to make across our portfolio, are creating durable demand and positioning the business for another strong year.”
Fourth Quarter and Full Year 2025 Results (as compared to Fourth Quarter and Full Year 2024):
| Three Months Ended | Year Ended |
|---|
| December 31, | December 31, |
|---|
| 2025 | 2024 | Change | 2025 | 2024 | Change |
|---|
| ($ in thousands, except per share amounts) | | | | | % | | | | | % |
| Total revenue | $737,808 | | $647,633 | | 13.9% | $2,577,061 | | $2,339,226 | | 10.2% |
| Operating income | $142,854 | | $120,502 | | 18.5% | $487,012 | | $490,834 | | (0.8)% |
| Operating income margin | 19.4% | | 18.6% | | 0.8pts | 18.9% | | 21.0% | | (2.1)pts |
| Net income | $74,462 | | $72,291 | | 3.0% | $247,310 | | $280,190 | | (11.7)% |
| Net income margin | 10.1% | | 11.2% | | (1.1)pts | 9.6% | | 12.0% | | (2.4)pts |
| Net income available to common stockholders | $73,825 | | $68,766 | | 7.4% | $243,425 | | $271,638 | | (10.4)% |
| Net income available to common stockholders margin | 10.0% | | 10.6% | | (0.6)pts | 9.4% | | 11.6% | | (2.2)pts |
| Net income available to common stockholders per diluted share | $1.11 | | $1.13 | | (1.8)% | $3.77 | | $4.38 | | (13.9)% |
| Adjusted EBITDAre | $224,262 | | $188,642 | | 18.9% | $794,693 | | $757,705 | | 4.9% |
| Adjusted EBITDAre margin | 30.4% | | 29.1% | | 1.3pts | 30.8% | | 32.4% | | (1.6)pts |
| Adjusted EBITDAre, excluding noncontrolling interest | $214,489 | | $179,015 | | 19.8% | $761,294 | | $725,959 | | 4.9% |
| Adjusted EBITDAre, excluding noncontrolling interest margin | 29.1% | | 27.6% | | 1.5pts | 29.5% | | 31.0% | | (1.5)pts |
| Funds From Operations (FFO) available to common stockholders and unit holders | $145,376 | | $127,691 | | 13.8% | $510,561 | | $500,016 | | 2.1% |
| FFO available to common stockholders and unit holders per diluted share/unit | $2.19 | | $2.08 | | 5.3% | $7.93 | | $8.05 | | (1.5)% |
| Adjusted FFO available to common stockholders and unit holders | $154,572 | | $131,460 | | 17.6% | $539,592 | | $527,821 | | 2.2% |
| Adjusted FFO available to common stockholders and unit holders per diluted share/unit | $2.38 | | $2.15 | | 10.7% | $8.46 | | $8.54 | | (0.9)% |
- Diluted weighted average common shares for the three and twelve months ended December 31, 2025 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 December 31, 2025 and 2024 include 4.4 million and 3.5 million, respectively, and for the twelve months ended December 31, 2025 and 2024 include 3.9 million and 3.5 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: Consolidated results for the twelve months ended December 31, 2024 reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $9.1 million.
Note: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest, Adjusted EBITDAre, excluding noncontrolling interest margin, FFO available to common stockholders and unit holders, and Adjusted FFO available to common stockholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measures FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders to Net Income, see “Non-GAAP Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition,” “Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO Available to Common Stockholders and Unit Holders Definition” and “Supplemental Financial Results” below.
Hospitality Segment
| Three Months Ended | Year Ended |
|---|
| December 31, | December 31, |
|---|
| 2025 | 2024 | Change | 2025 | 2024 | Change |
|---|
| ($ in thousands, except ADR, RevPAR, and Total RevPAR) | | | | | % | | | | | % |
| Hospitality revenue | $628,276 | | $549,450 | | 14.3% | $2,143,086 | | $1,997,050 | | 7.3% |
| Same-store Hospitality revenue | $578,160 | | $549,450 | | 5.2% | $2,051,503 | | $1,997,050 | | 2.7% |
| Hospitality operating income | $131,370 | | $110,258 | | 19.1% | $462,177 | | $467,109 | | (1.1)% |
| Hospitality operating income margin | 20.9% | | 20.1% | | 0.8pts | 21.6% | | 23.4% | | (1.8)pts |
| Hospitality Adjusted EBITDAre | $198,220 | | $165,272 | | 19.9% | $713,944 | | $684,049 | | 4.4% |
| Hospitality Adjusted EBITDAre margin | 31.5% | | 30.1% | | 1.4pts | 33.3% | | 34.3% | | (1.0)pts |
| Same-store Hospitality operating income | $125,890 | | $110,258 | | 14.2% | $462,956 | | $467,109 | | (0.9)% |
| Same-store Hospitality operating income margin | 21.8% | | 20.1% | | 1.7pts | 22.6% | | 23.4% | | (0.8)pts |
| Same-store Hospitality Adjusted EBITDAre | $183,721 | | $165,272 | | 11.2% | $695,070 | | $684,049 | | 1.6% |
| Same-store Hospitality Adjusted EBITDAre margin | 31.8% | | 30.1% | | 1.7pts | 33.9% | | 34.3% | | (0.4)pts |
| Hospitality performance metrics: | | | | | | | | | | |
| Occupancy | 65.7% | | 66.7% | | (1.0)pts | 68.7% | | 69.1% | | (0.4)pts |
| Average Daily Rate (ADR) | $286.46 | | $267.45 | | 7.1% | $266.79 | | $257.81 | | 3.5% |
| RevPAR | $188.09 | | $178.37 | | 5.4% | $183.29 | | $178.24 | | 2.8% |
| Total RevPAR | $552.34 | | $523.24 | | 5.6% | $491.44 | | $478.05 | | 2.8% |
| Same-store Hospitality performance metrics: | | | | | | | | | | |
| Occupancy | 66.0% | | 66.7% | | (0.7)pts | 69.2% | | 69.1% | | 0.1pts |
| ADR | $280.98 | | $267.45 | | 5.1% | $265.44 | | $257.81 | | 3.0% |
| RevPAR | $185.41 | | $178.37 | | 3.9% | $183.73 | | $178.24 | | 3.1% |
| Total RevPAR | $550.58 | | $523.24 | | 5.2% | $492.43 | | $478.05 | | 3.0% |
| Gross definite room nights booked | 1,233,797 | | 1,373,303 | | (10.2)% | 2,985,990 | | 3,158,681 | | (5.5)% |
| Net definite room nights booked | 1,004,590 | | 1,154,743 | | (13.0)% | 2,209,541 | | 2,469,881 | | (10.5)% |
| Group attrition (as % of contracted block) | 15.5% | | 15.8% | | (0.3)pts | 15.6% | | 15.4% | | 0.2pts |
| Cancellations ITYFTY | 5,584 | | 2,435 | | 129.3% | 68,570 | | 41,087 | | 66.9% |
- Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
- “ITYFTY” represents In The Year For The Year.
Note: Hospitality and same-store Hospitality results for the twelve months ended December 31, 2024 reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $5.6 million.
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 fourth quarter 2025 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.
2025 Hospitality Segment Highlights
- The same-store Hospitality portfolio generated record full year RevPAR of approximately $184, an increase of 3.1% from 2024, and record Total RevPAR of approximately $492, an increase of 3.0% from 2024. Full year same-store operating income was $463.0 million, and same-store Adjusted EBITDAre was $695.1 million, both setting new all-time records.
- Record fourth quarter same-store banquet and AV revenue increased 4.6% year over year, driven by higher contribution per group room night, a proxy for catering spend per group guest.
- Same-store attrition and cancellation fee revenue was approximately $15.9 million for the fourth quarter and $43.7 million for the full year.
- The Company’s ICE! programming attracted over 1.5 million ticketed guests, an increase of 14.2% compared to last year, led by record property-level ticket sales at Gaylord Opryland and Gaylord Rockies.
- As of December 31, 2025 for 2026, projected same-store group rooms revenue on the books was 6.0% above projected group rooms revenue on the books as of December 31, 2024 for 2025 (“same time last year”). As of December 31, 2025, projected same-store occupancy on the books for 2026 was approximately 50%, and projected ADR on the books was approximately 4.6% over same time last year.
Gaylord Opryland
| Three Months Ended | Year Ended |
|---|
| December 31, | December 31, |
|---|
| 2025 | 2024 | Change | 2025 | 2024 | Change |
|---|
| ($ in thousands, except ADR, RevPAR, and Total RevPAR) | | | | | % | | | | | % |
| Revenue | $147,383 | | $138,706 | | 6.3% | $484,104 | | $495,552 | | (2.3)% |
| Operating income | $48,188 | | $40,807 | | 18.1% | $144,113 | | $152,896 | | (5.7)% |
| Operating income margin | 32.7% | | 29.4% | | 3.3pts | 29.8% | | 30.9% | | (1.1)pts |
| Adjusted EBITDAre | $56,534 | | $48,850 | | 15.7% | $177,197 | | $185,442 | | (4.4)% |
| Adjusted EBITDAre margin | 38.4% | | 35.2% | | 3.2pts | 36.6% | | 37.4% | | (0.8)pts |
| Performance metrics: | | | | | | | | | | |
| Occupancy | 72.3% | | 71.2% | | 1.1pts | 69.1% | | 70.9% | | (1.8)pts |
| ADR | $288.21 | | $272.81 | | 5.6% | $266.19 | | $258.62 | | 2.9% |
| RevPAR | $208.34 | | $194.35 | | 7.2% | $184.00 | | $183.35 | | 0.4% |
| Total RevPAR | $554.70 | | $522.05 | | 6.3% | $459.25 | | $468.82 | | (2.0)% |
Note: Gaylord Opryland results for the twelve months ended December 31, 2024 reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $5.4 million.
Gaylord Palms
| Three Months Ended | Year Ended |
|---|
| December 31, | December 31, |
|---|
| 2025 | 2024 | Change | 2025 | 2024 | Change |
|---|
| ($ in thousands, except ADR, RevPAR, and Total RevPAR) | | | | | % | | | | | % |
| Revenue | $88,247 | | $79,867 | | 10.5% | $316,498 | | $302,371 | | 4.7% |
| Operating income | $16,646 | | $12,420 | | 34.0% | $62,096 | | $63,228 | | (1.8)% |
| Operating income margin | 18.9% | | 15.6% | | 3.3pts | 19.6% | | 20.9% | | (1.3)pts |
| Adjusted EBITDAre | $26,330 | | $20,805 | | 26.6% | $100,316 | | $92,672 | | 8.2% |
| Adjusted EBITDAre margin | 29.8% | | 26.0% | | 3.8pts | 31.7% | | 30.6% | | 1.1pts |
| Performance metrics: | | | | | | | | | | |
| Occupancy | 63.8% | | 60.3% | | 3.5pts | 70.7% | | 64.6% | | 6.1pts |
| ADR | $283.58 | | $269.95 | | 5.0% | $258.14 | | $249.98 | | 3.3% |
| RevPAR | $181.06 | | $162.87 | | 11.2% | $182.45 | | $161.45 | | 13.0% |
| Total RevPAR | $558.32 | | $505.31 | | 10.5% | $504.73 | | $480.88 | | 5.0% |
Gaylord Texan
| Three Months Ended | Year Ended |
|---|
| December 31, | December 31, |
|---|
| 2025 | 2024 | Change | 2025 | 2024 | Change |
|---|
| ($ in thousands, except ADR, RevPAR, and Total RevPAR) | | | | | % | | | | | % |
| Revenue | $106,311 | | $109,256 | | (2.7)% | $349,264 | | $351,151 | | (0.5)% |
| Operating income | $31,053 | | $35,373 | | (12.2)% | $100,230 | | $106,416 | | (5.8)% |
| Operating income margin | 29.2% | | 32.4% | | (3.2)pts | 28.7% | | 30.3% | | (1.6)pts |
| Adjusted EBITDAre | $37,422 | | $41,207 | | (9.2)% | $124,906 | | $129,605 | | (3.6)% |
| Adjusted EBITDAre margin | 35.2% | | 37.7% | | (2.5)pts | 35.8% | | 36.9% | | (1.1)pts |
| Performance metrics: | | | | | | | | | | |
| Occupancy | 67.1% | | 74.7% | | (7.6)pts | 69.8% | | 74.6% | | (4.8)pts |
| ADR | $277.67 | | $270.13 | | 2.8% | $259.13 | | $252.65 | | 2.6% |
| RevPAR | $186.41 | | $201.76 | | (7.6)% | $180.80 | | $188.58 | | (4.1)% |
| Total RevPAR | $637.02 | | $654.66 | | (2.7)% | $527.50 | | $528.90 | | (0.3)% |
Gaylord National
| Three Months Ended | Year Ended |
|---|
| December 31, | December 31, |
|---|
| 2025 | 2024 | Change | 2025 | 2024 | Change |
|---|
| ($ in thousands, except ADR, RevPAR, and Total RevPAR) | | | | | % | | | | | % |
| Revenue | $93,917 | | $84,936 | | 10.6% | $336,257 | | $311,330 | | 8.0% |
| Operating income | $15,061 | | $10,269 | | 46.7% | $51,693 | | $46,306 | | 11.6% |
| Operating income margin | 16.0% | | 12.1% | | 3.9pts | 15.4% | | 14.9% | | 0.5pts |
| Adjusted EBITDAre | $24,534 | | $19,849 | | 23.6% | $93,115 | | $87,849 | | 6.0% |
| Adjusted EBITDAre margin | 26.1% | | 23.4% | | 2.7pts | 27.7% | | 28.2% | | (0.5)pts |
| Performance metrics: | | | | | | | | | | |
| Occupancy | 63.9% | | 60.4% | | 3.5pts | 67.4% | | 64.8% | | 2.6pts |
| ADR | $275.24 | | $265.94 | | 3.5% | $257.22 | | $251.80 | | 2.2% |
| RevPAR | $175.76 | | $160.71 | | 9.4% | $173.38 | | $163.16 | | 6.3% |
| Total RevPAR | $511.44 | | $462.53 | | 10.6% | $461.55 | | $426.17 | | 8.3% |
Gaylord Rockies
| Three Months Ended | Year Ended |
|---|
| December 31, | December 31, |
|---|
| 2025 | 2024 | Change | 2025 | 2024 | Change |
|---|
| ($ in thousands, except ADR, RevPAR, and Total RevPAR) | | | | | % | | | | | % |
| Revenue | $82,612 | | $76,825 | | 7.5% | $313,233 | | $290,141 | | 8.0% |
| Operating income | $12,413 | | $6,755 | | 83.8% | $66,190 | | $56,233 | | 17.7% |
| Operating income margin | 15.0% | | 8.8% | | 6.2pts | 21.1% | | 19.4% | | 1.7pts |
| Adjusted EBITDAre | $27,458 | | $21,395 | | 28.3% | $125,897 | | $113,327 | | 11.1% |
| Adjusted EBITDAre margin | 33.2% | | 27.8% | | 5.4pts | 40.2% | | 39.1% | | 1.1pts |
| Performance metrics: | | | | | | | | | | |
| Occupancy | 67.4% | | 71.5% | | (4.1)pts | 75.9% | | 74.3% | | 1.6pts |
| ADR | $277.48 | | $252.73 | | 9.8% | $264.85 | | $253.11 | | 4.6% |
| RevPAR | $187.15 | | $180.80 | | 3.5% | $201.02 | | $188.09 | | 6.9% |
| Total RevPAR | $598.24 | | $556.33 | | 7.5% | $571.73 | | $528.14 | | 8.3% |
JW Marriott Hill Country
| Three Months Ended | Year Ended |
|---|
| December 31, | December 31, |
|---|
| 2025 | 2024 | Change | 2025 | 2024 | Change |
|---|
| ($ in thousands, except ADR, RevPAR, and Total RevPAR) | | | | | % | | | | | % |
| Revenue | $53,718 | | $53,460 | | 0.5% | $227,182 | | $220,524 | | 3.0% |
| Operating income | $2,454 | | $3,860 | | (36.4)% | $37,402 | | $38,408 | | (2.6)% |
| Operating income margin | 4.6% | | 7.2% | | (2.6)pts | 16.5% | | 17.4% | | (0.9)pts |
| Adjusted EBITDAre | $10,548 | | $11,612 | | (9.2)% | $69,183 | | $68,601 | | 0.8% |
| Adjusted EBITDAre margin | 19.6% | | 21.7% | | (2.1)pts | 30.5% | | 31.1% | | (0.6)pts |
| Performance metrics: | | | | | | | | | | |
| Occupancy | 58.5% | | 60.4% | | (1.9)pts | 67.2% | | 69.2% | | (2.0)pts |
| ADR | $310.71 | | $301.63 | | 3.0% | $329.16 | | $317.32 | | 3.7% |
| RevPAR | $181.62 | | $182.17 | | (0.3)% | $221.06 | | $219.58 | | 0.7% |
| Total RevPAR | $582.72 | | $579.93 | | 0.5% | $621.17 | | $601.32 | | 3.3% |
JW Marriott Desert Ridge
| Three Months Ended | Period Ended |
|---|
| December 31, | December 31, |
|---|
| 2025 | 2025 |
|---|
| ($ in thousands, except ADR, RevPAR, and Total RevPAR) | | | | |
| Revenue | $50,116 | | $91,583 | |
| Operating income (loss) | $5,480 | | $(779) | |
| Operating income (loss) margin | 10.9% | | (0.9)% | |
| Adjusted EBITDAre | $14,499 | | $18,874 | |
| Adjusted EBITDAre margin | 28.9% | | 20.6% | |
| Performance metrics: | | | | |
| Occupancy | 61.7% | | 57.7% | |
| ADR | $356.94 | | $301.38 | |
| RevPAR | $220.26 | | $173.85 | |
| Total RevPAR | $573.42 | | $470.26 | |
- JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore there are no comparison figures.
Entertainment Segment
| Three Months Ended | Year Ended |
|---|
| December 31, | December 31, |
|---|
| 2025 | 2024 | Change | 2025 | 2024 | Change |
|---|
| ($ in thousands) | | | | | % | | | | | % |
| Revenue | $109,532 | | $98,183 | | 11.6% | $433,975 | | $342,176 | | 26.8% |
| Operating income | $22,901 | | $21,208 | | 8.0% | $68,539 | | $66,192 | | 3.5% |
| Operating income margin | 20.9% | | 21.6% | | (0.7)pts | 15.8% | | 19.3% | | (3.5)pts |
| Adjusted EBITDAre | $34,878 | | $31,938 | | 9.2% | $114,463 | | $105,672 | | 8.3% |
| Adjusted EBITDAre margin | 31.8% | | 32.5% | | (0.7)pts | 26.4% | | 30.9% | | (4.5)pts |
Note: Entertainment results for the twelve months ended December 31, 2024 reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $3.4 million.
Fioravanti continued, “Our Entertainment business exceeded our expectations in the fourth quarter, driven by stronger volumes in our downtown Nashville venues and record performance metrics for the Opry during its October birthday month. Building on the successes of 2025, we recently announced several new growth opportunities, including two amphitheater venues under management and further expansion of the Category 10 brand in Las Vegas and Orlando. Demand for country music and live entertainment remains robust, and our unique portfolio of iconic brands is well-positioned for continued growth in 2026 and beyond.”
Corporate and Other Segment
| Three Months Ended | Year Ended |
|---|
| December 31, | December 31, |
|---|
| 2025 | 2024 | Change | 2025 | 2024 | Change |
|---|
| ($ in thousands) | | | | | % | | | | | % |
| Operating loss | $(11,417) | | $(10,964) | | (4.1)% | $(43,704) | | $(42,467) | | (2.9)% |
| Adjusted EBITDAre | $(8,836) | | $(8,568) | | (3.1)% | $(33,714) | | $(32,016) | | (5.3)% |
Note: Corporate and Other results for the twelve months ended December 31, 2024 reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $0.1 million.
Capital Expenditures
In 2025, the Company’s capital expenditures totaled approximately $358.2 million, primarily related to its Hospitality business. The Company estimates the full year 2025 impact of construction-related disruption to its same-store Hospitality business was approximately 190 basis points to RevPAR, 170 basis points to Total RevPAR, and $23 million to operating income and Adjusted EBITDAre, an improvement relative to the Company’s estimates at the beginning of 2025 due to timing shifts related to the Gaylord Texan rooms renovation and less-than-anticipated disruption at Gaylord Opryland. During the year, the Company completed meeting space renovations at Gaylord Opryland and JW Marriott Desert Ridge.
In 2026, the Company expects to spend approximately $350 to $450 million on capital expenditures.
Ongoing projects continuing into 2026 include:
- Continuation of the Foundry Fieldhouse sports bar, pavilion, and event lawn development at Gaylord Opryland, which is expected to be completed in April 2026;
- Continuation of the meeting space expansion at Gaylord Opryland, which is expected to be completed in 2027;
- Renovation of the rooms at Gaylord Texan, which began in July 2025 and is expected to be completed by mid-year 2026; and
- The development of Category 10 Las Vegas, which is expected to be completed in late 2026.
Additional major projects planned for 2026 include:
- Renovation of the rooms at JW Marriott Hill Country (estimated project cost: $90 million), which is expected to begin in April 2026 and continue through the first quarter of 2027; and
- The development of Category 10 in Orlando (estimated project cost: $35 million), which is expected to begin in summer 2026 with an expected completion date in late 2027.
2026 Guidance
The Company is providing its 2026 business performance outlook based on current information as of February 23, 2026, including the estimated business impact from Winter Storm Fern. 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 initiate our outlook for 2026, which, at the midpoint, reflects low single-digit Adjusted EBITDAre growth for the same-store Hospitality segment and high single-digit Adjusted EBITDAre growth for the Entertainment segment. Our outlook for the same-store Hospitality segment assumes growth in our group business and a stable leisure business. Our outlook for the Entertainment segment reflects momentum behind Opry 100 and our investments in festivals, amphitheaters and Category 10 Las Vegas.”
| Guidance Range |
|---|
| (in millions, except per share figures) | For Full Year 2026 |
| Low | High | Midpoint |
| Same-store Hospitality RevPAR growth | 1.50% | 3.50% | 2.50% |
| Same-store Hospitality Total RevPAR growth | 1.50% | 3.50% | 2.50% |
| Operating income: | | | |
| Hospitality (same-store) | $466.5 | $483.5 | $475.0 |
| JW Marriott Desert Ridge | 30.5 | 33.0 | 31.8 |
| Entertainment | 74.8 | 79.5 | 77.1 |
| Corporate and Other | (50.5) | (49.0) | (49.8) |
| Consolidated operating income | $521.3 | $547.0 | $534.1 |
| Adjusted EBITDAre: | | | |
| Hospitality (same-store) | $700.0 | $730.0 | $715.0 |
| JW Marriott Desert Ridge | 65.0 | 70.0 | 67.5 |
| Entertainment | 120.0 | 130.0 | 125.0 |
| Corporate and Other | (39.0) | (35.0) | (37.0) |
| Consolidated Adjusted EBITDAre | $846.0 | $895.0 | $870.5 |
| Net income | $260.0 | $273.0 | $266.5 |
| Net income available to common stockholders | $250.0 | $261.0 | $255.5 |
| FFO available to common stockholders and unit holders | $535.0 | $563.5 | $549.3 |
| Adjusted FFO available to common stockholders and unit holders | $559.3 | $597.0 | $578.1 |
| Net income available to common stockholders per diluted share | $3.80 | $3.93 | $3.87 |
| Adjusted FFO available to common stockholders and unit holders | | | |
| per diluted share/unit | $8.50 | $9.00 | $8.75 |
| Weighted average shares outstanding - diluted | 68.4 | 68.4 | 68.4 |
| Weighted average shares and OP units outstanding - diluted | 68.8 | 68.8 | 68.8 |
- Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
- Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
- Includes 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 reconciliations of Consolidated Adjusted EBITDAre guidance to Net Income, segment-level Adjusted EBITDAre to segment-level Operating Income, and FFO and Adjusted FFO available to common stockholders and unit holders to Net Income available to common stockholders, see “Reconciliation of Forward-Looking Statements.”
Dividend Update
On January 15, 2026, the Company paid the previously announced quarterly cash dividend of $1.20 per common share, which was paid to stockholders of record as of December 31, 2025.
Today, the Company declared its first quarter 2026 cash dividend of $1.20 per share of common stock, payable on April 15, 2026, to stockholders of record as of March 31, 2026. The Company’s dividend policy provides that it will distribute minimum dividends of 100% of REIT taxable income annually. Future dividends are subject to the Board’s future determinations as to amount and timing.
Balance Sheet/Liquidity Update
As of December 31, 2025, the Company had unrestricted cash of $471.4 million and total debt outstanding of $3,976.9 million, net of unamortized deferred financing costs. As of December 31, 2025, there were no amounts drawn under the Company’s revolving credit facility or OEG’s revolving credit facility, which left $780.0 million of aggregate borrowing availability under the Company’s revolving credit facility and OEG’s revolving credit facility.
In December, Fitch upgraded the Company’s corporate family rating to “BB” (from “BB-”), the senior secured credit facility to “BBB-” (from “BB+”), and the senior unsecured notes to “BB” (from “BB-”). Based on this upgrade, the Company met the criteria for an automatic 25-basis-point spread reduction for its Term Loan B, with the applicable interest rate margin on SOFR loans now set at 175 basis points.
In January 2026, the Company refinanced its revolving credit facility, increasing the size from $700 million to $850 million and extending the maturity from May 2027 to January 2030. The amended revolving credit facility maintained the same pricing, and other terms of the agreement are largely similar to the Company’s previous credit facility agreement. The revolving credit facility was undrawn at closing of the refinance.
Earnings Call Information
Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, February 24, at 10:00 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/News & Events/Events & Presentation) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.
About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention
Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns JW Marriott Phoenix Desert Ridge Resort & Spa and JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 12,364 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium; WSM 650 AM; Ole Red; Category 10; Nashville-area attractions; Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, located in downtown Austin, Texas. OEG manages select outdoor live music venues, including Ascend Federal Credit Union Amphitheater in Nashville and, beginning in February 2026, CCNB Amphitheatre in Simpsonville, South Carolina. OEG also owns a majority interest in Southern Entertainment, a leading festival and events business. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company’s financial results.
Cautionary Note Regarding Forward-Looking Statements
Forward-looking statements notice
This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of the Company’s business, anticipated business levels and anticipated financial results for the Company during future periods, the Company’s expected cash dividend, and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, the effects of inflation and changes in international, national, regional and local economic and market conditions (such as the imposition of trade barriers or other changes in trade policy) on the Company’s business, including the effects on costs of labor and supplies and effects on group customers at the Company’s hotels and customers in OEG’s businesses, the Company’s ability to remain qualified as a REIT, the Company’s ability to execute our strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, the Company’s ability to borrow funds pursuant to its credit agreements and to refinance indebtedness and/or to successfully amend the agreements governing its indebtedness in the future, changes in interest rates, the Company’s integration of the JW Marriott Desert Ridge, the Company’s ability to identify and capitalize on additional value creation opportunities at the JW Marriott Desert Ridge and the occurrence of any event, change or other circumstance that could limit the Company’s ability to capitalize on any additional value creation opportunities it identifies at the JW Marriott Desert Ridge. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S.
Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequent filings. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.
Additional Information
This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent Annual Report on Form 10-K. Copies of our reports are available on our website at no expense at www.rymanhp.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.
Calculation of RevPAR and Total RevPAR
We calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. We calculate total revenue per available room (“Total RevPAR”) for our hotels by dividing the sum of room revenue, food & beverage, and other ancillary services revenue by room nights available to guests for the period. Hospitality metrics do not include the results of the W Austin, which is included in the Entertainment segment.
Calculation of GAAP Margin Figures
We calculate net income available to common stockholders margin by dividing GAAP consolidated net income available to common stockholders by GAAP consolidated total revenue. We calculate consolidated, segment or property-level operating income margin by dividing consolidated, segment or property-level GAAP operating income by consolidated, segment or property-level GAAP revenue.
Non-GAAP Financial Measures
We present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance:
EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition
We calculate EBITDAre, which is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) in its September 2017 white paper as net income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property of the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates.
Adjusted EBITDAre is then calculated as EBITDAre, plus to the extent the following adjustments occurred during the periods presented:
- preopening costs;
- non-cash lease expense;
- equity-based compensation expense;
- impairment charges that do not meet the NAREIT definition above;
- credit losses on held-to-maturity securities;
- transaction costs of acquisitions;
- interest income on bonds;
- loss on extinguishment of debt;
- pension settlement charges;
- pro rata Adjusted EBITDAre from unconsolidated joint ventures; and
- any other adjustments we have identified herein.
We then exclude the pro rata share of Adjusted EBITDAre related to noncontrolling interests to calculate Adjusted EBITDAre, Excluding Noncontrolling Interest.
We use EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest and segment or property-level EBITDAre and Adjusted EBITDAre to evaluate our operating performance. We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of these non-GAAP financial measures, when combined with the primary GAAP presentation of net income or operating income, as applicable, is beneficial to an investor’s complete understanding of our operating performance. We make additional adjustments to EBITDAre when evaluating our performance because we believe that presenting Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest provides useful information to investors regarding our operating performance and debt leverage metrics.
Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition
We calculate consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest Margin by dividing consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest by GAAP consolidated total revenue. We calculate consolidated, segment or property-level Adjusted EBITDAre Margin by dividing consolidated, segment-, or property-level Adjusted EBITDAre by consolidated, segment-, or property-level GAAP revenue. We believe Adjusted EBITDAre, Excluding Noncontrolling Interest Margin is useful to investors in evaluating our operating performance because this non-GAAP financial measure helps investors evaluate and compare the results of our operations from period to period by presenting a ratio showing the quantitative relationship between Adjusted EBITDAre, Excluding Noncontrolling Interest and GAAP consolidated total revenue or segment or property-level GAAP revenue, as applicable.
FFO, Adjusted FFO, and Adjusted FFO Available to Common Stockholders and Unit Holders Definition
We calculate FFO, which definition is clarified by NAREIT in its December 2018 white paper as net income (calculated in accordance with GAAP) excluding depreciation and amortization (excluding amortization of deferred financing costs and debt discounts), gains and losses from the sale of certain real estate assets, gains and losses from a change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciated real estate held by the entity, income (loss) from consolidated joint ventures attributable to noncontrolling interest, and pro rata adjustments from unconsolidated joint ventures.
To calculate Adjusted FFO available to common stockholders and unit holders, we then exclude, to the extent the following adjustments occurred during the periods presented:
- right-of-use asset amortization;
- impairment charges that do not meet the NAREIT definition above;
- write-offs of deferred financing costs;
- amortization of debt discounts or premiums and amortization of deferred financing costs;
- loss on extinguishment of debt;
- non-cash lease expense;
- credit loss on held-to-maturity securities;
- pension settlement charges;
- additional pro rata adjustments from unconsolidated joint ventures;
- (gains) losses on other assets;
- transaction costs of acquisitions;
- deferred income tax expense (benefit); and
- any other adjustments we have identified herein.
FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders exclude the ownership portion of the joint ventures not controlled or owned by the Company.
We present Adjusted FFO available to common stockholders and unit holders per diluted share/unit as a non-GAAP measure of our performance in addition to net income available to common stockholders per diluted share (calculated in accordance with GAAP). We calculate Adjusted FFO available to common stockholders and unit holders per diluted share/unit as Adjusted FFO (defined as set forth above) for a given operating period, as adjusted for the effect of dilutive securities, divided by the number of diluted shares and units outstanding during such period.
We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding the performance of our ongoing operations because each presents a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items, which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use these non-GAAP financial measures as measures in determining our results after considering the impact of our capital structure.
We caution investors that non-GAAP financial measures we present may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. The non-GAAP financial measures we present, and any related per share measures, should not be considered as alternative measures of our net income, operating performance, cash flow or liquidity. These non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that these non-GAAP financial measures can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as net income, operating income, or cash flow from operations.
Ryman Hospitality Properties, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
| Three Months Ended | Year Ended |
|---|
| December 31, | December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| Revenues: | | | | |
| Rooms | $213,947 | $187,303 | $799,306 | $744,587 |
| Food and beverage | 256,626 | 221,523 | 993,954 | 940,827 |
| Other hotel revenue | 157,703 | 140,624 | 349,826 | 311,636 |
| Entertainment | 109,532 | 98,183 | 433,975 | 342,176 |
| Total revenues | 737,808 | 647,633 | 2,577,061 | 2,339,226 |
| Operating expenses: | | | | |
| Rooms | 48,491 | 45,066 | 190,686 | 179,358 |
| Food and beverage | 147,728 | 128,721 | 561,980 | 516,309 |
| Other hotel expenses | 213,910 | 195,256 | 613,304 | 555,554 |
| Management fees, net | 22,152 | 17,231 | 75,082 | 73,531 |
| Total hotel operating expenses | 432,281 | 386,274 | 1,441,052 | 1,324,752 |
| Entertainment | 75,867 | 68,041 | 323,948 | 241,847 |
| Corporate | 11,180 | 10,739 | 42,771 | 41,819 |
| Preopening costs | 1,408 | 1,257 | 2,882 | 4,618 |
| (Gain) loss on sale of assets | - | - | 1,296 | (270) |
| Depreciation and amortization | 74,218 | 60,820 | 278,100 | 235,626 |
| Total operating expenses | 594,954 | 527,131 | 2,090,049 | 1,848,392 |
| Operating income | 142,854 | 120,502 | 487,012 | 490,834 |
| Interest expense, net of amounts capitalized | (63,580) | (53,829) | (241,270) | (225,395) |
| Interest income | 4,421 | 6,172 | 20,299 | 27,977 |
| Loss on extinguishment of debt | - | (160) | (2,922) | (2,479) |
| Income (loss) from unconsolidated joint ventures | (9,959) | 51 | (10,025) | 275 |
| Other gains and (losses), net | (324) | (261) | 1,540 | 2,814 |
| Income before income taxes | 73,412 | 72,475 | 254,634 | 294,026 |
| (Provision) benefit for income taxes | 1,050 | (184) | (7,324) | (13,836) |
| Net income | 74,462 | 72,291 | 247,310 | 280,190 |
| Net income attributable to noncontrolling interest in OEG | (1,127) | (3,072) | (4,919) | (6,760) |
| Net (income) loss attributable to other noncontrolling interests | 490 | (453) | 1,034 | (1,792) |
| Net income available to common stockholders | $73,825 | $68,766 | $243,425 | $271,638 |
| Basic income per share available to common stockholders | $1.17 | $1.15 | $3.94 | $4.54 |
| Diluted income per share available to common stockholders | $1.11 | $1.13 | $3.77 | $4.38 |
| Weighted average common shares for the period: | | | | |
| Basic | 63,004 | 59,902 | 61,830 | 59,859 |
| Diluted | 67,632 | 63,698 | 65,957 | 63,632 |
- Basic and diluted weighted average common shares for the three and twelve months ended December 31, 2025 include the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended December 31, 2025 and 2024 include 4.4 million and 3.5 million, respectively, and the twelve months ended December 31, 2025 and 2024 include 3.9 million and 3.5 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.
Ryman Hospitality Properties, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
| December 31, | December 31, |
|---|
| 2025 | 2024 |
|---|
| ASSETS: | | |
| Property and equipment, net of accumulated depreciation | $4,970,429 | $4,124,382 |
| Cash and cash equivalents - unrestricted | 471,421 | 477,694 |
| Cash and cash equivalents - restricted | 28,759 | 98,534 |
| Notes receivable, net | 53,503 | 57,801 |
| Trade receivables, net | 105,903 | 94,184 |
| Deferred income tax assets, net | 67,669 | 70,511 |
| Prepaid expenses and other assets | 196,798 | 178,091 |
| Intangible assets and goodwill, net | 286,701 | 116,376 |
| Total assets | $6,181,183 | $5,217,573 |
| LIABILITIES AND EQUITY: | | |
| Debt and finance lease obligations | $3,976,913 | $3,378,396 |
| Accounts payable and accrued liabilities | 517,708 | 466,571 |
| Dividends payable | 78,819 | 71,444 |
| Deferred management rights proceeds | 162,901 | 164,658 |
| Operating lease liabilities | 158,815 | 135,117 |
| Other liabilities | 74,251 | 66,805 |
| Noncontrolling interest in OEG | 422,691 | 381,945 |
| Total equity | 789,085 | 552,637 |
| Total liabilities and equity | $6,181,183 | $5,217,573 |
Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Adjusted EBITDAre Reconciliation
| Three Months Ended | Year Ended |
|---|
| December 31, | December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| $ | Margin | $ | Margin | $ | Margin | $ | Margin |
|---|
| Consolidated: | | | | | | | | | | | | |
| Revenue | $737,808 | | | $647,633 | | | $2,577,061 | | | $2,339,226 | | |
| Net income | $74,462 | 10.1% | | $72,291 | 11.2% | | $247,310 | 9.6% | | $280,190 | 12.0% | |
| Interest expense, net | 59,159 | | | 47,657 | | | 220,971 | | | 197,418 | | |
| Provision (benefit) for income taxes | (1,050) | | | 184 | | | 7,324 | | | 13,836 | | |
| Depreciation and amortization | 74,218 | | | 60,820 | | | 278,100 | | | 235,626 | | |
| (Gain) loss on sale of assets | - | | | - | | | 1,296 | | | (270) | | |
| Pro rata EBITDAre from unconsolidated joint ventures | - | | | - | | | 1 | | | 5 | | |
| EBITDAre | 206,789 | 28.0% | | 180,952 | 27.9% | | 755,002 | 29.3% | | 726,805 | 31.1% | |
| Preopening costs | 1,408 | | | 1,257 | | | 2,882 | | | 4,618 | | |
| Non-cash lease expense | 1,690 | | | 597 | | | 4,743 | | | 3,501 | | |
| Equity-based compensation expense | 3,284 | | | 3,167 | | | 14,061 | | | 13,891 | | |
| Pension settlement charge | 133 | | | 261 | | | 773 | | | 858 | | |
| Interest income on Gaylord National bonds | 1,025 | | | 1,113 | | | 4,277 | | | 4,616 | | |
| Loss on extinguishment of debt | - | | | 160 | | | 2,922 | | | 2,479 | | |
| Transaction costs of acquisitions | 6 | | | 1,209 | | | 106 | | | 1,209 | | |
| Pro rata adjusted EBITDAre from unconsolidated joint ventures | 9,927 | | | (74) | | | 9,927 | | | (272) | | |
| Adjusted EBITDAre | 224,262 | 30.4% | | 188,642 | 29.1% | | 794,693 | 30.8% | | 757,705 | 32.4% | |
| Adjusted EBITDAre of noncontrolling interest | (9,773) | | | (9,627) | | | (33,399) | | | (31,746) | | |
| Adjusted EBITDAre, excluding noncontrolling interest | $214,489 | 29.1% | | $179,015 | 27.6% | | $761,294 | 29.5% | | $725,959 | 31.0% | |
| Hospitality segment: | | | | | | | | | | | | |
| Revenue | $628,276 | | | $549,450 | | | $2,143,086 | | | $1,997,050 | | |
| Operating income | $131,370 | 20.9% | | $110,258 | 20.1% | | $462,177 | 21.6% | | $467,109 | 23.4% | |
| Depreciation and amortization | 64,625 | | | 52,918 | | | 239,857 | | | 205,189 | | |
| Non-cash lease expense | 1,200 | | | 983 | | | 4,334 | | | 3,932 | | |
| Interest income on Gaylord National bonds | 1,025 | | | 1,113 | | | 4,277 | | | 4,616 | | |
| Other gains and (losses), net | - | | | - | | | 3,299 | | | 3,203 | | |
| Adjusted EBITDAre | $198,220 | 31.5% | | $165,272 | 30.1% | | $713,944 | 33.3% | | $684,049 | 34.3% | |
| Same-store Hospitality segment: | | | | | | | | | | | | |
| Revenue | $578,160 | | | $549,450 | | | $2,051,503 | | | $1,997,050 | | |
| Operating income | $125,890 | 21.8% | | $110,258 | 20.1% | | $462,956 | 22.6% | | $467,109 | 23.4% | |
| Depreciation and amortization | 55,859 | | | 52,918 | | | 220,754 | | | 205,189 | | |
| Non-cash lease expense | 947 | | | 983 | | | 3,784 | | | 3,932 | | |
| Interest income on Gaylord National bonds | 1,025 | | | 1,113 | | | 4,277 | | | 4,616 | | |
| Other gains and (losses), net | - | | | - | | | 3,299 | | | 3,203 | | |
| Adjusted EBITDAre | $183,721 | 31.8% | | $165,272 | 30.1% | | $695,070 | 33.9% | | $684,049 | 34.3% | |
| Entertainment segment: | | | | | | | | | | | | |
| Revenue | $109,532 | | | $98,183 | | | $433,975 | | | $342,176 | | |
| Operating income | $22,901 | 20.9% | | $21,208 | 21.6% | | $68,539 | 15.8% | | $66,192 | 19.3% | |
| Depreciation and amortization | 9,356 | | | 7,677 | | | 37,310 | | | 29,519 | | |
| Preopening costs | 1,408 | | | 1,257 | | | 2,882 | | | 4,618 | | |
| Non-cash lease (revenue) expense | 490 | | | (386) | | | 409 | | | (431) | | |
| Equity-based compensation | 748 | | | 859 | | | 3,883 | | | 3,741 | | |
| Loss on sale of assets | - | | | - | | | 1,296 | | | - | | |
| Other gains and (losses), net | - | | | 137 | | | 136 | | | 817 | | |
| Transaction costs of acquisitions | 6 | | | 1,209 | | | 106 | | | 1,209 | | |
| Pro rata adjusted EBITDAre from unconsolidated joint ventures | (31) | | | (23) | | | (98) | | | 7 | | |
| Adjusted EBITDAre | $34,878 | 31.8% | | $31,938 | 32.5% | | $114,463 | 26.4% | | $105,672 | 30.9% | |
| Corporate and Other segment: | | | | | | | | | | | | |
| Operating loss | $(11,417) | | | $(10,964) | | | $(43,704) | | | $(42,467) | | |
| Depreciation and amortization | 237 | | | 225 | | | 933 | | | 918 | | |
| Other gains and (losses), net | (325) | | | (398) | | | (1,894) | | | (1,205) | | |
| Equity-based compensation | 2,536 | | | 2,308 | | | 10,178 | | | 10,150 | | |
| Gain on sale of assets | - | | | - | | | - | | | (270) | | |
| Pension settlement charge | 133 | | | 261 | | | 773 | | | 858 | | |
| Adjusted EBITDAre | $(8,836) | | | $(8,568) | | | $(33,714) | | | $(32,016) | | |
- Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Funds From Operations (“FFO”) and Adjusted FFO Reconciliation
| Three Months Ended | Year Ended |
|---|
| December 31, | December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| Net income available to common stockholders | $73,825 | $68,766 | $243,425 | $271,638 |
| Noncontrolling interest in OP Units | 463 | 453 | 1,555 | 1,792 |
| Net income available to common stockholders and unit holders | 74,288 | 69,219 | 244,980 | 273,430 |
| Depreciation and amortization | 74,093 | 60,773 | 277,728 | 235,437 |
| Adjustments for noncontrolling interest | (3,005) | (2,303) | (12,147) | (8,856) |
| Pro rata adjustments from joint ventures | - | 2 | - | 5 |
| FFO available to common stockholders and unit holders | 145,376 | 127,691 | 510,561 | 500,016 |
| Right-of-use asset amortization | 125 | 47 | 372 | 189 |
| Non-cash lease expense | 1,690 | 597 | 4,743 | 3,501 |
| Pension settlement charge | 133 | 261 | 773 | 858 |
| Pro rata adjustments from joint ventures | 9,927 | (74) | 9,927 | (272) |
| (Gain) loss on other assets | - | - | 1,296 | (270) |
| Amortization of deferred financing costs | 3,164 | 2,660 | 11,926 | 10,655 |
| Amortization of debt discounts and premiums | 387 | 545 | 1,762 | 2,397 |
| Loss on extinguishment of debt | - | 160 | 2,922 | 2,479 |
| Adjustments for noncontrolling interest | (3,587) | (1,117) | (7,226) | (3,137) |
| Transaction costs of acquisitions | 6 | 1,209 | 106 | 1,209 |
| Deferred tax provision (benefit) | (2,649) | (519) | 2,430 | 10,196 |
| Adjusted FFO available to common stockholders and unit holders | $154,572 | $131,460 | $539,592 | $527,821 |
| Basic net income per share | $1.17 | $1.15 | $3.94 | $4.54 |
| Diluted net income per share | $1.11 | $1.13 | $3.77 | $4.38 |
| FFO available to common stockholders and unit holders per basic share/unit | $2.29 | $2.12 | $8.21 | $8.30 |
| Adjusted FFO available to common stockholders and unit holders per basic share/unit | $2.44 | $2.18 | $8.67 | $8.76 |
| FFO available to common stockholders and unit holders per diluted share/unit | $2.19 | $2.08 | $7.93 | $8.05 |
| Adjusted FFO available to common stockholders and unit holders per diluted share/unit | $2.38 | $2.15 | $8.46 | $8.54 |
| Weighted average common shares and OP units for the period: | | | | |
| Basic | 63,399 | 60,297 | 62,225 | 60,254 |
| Diluted | 68,027 | 64,093 | 66,352 | 64,027 |
- Basic and diluted weighted average common shares for the three and twelve months ended December 31, 2025 include the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended December 31, 2025 and 2024 include 4.4 million and 3.5 million, respectively, and for the twelve months ended December 31, 2025 and 2024 include 3.9 million and 3.5 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.
Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics
| Three Months Ended | Year Ended |
|---|
| December 31, | December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| $ | Margin | $ | Margin | $ | Margin | $ | Margin |
|---|
| Hospitality segment: | | | | | | | | | | | | |
| Revenue | $628,276 | | | $549,450 | | | $2,143,086 | | | $1,997,050 | | |
| Operating income | $131,370 | 20.9% | | $110,258 | 20.1% | | $462,177 | 21.6% | | $467,109 | 23.4% | |
| Depreciation and amortization | 64,625 | | | 52,918 | | | 239,857 | | | 205,189 | | |
| Non-cash lease expense | 1,200 | | | 983 | | | 4,334 | | | 3,932 | | |
| Interest income on Gaylord National bonds | 1,025 | | | 1,113 | | | 4,277 | | | 4,616 | | |
| Other gains and (losses), net | - | | | - | | | 3,299 | | | 3,203 | | |
| Adjusted EBITDAre | $198,220 | 31.5% | | $165,272 | 30.1% | | $713,944 | 33.3% | | $684,049 | 34.3% | |
| Performance metrics: | | | | | | | | | | | | |
| Occupancy | 65.7% | | | 66.7% | | | 68.7% | | | 69.1% | | |
| ADR | $286.46 | | | $267.45 | | | $266.79 | | | $257.81 | | |
| RevPAR | $188.09 | | | $178.37 | | | $183.29 | | | $178.24 | | |
| OtherPAR | $364.25 | | | $344.87 | | | $308.15 | | | $299.81 | | |
| Total RevPAR | $552.34 | | | $523.24 | | | $491.44 | | | $478.05 | | |
| Same-store Hospitality segment: | | | | | | | | | | | | |
| Revenue | $578,160 | | | $549,450 | | | $2,051,503 | | | $1,997,050 | | |
| Operating income | $125,890 | 21.8% | | $110,258 | 20.1% | | $462,956 | 22.6% | | $467,109 | 23.4% | |
| Depreciation and amortization | 55,859 | | | 52,918 | | | 220,754 | | | 205,189 | | |
| Non-cash lease expense | 947 | | | 983 | | | 3,784 | | | 3,932 | | |
| Interest income on Gaylord National bonds | 1,025 | | | 1,113 | | | 4,277 | | | 4,616 | | |
| Other gains and (losses), net | - | | | - | | | 3,299 | | | 3,203 | | |
| Adjusted EBITDAre | $183,721 | 31.8% | | $165,272 | 30.1% | | $695,070 | 33.9% | | $684,049 | 34.3% | |
| Performance metrics: | | | | | | | | | | | | |
| Occupancy | 66.0% | | | 66.7% | | | 69.2% | | | 69.1% | | |
| ADR | $280.98 | | | $267.45 | | | $265.44 | | | $257.81 | | |
| RevPAR | $185.41 | | | $178.37 | | | $183.73 | | | $178.24 | | |
| OtherPAR | $365.17 | | | $344.87 | | | $308.70 | | | $299.81 | | |
| Total RevPAR | $550.58 | | | $523.24 | | | $492.43 | | | $478.05 | | |
| Gaylord Opryland: | | | | | | | | | | | | |
| Revenue | $147,383 | | | $138,706 | | | $484,104 | | | $495,552 | | |
| Operating income | $48,188 | 32.7% | | $40,807 | 29.4% | | $144,113 | 29.8% | | $152,896 | 30.9% | |
| Depreciation and amortization | 8,355 | | | 8,053 | | | 33,122 | | | 32,588 | | |
| Non-cash lease revenue | (9) | | | (10) | | | (38) | | | (42) | | |
| Adjusted EBITDAre | $56,534 | 38.4% | | $48,850 | 35.2% | | $177,197 | 36.6% | | $185,442 | 37.4% | |
| Performance metrics: | | | | | | | | | | | | |
| Occupancy | 72.3% | | | 71.2% | | | 69.1% | | | 70.9% | | |
| ADR | $288.21 | | | $272.81 | | | $266.19 | | | $258.62 | | |
| RevPAR | $208.34 | | | $194.35 | | | $184.00 | | | $183.35 | | |
| OtherPAR | $346.36 | | | $327.70 | | | $275.25 | | | $285.47 | | |
| Total RevPAR | $554.70 | | | $522.05 | | | $459.25 | | | $468.82 | | |
| Gaylord Palms: | | | | | | | | | | | | |
| Revenue | $88,247 | | | $79,867 | | | $316,498 | | | $302,371 | | |
| Operating income | $16,646 | 18.9% | | $12,420 | 15.6% | | $62,096 | 19.6% | | $63,228 | 20.9% | |
| Depreciation and amortization | 8,728 | | | 7,392 | | | 34,398 | | | 25,470 | | |
| Non-cash lease expense | 956 | | | 993 | | | 3,822 | | | 3,974 | | |
| Adjusted EBITDAre | $26,330 | 29.8% | | $20,805 | 26.0% | | $100,316 | 31.7% | | $92,672 | 30.6% | |
| Performance metrics: | | | | | | | | | | | | |
| Occupancy | 63.8% | | | 60.3% | | | 70.7% | | | 64.6% | | |
| ADR | $283.58 | | | $269.95 | | | $258.14 | | | $249.98 | | |
| RevPAR | $181.06 | | | $162.87 | | | $182.45 | | | $161.45 | | |
| OtherPAR | $377.27 | | | $342.44 | | | $322.28 | | | $319.43 | | |
| Total RevPAR | $558.32 | | | $505.31 | | | $504.73 | | | $480.88 | | |
- Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics
| Three Months Ended | Year Ended |
|---|
| December 31, | December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| $ | Margin | $ | Margin | $ | Margin | $ | Margin |
|---|
| Gaylord Texan: | | | | | | | | | | | | |
| Revenue | $106,311 | | | $109,256 | | | $349,264 | | | $351,151 | | |
| Operating income | $31,053 | 29.2% | | $35,373 | 32.4% | | $100,230 | 28.7% | | $106,416 | 30.3% | |
| Depreciation and amortization | 6,369 | | | 5,834 | | | 24,676 | | | 23,189 | | |
| Adjusted EBITDAre | $37,422 | 35.2% | | $41,207 | 37.7% | | $124,906 | 35.8% | | $129,605 | 36.9% | |
| Performance metrics: | | | | | | | | | | | | |
| Occupancy | 67.1% | | | 74.7% | | | 69.8% | | | 74.6% | | |
| ADR | $277.67 | | | $270.13 | | | $259.13 | | | $252.65 | | |
| RevPAR | $186.41 | | | $201.76 | | | $180.80 | | | $188.58 | | |
| OtherPAR | $450.61 | | | $452.90 | | | $346.70 | | | $340.32 | | |
| Total RevPAR | $637.02 | | | $654.66 | | | $527.50 | | | $528.90 | | |
| Gaylord National: | | | | | | | | | | | | |
| Revenue | $93,917 | | | $84,936 | | | $336,257 | | | $311,330 | | |
| Operating income | $15,061 | 16.0% | | $10,269 | 12.1% | | $51,693 | 15.4% | | $46,306 | 14.9% | |
| Depreciation and amortization | 8,448 | | | 8,467 | | | 33,846 | | | 33,724 | | |
| Interest income on Gaylord National bonds | 1,025 | | | 1,113 | | | 4,277 | | | 4,616 | | |
| Other gains and (losses), net | - | | | - | | | 3,299 | | | 3,203 | | |
| Adjusted EBITDAre | $24,534 | 26.1% | | $19,849 | 23.4% | | $93,115 | 27.7% | | $87,849 | 28.2% | |
| Performance metrics: | | | | | | | | | | | | |
| Occupancy | 63.9% | | | 60.4% | | | 67.4% | | | 64.8% | | |
| ADR | $275.24 | | | $265.94 | | | $257.22 | | | $251.80 | | |
| RevPAR | $175.76 | | | $160.71 | | | $173.38 | | | $163.16 | | |
| OtherPAR | $335.68 | | | $301.82 | | | $288.17 | | | $263.01 | | |
| Total RevPAR | $511.44 | | | $462.53 | | | $461.55 | | | $426.17 | | |
| Gaylord Rockies: | | | | | | | | | | | | |
| Revenue | $82,612 | | | $76,825 | | | $313,233 | | | $290,141 | | |
| Operating income | $12,413 | 15.0% | | $6,755 | 8.8% | | $66,190 | 21.1% | | $56,233 | 19.4% | |
| Depreciation and amortization | 15,045 | | | 14,640 | | | 59,707 | | | 57,094 | | |
| Adjusted EBITDAre | $27,458 | 33.2% | | $21,395 | 27.8% | | $125,897 | 40.2% | | $113,327 | 39.1% | |
| Performance metrics: | | | | | | | | | | | | |
| Occupancy | 67.4% | | | 71.5% | | | 75.9% | | | 74.3% | | |
| ADR | $277.48 | | | $252.73 | | | $264.85 | | | $253.11 | | |
| RevPAR | $187.15 | | | $180.80 | | | $201.02 | | | $188.09 | | |
| OtherPAR | $411.09 | | | $375.53 | | | $370.71 | | | $340.05 | | |
| Total RevPAR | $598.24 | | | $556.33 | | | $571.73 | | | $528.14 | | |
| JW Marriott Hill Country: | | | | | | | | | | | | |
| Revenue | $53,718 | | | $53,460 | | | $227,182 | | | $220,524 | | |
| Operating income | $2,454 | 4.6% | | $3,860 | 7.2% | | $37,402 | 16.5% | | $38,408 | 17.4% | |
| Depreciation and amortization | 8,094 | | | 7,752 | | | 31,781 | | | 30,193 | | |
| Adjusted EBITDAre | $10,548 | 19.6% | | $11,612 | 21.7% | | $69,183 | 30.5% | | $68,601 | 31.1% | |
| Performance metrics: | | | | | | | | | | | | |
| Occupancy | 58.5% | | | 60.4% | | | 67.2% | | | 69.2% | | |
| ADR | $310.71 | | | $301.63 | | | $329.16 | | | $317.32 | | |
| RevPAR | $181.62 | | | $182.17 | | | $221.06 | | | $219.58 | | |
| OtherPAR | $401.10 | | | $397.76 | | | $400.11 | | | $381.74 | | |
| Total RevPAR | $582.72 | | | $579.93 | | | $621.17 | | | $601.32 | | |
Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics
| Three Months Ended | Year Ended |
|---|
| December 31, | December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| $ | Margin | $ | Margin | $ | Margin | $ | Margin |
|---|
| JW Marriott Desert Ridge: | | | | | | | | | | | | |
| Revenue | $50,116 | | | $ - | | | $91,583 | | | $ - | | |
| Operating income (loss) | $5,480 | 10.9% | | $ - | N/A% | | $(779) | (0.9)% | | $ - | N/A% | |
| Depreciation and amortization | 8,766 | | | - | | | 19,103 | | | - | | |
| Non-cash lease expense | 253 | | | - | | | 550 | | | - | | |
| Adjusted EBITDAre | $14,499 | 28.9% | | $ - | N/A% | | $18,874 | 20.6% | | $ - | N/A% | |
| Performance metrics: | | | | | | | | | | | | |
| Occupancy | 61.7% | | | N/A% | | | 57.7% | | | N/A% | | |
| ADR | $356.94 | | | $N/A | | | $301.38 | | | $N/A | | |
| RevPAR | $220.26 | | | $N/A | | | $173.85 | | | $N/A | | |
| OtherPAR | $353.16 | | | $N/A | | | $296.41 | | | $N/A | | |
| Total RevPAR | $573.42 | | | $N/A | | | $470.26 | | | $N/A | | |
| The AC Hotel at National Harbor: | | | | | | | | | | | | |
| Revenue | $2,352 | | | $3,032 | | | $11,492 | | | $12,647 | | |
| Operating income (loss) | $(82) | (3.5)% | | $383 | 12.6% | | $1,042 | 9.1% | | $2,247 | 17.8% | |
| Depreciation and amortization | 225 | | | 230 | | | 894 | | | 933 | | |
| Adjusted EBITDAre | $143 | 6.1% | | $613 | 20.2% | | $1,936 | 16.8% | | $3,180 | 25.1% | |
| Performance metrics: | | | | | | | | | | | | |
| Occupancy | 46.2% | | | 60.8% | | | 55.6% | | | 59.9% | | |
| ADR | $258.80 | | | $242.95 | | | $258.26 | | | $258.45 | | |
| RevPAR | $119.68 | | | $147.78 | | | $143.67 | | | $154.77 | | |
| OtherPAR | $13.47 | | | $23.86 | | | $20.32 | | | $25.20 | | |
| Total RevPAR | $133.15 | | | $171.64 | | | $163.98 | | | $179.97 | | |
| The Inn at Opryland: | | | | | | | | | | | | |
| Revenue | $3,620 | | | $3,368 | | | $13,473 | | | $13,334 | | |
| Operating income | $157 | 4.3% | | $391 | 11.6% | | $190 | 1.4% | | $1,375 | 10.3% | |
| Depreciation and amortization | 595 | | | 550 | | | 2,330 | | | 1,998 | | |
| Adjusted EBITDAre | $752 | 20.8% | | $941 | 27.9% | | $2,520 | 18.7% | | $3,373 | 25.3% | |
| Performance metrics: | | | | | | | | | | | | |
| Occupancy | 55.5% | | | 53.3% | | | 52.8% | | | 53.8% | | |
| ADR | $170.66 | | | $159.49 | | | $171.46 | | | $169.90 | | |
| RevPAR | $94.65 | | | $84.96 | | | $90.51 | | | $91.40 | | |
| OtherPAR | $35.25 | | | $35.84 | | | $31.30 | | | $28.84 | | |
| Total RevPAR | $129.90 | | | $120.80 | | | $121.82 | | | $120.24 | | |
- Includes other hospitality revenue and expense.
Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Earnings Per Share, FFO Per Share and Adjusted FFO Per Share Calculations
| Three Months Ended | Year Ended |
|---|
| December 31, | December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| Earnings per share: | | | | |
| Numerator: | | | | |
| Net income available to common stockholders | $73,825 | $68,766 | $243,425 | $271,638 |
| Net income attributable to noncontrolling interest in OEG | 1,127 | 3,072 | 4,919 | 6,760 |
| Net income available to common stockholders - if-converted method | $74,952 | $71,838 | $248,344 | $278,398 |
| Denominator: | | | | |
| Weighted average shares outstanding - basic | 63,004 | 59,902 | 61,830 | 59,859 |
| Effect of dilutive equity-based compensation | 183 | 265 | 184 | 281 |
| Effect of dilutive put rights | 4,445 | 3,531 | 3,943 | 3,492 |
| Weighted average shares outstanding - diluted | 67,632 | 63,698 | 65,957 | 63,632 |
| Basic income per share available to common stockholders | $1.17 | $1.15 | $3.94 | $4.54 |
| Diluted income per share available to common stockholders | $1.11 | $1.13 | $3.77 | $4.38 |
| FFO per share/unit: | | | | |
| Numerator: | | | | |
| FFO available to common stockholders and unit holders | $145,376 | $127,691 | $510,561 | $500,016 |
| Net income attributable to noncontrolling interest in OEG | 1,127 | 3,072 | 4,919 | 6,760 |
| FFO adjustments for noncontrolling interest in OEG | 2,627 | 2,303 | 10,435 | 8,856 |
| FFO available to common stockholders and unit holders - if-converted method | $149,130 | $133,066 | $525,915 | $515,632 |
| Denominator: | | | | |
| Weighted average shares and OP units outstanding - basic | 63,399 | 60,297 | 62,225 | 60,254 |
| Effect of dilutive equity-based compensation | 183 | 265 | 184 | 281 |
| Effect of dilutive put rights | 4,445 | 3,531 | 3,943 | 3,492 |
| Weighted average shares and OP units outstanding - diluted | 68,027 | 64,093 | 66,352 | 64,027 |
| FFO available to common stockholders and unit holders per basic share/unit | $2.29 | $2.12 | $8.21 | $8.30 |
| FFO available to common stockholders and unit holders per diluted share/unit | $2.19 | $2.08 | $7.93 | $8.05 |
| Adjusted FFO per share/unit: | | | | |
| Numerator: | | | | |
| Adjusted FFO available to common stockholders and unit holders | $154,572 | $131,460 | $539,592 | $527,821 |
| Net income attributable to noncontrolling interest in OEG | 1,127 | 3,072 | 4,919 | 6,760 |
| FFO adjustments for noncontrolling interest in OEG | 2,627 | 2,303 | 10,435 | 8,856 |
| Adjusted FFO adjustments for noncontrolling interest in OEG | 3,587 | 1,117 | 6,266 | 3,137 |
| Adjusted FFO available to common stockholders and unit holders - if-converted method | $161,913 | $137,952 | $561,212 | $546,574 |
| Denominator: | | | | |
| Weighted average shares and OP units outstanding - basic | 63,399 | 60,297 | 62,225 | 60,254 |
| Effect of dilutive equity-based compensation | 183 | 265 | 184 | 281 |
| Effect of dilutive put rights | 4,445 | 3,531 | 3,943 | 3,492 |
| Weighted average shares and OP units outstanding - diluted | 68,027 | 64,093 | 66,352 | 64,027 |
| Adjusted FFO available to common stockholders and unit holders per basic share/unit | $2.44 | $2.18 | $8.67 | $8.76 |
| Adjusted FFO available to common stockholders and unit holders per diluted share/unit | $2.38 | $2.15 | $8.46 | $8.54 |
- Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.
Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)
($ in thousands, except per share data)
| Guidance Range |
|---|
| For Full Year 2026 |
|---|
| Low | High | Midpoint |
|---|
| Consolidated: | | | |
| Net income | $260,000 | $273,000 | $266,500 |
| Provision for income taxes | 10,500 | 13,000 | 11,750 |
| Interest expense, net | 246,750 | 257,500 | 252,125 |
| Depreciation and amortization | 296,500 | 312,000 | 304,250 |
| EBITDAre | $813,750 | $855,500 | $834,625 |
| Non-cash lease expense | 3,250 | 5,000 | 4,125 |
| Preopening costs | 4,500 | 5,500 | 5,000 |
| Equity-based compensation expense | 15,000 | 17,000 | 16,000 |
| Pension settlement charge | 4,000 | 4,500 | 4,250 |
| Interest income on Gaylord National bonds | 3,500 | 4,500 | 4,000 |
| Loss on extinguishment of debt | 2,000 | 3,000 | 2,500 |
| Adjusted EBITDAre | $846,000 | $895,000 | $870,500 |
| Hospitality segment: | | | |
| Operating income | $497,000 | $516,500 | $506,750 |
| Depreciation and amortization | 258,000 | 270,000 | 264,000 |
| Non-cash lease expense | 3,500 | 5,000 | 4,250 |
| Interest income on Gaylord National bonds | 3,500 | 4,500 | 4,000 |
| Other gains and (losses), net | 3,000 | 4,000 | 3,500 |
| Adjusted EBITDAre | $765,000 | $800,000 | $782,500 |
| Hospitality segment (same-store) | | | |
| Operating income | $466,500 | $483,500 | $475,000 |
| Depreciation and amortization | 224,000 | 234,000 | 229,000 |
| Non-cash lease expense | 3,000 | 4,000 | 3,500 |
| Interest income on Gaylord National bonds | 3,500 | 4,500 | 4,000 |
| Other gains and (losses), net | 3,000 | 4,000 | 3,500 |
| Adjusted EBITDAre | $700,000 | $730,000 | $715,000 |
| JW Marriott Desert Ridge | | | |
| Operating income | $30,500 | $33,000 | $31,750 |
| Depreciation and amortization | 34,000 | 36,000 | 35,000 |
| Non-cash lease expense | 500 | 1,000 | 750 |
| Adjusted EBITDAre | $65,000 | $70,000 | $67,500 |
| Entertainment segment: | | | |
| Operating income | $74,750 | $79,500 | $77,125 |
| Depreciation and amortization | 36,500 | 39,500 | 38,000 |
| Non-cash lease expense (revenue) | (250) | - | (125) |
| Preopening costs | 4,500 | 5,500 | 5,000 |
| Equity-based compensation | 4,500 | 5,500 | 5,000 |
| Adjusted EBITDAre | $120,000 | $130,000 | $125,000 |
| Corporate and Other segment: | | | |
| Operating loss | $(50,500) | $(49,000) | $(49,750) |
| Depreciation and amortization | 2,000 | 2,500 | 2,250 |
| Equity-based compensation | 10,500 | 11,500 | 11,000 |
| Pension settlement charge | 4,000 | 4,500 | 4,250 |
| Other gains and (losses), net | (5,000) | (4,500) | (4,750) |
| Adjusted EBITDAre | $(39,000) | $(35,000) | $(37,000) |
- Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
- Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Funds From Operations (“FFO”) and Adjusted FFO
($ in thousands, except per share data)
| Guidance Range |
|---|
| For Full Year 2026 |
|---|
| Low | High | Midpoint |
|---|
| Consolidated: | | | |
| Net income available to common stockholders | $250,000 | $261,000 | $255,500 |
| Noncontrolling interest in OP units | 1,000 | 2,000 | 1,500 |
| Net income available to common stockholders and unit holders | $251,000 | $263,000 | $257,000 |
| Depreciation and amortization | 296,500 | 312,000 | 304,250 |
| Adjustments for noncontrolling interest | (12,500) | (11,500) | (12,000) |
| FFO available to common stockholders and unit holders | $535,000 | $563,500 | $549,250 |
| Right-of-use asset amortization | - | 500 | 250 |
| Non-cash lease expense | 3,250 | 5,000 | 4,125 |
| Pension settlement charge | 4,000 | 4,500 | 4,250 |
| Loss on extinguishment of debt | 2,000 | 3,000 | 2,500 |
| Adjustments for noncontrolling interest | (5,000) | (4,000) | (4,500) |
| Amortization of deferred financing costs | 12,500 | 14,000 | 13,250 |
| Amortization of debt discounts and premiums | 1,500 | 2,500 | 2,000 |
| Deferred tax provision | 6,000 | 8,000 | 7,000 |
| Adjusted FFO available to common stockholders and unit holders | $559,250 | $597,000 | $578,125 |
| Net income available to common stockholders per diluted share | $3.80 | $3.93 | $3.87 |
| Adjusted FFO available to common stockholders and unit holders per diluted share/unit | $8.50 | $9.00 | $8.75 |
| Estimated weighted average shares outstanding - diluted (in millions) | 68.4 | 68.4 | 68.4 |
| Estimated weighted average shares and OP units outstanding - diluted (in millions) | 68.8 | 68.8 | 68.8 |
- Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
- Includes 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.
Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Earnings Per Share and Adjusted FFO Per Share
(dollars in thousands, except per share data)
| Guidance Range |
|---|
| For Full Year 2026 |
|---|
| Low | High | Midpoint |
|---|
| Earnings per share: | | | |
| Numerator: | | | |
| Net income available to common stockholders | $250,000 | $261,000 | $255,500 |
| Net income attributable to noncontrolling interest in OEG | 10,000 | 8,000 | 9,000 |
| Net income available to common stockholders - if-converted method | $260,000 | $269,000 | $264,500 |
| Denominator: | | | |
| Estimated weighted average shares outstanding - diluted (in millions) | 68.4 | 68.4 | 68.4 |
| Diluted income per share available to common stockholders | $3.80 | $3.93 | $3.87 |
| Adjusted FFO per share: | | | |
| Numerator: | | | |
| Adjusted FFO available to common stockholders and unit holders | $559,250 | $597,000 | $578,125 |
| Net income attributable to noncontrolling interest in OEG | 10,000 | 8,000 | 9,000 |
| FFO adjustments for noncontrolling interest in OEG | 11,000 | 10,000 | 10,500 |
| Adjusted FFO Adjustments for noncontrolling interest in OEG | 5,000 | 4,000 | 4,500 |
| Adjusted FFO available to common stockholders and unit holders - if-converted method | $585,250 | $619,000 | $602,125 |
| Denominator: | | | |
| Estimated weighted average shares and OP units outstanding - diluted (in millions) | 68.8 | 68.8 | 68.8 |
| Adjusted FFO available to common stockholders and unit holders per diluted share/unit | $8.50 | $9.00 | $8.75 |
- Includes 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.
Contacts
Investor Relations Contacts:Mark Fioravanti, President and Chief Executive Officer(615) 316-6588mfioravanti@rymanhp.comJennifer Hutcheson, Chief Financial Officer(615) 316-6320jhutcheson@rymanhp.comSarah Martin, Vice President, Investor Relations(615) 316-6011sarah.martin@rymanhp.com
Shannon Sullivan, Vice President, Corporate and Brand Communications(615) 316-6725ssullivan@rymanhp.com