Ryman Hospitality Properties, Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 3 November 2026: press release. Guidance figures: 13 raised, 3 lowered, 1 narrowed, 2 new, 1 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Record third-quarter revenue and EBITDAre: Revenue $655.8 million, up 10.7%; Adjusted EBITDAre $191.8 million, up 10.8%; net income $39.7 million, up 16.8%; operating income up 6.5%. Source
• Adjusted FFO per share up 9.8%: Adjusted FFO per diluted share/unit $1.79, up 9.8%; FFO per diluted share/unit $1.75, up 9.4%. Nine-month Adjusted FFO per share $6.84, up 12.9%. Source
• Same-store RevPAR up 7.9%: Same-store Hospitality RevPAR $187.49, up 7.9%; ADR $266.63, up 3.3%; occupancy 70.3%, up 3.0 points; Total RevPAR $477.82, up 8.0%. Source
• Entertainment revenue flat, profit down: Entertainment revenue $93.0 million, up 1.5%; operating income $7.0 million, down 40.9%; Adjusted EBITDAre $23.8 million, down 3.7%. Management said results were in line with its expectations. Source
• Future bookings at third-quarter record ADR: Over 653,000 same-store gross definite room nights booked for future periods in the quarter, at estimated ADR of about $293. Source
• Full-year midpoints raised: Guidance midpoints raised for same-store Hospitality reflecting Q3 performance, partly offset by lower Entertainment expectations. Source
• OEG independence path under review: Management continues to evaluate a path to greater OEG independence; no definitive third-party investment agreement has been reached. Source

“We delivered another strong quarter with consolidated revenue and Adjusted EBITDA re ahead of our expectations driven by strong group and leisure trends in our same-store Hospitality business.”

Mark Fioravanti, President and Chief Executive Officer

Guidance

What changed from last quarter

• Guidance raised: Full-year midpoints raised for same-store Hospitality RevPAR, Total RevPAR and consolidated measures. Source
• Guidance lowered: Entertainment operating income and Adjusted EBITDAre midpoints lowered, tied to the closure of the General Jackson Showboat. Source
• Guidance lowered: Diluted per-share midpoint lower than the prior release, with a higher share count after the equity offering. Source
• Guidance raised: Capital expenditure estimate narrowed; low end raised. Source
• New: Acquisition of the 1,592-room Grande Lakes Orlando Resort, completed September 1, 2026. Source
• New: Underwritten public offering of common shares completed in August; net proceeds used to fund the Grande Lakes Orlando acquisition. Source
• New: Private placement of senior unsecured notes due 2035; net proceeds used to fund the Grande Lakes Orlando acquisition. Source
• New: Category 10 Las Vegas opened in mid-October, after quarter-end. Source

Results and growth drivers

• Record third-quarter revenue and EBITDAre: Revenue $655.8 million, up 10.7%; Adjusted EBITDAre $191.8 million, up 10.8%; net income $39.7 million, up 16.8%; operating income up 6.5%. Source
• Adjusted FFO per share up 9.8%: Adjusted FFO per diluted share/unit $1.79, up 9.8%; FFO per diluted share/unit $1.75, up 9.4%. Nine-month Adjusted FFO per share $6.84, up 12.9%. Source
• Same-store operating income rose: Same-store Hospitality operating income $104.5 million, up 15.1%. Entertainment revenue up 1.5%, while its operating income fell 40.9%. Source

Hospitality segment performance

• Same-store RevPAR up 7.9%: Same-store Hospitality RevPAR $187.49, up 7.9%; ADR $266.63, up 3.3%; occupancy 70.3%, up 3.0 points; Total RevPAR $477.82, up 8.0%. Source
• Banquet and AV spend per group guest up: Same-store banquet and AV revenue per group room night, a proxy for catering spend, rose 9.7% year over year under the premium group customer strategy. Source
• Attrition and cancellation fees fell: Same-store attrition and cancellation fee revenue was about $8.8 million, down $2.8 million from the prior year quarter. Source
• Hill Country operating income fell: JW Marriott Hill Country revenue down 2.0%; operating income down 30.3% to $4.8 million; RevPAR $215.41, down 4.4%. Source
• Gaylord Opryland occupancy up 9.6 points: Gaylord Opryland revenue up 13.5%, Adjusted EBITDAre $45.2 million, up 16.5%. Gaylord Rockies Adjusted EBITDAre $38.7 million, up 20.5%. Source

“Our premium group strategy continues to produce attractive results as higher meeting attendance and increased catering and audio visual spending drove performance in the quarter.”

Mark Fioravanti, President and Chief Executive Officer

Entertainment segment performance

• Entertainment revenue flat, profit down: Entertainment revenue $93.0 million, up 1.5%; operating income $7.0 million, down 40.9%; Adjusted EBITDAre $23.8 million, down 3.7%. Management said results were in line with its expectations. Source
• Artist-centered venues performed well: Management said customer spending remained healthy and investments in artist-centered venues and amphitheaters continued to perform well. Source
• Impairment charge and lower margin: Entertainment recorded a $4.9 million impairment charge in the quarter. Operating margin was 7.5%, down 5.4 points. Source

Demand and the order book

• Future bookings at third-quarter record ADR: Over 653,000 same-store gross definite room nights booked for future periods in the quarter, at estimated ADR of about $293. Source
• Net bookings up, gross bookings down: Gross definite room nights booked 653,958, down 2.1%; net definite room nights booked 501,109, up 9.0%; group attrition 15.0% of contracted blocks. Source
• Holiday leisure trends cautiously optimistic: Management is cautiously optimistic on fourth quarter hotel leisure trends, citing ice! ticket sales and holiday leisure room night bookings. Source
• Group pace for 2027 and 2028 improved: Same-store group rooms revenue pace for 2027 and 2028 improved sequentially during the quarter, management said. Source
• Cancellations down sharply: Cancellations ITYFTY 8,549 in the quarter, down 62.7%; nine-month cancellations 53,228, down 15.5%. Source

“We are pleased to raise the midpoints of our 2026 guidance ranges to reflect performance in our same-store Hospitality business, partially offset by lower Entertainment expectations related primarily to the closure of the General Jackson Showboat.”

Mark Fioravanti, President and Chief Executive Officer

Margins and costs

• Consolidated EBITDAre margin flat: Consolidated Adjusted EBITDAre margin 29.2%, unchanged from last year; nine-month margin 32.3%, up 1.3 points. Source
• Same-store Hospitality margin up: Same-store Hospitality operating margin 20.8%, up 1.3 points; Hospitality Adjusted EBITDAre margin 31.7%, up 0.5 points. Source
• Hotel operating costs and depreciation rose: Total hotel operating expenses $389.4 million, up from $350.1 million; depreciation and amortization $83.2 million, up from $73.2 million. Source

Full-year 2026 guidance

• Full-year midpoints raised: Guidance midpoints raised for same-store Hospitality reflecting Q3 performance, partly offset by lower Entertainment expectations. Source
• Guidance may change at any time: Management may update or withdraw any portion of the 2026 guidance at any time for any reason. Source
• Guidance basis now includes Grande Lakes: Guidance includes JW Marriott Desert Ridge and Grande Lakes Orlando except where noted; the prior release covered only Desert Ridge. Source

Capital, cash and returns to shareholders

• Capital spending year to date: About $363 million of capital expenditures through September 30, excluding the Grande Lakes Orlando purchase. Source
• Revolvers undrawn, liquidity intact: Unrestricted cash $348.2 million; total debt $4,659.3 million; no revolver borrowings, leaving $930.0 million available. Source
• Quarterly dividend of $1.20 paid: Dividend paid October 15, 2026 to holders of record September 30. Policy distributes minimum 100% of REIT taxable income annually; future amounts set by the Board. Source
• Diluted share count rose on offering: Third-quarter diluted weighted average shares 70.0 million, up from 67.3 million, including 5.9 million shares issued August 12, 2026. Source

Strategy, acquisitions and development

• Hotel portfolio now 13,956 rooms: Marriott-managed portfolio totals 13,956 rooms, up from 12,364 in the prior release, plus more than 3 million square feet of meeting space. Source
• Grande Lakes seen as group rotation: Management said the acquisition adds a turnkey asset in a top meetings market and creates incremental group customer rotation. Source
• Ole Red Indianapolis due early 2028: Development by partner Pacer Sports & Entertainment expected to be completed in early 2028. Source
• OEG independence path under review: Management continues to evaluate a path to greater OEG independence; no definitive third-party investment agreement has been reached. Source

Coming up, as management said on 3 November 2026

• No guidance update before next earnings: Management does not expect to update guidance before the next quarterly earnings release, though it may update or withdraw guidance at any time. Source
• Gaylord Opryland meeting space expansion: Meeting space expansion at Gaylord Opryland expected to be completed by mid-year 2027. Source
• JW Marriott Hill Country room renovation: Room renovation at JW Marriott Hill Country, begun April 2026, expected to be completed in March 2027. Source
• Category 10 Orlando development timing: Development to begin by year-end 2026 and be completed by mid-year 2028; the prior release expected completion in early 2028. Source

Figures management reported

Risks management discussed

• Financial: Management cited share dilution from the recent equity offering as a factor affecting the per-share growth figure. Source
• Operational: Third quarter is seasonally light for Entertainment, and Entertainment expectations were lowered for the General Jackson Showboat closure. Source

Earlier plans management reported on

• Met: Development completed after quarter-end; the prior release expected completion in October 2026. Source
• Met: Renovation completed in the third quarter; the prior release expected completion in August 2026. Source

Other quarters

• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.