Ryman Hospitality Properties, Inc. (RHP) Earnings & Analysis

Latest quarter

Ryman Hospitality reported third-quarter revenue of $655.8 million, up 10.7% from $592.5 million a year earlier and 3.28% above the consensus estimate. Diluted earnings per share rose to $0.58 from $0.53. Ryman also reported funds from operations of $1.79 per share, compared with the consensus estimate of $1.62 per share.

CEO Mark Fioravanti said same-store hotel revenue per available room rose 7.9% year over year, with group and leisure demand both exceeding the company’s expectations. He said banquet and audiovisual revenue rose 14%, helped by higher catering spending per group room night. The entertainment business increased revenue by 1.5%, although Fioravanti said maintenance disruptions at the General Jackson Showboat affected profitability.

Ryman’s operating margin was 14.4%, compared with 15.0% a year earlier. Free cash flow was $72.0 million, down from $135.4 million.

Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.

What management said on the call

Fioravanti said groups generally arrived expecting to spend within their budgets, but some added functions, upgraded food and beverages or brought more attendees once on property. He said group average daily rate rose 3.5% year over year, while catering contribution per group room night grew nearly 10%. Leisure demand exceeded expectations at Gaylord National and Gaylord Texan, he said, with Texan demand accelerating in September after room renovations were completed.

For future periods, Fioravanti said Ryman booked more than 653,000 same-store gross group room nights during the quarter. He said same-store group rooms revenue on the books for 2027 was 4.5% ahead of the comparable position a year earlier, while the figure for 2028 was 1% ahead. COO Patrick Chaffin said the company had opened more space for corporate demand in 2028 by revising room-night assumptions for groups based on recent performance.

Asked about pricing, Fioravanti said Ryman’s investments in rooms, meeting space and food and beverage were intended to improve guests’ experience and capture more of their spending. Chaffin said renovations at Gaylord Opryland were changing meeting planners’ perceptions of the property. He added that the average daily rate booked by social, military, education, religious and fraternal groups rose 26% in the third quarter.

On the Grande Lakes acquisition, Fioravanti said the company was examining opportunities to share facilities and manage costs with Gaylord Palms, as well as rotate JW Marriott customers among its properties. Asked about procurement, Chaffin said Ryman was waiting for year-end rebates to assess the full effect: “we really just do not have a complete picture from them yet that we can share.”

For the quarter ahead, Fioravanti said holiday ice! ticket sales and November and December leisure room nights were pacing ahead of the prior year. He cautioned that sales to date represented roughly 20% of the full-season ticket goal and that most sales historically occur within seven days of visitation.

Guidance

Fioravanti said Ryman raised the midpoints of its same-store hospitality guidance ranges after the third-quarter results and a modest increase in fourth-quarter leisure demand expectations. The updated midpoints assume low-single-digit leisure demand growth in the fourth quarter, excluding renovation disruptions at JW Hill Country.

He said Ryman lowered the midpoint of its entertainment Adjusted EBITDAre guidance by $3 million to reflect General Jackson Showboat profitability and wind-down costs. The net increase in consolidated Adjusted EBITDAre guidance also raised the AFFO and AFFO per-share outlooks, with nearly 10% AFFO per-share growth at the midpoint, he said.

CFO Jennifer Hutcheson said Ryman narrowed its 2026 capital expenditure range to $450.0 million–$500.0 million from $400.0 million–$500.0 million.