Ryman Hospitality Properties reported first‑quarter 2026 revenue of $664.6 million, up 13.2% year‑over‑year, and adjusted funds‑from‑operations of $2.32 per diluted share/unit, a $1.48‑$1.52 beat on the consensus estimate of $0.80‑$0.84. GAAP earnings per share were $1.03, also exceeding the $0.84 estimate by $0.19.
The results were driven by a record same‑store group‑room mix, higher average daily rates, and increased outside‑the‑room spending. Group‑room night bookings reached the highest level since 2018, and the company said the mix and pricing power offset the impact of Winter Storm Fern on leisure performance.
Segment performance showed hospitality revenue at $585.4 million, up 18.8% YoY, while entertainment revenue fell 4.5% to $79.2 million. Margin expansion was attributed to higher flow‑through from room rates and catering, combined with ongoing efficiency initiatives that improved operating leverage.
Management raised its full‑year 2026 guidance, increasing the adjusted FFO range to $8.77‑$9.14 per share from the prior $8.50‑$8.90 range. The revision reflects confidence in continued demand and the effectiveness of the company’s capital deployment cycle.
Liquidity remains robust, with $424 million in unrestricted cash and $930 million of available borrowing under its revolving credit facilities. Debt stands at $3.97 billion, giving a pro‑forma leverage ratio of 4.3×, which supports a $350‑$450 million capital‑expenditure plan while preserving pricing power across its convention‑center and entertainment assets.
"We are very pleased to deliver a strong start to 2026, with first‑quarter results exceeding our expectations," said CEO Mark Fioravanti. He added that the group mix drove upside in ADR and outside‑the‑room spending, offsetting the storm impact. CFO Jennifer Hutcheson noted that no caution is embedded in the full‑year guidance, citing positive leading indicators for group demand, attrition, and outside‑the‑room spending through April.
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