Nashville, Tennessee: Ryman Hospitality Posts Record Third Quarter Revenue of $655.8 Million

Nashville based Ryman Hospitality Properties reported record third quarter results on Monday, with revenue of 655.8 million dollars for the three months ended September 30, 2026. The figure was up 10.7 percent from 592.5 million dollars in the same quarter last year, and it beat the Zacks consensus estimate of 635.0 million dollars by 3.28 percent. Reuters put the IBES estimate at 636.3 million dollars.

The lodging real estate investment trust, traded on the New York Stock Exchange as RHP, owns the Gaylord Opryland Resort and Convention Center in Nashville and runs the Opry Entertainment Group, home to the Grand Ole Opry and the Ryman Auditorium. Net income was 39.7 million dollars, up 16.8 percent from 34.0 million dollars a year earlier. Earnings per diluted share were 0.58 dollars, up from 0.53 dollars, and adjusted EBITDAre was 191.8 million dollars, up 10.8 percent. Adjusted funds from operations came to 1.79 dollars per share, up from 1.63 dollars and ahead of the 1.62 dollar consensus estimate Zacks tracked.

Hotels did the heavy lifting

Same store Hospitality revenue was a record 501.8 million dollars, up 8.0 percent, and total Hospitality revenue rose 12.4 percent to 562.8 million dollars. Same store revenue per available room reached a record of about 187 dollars, up 7.9 percent, while total revenue per available room was about 478 dollars, up 8.0 percent. Occupancy in the same store portfolio was 70.3 percent, up 3.0 points, at an average daily rate of 266.63 dollars. The company booked 653,958 gross definite room nights in the quarter, at an average rate of about 293 dollars for future stays, a third quarter record, and catering and audio visual spending per group room night rose 9.7 percent.

President and chief executive Mark Fioravanti said the company delivered another strong quarter, with revenue and adjusted EBITDAre ahead of expectations on group and leisure demand. The company completed the rooms renovation at the Gaylord Texan in Texas during the quarter.

Entertainment was softer, and Orlando joined the portfolio

Entertainment revenue was a record 93.0 million dollars, up 1.5 percent, but segment operating income fell to 7.0 million dollars from 11.8 million dollars. Fioravanti said the segment performed in line with expectations in a seasonally light quarter, and that Category 10 Las Vegas opened in mid October to a strong reception. On September 1, the company completed its purchase of the 1,592 room Grande Lakes Orlando Resort in Florida, paid for with about 5.9 million new shares issued at 117 dollars and 700 million dollars of 6.250 percent senior notes due 2035.

Ryman raised the midpoints of its full year 2026 outlook. Adjusted funds from operations are now expected at 9.16 to 9.43 dollars per diluted share, a midpoint of 9.29 dollars, up from 9.08 dollars, and management expects growth of about 10 percent at that midpoint. The raise reflects the same store hotel business, partly offset by lower Entertainment expectations tied mainly to the closure of the General Jackson Showboat. The company held 348.2 million dollars in cash against 4,659.3 million dollars of debt at September 30, and it paid a quarterly dividend of 1.20 dollars per share on October 15. For the first nine months of the year, revenue was 2.07 billion dollars, up 12.5 percent, and net income was 211.2 million dollars, up 22.2 percent. Ryman shares closed at 134.90 dollars on Monday, up 1.29 percent, before the results were released. The company discusses the quarter on a call on Tuesday, November 3, at 10:00 a.m. Eastern.

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