The beat-and-raise quarter, led by record Hospitality RevPAR and margin expansion, signals sustained demand in the group-oriented convention hotel segment. The raised full-year guidance and record future booking ADR ($310, +8.6% YoY) support a strong second-half outlook. Traders should watch the upcoming earnings call for incremental detail on OEG monetization discussions and room renovation disruption timelines.
Price Chart
Executive Summary
Ryman Hospitality Properties (RHP) reported record Q2 2026 consolidated revenue of $749.0M and Adjusted EBITDAre of $258.3M, significantly beating consensus on both top and bottom lines. Same-store Hospitality RevPAR grew 5.2% YoY, and the company raised its full-year 2026 guidance across all key metrics, including a $11M increase in the midpoint of consolidated Adjusted EBITDAre to $894M.
Key Financial Metrics
Key Facts
- Q2 2026 consolidated revenue of $749.0M, a record, up 13.6% YoY from $659.5M
- Q2 2026 Adjusted FFO per diluted share of $2.77 vs. consensus of $0.60 — a 361.7% beat driven by the Street-quoted AFFO metric
- Consolidated Adjusted EBITDAre of $258.3M, up 21.9% YoY, with margin expanding 240bps to 34.5%
- Same-store Hospitality RevPAR grew 5.2% to a record $202, driven by 6.9% ADR growth to $277.19
- Record quarterly Entertainment segment Adjusted EBITDAre of $43.9M, up 29.5% YoY
- Raised full-year 2026 consolidated Adjusted EBITDAre midpoint by $11M to $894M (range $878M-$910M)
- Board declared a Q1 2026 dividend of $1.20 per share, consistent with the prior quarter
Financial Impact
Record quarter with raised guidance. Adjusted FFO per share of $2.77 far exceeded the $0.60 consensus (Street metric = AFFO per share). Full-year consolidated Adjusted EBITDAre guidance raised $11M at the midpoint to $894M.
Risk Factors
- Gaylord Texan and JW Marriott Hill Country room renovations may temporarily pressure RevPAR in affected properties through H1 2027
- Entertainment segment revenue was nearly flat YoY at $144.0M (+0.5%), despite strong profitability
- Higher capex guidance ($400-500M vs. prior $350-450M) and increased debt balance ($3.97B) add execution and interest coverage risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-092380 |
| Document: tmb-20260806x8k.htm | 0001104659-26-092380 |
| Document: 0001104659-26-092380-index-headers.html | 0001104659-26-092380 |
| Document: 0001104659-26-092380-index.html | 0001104659-26-092380 |
| Document: 0001104659-26-092380.txt | 0001104659-26-092380 |
| 8-K Data (Synthetic) | 0001104659-26-092380 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 11, 2026 20d ago | Press Release | $122.20 $121.68 | ▼ −0.43% | ▼ −2.08% | $121.66 (−0.44%) |
Sep 1, 2026 4w ago | Press Release | $122.64 $122.35 | ▼ −0.24% | ▲ +0.72% | $121.66 (−0.80%) |
Aug 12, 2026 7w ago | 8-K | $124.70 $128.64 | ▲ +3.16% | ▲ +5.12% | $121.66 (−2.44%) |
Aug 11, 2026 7w ago | Press Release | $123.99 $128.34 | ▲ +3.51% | ▲ +3.95% | $121.66 (−1.88%) |
Aug 11, 2026 7w ago | Press Release | $122.07 $126.09 | ▲ +3.29% | ▲ +3.70% | $121.66 (−0.34%) |
Aug 10, 2026 7w ago | 424B5 | $119.95 $124.11 | ▲ +3.47% | ▲ +3.51% | $121.66 (+1.43%) |
Aug 10, 2026 7w ago | S-3ASR / 8-K | $119.95 $124.11 | ▲ +3.47% | ▲ +3.51% | $121.66 (+1.43%) |
Aug 7, 2026 8w ago | 8-K | $120.84 $125.52 | ▲ +3.87% | ▲ +3.47% | $121.66 (+0.68%) |
Jun 25, 2026 14w ago | Institutional Cluster | $130.91 $124.83 | ▼ −4.64% | ▼ −6.21% | $121.66 (−7.07%) |
Jun 11, 2026 16w ago | Institutional Cluster | $121.45 $122.35 | ▲ +0.74% | ▲ +0.31% | $121.66 (+0.17%) |
US Market Status
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