Ryman Hospitality Properties, Inc 10-Q for FY2026 Q1

Ryman Hospitality Properties, Inc. (RHP)

10-Q 2026-05-01 For: 2026-03-31

Added on May 01, 2026

About this 10-Q

Ryman Hospitality Properties, Inc filed this 10-Q on May 1, 2026, covering the quarter ended March 31, 2026 (FY2026 Q1).

Headline figures

Quarter ended March 31, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $664.57M; up 13.2% from $587.28M a year earlier
Net income: $70.48M; up 11.9% from net income of $62.96M a year earlier
Diluted EPS: $1.03; up 3.0% from $1.00 a year earlier

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Delaware		73-0664379
(State or Other Jurisdiction of		(I.R.S. Employer
Incorporation or Organization)		Identification No.)


		Name of Each Exchange on
Title of Each Class	Trading Symbol(s)	Which Registered
Common stock, par value $.01	RHP	New York Stock Exchange


Class		Outstanding as of March 31, 2026
Common Stock, par value $.01		63,109,272 shares

		Page

Part I - Financial Information		3

Item 1. Financial Statements.		3

Condensed Consolidated Balance Sheets (Unaudited) – March 31, 2026 and December 31, 2025		3

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - For the Three Months Ended March 31, 2026 and 2025		4

Condensed Consolidated Statements of Cash Flows (Unaudited) - For the Three Months Ended March 31, 2026 and 2025		5

Condensed Consolidated Statements of Equity and Noncontrolling Interest (Unaudited) - For the Three Months Ended March 31, 2026 and 2025		6

Notes to Condensed Consolidated Financial Statements (Unaudited)		7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.		18

Item 3. Quantitative and Qualitative Disclosures About Market Risk.		44

Item 4. Controls and Procedures.		45

Part II - Other Information		45

Item 1. Legal Proceedings.		45

Item 1A. Risk Factors.		45

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.		45

Item 3. Defaults Upon Senior Securities.		45

Item 4. Mine Safety Disclosures.		45

Item 5. Other Information.		45

Item 6. Exhibits.		46

SIGNATURES		47


		March 31,			December 31,
		2026			2025
ASSETS:
Property and equipment, net		$	5,018,898		$	4,970,429
Cash and cash equivalents - unrestricted			424,021			471,421
Cash and cash equivalents - restricted			27,264			28,759
Notes receivable, net			52,556			53,503
Trade receivables, net			139,335			105,903
Deferred income tax assets, net			61,957			67,669
Prepaid expenses and other assets			187,602			196,798
Intangible assets and goodwill, net			282,148			286,701
Total assets		$	6,193,781		$	6,181,183

LIABILITIES AND EQUITY:
Debt and finance lease obligations		$	3,968,404		$	3,976,913
Accounts payable and accrued liabilities			544,482			517,708
Distributions payable			77,906			78,819
Deferred management rights proceeds			162,507			162,901
Operating lease liabilities			162,463			158,815
Other liabilities			73,808			74,251
Total liabilities			4,989,570			4,969,407
Commitments and contingencies
Noncontrolling interest in Opry Entertainment Group			433,394			422,691
Equity:
Preferred stock, $.01 par value, 100,000 shares authorized, no shares issued or outstanding			—			—
Common stock, $.01 par value, 400,000 shares authorized, 63,109 and 63,006 shares issued and outstanding, respectively			631			630
Additional paid-in capital			1,709,645			1,722,332
Treasury stock of 738 and 730 shares, at cost			(27,573)			(26,788)
Distributions in excess of retained earnings			(938,311)			(933,250)
Accumulated other comprehensive loss			(11,549)			(12,772)
Total stockholders' equity			732,843			750,152
Noncontrolling interests			37,974			38,933
Total equity			770,817			789,085
Total liabilities and equity		$	6,193,781		$	6,181,183


		Three Months Ended
		March 31,
		2026			2025
Revenues:
Rooms		$	223,758		$	189,232
Food and beverage			289,347			253,263
Other hotel revenue			72,284			55,235
Entertainment			79,183			89,550
Total revenues			664,572			587,280

Operating expenses:
Rooms			50,594			46,289
Food and beverage			158,163			138,139
Other hotel expenses			144,622			123,924
Management fees, net			20,915			18,463
Total hotel operating expenses			374,294			326,815
Entertainment			65,109			69,770
Corporate			11,285			10,770
Preopening costs			387			87
Depreciation and amortization			75,701			63,717
Total operating expenses			526,776			471,159

Operating income			137,796			116,121
Interest expense			(64,119)			(54,283)
Interest income			5,186			5,459
Loss on extinguishment of debt			(2,200)			—
Loss from unconsolidated joint ventures			—			(16)
Other gains and (losses), net			(362)			(108)
Income before income taxes			76,301			67,173
Provision for income taxes			(6,899)			(4,159)
Net income			69,402			63,014

Net (income) loss attributable to noncontrolling interest in Opry Entertainment Group			588			(711)
Net loss attributable to other noncontrolling interests			485			658
Net income available to common stockholders		$	70,475		$	62,961

Basic income per share available to common stockholders		$	1.12		$	1.05
Diluted income per share available to common stockholders		$	1.03		$	1.00

Comprehensive income, net of taxes		$	70,625		$	62,926
Comprehensive (income) loss, net of taxes, attributable to noncontrolling interest in Opry Entertainment Group			199			(723)
Comprehensive loss, net of taxes, attributable to other noncontrolling interests			478			659
Comprehensive income, net of taxes, available to common stockholders		$	71,302		$	62,862


							Distributions			Accumulated
			Additional				in Excess of			Other			Total									Noncontrolling
	Common		Paid-in		Treasury		Retained			Comprehensive			Stockholders'			Noncontrolling			Total			Interest
	Stock		Capital		Stock		Earnings			Loss			Equity			Interests			Equity			in OEG
BALANCE, December 31, 2025	$	630	$	1,722,332	$	(26,788)	$	(933,250)		$	(12,772)		$	750,152		$	38,933		$	789,085		$	422,691
Net income (loss)		—		—		—		70,475			—			70,475			(485)			69,990			(588)
Other comprehensive income, net of income taxes		—		—		—		—			1,223			1,223			—			1,223			—
Adjustment of noncontrolling interest to redemption value		—		(11,291)		—		—			—			(11,291)			—			(11,291)			11,291
Dividends and distributions declared ($1.20 per share)		—		190		(785)		(75,536)			—			(76,131)			(474)			(76,605)			—
Restricted stock units surrendered		1		(5,388)		—		—			—			(5,387)			—			(5,387)			—
Equity-based compensation expense		—		3,802		—		—			—			3,802			—			3,802			—
BALANCE, March 31, 2026	$	631	$	1,709,645	$	(27,573)	$	(938,311)		$	(11,549)		$	732,843		$	37,974		$	770,817		$	433,394


Property and equipment	$	747,377
Cash and cash equivalents - unrestricted		5,891
Cash and cash equivalents - restricted		1,661
Trade receivables		14,426
Prepaid expenses and other assets		3,547
Intangible assets		114,875
Total assets acquired		887,777
Accounts payable and accrued liabilities		(18,267)
Total liabilities assumed		(18,267)
Net assets acquired	$	869,510


		Operating			Finance
		Leases			Leases
Year 1		$	11,867		$	295
Year 2			14,746			192
Year 3			14,002			66
Year 4			13,604			—
Year 5			13,000			—
Years thereafter			620,415			—
Total future minimum lease payments			687,634			553
Less amount representing interest			(525,171)			(61)
Total present value of minimum payments		$	162,463		$	492


Weighted-average remaining lease term:
Operating leases	39.4	years
Finance leases	2.1	years
Weighted-average discount rate:
Operating leases	7.3	%
Finance leases	5.9	%


				Markets for			Observable			Unobservable
	March 31,			Identical Assets			Inputs			Inputs
	2026			(Level 1)			(Level 2)			(Level 3)
Deferred compensation plan investments	$	44,372		$	44,372		$	—		$	—
Variable to fixed interest rate swaps		2,044			—			2,044			—
Total assets measured at fair value	$	46,416		$	44,372		$	2,044		$	—


	For the Three Months Ended March 31, 2026
	Hospitality		Entertainment		Corporate and Other		Total
Revenues	$	585,389	$	79,183	$	—	$	664,572
Expenses:
Rooms		50,594						50,594
Food and beverage		158,163						158,163
Other hotel expenses (1)		144,622						144,622
Management fees		20,915						20,915
Employment costs				29,235				29,235
Cost of goods sold				10,551				10,551
Contract services				8,383				8,383
Non-income taxes and insurance				5,780				5,780
Preopening costs				387				387
Other segment expenses (1)				11,160		11,285		22,445
Depreciation and amortization		66,008		9,434		259		75,701
Operating income (loss)	$	145,087	$	4,253	$	(11,544)	$	137,796
Interest expense		(6)		(8,280)		(55,833)		(64,119)
Interest income								5,186
Loss on extinguishment of debt								(2,200)
Other gains and (losses), net								(362)
Income before income taxes							$	76,301


		Three Months Ended
		March 31,
Segment		2026		2025
Hospitality		88	%	85	%
Entertainment		12	%	15	%
Corporate and Other		0	%	0	%


		Unaudited
		Three Months Ended March 31,
		2026		%		2025			%
REVENUES:
Rooms		$	223,758	33.7	%	$	189,232		32.2	%
Food and beverage			289,347	43.5	%		253,263		43.1	%
Other hotel revenue			72,284	10.9	%		55,235		9.4	%
Entertainment			79,183	11.9	%		89,550		15.2	%
Total revenues			664,572	100.0	%		587,280		100.0	%
OPERATING EXPENSES:
Rooms			50,594	7.6	%		46,289		7.9	%
Food and beverage			158,163	23.8	%		138,139		23.5	%
Other hotel expenses			144,622	21.8	%		123,924		21.1	%
Hotel management fees, net			20,915	3.1	%		18,463		3.1	%
Entertainment			65,109	9.8	%		69,770		11.9	%
Corporate			11,285	1.7	%		10,770		1.8	%
Preopening costs			387	0.1	%		87		0.0	%
Depreciation and amortization:
Hospitality			66,008	9.9	%		54,106		9.2	%
Entertainment			9,434	1.4	%		9,377		1.6	%
Corporate and Other			259	0.0	%		234		0.0	%
Total depreciation and amortization			75,701	11.4	%		63,717		10.8	%
Total operating expenses			526,776	79.3	%		471,159		80.2	%
OPERATING INCOME (LOSS):
Hospitality			145,087	24.8	%		116,809		23.5	%
Entertainment			4,640	5.9	%		10,403		11.6	%
Corporate and Other			(11,544)	(A)			(11,004)		(A)
Preopening costs			(387)	(0.1)	%		(87)		(0.0)	%
Total operating income			137,796	20.7	%		116,121		19.8	%
Interest expense			(64,119)	(A)			(54,283)		(A)
Interest income			5,186	(A)			5,459		(A)
Loss on extinguishment of debt			(2,200)	(A)			—		(A)
Loss from unconsolidated joint ventures			—	(A)			(16)		(A)
Other gains and (losses), net			(362)	(A)			(108)		(A)
Provision for income taxes			(6,899)	(A)			(4,159)		(A)
Net income			69,402	(A)			63,014		(A)
Net (income) loss attributable to noncontrolling interest in Opry Entertainment Group			588	(A)			(711)		(A)
Net loss attributable to other noncontrolling interests			485	(A)			658		(A)
Net income available to common stockholders		$	70,475	(A)		$	62,961		(A)


	Three Months Ended
	March 31, 2026
Revenues:
Rooms	$	30,559
Food and beverage		31,973
Other hotel revenue		11,336
Total revenue		73,868
Operating expenses:
Rooms		4,714
Food and beverage		16,515
Other hotel expenses		16,241
Management fees, net		3,627
Depreciation and amortization		8,516
Total operating expenses		49,613
Operating income	$	24,255
Performance metrics:
Occupancy		73.0	%
ADR	$	489.75
RevPAR	$	357.42
Total RevPAR	$	863.95


		Three Months Ended
		March 31,
		2026			2025
Cash Flows from Operating Activities:
Net income		$	69,402		$	63,014
Amounts to reconcile net income to net cash flows provided by operating activities:
Provision for deferred income taxes			5,754			2,933
Depreciation and amortization			75,701			63,717
Amortization of deferred financing costs			3,247			2,707
Loss from unconsolidated joint ventures			—			16
Equity-based compensation expense			3,802			3,622
Changes in:
Trade receivables			(33,433)			(36,536)
Accounts payable and accrued liabilities			18,920			(16,381)
Other assets and liabilities			25,851			15,127
Net cash flows provided by operating activities			169,244			98,219

Cash Flows from Investing Activities:
Purchases of property and equipment			(113,663)			(112,727)
Other investing activities, net			(411)			(18,400)
Net cash flows used in investing activities			(114,074)			(131,127)

Cash Flows from Financing Activities:
Repayments under term loan B			(734)			(734)
Borrowings under OEG revolving credit facility			—			5,000
Repayments under OEG revolving credit facility			—			(9,000)
Repayments under OEG term loan			(1,077)			(750)
Repayments under Block 21 CMBS loan			—			(782)
Issuance of senior notes			700,000			—
Redemption of senior notes			(700,000)			—
Deferred financing costs paid			(19,243)			—
Payment of distributions			(77,517)			(70,258)
Payment of tax withholdings for equity-based compensation			(5,387)			(5,441)
Other financing activities, net			(107)			(30)
Net cash flows used in financing activities			(104,065)			(81,995)

Net change in cash, cash equivalents, and restricted cash			(48,895)			(114,903)
Cash, cash equivalents, and restricted cash, beginning of period			500,180			576,228
Cash, cash equivalents, and restricted cash, end of period		$	451,285		$	461,325


	Three Months Ended
	March 31,
	2026		2025
Gaylord Opryland	$	128,379	$	110,178
Gaylord Palms		97,646		88,393
Gaylord Texan		83,371		86,377
Gaylord National		74,227		80,829
Gaylord Rockies		72,249		70,948
JW Marriott Hill Country		50,295		55,276
JW Marriott Desert Ridge		73,868		—
AC Hotel		2,336		2,698
Inn at Opryland and other		3,018		3,031
Total Hospitality segment revenues	$	585,389	$	497,730


		March 31,			December 31,
		2026			2025
Land and land improvements		$	734,324		$	731,497
Buildings			5,318,751			5,258,989
Furniture, fixtures and equipment			1,558,902			1,516,736
Right-of-use finance lease assets			1,841			1,841
Construction-in-progress			198,787			185,275
			7,812,605			7,694,338
Accumulated depreciation and amortization			(2,793,707)			(2,723,909)
Property and equipment, net		$	5,018,898		$	4,970,429


		March 31,			December 31,
		2026			2025
$850M Revolving Credit Facility, interest at SOFR plus 1.50%, maturing January 28, 2030		$	—		$	—
Term Loan B, interest at SOFR plus 1.75%, maturing May 18, 2030			289,122			289,856
Senior Notes, interest at 4.75%, maturing October 15, 2027			—			700,000
Senior Notes, interest at 7.25%, maturing July 15, 2028			400,000			400,000
Senior Notes, interest at 4.50%, maturing February 15, 2029			600,000			600,000
Senior Notes, interest at 6.50%, maturing April 1, 2032			1,000,000			1,000,000
Senior Notes, interest at 6.50%, maturing June 15, 2033			625,000			625,000
Senior Notes, interest at 5.75%, maturing March 15, 2034			700,000			—
$80M OEG Revolver, interest at SOFR plus 3.50%, maturing June 28, 2029			—			—
OEG Term Loan, interest at SOFR plus 3.50%, maturing June 28, 2031			424,193			425,270
Finance lease obligations			492			596
Unamortized deferred financing costs			(58,709)			(52,282)
Unamortized discounts and premiums, net			(11,694)			(11,527)
Total debt		$	3,968,404		$	3,976,913


Exhibit Number		Description

3.1		Amended and Restated Certificate of Incorporation of Ryman Hospitality Properties, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed October 1, 2012).
3.2		Second Amended and Restated Bylaws of Ryman Hospitality Properties, Inc. (incorporated by reference to Exhibit 3.2 to the Company’s Annual Report on Form 10-K filed February 24, 2023).
4.1		Indenture, dated as of March 11, 2026, among RHP Hotel Properties, LP and RHP Finance Corporation, as the issuers, Ryman Hospitality Properties, Inc., as a guarantor, each of the other guarantors named therein and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed March 11, 2026).
4.2		Form of 5.750% Senior Note due 2034 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed March 11, 2026).
10.1†		Amendment No. 1 to Credit Agreement, dated as of January 28, 2026, among Ryman Hospitality Properties, Inc., as guarantor, RHP Hotel Properties, LP, as borrower, certain other subsidiaries of Ryman Hospitality Properties, Inc. party thereto, as guarantors, certain subsidiaries of Ryman Hospitality Properties, Inc. party thereto, as pledgors, the lenders party thereto and Wells Fargo Bank National Association, as administrative agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed January 28, 2026).
22*		List of Parent and Subsidiary Guarantors.
31.1*		Certification of Mark Fioravanti pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
31.2*		Certification of Jennifer Hutcheson pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
32.1**		Certification of Mark Fioravanti and Jennifer Hutcheson pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
101*		The following materials from Ryman Hospitality Properties, Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets (unaudited) at March 31, 2026 and December 31, 2025, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income (unaudited) for the three months ended March 31, 2026 and 2025, (iii) Condensed Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2026 and 2025, (iv) Condensed Consolidated Statements of Equity and Noncontrolling Interest (unaudited) for the three months ended March 31, 2026 and 2025, and (v) Notes To Condensed Consolidated Financial Statements (unaudited).
104*		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).


	RYMAN HOSPITALITY PROPERTIES, INC.

Date: May 1, 2026	By:	/s/ Mark Fioravanti
		Mark Fioravanti
		President and Chief Executive Officer

	By:	/s/ Jennifer Hutcheson
		Jennifer Hutcheson
		Executive Vice President, Chief Financial
		Officer and Chief Accounting Officer



Exact Name of Subsidiary	Jurisdiction of Organization	Type of Obligor
RHP Hotel Properties, LP	Delaware	Issuer
RHP Finance Corporation	Delaware	Issuer
Opryland Hospitality, LLC	Tennessee	Guarantor
RHP Hotels, LLC	Delaware	Guarantor
RHP Partner, LLC	Delaware	Guarantor
RHP Property AR, LLC	Delaware	Guarantor
RHP Property GP, LP	Florida	Guarantor
RHP Property GT, LLC	Delaware	Guarantor
RHP Property GT, LP	Delaware	Guarantor
RHP Property NH, LLC	Maryland	Guarantor
RHP Property SA, LLC	Delaware	Guarantor
RHPAHP, LLC	Delaware	Guarantor
Aurora Convention Center Hotel Investors, LLC	Delaware	Guarantor
Aurora Convention Center Hotel, LLC	Delaware	Guarantor


Date:	May 1, 2026

By:	/s/ Mark Fioravanti
Name:	Mark Fioravanti
Title:	President and Chief Executive Officer