RHP

Image source: The Motley Fool. Friday, Aug. 7, 2026 at 10:00 a.m. ET Executive Chairman - Colin Reed President and Chief Executive Officer - Mark Fioravanti Chief Financial Officer - Jennifer Hutcheson Chief Operating Officer - Patrick Chaffin Chief Executive Officer, Opry Entertainment Group - Patrick Moore Operator: Welcome to Ryman Properties Second Quarter 2026 Earnings Conference Call. Hosting the call today from Ryman Hospitality Properties are Mr. Colin Reed, Executive Chairman; Mr. Mark Fioravanti, President and Chief Executive Officer; Ms. Jennifer Hutcheson, Chief Financial Officer; Mr. Patrick Chaffin, Chief Operating Officer; and Mr. Patrick Moore, Chief Executive Officer, Opry Entertainment Group. This call will be available for digital replay. The number is (800) 757-4770, with no conference ID required. [Operator Instructions] It is now my pleasure to turn the floor over to Ms. Jennifer Hutcheson. Ma'am, you may begin. Jennifer Hutcheson: Good morning. Thank you for joining us today. This call may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements about the company's expected financial performance. Any statements we make today that are not statements of historical fact may be deemed to be forward-looking statements. Words such as believes or expects are intended to identify these statements, which may be affected by many factors, including those listed in the company's SEC filings and in today's release. The company's actual results may differ materially from the results we discuss or project today. We will not update any forward-looking statements, whether as a result of new information, future events or any other reason. We will also discuss non-GAAP financial measures today. We reconcile each non-GAAP measure to the most comparable GAAP measure in exhibits to today's release. I'll now turn it over to Colin. Colin Reed: Thank you, Jen, and good morning, everyone. We are pleased to have delivered another standout performance this quarter, but more importantly, we're encouraged by what it says about the strength and resilience of our business model. While the broader economic environment remains dynamic, we continue to see customers prioritize the kind of experience our portfolio is designed to deliver. This quarter reinforced several themes we have discussed consistently over the years. First, the demand for high-quality group meetings experiences remains healthy. Second, our strategy of attracting higher-value customers across all segments continues to gain traction. And third, the investments we're making across the portfolio are strengthening the competitive position and long-term earnings power of our assets. Importantly, these themes build on one another in ways that strengthen our business over time. Our scale and differentiated offerings allow us to attract premium business and deepen customer relationships, which in turn drives stronger spending trends and greater visibility into future demand. That visibility then helps us allocate capital with confidence. In turn, we continue to reinvest in our assets and businesses in ways that further enhance our competitive advantages and create long-term shareholder value. To take one example, last month, we celebrated an important milestone at Gaylord Opryland with a topping off ceremony for the meeting space expansion project, marking the completion of the expansion structural framework. When completed, this investment will enhance Opryland's ability to attract more premium groups and further strengthen its already differentiated competitive position. Gaylord Opryland is a remarkable asset, and a large part of the resort next year will be 50 years old. But today, it is, quite frankly, the most successful non-gaming resort in the nation. 25 years ago, when Mark and I turned up at this hotel, it generated about $57 million of EBITDA with virtually the same room count as it has today. Through periods of financial crisis, floods, COVID and the like, we've built a successful group rotational strategy, enhanced the leisure aspects of this hotel through things like SoundWaves and holiday program. And this year, we estimate Opryland will cross $200 million of adjusted EBITDAre. This is quite a transformation and underscores the power of our strategy. The same philosophy guides our approach to our newly acquired JW Marriott Hotels. These are exceptional assets in attractive destinations, and we continue to see opportunities to create additional value through thoughtful capital investment, portfolio synergies and increased customer rotation across the portfolio. While we remain early in that journey, the progress we are seeing continues to reinforce our confidence in this original thesis. And finally, our entertainment business also continues to demonstrate the value of the platform that we have built. The strength of our brands, venues, customer relationships create opportunities to grow across multiple businesses, geographies and customer touch points, reinforcing the strategic value of the platform as a whole. We built a great business. And I'm very proud of what we've accomplished with our entertainment business and its impact on the city of Nashville. And I feel very, very confident that country music, Nashville visitation and our great businesses will continue to grow. Last weekend, I traveled over to London to be with Luke Combs when he sold out Wembley Stadium for 3 consecutive nights, each night attracting 85,000 fans. This is on top of sold-out concerts in Edinburgh and Dublin. This has never been done before and reflects the revolution that is taking place in country music. In time, these new fans will be finding their way to the U.S. and to the city of Nashville, thus growing the underlying value of our business. Now on that front, as we've initially disclosed in June, our Board advanced -- advised by Morgan Stanley continues to evaluate possible new investors or partners in OEG with the goal of providing the business with greater independence while creating value for our shareholders. The ongoing discussions are with select potential investors whom the Board believes may meet our criteria for partnership with OEG. The company has not entered into any agreements with respect to a potential investment by a third party in OEG, and there can be no assurances that any definitive agreement will ultimately be reached. Our focus remains on pursuing a path we believe will preserve OEG's legacy while positioning the business for continued growth and enabling us to continue as a stakeholder. As we look ahead, we are very excited about the long-term trajectory of both businesses. While we remain mindful of the broader macroeconomic backdrop, the underlying demand we see in our businesses remain healthy. The strategies we've been executing are producing the outcomes we expected and the investments we've made across the portfolio are enhancing both the quality of our assets and the future growth opportunities. We remain on track to achieve the '27 financial targets we set out in early '24, and we look forward to updating you on our continued progress. With that, I'll turn the call over to Mark to discuss the quarter and the operating trends in greater detail. Mark Fioravanti: Thanks, Colin, and good morning, everyone. I'll provide more color on our operating performance and business momentum before discussing our outlook for the remainder of the year. As Colin mentioned, our same-store hospitality business delivered results ahead of our expectations coming into the quarter. Same-store RevPAR and total RevPAR growth exceeded our expectations by approximately 2.5 points each, while adjusted EBITDAre outperformed by approximately $7 million. The RevPAR beat was comprised of equal parts group and leisure outperformance, which, together with strong group catering contribution drove the total RevPAR beat. The adjusted EBITDAre outperformance was primarily top line driven, supported by continued strong operating discipline. Let me provide some additional details on each customer segment. In our group business, similar to the first quarter, the portfolio continued to benefit from strong in the month for the month trends, including ADR upside and stronger catering contribution relative to our expectations. Group ADR increased 7.5% year-over-year, approximately 3 percentage points better than our expectations, driven by stronger-than-expected mix of higher-rated premium group customers. Rate growth was broad-based across all segments, led by SMERF, which includes social, military, educational, religious and fraternal groups. As we've discussed, the objective of our premium group strategy is to attract higher-rated business across all group segments, and this quarter provides a clear example of that strategy translating into stronger pricing performance. Catering contribution per group room night, a proxy for spending per attendee increased nearly 13% year-over-year, approximately 6.5 percentage points better than our expectations. The outperformance was driven primarily by stronger spending by corporate groups at Gaylord Palms and association groups at JW Hill Country. The group catering results at Gaylord Palms provide another compelling example of our premium group strategy at work. Higher-rated corporate group room nights increased 31%, driving a 63% increase in catering contribution per group room night. This shift towards higher-value business produced the highest second quarter catering contribution in the property's history. Together, these dynamics reinforce our confidence that our premium group strategy is translating into higher rated business, stronger customer spending and enhanced revenue productivity. In our leisure business, ADR was the primary driver of year-over-year growth as strong group business on the books and room renovation activity at Gaylord Texan and JW Hill Country constrained leisure room availability. Relative to our expectations, nearly all of the upside was driven by performance at the Texan, which benefited from market-wide World Cup-related rate compression. As a byproduct of these trends, several properties delivered record performance during the quarter. Gaylord Palms, Gaylord Rockies and Gaylord National each achieved record second quarter revenue and the Palms also delivered record second quarter adjusted EBITDAre. In addition, the same-store portfolio outperformed its competitive set during the quarter, bringing the trailing 12-month average RevPAR index at the end of June to nearly 130% of fair share, an increase of 6 points year-over-year. Our forward-looking business indicators also continue to trend positively. During the second quarter, we booked more than 768,000 same-store gross group room nights for all future periods, up 6.7% year-over-year. ADR on those bookings reached a new quarterly record of approximately $310, an increase of 8.6% year-over-year and 2.3% above the prior record. Net group rooms -- room nights booked for all future periods also increased year-over-year, reflecting healthy underlying demand net of normalized attrition and cancellation activity. Corporate customers continue to account for more than half of the room nights booked during the quarter, consistent with our group strategy. As of the end of July, same-store group rooms revenue on the books for all future periods was up 8.8% from the same time last year, representing a 120 basis point sequential improvement from the end of March. ADR on the books for all future periods continues to pace in the mid-single-digit range, while room nights on the books are higher than they've ever been at this point in the year, even excluding the addition of the JW Hill Country in 2023. Looking ahead to 2027 and 2028, we remain focused on growing the corporate group base as part of our premium group strategy. And as of the end of July, group rooms revenue on the books for 2027 is 3.2% higher than the same time last year for 2026, while 2028 is down just 50 basis points. For both periods, the year-over-year dollar increase in revenue on the books has improved since the end of March. Importantly, ADR pace in both years, which we view as the most durable component of revenue pace, continues to trend in the mid-single-digit range. We remain confident in our ability to deliver the production required to achieve our 2027 goals, supported by near-record corporate lead volumes, a healthy late-stage pipeline and favorable pattern availability. I'll now turn to the JW Desert Ridge, which delivered another terrific quarter. Group business performed in line with our expectations and was the primary driver of RevPAR and total RevPAR growth compared to last year. Consistent with our strategy to remix demand at the hotel, group mix increased nearly 13 points year-over-year, which drove growth in catering revenue. The higher mix of group business also compressed leisure inventory, supporting stronger-than-expected leisure ADR in every month of the quarter. As a result, the hotel meaningfully outperformed its competitive set during the quarter with its RevPAR index share increasing 18 points year-over-year. These results demonstrate that our JW Marriott portfolio strategy is working. The synergies we've identified during the acquisition process are driving stronger operating performance and competitive share gains at what was already a highly competitive asset. And looking ahead, group rooms revenue pace for these properties is quite strong, reinforcing our confidence in both the strategy and the opportunity ahead. Now turning to entertainment. The second quarter results here were also terrific. Adjusted EBITDAre increased nearly 30% year-over-year to a new quarterly record, driven by strong execution across our recent growth investments. Southern Entertainment's two largest festivals finished ahead of expectations, supported by strong lineups, healthy consumer spending and disciplined execution. Our artist-centered venues, Ole Red and Category 10 also performed well. And in fact, in June, Category 10 Nashville generated the highest revenue month ever of any Ole Red or Category 10 venue in the portfolio. These results reinforce our confidence in the growth opportunities coming online over the next 18 months. Finally, I want to spend a few minutes on our outlook. As we noted in the press release, we raised the midpoints of our guidance ranges for same-store hospitality and the JW Desert Ridge. At the midpoint, the $10 million increase to same-store hospitality adjusted EBITDAre incorporates the $7 million second quarter beat and a $3 million increase to our outlook for the back half of the year, driven entirely by a stronger group base. The $1 million increase to the JW Desert Ridge reflects only the second quarter beat as seasonality for that hotel is heavily weighted to the first half of the year. As you think about our outlook for the second half, I'd highlight a few points. First, while we continue to monitor uncertainty around interest rates, inflation and the broader economic conditions, to date, we've not seen a meaningful impact on demand trends, customer behavior or future booking activity. As a result, our outlook assumes a relatively stable operating environment and is based on the visibility we have today, including what's currently on the books and continued normalized attrition and cancellation trends. Second, we continue to expect roughly flat same-store leisure rooms revenue performance, which primarily reflects limited rooms availability for leisure guests due to the stronger group base. Third, we've maintained a conservative outlook for ICE given our limited visibility into ticket sales and the fact that much of the season's success is determined during the final 2 weeks of the year. That said, Marriott this week -- this year -- that said, Marriott announced this year's themes a few weeks ago and early customer reception to 3 new themes, Home Alone, Harry Potter and The Nightmare Before Christmas has been encouraging. Lastly, I'll make a few comments on seasonality. The midpoint of our same-store RevPAR guidance assumes low to mid-single-digit growth in the third quarter and mid-single-digit growth in the fourth quarter. The sequential acceleration from Q3 to Q4 reflects stronger group occupancy growth in the fourth quarter and greater rooms availability at the Texan following the planned completion of rooms renovations in August. The midpoint of our total revenue guidance assumes low to mid-single-digit growth in each of the remaining quarters with stronger growth in the third quarter. We continue to expect total RevPAR growth to outpace RevPAR growth in the third quarter and RevPAR growth to outpace total RevPAR growth in the fourth quarter. The fourth quarter dynamic primarily reflects lower expectations for attrition and cancellation fees, the natural outcome of a more favorable group environment and a more difficult comparison at Gaylord National due to record catering contribution last year and some modest disruption associated with a planned light touch meeting space renovation. We continue to expect third quarter to deliver the strongest adjusted EBITDAre margin growth of the year. And for the entertainment business, we continue to expect adjusted EBITDAre to be more heavily weighted to the fourth quarter. Stepping back, the message from this quarter is straightforward. Group demand remains resilient and meetings, attendance and customer spending trends continue to generate near-term upside. The investments we've made over the last several years to enhance our assets and our customer value proposition are enabling us to capture that upside and outperform our competitive sets. And our JW Marriott portfolio strategy is delivering on its thesis. Taken together, these trends reinforce our confidence in our outlook for the balance of 2026 and the 2027 financial targets we've set a few years ago and the longer-term earnings growth potential of the portfolio. Now I'll turn it over to Jennifer to discuss our balance sheet and capital allocation. Jennifer Hutcheson: Thanks, Mark. We ended the first quarter with $366 million of unrestricted cash on hand. In addition, we held $32 million of restricted cash available for FF&E and other maintenance projects. Both our corporate and OEG revolving credit facilities were undrawn, resulting in total available liquidity of nearly $1.3 billion. At the end of the quarter, our net leverage ratio based on total consolidated net debt to adjusted EBITDAre was 4.2x. We continue to believe our liquidity position and leverage profile provide meaningful flexibility to fund our capital plans, support our dividend requirements and execute our long-term strategy. Regarding capital expenditures, we now expect to spend approximately $400 million to $500 million in 2026, an increase of about $50 million at the midpoint. This increase reflects improved visibility into the timing of project cash flows as well as the decision to accelerate certain projects previously planned for 2027. These include facade work at JW Hill Country, where we have decided to complete concurrently with the rooms renovation ongoing there to minimize disruption, along with water amenity improvements at Gaylord Texan. The overall scope of our multiyear capital plan remains unchanged, and the projects we have underway remain on time and on budget. Regarding our dividend, it remains our intention to continue to distribute a minimum of 100% of our REIT taxable income through dividends over time. And finally, as it relates to OEG, while our strategic discussions remain ongoing, Atairos' 4-year anniversary IPO request put right is currently unexercisable. With that, operator, let's open it up for questions. Operator: [Operator Instructions] And we'll take our first question from Dan Politzer with JPMorgan. Daniel Politzer: I wanted to touch on one of the big themes this earnings season, which has just been owner fees and relations with some of the brands. Certainly, there's been a lot in the press, and I'm sure you've been listening in on other calls. I guess, where do you think stand in terms of where you are in terms of the relationship with Marriott and some of the other brands? And how do you think about management fees and royalty rates as it relates to your properties on a go forward? Mark Fioravanti: Well, I mean, we can certainly speak to Marriott, really don't have any view on the other brands. Look, I would tell you that overall, our relationship with Marriott is quite good. We have a very positive relationship. I think that on most issues, we're fairly aligned. Obviously, like all owners, we're always focused on fee revenue, cost structure and how we drive the most profitability from our properties in our portfolio. But broadly speaking, what I would tell you is that our relationship is good. And I think that it's -- we're fairly well aligned with Marriott and what the objectives are for our business. Operator: We'll move next to Smedes Rose with Citi. Bennett Rose: I wanted to just ask you a little bit about the potential sale of OEG. Just -- I guess my question is really kind of why now in terms of timing. You've obviously talked about it for a while. You've also been connected in the press with a large potential, I guess, would be the deployment of proceeds. And I'm just wondering, are those things related? Or kind of how are you thinking about what you would do with the money if you were able to dispose of OEG? Colin Reed: Smedes, it's Colin. I'll start, and I'll pass it off to my colleague, Mark. In terms of OEG, the reason we went down -- we proceeded down the path of having conversations with multiple groups. We were very clear, I think, in the earlier press release that we put out, which was that we had received a lot of unsolicited inbound calls because of what is going on in live entertainment and music right across the planet. This is a very, very attractive time to be an investor in product like this. And we chose to sit down and have discussions with groups that have knocked on our door. And then there was this Bloomberg article back in June that referenced that we were doing this. We put out disclosures at the time and told people what we were up to. So that -- we've been going down this path simply because these organizations wanted to sit with us and talk to us about investing in this business and helping us grow this business. And I think we've been really clear all along that our goal here is to stay part of this business because we have very clear views about the long-term potential of this business. And as I said in my prepared remarks, we -- right at this stage, we haven't entered into any agreement with any of the organizations that we're in communication with at this stage. And at any time we have something more concrete to say, we will disclose it and let you all know. And then in terms of -- I'm not going to comment on the recent article linking us to a particular asset. But what I would say is that we -- the conversations that we've been having with OEG are not in any way, shape or form related to the growth of our hotel business. It is -- these 2 businesses, we have 2 wonderful strategies, enough capital to seed these businesses in the way that we think they should be seeded. And so these 2 speculations are completely unrelated and unlinked. Anything else you want to add to that, Mark? Mark Fioravanti: No, I would just say, Smedes, any transaction we did would have to comply with REIT rules, obviously, which would include -- we would have to receive proceeds over a period of years as part of that compliance. And just given the tax basis that we have in the entertainment business, we would likely dividend the proceeds from any transaction if one were to occur. Operator: We'll move next to Aryeh Klein with BMO. Aryeh Klein: Maybe somewhat related to Smedes' question on a potential acquisition. You did highlight the JW portfolio strategy in your remarks. What have you been seeing on that front from a cross-group selling or rotationary standpoint? And just maybe what you see as the benefits of owning multiple JWs? Patrick Chaffin: Aryeh, this is Patrick Chaffin. Thanks for your question. Yes, we continue to be very pleased with the rotational strategy that's developing with the JWs that we own. Life to date, since we put an above property dedicated team into lead generation, we've booked about 129,000 multiyear rotational group room nights. So that's with 2 resources just dedicated to these 2 JWs, and we continue to see additional growth and expansion in that opportunity. So we're seeing more and more rotation between those 2 JWs, and we're seeing more and more overlap into the Gaylords. And so we're very pleased with how that's developing and the results that we're seeing on that 129,000 room nights. Operator: We'll take our next question from Patrick Scholes with Truist Securities. Charles Scholes: With Marriott rolling out the ITR, what percentage of your hotels do you believe would qualify for that? Patrick Chaffin: Patrick, this is Patrick Chaffin. We are still working through the details on that. Our above property team at Marriott is still trying to compile and understand what they think the impact will be. So that's something that is newer to us, and we'll be coming back with more information. But at this time, they're not really 100% comfortable saying what they think that impact would be. Operator: We'll move next to Chris Woronka with Deutsche Bank. Chris Woronka: Very nice quarter. I was hoping maybe you'd spend a minute talking about the different buckets of your group business going forward, associations and corporate and whatever other buckets you might want to throw in there. And the question is really where do you see the biggest pricing opportunity? I mean, I think we know that there's no more -- not a lot of big boxes being built. And you guys have talked in the past about seeing more strength in pricing as you go forward. So just kind of curious as to which segment or which bucket maybe has more opportunity based on where their prices are today or pulling -- extending the booking curve and things like that. Colin Reed: We've been strategically shifting the battleship couple of years now, Patrick, moving more towards high-rated group business, and it's paying off huge dividends. You want to just... Patrick Chaffin: Yes, that's a great question, Chris, and something I'm actually very excited about. I think we're all very excited about. We are trying to mix towards the higher-rated corporate room nights, and you're seeing that in our results. You're seeing that in our production as well. If you look at the rest of this year, we're probably up about 3 points in some of our corporate room nights on the books versus same time last year. Our corporate leads continue to see great growth. But if you look at second quarter, second quarter saw rate growth across all segments, not just corporate so association and SMERF. And what's going on there, and we've talked about this, is we're investing into the assets to enhance the value proposition. We're working to identify the lower-rated groups that maybe we either need to move up on the scale of pricing or say goodbye to them. And then we're targeting new groups to bring into the system, and that is having great results for us. And so if you look at what we booked in the second quarter, there was a tremendous growth on the SMERF room nights that we booked in that quarter, but it was at a much higher rate than we've ever seen in the past. The rate was actually up over 200%. So we're moving everybody up to scale, and I think that's a result of targeted identification of new groups as well as investment into the hotels. One that I would call out, you've seen the results at Palms and Rockies from those investments. There's a lot of investment going on into Opryland right now, and we've hosted a number of events with meeting planners at that hotel just here in the past few weeks. And the excitement level is through the roof as people are seeing what we're doing and saying, we want to get into Opryland, we want to experience all the new things that are happening there. So growth across the board, continue to identify new groups, especially on the corporate side to bring in and remix the hotels and are having great results across the board. Colin Reed: And looking inward, looking at ourselves, the performance looks good. But when you look at our performance relative market by market to the competition, we're growing our share. So this strategy is not being replicated by our competition simply because they don't have the physical assets to be able to attract this higher-rated group business. I think we've seen that. Mark, you referenced that with what has been accomplished with the JWs. Mark Fioravanti: We talked about that in the script in terms of growth of our market share. Colin Reed: Yes. Chris' question is a very important question for us. It's very central to our strategy right now. All right. Operator: We'll move next to David Katz with Jefferies. David Katz: I wanted to just get a sense for your appetite inclination, general feelings or any updates on potential hospitality acquisitions. It's not the question that I'm always asking Mark and Sarah about the Pacific, but just generally speaking, we're hearing some things out in the market and wondered what your appetite and inclination is? Mark Fioravanti: Yes. I would say -- as Colin said, we're not going to comment at all as it relates to any rumors or speculation that's in the market currently. Broadly speaking, David, as you know, we have a very, very focused strategy. And so if you think about that in terms of acquisitions, obviously, then there aren't a lot of targets out there for us. And I think that's one of the greatest strengths of our portfolio is the competitive environment that we operate in. There's no new real product being built, and there's very limited product available. And that's -- frankly, it's one of our greatest strengths. Colin Reed: David, you followed us, and we've known each other for a long, long time. And I think we've been very, very consistent over the years. We've been very clear on what we're not interested in. We don't want to replicate what so many of our competitors do, which is just bomb into a market, go buy 300, 400-room hotel and pay out for it and hope like hell the market performs well. We've been very, very clear over the years that there are a handful of big beautiful hotels in certain markets that we know our customers want to go to. And those are the businesses that we track and keep our eyes on. And candidly, this is why we acquired that hotel in San Antonio that we had looked at 10 years ago. and the one in Phoenix that we had -- and Mark, you and I looked at that hotel, I want to say about 8, 9 years ago. So we've been very clear on what attracts us, and we've been very clear on what does not attract us. So we're going to continue down that path. Operator: We'll take our next question from Rich Hightower with Barclays. Richard Hightower: Just to circle back a little bit on this idea of higher rated group mix and helping to sort of drive forward ADR. Are you able -- I guess, a 2-part question here. Are you able to parse out for us the impact of mix versus sort of underlying price increases kind of across the board? And then secondly, Colin, you did mention that you're stealing share on the group side. And I'm wondering if you could give us a little more detail on sort of which markets, properties or property types at least you might be stealing more share from? Colin Reed: Patrick, do you want to dive into the detail? Patrick Chaffin: Yes. I would -- so let's talk about the stealing share. If you look at second quarter performance versus '25 and '24, we are seeing results really honestly, across the board where we continue to drive an increase in the amount of share. I mean Opryland, I would say, probably stood out in the second quarter as the big winner. Gaylord National continued to drive. But across the board, we saw folks in our properties continue to drive additional share. But those are the two that really stood out in the second quarter. When you go to the pricing and mix, we've been on this mix journey for the past few years. And so we continue to see that moving up. But really, what happened just in our second quarter was just more of the result of the investment into the hotels and the excitement level and our ability to drive pricing as a result. So the mix didn't necessarily change. In fact, the mix of what was booked in the second quarter was actually more towards the SMERF room nights, which historically would say, well, that's lower rated business. But again, as I mentioned, we saw higher growth rates in that rate than we've ever seen across our portfolio. So the mix has been moving in the right direction, but those investments are really coming to bear on our ability to drive that price higher and higher. So it's a bit of a mixture, but I would say in the second quarter, it was more just a result of pricing purely as opposed to a mix shift. Mark Fioravanti: Yes. I think -- just to add to that, I think one of the things that you can attribute to the mix shift is the strength that you've seen in our catering spend as we pick up these premium. And to Patrick's point, our strategy is really across all segments. And so as you move up in each segment, you get higher spend outside the room, whether it's a SMERF group association or corporate. But corporates generally spend more outside than room than the other segments. And so you're seeing that help drive our catering. Patrick Chaffin: And I think that's a message you want to hear from us. It's definitely what we want to see because we don't want to become too overly indexed towards corporate so that if there is a macroeconomic downturn, we've walked away from some of that association business. So for us, it's about marginal changes between those various segments, but maintaining the course and maintaining that strong association base level of business, but moving it up to scale on pricing. So we don't want to over-index on the mix. It needs to be a story of both pricing and mix moving forward. Operator: We'll move next to Duane Pfennigwerth with Evercore ISI. Peter Laskey: This is Peter on for Duane. Just one about CapEx from us. The increase of $50 million this year, it seems like that's more of an acceleration maybe shifting out of 2027. Is that correct? And if so, does that free up some more space next year to undertake additional projects that you hadn't yet contemplated? Jennifer Hutcheson: Yes. Duane (sic) [ Peter ] that is completely a shift an acceleration as we think about what types of projects we're undertaking and what's the most efficient way to accomplish those that -- the totality of projects over time. So you see us consistently make those decisions. We candidly haven't really given any guidance around capital for 2027 yet, but our philosophy in determining what's right for the business and how we sequence that relative to the book -- to the business that's on the books will be taken into consideration when we think about what we undertake capital-wise in 2027. Operator: We'll take our next question from Jay Kornreich with Cantor Fitzgerald. Jay Kornreich: As we think about T+1 bookings, it seems like the ADR on the books is tracking ahead of RevPAR on the books at this point. So I just wanted to unpack that a bit more, just get a little more clarity as to what level of ADR upside you're seeing for next year? And then should we expect that the typical 50 points of occupancy that you start the year with is likely to be how 2027 is shaping up? Or any reason that occupancy would be higher or lower to start the year than normal? Mark Fioravanti: I mean in terms of what's on the books right now for 2027, we're mid-single digits up on rate and rate is driving the revenue increase that we talked about at 3.2%. And we are -- I would tell you that, yes, we're positioned for -- to be around that 50 points of occupancy. We're right where we need to be at this point. And as we look ahead, we've got -- for '27, we have near record corporate lead volume right now for next year. We've got very favorable pattern availability for next year. And that we have, frankly, a better value proposition next year when you think about the rooms renovations that are coming on at Texan and Hill Country, the meeting space at Opryland. And then as I mentioned in my remarks, we have a light touch refresh in the fourth quarter at the National on some meeting space that will also help them next year. And just to single out Opryland in particular, with that new meeting space. We're seeing corporate mix on the books for next year, up 14% and year-over-year in '27. And then going into '28, it's high single digits over '27. So we're seeing really nice traction and response from the corporate meeting planner to the investments that we've made in Opryland. Operator: We'll move next to Jack Armstrong with Wells Fargo. Jackson Armstrong: Can you take us through some of the building blocks on the expense side of your business across labor, utilities or anything else that you want to highlight in terms of positive or negative surprise in the second quarter and then the trajectory of those items into the back half of the year? Patrick Chaffin: Sure. Jack, this is Patrick Chaffin again. We target a flow-through of about 40%, and we achieved 46% flow-through year-over-year in the second quarter. I would tell you a lot of that's because of effective labor management. Our average wage rate increased about 3.8% year-over-year, but we held our wage margin essentially flat. So we continue to improve on the productivity front. The other thing I would really call out is we continue to make gains on procurement. Marriott has talked about that a lot, and we are seeing some gains in their efforts. We've also taken on some of that on our own here at RHP, both on our design and construction side as well as just our vendor relationships, where we're getting -- as our portfolio has expanded, our buying power and scale has improved, and we're able to negotiate on our own very favorable procurement opportunities or contracts. And so we've become much more active in that. And so second quarter benefited both from really effective margin management on the labor side as well as some of these procurement gains that we've been making both from Marriott and from our efforts and all that coming together. Utilities, we're now up and running with our solar array at Gaylord National, has the ability to provide about 25% of the electricity needs for the property. So we are confident that even though utilities continues to be a challenging area, we're moving in the right direction and making the investments that will allow us to move that downward over time. Jennifer Hutcheson: And Jack, from a guidance standpoint, the assumption at the midpoint is on operating expenses for the same-store hospitality portfolio is about 3%. So I think that's as good as you're going to hear from just about anybody from a lot of the points that Patrick just mentioned. Patrick Chaffin: Yes. And to Jen's point, I've heard some folks talk about the front-loading of CBA contracts. Our CBA contract is only one hotel and that's at Gaylord National. And we think that '26 is in a great position as evidenced by the first half of the year, and we expect that to continue into 2027. So there's not a lot from an expense perspective that's really keeping us awake at night. Operator: We'll move next to John DeCree with CBRE. John DeCree: I wanted to take a look at kind of implied back half guidance. I think some of the increase in the same-store hospitality portfolio is kind of the group business on the books that you see. Based on what you saw in 2Q, the higher ADRs than expected, maybe the higher premium customers, is there a potential or does your guidance include any of that higher spending level to carry through to the back half of the year? Or do you kind of expect what you saw in 2Q to kind of normalize when you look at guidance? Jennifer Hutcheson: Yes. Mark's prepared remarks had a lot of commentary in terms of how we expect the rest of the year to play out. We did have a very good second quarter, and we're very proud of that. You do see some dynamics playing out between third quarter and fourth quarter between RevPAR and total RevPAR. We've seen great outperformance outside the room in banquet thus far. That's -- we'll see how that plays out, but we have a strong book of group business in the back half of the year. And I think that's what's shaping ultimately how we're seeing the second half play out is that strong book of group business at the midpoint, allowing us to raise our outlook for both RevPAR, total RevPAR and adjusted EBITDAre. Mark Fioravanti: Yes. I mean one of the -- John, one of the differences kind of back half versus front half as well is that the RevPAR growth in the back half is going to be occupancy driven versus the first half, which was more rate driven. So that's a dynamic, too, that you'll see in the business. And it will -- we still have really nice margin growth in the back half, but that does influence flow-through, some. Patrick Chaffin: Yes. And if we have an opportunity to maybe outperform, I would say we're really encouraged by what we mentioned earlier on the ICE results with the 3 new themes. That would give us the opportunity to maybe have a little bit of upside outperformance, but we'll be watching that closely. And as everyone knows, transient really comes down to how we perform from Thanksgiving through the end of December. So we'll watch that closely. Mark Fioravanti: Yes. And look, just to give you, I guess, a little bit of confidence in the back half, our reach to the rest of the year is less than where we were positioned last year. So we're in real good shape there. We continue to see strength in terms of ADR and banquet contribution. And then as we mentioned in the script, the new ICE themes, we're very, very excited about those to refresh the product. And it's early, obviously, very early in the selling season, but the initial feedback from consumers has been terrific. Operator: We'll take our next question from Michael Herring with Green Street. Michael Herring: Maybe just going back to the discussion on the JWs. Can you discuss any unforeseen challenges thus far at either the property or market level that you've seen that you could -- maybe that you think could be avoided with any future opportunities? Colin Reed: I think it's been as expected and with a few positive surprises. Patrick Chaffin: Yes. I mean the integration efforts have gone very, very well. The beauty of Desert Ridge was it was turnkey. There wasn't a whole lot of capital required. With Hill Country, there's more of a longer-term master plan that's in place, and we're working through that with the rooms renovation. But I would say the integration has gone very, very well. And we're learning the JWs more and more every single day. But to your point, Colin, I think we're very pleased with how it's gone. Mark Fioravanti: Yes. The only -- on the Hill Country, the other part of that thesis was that, that airport is being expanded in San Antonio, and that expansion will be done in 2028. I think they're adding 14 gates. And so part of the thought process with the San Antonio acquisition was getting a group hotel established in that market as it's bringing on more airlift to deliver larger and more groups. Operator: We will take a follow-up from Rich Hightower with Barclays. Richard Hightower: I wanted to maybe ask the share question a little bit differently. I don't know if I was perfectly clear last time. But when we talk about stealing share or gaining share, is that based on a defined comp set for each hotel in terms of RevPAR index, strictly speaking? Or are we talking sort of larger categorical share gains against maybe large group markets where Ryman doesn't have an asset currently. Help me understand the dynamic there when we talk about that. Patrick Chaffin: Rich, that's a great question. Yes. So that is the defined comp set because, as you know, our hotels are pretty unique. And so a comp set is more appropriate because you have to find hotels that are of similar size and scale and breadth and function. And so that is based on their comp sets for each market, and that market may include -- or that comp set may include hotels that are actually outside of a close drive-in area of that hotel. So that is the defined comp set and our performance against it, and we continue to drive improvements as we steal share. Mark Fioravanti: Yes. I think the caveat that Patrick made is an important one. We just -- we don't comp Opryland against Nashville hotels. We comp Opryland against hotels all over the country because of the unique nature of it. And it's the same with our other hotels. They're regional or national comp sets. Operator: It does appear that there are no further questions at this time. I'll now hand back to Colin Reed for any additional or closing remarks. Colin Reed: Only comment was -- only comment would be thank you, everyone, for being on this call, and our business is in really good shape, and we look forward to sharing you more -- sharing with you more information over the weeks and months ahead. So thank you. Operator: Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect. Before you buy stock in Ryman Hospitality Properties, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Ryman Hospitality Properties wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool recommends Ryman Hospitality Properties. The Motley Fool has a disclosure policy. RHP Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Ryman Hospitality Properties, Inc.? Here are five stocks we like better. Second-quarter performance exceeded expectations: Same-store and total RevPAR growth beat forecasts by about 2.5 percentage points, while adjusted EBITDAre surpassed expectations by approximately $7 million. Higher group rates, stronger catering spending and premium group demand drove the outperformance. Future demand remains strong: The company booked more than 768,000 future same-store group room nights, up 6.7% year over year, at a record average daily rate of roughly $310. Group rooms revenue on the books for all future periods was up 8.8% as of late July. Ryman raised guidance and accelerated investment: Management increased its 2026 adjusted EBITDAre guidance midpoints for same-store hospitality and JW Desert Ridge, while raising the 2026 capital expenditure midpoint by about $50 million to accelerate renovation and property-improvement projects. The company ended the quarter with nearly $1.3 billion in available liquidity and 4.2x net leverage. 3 Hotel REITs Poised to Benefit from the World Cup Ryman Hospitality Properties (NYSE:RHP) said its same-store hospitality business outperformed its internal expectations in the second quarter, supported by higher group rates, stronger catering spending and continued demand for premium meetings business. Executive Chairman Colin Reed said the results reflected the resilience of the company’s business model despite a “dynamic” broader economic environment. He said customers continued to prioritize the types of group and leisure experiences offered across the company’s portfolio, while investments in its properties were strengthening their competitive positions. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling 7 best hotel REITs to buy now “The demand for high-quality group meetings experiences remains healthy,” Reed said, adding that the company’s strategy of attracting higher-value customers was gaining traction. President and Chief Executive Officer Mark Fioravanti said same-store RevPAR and total RevPAR growth each exceeded company expectations by about 2.5 percentage points. Adjusted EBITDAre surpassed expectations by approximately $7 million, primarily because of stronger top-line performance and operating discipline. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Group and leisure business each contributed about equally to the RevPAR upside, while group catering also supported total RevPAR growth. Group average daily rate rose 7.5% year over year, roughly three percentage points ahead of expectations, as the company booked a stronger mix of higher-rated group customers. Catering contribution per group room night increased nearly 13% from a year earlier, about 6.5 percentage points above expectations. Fioravanti attributed that result largely to corporate-group spending at Gaylord Palms and association-group spending at JW Hill Country. → No Hangover: Revisiting Microsoft One Week After Earnings At Gaylord Palms, higher-rated corporate group room nights rose 31%, contributing to a 63% increase in catering contribution per group room night. The property recorded its highest second-quarter catering contribution on record, according to Fioravanti. Several properties also posted records during the quarter. Gaylord Palms, Gaylord Rockies and Gaylord National each delivered record second-quarter revenue, while Gaylord Palms also generated record second-quarter adjusted EBITDAre. The same-store portfolio’s trailing 12-month RevPAR index reached nearly 130% of fair share at the end of June, up six points year over year. During the quarter, the company booked more than 768,000 same-store gross group room nights for future periods, a 6.7% year-over-year increase. ADR on those bookings reached a quarterly record of approximately $310, up 8.6% from a year earlier and 2.3% above the prior record. As of the end of July, same-store group rooms revenue on the books for all future periods was up 8.8% year over year, improving 120 basis points from the end of March. ADR for future bookings was pacing in the mid-single-digit range, while room nights on the books were at their highest level for this point in the year, even excluding the addition of JW Hill Country in 2023. For 2027, group rooms revenue on the books was 3.2% higher than comparable 2026 levels, while 2028 was down 50 basis points. Management said ADR pacing remained in the mid-single digits for both years and cited near-record corporate lead volume, a healthy late-stage pipeline and favorable booking-pattern availability. Chief Operating Officer Patrick Chaffin said the company has booked about 129,000 multiyear rotational group room nights since establishing a dedicated above-property lead-generation team for its two JW Marriott hotels. The company is seeing increased rotation between the JW properties as well as overlap with the Gaylord portfolio, he said. JW Desert Ridge also delivered what management described as a strong quarter. Group mix increased nearly 13 points year over year, helping drive catering revenue growth and compress leisure inventory. The property’s RevPAR index share rose 18 points from a year earlier. Ryman raised the midpoints of its 2026 guidance ranges for same-store hospitality and JW Desert Ridge. The $10 million midpoint increase in same-store hospitality adjusted EBITDAre includes the approximately $7 million second-quarter outperformance and a $3 million improvement to the outlook for the second half, entirely from a stronger group base. The $1 million increase for JW Desert Ridge reflects the second-quarter beat, as the property’s seasonality is weighted toward the first half of the year. Management said it has not seen a meaningful impact from interest-rate uncertainty, inflation or broader economic conditions on demand, customer behavior or future booking activity. The outlook assumes a relatively stable operating environment and normalized attrition and cancellation trends. For the second half, the company expects roughly flat same-store leisure rooms revenue because a stronger group base limits leisure-room availability. Same-store RevPAR guidance assumes low- to mid-single-digit growth in the third quarter and mid-single-digit growth in the fourth quarter. Chief Financial Officer Jennifer Hutcheson said the company expects 2026 capital expenditures of approximately $400 million to $500 million, an increase of about $50 million at the midpoint. The increase reflects accelerated projects previously planned for 2027, including façade work at JW Hill Country that will be completed alongside its room renovation and water-amenity improvements at Gaylord Texan. Hutcheson said the overall scope of the multiyear capital plan remains unchanged and projects are on time and on budget. The company reported $366 million of unrestricted cash, $32 million of restricted cash for maintenance projects, undrawn corporate and OEG revolving credit facilities, and nearly $1.3 billion of total available liquidity. Net leverage was 4.2 times adjusted EBITDAre. The entertainment business posted a nearly 30% year-over-year increase in adjusted EBITDAre to a quarterly record. Fioravanti said Southern Entertainment’s two largest festivals exceeded expectations, while Ole Red and Category 10 venues also performed well. Category 10 Nashville recorded the highest monthly revenue ever generated by an Ole Red or Category 10 venue in June. Reed said the board, advised by Morgan Stanley, continues to evaluate potential new investors or partners for Opry Entertainment Group. The company is in discussions with select potential investors but has not reached an agreement, and Reed said there is no assurance that a definitive agreement will be completed. Management said any potential OEG transaction is separate from the company’s hotel growth strategy. Fioravanti added that a transaction would need to comply with REIT rules and, given the entertainment business’s tax basis, proceeds would likely be distributed through dividends over time if a deal occurred. Ryman Hospitality Properties, Inc is a publicly traded real estate investment trust (REIT) specializing in the ownership and operation of group‐oriented, large convention center hotel resorts. The company's portfolio is anchored by its Gaylord Hotels brand, offering integrated resort, convention, entertainment and dining experiences under long‐term management agreements with Marriott International. Ryman's flagship properties include Gaylord Opryland Resort & Convention Center in Nashville, Gaylord Texan Resort & Convention Center near Dallas/Fort Worth and Gaylord Palms Resort & Convention Center in Orlando, Florida. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Ryman Hospitality Properties Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Same-Store RevPAR and Total RevPAR Growth: Exceeded expectations by approximately 2.5 points each. Adjusted EBITDAre (Same-Store Hospitality): Outperformed expectations by approximately $7 million. Group ADR Growth: Increased 7.5% year-over-year, approximately 3 percentage points better than expectations. Catering Contribution per Group Room Night: Increased nearly 13% year-over-year, approximately 6.5 percentage points better than expectations. Gross Group Room Nights Booked (Q2): More than 768,000 same-store gross group room nights for all future periods, up 6.7% year-over-year. ADR on Bookings: Reached a new quarterly record of approximately $310, an increase of 8.6% year-over-year. Same-Store Group Rooms Revenue on the Books: Up 8.8% from the same time last year as of the end of July. Entertainment Adjusted EBITDAre: Increased nearly 30% year-over-year to a new quarterly record. Net Leverage Ratio: 4.2 times based on total consolidated net debt to adjusted EBITDAre. Capital Expenditures (2026 Outlook): Expected to be approximately $400 million to $500 million, an increase of about $50 million at the midpoint. Warning! GuruFocus has detected 11 Warning Signs with RHP. Is RHP fairly valued? Test your thesis with our free DCF calculator. Release Date: August 07, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Ryman Hospitality Properties Inc (NYSE:RHP) delivered a standout second quarter with same-store hospitality results exceeding expectations, including a $7 million adjusted EBITDAre beat driven by strong group and leisure performance. The premium group strategy is gaining traction, evidenced by a 7.5% year-over-year increase in group ADR and a nearly 13% rise in catering contribution per group room night, with record second-quarter revenue at Gaylord Palms, Rockies, and National. Forward-looking group bookings remain robust, with over 768,000 gross group room nights booked in Q2 (up 6.7% year-over-year) at a record ADR of approximately $310, and group rooms revenue on the books for all future periods up 8.8%. The JW Marriott portfolio strategy is delivering strong results, with Desert Ridge achieving an 18-point year-over-year increase in RevPAR index share and the rotational strategy booking 129,000 multiyear group room nights. Entertainment segment posted a record quarter with adjusted EBITDAre up nearly 30% year-over-year, driven by strong festival performance and record revenue at Category 10 Nashville, while the company remains on track for 2027 financial targets. The company raised its full-year guidance for same-store hospitality and JW Desert Ridge, reflecting confidence in the back-half outlook, and maintains a strong balance sheet with $1.3 billion in total liquidity and net leverage of 4.2 times. The company faces ongoing macroeconomic uncertainties, including interest rates and inflation, which could impact demand trends and customer behavior, though no meaningful impact has been observed to date. Leisure rooms revenue is expected to remain roughly flat in the second half due to limited availability from a stronger group base, constraining potential leisure upside. The outlook for ICE (Christmas at Gaylord Opryland) is conservative due to limited visibility into ticket sales, with much of the season's success dependent on the final two weeks of the year. Fourth-quarter total RevPAR growth is expected to lag RevPAR growth due to lower attrition and cancellation fees, a natural outcome of a more favorable group environment, and a difficult comparison at Gaylord National. Capital expenditures for 2026 increased by approximately $50 million at the midpoint due to accelerated projects, which could impact near-term free cash flow, though the overall multiyear plan remains unchanged. The potential sale or partnership in OEG remains uncertain, with no definitive agreement reached, and any transaction would require compliance with REIT rules, potentially limiting flexibility. Q: Can you discuss the potential sale of OEG, the timing, and how you would use the proceeds?A: Colin Reed (Executive Chairman) explained that the company received unsolicited inbound interest due to the vibrant live entertainment and music sector. The Board, advised by Morgan Stanley, is evaluating potential investors to provide OEG with greater independence while creating shareholder value. No agreements have been reached, and the company aims to remain a stakeholder. Mark Fioravanti (CEO) added that any transaction would comply with REIT rules, requiring proceeds to be received over several years, and given the tax basis, the company would likely dividend the proceeds. Q: Where do things stand with your relationship with Marriott and how do you think about management fees and royalty rates?A: Mark Fioravanti (CEO) stated that the relationship with Marriott is quite good and well-aligned on most issues. While the company is always focused on fee revenue and cost structure to drive profitability, there are no major concerns. The response indicates a stable and positive partnership. Q: Can you provide more detail on the different buckets of group business and where you see the biggest pricing opportunity?A: Patrick Chaffin (COO) highlighted the strategy of shifting towards higher-rated corporate room nights, which is reflected in results and production. In Q2, rate growth was broad-based across all segments, including SMERF, which saw a rate increase of over 200% on booked nights. The company is investing in assets to enhance value, targeting new groups, and moving lower-rated groups up the pricing scale. Colin Reed added that the company is growing market share because competitors lack the physical assets to attract this higher-rated business. Q: What have you seen on the cross-group selling or rotational standpoint with the JW portfolio, and what are the benefits of owning multiple JWs?A: Patrick Chaffin (COO) reported that since establishing a dedicated above-property team, they have booked about 129,000 multiyear rotational group room nights across the two JW properties. They are seeing increased rotation between the JWs and overlap into the Gaylord properties, indicating the strategy is developing well and creating synergies. Q: Can you parse out the impact of mix versus underlying price increases on ADR, and which markets are you stealing share from?A: Patrick Chaffin (COO) explained that while the mix has been moving in the right direction, Q2 outperformance was more a result of pricing power driven by investments in the hotels. Gaylord Opryland and Gaylord National stood out in gaining share. Mark Fioravanti added that the mix shift is also driving higher catering spend, as premium groups spend more outside the room. The company aims for a balanced story of both pricing and mix moving forward. Q: Can you discuss the building blocks on the expense side, including labor, utilities, and any positive or negative surprises?A: Patrick Chaffin (COO) noted a 46% flow-through in Q2, driven by effective labor management (wage rate up 3.8% but wage margin flat) and procurement gains from both Marriott and internal efforts. The new solar array at Gaylord National provides 25% of electricity needs, helping mitigate utility costs. Jennifer Hutcheson (CFO) added that the guidance assumes only 3% operating expense growth for the same-store portfolio, reflecting strong cost discipline. Q: Does your back-half guidance include the higher spending levels seen in Q2, or do you expect normalization?A: Jennifer Hutcheson (CFO) stated that the strong group book for the back half shapes the outlook, allowing for raised guidance. Mark Fioravanti (CEO) noted that back-half RevPAR growth will be more occupancy-driven versus rate-driven in the first half, which influences flow-through. Patrick Chaffin added that early reception to the new ICE themes (Home Alone, Harry Potter, Nightmare Before Christmas) could provide upside, but the season's success is determined in the final two weeks of the year. Q: Can you discuss any unforeseen challenges with the JW properties and what could be avoided with future opportunities?A: Patrick Chaffin (COO) stated that integration has gone very well, with Desert Ridge being turnkey and Hill Country having a longer-term master plan. Mark Fioravanti (CEO) highlighted the San Antonio airport expansion (adding 14 gates by 2028) as part of the thesis for the Hill Country acquisition, positioning the hotel to deliver larger groups as airlift increases. Q: When you talk about gaining share, is it based on a defined comp set or larger categorical gains?A: Patrick Chaffin (COO) clarified that it is based on defined comp sets, which are appropriate given the unique size and scale of the hotels. These comp sets may include hotels outside the immediate market, making them regional or national comparisons. Mark Fioravanti added that they don't comp Opryland against Nashville hotels but against similar large-scale hotels nationwide. Q: What is your appetite for potential hospitality acquisitions?A: Mark Fioravanti (CEO) reiterated the company's focused strategy, noting there are few targets that fit. Colin Reed emphasized consistency, stating they are not interested in replicating competitors' approach of buying 300-400 room hotels. The company tracks a handful of large, unique hotels in specific markets, as demonstrated by the acquisitions of the San Antonio and Phoenix properties, which were tracked for years before acquisition. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributes the quarter's outperformance to a 'premium group strategy' that prioritizes higher-rated corporate and association business across all segments. The company is seeing a 'revolution' in country music demand, evidenced by sold-out international stadium tours, which management believes will drive long-term visitation to Nashville and OEG venues. Operational success at Gaylord Opryland, which is projected to exceed $200 million in adjusted EBITDAre, serves as the blueprint for the rotational strategy being applied to newly acquired JW Marriott assets. The RevPAR beat was driven by equal parts group and leisure outperformance, supported by a 13% year-over-year increase in catering contribution per group room night. Management emphasizes that their scale and unique physical assets create a competitive moat, as competitors lack the infrastructure to replicate Ryman's high-rated group rotational model. Strategic capital allocation is focused on high-ROI expansions and renovations, such as the Opryland meeting space, to enhance long-term earnings power and asset differentiation. Management reaffirmed confidence in achieving 2027 financial targets, supported by near-record corporate lead volumes and a healthy late-stage booking pipeline. The 2026 guidance raise incorporates the Q2 beat and a $3 million increase for the second half, driven by a stronger group base and visibility into bookings. Revenue growth in the second half of 2026 is expected to shift from being rate-driven to occupancy-driven, particularly in the fourth quarter. The outlook assumes a stable operating environment, noting that macroeconomic uncertainty has not yet impacted customer behavior or future booking activity. Capital expenditure guidance was increased by $50 million to accelerate projects originally planned for 2027, aiming to minimize future disruption during peak demand periods. The Board continues to evaluate potential new investors or partners for Opry Entertainment Group (OEG) to provide the business greater independence and unlock shareholder value. Management clarified that any potential OEG transaction proceeds would likely be distributed as dividends due to tax basis considerations and REIT compliance rules. The company flagged a 'conservative outlook' for the ICE holiday attraction, noting that success is heavily dependent on ticket sales during the final two weeks of the year. Net leverage remains at 4.2x, which management believes provides sufficient flexibility to fund the multi-year capital plan and dividend requirements. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management stated the process was initiated due to unsolicited inbound interest driven by the global growth of live entertainment and country music. They emphasized that any OEG transaction is unrelated to funding hotel acquisitions, as both business segments have sufficient capital to execute their respective strategies. Management is aggressively 'remixing' the portfolio by identifying lower-rated groups to either re-price higher or replace with premium corporate business. Significant pricing gains were noted in the SMERF segment, where rates on new bookings increased over 200% due to asset investments and targeted sales efforts. The company has booked 129,000 multi-year rotational room nights for the JW assets since acquisition, validating the thesis of cross-selling between JW and Gaylord brands. The expansion of the San Antonio airport is viewed as a key long-term driver for the JW Hill Country asset, enabling it to host larger national groups. Despite a 3.8% increase in average wage rates, the company held wage margins flat through improved productivity and effective labor management. Management highlighted procurement gains and new solar investments at Gaylord National as key drivers for offsetting utility and supply chain inflationary pressures.

NASHVILLE, Tenn., Aug. 06, 2026 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP), a leading lodging real estate investment trust (“REIT”) specializing in group-oriented, upscale convention center resorts and entertainment experiences, today reported financial results for the three and six months ended June 30, 2026. Second Quarter 2026 Highlights and Recent Developments: The Company reported all-time quarterly record consolidated revenue of $749.0 million, driven by record second quarter same-store Hospitality(1) segment revenue of $544.3 million and all-time quarterly record Entertainment segment revenue of $144.0 million. The Company generated consolidated net income of $102.1 million and consolidated Adjusted EBITDAre of $258.3 million. During the quarter, the Company booked over 768,000 same-store Hospitality Gross Definite Room Nights for all future periods. The estimated average daily rate (ADR) for these bookings was approximately $310, an increase of 8.6% compared to the prior year quarter estimated ADR for future bookings and an all-time quarterly record. The Company is raising its full year outlook due to strong second quarter performance for the Hospitality portfolio and a modest increase in its expectations for the same-store Hospitality business for the second half of 2026. Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “We delivered record quarterly consolidated revenue and Adjusted EBITDAre, reflecting the continued success of our premium group customer strategy and strong execution in our Entertainment business. In our same-store Hospitality business, higher ADR across all customer segments and strong ancillary spending trends drove results above our expectations, while healthy booking pace and record estimated ADR for future bookings reinforce our confidence in the durability of demand for our differentiated group-focused hotel assets. Our revised outlook incorporates the second quarter outperformance and a modest increase in our expectations for the second half of 2026.” ___________________(1) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025. Second Quarter 2026 Results (as compared to Second Quarter 2025): ___________________(1) Diluted weighted average common shares for the three and six months ended June 30, 2026 and 2025 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2026 and 2025 include 4.9 million and 4.2 million, respectively, and for the six months ended June 30, 2026 and 2025 include 4.5 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option. Note: For the Company’s definitions of Adjusted EBITDAre, Adjusted EBITDAre margin, Adjusted EBITDAre, excluding noncontrolling interest, Adjusted EBITDAre, excluding noncontrolling interest margin, FFO available to common stockholders and unit holders, and Adjusted FFO available to common stockholders and unit holders, as well as a reconciliation of the non-GAAP financial measure Adjusted EBITDAre to Net Income and a reconciliation of the non-GAAP financial measures FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders to Net Income, see “Non-GAAP Financial Measures,” “EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition,” “Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition” “FFO, Adjusted FFO, and Adjusted FFO Available to Common Stockholders and Unit Holders Definition” and “Supplemental Financial Results” below. Hospitality Segment ___________________(1) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.(2) “ITYFTY” represents In The Year For The Year. Note: For the Company’s definitions of Revenue Per Available Room (RevPAR) and Total Revenue Per Available Room (Total RevPAR), see “Calculation of RevPAR and Total RevPAR” below. Property-level results and operating metrics for the applicable period are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDAre to Hospitality Operating Income, and property-level Adjusted EBITDAre to property-level Operating Income for each of the hotel properties. Hospitality Segment Highlights The same-store Hospitality portfolio generated all-time quarterly record RevPAR of approximately $202 in the second quarter, an increase of 5.2% from the prior year quarter, and record second quarter Total RevPAR of approximately $524, an increase of 6.5% from the prior year quarter. The same-store Hospitality portfolio generated second quarter operating income of $141.7 million and Adjusted EBITDAre of $202.3 million. Second quarter same-store banquet and AV revenue contribution per group room night, a proxy for catering spend per group guest, increased 12.9% year over year, driven by our premium group customer strategy. Second quarter same-store attrition and cancellation fee revenue was approximately $9.0 million, a decrease of $0.4 million compared to the prior year quarter. JW Marriott Desert Ridge performance benefited from continued strong demand and the ongoing realization of portfolio-driven synergies. Subsequent to quarter-end, Marriott launched the marketing of 2026 ice! holiday programming to be featured across the Gaylord Hotels portfolio, JW Marriott Hill Country and JW Marriott Desert Ridge, including three new themes. Early customer engagement has been encouraging. Gaylord Opryland Gaylord Palms Gaylord Texan Gaylord National Gaylord Rockies JW Marriott Hill Country JW Marriott Desert Ridge(1) ___________________(1) JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore results are not comparable to the prior year period. Entertainment Segment Fioravanti continued, “Our Entertainment business delivered record quarterly Adjusted EBITDAre driven by a successful festivals season and continued strong demand for our artist-centered venues. The continued strength in demand for these experiences underscores the opportunities ahead within our multi-year development pipeline.” Corporate and Other Segment Capital Expenditures In 2026, the Company expects to spend approximately $400 to $500 million on capital expenditures, an increase from the previous estimate of $350 to $450 million. The increase reflects the timing of cash flows and the acceleration of a portion of projected spending previously expected in 2027, now expected to occur in 2026, and does not reflect a change in overall project scope. Capital expenditures for the first half of 2026 were approximately $241 million. In the second quarter, the Company completed the Foundry Fieldhouse sports bar, pavilion, and event lawn development at Gaylord Opryland and the meeting space conversion project at JW Marriott Desert Ridge. Additional capital expenditure activity in 2026 includes: Continuation of the meeting space expansion at Gaylord Opryland, which is expected to be completed by mid-year 2027; Renovation of the rooms at Gaylord Texan, which began in July 2025 and is expected to be completed in August 2026; Renovation of the rooms at JW Marriott Hill Country, which began in April 2026 and is expected to be completed in March 2027; The development of Category 10 Las Vegas, which is expected to be completed in October 2026; The development of Category 10 in Orlando, which is expected to begin in fall 2026 and is expected to be completed in early 2028; and The development of Ole Red Indianapolis, which is expected to be completed by our development partner Pacer Sports & Entertainment in early 2028. 2026 Guidance The Company is updating its 2026 business performance outlook based on current information as of August 6, 2026. The Company does not expect to update the guidance provided below before next quarter’s earnings release. However, the Company may update or withdraw its full business outlook or any portion thereof at any time for any reason. Fioravanti concluded, “We are pleased to raise the midpoints of our 2026 guidance ranges to reflect the stronger second quarter results in our Hospitality portfolio, including JW Marriott Desert Ridge. Our outlook also incorporates a more constructive view on second-half group business trends, supported by the business we have on the books.” ___________________(1) Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.(2) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.(3) Includes shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option. Note: For reconciliations of Consolidated Adjusted EBITDAre guidance to Net Income, segment-level Adjusted EBITDAre to segment-level Operating Income, and FFO and Adjusted FFO available to common stockholders and unit holders to Net Income available to common stockholders, see “Reconciliation of Forward-Looking Statements.” Dividend Update On July 15, 2026, the Company paid the previously announced quarterly cash dividend of $1.20 per common share, which was paid to stockholders of record as of June 30, 2026. The Company’s dividend policy provides that it will distribute minimum dividends of 100% of REIT taxable income annually. Future dividends are subject to the Board’s future determinations as to amount and timing. Balance Sheet/Liquidity Update As of June 30, 2026, the Company had unrestricted cash of $366.1 million and total debt outstanding of $3,969.5 million, net of unamortized deferred financing costs. As of June 30, 2026, there were no amounts drawn under the Company’s revolving credit facility or OEG’s revolving credit facility, which left $930.0 million of aggregate borrowing availability under the Company’s revolving credit facility and OEG’s revolving credit facility. Opry Entertainment Group Update The Company continues to evaluate a path to greater independence for Opry Entertainment Group (“OEG”), and discussions continue with select potential investors related to an investment in or partnership with OEG. The Company has not entered into any agreements with respect to a potential investment by a third party in OEG, and there can be no assurance that any definitive agreement will ultimately be reached. As a result of this ongoing process, Atairos’ liquidity request rights, including its put right, are currently unexercisable under the Company’s agreement with Atairos. Earnings Call Information Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, August 7, at 10:00 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/News & Events/Events & Presentation) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days. About Ryman Hospitality Properties, Inc. Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in group-oriented, upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns JW Marriott Phoenix Desert Ridge Resort & Spa and JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to the Company’s Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 12,364 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium; WSM 650 AM; Ole Red; Category 10; Nashville-area attractions; and Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, located in downtown Austin, Texas. OEG manages select outdoor live music venues, including Ascend Federal Credit Union Amphitheater in Nashville and CCNB Amphitheatre in Simpsonville, South Carolina. OEG also owns a majority interest in Southern Entertainment, a leading festival and events business. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company’s financial results. Cautionary Note Regarding Forward-Looking Statements This press release contains statements as to the Company’s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of the Company’s business, anticipated business levels and anticipated financial results for the Company during future periods, the Company’s expected cash dividend, and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with economic conditions affecting the hospitality business generally, the geographic concentration of the Company’s hotel properties, business levels at the Company’s hotels, geopolitical uncertainty and the effects of inflation and changes in international, national, regional and local economic and market conditions (such as the imposition of trade barriers or other changes in trade policy) on the Company’s business, including the effects on costs of labor and supplies and effects on group customers at the Company’s hotels and customers in OEG’s businesses, the Company’s ability to remain qualified as a REIT, the Company’s ability to execute our strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, the Company’s ability to borrow funds pursuant to its credit agreements and to refinance indebtedness and/or to successfully amend the agreements governing its indebtedness in the future, changes in interest rates, the Company’s integration of the JW Marriott Desert Ridge, the Company’s ability to identify and capitalize on additional value creation opportunities at the JW Marriott Desert Ridge and the occurrence of any event, change or other circumstance that could limit the Company’s ability to capitalize on any additional value creation opportunities it identifies at the JW Marriott Desert Ridge. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequent filings. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events. Additional Information This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent Annual Report on Form 10-K. Copies of our reports are available on our website at no expense at www.rymanhp.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov. Calculation of RevPAR and Total RevPAR We calculate revenue per available room (“RevPAR”) for our hotels by dividing room revenue by room nights available to guests for the period. We calculate total revenue per available room (“Total RevPAR”) for our hotels by dividing the sum of room revenue, food & beverage, and other ancillary services revenue by room nights available to guests for the period. Hospitality metrics do not include the results of the W Austin, which is included in the Entertainment segment. Calculation of GAAP Margin Figures We calculate net income available to common stockholders margin by dividing GAAP consolidated net income available to common stockholders by GAAP consolidated total revenue. We calculate consolidated, segment or property-level operating income margin by dividing consolidated, segment or property-level GAAP operating income by consolidated, segment or property-level GAAP revenue. Non-GAAP Financial Measures We present the following non-GAAP financial measures we believe are useful to investors as key measures of our operating performance: EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest Definition We calculate EBITDAre, which is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) in its September 2017 white paper as net income (calculated in accordance with GAAP) plus interest expense, income tax expense, depreciation and amortization, gains or losses on the disposition of depreciated property (including gains or losses on change in control), impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in the value of depreciated property of the affiliate, and adjustments to reflect the entity’s share of EBITDAre of unconsolidated affiliates. Adjusted EBITDAre is then calculated as EBITDAre, plus to the extent the following adjustments occurred during the periods presented: preopening costs; non-cash lease expense; equity-based compensation expense; impairment charges that do not meet the NAREIT definition above; credit losses on held-to-maturity securities; transaction costs of acquisitions; interest income on bonds; loss on extinguishment of debt; pension settlement charges; pro rata Adjusted EBITDAre from unconsolidated joint ventures; and any other adjustments we have identified herein. We then exclude the pro rata share of Adjusted EBITDAre related to noncontrolling interests to calculate Adjusted EBITDAre, Excluding Noncontrolling Interest. We use EBITDAre, Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest and segment or property-level EBITDAre and Adjusted EBITDAre to evaluate our operating performance. We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding our operating performance and debt leverage metrics, and that the presentation of these non-GAAP financial measures, when combined with the primary GAAP presentation of net income or operating income, as applicable, is beneficial to an investor’s complete understanding of our operating performance. We make additional adjustments to EBITDAre when evaluating our performance because we believe that presenting Adjusted EBITDAre and Adjusted EBITDAre, Excluding Noncontrolling Interest provides useful information to investors regarding our operating performance and debt leverage metrics. Adjusted EBITDAre Margin and Adjusted EBITDAre, Excluding Noncontrolling Interest Margin Definition We calculate consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest Margin by dividing consolidated Adjusted EBITDAre, Excluding Noncontrolling Interest by GAAP consolidated total revenue. We calculate consolidated, segment or property-level Adjusted EBITDAre Margin by dividing consolidated, segment-, or property-level Adjusted EBITDAre by consolidated, segment-, or property-level GAAP revenue. We believe Adjusted EBITDAre, Excluding Noncontrolling Interest Margin is useful to investors in evaluating our operating performance because this non-GAAP financial measure helps investors evaluate and compare the results of our operations from period to period by presenting a ratio showing the quantitative relationship between Adjusted EBITDAre, Excluding Noncontrolling Interest and GAAP consolidated total revenue or segment or property-level GAAP revenue, as applicable. FFO, Adjusted FFO, and Adjusted FFO Available to Common Stockholders and Unit Holders Definition We calculate FFO, which definition is clarified by NAREIT in its December 2018 white paper as net income (calculated in accordance with GAAP) excluding depreciation and amortization (excluding amortization of deferred financing costs and debt discounts), gains and losses from the sale of certain real estate assets, gains and losses from a change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciated real estate held by the entity, income (loss) from consolidated joint ventures attributable to noncontrolling interest, and pro rata adjustments from unconsolidated joint ventures. To calculate Adjusted FFO available to common stockholders and unit holders, we then exclude, to the extent the following adjustments occurred during the periods presented: right-of-use asset amortization; impairment charges that do not meet the NAREIT definition above; write-offs of deferred financing costs; amortization of debt discounts or premiums and amortization of deferred financing costs; loss on extinguishment of debt; non-cash lease expense; credit loss on held-to-maturity securities; pension settlement charges; additional pro rata adjustments from unconsolidated joint ventures; (gains) losses on other assets; transaction costs of acquisitions; deferred income tax expense (benefit); and any other adjustments we have identified herein. FFO available to common stockholders and unit holders and Adjusted FFO available to common stockholders and unit holders exclude the ownership portion of the joint ventures not controlled or owned by the Company. We present Adjusted FFO available to common stockholders and unit holders per diluted share/unit as a non-GAAP measure of our performance in addition to net income available to common stockholders per diluted share (calculated in accordance with GAAP). We calculate Adjusted FFO available to common stockholders and unit holders per diluted share/unit as Adjusted FFO (defined as set forth above) for a given operating period, as adjusted for the effect of dilutive securities, divided by the number of diluted shares and units outstanding during such period. We believe that the presentation of these non-GAAP financial measures provides useful information to investors regarding the performance of our ongoing operations because each presents a measure of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items, which we believe are not indicative of the performance of our underlying hotel properties. We believe that these items are more representative of our asset base than our ongoing operations. We also use these non-GAAP financial measures as measures in determining our results after considering the impact of our capital structure. We caution investors that non-GAAP financial measures we present may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. The non-GAAP financial measures we present, and any related per share measures, should not be considered as alternative measures of our net income, operating performance, cash flow or liquidity. These non-GAAP financial measures may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that these non-GAAP financial measures can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily better indicators of any trend as compared to GAAP measures such as net income, operating income, or cash flow from operations. ___________________(1) Basic and diluted weighted average common shares for the three and six months ended June 30, 2026 and 2025 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2026 and 2025 include 4.9 million and 4.2 million, respectively, and for the six months ended June 30, 2026 and 2025 include 4.5 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option. ___________________(1) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025. ___________________(1) Basic and diluted weighted average common shares for the three and six months ended June 30, 2026 and 2025 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2026 and 2025 include 4.9 million and 4.2 million, respectively, and for the six months ended June 30, 2026 and 2025 include 4.5 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option. ___________________(1) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025. ___________________(1) JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore results are not comparable to the prior year period.(2) Includes other hospitality revenue and expense. ___________________(1) Basic and diluted weighted average common shares for the three and six months ended June 30, 2026 and 2025 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended June 30, 2026 and 2025 include 4.9 million and 4.2 million, respectively, and for the six months ended June 30, 2026 and 2025 include 4.5 million and 3.7 million, respectively, in equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company's OEG business, which may be settled in cash or shares at the Company's option. ___________________(1) Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.(2) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025. ___________________(1) Includes JW Marriott Desert Ridge. Amounts are calculated based on unrounded numbers.(2) Includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option. ___________________(1) Includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option. ___________________(1) Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers. (2) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025. ___________________(1) Includes JW Marriott Desert Ridge. Amounts are calculated based on unrounded numbers.(2) Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option. ___________________(1) Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.

Host Hotels & Resorts, Inc. HST is scheduled to release second-quarter 2026 earnings results on Aug. 5, after market close. The company’s quarterly results are likely to display a year-over-year rise in revenues and adjusted funds from operations (AFFO) per share. In the previous quarter, this Bethesda, MD-based lodging real estate investment trust (REIT) reported an AFFO per share of 67 cents, which surpassed the Zacks Consensus Estimate of 63 cents. The results reflected higher revenues, driven by year-over-year comparable hotel RevPAR growth. Over the trailing four quarters, Host Hotels’ AFFO per share surpassed estimates on all occasions, the average surprise being 8.66%. The graph below depicts this surprising history: Host Hotels & Resorts, Inc. price-eps-surprise | Host Hotels & Resorts, Inc. Quote Host Hotels & Resorts benefits from a portfolio of luxury and upper-upscale hotels across key U.S. markets, including gateway cities and resort destinations. The company’s properties are strategically positioned in high-demand locations, which continue to support steady room pricing. The continued recovery in group demand, along with stable transient and leisure travel, is likely to have supported revenue per available room (RevPAR) growth in the to-be-reported quarter. Host Hotels’ disciplined capital allocation strategy and ongoing reinvestment in its portfolio are likely to have enhanced asset quality and strengthened its competitive positioning. This, along with rate-led growth, is expected to have aided EBITDA growth and modest margin expansion, even in a rising cost environment. However, elevated interest expenses are expected to have acted as a headwind to the bottom-line growth during the second quarter. The Zacks Consensus Estimate for HST’s quarterly revenues is presently pegged at $1.62 billion, implying growth of 2.2% from the prior-year period’s reported figure. The Zacks Consensus Estimate for quarterly RevPAR is pinned at $244.77, indicating an increase from $239.64 reported in the year-ago quarter. The company’s activities during the to-be-reported quarter were adequate to garner analysts’ confidence. The Zacks Consensus Estimate for AFFO per share has moved northward to 62 cents over the past month. The figure implies a 6.90% rise from the year-ago reported number. However, the consensus mark for the average occupancy rate in the second quarter is pegged at 72.09%, implying a decrease from the prior-year quarter’s reported figure of 73.80%. We expect second-quarter 2026 interest expenses to rise 3.8% year over year. Our proven model predicts a likely surprise in terms of AFFO per share for Host Hotels this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an AFFO beat, which is the case here. Host Hotels currently has an Earnings ESP of +1.48% and carries a Zacks Rank of 2. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. Here are two stocks from the broader REIT industry — Ryman Hospitality Properties RHP and Lamar Advertising LAMR — that you may want to consider, as our model shows that these have the right combination of elements to report a surprise this quarter. RHP, scheduled to report quarterly numbers on Aug. 6, has an Earnings ESP of +0.25% and a Zacks Rank of 2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here. Lamar Advertising is slated to report quarterly numbers on Aug. 6. LAMR has an Earnings ESP of +0.22% and a Zacks Rank of 3 at present. Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Host Hotels & Resorts, Inc. (HST) : Free Stock Analysis Report Lamar Advertising Company (LAMR) : Free Stock Analysis Report Ryman Hospitality Properties, Inc. (RHP) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Red River Bancshares (RRBI) came out with quarterly earnings of $1.78 per share, beating the Zacks Consensus Estimate of $1.77 per share. This compares to earnings of $1.51 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +0.57%. A quarter ago, it was expected that this holding company for Red River Bank would post earnings of $1.69 per share when it actually produced earnings of $1.81, delivering a surprise of +7.1%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Red River Bancshares, which belongs to the Zacks Banks - Southwest industry, posted revenues of $33.71 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.04%. This compares to year-ago revenues of $30.54 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Red River Bancshares shares have added about 42.3% since the beginning of the year versus the S&P 500's gain of 6.9%. While Red River Bancshares has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Red River Bancshares was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.83 on $34.57 million in revenues for the coming quarter and $7.27 on $136.21 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Southwest is currently in the top 14% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Ryman Hospitality Properties (RHP), another stock in the broader Zacks Finance sector, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6. This hotel and resort real estate investment trust is expected to post quarterly earnings of $2.55 per share in its upcoming report, which represents a year-over-year change of +8.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Ryman Hospitality Properties' revenues are expected to be $731.71 million, up 11% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Red River Bancshares, Inc. (RRBI) : Free Stock Analysis Report Ryman Hospitality Properties, Inc. (RHP) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Murphy USA Inc. MUSA is set to report second-quarter 2026 earnings on Aug. 5. The Zacks Consensus Estimate for earnings is pegged at $9.40 per share and the same for revenues is pinned at $5.90 billion. Let us delve into the factors that might have influenced MUSA’s performance in the to-be-reported quarter. Before that, it is worth taking a look at the company’s performance in the last reported quarter. In the last reported quarter, the motor fuel retailer posted earnings of $7.28 per share, beating the Zacks Consensus Estimate of $5.37 by 35.6%. This strong performance was primarily driven by a more favorable refined products environment and solid execution, with total fuel contribution of 35 cents per gallon and total retail fuel volumes increasing 2.1% year over year. Moreover, total operating revenues beat the consensus estimate of $4.7 billion by 3.9%. MUSA’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 16.56%. This is depicted in the graph below: Murphy USA Inc. price-eps-surprise | Murphy USA Inc. Quote The Zacks Consensus Estimate for second-quarter 2026 earnings has remained unchanged in the past seven days. The estimated figure indicates a 27.72% year-over-year increase. Additionally, the Zacks Consensus Estimate for revenues implies a 17.91% increase from the year-ago period. Murphy USA operates a chain of retail fuel stations and convenience stores across the United States. The company generates most of its revenues by selling fuel, tobacco products, snacks, beverages and other everyday convenience items. MUSA’s total revenues are likely to have increased in the quarter to be reported. The Zacks Consensus Estimate for second-quarter revenues is pegged above the year-ago quarter's level. This increase is expected to have been driven by higher merchandise sales, with merchandise revenues projected to rise 3.7% year over year. On the other hand, the increase in MUSA's costs is expected to have dented its bottom line. MUSA’s total operating expenses are projected to reach $4.81 billion in the second quarter, which is 0.6% up from the year-ago quarter’s level. Based on our model estimates, we expect the company's cost base to have increased year over year, with Merchandise Cost of Goods Sold projected to rise 3.9%, Selling, General and Administrative expenses 20.9%, Store and Other Operating Expenses 4.6%, and Depreciation and Amortization 9.2%. The proven Zacks model does not conclusively show an earnings beat for Murphy USA this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. However, that is not the case here. Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, for this company is -2.61%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. Zacks Rank: MUSA currently carries a Zacks Rank #3. Here are some firms that you may want to consider, as these have the right combination of elements to post an earnings beat. Ryman Hospitality Properties RHP has an Earnings ESP of +1.26% and a Zacks Rank #2. The firm is scheduled to release earnings on Aug. 6, 2026. You can see the complete list of today’s Zacks #1 Rank stocks here. Ryman Hospitality Properties is a real estate investment trust that owns a large group of convention-oriented hotels and entertainment assets. This includes the Grand Ole Opry, generating revenues from hospitality, entertainment and related businesses. Ryman Hospitality has a trailing four-quarter average earnings surprise of 6.44%. Somnigroup International Inc. SGI has an Earnings ESP of +2.02% and a Zacks Rank #2. The firm is scheduled to release earnings on Aug. 6, 2026. Somnigroup is a global bedding company that designs, manufactures and sells mattresses, adjustable bases and sleep-related products through a portfolio of well-known brands. The company has a trailing four-quarter average earnings surprise of 4.8%. Sweetgreen SG has an Earnings ESP of +11.54% and a Zacks Rank #2. The firm is scheduled to release earnings on Aug. 6, 2026. Sweetgreen is a fast-casual restaurant chain that serves customizable salads, warm bowls and protein plates. The company has a strong focus on digital ordering and fresh, locally sourced ingredients. Sweetgreen is valued at approximately $755.74 million. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Murphy USA Inc. (MUSA) : Free Stock Analysis Report Ryman Hospitality Properties, Inc. (RHP) : Free Stock Analysis Report Somnigroup International Inc. (SGI) : Free Stock Analysis Report Sweetgreen, Inc. (SG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Suncor Energy Inc. SU is set to report second-quarter 2026 earnings on Aug. 4, after the closing bell. The Zacks Consensus Estimate for earnings is pegged at $2.14 per share, and the same for revenues is pinned at $10.35 billion. Let us delve into the factors that might have influenced SU’s performance in the to-be-reported quarter. Before that, it is worth taking a look at the company’s performance in the last reported quarter. In the first quarter, this Alberta-based integrated oil and gas company’s earnings missed the consensus mark. Suncor Energy posted adjusted operating earnings of $1.41 per share, which were 3% below the Zacks Consensus Estimate of $1.45. This was primarily due to a 16.5% increase in total expenses and higher commodity input costs during the quarter. However, the company’s operating revenues of $10.7 billion beat the Zacks Consensus Estimate by 19.53%. SU's earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one, delivering an average surprise of 6.93%. This is depicted in the graph below: Suncor Energy Inc. price-eps-surprise | Suncor Energy Inc. Quote The Zacks Consensus Estimate for second-quarter 2026 earnings has remained unchanged in the past seven days. The estimated figure indicates a 319.61% year-over-year bottom-line increase. Moreover, the Zacks Consensus Estimate for revenues indicates an increase of 20.42% from the year-ago period’s level. On a positive note, SU's revenues are likely to have improved in the quarter to be reported. Our model predicts second-quarter revenues to increase from the year-ago quarter's level of $8.60 billion. Suncor's downstream operations are expected to have provided solid support to its second-quarter performance despite volatility in crude markets. Favorable refining margins and sustained demand for refined products through much of the quarter are likely to have driven stronger earnings from the company's refining and marketing business. Stable refinery throughput is also expected to support overall results, highlighting the resilience of Suncor's integrated business model. On the flip side, extensive turnaround activity is expected to weigh on second-quarter results. Management stated that Suncor's largest upstream maintenance events at the Firebag and Base Plant facilities were underway during the quarter and were expected to have been completed before the end of the second quarter. These planned outages are likely to have temporarily lowered production volumes, increased maintenance expenses and limited upstream earnings, partially offsetting the strength of the company's downstream operations. The proven Zacks model does not conclusively show an earnings beat for Suncor Energythis time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. However, that is not the case here. Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, for this company is 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. Zacks Rank: SU currently carries a Zacks Rank #3. Here are some firms that you may want to consider, as these have the right combination of elements to post an earnings beat. Ryman Hospitality Properties RHP has an Earnings ESP of +1.26% and a Zacks Rank #2. The firm is scheduled to release earnings on Aug. 6, 2026. You can seethe complete list of today’s Zacks #1 Rank stocks here. Ryman Hospitality Properties is a real estate investment trust that owns a large group of convention-oriented hotels and entertainment assets. This includes the Grand Ole Opry, generating revenue from hospitality, entertainment and related businesses. Ryman Hospitality has a trailing four-quarter average earnings surprise of 6.44%. Somnigroup International Inc. SGI has an Earnings ESP of +2.43% and a Zacks Rank #2. The firm is scheduled to release earnings on Aug. 6, 2026. Somnigroup is a global bedding company that designs, manufactures and sells mattresses, adjustable bases and sleep-related products through a portfolio of well-known brands. The company has a trailing four-quarter average earnings surprise of 4.80%. Sweetgreen SG has an Earnings ESP of +11.54% and a Zacks Rank #2. The firm is scheduled to release earnings on Aug. 6, 2026. Sweetgreen is a fast-casual restaurant chain that serves customizable salads, warm bowls and protein plates. The company has a strong focus on digital ordering and fresh, locally sourced ingredients. Sweetgreen is valued at approximately $733.17 million. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Suncor Energy Inc. (SU) : Free Stock Analysis Report Ryman Hospitality Properties, Inc. (RHP) : Free Stock Analysis Report Somnigroup International Inc. (SGI) : Free Stock Analysis Report Sweetgreen, Inc. (SG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research