Ryman (4RH) Q2 2026 Earnings Report

The call highlighted multiple operational and financial positives: RevPAR and adjusted EBITDAre beats, strong group ADR and catering growth, record property-level performance, robust forward bookings and ADR on the books, notable JW portfolio and entertainment momentum, solid liquidity and disciplined cost management. The main negatives were manageable: macroeconomic uncertainty (rates/inflation), limited visibility into certain revenue streams (ICE, Marriott ITR impacts), an ongoing strategic review of OEG that introduces some uncertainty, and an accelerated capex cadence that increases near-term spend. Overall, the positive operational beats, strong booking and pricing trends, and record entertainment results significantly outweigh the limited and manageable headwinds.

The company raised the midpoints of its guidance (a $10 million increase to same‑store hospitality adjusted EBITDAre at the midpoint, and a $1 million increase to JW Desert Ridge) and described an outlook that assumes a relatively stable operating environment: same‑store RevPAR guidance of low‑to‑mid single‑digit growth in Q3 and mid‑single‑digit in Q4, total revenue growth of low‑to‑mid single digits in each remaining quarter (with stronger growth in Q3), total RevPAR expected to outpace RevPAR in Q3 while RevPAR outpaces total RevPAR in Q4, Q3 delivering the strongest adjusted EBITDAre margin expansion, and entertainment adjusted EBITDAre skewed to Q4; forward business metrics underpinning the outlook include more than 768,000 same‑store gross group room nights booked (+6.7% YoY) with ADR on those bookings ~ $310 (+8.6% YoY, +2.3% vs prior record), same‑store group rooms revenue on the books up 8.8% as of end‑July (120 bps sequential improvement) with ADR on the books pacing mid‑single digits and group rooms revenue for 2027 up 3.2% (2028 down 50 bps), liquidity of nearly $1.3 billion (unrestricted cash $366M, restricted $32M, revolvers undrawn), net leverage ~4.2x, 2026 capex guidance $400–$500M (≈+$50M at midpoint), operating expense midpoint ~3% and a demonstrated flow‑through of ~46% in Q2 (target ~40%) with average wage rate up ~3.8% YoY.