Tag: GlobeNewswire

HOUSTON, Nov. 02, 2026 (GLOBE NEWSWIRE) — Archrock, Inc. (NYSE: AROC) (“Archrock” or the “Company”) today reported results for the third quarter 2026.

Third Quarter 2026 Highlights

• Revenue for the third quarter of 2026 was $370.8 million compared to $382.4 million in the third quarter of 2025.
• Net income for the third quarter of 2026 was $84.5 million and EPS was $0.48 compared to $71.2 million and $0.40, respectively, in the third quarter of 2025.
• Adjusted net income (a non-GAAP measure defined below) for the third quarter of 2026 was $84.7 million and adjusted EPS (a non-GAAP measure defined below) was $0.49, compared to $73.2 million and $0.42, respectively, in the third quarter of 2025.
• Adjusted EBITDA (a non-GAAP measure defined below) for the third quarter of 2026 was $228.4 million compared to $220.9 million in the third quarter of 2025.
• Declared a quarterly dividend of $0.23 per common share for the third quarter of 2026, approximately 10% higher compared to the third quarter of 2025, resulting in dividend coverage of 3.8x.
• Leverage ratio of 2.5x as of September 30, 2026, down from 3.1x as of September 30, 2025.
• Reaffirmed full-year 2026 Adjusted EBITDA guidance of $865 million to $885 million.

Management Commentary and Outlook

“The continued strength and profitability of our business reflect consistent customer demand and a structurally tight compression market,” said Brad Childers, Archrock’s President and Chief Executive Officer. “We achieved our strongest bookings quarter since the second quarter of 2023, including strong bookings in the Permian Basin. Rising gas-to-oil ratios and additional takeaway capacity in the basin are supporting sustained compression requirements. While customer maintenance deferrals affected aftermarket activity and higher lube oil prices created near-term cost pressure, we are actively mitigating these headwinds through cost discipline and operating efficiencies. The underlying demand fundamentals remain strong, supporting our confidence in the long-term outlook.

“We remain focused on executing our disciplined growth program, deploying horsepower to meet customer demand and delivering the operational reliability our customers expect. With durable natural gas demand supported by long-term growth in LNG exports and power generation, a strong balance sheet and a disciplined, returns-based approach to capital deployment, Archrock is well positioned to invest alongside our customers at attractive returns, generate durable free cash flow and deliver consistent shareholder returns,” concluded Childers.

Third Quarter 2026 Financial Results

Archrock’s third quarter 2026 net income of $84.5 million included a non-cash long-lived and other asset impairment of $3.2 million. Archrock’s third quarter 2025 net income of $71.2 million included a non-cash long-lived and other asset impairment of $4.7 million, transaction-related costs totaling $1.8 million, and restructuring charges of $0.7 million.

Adjusted EBITDA for the third quarter of 2026 and 2025 included $2.1 million and $3.8 million, respectively, in net gains primarily related to the sale of compression and other assets. Also included in Adjusted EBITDA for the third quarter of 2025 was a net benefit to contract operations cost of sales of $9.9 million as a result of sales and use tax audit settlements.

Contract Operations

For the third quarter of 2026, contract operations segment revenue totaled $331.2 million, an increase of 1.5% compared to $326.3 million in the third quarter of 2025. Total operating horsepower at the end of the third quarter of 2026 was 4.5 million compared to 4.7 million at the end of the third quarter of 2025, reflecting period-end fleet utilization of 94.3% and the sale of approximately 112,000 non-strategic operating horsepower since the prior-year period.

Adjusted gross margin for the third quarter of 2026 was $238.7 million, compared to $239.6 million in the third quarter of 2025. Adjusted gross margin percentage for the third quarter of 2026 was 72%, compared to 73% in the third quarter of 2025. Excluding the aforementioned $9.9 million tax benefit for the third quarter of 2025, adjusted gross margin was $229.7 million and adjusted gross margin percentage was 70%.

Aftermarket Services

For the third quarter of 2026, aftermarket services segment revenue totaled $39.7 million, compared to $56.2 million in the third quarter of 2025, primarily reflecting reduced customer demand for major maintenance service activity and lower parts sales. Adjusted gross margin for the third quarter of 2026 was $9.1 million, compared to $13.0 million in the third quarter of 2025. Adjusted gross margin percentage for the third quarter of 2026 was 23%, compared to 23% for the third quarter of 2025.

Balance Sheet

Long-term debt was $2.3 billion, and our available liquidity totaled $637 million at September 30, 2026. Our leverage ratio was 2.5x as of September 30, 2026, down from 3.1x as of September 30, 2025.

Shareholder Returns

Quarterly Dividend

Our Board of Directors recently declared a quarterly dividend of $0.23 per share of common stock, or $0.92 per share on an annualized basis, approximately 10% higher compared to the third quarter of 2025. Dividend coverage in the third quarter of 2026 was 3.8x. The third quarter 2026 dividend will be paid on November 10, 2026 to stockholders of record at the close of business on November 3, 2026.

Share Repurchase Program

No shares were repurchased during the third quarter of 2026. As of September 30, 2026, $113.2 million remained available under the share repurchase program.

Since the inception of the share repurchase program in April 2023 through September 30, 2026, we have repurchased 4,632,263 shares of common stock for an aggregate purchase price of $96.9 million, or an average price of $20.91 per share.

Summary Metrics
(in thousands, except percentages and ratios)

		Three Months Ended
		September 30,			June 30,			September 30,
		2026			2026			2025
Net income		$	84,466		$	66,720		$	71,248
Adjusted net income (1)		$	84,680		$	66,535		$	73,187
Adjusted EBITDA (1)		$	228,425		$	212,626		$	220,944
Contract operations revenue		$	331,155		$	329,260		$	326,269
Contract operations adjusted gross margin		$	238,722		$	234,588		$	239,559
Contract operations adjusted gross margin percentage			72	%		71	%		73	%
Aftermarket services revenue		$	39,656		$	41,978		$	56,161
Aftermarket services adjusted gross margin		$	9,076		$	9,924		$	13,046
Aftermarket services adjusted gross margin percentage			23	%		24	%		23	%
Selling, general, and administrative		$	26,049		$	39,641		$	37,676
Net cash provided by operating activities		$	158,824		$	160,782		$	164,530
Cash available for dividend (1)		$	153,009		$	127,184		$	135,737
Cash available for dividend coverage (2)			3.8	x		3.1	x		3.7	x
Adjusted free cash flow (1)		$	49,607		$	66,990		$	113,843
Adjusted free cash flow after dividend (1)		$	9,044		$	28,366		$	76,922
Total available horsepower (at period end) (3)			4,811			4,784			4,845
Total operating horsepower (at period end) (4)			4,537			4,516			4,651
Horsepower utilization spot (at period end) (5)			94.3	%		94.4	%		96.0	%

__________________

(1)	Management believes adjusted net income, adjusted EBITDA, cash available for dividend, adjusted free cash flow and adjusted free cash flow after dividend provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.
(2)	Defined as cash available for dividend divided by dividends declared for the period.
(3)	Defined as idle and operating horsepower and includes new compressor units completed by a third-party manufacturer that have been delivered to us.
(4)	Defined as horsepower that is operating under contract and horsepower that is idle but under contract and generating revenue such as standby revenue.
(5)	Defined as total operating horsepower divided by total available horsepower at period end.

Conference Call Details

Archrock will host a conference call on November 3, 2026, to discuss third quarter 2026 financial results. The call will begin at 8:30 a.m. Eastern Time.

Participants who wish to join the call by phone must pre-register using this link to receive a dial-in number and unique PIN: https://register-conf.media-server.com/register/BI3f49d51ace1144b3950b611b99cbcc17.

To listen to the call via live webcast, please register at this link: https://edge.media-server.com/mmc/p/9bqged8n. A replay of the webcast will be available on Archrock’s Investor Relations website shortly after the call.

The Company may from time to time publish additional materials for investors at the same website address.

*****

Adjusted net income, a non-GAAP measure, is defined as net income excluding restructuring charges, transaction-related costs and debt extinguishment gain adjusted for income taxes. A reconciliation of net income, the most directly comparable GAAP measure, to adjusted net income, and a reconciliation of basic and diluted earnings per common share, the most directly comparable GAAP measure, to adjusted basic and diluted earnings per share, appear below.

Adjusted EBITDA, a non-GAAP measure, is defined as net income excluding interest expense, provision for income taxes, depreciation and amortization, long-lived and other asset impairment, restructuring charges, debt extinguishment gain, transaction-related costs, non-cash stock-based compensation expense, amortization of capitalized implementation costs and other items. A reconciliation of net income, the most directly comparable GAAP measure, to adjusted EBITDA, and a reconciliation of our full year 2026 net income to adjusted EBITDA guidance, appear below.

Adjusted gross margin, a non-GAAP measure, is defined as total revenue less cost of sales, excluding depreciation and amortization. Adjusted gross margin percentage, a non-GAAP measure, is defined as adjusted gross margin divided by revenue. A reconciliation of net income to adjusted gross margin, and a reconciliation of gross margin, the most directly comparable GAAP measure, to adjusted gross margin and adjusted gross margin percentage, appear below.

Cash available for dividend, a non-GAAP measure, is defined as net income excluding interest expense, provision for income taxes, depreciation and amortization, long-lived and other asset impairment, restructuring charges, debt extinguishment gain, transaction-related costs, non-cash stock-based compensation expense, amortization of capitalized implementation costs and other items, less maintenance capital expenditures, other capital expenditures, cash taxes and cash interest expense. Reconciliations of net income and net cash provided by operating activities, the most directly comparable GAAP measures, to cash available for dividend, and a reconciliation of our full year 2026 net income to adjusted EBITDA, appear below.

Adjusted free cash flow, a non-GAAP measure, is defined as net cash provided by operating activities plus net cash used in investing activities. A reconciliation of net cash provided by operating activities, the most directly comparable GAAP measure, to adjusted free cash flow, appears below.

Adjusted free cash flow after dividend, a non-GAAP measure, is defined as net cash provided by operating activities plus net cash used in investing activities less dividends paid to stockholders. A reconciliation of net cash provided by operating activities, the most directly comparable GAAP measure, to adjusted free cash flow after dividend, appears below.

About Archrock

Archrock is an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping its customers produce, compress and transport natural gas in a safe and environmentally responsible way. Headquartered in Houston, Texas, Archrock is a premier provider of natural gas compression services to customers in the energy industry throughout the U.S. and a leading supplier of aftermarket services to customers that own compression equipment. For more information on how Archrock embodies its purpose, WE POWER A CLEANER AMERICA^®, visit www.archrock.com.

Forward–Looking Statements

All statements in this release (and oral statements made regarding the subjects of this release) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Archrock. Forward-looking information includes, but is not limited to statements regarding: guidance or estimates related to Archrock’s results of operations or of financial condition; fundamentals of Archrock’s industry, including the attractiveness of returns and valuation, stability of cash flows, demand dynamics and overall outlook, and Archrock’s ability to realize the benefits thereof; Archrock’s expectations regarding future economic, geopolitical and market conditions and trends; Archrock’s operational and financial strategies, including planned growth, coverage and leverage reduction strategies, Archrock’s ability to successfully effect those strategies, and the expected results therefrom; Archrock’s financial and operational outlook; demand and growth opportunities for Archrock’s services; structural and process improvement initiatives, the expected timing thereof, Archrock’s ability to successfully effect those initiatives and the expected results therefrom; the operational and financial synergies provided by Archrock’s size; statements regarding Archrock’s dividend policy.

While Archrock believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: risks related to macroeconomic conditions, including an increase in inflation and trade tensions; pandemics and other public health crises; ongoing international conflicts and tensions; risks related to our operations; competitive pressures; risks of acquisitions or mergers to reduce our ability to make distributions to our common stockholders; inability to make acquisitions on economically acceptable terms; inability to achieve the expected benefits of the acquisition of Natural Gas Compression Systems, Inc. and NGCSE, Inc. (collectively, “NGCS”) and difficulties integrating NGCS; risks related to our sustainability initiatives; uncertainty to pay dividends in the future; risks related to a substantial amount of debt and our debt agreements; inability to access the capital and credit markets or borrow on affordable terms to obtain additional capital; inability to fund purchases of additional compression equipment; vulnerability to interest rate increases and fluctuations; erosion of the financial condition of our customers; risks related to the loss of our most significant customers; uncertainty of the renewals for our contract operations service agreements; risks related to losing management or operational personnel; dependence on particular suppliers and vulnerability to product shortages and price increases; information technology and cybersecurity risks; tax-related risks; legal and regulatory risks, including climate-related and environmental, social and governance risks.

These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in Archrock’s Annual Report on Form 10-K for the year ended December 31, 2025, Archrock’s Quarterly Reports on Form 10-Q and as set forth from time to time in Archrock’s filings with the Securities and Exchange Commission. These filings are available online at www.sec.gov and www.archrock.com. Except as required by law, Archrock expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.

SOURCE: Archrock, Inc.

For information, contact:

Megan Repine
VP of Investor Relations
281-836-8360
investor.relations@archrock.com

Archrock, Inc.
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
	Three Months Ended
	September 30,				June 30,				September 30,
	2026				2026				2025
Revenue:
Contract operations	$	331,155			$	329,260			$	326,269
Aftermarket services		39,656				41,978				56,161
Total revenue		370,811				371,238				382,430
Cost of sales, exclusive of depreciation and amortization
Contract operations		92,433				94,672				86,710
Aftermarket services		30,580				32,054				43,115
Total cost of sales, exclusive of depreciation and amortization		123,013				126,726				129,825
Selling, general and administrative		26,049				39,641				37,676
Depreciation and amortization		71,948				71,478				67,130
Long-lived and other asset impairment		3,217				4,881				4,676
Restructuring charges		—				125				688
Debt extinguishment gain		—				(687	)			—
Interest expense		37,017				37,016				43,661
Transaction-related costs		270				328				1,767
Gain on sale of assets, net		(2,146	)			(297	)			(3,835	)
Other (income) expense, net		(103	)			(967	)			3,984
Income before income taxes		111,546				92,994				96,858
Provision for income taxes		26,660				25,821				25,425
Income before equity in net loss of unconsolidated affiliate		84,886				67,173				71,433
Equity in net loss of unconsolidated affiliate		420				453				185
Net income	$	84,466			$	66,720			$	71,248
Basic and diluted earnings per common share (1)	$	0.48			$	0.38			$	0.40
Weighted-average common shares outstanding:
Basic		174,526				174,410				174,619
Diluted		174,774				174,744				174,913

____________________________________

(1)

Basic and diluted earnings per common share is computed using the two-class method to determine the net income per share for each class of common stock and participating security (restricted stock and stock-settled restricted stock units that have non-forfeitable rights to receive dividends or dividend equivalents) according to dividends declared and participation rights in undistributed earnings. Accordingly, we have excluded net income attributable to participating securities from our calculation of basic and diluted earnings per common share.

Archrock, Inc.
Unaudited Supplemental Information
(in thousands, except percentages, per share amounts and ratios)
		Three Months Ended
		September 30,				June 30,				September 30,
		2026				2026				2025
Revenue:
Contract operations		$	331,155			$	329,260			$	326,269
Aftermarket services			39,656				41,978				56,161
Total revenue		$	370,811			$	371,238			$	382,430
Adjusted gross margin:
Contract operations		$	238,722			$	234,588			$	239,559
Aftermarket services			9,076				9,924				13,046
Total adjusted gross margin (1)		$	247,798			$	244,512			$	252,605
Adjusted gross margin percentage:
Contract operations			72	%			71	%			73	%
Aftermarket services			23	%			24	%			23	%
Total adjusted gross margin percentage (1)			67	%			66	%			66	%
Selling, general and administrative		$	26,049			$	39,641			$	37,676
% of revenue			7	%			11	%			10	%
Adjusted EBITDA (1)		$	228,425			$	212,626			$	220,944
% of revenue			62	%			57	%			58	%
Capital expenditures		$	117,907			$	97,964			$	135,065
Proceeds from sale of business			—				—				(71,000	)
Proceeds from sale of property, equipment and other assets			(11,154	)			(4,062	)			(11,063	)
Net capital expenditures		$	106,753			$	93,902			$	53,002
Total available horsepower (at period end) (2)			4,811				4,784				4,845
Total operating horsepower (at period end) (3)			4,537				4,516				4,651
Average operating horsepower			4,528				4,514				4,647
Horsepower utilization:
Spot (at period end) (4)			94.3	%			94.4	%			96.0	%
Average (4)			94.3	%			94.4	%			96.0	%
Dividend declared for the period per share		$	0.230			$	0.230			$	0.210
Dividend declared for the period to all stockholders		$	40,473			$	40,471			$	37,007
Cash available for dividend coverage (5)			3.8	x			3.1	x			3.7	x
Adjusted free cash flow (1)		$	49,607			$	66,990			$	113,843
Adjusted free cash flow after dividend (1)		$	9,044			$	28,366			$	76,922

____________________________________

(1)	Management believes adjusted gross margin, adjusted EBITDA, adjusted gross margin percentage, adjusted free cash flow and adjusted free cash flow after dividend provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.
(2)	Defined as idle and operating horsepower and includes new compressor units completed by a third-party manufacturer that have been delivered to us.
(3)	Defined as horsepower that is operating under contract and horsepower that is idle but under contract and generating revenue such as standby revenue.
(4)	Defined as total operating horsepower divided by total available horsepower at period end (spot) or over time (average).
(5)	Defined as cash available for dividend divided by dividends declared for the period.

		September 30,			June 30,			September 30,
		2026			2026			2025
Balance Sheet
Long-term debt (1)		$	2,343,100		$	2,347,810		$	2,559,944
Total equity			1,597,867			1,552,105			1,422,279

____________________________________

(1)	Carrying values are shown net of unamortized premium and deferred financing costs.

Archrock, Inc.
Unaudited Supplemental Information
Reconciliation of Net Income to Adjusted Net Income and Earnings Per Share to Adjusted Earnings Per Share
(in thousands, except per share amounts)
	Three Months Ended
	September 30,				June 30,				September 30,
	2026				2026				2025
Net income	$	84,466			$	66,720			$	71,248
Restructuring charges		—				125				688
Transaction-related costs		270				328				1,767
Debt extinguishment gain		—				(687	)			—
Tax effect of adjustments (1)		(57	)			49				(516	)
Adjusted net income (2)	$	84,680			$	66,535			$	73,187
Weighted-average common shares outstanding:
Basic		174,526				174,410				174,619
Diluted		174,774				174,744				174,913
Basic and diluted earnings per common share (3)	$	0.48			$	0.38			$	0.40
Restructuring charges per share	$	—			$	0.00			$	0.00
Transaction-related costs per share		0.01				0.01				0.02
Debt extinguishment gain per share		—				(0.01	)			—
Tax effect of adjustments per share		(0.00	)			0.00				(0.00	)
Adjusted basic and diluted earnings per common share (2)	$	0.49			$	0.38			$	0.42

____________________________________

(1)	Represents an estimated tax effect of restructuring charges, transaction-related costs and debt extinguishment gain based on the federal statutory tax rate of 21%.
(2)	Management believes adjusted net income and adjusted earnings per share provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review our current period operating performance, comparability measure and performance measure for period-to-period comparisons without burdened earnings and earnings per share for non-recurring transactional costs.
(3)	Basic and diluted earnings per common share is computed using the two-class method to determine the net income per share for each class of common stock and participating security (restricted stock and stock-settled restricted stock units that have non-forfeitable rights to receive dividends or dividend equivalents) according to dividends declared and participation rights in undistributed earnings. Accordingly, we have excluded net income attributable to participating securities from our calculation of basic and diluted earnings per common share.

Archrock, Inc.
Unaudited Supplemental Information
Reconciliation of Net Income to Adjusted EBITDA and Adjusted Gross Margin
(in thousands)
		Three Months Ended
		September 30,				June 30,				September 30,
		2026				2026				2025
Net income		$	84,466			$	66,720			$	71,248
Depreciation and amortization			71,948				71,478				67,130
Long-lived and other asset impairment			3,217				4,881				4,676
Restructuring charges			—				125				688
Debt extinguishment gain			—				(687	)			—
Interest expense			37,017				37,016				43,661
Transaction-related costs			270				328				1,767
Stock-based compensation expense			3,421				5,507				4,488
Amortization of capitalized implementation costs			1,031				1,015				851
Indemnification (income) expense, net			(25	)			(31	)			825
Provision for income taxes			26,660				25,821				25,425
Equity in net loss of unconsolidated affiliate			420				453				185
Adjusted EBITDA (1)			228,425				212,626				220,944
Selling, general and administrative			26,049				39,641				37,676
Stock-based compensation expense			(3,421	)			(5,507	)			(4,488	)
Amortization of capitalized implementation costs			(1,031	)			(1,015	)			(851	)
Indemnification income (expense), net			25				31				(825	)
Gain on sale of assets, net			(2,146	)			(297	)			(3,835	)
Other (income) expense, net			(103	)			(967	)			3,984
Adjusted gross margin (1)		$	247,798			$	244,512			$	252,605

____________________________________

(1)

Management believes adjusted EBITDA and adjusted gross margin provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.

Archrock, Inc.
Unaudited Supplemental Information
Reconciliation of Gross Margin and Gross Margin Percentage to
Adjusted Gross Margin and Adjusted Gross Margin Percentage
(in thousands)
		Three Months Ended
		September 30,						June 30,						September 30,
		2026						2026						2025
Total revenues		$	370,811					$	371,238					$	382,430
Cost of sales, exclusive of depreciation and amortization			(123,013	)					(126,726	)					(129,825	)
Depreciation and amortization			(71,948	)					(71,478	)					(67,130	)
Gross margin and gross margin percentage			175,850		47	%			173,034		47	%			185,475		48	%
Depreciation and amortization			71,948						71,478						67,130
Adjusted gross margin and adjusted gross margin percentage (1)		$	247,798		67	%		$	244,512		66	%		$	252,605		66	%

____________________________________

(1)

Management believes adjusted gross margin and adjusted gross margin percentage provide useful information to investors because this non-GAAP measure, when viewed with our GAAP results and accompanying reconciliations, provides a more complete understanding of our performance than GAAP results alone. Management uses this non-GAAP measure as a supplemental measure to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.

Archrock, Inc.
Unaudited Supplemental Information
Reconciliation of Net Income to Adjusted EBITDA and Cash Available for Dividend
(in thousands)
		Three Months Ended
		September 30,				June 30,				September 30,
		2026				2026				2025
Net income		$	84,466			$	66,720			$	71,248
Depreciation and amortization			71,948				71,478				67,130
Long-lived and other asset impairment			3,217				4,881				4,676
Restructuring charges			—				125				688
Debt extinguishment gain			—				(687	)			—
Interest expense			37,017				37,016				43,661
Transaction-related costs			270				328				1,767
Stock-based compensation expense			3,421				5,507				4,488
Amortization of capitalized implementation costs			1,031				1,015				851
Indemnification (income) expense, net			(25	)			(31	)			825
Provision for income taxes			26,660				25,821				25,425
Equity in net loss of unconsolidated affiliate			420				453				185
Adjusted EBITDA (1)			228,425				212,626				220,944
Less: Maintenance capital expenditures			(33,281	)			(39,413	)			(29,629	)
Less: Other capital expenditures			(6,213	)			(7,612	)			(13,117	)
Less: Cash tax payment			(330	)			(2,829	)			—
Less: Cash interest expense			(35,592	)			(35,588	)			(42,461	)
Cash available for dividend (2)		$	153,009			$	127,184			$	135,737

____________________________________

(1)

Management believes adjusted EBITDA provides useful information to investors because this non-GAAP measure, when viewed with our GAAP results and accompanying reconciliations, provides a more complete understanding of our performance than GAAP results alone. Management uses this non-GAAP measure as a supplemental measure to review current period operating performance, comparability measure and performance measure for period-to-period comparisons.

(2)

Management uses cash available for dividend as a supplemental performance measure to compute the coverage ratio of estimated cash flows to planned dividends.

 

Archrock, Inc.
Unaudited Supplemental Information
Reconciliation of Net Cash Provided by Operating Activities to Cash Available for Dividend
(in thousands)
		Three Months Ended
		September 30,				June 30,				September 30,
		2026				2026				2025
Net cash provided by operating activities		$	158,824			$	160,782			$	164,530
Inventory write-downs			(66	)			(70	)			(324	)
Benefit from (provision for) credit losses			280				(109	)			(297	)
Gain on sale of assets, net			2,146				297				3,835
Current income tax (provision) benefit			767				995				(1,804	)
Cash tax payment			(330	)			(2,829	)			—
Amortization of operating lease ROU assets			(1,170	)			(1,225	)			(1,185	)
Amortization of contract costs			(4,806	)			(4,864	)			(5,549	)
Deferred revenue recognized in earnings			6,459				5,096				6,811
Indemnification (income) expense, net			(25	)			(31	)			825
Cash restructuring charges			—				125				437
Cash transaction-related costs			270				328				1,767
Changes in assets and liabilities			30,154				15,714				9,437
Maintenance capital expenditures			(33,281	)			(39,413	)			(29,629	)
Other capital expenditures			(6,213	)			(7,612	)			(13,117	)
Cash available for dividend (1)		$	153,009			$	127,184			$	135,737

____________________________________

(1)	Management uses cash available for dividend as a supplemental performance measure to compute the coverage ratio of estimated cash flows to planned dividends.

Archrock, Inc.
Unaudited Supplemental Information
Reconciliation of Net Cash Provided By Operating Activities to Adjusted Free Cash Flow
and Adjusted Free Cash Flow After Dividend
(in thousands)
		Three Months Ended
		September 30,				June 30,				September 30,
		2026				2026				2025
Net cash provided by operating activities		$	158,824			$	160,782			$	164,530
Net cash used in investing activities			(109,217	)			(93,792	)			(50,687	)
Adjusted free cash flow (1)			49,607				66,990				113,843
Dividends paid to stockholders			(40,563	)			(38,624	)			(36,921	)
Adjusted free cash flow after dividend (1)		$	9,044			$	28,366			$	76,922

____________________________________

(1)

Management believes adjusted free cash flow and adjusted free cash flow after dividend provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.

Archrock, Inc.
Unaudited Supplemental Information
Reconciliation of Net Income to Adjusted EBITDA and Cash Available for Dividend Guidance
(in thousands)
		Annual Guidance Range
		2026
		Low				High
Net income (1)		$	290,750			$	310,750
Interest expense			150,000				150,000
Provision for income taxes			103,000				103,000
Depreciation and amortization			283,000				283,000
Restructuring charges			250				250
Stock-based compensation expense			22,000				22,000
Long-lived and other asset impairment			10,100				10,100
Amortization of capitalized implementation costs			4,000				4,000
Debt extinguishment gain			(700	)			(700	)
Transaction-related costs (2)			1,400				1,400
Equity in net loss of unconsolidated affiliate			1,000				1,000
Indemnification expense, net			200				200
Adjusted EBITDA (2) (3)			865,000				885,000

____________________________________

(1)	2026 annual guidance for net income includes $10.1 million of long-lived and other asset impairment as of June 30, 2026, but does not include the impact of any future long-lived and other asset impairment because due to its nature, it cannot be accurately forecasted. Long-lived and other asset impairment does not impact Adjusted EBITDA or cash available for dividend; however, it is a reconciling item between these measures and net income. Long-lived and other asset impairment for the years 2025 and 2024 was $18.3 million and $10.7 million, respectively.
(2)	Reflects an estimate of expenses to be incurred related to the Total Operations and Production Services, LLC and NGCS acquisitions.
(3)	Management believes adjusted EBITDA provides useful information to investors because this non-GAAP measure, when viewed with our GAAP results and accompanying reconciliations, provides a more complete understanding of our performance than GAAP results alone. Management uses this non-GAAP measure as a supplemental measure to review current period operating performance, comparability measure and performance measure for period-to-period comparisons.

NASHVILLE, Tenn., Nov. 02, 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 nine months ended September 30, 2026.

Third Quarter 2026 Highlights and Recent Developments:

• The Company reported record third quarter consolidated revenue of $655.8 million, driven by record third quarter same-store Hospitality⁽¹⁾ segment revenue of $501.8 million and record third quarter Entertainment segment revenue of $93.0 million.
• The Company generated consolidated net income of $39.7 million and consolidated Adjusted EBITDAre of $191.8 million.
• During the quarter, the Company booked over 653,000 same-store Hospitality Gross Definite Room Nights for all future periods. The estimated average daily rate (ADR) for these bookings was approximately $293, a third quarter record.
• The Company completed the acquisition of the 1,592-room Grande Lakes Orlando Resort (“Grande Lakes Orlando”) on September 1, 2026, adding a turnkey asset in the nation’s top meetings market⁽²⁾ and creating incremental group customer rotation opportunities.
• The Company completed an underwritten public offering of approximately 5.9 million common shares at a price to the public of $117.00 per share and a private placement of $700 million of 6.250% senior unsecured notes due 2035, the net proceeds of which were used to fund the acquisition of Grande Lakes Orlando.
• The Company is raising its full year outlook, reflecting strong third quarter performance in its same-store Hospitality portfolio and modestly higher expectations for holiday leisure room night demand in the fourth quarter.

Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “We delivered another strong quarter with consolidated revenue and Adjusted EBITDAre ahead of our expectations driven by strong group and leisure trends in our same-store Hospitality business. Our premium group strategy continues to produce attractive results as higher meeting attendance and increased catering and audio visual spending drove performance in the quarter. Looking ahead, same-store group rooms revenue pace for 2027 and 2028 improved sequentially during the quarter, further supporting our view that we remain well positioned for continued growth in 2027.”

______________________

(1)	Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025, and Grande Lakes Orlando, which was acquired September 1, 2026.
(2)	Source: Cvent Top Meetings Destinations in North America 2026

Third Quarter 2026 Results (as compared to Third Quarter 2025):

		Three Months Ended											Nine Months Ended
		September 30,											September 30,
($ in thousands, except per share amounts)										%											%
		2026				2025				Change			2026				2025				Change
Total revenue		$	655,801			$	592,458			10.7	%		$	2,069,351			$	1,839,253			12.5	%
Operating income		$	94,334			$	88,612			6.5	%		$	406,675			$	344,158			18.2	%
Operating income margin			14.4	%			15.0	%		(0.6	)pts			19.7	%			18.7	%		1.0	pts
Net income		$	39,677			$	33,959			16.8	%		$	211,158			$	172,848			22.2	%
Net income margin			6.1	%			5.7	%		0.4	pts			10.2	%			9.4	%		0.8	pts
Net income available to common stockholders		$	40,208			$	34,886			15.3	%		$	203,433			$	169,600			19.9	%
Net income available to common stockholders margin			6.1	%			5.9	%		0.2	pts			9.8	%			9.2	%		0.6	pts
Net income available to common stockholders per diluted share (1)		$	0.58			$	0.53			9.4	%		$	3.00			$	2.65			13.2	%
Adjusted EBITDAre		$	191,795			$	173,073			10.8	%		$	669,399			$	570,431			17.3	%
Adjusted EBITDAre margin			29.2	%			29.2	%		—	pts			32.3	%			31.0	%		1.3	pts
Adjusted EBITDAre, excluding noncontrolling interest		$	185,173			$	166,368			11.3	%		$	642,230			$	546,805			17.5	%
Adjusted EBITDAre, excluding noncontrolling interest margin			28.2	%			28.1	%		0.1	pts			31.0	%			29.7	%		1.3	pts
Funds From Operations (FFO) available to common stockholders and unit holders		$	120,442			$	105,138			14.6	%		$	431,143			$	365,185			18.1	%
FFO available to common stockholders and unit holders per diluted share/unit (1)		$	1.75			$	1.60			9.4	%		$	6.39			$	5.72			11.7	%
Adjusted FFO available to common stockholders and unit holders		$	121,530			$	106,352			14.3	%		$	459,007			$	385,020			19.2	%
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)		$	1.79			$	1.63			9.8	%		$	6.84			$	6.06			12.9	%

______________________

(1)

Basic and diluted weighted average common shares for the three and nine months ended September 30, 2026 include the impact of approximately 5.9 million additional shares issued on August 12, 2026. Basic and diluted weighted average common shares for the three and nine months ended September 30, 2026 and 2025 include the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended September 30, 2026 and 2025 include 3.5 million and 4.2 million, respectively, and for the nine months ended September 30, 2026 and 2025 include 4.5 million and 3.8 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

		Three Months Ended											Nine Months Ended
		September 30,											September 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)										%											%
		2026				2025				Change			2026				2025				Change
Hospitality revenue		$	562,812			$	500,869			12.4	%		$	1,753,165			$	1,514,810			15.7	%
Same-store Hospitality revenue (1)		$	501,750			$	464,751			8.0	%		$	1,557,586			$	1,473,343			5.7	%
Hospitality operating income		$	99,975			$	87,078			14.8	%		$	398,705			$	330,807			20.5	%
Hospitality operating income margin			17.8	%			17.4	%		0.4	pts			22.7	%			21.8	%		0.9	pts
Hospitality Adjusted EBITDAre		$	178,268			$	156,315			14.0	%		$	613,880			$	515,724			19.0	%
Hospitality Adjusted EBITDAre margin			31.7	%			31.2	%		0.5	pts			35.0	%			34.0	%		1.0	pts
Same-store Hospitality operating income (1)		$	104,497			$	90,754			15.1	%		$	367,040			$	337,066			8.9	%
Same-store Hospitality operating income margin (1)			20.8	%			19.5	%		1.3	pts			23.6	%			22.9	%		0.7	pts
Same-store Hospitality Adjusted EBITDAre (1)		$	169,458			$	151,358			12.0	%		$	551,992			$	511,349			7.9	%
Same-store Hospitality Adjusted EBITDAre margin (1)			33.8	%			32.6	%		1.2	pts			35.4	%			34.7	%		0.7	pts
Hospitality performance metrics:
Occupancy			69.2	%			66.6	%		2.6	pts			70.0	%			69.8	%		0.2	pts
Average Daily Rate (ADR)		$	267.51			$	257.74			3.8	%		$	281.92			$	260.25			8.3	%
RevPAR		$	185.12			$	171.63			7.9	%		$	197.34			$	181.60			8.7	%
Total RevPAR		$	474.85			$	440.33			7.8	%		$	512.15			$	469.95			9.0	%
Same-store Hospitality performance metrics: (1)
Occupancy			70.3	%			67.3	%		3.0	pts			70.3	%			70.3	%		–	pts
ADR		$	266.63			$	258.04			3.3	%		$	273.81			$	260.52			5.1	%
RevPAR		$	187.49			$	173.71			7.9	%		$	192.41			$	183.17			5.0	%
Total RevPAR		$	477.82			$	442.58			8.0	%		$	499.86			$	472.83			5.7	%
Gross definite room nights booked			653,958				667,645			(2.1	)%			1,883,593				1,752,193			7.5	%
Net definite room nights booked			501,109				459,897			9.0	%			1,333,307				1,204,951			10.7	%
Group attrition (as % of contracted block)			15.0	%			16.3	%		(1.3	)pts			15.8	%			15.7	%		0.1	pts
Cancellations ITYFTY (2)			8,549				22,920			(62.7	)%			53,228				62,986			(15.5	)%

______________________

(1)	Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025, and Grande Lakes Orlando, which was acquired September 1, 2026.
(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 record third quarter RevPAR of approximately $187, an increase of 7.9% from the prior year quarter, and record third quarter Total RevPAR of approximately $478, an increase of 8.0% from the prior year quarter.
• The same-store Hospitality portfolio generated record third quarter operating income of $104.5 million and record third quarter Adjusted EBITDAre of $169.5 million.
• Third quarter same-store banquet and AV revenue contribution per group room night, a proxy for catering spend per group guest, increased 9.7% year over year, driven by our premium group customer strategy.
• Third quarter same-store attrition and cancellation fee revenue was approximately $8.8 million, a decrease of $2.8 million compared to the prior year quarter.
• In the third quarter, the Company completed the rooms renovation at Gaylord Texan.

Gaylord Opryland

		Three Months Ended											Nine Months Ended
		September 30,											September 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)										%											%
		2026				2025				Change			2026				2025				Change
Revenue		$	124,963			$	110,078			13.5	%		$	378,532			$	336,721			12.4	%
Operating income		$	35,879			$	30,683			16.9	%		$	112,268			$	95,925			17.0	%
Operating income margin			28.7	%			27.9	%		0.8	pts			29.7	%			28.5	%		1.2	pts
Adjusted EBITDAre		$	45,194			$	38,805			16.5	%		$	139,666			$	120,663			15.7	%
Adjusted EBITDAre margin			36.2	%			35.3	%		0.9	pts			36.9	%			35.8	%		1.1	pts
Performance metrics:
Occupancy			73.6	%			64.0	%		9.6	pts			72.5	%			68.1	%		4.4	pts
ADR		$	269.32			$	268.20			0.4	%		$	271.14			$	258.31			5.0	%
RevPAR		$	198.29			$	171.68			15.5	%		$	196.70			$	175.79			11.9	%
Total RevPAR		$	470.33			$	414.30			13.5	%		$	480.11			$	427.08			12.4	%

Gaylord Palms

		Three Months Ended											Nine Months Ended
		September 30,											September 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)										%											%
		2026				2025				Change			2026				2025				Change
Revenue		$	69,736			$	66,745			4.5	%		$	255,873			$	228,251			12.1	%
Operating income		$	7,743			$	7,997			(3.2	)%		$	58,604			$	45,450			28.9	%
Operating income margin			11.1	%			12.0	%		(0.9	)pts			22.9	%			19.9	%		3.0	pts
Adjusted EBITDAre		$	17,643			$	17,803			(0.9	)%		$	88,063			$	73,986			19.0	%
Adjusted EBITDAre margin			25.3	%			26.7	%		(1.4	)pts			34.4	%			32.4	%		2.0	pts
Performance metrics:
Occupancy			65.2	%			64.2	%		1.0	pts			72.5	%			73.0	%		(0.5	)pts
ADR		$	232.93			$	230.01			1.3	%		$	269.80			$	250.64			7.6	%
RevPAR		$	151.97			$	147.75			2.9	%		$	195.51			$	182.92			6.9	%
Total RevPAR		$	441.21			$	422.29			4.5	%		$	545.55			$	486.66			12.1	%

Gaylord Texan

		Three Months Ended											Nine Months Ended
		September 30,											September 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)										%											%
		2026				2025				Change			2026				2025				Change
Revenue		$	80,261			$	74,082			8.3	%		$	245,891			$	242,953			1.2	%
Operating income		$	18,933			$	16,480			14.9	%		$	66,266			$	69,177			(4.2	)%
Operating income margin			23.6	%			22.2	%		1.4	pts			26.9	%			28.5	%		(1.6	)pts
Adjusted EBITDAre		$	26,923			$	22,701			18.6	%		$	89,262			$	87,484			2.0	%
Adjusted EBITDAre margin			33.5	%			30.6	%		2.9	pts			36.3	%			36.0	%		0.3	pts
Performance metrics:
Occupancy			71.4	%			67.0	%		4.4	pts			68.9	%			70.7	%		(1.8	)pts
ADR		$	262.01			$	248.99			5.2	%		$	264.61			$	253.19			4.5	%
RevPAR		$	187.15			$	166.86			12.2	%		$	182.38			$	178.91			1.9	%
Total RevPAR		$	480.92			$	443.90			8.3	%		$	496.53			$	490.59			1.2	%

Gaylord National

		Three Months Ended											Nine Months Ended
		September 30,											September 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)										%											%
		2026				2025				Change			2026				2025				Change
Revenue		$	82,900			$	78,098			6.1	%		$	247,549			$	242,340			2.1	%
Operating income		$	13,045			$	11,340			15.0	%		$	38,820			$	36,632			6.0	%
Operating income margin			15.7	%			14.5	%		1.2	pts			15.7	%			15.1	%		0.6	pts
Adjusted EBITDAre		$	26,053			$	24,130			8.0	%		$	70,858			$	68,581			3.3	%
Adjusted EBITDAre margin			31.4	%			30.9	%		0.5	pts			28.6	%			28.3	%		0.3	pts
Performance metrics:
Occupancy			66.1	%			65.7	%		0.4	pts			66.8	%			68.6	%		(1.8	)pts
ADR		$	260.56			$	241.65			7.8	%		$	269.59			$	251.56			7.2	%
RevPAR		$	172.15			$	158.79			8.4	%		$	180.11			$	172.58			4.4	%
Total RevPAR		$	451.45			$	425.30			6.1	%		$	454.29			$	444.74			2.1	%

Gaylord Rockies

		Three Months Ended											Nine Months Ended
		September 30,											September 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)										%											%
		2026				2025				Change			2026				2025				Change
Revenue		$	86,102			$	77,951			10.5	%		$	243,086			$	230,621			5.4	%
Operating income		$	23,436			$	17,156			36.6	%		$	61,673			$	53,777			14.7	%
Operating income margin			27.2	%			22.0	%		5.2	pts			25.4	%			23.3	%		2.1	pts
Adjusted EBITDAre		$	38,652			$	32,069			20.5	%		$	107,218			$	98,439			8.9	%
Adjusted EBITDAre margin			44.9	%			41.1	%		3.8	pts			44.1	%			42.7	%		1.4	pts
Performance metrics:
Occupancy			82.9	%			83.6	%		(0.7	)pts			79.3	%			78.7	%		0.6	pts
ADR		$	275.64			$	266.03			3.6	%		$	270.23			$	261.20			3.5	%
RevPAR		$	228.57			$	222.36			2.8	%		$	214.22			$	205.69			4.1	%
Total RevPAR		$	623.52			$	564.49			10.5	%		$	593.22			$	562.80			5.4	%

JW Marriott Hill Country

		Three Months Ended											Nine Months Ended
		September 30,											September 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)										%											%
		2026				2025				Change			2026				2025				Change
Revenue		$	50,585			$	51,615			(2.0	)%		$	166,642			$	173,464			(3.9	)%
Operating income		$	4,777			$	6,849			(30.3	)%		$	27,967			$	34,948			(20.0	)%
Operating income margin			9.4	%			13.3	%		(3.9	)pts			16.8	%			20.1	%		(3.3	)pts
Adjusted EBITDAre		$	13,332			$	14,786			(9.8	)%		$	52,877			$	58,635			(9.8	)%
Adjusted EBITDAre margin			26.4	%			28.6	%		(2.2	)pts			31.7	%			33.8	%		(2.1	)pts
Performance metrics:
Occupancy			62.6	%			66.7	%		(4.1	)pts			64.1	%			70.1	%		(6.0	)pts
ADR		$	343.98			$	337.63			1.9	%		$	342.19			$	334.35			2.3	%
RevPAR		$	215.41			$	225.31			(4.4	)%		$	219.28			$	234.36			(6.4	)%
Total RevPAR		$	548.74			$	559.92			(2.0	)%		$	609.19			$	634.13			(3.9	)%

JW Marriott Desert Ridge⁽¹⁾

		Three Months Ended											Nine Months Ended				Period Ended
		September 30,											September 30,				September 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)										%
		2026				2025				Change			2026				2025
Revenue		$	39,071			$	36,118			8.2	%		$	173,588			$	41,467
Operating income (loss)		$	(2,671			$	(3,676	)		27.3	%		$	33,516			$	(6,259	)
Operating income (loss) margin			(6.8	)%			(10.2	)%		3.4	pts			19.3	%			(15.1	)%
Adjusted EBITDAre		$	5,607			$	4,957			13.1	%		$	58,685			$	4,375
Adjusted EBITDAre margin			14.4	%			13.7	%		0.7	pts			33.8	%			10.6	%
Performance metrics:
Occupancy			59.1	%			57.9	%		1.2	pts			68.0	%			54.4	%
ADR		$	252.56			$	253.43			(0.3	)%		$	376.93			$	250.08
RevPAR		$	149.30			$	146.63			1.8	%		$	256.43			$	136.07
Total RevPAR		$	447.03			$	413.25			8.2	%		$	669.32			$	386.27

Grande Lakes Orlando⁽²⁾

		Period Ended
		September 30,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
		2026
Revenue		$	21,991
Operating loss		$	(1,851	)
Operating loss margin			(8.4	)%
Adjusted EBITDAre		$	3,203
Adjusted EBITDAre margin			14.6	%
Performance metrics:
Occupancy			63.1	%
ADR		$	314.64
RevPAR		$	198.49
Total RevPAR		$	460.45

______________________

(1)	JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore nine months results are not comparable to the prior year period.
(2)	Grande Lakes Orlando was acquired by the Company on September 1, 2026, therefore there are no comparison figures.

Entertainment Segment

		Three Months Ended											Nine Months Ended
		September 30,											September 30,
($ in thousands)										%											%
		2026				2025				Change			2026				2025				Change
Revenue		$	92,989			$	91,589			1.5	%		$	316,186			$	324,443			(2.5	)%
Operating income		$	6,984			$	11,827			(40.9	)%		$	43,641			$	45,638			(4.4	)%
Operating income margin			7.5	%			12.9	%		(5.4	)pts			13.8	%			14.1	%		(0.3	)pts
Adjusted EBITDAre		$	23,815			$	24,738			(3.7	)%		$	83,414			$	79,585			4.8	%
Adjusted EBITDAre margin			25.6	%			27.0	%		(1.4	)pts			26.4	%			24.5	%		1.9	pts

Fioravanti continued, “Our Entertainment business delivered results in line with our expectations in a seasonally light quarter. Customer spending across our venues remained healthy and our recent investments in artist-centered venues and amphitheaters continued to perform well. In mid-October, Category 10 Las Vegas opened to a strong reception, exceeding our expectations. We believe the strength of these brands and venues, together with the opportunities in our development pipeline, provides an attractive foundation for OEG’s continued growth.”

Corporate and Other Segment

		Three Months Ended											Nine Months Ended
		September 30,											September 30,
($ in thousands)										%											%
		2026				2025				Change			2026				2025				Change
Operating loss		$	(12,625	)		$	(10,293	)		(22.7	)%		$	(35,671	)		$	(32,287	)		(10.5	)%
Adjusted EBITDAre		$	(10,288	)		$	(7,980	)		(28.9	)%		$	(27,895	)		$	(24,878	)		(12.1	)%

Capital Expenditures

The Company’s updated estimate of capital expenditures in 2026 is $450 to $500 million, reflecting greater visibility into the timing of cash outflows for the remainder of the year. Year to date through September 30, 2026, the Company has spent approximately $363 million in capital expenditures, excluding the purchase of Grande Lakes Orlando.

In the third quarter, the Company completed the rooms renovation at Gaylord Texan. Subsequent to quarter-end, the Company completed the development of Category 10 Las Vegas.

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 JW Marriott Hill Country, which began in April 2026 and is expected to be completed in March 2027;
• The development of Category 10 in Orlando, which is expected to begin by year-end 2026 and is expected to be completed by mid-year 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 November 2, 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 performance in our same-store Hospitality business, partially offset by lower Entertainment expectations related primarily to the closure of the General Jackson Showboat. We are cautiously optimistic on fourth quarter hotel leisure trends, as early demand indicators including ice! ticket sales and leisure room night bookings for the holiday period are trending positively. At the midpoint of our outlook, AFFO per diluted share is expected to grow approximately 10% year over year. We believe this level of growth is particularly meaningful given the outlook includes a partial year contribution of Grande Lakes Orlando operations and the share dilution from our recent equity offering.”

		Guidance Range													Prior Guidance Range
(in millions, except per share figures)		For Full Year 2026 (1)													Full Year 2026 (1)													Change to
		Low				High				Midpoint					Low				High				Midpoint					Midpoint
Same-store Hospitality RevPAR growth(2)			4.50	%			5.50	%			5.00	%				3.50	%			4.50	%			4.00	%				1.00	%
Same-store Hospitality Total RevPAR growth(2)			4.50	%			5.50	%			5.00	%				3.50	%			4.50	%			4.00	%				1.00	%
Operating income:
Hospitality (same-store) (2)		$	495.5			$	498.5			$	497.0				$	484.5			$	489.5			$	487.0				$	10.0
JW Marriott Desert Ridge			35.0				37.0				36.0					35.0				37.0				36.0					–
Grande Lakes Orlando			11.0				14.0				12.5					11.0				14.0				12.5					–
Entertainment			70.2				71.9				71.0					74.8				79.5				77.1					(6.1	)
Corporate and Other			(50.5	)			(49.0	)			(49.8	)				(50.5	)			(49.0	)			(49.8	)				–
Consolidated operating income		$	561.2			$	572.4			$	566.8				$	554.8			$	571.0			$	562.9				$	3.9
Adjusted EBITDAre:
Hospitality (same-store) (2)		$	740.0			$	750.0			$	745.0				$	728.0			$	742.0			$	735.0				$	10.0
JW Marriott Desert Ridge			69.0				73.0				71.0					69.0				73.0				71.0					–
Grande Lakes Orlando			30.0				35.0				32.5					30.0				35.0				32.5					–
Entertainment			120.0				124.0				122.0					120.0				130.0				125.0					(3.0	)
Corporate and Other			(39.0	)			(35.0	)			(37.0	)				(39.0	)			(35.0	)			(37.0	)				–
Consolidated Adjusted EBITDAre		$	920.0			$	947.0			$	933.5				$	908.0			$	945.0			$	926.5				$	7.0
Net income		$	287.0			$	293.5			$	290.3				$	276.0			$	283.5			$	279.8				$	10.5
Net income available to common stockholders		$	277.0			$	281.5			$	279.3				$	266.0			$	271.5			$	268.8				$	10.5
FFO available to common stockholders and unit holders		$	593.0			$	609.0			$	601.0				$	580.0			$	601.0			$	590.5				$	10.5
Adjusted FFO available to common stockholders and unit holders		$	625.1			$	648.6			$	636.8				$	606.8			$	636.3			$	621.5				$	15.3
Net income available to common stockholders per diluted share (3)		$	4.06			$	4.09			$	4.08				$	3.90			$	3.95			$	3.93				$	0.15
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (3)		$	9.16			$	9.43			$	9.29				$	8.90			$	9.26			$	9.08				$	0.21
Weighted average shares outstanding – diluted (3)			70.7				70.7				70.7					70.7				70.7				70.7					–
Weighted average shares and OP units outstanding – diluted (3)			71.1				71.1				71.1					71.1				71.1				71.1					–

______________________

(1)	Includes JW Marriott Desert Ridge and Grande Lakes Orlando, 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, and Grande Lakes Orlando, which was acquired September 1, 2026.
(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 October 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 September 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 September 30, 2026, the Company had unrestricted cash of $348.2 million and total debt outstanding of $4,659.3 million, net of unamortized deferred financing costs. As of September 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”). The Company has not entered into definitive 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, November 3, at 10:00 a.m. ET. To participate in the conference call, please register using the link provided in our Third Quarter 2026 Earnings Conference Call announcement issued September 8, 2026, which is available in the News Releases section of the Company’s Investor Relations website at http://ir.rymanhp.com. A confirmation email with dial-in details will be sent after registering. We recommend registering a minimum of thirty minutes prior to the start of the call. A live webcast will also be available on the Company’s Investor Relations website.

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 the Grande Lakes Orlando Resort, the JW Marriott Phoenix Desert Ridge Resort & Spa and the 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 13,956 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 Grande Lakes Orlando, the Company’s ability to identify and capitalize on additional value creation opportunities at Grande Lakes Orlando 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 Grande Lakes Orlando. 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.

Investor Relations Contacts: Mark Fioravanti, President and Chief Executive Officer (615) 316-6588 mfioravanti@rymanhp.com  Jennifer Hutcheson, Chief Financial Officer (615) 316-6320 jhutcheson@rymanhp.com  Sarah Martin, Vice President, Investor Relations (615) 316-6011 sarah.martin@rymanhp.com

Media Contact: Shannon Sullivan, Vice President, Corporate and Brand Communications (615) 316-6725 ssullivan@rymanhp.com

 

Ryman Hospitality Properties, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
Unaudited
(In thousands, except per share data)

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2026				2025				2026				2025
Revenues:
Rooms		$	219,409			$	195,227			$	675,533			$	585,359
Food and beverage			270,278				233,674				856,062				737,328
Other hotel revenue			73,125				71,968				221,570				192,123
Entertainment			92,989				91,589				316,186				324,443
Total revenues			655,801				592,458				2,069,351				1,839,253
Operating expenses:
Rooms			54,481				48,668				157,656				142,195
Food and beverage			158,134				139,961				475,417				414,252
Other hotel expenses			156,829				144,882				451,711				399,394
Management fees, net			19,946				16,551				63,003				52,930
Total hotel operating expenses			389,390				350,062				1,147,787				1,008,771
Entertainment			70,790				67,935				237,462				248,081
Corporate			12,369				10,062				34,899				31,591
Preopening costs			897				1,289				1,722				1,474
Loss on sale of assets			–				1,296				–				1,296
Impairment charges			4,858				–				4,858				–
Depreciation and amortization			83,163				73,202				235,948				203,882
Total operating expenses			561,467				503,846				1,662,676				1,495,095
Operating income			94,334				88,612				406,675				344,158
Interest expense, net of amounts capitalized			(68,275	)			(64,873	)			(196,269	)			(177,690	)
Interest income			5,096				4,836				14,009				15,878
Loss on extinguishment of debt			–				(380	)			(2,200	)			(2,922	)
Income (loss) from unconsolidated joint ventures			–				(37	)			4				(66	)
Other gains and (losses), net			2,074				2,168				1,453				1,864
Income before income taxes			33,229				30,326				223,672				181,222
(Provision) benefit for income taxes			6,448				3,633				(12,514	)			(8,374	)
Net income			39,677				33,959				211,158				172,848
Net income attributable to noncontrolling interest in OEG			(54	)			(987	)			(3,516	)			(3,792	)
Net (income) loss attributable to other noncontrolling interests			585				1,914				(4,209	)			544
Net income available to common stockholders		$	40,208			$	34,886			$	203,433			$	169,600
Basic income per share available to common stockholders(1)		$	0.61			$	0.55			$	3.17			$	2.76
Diluted income per share available to common stockholders(1)		$	0.58			$	0.53			$	3.00			$	2.65
Weighted average common shares for the period:
Basic(1)			66,307				63,000				64,160				61,435
Diluted(1)			70,017				67,335				68,911				65,463

______________________

(1)

Basic and diluted weighted average common shares for the three and nine months ended September 30, 2026 include the impact of approximately 5.9 million additional shares issued on August 12, 2026. Basic and diluted weighted average common shares for the three and nine months ended September 30, 2026 and 2025 include the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended September 30, 2026 and 2025 include 3.5 million and 4.2 million, respectively, and for the nine months ended September 30, 2026 and 2025 include 4.5 million and 3.8 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.

 

Ryman Hospitality Properties, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
Unaudited
(In thousands)

		September 30,			December 31,
		2026			2025
ASSETS:
Property and equipment, net of accumulated depreciation		$	6,466,416		$	4,970,429
Cash and cash equivalents – unrestricted			348,177			471,421
Cash and cash equivalents – restricted			47,450			28,759
Notes receivable, net			47,856			53,503
Trade receivables, net			116,234			105,903
Deferred income tax assets, net			58,154			67,669
Prepaid expenses and other assets			253,973			196,798
Intangible assets and goodwill, net			303,079			286,701
Total assets		$	7,641,339		$	6,181,183
LIABILITIES AND EQUITY:
Debt and finance lease obligations		$	4,659,308		$	3,976,913
Accounts payable and accrued liabilities			633,370			517,708
Distributions payable			85,594			78,819
Deferred management rights proceeds			162,385			162,901
Operating lease liabilities			163,694			158,815
Other liabilities			78,004			74,251
Noncontrolling interest in OEG			444,096			422,691
Total equity			1,414,888			789,085
Total liabilities and equity		$	7,641,339		$	6,181,183

 

Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Adjusted EBITDAre Reconciliation
Unaudited
(In thousands)

		Three Months Ended														Nine Months Ended
		September 30,														September 30,
		2026							2025							2026							2025
		$				Margin			$				Margin			$				Margin			$				Margin
Consolidated:
Revenue		$	655,801						$	592,458						$	2,069,351						$	1,839,253
Net income		$	39,677			6.1	%		$	33,959			5.7	%		$	211,158			10.2	%		$	172,848			9.4	%
Interest expense, net			63,179							60,037							182,260							161,812
Provision (benefit) for income taxes			(6,448	)						(3,633	)						12,514							8,374
Depreciation and amortization			83,163							73,202							235,948							203,882
Loss on sale of assets			–							1,296							–							1,296
Pro rata EBITDAre from unconsolidated joint ventures			–							(1	)						2							1
EBITDAre			179,571			27.4	%			164,860			27.8	%			641,882			31.0	%			548,213			29.8	%
Preopening costs			897							1,289							1,722							1,474
Non-cash lease expense			999							1,219							3,591							3,053
Equity-based compensation expense			4,113							3,660							11,742							10,777
Pension settlement charge			428							640							428							640
Impairment charges			4,858							–							4,858							–
Interest income on Gaylord National bonds			929							1,025							2,980							3,252
Loss on extinguishment of debt			–							380							2,200							2,922
Transaction costs of acquisitions			–							–							–							100
Pro rata adjusted EBITDAre from unconsolidated joint ventures			–							–							(4	)						–
Adjusted EBITDAre			191,795			29.2	%			173,073			29.2	%			669,399			32.3	%			570,431			31.0	%
Adjusted EBITDAre of noncontrolling interest			(6,622	)						(6,705	)						(27,169	)						(23,626	)
Adjusted EBITDAre, excluding noncontrolling interest		$	185,173			28.2	%		$	166,368			28.1	%		$	642,230			31.0	%		$	546,805			29.7	%
Hospitality segment:
Revenue		$	562,812						$	500,869						$	1,753,165						$	1,514,810
Operating income		$	99,975			17.8	%		$	87,078			17.4	%		$	398,705			22.7	%		$	330,807			21.8	%
Depreciation and amortization			73,447							63,729							206,673							175,232
Non-cash lease expense			512							1,184							2,125							3,134
Interest income on Gaylord National bonds			929							1,025							2,980							3,252
Other gains and (losses), net			3,405							3,299							3,397							3,299
Adjusted EBITDAre		$	178,268			31.7	%		$	156,315			31.2	%		$	613,880			35.0	%		$	515,724			34.0	%
Same-store Hospitality segment: (1)
Revenue		$	501,750						$	464,751						$	1,557,586						$	1,473,343
Operating income		$	104,497			20.8	%		$	90,754			19.5	%		$	367,040			23.6	%		$	337,066			22.9	%
Depreciation and amortization			59,718							55,335							175,850							164,895
Non-cash lease expense			909							945							2,725							2,837
Interest income on Gaylord National bonds			929							1,025							2,980							3,252
Other gains and (losses), net			3,405							3,299							3,397							3,299
Adjusted EBITDAre		$	169,458			33.8	%		$	151,358			32.6	%		$	551,992			35.4	%		$	511,349			34.7	%
Entertainment segment:
Revenue		$	92,989						$	91,589						$	316,186						$	324,443
Operating income		$	6,984			7.5	%		$	11,827			12.9	%		$	43,641			13.8	%		$	45,638			14.1	%
Depreciation and amortization			9,460							9,242							28,503							27,954
Preopening costs			897							1,289							1,722							1,474
Non-cash lease (revenue) expense			487							35							1,466							(81	)
Equity-based compensation			1,129							1,087							3,224							3,135
Impairment charges			4,858							–							4,858							–
Loss on sale of assets			–							1,296							–							1,296
Other gains and (losses), net			–							–							–							136
Transaction costs of acquisitions			–							–							–							100
Pro rata adjusted EBITDAre from unconsolidated joint ventures			–							(38	)						–							(67	)
Adjusted EBITDAre		$	23,815			25.6	%		$	24,738			27.0	%		$	83,414			26.4	%		$	79,585			24.5	%
Corporate and Other segment:
Operating loss		$	(12,625	)					$	(10,293	)					$	(35,671	)					$	(32,287	)
Depreciation and amortization			256							231							772							696
Other gains and (losses), net			(1,331	)						(1,131	)						(1,942	)						(1,569	)
Equity-based compensation			2,984							2,573							8,518							7,642
Pension settlement charge			428							640							428							640
Adjusted EBITDAre		$	(10,288	)					$	(7,980	)					$	(27,895	)					$	(24,878	)

______________________

(1)	Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025, and Grande Lakes Orlando, which was acquired September 1, 2026.

 

Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Funds From Operations (“FFO”) and Adjusted FFO Reconciliation
Unaudited
(In thousands, except per share data)

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2026				2025				2026				2025
Net income available to common stockholders		$	40,208			$	34,886			$	203,433			$	169,600
Noncontrolling interest in OP Units			235				218				1,257				1,092
Net income available to common stockholders and unit holders			40,443				35,104				204,690				170,692
Depreciation and amortization			83,025				73,053				235,579				203,635
Adjustments for noncontrolling interest			(3,026	)			(3,019	)			(9,126	)			(9,142	)
FFO available to common stockholders and unit holders			120,442				105,138				431,143				365,185
Right-of-use asset amortization			138				149				369				247
Non-cash lease expense			999				1,219				3,591				3,053
Pension settlement charge			428				640				428				640
Impairment charges			4,858				–				4,858				–
Pro rata adjustments from joint ventures			–				–				(4	)			–
Loss on sale of assets			–				1,296				–				1,296
Amortization of deferred financing costs			3,302				3,155				9,654				8,762
Amortization of debt discounts and premiums			509				387				1,368				1,375
Loss on extinguishment of debt			–				380				2,200				2,922
Adjustments for noncontrolling interest			(1,634	)			(1,621	)			(3,699	)			(3,639	)
Transaction costs of acquisitions			–				–				–				100
Deferred tax provision (benefit)			(7,512	)			(4,391	)			9,099				5,079
Adjusted FFO available to common stockholders and unit holders		$	121,530			$	106,352			$	459,007			$	385,020
Basic net income per share(1)		$	0.61			$	0.55			$	3.17			$	2.76
Diluted net income per share(1)		$	0.58			$	0.53			$	3.00			$	2.65
FFO available to common stockholders and unit holders per basic share/unit(1)		$	1.81			$	1.66			$	6.68			$	5.91
Adjusted FFO available to common stockholders and unit holders per basic share/unit(1)		$	1.82			$	1.68			$	7.11			$	6.23
FFO available to common stockholders and unit holders per diluted share/unit (1)		$	1.75			$	1.60			$	6.39			$	5.72
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)		$	1.79			$	1.63			$	6.84			$	6.06
Weighted average common shares and OP units for the period:
Basic(1)			66,702				63,395				64,555				61,830
Diluted (1)			70,412				67,730				69,306				65,858

______________________

(1)

Basic and diluted weighted average common shares for the three and nine months ended September 30, 2026 include the impact of approximately 5.9 million additional shares issued on August 12, 2026. Basic and diluted weighted average common shares for the three and nine months ended September 30, 2026 and 2025 include the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended September 30, 2026 and 2025 include 3.5 million and 4.2 million, respectively, and for the nine months ended September 30, 2026 and 2025 include 4.5 million and 3.8 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.

 

Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics
Unaudited
($ in thousands, except for performance metrics)

		Three Months Ended														Nine Months Ended
		September 30,														September 30,
		2026							2025							2026							2025
		$				Margin			$				Margin			$				Margin			$				Margin
Hospitality segment:
Revenue		$	562,812						$	500,869						$	1,753,165						$	1,514,810
Operating income		$	99,975			17.8	%		$	87,078			17.4	%		$	398,705			22.7	%		$	330,807			21.8	%
Depreciation and amortization			73,447							63,729							206,673							175,232
Non-cash lease expense			512							1,184							2,125							3,134
Interest income on Gaylord National bonds			929							1,025							2,980							3,252
Other gains and (losses), net			3,405							3,299							3,397							3,299
Adjusted EBITDAre		$	178,268			31.7	%		$	156,315			31.2	%		$	613,880			35.0	%		$	515,724			34.0	%
Performance metrics:
Occupancy			69.2	%						66.6	%						70.0	%						69.8	%
ADR		$	267.51						$	257.74						$	281.92						$	260.25
RevPAR		$	185.12						$	171.63						$	197.34						$	181.60
OtherPAR		$	289.73						$	268.70						$	314.81						$	288.35
Total RevPAR		$	474.85						$	440.33						$	512.15						$	469.95
Same-store Hospitality segment: (1)
Revenue		$	501,750						$	464,751						$	1,557,586						$	1,473,343
Operating income		$	104,497			20.8	%		$	90,754			19.5	%		$	367,040			23.6	%		$	337,066			22.9	%
Depreciation and amortization			59,718							55,335							175,850							164,895
Non-cash lease expense			909							945							2,725							2,837
Interest income on Gaylord National bonds			929							1,025							2,980							3,252
Other gains and (losses), net			3,405							3,299							3,397							3,299
Adjusted EBITDAre		$	169,458			33.8	%		$	151,358			32.6	%		$	551,992			35.4	%		$	511,349			34.7	%
Performance metrics:
Occupancy			70.3	%						67.3	%						70.3	%						70.3	%
ADR		$	266.63						$	258.04						$	273.81						$	260.52
RevPAR		$	187.49						$	173.71						$	192.41						$	183.17
OtherPAR		$	290.33						$	268.87						$	307.45						$	289.66
Total RevPAR		$	477.82						$	442.58						$	499.86						$	472.83
Gaylord Opryland:
Revenue		$	124,963						$	110,078						$	378,532						$	336,721
Operating income		$	35,879			28.7	%		$	30,683			27.9	%		$	112,268			29.7	%		$	95,925			28.5	%
Depreciation and amortization			9,322							8,132							27,421							24,767
Non-cash lease revenue			(7	)						(10	)						(23	)						(29	)
Adjusted EBITDAre		$	45,194			36.2	%		$	38,805			35.3	%		$	139,666			36.9	%		$	120,663			35.8	%
Performance metrics:
Occupancy			73.6	%						64.0	%						72.5	%						68.1	%
ADR		$	269.32						$	268.20						$	271.14						$	258.31
RevPAR		$	198.29						$	171.68						$	196.70						$	175.79
OtherPAR		$	272.04						$	242.62						$	283.41						$	251.29
Total RevPAR		$	470.33						$	414.30						$	480.11						$	427.08
Gaylord Palms:
Revenue		$	69,736						$	66,745						$	255,873						$	228,251
Operating income		$	7,743			11.1	%		$	7,997			12.0	%		$	58,604			22.9	%		$	45,450			19.9	%
Depreciation and amortization			8,984							8,851							26,711							25,670
Non-cash lease expense			916							955							2,748							2,866
Adjusted EBITDAre		$	17,643			25.3	%		$	17,803			26.7	%		$	88,063			34.4	%		$	73,986			32.4	%
Performance metrics:
Occupancy			65.2	%						64.2	%						72.5	%						73.0	%
ADR		$	232.93						$	230.01						$	269.80						$	250.64
RevPAR		$	151.97						$	147.75						$	195.51						$	182.92
OtherPAR		$	289.24						$	274.54						$	350.04						$	303.74
Total RevPAR		$	441.21						$	422.29						$	545.55						$	486.66

______________________

(1)	Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025, and Grande Lakes Orlando, which was acquired September 1, 2026.

 

Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics
Unaudited
($ in thousands, except for performance metrics)

		Three Months Ended												Nine Months Ended
		September 30,												September 30,
		2026						2025						2026						2025
		$			Margin			$			Margin			$			Margin			$			Margin
Gaylord Texan:
Revenue		$	80,261					$	74,082					$	245,891					$	242,953
Operating income		$	18,933		23.6	%		$	16,480		22.2	%		$	66,266		26.9	%		$	69,177		28.5	%
Depreciation and amortization			7,990						6,221						22,996						18,307
Adjusted EBITDAre		$	26,923		33.5	%		$	22,701		30.6	%		$	89,262		36.3	%		$	87,484		36.0	%
Performance metrics:
Occupancy			71.4	%					67.0	%					68.9	%					70.7	%
ADR		$	262.01					$	248.99					$	264.61					$	253.19
RevPAR		$	187.15					$	166.86					$	182.38					$	178.91
OtherPAR		$	293.77					$	277.04					$	314.15					$	311.68
Total RevPAR		$	480.92					$	443.90					$	496.53					$	490.59
Gaylord National:
Revenue		$	82,900					$	78,098					$	247,549					$	242,340
Operating income		$	13,045		15.7	%		$	11,340		14.5	%		$	38,820		15.7	%		$	36,632		15.1	%
Depreciation and amortization			8,674						8,466						25,661						25,398
Interest income on Gaylord National bonds			929						1,025						2,980						3,252
Other gains and (losses), net			3,405						3,299						3,397						3,299
Adjusted EBITDAre		$	26,053		31.4	%		$	24,130		30.9	%		$	70,858		28.6	%		$	68,581		28.3	%
Performance metrics:
Occupancy			66.1	%					65.7	%					66.8	%					68.6	%
ADR		$	260.56					$	241.65					$	269.59					$	251.56
RevPAR		$	172.15					$	158.79					$	180.11					$	172.58
OtherPAR		$	279.30					$	266.51					$	274.18					$	272.16
Total RevPAR		$	451.45					$	425.30					$	454.29					$	444.74
Gaylord Rockies:
Revenue		$	86,102					$	77,951					$	243,086					$	230,621
Operating income		$	23,436		27.2	%		$	17,156		22.0	%		$	61,673		25.4	%		$	53,777		23.3	%
Depreciation and amortization			15,216						14,913						45,545						44,662
Adjusted EBITDAre		$	38,652		44.9	%		$	32,069		41.1	%		$	107,218		44.1	%		$	98,439		42.7	%
Performance metrics:
Occupancy			82.9	%					83.6	%					79.3	%					78.7	%
ADR		$	275.64					$	266.03					$	270.23					$	261.20
RevPAR		$	228.57					$	222.36					$	214.22					$	205.69
OtherPAR		$	394.95					$	342.13					$	379.00					$	357.11
Total RevPAR		$	623.52					$	564.49					$	593.22					$	562.80
JW Marriott Hill Country:
Revenue		$	50,585					$	51,615					$	166,642					$	173,464
Operating income		$	4,777		9.4	%		$	6,849		13.3	%		$	27,967		16.8	%		$	34,948		20.1	%
Depreciation and amortization			8,555						7,937						24,910						23,687
Adjusted EBITDAre		$	13,332		26.4	%		$	14,786		28.6	%		$	52,877		31.7	%		$	58,635		33.8	%
Performance metrics:
Occupancy			62.6	%					66.7	%					64.1	%					70.1	%
ADR		$	343.98					$	337.63					$	342.19					$	334.35
RevPAR		$	215.41					$	225.31					$	219.28					$	234.36
OtherPAR		$	333.33					$	334.61					$	389.91					$	399.77
Total RevPAR		$	548.74					$	559.92					$	609.19					$	634.13

 

Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDAre Reconciliation and Operating Metrics
Unaudited
($ in thousands, except for performance metrics)

		Three Months Ended														Nine Months Ended
		September 30,														September 30,
		2026							2025							2026							2025
		$				Margin			$				Margin			$				Margin			$				Margin
JW Marriott Desert Ridge: (1)
Revenue		$	39,071						$	36,118						$	173,588						$	41,467
Operating income (loss)		$	(2,671	)		(6.8	)%		$	(3,676	)		(10.2	)%		$	33,516			19.3	%		$	(6,259	)		(15.1	)%
Depreciation and amortization			8,675							8,394							25,769							10,337
Non-cash lease (revenue) expense			(397	)						239							(600	)						297
Adjusted EBITDAre		$	5,607			14.4	%		$	4,957			13.7	%		$	58,685			33.8	%		$	4,375			10.6	%
Performance metrics:
Occupancy			59.1	%						57.9	%						68.0	%						54.4	%
ADR		$	252.56						$	253.43						$	376.93						$	250.08
RevPAR		$	149.30						$	146.63						$	256.43						$	136.07
OtherPAR		$	297.73						$	266.62						$	412.89						$	250.20
Total RevPAR		$	447.03						$	413.25						$	669.32						$	386.27
Grande Lakes Orlando: (1)
Revenue		$	21,991						$	–						$	21,991						$	–
Operating loss		$	(1,851	)		(8.4	)%		$	–			N/A	%		$	(1,851	)		(8.4	)%		$	–			N/A	%
Depreciation and amortization			5,054							–							5,054							–
Adjusted EBITDAre		$	3,203			14.6	%		$	–			N/A	%		$	3,203			14.6	%		$	–			N/A	%
Performance metrics:
Occupancy			63.1	%						N/A	%						63.1	%						N/A	%
ADR		$	314.64						$	N/A						$	314.64						$	N/A
RevPAR		$	198.49						$	N/A						$	198.49						$	N/A
OtherPAR		$	261.96						$	N/A						$	261.96						$	N/A
Total RevPAR		$	460.45						$	N/A						$	460.45						$	N/A
The AC Hotel at National Harbor:
Revenue		$	3,114						$	2,880						$	9,670						$	9,140
Operating income		$	87			2.8	%		$	253			8.8	%		$	1,120			11.6	%		$	1,124			12.3	%
Depreciation and amortization			382							224							833							669
Adjusted EBITDAre		$	469			15.1	%		$	477			16.6	%		$	1,953			20.2	%		$	1,793			19.6	%
Performance metrics:
Occupancy			63.9	%						61.7	%						60.9	%						58.8	%
ADR		$	246.01						$	233.22						$	268.06						$	258.12
RevPAR		$	157.10						$	143.95						$	163.16						$	151.75
OtherPAR		$	19.23						$	19.07						$	21.33						$	22.62
Total RevPAR		$	176.33						$	163.02						$	184.49						$	174.37
The Inn at Opryland: (2)
Revenue		$	4,089						$	3,302						$	10,343						$	9,853
Operating income (loss)		$	597			14.6	%		$	(4	)		(0.1	)%		$	322			3.1	%		$	33			0.3	%
Depreciation and amortization			595							591							1,773							1,735
Adjusted EBITDAre		$	1,192			29.2	%		$	587			17.8	%		$	2,095			20.3	%		$	1,768			17.9	%
Performance metrics:
Occupancy			56.0	%						53.6	%						48.8	%						51.9	%
ADR		$	200.85						$	161.88						$	197.83						$	171.75
RevPAR		$	112.47						$	86.81						$	96.56						$	89.12
OtherPAR		$	34.16						$	31.61						$	28.47						$	29.98
Total RevPAR		$	146.63						$	118.42						$	125.03						$	119.10

______________________

(1)	JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore nine months results are not comparable to the prior year period. Grande Lakes Orlando was acquired by the Company on September 1, 2026, therefore there are no comparable figures.
(2)	Includes other hospitality revenue and expense.

 

Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Earnings Per Share, FFO Per Share and Adjusted FFO Per Share Calculations
Unaudited
(in thousands, except per share data)

		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2026			2025			2026			2025
Earnings per share:
Numerator:
Net income available to common stockholders		$	40,208		$	34,886		$	203,433		$	169,600
Net income attributable to noncontrolling interest in OEG			54			987			3,516			3,792
Net income available to common stockholders – if-converted method		$	40,262		$	35,873		$	206,949		$	173,392
Denominator:
Weighted average shares outstanding – basic			66,307			63,000			64,160			61,435
Effect of dilutive equity-based compensation			250			166			208			184
Effect of dilutive put rights (1)			3,460			4,169			4,543			3,844
Weighted average shares outstanding – diluted			70,017			67,335			68,911			65,463
Basic income per share available to common stockholders		$	0.61		$	0.55		$	3.17		$	2.76
Diluted income per share available to common stockholders (1)		$	0.58		$	0.53		$	3.00		$	2.65
FFO per share/unit:
Numerator:
FFO available to common stockholders and unit holders		$	120,442		$	105,138		$	431,143		$	365,185
Net income attributable to noncontrolling interest in OEG			54			987			3,516			3,792
FFO adjustments for noncontrolling interest in OEG			2,654			2,574			8,008			7,808
FFO available to common stockholders and unit holders – if-converted method		$	123,150		$	108,699		$	442,667		$	376,785
Denominator:
Weighted average shares and OP units outstanding – basic			66,702			63,395			64,555			61,830
Effect of dilutive equity-based compensation			250			166			208			184
Effect of dilutive put rights (1)			3,460			4,169			4,543			3,844
Weighted average shares and OP units outstanding – diluted			70,412			67,730			69,306			65,858
FFO available to common stockholders and unit holders per basic share/unit		$	1.81		$	1.66		$	6.68		$	5.91
FFO available to common stockholders and unit holders per diluted share/unit (1)		$	1.75		$	1.60		$	6.39		$	5.72
Adjusted FFO per share/unit:
Numerator:
Adjusted FFO available to common stockholders and unit holders		$	121,530		$	106,352		$	459,007		$	385,020
Net income attributable to noncontrolling interest in OEG			54			987			3,516			3,792
FFO adjustments for noncontrolling interest in OEG			2,654			2,574			8,008			7,808
Adjusted FFO adjustments for noncontrolling interest in OEG			1,634			661			3,699			2,679
Adjusted FFO available to common stockholders and unit holders – if-converted method		$	125,872		$	110,574		$	474,230		$	399,299
Denominator:
Weighted average shares and OP units outstanding – basic			66,702			63,395			64,555			61,830
Effect of dilutive equity-based compensation			250			166			208			184
Effect of dilutive put rights (1)			3,460			4,169			4,543			3,844
Weighted average shares and OP units outstanding – diluted			70,412			67,730			69,306			65,858
Adjusted FFO available to common stockholders and unit holders per basic share/unit		$	1.82		$	1.68		$	7.11		$	6.23
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1)		$	1.79		$	1.63		$	6.84		$	6.06

______________________

(1)

Basic and diluted weighted average common shares for the three and nine months ended September 30, 2026 include the impact of approximately 5.9 million additional shares issued on August 12, 2026. Basic and diluted weighted average common shares for the three and nine months ended September 30, 2026 and 2025 include the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended September 30, 2026 and 2025 include 3.5 million and 4.2 million, respectively, and for the nine months ended September 30, 2026 and 2025 include 4.5 million and 3.8 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.

Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)
Unaudited
($ in thousands, except per share data)

		Guidance Range
		For Full Year 2026(1)
		Low				High				Midpoint
Consolidated:
Net income		$	287,000			$	293,500			$	290,250
Provision for income taxes			12,500				14,500				13,500
Interest expense, net			258,450				262,700				260,575
Depreciation and amortization			327,500				337,000				332,250
EBITDAre		$	885,450			$	907,700			$	896,575
Non-cash lease expense			4,000				5,250				4,625
Preopening costs			2,000				2,500				2,250
Equity-based compensation expense			15,000				16,500				15,750
Pension settlement charge			3,000				3,500				3,250
Interest income on Gaylord National bonds			3,500				4,500				4,000
Impairment			4,850				4,850				4,850
Loss on extinguishment of debt			2,200				2,200				2,200
Adjusted EBITDAre		$	920,000			$	947,000			$	933,500
Hospitality segment:
Operating income		$	541,500			$	549,500			$	545,500
Depreciation and amortization			288,000				296,000				292,000
Non-cash lease expense			3,000				4,000				3,500
Interest income on Gaylord National bonds			3,500				4,500				4,000
Other gains and (losses), net			3,000				4,000				3,500
Adjusted EBITDAre		$	839,000			$	858,000			$	848,500
Hospitality segment (same-store)(2)
Operating income		$	495,500			$	498,500			$	497,000
Depreciation and amortization			235,000				239,000				237,000
Non-cash lease expense			3,000				4,000				3,500
Interest income on Gaylord National bonds			3,500				4,500				4,000
Other gains and (losses), net			3,000				4,000				3,500
Adjusted EBITDAre		$	740,000			$	750,000			$	745,000
JW Marriott Desert Ridge
Operating income		$	35,000			$	37,000			$	36,000
Depreciation and amortization			34,000				36,000				35,000
Adjusted EBITDAre		$	69,000			$	73,000			$	71,000
Grande Lakes Orlando
Operating income		$	11,000			$	14,000			$	12,500
Depreciation and amortization			19,000				21,000				20,000
Adjusted EBITDAre		$	30,000			$	35,000			$	32,500
Entertainment segment:
Operating income		$	70,150			$	71,900			$	71,025
Depreciation and amortization			37,500				38,500				38,000
Non-cash lease expense			1,000				1,250				1,125
Preopening costs			2,000				2,500				2,250
Equity-based compensation			4,500				5,000				4,750
Impairment			4,850				4,850				4,850
Adjusted EBITDAre		$	120,000			$	124,000			$	122,000
Corporate and Other segment:
Operating loss		$	(50,500	)		$	(49,000	)		$	(49,750	)
Depreciation and amortization			2,000				2,500				2,250
Equity-based compensation			10,500				11,500				11,000
Pension settlement charge			3,000				3,500				3,250
Other gains and (losses), net			(4,000	)			(3,500	)			(3,750	)
Adjusted EBITDAre		$	(39,000	)		$	(35,000	)		$	(37,000	)

______________________

(1)	Includes JW Marriott Desert Ridge and Grande Lakes Orlando, 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, and Grande Lakes Orlando, which was acquired September 1, 2026.

Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Funds From Operations (“FFO”) and Adjusted FFO
Unaudited
($ in thousands, except per share data)

		Guidance Range
		For Full Year 2026(1)
		Low				High				Midpoint
Consolidated:
Net income available to common stockholders		$	277,000			$	281,500			$	279,250
Noncontrolling interest in OP units			1,000				2,000				1,500
Net income available to common stockholders and unit holders		$	278,000			$	283,500			$	280,750
Depreciation and amortization			327,500				337,000				332,250
Adjustments for noncontrolling interest			(12,500	)			(11,500	)			(12,000	)
FFO available to common stockholders and unit holders		$	593,000			$	609,000			$	601,000
Right-of-use asset amortization			–				500				250
Non-cash lease expense			4,000				5,250				4,625
Pension settlement charge			3,000				3,500				3,250
Loss on extinguishment of debt			2,200				2,200				2,200
Adjustments for noncontrolling interest			(5,000	)			(4,000	)			(4,500	)
Amortization of deferred financing costs			13,000				14,500				13,750
Amortization of debt discounts and premiums			1,500				2,500				2,000
Impairment			4,850				4,850				4,850
Deferred tax provision			8,500				10,250				9,375
Adjusted FFO available to common stockholders and unit holders		$	625,050			$	648,550			$	636,800
Net income available to common stockholders per diluted share (2)		$	4.06			$	4.09			$	4.08
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (2)		$	9.16			$	9.43			$	9.29
Estimated weighted average shares outstanding – diluted (in millions) (2)			70.7				70.7				70.7
Estimated weighted average shares and OP units outstanding – diluted (in millions) (2)			71.1				71.1				71.1

______________________

(1)	Includes JW Marriott Desert Ridge and Grande Lakes Orlando. Amounts are calculated based on unrounded numbers.
(2)	Includes the impact of approximately 5.9 million additional shares issued August 12, 2026. 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.

       

Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Earnings Per Share and Adjusted FFO Per Share
Unaudited
($ in thousands, except per share data)

		Guidance Range
		For Full Year 2026
		Low			High			Midpoint
Earnings per share:
Numerator:
Net income available to common stockholders		$	277,000		$	281,500		$	279,250
Net income attributable to noncontrolling interest in OEG			10,000			8,000			9,000
Net income available to common stockholders – if-converted method		$	287,000		$	289,500		$	288,250
Denominator:
Estimated weighted average shares outstanding – diluted (in millions) (1)			70.7			70.7			70.7
Diluted income per share available to common stockholders		$	4.06		$	4.09		$	4.08
Adjusted FFO per share:
Numerator:
Adjusted FFO available to common stockholders and unit holders		$	625,050		$	648,550		$	636,800
Net income attributable to noncontrolling interest in OEG			10,000			8,000			9,000
FFO adjustments for noncontrolling interest in OEG			11,000			10,000			10,500
Adjusted FFO Adjustments for noncontrolling interest in OEG			5,000			4,000			4,500
Adjusted FFO available to common stockholders and unit holders – if-converted method		$	651,050		$	670,550		$	660,800
Denominator:
Estimated weighted average shares and OP units outstanding – diluted (in millions) (1)			71.1			71.1			71.1
Adjusted FFO available to common stockholders and unit holders per diluted share/unit		$	9.16		$	9.43		$	9.29

______________________

(1)

Includes the impact of approximately 5.9 million shares issued August 12, 2026. 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.

       

Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDAre”)
Unaudited
($ in thousands, except per share data)

		Prior Guidance Range
		For Full Year 2026(1)
		Low				High				Midpoint
Consolidated:
Net income		$	276,000			$	283,500			$	279,750
Provision for income taxes			12,500				14,500				13,500
Interest expense, net			262,250				269,500				265,875
Depreciation and amortization			325,500				339,000				332,250
EBITDAre		$	876,250			$	906,500			$	891,375
Non-cash lease expense			2,750				4,000				3,375
Preopening costs			4,500				5,500				5,000
Equity-based compensation expense			15,000				17,000				16,000
Pension settlement charge			4,000				4,500				4,250
Interest income on Gaylord National bonds			3,500				4,500				4,000
Loss on extinguishment of debt			2,000				3,000				2,500
Adjusted EBITDAre		$	908,000			$	945,000			$	926,500
Hospitality segment:
Operating income		$	530,500			$	540,500			$	535,500
Depreciation and amortization			287,000				297,000				292,000
Non-cash lease expense			3,000				4,000				3,500
Interest income on Gaylord National bonds			3,500				4,500				4,000
Other gains and (losses), net			3,000				4,000				3,500
Adjusted EBITDAre		$	827,000			$	850,000			$	838,500
Hospitality segment (same-store)(2)
Operating income		$	484,500			$	489,500			$	487,000
Depreciation and amortization			234,000				240,000				237,000
Non-cash lease expense			3,000				4,000				3,500
Interest income on Gaylord National bonds			3,500				4,500				4,000
Other gains and (losses), net			3,000				4,000				3,500
Adjusted EBITDAre		$	728,000			$	742,000			$	735,000
JW Marriott Desert Ridge
Operating income		$	35,000			$	37,000			$	36,000
Depreciation and amortization			34,000				36,000				35,000
Adjusted EBITDAre		$	69,000			$	73,000			$	71,000
Grande Lakes Orlando
Operating income		$	11,000			$	14,000			$	12,500
Depreciation and amortization			19,000				21,000				20,000
Adjusted EBITDAre		$	30,000			$	35,000			$	32,500
Entertainment segment:
Operating income		$	74,750			$	79,500			$	77,125
Depreciation and amortization			36,500				39,500				38,000
Non-cash lease revenue			(250	)			–				(125	)
Preopening costs			4,500				5,500				5,000
Equity-based compensation			4,500				5,500				5,000
Adjusted EBITDAre		$	120,000			$	130,000			$	125,000
Corporate and Other segment:
Operating loss		$	(50,500	)		$	(49,000	)		$	(49,750	)
Depreciation and amortization			2,000				2,500				2,250
Equity-based compensation			10,500				11,500				11,000
Pension settlement charge			4,000				4,500				4,250
Other gains and (losses), net			(5,000	)			(4,500	)			(4,750	)
Adjusted EBITDAre		$	(39,000	)		$	(35,000	)		$	(37,000	)

______________________

(1)	Includes JW Marriott Desert Ridge and Grande Lakes Orlando, 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, and Grande Lakes Orlando, which was acquired September 1, 2026.

Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Funds From Operations (“FFO”) and Adjusted FFO
Unaudited
($ in thousands, except per share data)

		Prior Guidance Range
		For Full Year 2026(1)
		Low				High				Midpoint
Consolidated:
Net income available to common stockholders		$	266,000			$	271,500			$	268,750
Noncontrolling interest in OP units			1,000				2,000				1,500
Net income available to common stockholders and unit holders		$	267,000			$	273,500			$	270,250
Depreciation and amortization			325,500				339,000				332,250
Adjustments for noncontrolling interest			(12,500	)			(11,500	)			(12,000	)
FFO available to common stockholders and unit holders		$	580,000			$	601,000			$	590,500
Right-of-use asset amortization			–				500				250
Non-cash lease expense			2,750				4,000				3,375
Pension settlement charge			4,000				4,500				4,250
Loss on extinguishment of debt			2,000				3,000				2,500
Adjustments for noncontrolling interest			(5,000	)			(4,000	)			(4,500	)
Amortization of deferred financing costs			13,000				14,500				13,750
Amortization of debt discounts and premiums			1,500				2,500				2,000
Deferred tax provision			8,500				10,250				9,375
Adjusted FFO available to common stockholders and unit holders		$	606,750			$	636,250			$	621,500
Net income available to common stockholders per diluted share (2)		$	3.90			$	3.95			$	3.93
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (2)		$	8.90			$	9.26			$	9.08
Estimated weighted average shares outstanding – diluted (in millions) (2)			70.7				70.7				70.7
Estimated weighted average shares and OP units outstanding – diluted (in millions) (2)			71.1				71.1				71.1

______________________

(1)	Includes JW Marriott Desert Ridge and Grande Lakes Orlando. Amounts are calculated based on unrounded numbers.
(2)	Includes the impact of approximately 5.9 million shares issued August 12, 2026. 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.

 

Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Earnings Per Share and Adjusted FFO Per Share
Unaudited
($ in thousands, except per share data)

		Prior Guidance Range
		For Full Year 2026
		Low			High			Midpoint
Earnings per share:
Numerator:
Net income available to common stockholders		$	266,000		$	271,500		$	268,750
Net income attributable to noncontrolling interest in OEG			10,000			8,000			9,000
Net income available to common stockholders – if-converted method		$	276,000		$	279,500		$	277,750
Denominator:
Estimated weighted average shares outstanding – diluted (in millions) (1)			70.7			70.7			70.7
Diluted income per share available to common stockholders		$	3.90		$	3.95		$	3.93
Adjusted FFO per share:
Numerator:
Adjusted FFO available to common stockholders and unit holders		$	606,750		$	636,250		$	621,500
Net income attributable to noncontrolling interest in OEG			10,000			8,000			9,000
FFO adjustments for noncontrolling interest in OEG			11,000			10,000			10,500
Adjusted FFO Adjustments for noncontrolling interest in OEG			5,000			4,000			4,500
Adjusted FFO available to common stockholders and unit holders – if-converted method		$	632,750		$	658,250		$	645,500
Denominator:
Estimated weighted average shares and OP units outstanding – diluted (in millions) (1)			71.1			71.1			71.1
Adjusted FFO available to common stockholders and unit holders per diluted share/unit		$	8.90		$	9.26		$	9.08

______________________

(1)

Includes the impact of approximately 5.9 million shares issued August 12, 2026. 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.