NASHVILLE, Tenn., Feb. 23, 2026 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP), a leading lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the three and twelve months ended December 31, 2025.

Fourth Quarter 2025 Highlights and Recent Developments:

  • The Company reported all-time quarterly record consolidated revenue of $737.8 million, driven by quarterly record same-store Hospitality ( 1 ) segment revenue of $578.2 million and record fourth quarter Entertainment segment revenue of $109.5 million.
  • The Company generated fourth quarter net income of $74.5 million and consolidated Adjusted EBITDAre of $224.3 million.
  • During the fourth quarter, the Company booked over 1.2 million same-store Hospitality (1) Gross Definite Room Nights for all future periods. The estimated average daily rate (ADR) for these bookings was approximately $299, an increase of 6.1% compared to prior year quarter estimated ADR for future bookings and a new record.
  • Subsequent to quarter-end, the Company refinanced its corporate revolving credit facility, increasing the size from $700 million to $850 million and extending the maturity from May 2027 to January 2030. The amended revolving credit facility maintains the same pricing, and other terms of the agreement are largely similar to the Company’s previous credit facility agreement.
  • Subsequent to quarter-end, Opry Entertainment Group (OEG) announced the development of a third Category 10 located at Universal Orlando Resort’s CityWalk, expected to open in late 2027. In addition, the City of Simpsonville, South Carolina selected OEG’s bid to manage the CCNB Amphitheatre, beginning in February 2026.
  • The Company declared a cash dividend of $1.20 per share for the first quarter of 2026. The dividend is payable on April 15, 2026, to stockholders of record as of March 31, 2026.

Full Year 2025 Highlights:

  • The Company generated record full year consolidated revenue of $2.6 billion, with net income of $247.3 million and consolidated Adjusted EBITDAre of $794.7 million.
  • The Company booked nearly 3.0 million same-store Hospitality Gross Definite Room Nights for all future periods. The estimated ADR for those bookings was approximately $292, an increase of 3.5% over 2024 estimated ADR for future bookings and a new record.
  • In 2025, the Company declared total dividends of $4.65 per share, an increase of 4.5% from total dividends declared in 2024; it intends to pay aggregate minimum dividends for 2026 of $4.80 per share, subject to the Board’s future determinations.

Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, said, “We are very pleased to deliver strong full year results, near the top end of our most recent guidance ranges, with our Entertainment segment, as well as AFFO and AFFO per diluted share, surpassing the high end of those expectations. Our fourth quarter performance reflected strong demand for our holiday programming in our Hospitality segment and stronger-than-anticipated volumes across our downtown Nashville Entertainment venues.

In our Hospitality business, meeting planner sentiment strengthened as the quarter progressed, driving monthly record same-store gross group room night, projected revenue, and projected ADR bookings production for all future periods during December. This momentum underscores the effectiveness of our long-term capital deployment strategy, which we believe positions our portfolio for sustained growth.”

Fioravanti continued, “Looking ahead, projected same-store group rooms revenue on the books for 2026 is pacing up approximately 6% compared to the same time last year for 2025, supported by expected mid-single-digit ADR growth on these bookings for 2026. We believe the investments we’ve made, and continue to make across our portfolio, are creating durable demand and positioning the business for another strong year.”

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(1) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.


Fourth Quarter and Full Year 2025 Results (as compared to Fourth Quarter and Full Year 2024):

Three Months Ended Year Ended
December 31, December 31,
($ in thousands, except per share amounts) % %
2025 2024 Change 2025 2024 Change
Total revenue $ 737,808 $ 647,633 13.9 % $ 2,577,061 $ 2,339,226 10.2 %
Operating income $ 142,854 $ 120,502 18.5 % $ 487,012 $ 490,834 (0.8 ) %
Operating income margin 19.4 % 18.6 % 0.8 pts 18.9 % 21.0 % (2.1 ) pts
Net income $ 74,462 $ 72,291 3.0 % $ 247,310 $ 280,190 (11.7 ) %
Net income margin 10.1 % 11.2 % (1.1 ) pts 9.6 % 12.0 % (2.4 ) pts
Net income available to common stockholders $ 73,825 $ 68,766 7.4 % $ 243,425 $ 271,638 (10.4 ) %
Net income available to common stockholders margin 10.0 % 10.6 % (0.6 ) pts 9.4 % 11.6 % (2.2 ) pts
Net income available to common stockholders per diluted share (1) $ 1.11 $ 1.13 (1.8 ) % $ 3.77 $ 4.38 (13.9 ) %
Adjusted EBITDA re $ 224,262 $ 188,642 18.9 % $ 794,693 $ 757,705 4.9 %
Adjusted EBITDA re margin 30.4 % 29.1 % 1.3 pts 30.8 % 32.4 % (1.6 ) pts
Adjusted EBITDA re , excluding noncontrolling interest $ 214,489 $ 179,015 19.8 % $ 761,294 $ 725,959 4.9 %
Adjusted EBITDA re , excluding noncontrolling interest margin 29.1 % 27.6 % 1.5 pts 29.5 % 31.0 % (1.5 ) pts
Funds From Operations (FFO) available to common stockholders and unit holders $ 145,376 $ 127,691 13.8 % $ 510,561 $ 500,016 2.1 %
FFO available to common stockholders and unit holders per diluted share/unit (1) $ 2.19 $ 2.08 5.3 % $ 7.93 $ 8.05 (1.5 ) %
Adjusted FFO available to common stockholders and unit holders $ 154,572 $ 131,460 17.6 % $ 539,592 $ 527,821 2.2 %
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $ 2.38 $ 2.15 10.7 % $ 8.46 $ 8.54 (0.9 ) %


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(1) Diluted weighted average common shares for the three and twelve months ended December 31, 2025 includes the impact of approximately 3.0 million additional shares issued on May 21, 2025. Diluted weighted average common shares for the three months ended December 31, 2025 and 2024 include 4.4 million and 3.5 million, respectively, and for the twelve months ended December 31, 2025 and 2024 include 3.9 million and 3.5 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: Consolidated results for the twelve months ended December 31, 2024 reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $9.1 million.

Note: For the Company’s definitions of Adjusted EBITDA re , Adjusted EBITDA re margin, Adjusted EBITDA re , excluding noncontrolling interest, Adjusted EBITDA re , 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 EBITDA re 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,” “EBITDA re , Adjusted EBITDA re and Adjusted EBITDA re , Excluding Noncontrolling Interest Definition,” “Adjusted EBITDA re Margin and Adjusted EBITDA re , 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 Year Ended
December 31, December 31,
($ in thousands, except ADR, RevPAR, and Total RevPAR) % %
2025 2024 Change 2025 2024 Change
Hospitality revenue $ 628,276 $ 549,450 14.3 % $ 2,143,086 $ 1,997,050 7.3 %
Same-store Hospitality revenue (1) $ 578,160 $ 549,450 5.2 % $ 2,051,503 $ 1,997,050 2.7 %
Hospitality operating income $ 131,370 $ 110,258 19.1 % $ 462,177 $ 467,109 (1.1 ) %
Hospitality operating income margin 20.9 % 20.1 % 0.8 pts 21.6 % 23.4 % (1.8 ) pts
Hospitality Adjusted EBITDA re $ 198,220 $ 165,272 19.9 % $ 713,944 $ 684,049 4.4 %
Hospitality Adjusted EBITDA re margin 31.5 % 30.1 % 1.4 pts 33.3 % 34.3 % (1.0 ) pts
Same-store Hospitality operating income (1) $ 125,890 $ 110,258 14.2 % $ 462,956 $ 467,109 (0.9 ) %
Same-store Hospitality operating income margin (1) 21.8 % 20.1 % 1.7 pts 22.6 % 23.4 % (0.8 ) pts
Same-store Hospitality Adjusted EBITDA re (1) $ 183,721 $ 165,272 11.2 % $ 695,070 $ 684,049 1.6 %
Same-store Hospitality Adjusted EBITDA re margin (1) 31.8 % 30.1 % 1.7 pts 33.9 % 34.3 % (0.4 ) pts
Hospitality performance metrics:
Occupancy 65.7 % 66.7 % (1.0 ) pts 68.7 % 69.1 % (0.4 ) pts
Average Daily Rate (ADR) $ 286.46 $ 267.45 7.1 % $ 266.79 $ 257.81 3.5 %
RevPAR $ 188.09 $ 178.37 5.4 % $ 183.29 $ 178.24 2.8 %
Total RevPAR $ 552.34 $ 523.24 5.6 % $ 491.44 $ 478.05 2.8 %
Same-store Hospitality performance metrics: (1)
Occupancy 66.0 % 66.7 % (0.7 ) pts 69.2 % 69.1 % 0.1 pts
ADR $ 280.98 $ 267.45 5.1 % $ 265.44 $ 257.81 3.0 %
RevPAR $ 185.41 $ 178.37 3.9 % $ 183.73 $ 178.24 3.1 %
Total RevPAR $ 550.58 $ 523.24 5.2 % $ 492.43 $ 478.05 3.0 %
Gross definite room nights booked 1,233,797 1,373,303 (10.2 ) % 2,985,990 3,158,681 (5.5 ) %
Net definite room nights booked 1,004,590 1,154,743 (13.0 ) % 2,209,541 2,469,881 (10.5 ) %
Group attrition (as % of contracted block) 15.5 % 15.8 % (0.3 ) pts 15.6 % 15.4 % 0.2 pts
Cancellations ITYFTY (2) 5,584 2,435 129.3 % 68,570 41,087 66.9 %


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(1) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
(2) “ITYFTY” represents In The Year For The Year.

Note: Hospitality and same-store Hospitality results for the twelve months ended December 31, 2024 reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $5.6 million.

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 fourth quarter 2025 are presented in greater detail below and under “Supplemental Financial Results—Hospitality Segment Adjusted EBITDA re Reconciliations and Operating Metrics,” which includes a reconciliation of the non-GAAP financial measures Hospitality Adjusted EBITDA re to Hospitality Operating Income, and property-level Adjusted EBITDA re to property-level Operating Income for each of the hotel properties.

2025 Hospitality Segment Highlights

  • The same-store Hospitality portfolio generated record full year RevPAR of approximately $184, an increase of 3.1% from 2024, and record Total RevPAR of approximately $492, an increase of 3.0% from 2024. Full year same-store operating income was $463.0 million, and same-store Adjusted EBITDAre was $695.1 million, both setting new all-time records.
  • Record fourth quarter same-store banquet and AV revenue increased 4.6% year over year, driven by higher contribution per group room night, a proxy for catering spend per group guest.
  • Same-store attrition and cancellation fee revenue was approximately $15.9 million for the fourth quarter and $43.7 million for the full year.
  • The Company’s ICE! programming attracted over 1.5 million ticketed guests, an increase of 14.2% compared to last year, led by record property-level ticket sales at Gaylord Opryland and Gaylord Rockies.
  • As of December 31, 2025 for 2026, projected same-store group rooms revenue on the books was 6.0% above projected group rooms revenue on the books as of December 31, 2024 for 2025 (“same time last year”). As of December 31, 2025, projected same-store occupancy on the books for 2026 was approximately 50%, and projected ADR on the books was approximately 4.6% over same time last year.


Gaylord Opryland

Three Months Ended Year Ended
December 31, December 31,
($ in thousands, except ADR, RevPAR, and Total RevPAR) % %
2025 2024 Change 2025 2024 Change
Revenue $ 147,383 $ 138,706 6.3 % $ 484,104 $ 495,552 (2.3 ) %
Operating income $ 48,188 $ 40,807 18.1 % $ 144,113 $ 152,896 (5.7 ) %
Operating income margin 32.7 % 29.4 % 3.3 pts 29.8 % 30.9 % (1.1 ) pts
Adjusted EBITDA re $ 56,534 $ 48,850 15.7 % $ 177,197 $ 185,442 (4.4 ) %
Adjusted EBITDA re margin 38.4 % 35.2 % 3.2 pts 36.6 % 37.4 % (0.8 ) pts
Performance metrics:
Occupancy 72.3 % 71.2 % 1.1 pts 69.1 % 70.9 % (1.8 ) pts
ADR $ 288.21 $ 272.81 5.6 % $ 266.19 $ 258.62 2.9 %
RevPAR $ 208.34 $ 194.35 7.2 % $ 184.00 $ 183.35 0.4 %
Total RevPAR $ 554.70 $ 522.05 6.3 % $ 459.25 $ 468.82 (2.0 ) %

Note: Gaylord Opryland results for the twelve months ended December 31, 2024 reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $5.4 million.


Gaylord Palms

Three Months Ended Year Ended
December 31, December 31,
($ in thousands, except ADR, RevPAR, and Total RevPAR) % %
2025 2024 Change 2025 2024 Change
Revenue $ 88,247 $ 79,867 10.5 % $ 316,498 $ 302,371 4.7 %
Operating income $ 16,646 $ 12,420 34.0 % $ 62,096 $ 63,228 (1.8 ) %
Operating income margin 18.9 % 15.6 % 3.3 pts 19.6 % 20.9 % (1.3 ) pts
Adjusted EBITDA re $ 26,330 $ 20,805 26.6 % $ 100,316 $ 92,672 8.2 %
Adjusted EBITDA re margin 29.8 % 26.0 % 3.8 pts 31.7 % 30.6 % 1.1 pts
Performance metrics:
Occupancy 63.8 % 60.3 % 3.5 pts 70.7 % 64.6 % 6.1 pts
ADR $ 283.58 $ 269.95 5.0 % $ 258.14 $ 249.98 3.3 %
RevPAR $ 181.06 $ 162.87 11.2 % $ 182.45 $ 161.45 13.0 %
Total RevPAR $ 558.32 $ 505.31 10.5 % $ 504.73 $ 480.88 5.0 %


Gaylord Texan

Three Months Ended Year Ended
December 31, December 31,
($ in thousands, except ADR, RevPAR, and Total RevPAR) % %
2025 2024 Change 2025 2024 Change
Revenue $ 106,311 $ 109,256 (2.7 ) % $ 349,264 $ 351,151 (0.5 ) %
Operating income $ 31,053 $ 35,373 (12.2 ) % $ 100,230 $ 106,416 (5.8 ) %
Operating income margin 29.2 % 32.4 % (3.2 ) pts 28.7 % 30.3 % (1.6 ) pts
Adjusted EBITDA re $ 37,422 $ 41,207 (9.2 ) % $ 124,906 $ 129,605 (3.6 ) %
Adjusted EBITDA re margin 35.2 % 37.7 % (2.5 ) pts 35.8 % 36.9 % (1.1 ) pts
Performance metrics:
Occupancy 67.1 % 74.7 % (7.6 ) pts 69.8 % 74.6 % (4.8 ) pts
ADR $ 277.67 $ 270.13 2.8 % $ 259.13 $ 252.65 2.6 %
RevPAR $ 186.41 $ 201.76 (7.6 ) % $ 180.80 $ 188.58 (4.1 ) %
Total RevPAR $ 637.02 $ 654.66 (2.7 ) % $ 527.50 $ 528.90 (0.3 ) %


Gaylord National

Three Months Ended Year Ended
December 31, December 31,
($ in thousands, except ADR, RevPAR, and Total RevPAR) % %
2025 2024 Change 2025 2024 Change
Revenue $ 93,917 $ 84,936 10.6 % $ 336,257 $ 311,330 8.0 %
Operating income $ 15,061 $ 10,269 46.7 % $ 51,693 $ 46,306 11.6 %
Operating income margin 16.0 % 12.1 % 3.9 pts 15.4 % 14.9 % 0.5 pts
Adjusted EBITDA re $ 24,534 $ 19,849 23.6 % $ 93,115 $ 87,849 6.0 %
Adjusted EBITDA re margin 26.1 % 23.4 % 2.7 pts 27.7 % 28.2 % (0.5 ) pts
Performance metrics:
Occupancy 63.9 % 60.4 % 3.5 pts 67.4 % 64.8 % 2.6 pts
ADR $ 275.24 $ 265.94 3.5 % $ 257.22 $ 251.80 2.2 %
RevPAR $ 175.76 $ 160.71 9.4 % $ 173.38 $ 163.16 6.3 %
Total RevPAR $ 511.44 $ 462.53 10.6 % $ 461.55 $ 426.17 8.3 %


Gaylord Rockies

Three Months Ended Year Ended
December 31, December 31,
($ in thousands, except ADR, RevPAR, and Total RevPAR) % %
2025 2024 Change 2025 2024 Change
Revenue $ 82,612 $ 76,825 7.5 % $ 313,233 $ 290,141 8.0 %
Operating income $ 12,413 $ 6,755 83.8 % $ 66,190 $ 56,233 17.7 %
Operating income margin 15.0 % 8.8 % 6.2 pts 21.1 % 19.4 % 1.7 pts
Adjusted EBITDA re $ 27,458 $ 21,395 28.3 % $ 125,897 $ 113,327 11.1 %
Adjusted EBITDA re margin 33.2 % 27.8 % 5.4 pts 40.2 % 39.1 % 1.1 pts
Performance metrics:
Occupancy 67.4 % 71.5 % (4.1 ) pts 75.9 % 74.3 % 1.6 pts
ADR $ 277.48 $ 252.73 9.8 % $ 264.85 $ 253.11 4.6 %
RevPAR $ 187.15 $ 180.80 3.5 % $ 201.02 $ 188.09 6.9 %
Total RevPAR $ 598.24 $ 556.33 7.5 % $ 571.73 $ 528.14 8.3 %


JW Marriott Hill Country

Three Months Ended Year Ended
December 31, December 31,
($ in thousands, except ADR, RevPAR, and Total RevPAR) % %
2025 2024 Change 2025 2024 Change
Revenue $ 53,718 $ 53,460 0.5 % $ 227,182 $ 220,524 3.0 %
Operating income $ 2,454 $ 3,860 (36.4 ) % $ 37,402 $ 38,408 (2.6 ) %
Operating income margin 4.6 % 7.2 % (2.6 ) pts 16.5 % 17.4 % (0.9 ) pts
Adjusted EBITDA re $ 10,548 $ 11,612 (9.2 ) % $ 69,183 $ 68,601 0.8 %
Adjusted EBITDA re margin 19.6 % 21.7 % (2.1 ) pts 30.5 % 31.1 % (0.6 ) pts
Performance metrics:
Occupancy 58.5 % 60.4 % (1.9 ) pts 67.2 % 69.2 % (2.0 ) pts
ADR $ 310.71 $ 301.63 3.0 % $ 329.16 $ 317.32 3.7 %
RevPAR $ 181.62 $ 182.17 (0.3 ) % $ 221.06 $ 219.58 0.7 %
Total RevPAR $ 582.72 $ 579.93 0.5 % $ 621.17 $ 601.32 3.3 %


JW Marriott Desert Ridge ( 2 )

Three Months Ended Period Ended
December 31, December 31,
($ in thousands, except ADR, RevPAR, and Total RevPAR)
2025 2025
Revenue $ 50,116 $ 91,583
Operating income (loss) $ 5,480 $ (779 )
Operating income (loss) margin 10.9 % (0.9 ) %
Adjusted EBITDA re $ 14,499 $ 18,874
Adjusted EBITDA re margin 28.9 % 20.6 %
Performance metrics:
Occupancy 61.7 % 57.7 %
ADR $ 356.94 $ 301.38
RevPAR $ 220.26 $ 173.85
Total RevPAR $ 573.42 $ 470.26


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(1) JW Marriott Desert Ridge was acquired by the Company on June 10, 2025, therefore there are no comparison figures.


Entertainment Segment

Three Months Ended Year Ended
December 31, December 31,
($ in thousands) % %
2025 2024 Change 2025 2024 Change
Revenue $ 109,532 $ 98,183 11.6 % $ 433,975 $ 342,176 26.8 %
Operating income $ 22,901 $ 21,208 8.0 % $ 68,539 $ 66,192 3.5 %
Operating income margin 20.9 % 21.6 % (0.7 ) pts 15.8 % 19.3 % (3.5 ) pts
Adjusted EBITDA re $ 34,878 $ 31,938 9.2 % $ 114,463 $ 105,672 8.3 %
Adjusted EBITDA re margin 31.8 % 32.5 % (0.7 ) pts 26.4 % 30.9 % (4.5 ) pts

Note: Entertainment results for the twelve months ended December 31, 2024 reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $3.4 million.

Fioravanti continued, “Our Entertainment business exceeded our expectations in the fourth quarter, driven by stronger volumes in our downtown Nashville venues and record performance metrics for the Opry during its October birthday month. Building on the successes of 2025, we recently announced several new growth opportunities, including two amphitheater venues under management and further expansion of the Category 10 brand in Las Vegas and Orlando. Demand for country music and live entertainment remains robust, and our unique portfolio of iconic brands is well-positioned for continued growth in 2026 and beyond.”

Corporate and Other Segment

Three Months Ended Year Ended
December 31, December 31,
($ in thousands) % %
2025 2024 Change 2025 2024 Change
Operating loss $ (11,417 ) $ (10,964 ) (4.1 ) % $ (43,704 ) $ (42,467 ) (2.9 ) %
Adjusted EBITDA re $ (8,836 ) $ (8,568 ) (3.1 ) % $ (33,714 ) $ (32,016 ) (5.3 ) %

Note: Corporate and Other results for the twelve months ended December 31, 2024 reflect franchise tax refunds for the 2020 through 2023 tax periods, totaling approximately $0.1 million.

Capital Expenditures

In 2025, the Company’s capital expenditures totaled approximately $358.2 million, primarily related to its Hospitality business. The Company estimates the full year 2025 impact of construction-related disruption to its same-store Hospitality business was approximately 190 basis points to RevPAR, 170 basis points to Total RevPAR, and $23 million to operating income and Adjusted EBITDA re , an improvement relative to the Company’s estimates at the beginning of 2025 due to timing shifts related to the Gaylord Texan rooms renovation and less-than-anticipated disruption at Gaylord Opryland. During the year, the Company completed meeting space renovations at Gaylord Opryland and JW Marriott Desert Ridge.

In 2026, the Company expects to spend approximately $350 to $450 million on capital expenditures.

Ongoing projects continuing into 2026 include:

  • Continuation of the Foundry Fieldhouse sports bar, pavilion, and event lawn development at Gaylord Opryland, which is expected to be completed in April 2026;
  • Continuation of the meeting space expansion at Gaylord Opryland, which is expected to be completed in 2027;
  • Renovation of the rooms at Gaylord Texan, which began in July 2025 and is expected to be completed by mid-year 2026; and
  • The development of Category 10 Las Vegas, which is expected to be completed in late 2026.

Additional major projects planned for 2026 include:

  • Renovation of the rooms at JW Marriott Hill Country (estimated project cost: $90 million), which is expected to begin in April 2026 and continue through the first quarter of 2027; and
  • The development of Category 10 in Orlando (estimated project cost: $35 million), which is expected to begin in summer 2026 with an expected completion date in late 2027.

2026 Guidance

The Company is providing its 2026 business performance outlook based on current information as of February 23, 2026, including the estimated business impact from Winter Storm Fern. 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 initiate our outlook for 2026, which, at the midpoint, reflects low single-digit Adjusted EBITDA re growth for the same-store Hospitality segment and high single-digit Adjusted EBITDA re growth for the Entertainment segment. Our outlook for the same-store Hospitality segment assumes growth in our group business and a stable leisure business. Our outlook for the Entertainment segment reflects momentum behind Opry 100 and our investments in festivals, amphitheaters and Category 10 Las Vegas.”

Guidance Range
(in millions, except per share figures) For Full Year 2026 (1)
Low High Midpoint
Same-store Hospitality RevPAR growth (2) 1.50 % 3.50 % 2.50 %
Same-store Hospitality Total RevPAR growth (2) 1.50 % 3.50 % 2.50 %
Operating income:
Hospitality (same-store) (2) $ 466.5 $ 483.5 $ 475.0
JW Marriott Desert Ridge 30.5 33.0 31.8
Entertainment 74.8 79.5 77.1
Corporate and Other (50.5 ) (49.0 ) (49.8 )
Consolidated operating income $ 521.3 $ 547.0 $ 534.1
Adjusted EBITDA re :
Hospitality (same-store) (2) $ 700.0 $ 730.0 $ 715.0
JW Marriott Desert Ridge 65.0 70.0 67.5
Entertainment 120.0 130.0 125.0
Corporate and Other (39.0 ) (35.0 ) (37.0 )
Consolidated Adjusted EBITDA re $ 846.0 $ 895.0 $ 870.5
Net income $ 260.0 $ 273.0 $ 266.5
Net income available to common stockholders $ 250.0 $ 261.0 $ 255.5
FFO available to common stockholders and unit holders $ 535.0 $ 563.5 $ 549.3
Adjusted FFO available to common stockholders and unit holders $ 559.3 $ 597.0 $ 578.1
Net income available to common stockholders per diluted share (3) $ 3.80 $ 3.93 $ 3.87
Adjusted FFO available to common stockholders and unit holders
per diluted share/unit (3) $ 8.50 $ 9.00 $ 8.75
Weighted average shares outstanding - diluted (3) 68.4 68.4 68.4
Weighted average shares and OP units outstanding - diluted (3) 68.8 68.8 68.8


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(1) Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.
(3) Includes shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.

Note: For reconciliations of Consolidated Adjusted EBITDA re guidance to Net Income, segment-level Adjusted EBITDA re 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 January 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 December 31, 2025.

Today, the Company declared its first quarter 2026 cash dividend of $1.20 per share of common stock, payable on April 15, 2026, to stockholders of record as of March 31, 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 December 31, 2025, the Company had unrestricted cash of $471.4 million and total debt outstanding of $3,976.9 million, net of unamortized deferred financing costs. As of December 31, 2025, there were no amounts drawn under the Company’s revolving credit facility or OEG’s revolving credit facility, which left $780.0 million of aggregate borrowing availability under the Company’s revolving credit facility and OEG’s revolving credit facility.

In December, Fitch upgraded the Company’s corporate family rating to “BB” (from “BB-”), the senior secured credit facility to “BBB-” (from “BB+”), and the senior unsecured notes to “BB” (from “BB-”). Based on this upgrade, the Company met the criteria for an automatic 25-basis-point spread reduction for its Term Loan B, with the applicable interest rate margin on SOFR loans now set at 175 basis points.

In January 2026, the Company refinanced its revolving credit facility, increasing the size from $700 million to $850 million and extending the maturity from May 2027 to January 2030. The amended revolving credit facility maintained the same pricing, and other terms of the agreement are largely similar to the Company’s previous credit facility agreement. The revolving credit facility was undrawn at closing of the refinance.

Earnings Call Information

Ryman Hospitality Properties will hold a conference call to discuss this release tomorrow, February 24, at 10:00 a.m. ET. Investors can listen to the conference call over the Internet at www.rymanhp.com. To listen to the live call, please go to the Investor Relations section of the website (Investor Relations/News & Events/Events & Presentation) at least 15 minutes prior to the call to register and download any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and will be available for at least 30 days.

About Ryman Hospitality Properties, Inc.

Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns JW Marriott Phoenix Desert Ridge Resort & Spa and JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 12,364 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium; WSM 650 AM; Ole Red; Category 10; Nashville-area attractions; 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, beginning in February 2026, 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, the effects of inflation and changes in international, national, regional and local economic and market conditions (such as the imposition of trade barriers or other changes in trade policy) on the Company’s business, including the effects on costs of labor and supplies and effects on group customers at the Company’s hotels and customers in OEG’s businesses, the Company’s ability to remain qualified as a REIT, the Company’s ability to execute our strategic goals as a REIT, the Company’s ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, the Company’s ability to borrow funds pursuant to its credit agreements and to refinance indebtedness and/or to successfully amend the agreements governing its indebtedness in the future, changes in interest rates, the Company’s integration of the JW Marriott Desert Ridge, the Company’s ability to identify and capitalize on additional value creation opportunities at the JW Marriott Desert Ridge and the occurrence of any event, change or other circumstance that could limit the Company’s ability to capitalize on any additional value creation opportunities it identifies at the JW Marriott Desert Ridge. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, 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 EBITDA re, 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 EBITDA re of unconsolidated affiliates.

Adjusted EBITDA re is then calculated as EBITDA re , 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 EBITDA re from unconsolidated joint ventures; and
  • any other adjustments we have identified herein.

We then exclude the pro rata share of Adjusted EBITDA re related to noncontrolling interests to calculate Adjusted EBITDA re , Excluding Noncontrolling Interest.

We use EBITDA re , Adjusted EBITDA re and Adjusted EBITDA re , Excluding Noncontrolling Interest and segment or property-level EBITDA re and Adjusted EBITDA re 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 EBITDA re when evaluating our performance because we believe that presenting Adjusted EBITDA re and Adjusted EBITDA re , 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 EBITDA re , Excluding Noncontrolling Interest Margin by dividing consolidated Adjusted EBITDA re , Excluding Noncontrolling Interest by GAAP consolidated total revenue. We calculate consolidated, segment or property-level Adjusted EBITDA re Margin by dividing consolidated, segment-, or property-level Adjusted EBITDA re by consolidated, segment-, or property-level GAAP revenue. We believe Adjusted EBITDA re , 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 EBITDA re , 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
[email protected]

Jennifer Hutcheson, Chief Financial Officer
(615) 316-6320
[email protected]

Sarah Martin, Vice President, Investor Relations
(615) 316-6011
[email protected] 		Media Contact:
Shannon Sullivan, Vice President, Corporate and Brand Communications
(615) 316-6725
[email protected]


Ryman Hospitality Properties, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
Unaudited
(In thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
2025 2024 2025 2024
Revenues:
Rooms $ 213,947 $ 187,303 $ 799,306 $ 744,587
Food and beverage 256,626 221,523 993,954 940,827
Other hotel revenue 157,703 140,624 349,826 311,636
Entertainment 109,532 98,183 433,975 342,176
Total revenues 737,808 647,633 2,577,061 2,339,226
Operating expenses:
Rooms 48,491 45,066 190,686 179,358
Food and beverage 147,728 128,721 561,980 516,309
Other hotel expenses 213,910 195,256 613,304 555,554
Management fees, net 22,152 17,231 75,082 73,531
Total hotel operating expenses 432,281 386,274 1,441,052 1,324,752
Entertainment 75,867 68,041 323,948 241,847
Corporate 11,180 10,739 42,771 41,819
Preopening costs 1,408 1,257 2,882 4,618
(Gain) loss on sale of assets – – 1,296 (270 )
Depreciation and amortization 74,218 60,820 278,100 235,626
Total operating expenses 594,954 527,131 2,090,049 1,848,392
Operating income 142,854 120,502 487,012 490,834
Interest expense, net of amounts capitalized (63,580 ) (53,829 ) (241,270 ) (225,395 )
Interest income 4,421 6,172 20,299 27,977
Loss on extinguishment of debt – (160 ) (2,922 ) (2,479 )
Income (loss) from unconsolidated joint ventures (9,959 ) 51 (10,025 ) 275
Other gains and (losses), net (324 ) (261 ) 1,540 2,814
Income before income taxes 73,412 72,475 254,634 294,026
(Provision) benefit for income taxes 1,050 (184 ) (7,324 ) (13,836 )
Net income 74,462 72,291 247,310 280,190
Net income attributable to noncontrolling interest in OEG (1,127 ) (3,072 ) (4,919 ) (6,760 )
Net (income) loss attributable to other noncontrolling interests 490 (453 ) 1,034 (1,792 )
Net income available to common stockholders $ 73,825 $ 68,766 $ 243,425 $ 271,638
Basic income per share available to common stockholders (1) $ 1.17 $ 1.15 $ 3.94 $ 4.54
Diluted income per share available to common stockholders (1) $ 1.11 $ 1.13 $ 3.77 $ 4.38
Weighted average common shares for the period:
Basic (1) 63,004 59,902 61,830 59,859
Diluted (1) 67,632 63,698 65,957 63,632


____________________
(1) Basic and diluted weighted average common shares for the three and twelve months ended December 31, 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 December 31, 2025 and 2024 include 4.4 million and 3.5 million, respectively, and the twelve months ended December 31, 2025 and 2024 include 3.9 million and 3.5 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)
December 31, December 31,
2025 2024
ASSETS:
Property and equipment, net of accumulated depreciation $ 4,970,429 $ 4,124,382
Cash and cash equivalents - unrestricted 471,421 477,694
Cash and cash equivalents - restricted 28,759 98,534
Notes receivable, net 53,503 57,801
Trade receivables, net 105,903 94,184
Deferred income tax assets, net 67,669 70,511
Prepaid expenses and other assets 196,798 178,091
Intangible assets and goodwill, net 286,701 116,376
Total assets $ 6,181,183 $ 5,217,573
LIABILITIES AND EQUITY:
Debt and finance lease obligations $ 3,976,913 $ 3,378,396
Accounts payable and accrued liabilities 517,708 466,571
Dividends payable 78,819 71,444
Deferred management rights proceeds 162,901 164,658
Operating lease liabilities 158,815 135,117
Other liabilities 74,251 66,805
Noncontrolling interest in OEG 422,691 381,945
Total equity 789,085 552,637
Total liabilities and equity $ 6,181,183 $ 5,217,573


Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Adjusted EBITDA re Reconciliation
Unaudited
(In thousands)
Three Months Ended Year Ended
December 31, December 31,
2025 2024 2025 2024
$ Margin $ Margin $ Margin $ Margin
Consolidated:
Revenue $ 737,808 $ 647,633 $ 2,577,061 $ 2,339,226
Net income $ 74,462 10.1 % $ 72,291 11.2 % $ 247,310 9.6 % $ 280,190 12.0 %
Interest expense, net 59,159 47,657 220,971 197,418
Provision (benefit) for income taxes (1,050 ) 184 7,324 13,836
Depreciation and amortization 74,218 60,820 278,100 235,626
(Gain) loss on sale of assets – – 1,296 (270 )
Pro rata EBITDA re from unconsolidated joint ventures – – 1 5
EBITDA re 206,789 28.0 % 180,952 27.9 % 755,002 29.3 % 726,805 31.1 %
Preopening costs 1,408 1,257 2,882 4,618
Non-cash lease expense 1,690 597 4,743 3,501
Equity-based compensation expense 3,284 3,167 14,061 13,891
Pension settlement charge 133 261 773 858
Interest income on Gaylord National bonds 1,025 1,113 4,277 4,616
Loss on extinguishment of debt – 160 2,922 2,479
Transaction costs of acquisitions 6 1,209 106 1,209
Pro rata adjusted EBITDA re from unconsolidated joint ventures 9,927 (74 ) 9,927 (272 )
Adjusted EBITDA re 224,262 30.4 % 188,642 29.1 % 794,693 30.8 % 757,705 32.4 %
Adjusted EBITDA re of noncontrolling interest (9,773 ) (9,627 ) (33,399 ) (31,746 )
Adjusted EBITDA re , excluding noncontrolling interest $ 214,489 29.1 % $ 179,015 27.6 % $ 761,294 29.5 % $ 725,959 31.0 %
Hospitality segment:
Revenue $ 628,276 $ 549,450 $ 2,143,086 $ 1,997,050
Operating income $ 131,370 20.9 % $ 110,258 20.1 % $ 462,177 21.6 % $ 467,109 23.4 %
Depreciation and amortization 64,625 52,918 239,857 205,189
Non-cash lease expense 1,200 983 4,334 3,932
Interest income on Gaylord National bonds 1,025 1,113 4,277 4,616
Other gains and (losses), net – – 3,299 3,203
Adjusted EBITDA re $ 198,220 31.5 % $ 165,272 30.1 % $ 713,944 33.3 % $ 684,049 34.3 %
Same-store Hospitality segment: (1)
Revenue $ 578,160 $ 549,450 $ 2,051,503 $ 1,997,050
Operating income $ 125,890 21.8 % $ 110,258 20.1 % $ 462,956 22.6 % $ 467,109 23.4 %
Depreciation and amortization 55,859 52,918 220,754 205,189
Non-cash lease expense 947 983 3,784 3,932
Interest income on Gaylord National bonds 1,025 1,113 4,277 4,616
Other gains and (losses), net – – 3,299 3,203
Adjusted EBITDA re $ 183,721 31.8 % $ 165,272 30.1 % $ 695,070 33.9 % $ 684,049 34.3 %
Entertainment segment:
Revenue $ 109,532 $ 98,183 $ 433,975 $ 342,176
Operating income $ 22,901 20.9 % $ 21,208 21.6 % $ 68,539 15.8 % $ 66,192 19.3 %
Depreciation and amortization 9,356 7,677 37,310 29,519
Preopening costs 1,408 1,257 2,882 4,618
Non-cash lease (revenue) expense 490 (386 ) 409 (431 )
Equity-based compensation 748 859 3,883 3,741
Loss on sale of assets – – 1,296 –
Other gains and (losses), net – 137 136 817
Transaction costs of acquisitions 6 1,209 106 1,209
Pro rata adjusted EBITDA re from unconsolidated joint ventures (31 ) (23 ) (98 ) 7
Adjusted EBITDA re $ 34,878 31.8 % $ 31,938 32.5 % $ 114,463 26.4 % $ 105,672 30.9 %
Corporate and Other segment:
Operating loss $ (11,417 ) $ (10,964 ) $ (43,704 ) $ (42,467 )
Depreciation and amortization 237 225 933 918
Other gains and (losses), net (325 ) (398 ) (1,894 ) (1,205 )
Equity-based compensation 2,536 2,308 10,178 10,150
Gain on sale of assets – – – (270 )
Pension settlement charge 133 261 773 858
Adjusted EBITDA re $ (8,836 ) $ (8,568 ) $ (33,714 ) $ (32,016 )


____________________
(1) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.


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 Year Ended
December 31, December 31,
2025 2024 2025 2024
Net income available to common stockholders $ 73,825 $ 68,766 $ 243,425 $ 271,638
Noncontrolling interest in OP Units 463 453 1,555 1,792
Net income available to common stockholders and unit holders 74,288 69,219 244,980 273,430
Depreciation and amortization 74,093 60,773 277,728 235,437
Adjustments for noncontrolling interest (3,005 ) (2,303 ) (12,147 ) (8,856 )
Pro rata adjustments from joint ventures – 2 – 5
FFO available to common stockholders and unit holders 145,376 127,691 510,561 500,016
Right-of-use asset amortization 125 47 372 189
Non-cash lease expense 1,690 597 4,743 3,501
Pension settlement charge 133 261 773 858
Pro rata adjustments from joint ventures 9,927 (74 ) 9,927 (272 )
(Gain) loss on other assets – – 1,296 (270 )
Amortization of deferred financing costs 3,164 2,660 11,926 10,655
Amortization of debt discounts and premiums 387 545 1,762 2,397
Loss on extinguishment of debt – 160 2,922 2,479
Adjustments for noncontrolling interest (3,587 ) (1,117 ) (7,226 ) (3,137 )
Transaction costs of acquisitions 6 1,209 106 1,209
Deferred tax provision (benefit) (2,649 ) (519 ) 2,430 10,196
Adjusted FFO available to common stockholders and unit holders $ 154,572 $ 131,460 $ 539,592 $ 527,821
Basic net income per share (1) $ 1.17 $ 1.15 $ 3.94 $ 4.54
Diluted net income per share (1) $ 1.11 $ 1.13 $ 3.77 $ 4.38
FFO available to common stockholders and unit holders per basic share/unit (1) $ 2.29 $ 2.12 $ 8.21 $ 8.30
Adjusted FFO available to common stockholders and unit holders per basic share/unit (1) $ 2.44 $ 2.18 $ 8.67 $ 8.76
FFO available to common stockholders and unit holders per diluted share/unit (1) $ 2.19 $ 2.08 $ 7.93 $ 8.05
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $ 2.38 $ 2.15 $ 8.46 $ 8.54
Weighted average common shares and OP units for the period:
Basic (1) 63,399 60,297 62,225 60,254
Diluted (1) 68,027 64,093 66,352 64,027


____________________
(1) Basic and diluted weighted average common shares for the three and twelve months ended December 31, 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 December 31, 2025 and 2024 include 4.4 million and 3.5 million, respectively, and for the twelve months ended December 31, 2025 and 2024 include 3.9 million and 3.5 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 EBITDA re Reconciliation and Operating Metrics
Unaudited
(In thousands)
Three Months Ended Year Ended
December 31, December 31,
2025 2024 2025 2024
$ Margin $ Margin $ Margin $ Margin
Hospitality segment:
Revenue $ 628,276 $ 549,450 $ 2,143,086 $ 1,997,050
Operating income $ 131,370 20.9 % $ 110,258 20.1 % $ 462,177 21.6 % $ 467,109 23.4 %
Depreciation and amortization 64,625 52,918 239,857 205,189
Non-cash lease expense 1,200 983 4,334 3,932
Interest income on Gaylord National bonds 1,025 1,113 4,277 4,616
Other gains and (losses), net – – 3,299 3,203
Adjusted EBITDA re $ 198,220 31.5 % $ 165,272 30.1 % $ 713,944 33.3 % $ 684,049 34.3 %
Performance metrics:
Occupancy 65.7 % 66.7 % 68.7 % 69.1 %
ADR $ 286.46 $ 267.45 $ 266.79 $ 257.81
RevPAR $ 188.09 $ 178.37 $ 183.29 $ 178.24
OtherPAR $ 364.25 $ 344.87 $ 308.15 $ 299.81
Total RevPAR $ 552.34 $ 523.24 $ 491.44 $ 478.05
Same-store Hospitality segment: (1)
Revenue $ 578,160 $ 549,450 $ 2,051,503 $ 1,997,050
Operating income $ 125,890 21.8 % $ 110,258 20.1 % $ 462,956 22.6 % $ 467,109 23.4 %
Depreciation and amortization 55,859 52,918 220,754 205,189
Non-cash lease expense 947 983 3,784 3,932
Interest income on Gaylord National bonds 1,025 1,113 4,277 4,616
Other gains and (losses), net – – 3,299 3,203
Adjusted EBITDA re $ 183,721 31.8 % $ 165,272 30.1 % $ 695,070 33.9 % $ 684,049 34.3 %
Performance metrics:
Occupancy 66.0 % 66.7 % 69.2 % 69.1 %
ADR $ 280.98 $ 267.45 $ 265.44 $ 257.81
RevPAR $ 185.41 $ 178.37 $ 183.73 $ 178.24
OtherPAR $ 365.17 $ 344.87 $ 308.70 $ 299.81
Total RevPAR $ 550.58 $ 523.24 $ 492.43 $ 478.05
Gaylord Opryland:
Revenue $ 147,383 $ 138,706 $ 484,104 $ 495,552
Operating income $ 48,188 32.7 % $ 40,807 29.4 % $ 144,113 29.8 % $ 152,896 30.9 %
Depreciation and amortization 8,355 8,053 33,122 32,588
Non-cash lease revenue (9 ) (10 ) (38 ) (42 )
Adjusted EBITDA re $ 56,534 38.4 % $ 48,850 35.2 % $ 177,197 36.6 % $ 185,442 37.4 %
Performance metrics:
Occupancy 72.3 % 71.2 % 69.1 % 70.9 %
ADR $ 288.21 $ 272.81 $ 266.19 $ 258.62
RevPAR $ 208.34 $ 194.35 $ 184.00 $ 183.35
OtherPAR $ 346.36 $ 327.70 $ 275.25 $ 285.47
Total RevPAR $ 554.70 $ 522.05 $ 459.25 $ 468.82
Gaylord Palms:
Revenue $ 88,247 $ 79,867 $ 316,498 $ 302,371
Operating income $ 16,646 18.9 % $ 12,420 15.6 % $ 62,096 19.6 % $ 63,228 20.9 %
Depreciation and amortization 8,728 7,392 34,398 25,470
Non-cash lease expense 956 993 3,822 3,974
Adjusted EBITDA re $ 26,330 29.8 % $ 20,805 26.0 % $ 100,316 31.7 % $ 92,672 30.6 %
Performance metrics:
Occupancy 63.8 % 60.3 % 70.7 % 64.6 %
ADR $ 283.58 $ 269.95 $ 258.14 $ 249.98
RevPAR $ 181.06 $ 162.87 $ 182.45 $ 161.45
OtherPAR $ 377.27 $ 342.44 $ 322.28 $ 319.43
Total RevPAR $ 558.32 $ 505.31 $ 504.73 $ 480.88


____________________
(1) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.


Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDA re Reconciliation and Operating Metrics
Unaudited
(In thousands)
Three Months Ended Year Ended
December 31, December 31,
2025 2024 2025 2024
$ Margin $ Margin $ Margin $ Margin
Gaylord Texan:
Revenue $ 106,311 $ 109,256 $ 349,264 $ 351,151
Operating income $ 31,053 29.2 % $ 35,373 32.4 % $ 100,230 28.7 % $ 106,416 30.3 %
Depreciation and amortization 6,369 5,834 24,676 23,189
Adjusted EBITDA re $ 37,422 35.2 % $ 41,207 37.7 % $ 124,906 35.8 % $ 129,605 36.9 %
Performance metrics:
Occupancy 67.1 % 74.7 % 69.8 % 74.6 %
ADR $ 277.67 $ 270.13 $ 259.13 $ 252.65
RevPAR $ 186.41 $ 201.76 $ 180.80 $ 188.58
OtherPAR $ 450.61 $ 452.90 $ 346.70 $ 340.32
Total RevPAR $ 637.02 $ 654.66 $ 527.50 $ 528.90
Gaylord National:
Revenue $ 93,917 $ 84,936 $ 336,257 $ 311,330
Operating income $ 15,061 16.0 % $ 10,269 12.1 % $ 51,693 15.4 % $ 46,306 14.9 %
Depreciation and amortization 8,448 8,467 33,846 33,724
Interest income on Gaylord National bonds 1,025 1,113 4,277 4,616
Other gains and (losses), net – – 3,299 3,203
Adjusted EBITDA re $ 24,534 26.1 % $ 19,849 23.4 % $ 93,115 27.7 % $ 87,849 28.2 %
Performance metrics:
Occupancy 63.9 % 60.4 % 67.4 % 64.8 %
ADR $ 275.24 $ 265.94 $ 257.22 $ 251.80
RevPAR $ 175.76 $ 160.71 $ 173.38 $ 163.16
OtherPAR $ 335.68 $ 301.82 $ 288.17 $ 263.01
Total RevPAR $ 511.44 $ 462.53 $ 461.55 $ 426.17
Gaylord Rockies:
Revenue $ 82,612 $ 76,825 $ 313,233 $ 290,141
Operating income $ 12,413 15.0 % $ 6,755 8.8 % $ 66,190 21.1 % $ 56,233 19.4 %
Depreciation and amortization 15,045 14,640 59,707 57,094
Adjusted EBITDA re $ 27,458 33.2 % $ 21,395 27.8 % $ 125,897 40.2 % $ 113,327 39.1 %
Performance metrics:
Occupancy 67.4 % 71.5 % 75.9 % 74.3 %
ADR $ 277.48 $ 252.73 $ 264.85 $ 253.11
RevPAR $ 187.15 $ 180.80 $ 201.02 $ 188.09
OtherPAR $ 411.09 $ 375.53 $ 370.71 $ 340.05
Total RevPAR $ 598.24 $ 556.33 $ 571.73 $ 528.14
JW Marriott Hill Country:
Revenue $ 53,718 $ 53,460 $ 227,182 $ 220,524
Operating income $ 2,454 4.6 % $ 3,860 7.2 % $ 37,402 16.5 % $ 38,408 17.4 %
Depreciation and amortization 8,094 7,752 31,781 30,193
Adjusted EBITDA re $ 10,548 19.6 % $ 11,612 21.7 % $ 69,183 30.5 % $ 68,601 31.1 %
Performance metrics:
Occupancy 58.5 % 60.4 % 67.2 % 69.2 %
ADR $ 310.71 $ 301.63 $ 329.16 $ 317.32
RevPAR $ 181.62 $ 182.17 $ 221.06 $ 219.58
OtherPAR $ 401.10 $ 397.76 $ 400.11 $ 381.74
Total RevPAR $ 582.72 $ 579.93 $ 621.17 $ 601.32


Ryman Hospitality Properties, Inc. and Subsidiaries
Supplemental Financial Results
Hospitality Segment Adjusted EBITDA re Reconciliation and Operating Metrics
Unaudited
(In thousands)
Three Months Ended Year Ended
December 31, December 31,
2025 2024 2025 2024
$ Margin $ Margin $ Margin $ Margin
JW Marriott Desert Ridge:
Revenue $ 50,116 $ – $ 91,583 $ –
Operating income (loss) $ 5,480 10.9 % $ – N/A % $ (779 ) (0.9 ) % $ – N/A %
Depreciation and amortization 8,766 – 19,103 –
Non-cash lease expense 253 – 550 –
Adjusted EBITDA re $ 14,499 28.9 % $ – N/A % $ 18,874 20.6 % $ – N/A %
Performance metrics:
Occupancy 61.7 % N/A % 57.7 % N/A %
ADR $ 356.94 $ N/A $ 301.38 $ N/A
RevPAR $ 220.26 $ N/A $ 173.85 $ N/A
OtherPAR $ 353.16 $ N/A $ 296.41 $ N/A
Total RevPAR $ 573.42 $ N/A $ 470.26 $ N/A
The AC Hotel at National Harbor:
Revenue $ 2,352 $ 3,032 $ 11,492 $ 12,647
Operating income (loss) $ (82 ) (3.5 ) % $ 383 12.6 % $ 1,042 9.1 % $ 2,247 17.8 %
Depreciation and amortization 225 230 894 933
Adjusted EBITDA re $ 143 6.1 % $ 613 20.2 % $ 1,936 16.8 % $ 3,180 25.1 %
Performance metrics:
Occupancy 46.2 % 60.8 % 55.6 % 59.9 %
ADR $ 258.80 $ 242.95 $ 258.26 $ 258.45
RevPAR $ 119.68 $ 147.78 $ 143.67 $ 154.77
OtherPAR $ 13.47 $ 23.86 $ 20.32 $ 25.20
Total RevPAR $ 133.15 $ 171.64 $ 163.98 $ 179.97
The Inn at Opryland: (1)
Revenue $ 3,620 $ 3,368 $ 13,473 $ 13,334
Operating income $ 157 4.3 % $ 391 11.6 % $ 190 1.4 % $ 1,375 10.3 %
Depreciation and amortization 595 550 2,330 1,998
Adjusted EBITDA re $ 752 20.8 % $ 941 27.9 % $ 2,520 18.7 % $ 3,373 25.3 %
Performance metrics:
Occupancy 55.5 % 53.3 % 52.8 % 53.8 %
ADR $ 170.66 $ 159.49 $ 171.46 $ 169.90
RevPAR $ 94.65 $ 84.96 $ 90.51 $ 91.40
OtherPAR $ 35.25 $ 35.84 $ 31.30 $ 28.84
Total RevPAR $ 129.90 $ 120.80 $ 121.82 $ 120.24


____________________
(1) 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 Year Ended
December 31, December 31,
2025 2024 2025 2024
Earnings per share:
Numerator:
Net income available to common stockholders $ 73,825 $ 68,766 $ 243,425 $ 271,638
Net income attributable to noncontrolling interest in OEG 1,127 3,072 4,919 6,760
Net income available to common stockholders - if-converted method $ 74,952 $ 71,838 $ 248,344 $ 278,398
Denominator:
Weighted average shares outstanding - basic 63,004 59,902 61,830 59,859
Effect of dilutive equity-based compensation 183 265 184 281
Effect of dilutive put rights (1) 4,445 3,531 3,943 3,492
Weighted average shares outstanding - diluted 67,632 63,698 65,957 63,632
Basic income per share available to common stockholders $ 1.17 $ 1.15 $ 3.94 $ 4.54
Diluted income per share available to common stockholders (1) $ 1.11 $ 1.13 $ 3.77 $ 4.38
FFO per share/unit:
Numerator:
FFO available to common stockholders and unit holders $ 145,376 $ 127,691 $ 510,561 $ 500,016
Net income attributable to noncontrolling interest in OEG 1,127 3,072 4,919 6,760
FFO adjustments for noncontrolling interest in OEG 2,627 2,303 10,435 8,856
FFO available to common stockholders and unit holders - if-converted method $ 149,130 $ 133,066 $ 525,915 $ 515,632
Denominator:
Weighted average shares and OP units outstanding - basic 63,399 60,297 62,225 60,254
Effect of dilutive equity-based compensation 183 265 184 281
Effect of dilutive put rights (1) 4,445 3,531 3,943 3,492
Weighted average shares and OP units outstanding - diluted 68,027 64,093 66,352 64,027
FFO available to common stockholders and unit holders per basic share/unit $ 2.29 $ 2.12 $ 8.21 $ 8.30
FFO available to common stockholders and unit holders per diluted share/unit (1) $ 2.19 $ 2.08 $ 7.93 $ 8.05
Adjusted FFO per share/unit:
Numerator:
Adjusted FFO available to common stockholders and unit holders $ 154,572 $ 131,460 $ 539,592 $ 527,821
Net income attributable to noncontrolling interest in OEG 1,127 3,072 4,919 6,760
FFO adjustments for noncontrolling interest in OEG 2,627 2,303 10,435 8,856
Adjusted FFO adjustments for noncontrolling interest in OEG 3,587 1,117 6,266 3,137
Adjusted FFO available to common stockholders and unit holders - if-converted method $ 161,913 $ 137,952 $ 561,212 $ 546,574
Denominator:
Weighted average shares and OP units outstanding - basic 63,399 60,297 62,225 60,254
Effect of dilutive equity-based compensation 183 265 184 281
Effect of dilutive put rights (1) 4,445 3,531 3,943 3,492
Weighted average shares and OP units outstanding - diluted 68,027 64,093 66,352 64,027
Adjusted FFO available to common stockholders and unit holders per basic share/unit $ 2.44 $ 2.18 $ 8.67 $ 8.76
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (1) $ 2.38 $ 2.15 $ 8.46 $ 8.54


____________________
(1) Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.


Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“Adjusted EBITDA re ”)
Unaudited
($ in thousands, except per share data)
Guidance Range
For Full Year 2026 (1)
Low High Midpoint
Consolidated:
Net income $ 260,000 $ 273,000 $ 266,500
Provision for income taxes 10,500 13,000 11,750
Interest expense, net 246,750 257,500 252,125
Depreciation and amortization 296,500 312,000 304,250
EBITDA re $ 813,750 $ 855,500 $ 834,625
Non-cash lease expense 3,250 5,000 4,125
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 EBITDA re $ 846,000 $ 895,000 $ 870,500
Hospitality segment:
Operating income $ 497,000 $ 516,500 $ 506,750
Depreciation and amortization 258,000 270,000 264,000
Non-cash lease expense 3,500 5,000 4,250
Interest income on Gaylord National bonds 3,500 4,500 4,000
Other gains and (losses), net 3,000 4,000 3,500
Adjusted EBITDA re $ 765,000 $ 800,000 $ 782,500
Hospitality segment (same-store) (2)
Operating income $ 466,500 $ 483,500 $ 475,000
Depreciation and amortization 224,000 234,000 229,000
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 EBITDA re $ 700,000 $ 730,000 $ 715,000
JW Marriott Desert Ridge
Operating income $ 30,500 $ 33,000 $ 31,750
Depreciation and amortization 34,000 36,000 35,000
Non-cash lease expense 500 1,000 750
Adjusted EBITDA re $ 65,000 $ 70,000 $ 67,500
Entertainment segment:
Operating income $ 74,750 $ 79,500 $ 77,125
Depreciation and amortization 36,500 39,500 38,000
Non-cash lease expense (revenue) (250 ) – (125 )
Preopening costs 4,500 5,500 5,000
Equity-based compensation 4,500 5,500 5,000
Adjusted EBITDA re $ 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 EBITDA re $ (39,000 ) $ (35,000 ) $ (37,000 )


____________________
(1) Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2) Same-store Hospitality excludes JW Marriott Desert Ridge, which was acquired June 10, 2025.


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 $ 250,000 $ 261,000 $ 255,500
Noncontrolling interest in OP units 1,000 2,000 1,500
Net income available to common stockholders and unit holders $ 251,000 $ 263,000 $ 257,000
Depreciation and amortization 296,500 312,000 304,250
Adjustments for noncontrolling interest (12,500 ) (11,500 ) (12,000 )
FFO available to common stockholders and unit holders $ 535,000 $ 563,500 $ 549,250
Right-of-use asset amortization – 500 250
Non-cash lease expense 3,250 5,000 4,125
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 12,500 14,000 13,250
Amortization of debt discounts and premiums 1,500 2,500 2,000
Deferred tax provision 6,000 8,000 7,000
Adjusted FFO available to common stockholders and unit holders $ 559,250 $ 597,000 $ 578,125
Net income available to common stockholders per diluted share (2) $ 3.80 $ 3.93 $ 3.87
Adjusted FFO available to common stockholders and unit holders per diluted share/unit (2) $ 8.50 $ 9.00 $ 8.75
Estimated weighted average shares outstanding - diluted (in millions) (2) 68.4 68.4 68.4
Estimated weighted average shares and OP units outstanding - diluted (in millions) (2) 68.8 68.8 68.8


____________________
(1) Includes JW Marriott Desert Ridge, except as otherwise noted. Amounts are calculated based on unrounded numbers.
(2) Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.


Ryman Hospitality Properties, Inc. and Subsidiaries
Reconciliation of Forward-Looking Statements
Earnings Per Share and Adjusted FFO Per Share
Unaudited
(dollars 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 $ 250,000 $ 261,000 $ 255,500
Net income attributable to noncontrolling interest in OEG 10,000 8,000 9,000
Net income available to common stockholders - if-converted method $ 260,000 $ 269,000 $ 264,500
Denominator:
Estimated weighted average shares outstanding - diluted (in millions) (1) 68.4 68.4 68.4
Diluted income per share available to common stockholders $ 3.80 $ 3.93 $ 3.87
Adjusted FFO per share:
Numerator:
Adjusted FFO available to common stockholders and unit holders $ 559,250 $ 597,000 $ 578,125
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 $ 585,250 $ 619,000 $ 602,125
Denominator:
Estimated weighted average shares and OP units outstanding - diluted (in millions) (1) 68.8 68.8 68.8
Adjusted FFO available to common stockholders and unit holders per diluted share/unit $ 8.50 $ 9.00 $ 8.75


____________________
(1) Includes equivalent shares related to the currently unexercisable investor put rights associated with the noncontrolling interest in the Company’s OEG business, which may be settled in cash or shares at the Company’s option.