United Parks & Resorts Inc. Reports Third Quarter and First Nine Months 2026 Results
United Parks & Resorts Inc. (PRKS) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 United Parks & Resorts Inc. Reports Third Quarter and First Nine Months 2026 Results ORLANDO, FL, November 5 , 2026 - United Parks & Resorts Inc. (NYSE: PRKS), a leading theme parks and entertainment company, today reported its financial results for the third quarter
How this was made
The 30-second read
Why it matters
The decline in attendance and earnings may pressure the stock, but per‑capita revenue growth and new attractions could support a rebound.
Market read
First‑report earnings numbers for a mid‑cap leisure operator; relevant for sector traders and discretionary investors.
What to watch
Weather and promotional admission cuts drove attendance decline; these are likely temporary.
United Parks & Resorts Inc. reported third-quarter total revenues of $506.5 million, down 1.1%, as attendance declined 4.7% and total revenue per capita increased 3.8%.
Per-capita revenue growth and higher food, merchandise and other revenue per guest partly offset lower attendance, but third-quarter revenue, net income, Adjusted EBITDA, operating income and Free Cash Flow all declined from the prior-year period.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Third quarter total revenuesGAAP | $506.5M | – | (1.1 %) |
| Third quarter admissions revenueGAAP | $264.6M | – | (1.5 %) |
| Third quarter food, merchandise and other revenueGAAP | $241.8M | – | (0.6 %) |
| Third quarter cost of food, merchandise and other revenuesGAAP | $40.89M | – | 2.4 % |
| Third quarter operating expensesGAAP | $210.3M | – | (1.9 %) |
| Third quarter selling, general and administrative expensesGAAP | $68.60M | – | 13.1 % |
| Third quarter severance and other separation costsGAAP | $204K | – | (58.4 %) |
| Third quarter depreciation and amortizationGAAP | $45.80M | – | 2.5 % |
| Third quarter total costs and expensesGAAP | $365.8M | – | 1.6 % |
| Third quarter operating incomeGAAP | $140.6M | – | (7.3 %) |
| Third quarter other (income) expenses, netGAAP | −$486K | – | NM |
| Third quarter interest expenseGAAP | $32.10M | – | (4.2 %) |
| Third quarter income before income taxesGAAP | $109.0M | – | (7.9 %) |
| Third quarter provision for income taxesGAAP | $29.05M | – | 0.1 % |
| Third quarter net incomeGAAP | $79.97M | – | (10.5 %) |
| Third quarter earnings per share, basicGAAP | $ 1.76 | – | – |
| Third quarter earnings per share, dilutedGAAP | $ 1.74 | – | 8.1 % |
| Third quarter weighted average common shares outstanding, basicGAAP | 45.39M | – | – |
| Third quarter weighted average common shares outstanding, dilutedGAAP | 45.97M | – | – |
| Third quarter Adjusted EBITDAnon-GAAP | $205.1M | – | (5.1 %) |
| Third quarter net cash provided by operating activitiesGAAP | $93.20M | – | (1.7 %) |
| Third quarter capital expendituresother | 69.73M | – | 22.9 % |
| Third quarter Free Cash Flownon-GAAP | $23.47M | – | (38.3 %) |
| Third quarter attendanceother | 6.47M | – | (4.7 %) |
| Third quarter total revenue per capitaother | $ 78.29 | – | 3.8 % |
| Third quarter admission per capitaother | $ 40.90 | – | 3.4 % |
| Third quarter in-park per capita spendingother | $ 37.39 | – | 4.4 % |
| First nine months total revenuesGAAP | $1.27B | – | (1.6 %) |
| First nine months admissions revenueGAAP | $656.2M | – | (3.6 %) |
| First nine months food, merchandise and other revenueGAAP | $611.9M | – | 0.6 % |
| First nine months operating incomeGAAP | $249.3M | – | (19.3 %) |
| First nine months interest expenseGAAP | $96.23M | – | (5.3 %) |
| First nine months net incomeGAAP | $109.2M | – | (28.8 %) |
| First nine months earnings per share, basicGAAP | $ 2.32 | – | – |
| First nine months earnings per share, dilutedGAAP | $ 2.29 | – | (17.0 %) |
| First nine months Adjusted EBITDAnon-GAAP | $458.6M | – | (6.4 %) |
| First nine months net cash provided by operating activitiesGAAP | $330.0M | – | 9.4 % |
| First nine months capital expendituresother | 207.9M | – | 24.3 % |
| First nine months Free Cash Flownon-GAAP | $122.1M | – | (9.2 %) |
| First nine months attendanceother | 15.74M | – | (4.1 %) |
| First nine months total revenue per capitaother | $ 80.54 | – | 2.6 % |
| First nine months admission per capitaother | $ 41.68 | – | 0.5 % |
| First nine months in-park per capita spendingother | $ 38.86 | – | 4.8 % |
| Last twelve months Adjusted EBITDAnon-GAAP | $573.7M | – | – |
| Last twelve months Covenant Adjusted EBITDAnon-GAAP | $634.1M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Admissions revenue, third quarterThe Company cited lower attendance, partially offset by increased realized pricing on certain admission products and the net impact of admissions product mix. | $264.6M | – | (1.5 %) |
| Food, merchandise and other revenue, third quarterIn-park per capita spending increased primarily due to higher penetration and the impact of pricing initiatives. | $241.8M | – | (0.6 %) |
| Admissions revenue, first nine monthsThe Company cited lower attendance, partially offset by higher realized pricing and the net impact of admissions product mix. | $656.2M | – | (3.6 %) |
| Food, merchandise and other revenue, first nine monthsIn-park per capita spending increased primarily due to the impact of pricing initiatives and penetration. | $611.9M | – | 0.6 % |
What drove it
- Third-quarter attendance decreased approximately 320,000 guests, primarily attributable to unfavorable weather, calendar impacts and a decline in international visitation.
- A planned decline in promotional admissions products compared with the prior year contributed to lower third-quarter and first-nine-month attendance.
- Third-quarter total revenue per capita increased 3.8 % to $ 78.29, with admission per capita up 3.4 % to $ 40.90 and in-park per capita spending up 4.4 % to $ 37.39.
- Management said total pass sales during the third quarter were up almost 8%, total paid pass base was positive as of October 31st, and the 2027 specific pass product base was up over 15% as of October 31st.
- Management said 2027 forward bookings revenue for Discovery Cove and group business were each running up double digit percentages versus prior year at the same time.
Concerns
- Third-quarter attendance was 6,469 (in thousands), down 4.7 %, and first-nine-month attendance was 15,744 (in thousands), down 4.1 %.
- Third-quarter operating income declined 7.3 % to $ 140,633 (in thousands), while selling, general and administrative expenses increased 13.1 % to $ 68,598 (in thousands).
- First-nine-month operating income declined 19.3 % to $ 249,250 (in thousands), while operating expenses increased 2.9 % and selling, general and administrative expenses increased 8.3 %.
- Third-quarter Free Cash Flow declined 38.3 % to $ 23,470 (in thousands), as capital expenditures increased 22.9 % to 69,735 (in thousands).
- Cash and cash equivalents were $ 26,278 (in thousands) as of September 30, 2026, and total long-term debt, including current maturities, was $ 2,276,452 (in thousands).
What to watch
- Attendance trends following weather, calendar and international visitation headwinds.
- Sustainability of total revenue per capita, admission per capita and in-park per capita spending growth.
- Pass sales, total paid pass base and 2027 specific pass product base trends.
- Holiday event performance and non-impacted weather-day performance of separately ticketed Howl-O-Scream events.
- Execution of announced 2027 attractions, including SEAQuest: Legends of the Deep and Return to Corkscrew Hill.
- Capital expenditure levels and Free Cash Flow conversion.
Balance sheet and cash flow
- Cash and cash equivalents as of September 30, 2026: $ 26,278 (in thousands); as of December 31, 2025: $ 99,762 (in thousands).
- Total assets as of September 30, 2026: $ 2,637,707 (in thousands); as of December 31, 2025: $ 2,616,274 (in thousands).
- Deferred revenue as of September 30, 2026: $ 152,447 (in thousands); as of December 31, 2025: $ 143,325 (in thousands).
- Term B-3 Loans as of September 30, 2026: $ 1,511,452 (in thousands); as of December 31, 2025: $ 1,523,019 (in thousands).
- Revolving Credit Facility as of September 30, 2026: $ 40,000 (in thousands); as of December 31, 2025: —.
- Senior Notes as of September 30, 2026: $ 725,000 (in thousands); as of December 31, 2025: $ 725,000 (in thousands).
- Total long-term debt, including current maturities, as of September 30, 2026: $ 2,276,452 (in thousands); as of December 31, 2025: $ 2,248,019 (in thousands).
- Total stockholders' deficit as of September 30, 2026: $ (533,005 ) (in thousands); as of December 31, 2025: $ (435,806 ) (in thousands).
- First nine months core capital expenditures: $ 175,324 (in thousands), compared with $ 142,175 (in thousands), an increase of 23.3 %.
- First nine months expansion/ROI project capital expenditures: $ 32,594 (in thousands), compared with $ 25,052 (in thousands), an increase of 30.1 %.
Analysis
Third-quarter results show weaker guest volume offset in part by continued monetization gains. Total revenues were $ 506,455 (in thousands), down 1.1 %, as attendance fell 4.7 % to 6,469 (in thousands). Total revenue per capita increased 3.8 % to $ 78.29. Admission per capita increased 3.4 % to $ 40.90, while in-park per capita spending increased 4.4 % to $ 37.39. Management attributed the attendance decline to unfavorable weather, calendar impacts, lower international visitation and a planned reduction in promotional admissions products.
The revenue mix reflects these offsetting forces. Admissions revenue declined 1.5 % to $ 264,607 (in thousands), while food, merchandise and other revenue declined 0.6 % to $ 241,848 (in thousands). The Company attributed higher admission per capita to realized pricing on certain admission products and admission-product mix. It attributed higher in-park spending per capita to higher penetration and pricing initiatives. Across the first nine months, food, merchandise and other revenue increased 0.6 % even as total revenue declined 1.6 % and admissions revenue declined 3.6 %.
Profitability declined more than revenue. Third-quarter operating income fell 7.3 % to $ 140,633 (in thousands), net income fell 10.5 % to $ 79,974 (in thousands), and Adjusted EBITDA fell 5.1 % to $ 205,144 (in thousands). Selling, general and administrative expenses increased 13.1 % to $ 68,598 (in thousands), while total costs and expenses increased 1.6 %. For the first nine months, operating income declined 19.3 %, net income declined 28.8 %, and Adjusted EBITDA declined 6.4 %. The release states that Adjusted EBITDA was negatively impacted by lower revenue and increased operating and selling, general and administrative expenses.
Cash generation was mixed. Third-quarter net cash provided by operating activities decreased 1.7 % to $ 93,205 (in thousands), while capital expenditures increased 22.9 % to 69,735 (in thousands), resulting in Free Cash Flow of $ 23,470 (in thousands), down 38.3 %. For the first nine months, operating cash flow rose 9.4 % to $ 330,007 (in thousands), but capital expenditures rose 24.3 % to 207,918 (in thousands), and Free Cash Flow decreased 9.2 % to $ 122,089 (in thousands). Cash and cash equivalents were $ 26,278 (in thousands), and total long-term debt, including current maturities, was $ 2,276,452 (in thousands), as of September 30, 2026.
The Company provided no quantified financial guidance. Management highlighted pass sales, the paid pass base, 2027 specific pass products, Discovery Cove bookings and group-business bookings as encouraging indicators. It also pointed to its announced 2027 attractions and holiday event lineup. The reported outlook is therefore centered on operational trends and future initiatives rather than a stated revenue, earnings, margin or cash flow target.
Management, verbatim
We are pleased with the underlying performance of our business, despite significantly unfavorable weather, calendar impacts and international headwinds during the quarter.
Marc Swanson, CEO of United Parks & Resorts Inc.
Underscoring the progress we are making, our total pass sales during the third quarter were up almost 8% and our total paid pass base was positive as of October 31st.
Marc Swanson, CEO of United Parks & Resorts Inc.
Looking ahead to 2027 and beyond, we see a clear path to deliver significantly higher attendance, revenue, Adjusted EBITDA and free cash flow.
Marc Swanson, CEO of United Parks & Resorts Inc.
Not in the filing
stated, not guessed- Quantified forward financial guidance for revenue, gross margin, operating expenses, tax rate, Adjusted EBITDA, Free Cash Flow, attendance or capital expenditures was not provided.
- Prior-release outlook was not provided, so no comparison against prior guidance is available.
- Gross margin was not reported.
- Share repurchases, dividends and other capital-return amounts were not reported.
- Operating segment results were not reported; the release provided revenue categories only.
- Third-quarter and first-nine-month GAAP net income margin, operating margin and gross margin were not reported.
- Sequential prior-quarter comparisons were not reported for the disclosed metrics.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
United Parks & Resorts operates SeaWorld, Busch Gardens and other parks; the filing is its quarterly 8‑K earnings release.
Ticker impact
United Parks & Resorts reported Q3 and nine‑month 2026 results with revenue and net income down year‑over‑year.
likely downside as investors price in lower revenue and earnings
Revenue fell 1.1% YoY and net income dropped 10.5% YoY; attendance down 4.7% indicates weaker demand.
Market effects
Theme‑park and leisure sector may see modest weakness as attendance declines.
U.S. consumer discretionary sentiment could be slightly dampened.
Limited to investors tracking leisure stocks; no broad market effect.
Counterpoint
Management cites per‑capita revenue growth and upcoming 2027 attractions, suggesting a longer‑term upside.
Key entities
- ExecutiveMarc Swanson
CEO of United Parks & Resorts, provided commentary on results.
