Second Quarter 2026
Filed Aug 4, 2026Second-quarter revenue declined 1.4% as lower attendance outweighed higher per-capita spending; net income declined 21.0% and Adjusted EBITDA declined 5.2%.
Per-capita revenue and in-park spending increased, operating cash flow remained substantial, and the company repurchased approximately $125 million of shares, but attendance, revenue, net income, diluted EPS, and Adjusted EBITDA all declined year over year.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenuesGAAP | $483.3 million | – | (1.4 %) |
| Net incomeGAAP | $63.3 million | – | (21.0 %) |
| Net earnings per share, dilutedGAAP | $1.34 | – | (7.6 %) |
| Adjusted EBITDAnon-GAAP | $195.5 million | – | (5.2 %) |
| Net cash provided by operating activitiesGAAP | $170.0 million | – | (6.2 %) |
| Attendanceother | 6.06 | – | (2.9 %) |
| Total revenue per capitaother | $79.82 | – | 1.5 % |
| Admission per capitaother | $40.31 | – | (1.8 %) |
| In-Park per capita spendingother | $39.51 | – | 5.1 % |
| Total revenues, first six monthsGAAP | $761.6 million | – | (2.0 %) |
| Net income, first six monthsGAAP | $29.2 million | – | (54.4 %) |
| Net earnings per share, diluted, first six monthsGAAP | $0.60 | – | (47.8 %) |
| Adjusted EBITDA, first six monthsnon-GAAP | $253.4 million | – | (7.4 %) |
| Net cash provided by operating activities, first six monthsGAAP | $236.8 million | – | 14.4 % |
| Attendance, first six monthsother | 9.28 | – | (3.6 %) |
| Total revenue per capita, first six monthsother | $82.11 | – | 1.7 % |
| Admission per capita, first six monthsother | $42.21 | – | (1.4 %) |
| In-Park per capita spending, first six monthsother | $39.90 | – | 5.1 % |
Capital returns
- In the second quarter, the Company repurchased approximately 3.3 million shares for an aggregate total of approximately $125 million.
- For the first half of the year, the Company repurchased approximately 5.9 million shares (or 12.1% of total outstanding shares) for an aggregate total of approximately $217.7 million.
What drove it
- Second-quarter attendance decreased approximately 179,000 guests primarily due to an unfavorable calendar shift including the timing of the Easter holiday and a decrease in international visitation compared to the same prior year quarter.
- The decrease in total revenue was primarily a result of lower attendance, partially offset by an increase in total revenue per capita.
- Admission per capita decreased primarily due to the net impact of the admissions product mix.
- In-park per capita spending increased primarily due to higher penetration and the impact of pricing initiatives.
- For the first six months, attendance was affected by unfavorable weather conditions versus prior year, a decline in visitation from international markets, and the Easter holiday shift.
- Advanced bookings revenue for Discovery Cove and group business was up double-digits versus prior year.
- Early forward booking ticket sales for Howl O' Scream events were running ahead of last year across the parks.
Concerns
- Second-quarter attendance decreased 2.9%.
- Second-quarter total revenues decreased 1.4%.
- Second-quarter net income decreased 21.0%, and Adjusted EBITDA decreased 5.2%.
- Admission per capita decreased 1.8% in the second quarter.
- The company cited continued decline in international visitation and the timing of Easter as second-quarter headwinds.
- The company cited international visitation, weather impacts, and holiday shifts as first-half headwinds.
- Adjusted EBITDA was negatively impacted by a decrease in total revenue and an increase in operating expenses in the second quarter.
What to watch
- Attendance trends following the Easter calendar shift and continued international-visitation pressure.
- Whether higher penetration and pricing initiatives continue to support in-park per capita spending.
- Discovery Cove and group-business advanced bookings, which were up double-digits versus prior year.
- Forward ticket sales and execution for Howl O' Scream, which were running ahead of last year across the parks.
- The effect of seasonal offerings in the remaining summer period, Halloween events through October, and Christmas celebrations in November and December.
- The pace of additional share repurchases.
Balance sheet and cash flow
- Net cash provided by operating activities was $170.0 million for the three months ended June 30, 2026, compared to $181.2 million for the three months ended June 30, 2025.
- Net cash provided by operating activities was $236.8 million for the six months ended June 30, 2026, compared to $206.9 million for the six months ended June 30, 2025.
Analysis
United Parks reported a mixed second quarter. Total revenues declined to $483.3 million from $490.2 million as attendance declined 2.9% to 6.06. The company attributed the attendance pressure primarily to an unfavorable Easter calendar shift and lower international visitation. For the first six months, attendance declined 3.6% and revenue declined 2.0%, with unfavorable weather conditions also cited as a headwind.
Guest monetization partly offset the attendance pressure. Second-quarter total revenue per capita increased 1.5% to $79.82, supported by a 5.1% increase in in-park per capita spending to a record $39.51. The company attributed the in-park spending increase to higher penetration and pricing initiatives. Admission per capita declined 1.8% to $40.31 because of the net impact of admissions product mix.
Profitability declined more sharply than revenue. Second-quarter net income was $63.3 million, down 21.0%, while diluted EPS was $1.34, down 7.6%. Adjusted EBITDA declined 5.2% to $195.5 million; management said it was negatively affected by lower revenue and higher operating expenses. Net cash provided by operating activities declined 6.2% to $170.0 million in the quarter, although first-half operating cash flow increased 14.4% to $236.8 million.
Capital allocation remained a central feature of the release. The company repurchased approximately 3.3 million shares for approximately $125 million in the second quarter and approximately 5.9 million shares for approximately $217.7 million in the first half. The company pointed to double-digit year-over-year advanced-bookings revenue growth at Discovery Cove and in group business, and said early Howl O' Scream ticket sales were ahead of last year. No quantitative forward financial guidance was provided in the supplied filing text.
The key operating issue is whether per-capita spending growth can continue to offset attendance weakness from international visitation, calendar effects, and weather. The seasonal event calendar, including summer events, Halloween programming, and later Christmas celebrations, is positioned by management as a demand driver. Investors will also focus on whether revenue growth resumes and whether operating-expense pressure moderates, given the second-quarter Adjusted EBITDA decline.
Management, verbatim
We delivered another quarter of growth in total revenue per capita, driven by continued strong in-park execution. During the quarter, we again grew in-park per capita spending to a record for the quarter.
Marc Swanson, CEO of United Parks & Resorts Inc.
Looking ahead, we continue to see strength in our forward indicators for Discovery Cove and our group business with advanced bookings revenue for both up double-digits versus prior year.
Marc Swanson, CEO of United Parks & Resorts Inc.
Early forward booking ticket sales for our Howl O' Scream events are already running ahead of last year across our parks.
Marc Swanson, CEO of United Parks & Resorts Inc.
Not in the filing
stated, not guessed- Forward financial guidance, including revenue, gross margin, operating expenses, tax rate, Adjusted EBITDA, and Free Cash Flow guidance, was not provided.
- Previous-period outlook was not provided.
- Segment revenue and segment profitability were not reported.
- GAAP gross profit and gross margin were not reported.
- GAAP operating income and operating margin were not reported.
- Operating expenses amount and year-over-year comparison were not reported.
- Non-GAAP net income and non-GAAP EPS were not reported.
- Free Cash Flow amount and comparison were not included in the supplied filing text.
- Capital expenditures were not reported.
- Cash, cash equivalents, total debt, net debt, and other balance-sheet figures were not included in the supplied filing text.
- Dividend declaration or payment information was not reported.
- Tax rate was not reported.
- Prior-quarter comparisons were not reported for the listed metrics.
- CFO commentary was not provided.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.