United Parks & Resorts Inc.

What they do

The company owns or licenses theme park brands and operates 12 owned theme parks, nearly all in U.S. markets, plus an international presence in the UAE. Parks pair rides, shows and attractions with zoological collections and animal presentations, and the company also operates animal rescue efforts. Revenue comes from admissions, food, merchandise and other in-park spending, and the company has more than 65 years of operating history.

Revenue drivers

• Admissions — Single-day tickets, annual and season passes, fun cards and multi-day or multi-park products; revenue is recognized based on attendance, and pass products can be paid monthly. Admission per capita was $40.31 in Q2 2026.
• In-park spending — Food and beverage, merchandise and other in-park products; in-park per capita hit a record $39.51 in Q2 2026 and $39.90 in the first half.
• Attendance volume — Attendance drives both admissions and in-park spending; Q2 2026 attendance was 6.1 million guests, down about 0.2 million year over year.
• Out-of-park and licensed experiences — Consumer products such as toys, books, apparel and educational tools, plus licensed brands and international development; the filings describe these as a way to extend guest connection rather than a separately sized revenue line.

Recent performance

Second quarter 2026 revenue was $483.3 million, down 1.4% year over year, with attendance of 6.1 million guests, down 2.9%. Net income fell 21.0% to $63.3 million and Adjusted EBITDA fell 5.2% to $195.5 million. Total revenue per capita rose 1.5% to $79.82 on record in-park spending of $39.51, while admission per capita declined 1.8% to $40.31. First half 2026 revenue was $761.6 million, down 2.0%, with net income of $29.2 million, down 54.4%. Management attributed the quarter to the earlier Easter holiday and continued declines in international visitation, saying attendance would have been flat adjusting for those factors.

Strategy

Management said it is executing against strategic priorities to grow revenue, Adjusted EBITDA and shareholder value, citing strength in forward indicators for Discovery Cove and group business with advanced bookings up double-digits. The company is returning cash via buybacks, repurchasing about 3.3 million shares for roughly $125 million in Q2 2026 and about 5.9 million shares, or 12.1% of shares outstanding, for roughly $217.7 million in the first half. Seasonal events are a focus, including Halloween and Christmas programming, with new intellectual property added to Howl-O-Scream through a partnership with Sony Pictures for films including "I Know What You Did Last Summer" and "Anaconda." The 10-K also notes an international development strategy, with parks in the UAE alongside U.S. operations.

Risks

• Labor and union activity — The company cites turnover and hiring challenges in some positions and markets and increased union organizing activities in certain units.
• International visitation decline — Management attributes recent attendance softness partly to continued declines in international visitation, which also affects per capita spending since international guests generally buy higher-priced tickets.
• Animal-related regulation and activism — The 10-K flags complex federal and state regulations governing animal treatment, which can change, and claims and lawsuits by activist groups before regulators and courts.
• Board and shareholder influence — The 10-K cites the risk that Hill Path Capital LP and its affiliates could significantly influence company decisions with interests that may conflict with other shareholders, and certain board members including the Chairman are actively involved in overseeing key operating activities.

Outlook

Management said it is focused on executing strategic priorities and driving growth in revenue, Adjusted EBITDA and total shareholder value, and described its summer event lineup followed by Halloween and Christmas events. It cited double-digit growth in advanced bookings revenue for Discovery Cove and group business. No specific financial guidance figures are provided in the excerpts.