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Visual21 Nov 2025
Data center suppliers
United Parks & Resorts (PRKS) investor relations material
United Parks & Resorts Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 revenue was $511.9 million, down 6.2% year-over-year, with net income of $89.3 million, a 25.4% decrease, primarily due to lower attendance from unfavorable calendar shifts, poor weather, and a decline in international visitation.
Attendance declined 3.4% to 6.8 million in Q3, with total revenue per capita down 2.9%, but in-park per capita spending increased for the 20th time in 22 quarters.
For the first nine months of 2025, revenue was $1.29 billion (down 3.9%), attendance was 16.4 million (down 1.5%), and net income was $153.3 million (down 23.2%).
Halloween events saw record attendance in Orlando and San Diego, and forward-looking revenue trends for Discovery Cove and group business are up over 20% year-over-year.
Shareholders approved a $500 million share repurchase program, with $32.2 million spent on 635,020 shares through November 4, 2025.
Financial highlights
Q3 2025 total revenue: $511.9 million (down 6.2%); net income: $89.3 million (down 25.4%); adjusted EBITDA: $216.3 million (down 16.3%).
Admissions revenue for Q3 fell 9.5% to $268.7 million; food, merchandise, and other revenue decreased 2.3% to $243.2 million.
Net cash from operating activities for Q3: $94.8 million (down 22.9%); for nine months: $301.7 million (down 17.9%).
Free cash flow for Q3: $38.0 million (down from $67.6 million); for nine months: $145.5 million (down from $156.5 million).
Capital expenditures for nine months: $167.2 million, focused on both core maintenance and expansion/ROI projects.
Outlook and guidance
Forward-looking revenue trends for Discovery Cove and group business are up over 20% year-over-year.
Management expects continued inflationary pressures and labor market challenges to impact costs and operations.
2026 pass program launched with enhanced benefits; early Black Friday sales are encouraging.
CapEx for 2025 expected to be $175–200 million for core projects and $50 million for growth/ROI projects, funded through operating cash flow.
Management targets operational and financial improvements, focusing on attendance, per capita spending, and cost reduction.
Strategies for in-park per capita growth?
Reduced CapEx impact on 2026 growth plans
Controllable attendance drivers for 2026?
International pipeline growth outlook
Pass base recovery strategy
Cost management execution improvements
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Next United Parks & Resorts earnings date
Q4 202527 Feb, 2026
Next United Parks & Resorts earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
United Parks & Resorts Inc operates theme parks and entertainment venues under various brand names. The company manages amusement parks, marine life parks, and water parks, offering rides, shows, and animal exhibits across the United States. The company is headquartered in Orlando, Florida, and its shares are listed on the NYSE.
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