United Parks & Resorts (PRKS) Q2 2025 earnings summary

Executive summary

• Q2 2025 attendance increased 0.8% to 6.23 million despite severe weather, with growth at Orlando parks and in international and group visitation.

• Net income for Q2 was $80.1 million, down 12.1% year-over-year; first half net income was $64.0 million, down 20%.

• Q2 2025 revenue was $490.2 million, down 1.5% year-over-year; first half revenue was $777.2 million, down 2.2%.

• Board approved a $500 million share repurchase program, reflecting confidence in business prospects and pending shareholder approval.

• Management expects a stronger second half, citing robust forward bookings, popular upcoming events, and cost reduction initiatives.

Financial highlights

• Q2 2025 admissions revenue fell 3.1% to $255.7 million; food, merchandise, and other revenue rose 0.4% to $234.5 million.

• Adjusted EBITDA for Q2 2025 was $206.3 million (down 5.4%); first half adjusted EBITDA was $273.7 million (down 7.9%).

• Q2 2025 earnings per share (diluted) was $1.45 (down 0.7%); first half EPS diluted was $1.15 (down 8.7%).

• Net cash from operating activities for the first half was $206.9 million, down 15.4% year-over-year.

• Capital expenditures for the first half of 2025 totaled $110.5 million, primarily for park rides and maintenance.

Outlook and guidance

• Management expects strong second half results, driven by improved weather, popular fall/winter events, and cost reduction initiatives.

• Forward bookings for group business and Discovery Cove are up mid to high single digits for the rest of 2025, with strong early signs for 2026.

• No specific full-year EBITDA guidance provided, but management is confident in a better second half if weather normalizes and cost plans are executed.

• Ongoing cost savings initiatives and technology investments are expected to improve margins.

• Liquidity is expected to be sufficient for at least the next 12 months.