United Parks & Resorts (PRKS) Q3 2025 earnings summary

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, and attendance declined 3.4% to 6.8 million, mainly due to unfavorable calendar shifts, poor weather, and lower international visitation.

• For the first nine months of 2025, revenue was $1.29 billion (down 3.9%), net income was $153.3 million (down 23.2%), and attendance was 16.4 million (down 1.5%).

• In-park per capita spending increased for the 20th time in 22 quarters, with Halloween events achieving record attendance in Orlando and San Diego.

• Forward-looking revenue trends for Discovery Cove and group business are up over 20% year-over-year, with strong bookings for 2026.

• Management cited less than optimal execution and expects operational and financial improvements.

Financial highlights

• Admissions revenue for Q3 2025 fell 9.5% to $268.7 million; food, merchandise, and other revenue decreased 2.3% to $243.2 million.

• Adjusted EBITDA for Q3 2025 was $216.3 million (down 16.3%); for nine months: $490 million (down 11.8%).

• Operating income for Q3 2025 was $151.7 million, down 24.5% year-over-year.

• Net cash from operating activities for nine months was $301.7 million (down 17.9%).

• Capital expenditures for nine months were $167.2 million (down 24.7%).

Outlook and guidance

• Management expects to execute better, drive more attendance, grow per capita spending, and reduce costs, while facing continued inflationary pressures and labor market challenges.

• 2026 pass program launched with enhanced benefits; early Black Friday sales are encouraging.

• CapEx for 2025 expected to be $175–200 million for core and $50 million for growth/ROI projects, funded through operating cash flow.

• Liquidity is supported by cash flow from operations and a $700 million undrawn revolving credit facility.

• New rides, attractions, and events announced for 2026 across multiple parks.