United Parks & Resorts (PRKS) Q3 2026 earnings summary

Executive summary

• Q3 revenue fell 1.1% YoY to $506.5M; attendance declined 4.7%, while total revenue per capita rose 3.8% to $78.29. Net income fell 10.5% to $80.0M and Adjusted EBITDA fell 5.1% to $205.1M.

• Management sees a path to higher attendance, revenue, Adjusted EBITDA and free cash flow in 2027 and beyond, citing pass trends, forward bookings, international recovery, new attractions and cost initiatives.

Financial highlights

• Q3 operating income was $140.6M, down 7.3%; diluted EPS was $1.74 vs. $1.61 YoY. Total costs and expenses rose 1.6% to $365.8M, including a 13.1% increase in SG&A to $68.6M.

• 9M revenue was $1,268.1M, down 1.6%; net income was $109.2M, down 28.8%, and Adjusted EBITDA was $458.6M, down 6.4%.

• 9M operating income was $249.3M, down 19.3%; diluted EPS was $2.29 vs. $2.76 YoY. Interest expense declined 5.3% to $96.2M.

• 9M Operating Segment Adjusted EBITDA was $536.1M vs. $569.3M; segment revenue was $1.268B.

Outlook and guidance

• 2027 Discovery Cove and group forward-booking revenue was running at double-digit YoY growth; 2027-specific pass products were up more than 15% as of Oct. 31.

• Total pass sales rose almost 8% in Q3, and the paid pass base was positive as of Oct. 31; October revenue was projected to grow despite severe weather.

• 2027 gross cost-savings target is an additional $40M–$50M; management aims to keep cost growth flat to extremely low single digits and realize net savings.

• 2026 sponsorship revenue is on track for $12M–$15M, with sponsorships expected to become at least a $30M business in coming years; 2026 CapEx is expected to be less than $250M.

• Holiday events and new or upgraded attractions are planned for 2027, including SEAQuest: Legends of the Deep and Return to Corkscrew Hill.