United Parks & Resorts (PRKS) Company Report

United Parks & Resorts reported Q3 2025 total revenue of $511.9 million, a 6.2% decrease compared to Q3 2024, driven by a 3.4% decrease in attendance. Net income for the quarter was $89.3 million, down from $119.7 million in Q3 2024, and Adjusted EBITDA was $216.3 million.
As of September 30, 2025, the company maintained a strong balance sheet with a net total leverage ratio of 3.2 times and approximately $872 million of total available liquidity, including $221 million in cash on hand.
Management expressed disappointment in cost management during the quarter, but highlighted strategic progress including the mobile app reaching over 16.8 million downloads and driving a 37% increase in average transaction value for in-app food and beverage purchases.
The company is investing in new attractions across its parks and expects to spend approximately $175 to $200 million on core CapEx and $50 million on growth and ROI projects for the full year 2025. Discovery Cove is on track for record attendance and revenue in 2025, with 2026 bookings up over 20% compared to the prior year.

Nov 6, 2025, 2:00 PM

Transcript

United Parks and Resorts Reports Q3 2025 Results, Announces Share Repurchase Program, and Appoints Interim CFO

PRKS

Earnings

Share Buyback

CFO Change

United Parks and Resorts (PRKS) reported a 6.2% decrease in total revenue to $511.9 million and a 3.4% decrease in attendance for Q3 2025, primarily attributed to unfavorable calendar shifts, poor weather, and a decline in international visitation. Net income for the quarter was $89.3 million and Adjusted EBITDA was $216.3 million.
The company's Board authorized a $500 million share repurchase program, with $32.2 million already used to repurchase 635,020 shares through November 4, 2025. PRKS maintains a strong balance sheet with $872 million of total available liquidity and a net total leverage ratio of 3.2 times as of September 30, 2025.
PRKS is investing in new attractions for 2026, including "Legends of the Deep" at SeaWorld Orlando and "Barracuda Strike" at SeaWorld San Antonio. The mobile app has reached 16.8 million downloads and shows a 37% increase in average transaction value for in-app food and beverage purchases.
Jim Forrester was introduced as the incoming Interim Chief Financial Officer and Treasurer. The company noted its pass base was down approximately 4% through October 2025 compared to the prior year.

Nov 6, 2025, 2:00 PM

Transcript

United Parks & Resorts Reports Q3 2025 Financial Results with Revenue Decline

PRKS

Earnings

Demand Weakening

Share Buyback

United Parks & Resorts reported Q3 2025 total revenue of $511.9 million, a 6.2% decrease compared to Q3 2024, with net income of $89.3 million and adjusted EBITDA of $216.3 million. Year-to-date 2025, total revenue was $1.29 billion, a 3.9% decrease, and adjusted EBITDA was $490 million.
The decline in Q3 2025 revenue was primarily due to a 3.4% decrease in attendance (approximately 240,000 guests) and a 6.3% decrease in admissions per capita, partially offset by a 1.1% increase in in-park per capita spending. Attendance was negatively impacted by an unfavorable calendar shift and a decline in international visitation.
As of September 30, 2025, the company maintained a strong balance sheet with a net total leverage ratio of 3.2 times, approximately $872 million in total available liquidity, and $221 million in cash on hand.
The Board approved a $500 million share repurchase program, and the company repurchased 635,020 shares for $32.2 million through November 4, 2024. For 2025, the company expects to spend $175 million-$200 million on core CapEx and $50 million on growth and ROI projects.
Strategic initiatives include progress on international partnerships with one MOU signed and another expected, aiming for approximately $20 million in annual sponsorship revenue in coming years, and continued investment in new attractions for 2025 and 2026 across its parks.

Nov 6, 2025, 2:00 PM

Transcript

United Parks & Resorts Reports Q3 2025 Financial Results with Revenue and Attendance Declines

PRKS

Earnings

Demand Weakening

Share Buyback

United Parks & Resorts reported Q3 2025 total revenue of $511.9 million, a 6.2% decrease from Q3 2024, with attendance down 3.4% or 240,000 guests. Net income for the quarter was $89.3 million, and Adjusted EBITDA was $216.3 million.
The decline was primarily attributed to an unfavorable calendar shift, poor weather during peak holiday periods, and a 90,000 guest decrease in international visitation.
Despite the overall decline, in-park per capita spending increased by 1.1% in Q3 2025, and October saw an increase in attendance and positive per capita spending.
The company repurchased 635,020 shares for $32.2 million through November 4, 2024, under a $500 million share repurchase program. As of September 30, 2025, the company had a strong balance sheet with $872 million in total available liquidity and a net total leverage ratio of 3.2 times.
United Parks & Resorts is investing in new attractions for 2025 and 2026, expanding internationally with one MOU signed, and its mobile app is showing a 37% increase in average transaction value for food and beverage purchases.

Nov 6, 2025, 2:00 PM

Transcript

United Parks & Resorts Inc. Reports Q3 2025 Financial Results

PRKS

Earnings

Demand Weakening

Share Buyback

United Parks & Resorts Inc. reported a decrease in Q3 2025 attendance by 3.4% to 6.8 million guests, resulting in a 6.2% decrease in total revenue to $511.9 million and a 25.4% decrease in net income to $89.3 million compared to the third quarter of 2024.
The company's Q3 2025 performance was negatively impacted by an unfavorable calendar shift, poor weather during peak holiday periods, and a decline in international visitation.
Despite overall revenue decline, in-park per capita spending increased by 1.1% to $35.82 in Q3 2025, and forward-booking revenue trends into 2026 for Discovery Cove and group business are up over 20% compared to the same time last year.
From the beginning of Q3 2025 through November 4, 2025, the company repurchased 635,020 shares for an aggregate total of approximately $32.2 million, following stockholder approval for additional share repurchases.

Nov 6, 2025, 11:36 AM

8-K

United Parks & Resorts Reports Q3 and First Nine Months 2025 Results

PRKS

Earnings

Share Buyback

Demand Weakening

United Parks & Resorts Inc. reported a 6.2% decrease in total revenue to $511.9 million and a 25.4% decrease in net income to $89.3 million for the third quarter of 2025 compared to the prior year.
For the first nine months of 2025, total revenue decreased 3.9% to $1,289.0 million, and net income decreased 23.2% to $153.3 million compared to the same period in 2024.
The company's attendance for Q3 2025 was 6.8 million guests, a 3.4% decrease from Q3 2024, primarily attributed to an unfavorable calendar shift, poor weather during peak holiday periods, and a decline in international visitation.
United Parks & Resorts repurchased over 635,000 shares for approximately $32.2 million from the beginning of the third quarter through November 4, 2025, following a $500 million share repurchase program authorization.

Nov 6, 2025, 11:30 AM

Press Release

United Parks & Resorts Inc Reports Q2 2025 Results and Announces Share Repurchase Program

PRKS

Earnings

Share Buyback

New Projects/Investments

For Q2 2025, total revenue decreased 1.5% to $490.2 million, net income was $80.1 million, and adjusted EBITDA decreased $11.9 million to $206.3 million. Year-to-date 2025, total revenue was $777.2 million, a decrease of 2.2%, with net income of $64.0 million and adjusted EBITDA of $273.7 million.
The Board approved a new $500 million share repurchase program, pending non-Hillpath stockholder approval, and the company plans to implement an additional cost reduction plan to save up to $15 million in the second half of 2025.
Despite experiencing significant weather headwinds, Q2 2025 attendance increased by 0.8%. Notably, attendance at SeaWorld Orlando has been up since Universal's Epic Universe opened on May 22, 2025, and continues to be up quarter-to-date through August 6. Forward bookings for group business and Discovery Cove are up mid to high single digits for the remainder of the year and into 2026.
As of June 30, 2025, the company reported a net total leverage ratio of 3.0x and approximately $883 million of total available liquidity, including $194 million in cash.

Aug 8, 2025, 10:05 AM

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