Executive Summary

Q2 2025 revenue declined 1.5% year over year to $490.2M; diluted EPS was $1.45 (down 0.7% YoY), and Adjusted EBITDA fell 5.4% to $206.3M; attendance increased 0.8% to ~6.234M as weather offset an Easter/Spring Break calendar benefit .
Versus S&P Global consensus, PRKS posted a miss on revenue ($490.2M vs $497.1M est), a miss on Primary EPS (1.70 vs 1.80 est), and a miss on EBITDA (S&P EBITDA actual 183.8M vs 217.2M est). Values retrieved from S&P Global.
Management cited “amongst the worst” Q2 weather, heavier promotions that pressured admissions per caps, and announced an accelerated cost-reduction program to cut up to $15M from H2 expenses; Board recommended a $500M share buyback (approved Sept 3) as a capital return catalyst .
Orlando parks attendance rose despite Universal’s Epic Universe opening; early fall event ticketing (Howl O’ Scream) is ahead of prior year, Discovery Cove is on pace for a record attendance year—supporting expectations for stronger second-half results .

What Went Well and What Went Wrong

What Went Well
- Attendance grew despite severe weather; Orlando parks (SeaWorld, Aquatica, Discovery Cove) attendance was up, and SeaWorld Orlando’s revenue was positive in Q2. “Attendance at our SeaWorld Orlando Park has been up... and we expect attendance for the remainder of the year... to be up as well.”
- Early indicators for H2 strong: group bookings and Discovery Cove bookings up mid-to-high single digits; Howl O’ Scream presales ahead of last year; Discovery Cove on pace for a record year .
- Cost actions and balance sheet: plan to cut up to $15M H2 expenses; net total leverage ~3.0x; ~$883M liquidity and ~$194M cash as of 6/30/25 .
What Went Wrong
- Per caps declined: total revenue per cap down 2.2%; admissions per cap down 3.9% (pricing/mix); in-park per cap down 0.4% amid elevated promotions to counter weather .
- Expense pressure: operating expenses rose 7.7% (including ~$9.6M non-cash self-insurance), SG&A up 1%; Adjusted EBITDA fell 5.4% YoY .
- Deferred revenue decreased vs June 2024; pass base was down ~3% through July (improved thereafter), reflecting mix and promotional impacts .

Financial Results

Actuals by quarter (oldest → newest)

Metric	Q4 2024	Q1 2025	Q2 2025
Total revenues ($USD Millions)	$384.4	$286.9	$490.2
Net income ($USD Millions)	$27.9	$(16.1)	$80.1
Diluted EPS ($USD)	—	$(0.29)	$1.45
Adjusted EBITDA ($USD Millions)	$144.5	$67.4	$206.3
Attendance (Millions)	—	3.391	6.234

Q2 2025 vs Q2 2024 (y/y)

Metric	Q2 2024	Q2 2025
Total revenues ($USD Millions)	$497.6	$490.2
Net income ($USD Millions)	$91.1	$80.1
Diluted EPS ($USD)	$1.46	$1.45
Adjusted EBITDA ($USD Millions)	$218.2	$206.3
Attendance (Thousands)	6,186	6,234
Total revenue per capita ($USD)	$80.44	$78.64
Admissions per capita ($USD)	$42.68	$41.03
In-park per capita ($USD)	$37.76	$37.61

Revenue breakdown

Metric	Q1 2025	Q2 2025
Admissions ($USD Thousands)	$156,115	$255,740
Food, merchandise & other ($USD Thousands)	$130,834	$234,472
Total revenues ($USD Thousands)	$286,949	$490,212

Q2 2025 Actual vs S&P Global Consensus

Metric	Consensus	Actual
Revenue ($USD)	$497,088,550	$490,212,000
Primary EPS (S&P definition) ($)	1.80076	1.7041
EBITDA ($USD)	$217,234,130	$183,848,000
FY 2025 Revenue ($USD)	$1,667,386,280	—
FY 2025 EBITDA ($USD)	$620,057,810	—

Values retrieved from S&P Global.

KPI highlights (Q2 2025)

KPI	Q2 2024	Q2 2025
Net cash provided by operating activities ($USD Millions)	$173.2	$181.2
Free Cash Flow ($USD Thousands)	$93,699	$127,635
Deferred revenue ($USD Thousands, balance sheet date)	—	$207,753 (as of 6/30/25)
Pass base change (through July 2025)	—	~–3% vs July 2024

Notes:

Reported diluted EPS differs from S&P “Primary EPS” definitions; comparisons to consensus use S&P metrics. Values retrieved from S&P Global.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue / Adjusted EBITDA outlook	FY 2025	“Expect new records in revenue and Adjusted EBITDA in 2025” (Q1 PR)	“Confident in delivering operational and financial improvements; expect strong second half financial results” (Q2 PR/Call)	Softened language (from explicit “record” to directional “strong H2”)
Cost reduction program	H2 2025	~$50M program for 2025 (broader plan outlined in prior calls)	Incremental accelerated plan to reduce up to $15M of H2 expenses (execution-focused)	Raised near-term cost actions
CapEx (core)	FY 2025	~$175M core, ~$50M ROI (normalized plan)	~$175–$200M core, ~$50M ROI reiterated by CFO	Maintained (minor range articulation)
Share repurchase	FY 2025	Board working through governance for potential authorization (Q4 call)	Board approved recommendation for $500M buyback (Q2); stockholders approved Sept 3, 2025	Raised and approved authorization
Leverage & Liquidity	As of 6/30/25	Target de-leveraging from EBITDA growth; strong liquidity (Q4)	Net total leverage ~3.0x; ~$883M liquidity; ~$194M cash	Updated status (maintained balance sheet strength)

No formal quantitative guidance for revenue, EPS, margins, OpEx, OI&E, or tax rate was provided in Q2 materials. Management emphasized second-half strength driven by events and cost controls .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q4 2024, Q1 2025)	Current Period (Q2 2025)	Trend
Orlando/Epic Universe impact	Anticipated market-wide visitation increase; positioned to benefit	SeaWorld Orlando attendance up since Epic opened; revenue positive; expect attendance up for remainder of year	Positive execution vs competitive narrative
Cost discipline	Identified ~$75M cost efficiency initiatives; ~$50M expected realized in 2025	Accelerated plan to cut up to $15M H2 expenses; focus on labor/ops responsiveness	Intensifying actions
Pricing/per caps	Aim to grow admissions per cap over time; dynamic pricing; mix affects	Q2 per caps down; promotions used to offset weather; intent to normalize into fall/winter	Near-term pressure, medium-term recovery
International	Recovery lagging 2019; bookings improving	International and group visitation increased; aim for two international MOUs by year end	Improving pipeline
Sponsorships	Mid-to-high single-digit $M in 2025; ~$20M annual outlook	“Up to mid single digit million” in 2025; pipeline progressing	Building
Hotels/real estate	Hotel timing pushed; exploring monetization (sale/leaseback options)	Active partner discussions; capital-light structures under consideration	Ongoing development
Digital/App & CRM	App downloads growth; revenue uplift; CRM investments	15.6M downloads; ~35% higher average F&B transaction value in-app vs POS; continued CRM buildout	Strengthening digital monetization
Deferred revenue/pass base	Year-end pass base up slightly; deferred revenue down modestly	Deferred revenue down vs June 2024; pass base down ~3% through July, improving thereafter; 2026 passes launched	Mixed but improving indicators
Events/H2 outlook	Strong lineup and seasonal strength historically	Early Halloween ticket sales ahead of prior year; Discovery Cove record year pace; calendar/weather benefits expected in H2	Constructive setup

Management Commentary

“We are pleased to have grown attendance in the second quarter despite experiencing amongst the worst weather we have ever experienced in a second quarter… we saw an increase in attendance at all of our Orlando parks…” (CEO) .
“Our Board has approved a new $500 million share repurchase program… With our strong balance sheet and significant free cash flow generation… return capital to our stockholders.” (CEO) .
“Our 06/30/2025 net total leverage ratio is three times and we had approximately $883,000,000 of total available liquidity including approximately $194,000,000 of cash.” (CFO) .
“We… should have done a better job of proactively managing some of our park labor and operating expenses in the face of poor weather… implementing an additional cost reduction plan… up to $15,000,000 in the second half.” (CEO/CFO) .
“Attendance at our SeaWorld Orlando Park has been up… since Epic opened… it continues to be up quarter to date in the third quarter.” (CEO) .
“The app has now been downloaded more than 15,600,000 times… ~35% increase in average transaction value for food and beverage purchases made through the app compared to point of sale orders.” (CEO) .
“Discovery Cove… is on pace for a record attendance year.” (CEO) .

Q&A Highlights

Competitive dynamics: Despite Epic Universe opening, SeaWorld Orlando’s attendance and revenue trends were positive; marketing was more aggressive alongside weather-related promotions, pressuring admissions per caps .
Deferred revenue/pass base: Deferred revenue down on mix, promotions, and month-to-month pass roll-offs; pass base down ~3% through July but improving with 2026 pass launch .
Expense control: Management acknowledged slower reaction to demand in poor weather and outlined H2 cost cuts up to $15M; continued broader cost-efficiency program .
Growth initiatives: Expect two international MOUs by year-end; sponsorship revenue building; hotels under capital-light structures; real estate monetization options remain active .
H2 setup: Slightly positive attendance quarter-to-date through Aug 6; strong events slate; expected weather tailwinds vs last year’s hurricanes .

Estimates Context

Q2 2025 results were below S&P Global consensus: revenue $490.2M vs $497.1M est; Primary EPS 1.7041 vs 1.80076 est; EBITDA $183.8M vs $217.2M est. Values retrieved from S&P Global.
FY 2025 consensus implies revenue ~$1.67B and EBITDA ~$620.1M; management’s tone suggests aiming higher operationally in H2 (no formal quantitative guidance). Values retrieved from S&P Global.
Note: Company-reported diluted EPS ($1.45) differs from S&P “Primary EPS”; comparisons to consensus use S&P definitions . Values retrieved from S&P Global.

Key Takeaways for Investors

Q2 was weather-challenged with promotional activity weighing on per caps; attendance resilience and Orlando outperformance support the H2 narrative tied to events and seasonal strength .
Near-term catalysts: cost-reduction plan (up to $15M in H2), stronger bookings (groups, Discovery Cove), and buyback authorization now approved—potentially supportive for the stock into fall/winter .
Watch admissions per cap normalization and in-park spend trajectory as promotions fade into Halloween/Christmas; management expects improvement vs Q2 .
Balance sheet optionality remains high (3.0x leverage, robust liquidity); ongoing hotel/real estate/sponsorship initiatives broaden non-admissions monetization .
Risk lens: weather sensitivity, pricing/mix pressure, pass base stabilization, and deferred revenue trends; monitor competitive intensity in Florida and any macro consumer softness .
Estimates likely need trimming after Q2 misses on revenue/EPS/EBITDA; upside revisions later hinge on execution of H2 events, cost cuts, and pricing normalization. Values retrieved from S&P Global.

Sources: Q2 2025 8‑K and press release ; Q2 2025 call transcript ; Q1 2025 8‑K ; Q4 2024 call transcript ; Sept 5, 2025 buyback approval press release . Values retrieved from S&P Global.

United Parks & Resorts Inc. (PRKS)·Q2 2025 Earnings Summary