Attendance

Second Half of FY 2025

no prior guidance

Expected to improve in the second half of FY 2025, supported by better weather comparisons, popular Halloween and Christmas events, and improved group bookings and Discovery Cove bookings " " "

no prior guidance

Cost Reduction

Second Half of FY 2025

no prior guidance

Targeting up to $15 million in expense reductions for the second half of FY 2025 through an incremental and accelerated cost reduction program " " "

no prior guidance

Admissions Per Capita and In-Park Spending

Second Half of FY 2025

no prior guidance

Anticipated improvement in admissions per capita and in-park spending, particularly during Halloween and Christmas events " "

no prior guidance

Weather Impact

Second Half of FY 2025

no prior guidance

Assumes normalized weather patterns for the second half of FY 2025, avoiding significant hurricane impacts like those experienced in late Q3 and Q4 of FY 2024 " "

no prior guidance

Pass Sales

Second Half of FY 2025

no prior guidance

Launching the 2026 Pass program with enhanced benefits, expected to drive growth in the pass base. Early signs from parks where the passes have been introduced are positive " "

no prior guidance

Capital Expenditures (CapEx)

FY 2025

Approximately $175 million to $200 million on core CapEx and $50 million on growth and ROI projects "

Approximately $175 million to $200 million on core CapEx and $50 million on growth and ROI projects "

no change

Resilient Attendance and Strong Consumer Demand

In Q3 and Q4, calls highlighted near‐record attendance, strong in‐park per capita spending, and positive consumer demand " " " "

In Q2 2025, despite some of the worst weather, attendance increased (especially in Orlando parks and at Discovery Cove) and forward booking trends remained strong " " "

Consistent strong demand with weather-induced promotional pressures evident in Q2 2025 " "

Robust Forward and Group Bookings

Q3 and Q4 discussions noted double-digit growth in group bookings and robust forward ticket sales for 2025 " " "

Q2 2025 reported group bookings up mid to high single digits and early strong forward booking trends, especially for Discovery Cove and Halloween events " "

Continues to be a strength with a positive outlook, though the growth rates are slightly lower relative to earlier double-digit trends " "

Cost Management: Proactive Savings vs. Rising Operating Expenses

Q3 emphasized modest cost pressures with efficiency initiatives, while Q4 detailed proactive savings of tens of millions offset by rising SG&A and operating expenses " " " "

Q2 2025 saw a 7.7% rise in operating expenses and disappointment in managing labor costs, although an accelerated cost reduction plan aiming to cut up to $15M was announced " " "

Persistent cost challenges remain; the current period experiences higher expense pressure but with renewed efforts to mitigate these challenges " "

Weather, Seasonal Variability, and Calendar Anomalies Impacting Operations

Q3 and Q4 covered impacts from hurricanes, adverse weather, and calendar anomalies (such as shifts due to Easter) that negatively affected attendance " " " " " " " "

Q2 2025 experienced some of the worst weather ever, with benefits from favorable calendar shifts almost entirely offset by weather-related demand challenges " " " "

A recurring challenge that is more pronounced in Q2 2025, forcing increased promotions and operational adjustments " "

Declining Deferred Revenue and Pass Base

Q3 and Q4 discussed a decline in deferred revenue (with figures around a 3.3% decrease) and mixed pass base trends (flat or slight increases, supported by new benefits initiatives) " " "

Q2 2025 reported a decrease in deferred revenue by about $22.7M and a 3% drop in the pass base, though early improvements are noted with the launch of 2026 Passes " " "

Still a concern with deferred revenue declining and a slight drop in pass base; however, the focus is shifting with expectations of recovery from upcoming new pass initiatives " "

Pressure on In-Park Spending and Admission Revenue Growth

Q3 showed modest increases (record per capita spending and a slight rise in admission per capita), and Q4 had a mix—improved in-park spending but a small decline in admission revenue due to promotional pricing " " " "

Q2 2025 saw a 0.4% decline in in-park spending and a 3.9% decline in admission per capita largely due to aggressive promotions amid severe weather conditions " " "

In Q2 2025 the promotional adjustments have exerted greater downward pressure on per capita metrics versus previous periods, reflecting short-term margin challenges " "

Investments in New Attractions and Upgraded Venues for Market Share

Both Q3 and Q4 outlined significant capital expenditures in new rides, attractions, and venue upgrades across multiple parks to boost market position " " " " "

Q2 2025 continued this strategic investment with plans for an exciting 2026 lineup, IP partnerships, and digital as well as sponsorship initiatives to enhance guest experiences " "

A consistent, long-term growth strategy that remains a major focus, aiming to drive market share despite competitive pressures " "

Digital Innovation Through Mobile App Enhancements

Q3 mentioned mobile app improvements with downloads rising to 12 million and a 35% increase in transaction value, whereas Q4 did not discuss this topic " " "

In Q2 2025, the mobile app reached over 15.6 million downloads, further boosting F&B transaction values and reinforcing its role in CRM and digital transformation "

An emerging and increasingly prioritized area, showing notable growth from Q3 to Q2 2025 and poised to impact revenue and guest engagement significantly "

Intensifying Competition in the Orlando Market

Q3 and Q4 addressed competitive pressures from new entrants (e.g. Epic Universe) while stressing historical resilience and a differentiated value proposition " " " "

Q2 2025 acknowledged new competition with Epic Universe; however, attendance at SeaWorld Orlando remained strong and the company maintained a positive, respectful stance toward competitors " "

Consistent awareness of external competitive dynamics with a confident, optimistic outlook, supporting a solid market position in Orlando " "

Shifts in Promotional Strategies Affecting Margins

Q4 noted that while promotions might dilute per capita margins, the focus remains on maximizing total revenue; Q3 had minimal direct commentary on this "

Q2 2025 saw stronger reliance on promotions (to counter weather impacts) that led to notable declines in admission and in-park spending per capita, intensifying margin pressures " "

Promotional strategies have become more forcefully deployed in Q2 2025, negatively impacting per capita metrics compared to earlier periods, signaling short-term margin concerns " "