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United Parks & Resorts Inc. (PRKS)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 missed Wall Street consensus on both revenue and EPS: revenue $511.9M vs $538.3M consensus (-4.9%) and diluted EPS $1.61 vs $2.26 consensus (-28.8%). Management cited unfavorable calendar, poor weather, and a ~90K decline in international visitation as primary drivers . Values retrieved from S&P Global.*
  • Sequentially, results improved from Q2: revenue rose to $511.9M from $490.2M, diluted EPS to $1.61 from $1.45, and Adjusted EBITDA to $216.3M from $206.3M .
  • Admission per capita fell 6.3% YoY, but in-park per capita spending grew 1.1%; attendance decreased 3.4% YoY to 6.8M .
  • No formal FY guidance; management emphasized cost actions, pass program refresh for 2026, sponsorship revenue opportunity (~$20M annually in coming years), and strong forward bookings at Discovery Cove and group business (>20% YoY) as near-term catalysts .

What Went Well and What Went Wrong

What Went Well

  • In-park per capita spending grew 1.1% YoY to $35.82; management reiterated 20 of the last 22 quarters saw per-capita in-park growth .
  • Strong event performance: separately ticketed Howl-O-Scream showed “record attendance in Orlando and San Diego” .
  • Forward indicators: Discovery Cove and group booking revenue trends are “up over 20%” into 2026 . CEO: “we have high confidence…to deliver operational and financial improvements…meaningful increases in EBITDA, free cash flow and shareholder value” .

What Went Wrong

  • YoY declines: revenue (-6.2%), net income (-25.4%), Adjusted EBITDA (-16.3%), diluted EPS (-22.6%); attendance down 3.4% to 6.8M .
  • Admissions pressure: admission per capita down 6.3% YoY; total revenue per capita down 2.9% .
  • Execution and macro headwinds: CEO was “not happy” with results; cited unfavorable calendar (~150K visit impact), poor weather over peak weekends, and a ~90K decline in international visitation; also “less than optimal execution” on costs .

Financial Results

Quarterly Trend (Sequential and YTD context)

MetricQ1 2025Q2 2025Q3 2025
Revenue ($USD Millions)$286.9 $490.2 $511.9
Diluted EPS ($)-$0.29 $1.45 $1.61
Adjusted EBITDA ($USD Millions)$67.4 $206.3 $216.3
Attendance (Millions)3.39 6.23 6.79
Total Revenue per Capita ($)$84.62 $78.64 $75.39

YoY Comparison (Q3 2025 vs Q3 2024)

MetricQ3 2024Q3 2025
Revenue ($USD Millions)$545.9 $511.9
Diluted EPS ($)$2.08 $1.61
Net Income ($USD Millions)$119.7 $89.3
Adjusted EBITDA ($USD Millions)$258.4 $216.3
Attendance (Millions)7.03 6.79
Total Revenue per Capita ($)$77.66 $75.39
Admission per Capita ($)$42.24 $39.57
In-Park Per Capita ($)$35.42 $35.82

Actuals vs S&P Global Consensus

MetricQ3 2024 ActualQ3 2025 Consensus*Q3 2025 Actual
Revenue ($USD Millions)$545.9 $538.3*$511.9
Diluted EPS ($)$2.08 $2.26*$1.61
EBITDA ($USD Millions)N/A$252.1*$196.9*

Values retrieved from S&P Global.*

Revenue Component Breakdown (Q3)

Component ($USD Millions)Q3 2024Q3 2025
Admissions$296.95 $268.65
Food, Merchandise & Other$248.95 $243.20
Total Revenues$545.90 $511.85

KPIs (Per Capita and Attendance)

KPIQ1 2025Q2 2025Q3 2025
Attendance (Millions)3.391 6.234 6.789
Total Revenue per Capita ($)$84.62 $78.64 $75.39
Admission per Capita ($)$46.04 $41.03 $39.57
In-Park Per Capita ($)$38.58 $37.61 $35.82

Guidance Changes

Metric/TopicPeriodPrevious GuidanceCurrent CommentaryChange
FY 2025 Revenue/Adj. EBITDAFY 2025“Expect new records in revenue and Adjusted EBITDA in 2025” (May) No formal guidance; disappointed with Q3, focus on execution and cost processes Lowered/Withdrawn
Cost Reduction ProgramH2 2025Up to $15M reduction planned (Q2 call) Continued emphasis on cost opportunities and new processes; no quantified update in Q3 Maintained focus
Core CapExFY 2025~$175–$200M core; ~$50M growth (Q2/Q3 calls) Reaffirmed similar range; continued investment in parks Maintained
Sponsorship RevenueMulti-year~Mid-single-digit $M in 2025; ~$20M annual LT Expect ~$20M annual sponsorship revenue in coming years Maintained
Pass Base2025/2026Pass base down ~3% through Jul; launching 2026 passes Pass base down ~4% through Oct; 2026 pass program launched; expect improvement Mixed (near-term down, 2026 support)

Earnings Call Themes & Trends

TopicQ1 2025 (May)Q2 2025 (Aug)Q3 2025 (Nov)Trend
Mobile App / DigitalOngoing CRM/app build; not specifically quantified 15.6M downloads; ~35% higher F&B transaction value via app 16.8M downloads; ~37% higher F&B transaction value; adoption increasing Improving utilization
Orlando Market / Epic UniverseNot detailedSeaWorld Orlando attendance up since Epic opened; revenue positive at SeaWorld Orlando YTD attendance up at SeaWorld Orlando; management welcomes investment Resilient in Orlando
International Visitation2025 intl ticket sales running ahead (early) Intl/group visitation up in Q2 Intl visitation declined ~90K in Q3; macro factors (visas/immigration costs) Deteriorating in Q3
Cost DisciplineExpect operational efficiencies Announced up to $15M H2 cost reduction; noted execution gaps “Disappointed” in cost management; new processes implemented Refocus on execution
Events (Halloween/Christmas)Previewed lineup Howl-O-Scream pre-sales ahead; major fall/winter events Record Howl-O-Scream attendance; Christmas events “best ever” Strong
Sponsorship/International MOUsNot detailedPipeline; project ~$20M annual LT sponsorship; expect 2 MOUs by year-end Progress; one MOU signed, one pending; ~$20M sponsorship revenue LT Advancing
Real Estate/HotelsNot detailedEvaluating hotel/real estate monetization; 2,000+ acres, ~400 undeveloped Received proposals; continue to evaluate alternatives Active evaluation

Management Commentary

  • “We are obviously not happy with the results we delivered in the quarter…unfavorable calendar shift, poor weather…decline in international visitation and less than optimal execution.”
  • “Adjusting for…calendar shifts and international visitation declines, attendance would have been roughly flat for the quarter.”
  • “We continue to expect approximately $20 million of annual sponsorship revenue in the coming years.”
  • “Our balance sheet continues to be strong…net total leverage ratio is 3.2x…approximately $872 million of total available liquidity and approximately $221 million of cash on hand.”
  • “We have announced several…new rides, attractions, events and upgrades for 2026” (SEAQuest Orlando; Shark Encounter SD; Barracuda Strike SA; Lion & Hyena Ridge Tampa) .

Q&A Highlights

  • Attendance cadence: July weakened by calendar/weather; August made up July shortfall; October attendance up, with admissions and in-park per caps positive in October .
  • International softness: Management sees macro factors (visas, immigration costs) driving the reversal from H1 to Q3; impact concentrated in Florida/Orlando .
  • Admissions per cap: Pressure from competitive promotions, pass-base decline; revenue management adjusting, with October admissions per cap positive .
  • Pass base: Down ~4% YoY through October; 2026 pass program launched with “best-ever” benefits; early Black Friday trends encouraging .
  • CapEx outlook: 2026 CapEx expected similar to 2025 range; continue to invest to keep parks fresh .

Estimates Context

  • Q3 2025 results missed S&P Global consensus: revenue $511.9M vs $538.3M; EPS $1.61 vs $2.26; EBITDA $196.9M vs $252.1M. Primary drivers were calendar/weather headwinds and international visitation declines, partially offset by in-park per cap growth . Values retrieved from S&P Global.*
  • Sequential improvement from Q2 modestly narrowed the gap vs consensus, but execution on costs and recovery in admissions per cap remain necessary for estimate revisions to turn positive .

Key Takeaways for Investors

  • Q3 was a clear miss vs consensus on revenue and EPS; near-term narrative centers on cost execution, admissions per cap recovery, and holiday event strength . Values retrieved from S&P Global.*
  • Sequential momentum is positive (revenue, EPS, Adjusted EBITDA up vs Q2), but YoY declines and per-capita admissions pressure underscore competitive and macro headwinds .
  • Orlando holds up: SeaWorld Orlando attendance YTD up despite Epic Universe; broader portfolio needs improvement; watch for regional mix recovery and international trends .
  • Forward indicators are constructive: Discovery Cove and group bookings up >20%; sponsorship revenue LT target ~$20M; international MOUs progressing .
  • Capital allocation supportive: $500M repurchase program authorized; ~635K shares repurchased through Nov 4; strong liquidity and 3.2x net leverage provide flexibility .
  • Holiday season is a near-term catalyst: record Howl-O-Scream, expanded Christmas offerings; monitor admissions/in-park per cap to gauge pricing power and spend .
  • Watch for updates on cost programs and pass-base rebuild (Black Friday and 2026 pass launch); improvements here could drive estimate revisions and sentiment .

Notes: Values retrieved from S&P Global.*