United Parks & Resorts (PRKS) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue declined 1.4% to $483.3 million, with net income down 21% to $63.3 million, driven by a 2.9% drop in attendance and lower admissions per capita, partially offset by record in-park per capita spending.

• First half 2026 revenue was $761.6 million (down 2.0%), net income was $29.2 million (down 54.4%), and attendance fell 3.6% to 9.3 million, impacted by unfavorable weather, lower international visitation, and Easter timing.

• Adjusted EBITDA for Q2 was $195.5 million (down 5.2%), and for the first half was $253.4 million (down 7.4%).

• Advanced bookings for Discovery Cove and group business are up double digits year-over-year, with strong forward indicators.

• Operating expenses rose due to non-recurring costs from a historic winter freeze in Florida and increased technology investments.

Financial highlights

• Q2 2026 admissions revenue fell 4.6% to $244.1 million; food, merchandise, and other revenue rose 2.0% to $239.2 million.

• Q2 total revenue: $483.3M (down 1.4% YoY); net income: $63.3M (down 21.0% YoY); Adjusted EBITDA: $195.5M (down 5.2% YoY).

• First half total revenue: $761.6M (down 2.0% YoY); net income: $29.2M (down 54.4% YoY); Adjusted EBITDA: $253.4M (down 7.4% YoY).

• Diluted EPS for Q2: $1.34 (down 7.6% YoY); for first half: $0.60 (down 47.8% YoY).

• Capital expenditures for first half: $138.2M (up 25.1% YoY).

Outlook and guidance

• Management expects continued pressure on attendance from macroeconomic factors, weather, and international visitation trends, but strong forward bookings and new IP partnerships are expected to drive growth.

• Per capita revenue growth is expected to continue, supported by pricing initiatives and new attractions.

• Liquidity remains strong, with cash flow from operations and available credit expected to meet capital and operational needs for at least the next 12 months.

• Deferred revenue growth and a new pass strategy are expected to support future attendance and revenue.

• Early ticket sales for Halloween events are ahead of last year, with new IP partnerships expected to boost attendance.