United Parks & Resorts Inc.

Second-quarter 2026 revenue was $483.3 million, down $6.9 million or 1.4% versus Q2 2025. Attendance decreased by about 179,000 guests, or 2.9%, and total revenue per capita increased 1.5%; admission per capita fell 1.8% while in-park per capita spending increased 5.1%. Net income was $63.3 million versus $80.1 million a year ago, and adjusted EBITDA was $195.5 million, down $10.8 million year over year. For the first half of 2026, revenue was $761.6 million, down 2%; attendance was 9.3 million, down 3.6%; net income was $29.2 million, down $34.8 million; and adjusted EBITDA was $253.4 million, down $20.3 million. As forward guidance, management said July revenue was preliminarily down about 2%, expects over $15 million of sponsorship revenue in 2026, is on pace for its $50 million gross cost savings target for 2026, and expects 2026 core CapEx of approximately $180 million to $190 million plus $75 million to $85 million for growth and ROI projects.

Marc Swanson framed the quarter as one affected by expected headwinds from the Easter timing shift, lower international visitation, and weather, but he stressed that underlying per-capita spending trends were improving. He highlighted strong early bookings for Howl-O-Scream, the Sony Pictures IP partnership, continued growth initiatives in marketing and events, and a pipeline of real estate, sponsorship, and international opportunities. His tone was constructive but cautious: he repeatedly emphasized that the company is focused on growth over the next several months, while acknowledging that full-year EBITDA growth was not assured.

Jim Forrester reported Q2 revenue of $483.3 million, net income of $63.3 million, and adjusted EBITDA of $195.5 million. He broke down the operating trends: attendance down 2.9%, total revenue per capita up 1.5%, admission per capita down 1.8%, and in-park per capita up 5.1%; operating expenses rose $10.9 million and SG&A rose $2.2 million. On the balance sheet, he cited $658 million of total available liquidity and $19 million of cash, plus Q2 share repurchases of 3.3 million shares for about $125 million and first-half repurchases of 5.9 million shares for $217.7 million. He also noted deferred revenue of $211.9 million, paid pass base down 1% through June, and CapEx of $68.6 million in Q2, with full-year 2026 CapEx expected at $180 million to $190 million for core and $75 million to $85 million for growth/ROI projects.

Analysts focused on whether the company can still grow EBITDA this year after a soft first half and a weak July. Swanson clarified that management was not promising full-year EBITDA growth, but rather expecting the business to grow over the next five months, helped by Halloween and Christmas events, improved per-cap trends, and cost discipline. Questions also centered on international visitation, with management saying the decline appears partly macro and partly due to losing share in Florida, and on real estate, where Swanson said multiple credible third parties have shown interest in acquiring some or most of the company’s real estate, but no structure has been decided. Analysts also asked about the higher EBITDA add-backs, which Forrester linked mainly to storm-related property damage repairs, strategic one-time items, and non-cash SAP amortization.