SeaWorld Entertainment, Inc.

Second-quarter 2026 total revenue was $483.3 million, down $6.9 million or 1.4% versus Q2 2025. Attendance was down about 179,000 guests, or 2.9%, with management saying the decline was mainly due to Easter timing and lower international visitation; adjusted for those factors, attendance would have been flat. Total revenue per capita increased 1.5%, admission per capita decreased 1.8%, and in-park per capita spending increased 5.1%. Operating expenses rose $10.9 million, SG&A rose $2.2 million, net income was $63.3 million versus $80.1 million last year, and adjusted EBITDA was $195.5 million, down $10.8 million. For the first half of 2026, revenue was $761.6 million, attendance was 9.3 million guests, net income was $29.2 million, and adjusted EBITDA was $253.4 million. Guidance/commentary included July revenue down approximately 2%, 2026 core CapEx of approximately $180 million to $190 million, growth and ROI CapEx of approximately $75 million to $85 million, at least $15 million of sponsorship revenue in 2026, and $50 million of gross cost savings targeted for 2026.

Marc Swanson framed the quarter as expectedly pressured by the Easter calendar shift and weaker international visitation, but he emphasized that underlying guest spending trends remain healthy. He highlighted record in-park per-capita spending, strong forward bookings for Discovery Cove and group business, and early momentum for Howl-O-Scream, including new Sony Pictures IP tie-ins. His tone was constructive and confident, but not overly aggressive: he repeatedly noted headwinds and said full-year EBITDA growth is not guaranteed, while staying optimistic about growth over the next several months.

Jim Forrester gave the hard financial detail: Q2 revenue of $483.3 million, attendance down 2.9%, revenue per capita up 1.5%, operating expenses up 5.3%, SG&A up 3.4%, net income of $63.3 million, and adjusted EBITDA of $195.5 million. For the first half, he cited revenue of $761.6 million, attendance of 9.3 million, net income of $29.2 million, and adjusted EBITDA of $253.4 million. On liquidity and capital allocation, he said the company had about $658 million of total available liquidity and about $19 million of cash at June 30, repurchased 3.3 million shares for about $125 million in Q2 and 5.9 million shares, or 12.1% of shares outstanding, for about $217.7 million in the first half, and ended June with deferred revenue of $211.9 million, up about 2% year over year.

Analysts focused on whether United Parks can still grow EBITDA in 2026 after first-half weakness and a rough July; Swanson clarified that management was mainly saying the business should grow over the next five months, not necessarily that full-year EBITDA will beat 2025. Questions also probed the drivers of higher per-capita spending, the meaning of rising deferred revenue, the mechanics of the Easter shift, and the durability of the international decline. Management said the Easter impact was concentrated in late March days that moved from Q2 last year into Q1 this year, while international weakness appears partly macro and tied mostly to Florida visitation; they also said some sponsorship revenue is already flowing into admissions per cap and that pass strategy is being rebuilt for 2027.