SeaWorld Entertainment, Inc.

First quarter revenue was $278.3 million, down $8.7 million versus Q1 2025. Net loss was $34.1 million versus a net loss of $16.1 million a year ago. Adjusted EBITDA was $58 million, down $9.5 million year over year. Attendance decreased by approximately 171,000 guests, with about 140,000 tied to weather and about 80,000 tied to international visitation declines; adjusted for those impacts, attendance would have increased more than 1%. Total revenue per capita rose 2.1%, with in-park per capita up 5.3% to a record $40.62 and admission per capita down 0.5%. Deferred revenue was $203.8 million at the end of March, up 4.1% year over year. Capex was $69.6 million in Q1, including about $62.7 million of core CapEx and about $7.0 million of expansion and/or ROI projects. For 2026, the company expects core CapEx of about $175 million to $200 million and about $50 million of growth/ROI CapEx. Management did not provide formal next-quarter or full-year revenue/EPS guidance, but reiterated confidence in revenue and adjusted EBITDA growth in 2026.

Marc Swanson framed the quarter as a weather- and international-travel-driven miss rather than a demand problem, emphasizing that adjusted attendance would have been up more than 1% and that in-park spending strength remained a key positive. He sounded constructive on the rest of 2026, citing a strong lineup of new rides, shows, attractions, events, and a revamped marketing plan, along with improving pass sales and booking trends. He also acknowledged macro/geopolitical uncertainty and gas prices, but said they are not seeing a material slowdown in consumer interest or spending so far.

Jim Forrester highlighted the main financial drivers: revenue of $278.3 million, adjusted EBITDA of $58 million, a net loss of $34.1 million, and higher expenses that included about $3.7 million of noncash self-insurance adjustments, about $3.3 million of one-time consulting/other costs, and $3.1 million of noncash IT amortization related to the new ERP system. He noted deferred revenue of $203.8 million, up 4.1% year over year, and said the company continues to see a healthy outlook for ticketing, group business, and ancillary products. He also detailed capital deployment, including Q1 share repurchases of 2.6 million shares for $92.7 million, an additional 1.8 million shares repurchased after quarter-end for $64.8 million, approximately $198 million remaining under the current authorization, and 2026 CapEx plans of $175 million to $200 million of core CapEx plus about $50 million of growth/ROI CapEx.

Analysts focused on whether the company can still grow EBITDA this year after a soft Q1, and management pointed to better weather comparisons ahead, lapping prior international declines, stronger pass sales, higher deferred revenue, and a heavier concentration of new offerings later in the year. Questions also probed whether Q2 has started normally and how Easter shifting into Q1 affects comparisons; management said April had an expected Easter-related headwind and that it is too early to read much into May. Another theme was costs and marketing execution: management said OpEx pressure was largely from noncash or one-time items and that marketing is being reworked through test-and-learn changes, while pricing questions drew the response that the company still sees room to raise admission pricing over time but remains focused on total revenue.