PRKS · United Parks & Resorts Inc.

United Parks & Resorts Inc. reported first quarter 2026 results significantly impacted by unfavorable weather across key markets like San Diego, Florida, and Texas during peak Spring Break, alongside a decline in international attendance, leading to a 5.0% drop in attendance to 3.22 million guests from 3.39 million in the prior year quarter. Total revenue fell 3.0% to $278.3 million, primarily due to lower attendance, though partially offset by a 2.1% increase in total revenue per capita to $86.43. Admission per capita dipped 0.5% to $45.81 from lower pricing and product mix shifts, while in-park per capita spending rose 5.3% to a record $40.62, driven by strong demand across offerings. This execution supported Adjusted EBITDA of $58.0 million, down 14.1% year-over-year. Net loss expanded to $34.1 million from $16.1 million, with diluted EPS at $(0.69) versus $(0.29). CEO Marc Swanson noted that adjusting for weather (140,000 guests) and international impacts (80,000 guests), attendance would have grown over 1%, highlighting resilient in-park performance with paid pass sales up 10% in the quarter and 12% through April 30. Forward indicators are positive, including double-digit growth in Discovery Cove advanced bookings and group business. The company repurchased 2.6 million shares for $92.7 million in Q1 and an additional 1.8 million for $64.8 million through May 8, underscoring confidence in undervaluation and strong cash flow generation, evidenced by operating cash flow surging 159.8% to $66.8 million. For 2026, new attractions like Barracuda Strike at SeaWorld San Antonio, Shark Encounter at SeaWorld San Diego, Lion & Hyena Ridge at Busch Gardens Tampa Bay, Verbolten at Busch Gardens Williamsburg, and Expedition Odyssey at SeaWorld Orlando, alongside enhanced marketing and events, position the company for attendance and spending growth into the summer season. No specific numerical guidance was provided, but management expressed commitment to revenue and Adjusted EBITDA growth for the year.