United Parks Reports $506.5 Million in Revenue as Attendance Falls 4.7% in Third Quarter
Key Facts
United Parks & Resorts reported results on November 5, 2026, for the third quarter and first nine months of its fiscal year, posting quarterly revenue of $506.5 million and net income of $80.0 million. Revenue fell $5.4 million, or 1.1%, from the third quarter of 2025, while net income declined $9.4 million, or 10.5%. The company said lower attendance was the main reason for the revenue decline, despite higher revenue per visitor. The results highlight a trade-off between declining attendance and the company's ability to increase visitor spending during each visit. Adjusted earnings also fell more sharply than revenue, with additional pressure from higher selling, general and administrative expenses.
Adjusted EBITDA was $205.1 million for the quarter, down $11.1 million, or 5.1%, from the year-earlier period. The company attributed the decline to lower revenue and higher selling, general and administrative expenses. The comparison shows adjusted earnings fell by more than revenue, while net income declined at a faster rate, down 10.5%. By contrast, average revenue per visitor improved, partly limiting the effect of lower attendance on total revenue. That improvement, however, was not enough to prevent quarterly income and earnings measures from declining.
The parks welcomed 6.5 million visitors in the third quarter, down about 0.3 million, or 4.7%, from the same period in 2025. Chief Executive Mark Swanson said unfavorable weather, calendar effects and international headwinds affected attendance by about 325,000 visits. He added that attendance was also affected by a planned reduction in promotional products, which accounted for more than 100,000 visits. Swanson said: "Absent the impact of these unusual headwinds, which totaled about 325,000 visits, attendance would have increased." He said the reduction in promotional products was planned, while the other factors were related to weather, the calendar and international conditions. These factors put the attendance decline in the context of a combination of unfavorable operating conditions and a deliberate change in promotional offerings.
By contrast, total revenue per visitor rose 3.8% to $78.29 compared with the third quarter of 2025. Admission revenue per visitor increased 3.4% to $40.90, while in-park spending rose 4.4% to a record $37.39 per visitor. The company said higher revenue per visitor offset part of the effect of lower attendance on total revenue. The spending breakdown shows increases in both admission and in-park purchases, with in-park spending reaching a record. Even so, quarterly revenue remained below its level a year earlier, reflecting the effect of fewer visitors despite higher average spending.
For the first nine months of 2026, revenue was $1,268.1 million, down 1.6% from the corresponding period in 2025. Net income fell 28.8% to $109.2 million, a much steeper decline than the drop in revenue. Diluted earnings per share were $2.29, compared with $2.76 a year earlier, down 17.0%. These figures show that the decline in earnings over the nine-month period was far greater than the relatively modest contraction in revenue. The effect on net income and earnings per share therefore widened over the nine months, even as spending per visitor at the parks continued to grow.
Attendance was 15.7 million visitors in the first nine months, down 4.1% from the same period in 2025. At the same time, in-park spending per visitor rose 4.8% to a record $38.86. The performance over the extended period repeated the pattern seen in the third quarter: fewer visitors, offset by higher spending per person at the parks. However, higher spending per visitor did not prevent total revenue from falling 1.6%, or the steeper declines in net income and earnings per share. The breakdown shows the source of pressure on results: continued weakness in attendance alongside improved per-visitor spending, with the period's overall financial performance still below the prior year's levels.