United Parks & Resorts Inc. reported fourth‑quarter revenue of $373.5 million, a 2.8% decline from the $382.5 million earned in the same period a year earlier, and adjusted EBITDA of $115.2 million, down 20.3% from $145.8 million in Q4 2024. Fiscal‑year 2025 revenue totaled $1.662 billion, a 3.6% drop from $1.725 billion in 2024, while adjusted EBITDA fell 13.6% to $605.1 million. The company’s earnings per share of $0.28 missed the consensus estimate of $0.46 by $0.18, a 38.8% miss, and revenue fell 1.2% below the $378.07 million estimate.
The decline in revenue was driven primarily by lower international visitation and weather‑related disruptions that reduced operating days. Management noted that the company’s record in‑park per‑capita spending of $35.89, up 2.1% from the prior year, helped offset some of the headwinds. However, SG&A expenses rose 17.4% in Q4, contributing to margin compression: operating margin fell to 15.1% from 19.7% YoY, and net margin dropped to 10.83% from 13.2%.
United Parks & Resorts repurchased 6.7 million shares through February 24, 2026, representing roughly 12% of outstanding shares. CEO Marc Swanson said, "In 2025 and through February 24, 2026, we repurchased 6.7 million shares, representing approximately 12% of the shares outstanding, underscoring our strong cash flow generation, longstanding commitment to returning excess cash to our shareholders, and deep conviction in the exceptional value of our shares."
The company’s 2026 guidance remains unchanged, with a continued focus on cost efficiencies and new attractions to drive attendance and guest spending. Swanson added, "Our fiscal 2025 results did not meet our expectations. Our results were impacted by negative international tourism trends and volatile weather during certain peak visitation periods. We should have delivered better results, particularly on the cost side of the income statement." He also noted, "We reported record in‑park per capita spending in the quarter, underscoring that guests continue to respond positively to our offerings and spend when they visit our parks."
Market reaction to the earnings release was negative; shares fell 3.76% in pre‑market trading, reflecting investor concern over the missed EPS and revenue estimates, declining attendance, and contracting margins.
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