United Parks & Resorts (PRKS) Q1 2026 earnings summary

Executive summary

• Q1 2026 results were below expectations due to unfavorable weather and a decline in international attendance, with attendance down by 171,000 guests year-over-year to 3.22 million.

• Total revenue declined 3.0% to $278.3 million, with net loss widening to $34.1 million and adjusted EBITDA falling 14.1% to $58.0 million.

• In-park per capita spending reached a record $40.62, up 5.3% year-over-year, while admission per capita decreased 0.5%.

• Paid pass sales rose 10% in Q1 and 12% through April 30, 2026; advanced bookings for Discovery Cove and group business are outpacing 2025 levels.

• Significant investments in new rides, shows, attractions, and marketing are expected to drive growth for the remainder of 2026.

Financial highlights

• Admissions revenue fell 5.5% to $147.5 million; food, merchandise, and other revenue was flat at $130.8 million.

• Net loss for Q1 was $34.1 million, compared to $16.1 million in Q1 2025.

• Adjusted EBITDA was $58.0 million, down from $67.4 million in Q1 2025.

• Total revenue per capita rose 2.1% to $86.43.

• Capital expenditures increased 22.4% to $69.6 million.

Outlook and guidance

• Management expects growth in revenue and adjusted EBITDA for 2026, supported by new attractions, improved marketing, and favorable forward indicators.

• Paid pass sales and deferred revenue trends are positive, indicating potential attendance and revenue growth for the remainder of the year.

• Cost savings initiatives targeting $50 million in gross savings for 2026 remain on track.

• Management expects seasonality to continue, with highest revenues in Q2 and Q3; Q1 typically incurs a net loss.

• Cash flow from operations and available credit are expected to meet liquidity needs for at least the next 12 months.