United Parks Attendance Drop Widens After Weather, Calendar Hits

The Tip Desk · November 7, 2026 · 3 min read

Third-quarter attendance fell 4.7% to 6.5 million guests as revenue slipped 1.1% to $506.5 million.

United Parks & Resorts Inc. (PRKS) hosted 6.5 million guests in the third quarter of 2026, a 4.7% decline that was steeper than the 2.9% drop in the second quarter. The theme park operator said the shortfall was driven by unfavorable weather, calendar effects and weaker international visitation, plus a planned cut in promotional admissions products.

Total revenue was $506.5 million, down 1.1% from a year earlier, a smaller sequential decline than the 1.4% drop in the second quarter. Net income fell 10.5% to $80.0 million. Adjusted EBITDA declined 5.1% to $205.1 million.

Chief Executive Officer Marc Swanson said unusual weather, calendar and international headwinds amounted to about 325,000 visits and that a planned reduction in promotional admissions products accounted for more than 100,000 visits. Excluding the unusual weather, calendar and international headwinds, he said, attendance would have been up. The company said the revenue decline was primarily a result of lower attendance, partially offset by higher total revenue per capita.

Per-capita spending was the offset. Total revenue per capita rose 3.8% to $78.29, a faster sequential increase than the 1.5% rise in the second quarter. Admission per capita increased 3.4% to $40.90, reversing a 1.8% decline in the second quarter. In-park per capita spending rose 4.4% to $37.39. The company said admission per capita rose on higher realized pricing and mix, and in-park spending rose on penetration and pricing initiatives.

Selling, general and administrative expenses rose 13.1% to $68.6 million. The company said Adjusted EBITDA was negatively impacted by lower total revenue and higher SG&A. Operating income fell 7.3% to $140.6 million. Diluted earnings per share rose 8.1% to $1.74 as weighted-average diluted shares fell to 45.97 million from 55.47 million.

Free cash flow declined 38.3% to $23.5 million as capital expenditures rose 22.9% to $69.7 million. Cash and cash equivalents were $26.3 million at September 30, 2026, down from $99.8 million at year-end 2025. The company drew $40.0 million on its revolving credit facility.

Swanson said total pass sales were up almost 8% in the third quarter, the paid pass base was positive as of October 31, and the 2027 specific pass product base was up over 15% as of October 31. He said projected October revenue was up despite continued weather, and that separately ticketed Howl-O-Scream events saw meaningful year-over-year growth on non-impacted weather days.

Looking ahead to 2027, Swanson said the company sees a clear path to deliver significantly higher attendance, revenue, Adjusted EBITDA and free cash flow. He said 2027 forward bookings revenue for Discovery Cove and for the group business were each running up double-digit percentages versus prior year at the same time.

The company announced 2027 attractions including SeaWorld Orlando’s SEAQuest: Legends of the Deep and Busch Gardens Williamsburg’s Return to Corkscrew Hill motion theater. Busch Gardens Tampa Bay is set to announce an upcoming attraction at the IAAPA Conference.

During the third quarter, the company said it came to the aid of 237 animals in need in the wild, bringing the lifetime total to more than 43,000.