Pursuit Narrows 2026 EBITDA Range After Record Peak

The Tip Desk · November 11, 2026 · 4 min read

Third-quarter revenue reached a record $251.5 million as the company reaffirmed a $133 million Adjusted EBITDA midpoint.

Pursuit Attractions and Hospitality (PRSU) reported record third-quarter 2026 revenue of $251.5 million, up 4.4% from a year earlier, and reaffirmed the $133 million midpoint of its full-year 2026 Adjusted EBITDA guidance while narrowing the range to $130 million to $136 million from $128 million to $138 million.

The attractions and hospitality company said the year-over-year revenue increase reflected growth across geographies and contribution from Eagle Wing Tours, acquired in July 2026, partially offset by the sale of its non-core Flyover business, completed July 31, 2026. Excluding Eagle Wing and Flyover, revenue grew 6% year-over-year, which the company attributed to yield optimization and demand for experiential travel in iconic destinations.

Year-over-year revenue growth slowed from 14.3% in the second quarter, after 37.4% in the first quarter. Same-store attraction effective ticket prices and lodging RevPAR both grew 9% year-over-year in the third quarter. In the second quarter, same-store RevPAR had risen 10% and effective ticket prices 6%; in the first quarter those figures were 6% and 5%.

Adjusted EBITDA was $125.5 million in the third quarter, up $8.1 million or 7% from a year earlier, which the company said was driven primarily by flowthrough of higher revenue with margin expansion. That followed $32.7 million of Adjusted EBITDA in the second quarter and a negative $14.9 million in the seasonally slow first quarter.

Net income attributable to Pursuit was $82.8 million, up from $73.9 million in the third quarter of 2025. Adjusted net income was $85.0 million, or $3.03 a share, versus $75.3 million, or $2.65 a share, a year earlier. The company said the year-over-year improvement in adjusted net income primarily reflected higher Adjusted EBITDA and lower depreciation. The effective tax rate was 19.7% for the three months ended September 30, 2026, versus 16.8% a year earlier, primarily due to tax impacts of the Flyover sale.

Pursuit sold Flyover for approximately $75 million and acquired Eagle Wing Tours for approximately $16 million. Full-year 2026 guidance includes about $9 million to $11 million of incremental Adjusted EBITDA from the Tabacón acquisition completed July 1, 2025, and Eagle Wing, as well as about $7 million of Adjusted EBITDA contribution from Flyover. The $133 million Adjusted EBITDA midpoint represents about 14% year-over-year growth. Guidance revenue is $485 million at the midpoint, or $460 million excluding Flyover, versus 2025 actual revenue of $452.4 million, or $413.8 million excluding Flyover. The company’s fourth-quarter exchange-rate assumption is $0.71 between the Canadian dollar and the U.S. dollar, unchanged from prior guidance.

President and chief executive officer David Barry said the company is on track to deliver full-year growth in line with its prior guidance range and remains well positioned to advance its growth pipeline. He said the company is reaffirming the $133 million Adjusted EBITDA midpoint and narrowing the range, reinforcing confidence in its ability to deliver.

Total liquidity was $293.0 million at September 30, 2026, comprising cash and cash equivalents of $64.3 million and $228.7 million of capacity on a $300 million revolving credit facility. Total debt was $134.2 million and the net leverage ratio was 0.6x, below the company’s target range of 2.0x to 3.5x. Net leverage was 1.5x at March 31, 2026.

During 2026, Pursuit expects to invest approximately $70 million to $80 million in organic growth capital expenditures as it moves forward with major planned investments that have a total commitment of approximately $200 million. Those projects are part of Vision 2030, under which the company plans to deploy more than $300 million into high-returning organic growth investments and expects to achieve an effective Adjusted EBITDA multiple of less than 7x from those investments by 2030.

On October 1, 2026, Pursuit submitted a proposal to the U.S. Forest Service to develop and operate the Glacier View Tram, a proposed year-round sightseeing attraction near Glacier National Park. The proposed project is subject to federal review and permitting.