United Parks & Resorts Inc

Latest Results (20.05.2026):

United Parks & Resorts Inc — fourth quarter of 2025: The company reported Q4 2025 results with attendance of ~4.8 million, total revenue of $373.5 million and net income of $15.1 million; results were weaker versus prior-year periods driven by lower international visitation, fewer operating days and cost pressures, and included a one‑time non‑cash bad debt write‑off of ~$7.6 million.

Q4 2025 headline results

Q4 2025 attendance: 4.76 million (down 2.6% vs Q4 2024). Total revenue: $373.5M (down 2.8%). Net income: $15.1M (down 46%). Diluted EPS: $0.28 (down 44%). Adjusted EBITDA: $115.2M (down 20.3%).

Fiscal 2025 full‑year summary

FY 2025 attendance: 21.17 million (down 1.8%). Total revenue: $1,662.6M (down 3.6%). Net income: $168.4M (down 26%). Adjusted EBITDA: $605.1M (down 13.6%). Diluted EPS: $3.06 (down 19.3%).

Per‑capita and guest spending trends

Total revenue per capita in Q4 2025 was $78.56 (flat, -0.2%); admission per capita fell to $42.67 (-2.2%) while in‑park per capita spending reached a record $35.89 (+2.1%), indicating stronger on-site spend among visitors.

One‑time item and non‑GAAP adjustments

Results include a one‑time non‑cash bad‑debt/impairment of ~$7.6M which affected both GAAP net income and Adjusted EBITDA. The company also reports other non‑GAAP adjustments (equity comp, impairment, business optimization, etc.) used to reconcile Adjusted and Covenant Adjusted EBITDA.

Cash flow, capex and liquidity

Q4 net cash provided by operating activities: $78.4M (down 30.3% YoY); Q4 Free Cash Flow: $28.1M (down 67.4%). FY 2025 net cash from operations: $380.1M (down 20.8%); FY Free Cash Flow: $162.6M (down 29.8%). Q4 capex: $50.3M (up sharply vs prior Q4); FY capex: $217.5M (down 12.5% YoY).

Capital allocation — share repurchases

Company repurchased ~3.9M shares in Q4 2025 for ~$144.7M. For FY 2025 total repurchases were ~4.2M shares for ~$157.0M; through Feb 24, 2026 an additional ~2.5M shares (~$90.1M) were repurchased — 6.7M shares repurchased in 2025 and through Feb 24, 2026, representing ~12% of shares outstanding.

Balance sheet and leverage

As of Dec 31, 2025 cash and cash equivalents were $99.8M, total assets $2.616B, and long‑term debt (including current maturities) $2.248B. Stockholders’ deficit totaled $(435.8)M.

Management commentary and 2026 outlook

Management said Q4 and FY 2025 fell short of expectations due to international tourism weakness, volatile weather and cost execution, and is implementing cost control and demand‑driving investments (new rides, events, marketing). Early 2026 booking trends cited: Discovery Cove advanced booking up high single digits and group bookings pacing >50%; sponsorships seen as a potential $30M+ opportunity.