olivLaw · US equity research
United Parks & Resorts Inc. PRKS
Services-Miscellaneous Amusement & Recreation · SIC 7990 · Vertical: Services-Miscellaneous Amusement & Recreation (SIC 7990)
United Parks & Resorts operates a portfolio of theme and entertainment parks under the SeaWorld, Busch Gardens, Aquatica, Discovery Cove and Sesame Place brands, grouped mainly in the United States. The company is going through a difficult stretch: both revenue and visitor numbers fell in 2025 and in the first half of 2026, while in-park spending per visitor rose. See and.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, United Parks & Resorts Inc. (PRKS) stock was 37.86 USD (+10.73% on the day), with market capitalisation 1.7 bn USD, P/E 14.9 on diluted EPS of 2.54 USD over the last 12 months, dividend yield 1.93%, beta 1.20, 52-week range 29.73–48.44 USD. Latest reported quarter (Q2 2026): revenue of 483.3 m USD (−1.4% YoY), net income of 63.3 m USD (−21.0% YoY), diluted EPS 1.34 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 66.6
- strong (55–70)
- Bollinger (20, 2)
- 28.98 – 35.76
- above the upper band · %B 1.31 · band width 20.9%
- SMA 50 / 200
- 34.51 / 37.99
- mixed trend
- MACD (12, 26, 9)
- -0.07 / -0.85
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +11.7% | −5.9% | +17.7 pp | — |
| 3 months | −14.5% | −4.6% | −9.8 pp | — |
| 6 months | +2.2% | +0.2% | +1.9 pp | — |
| Year to date | +4.3% | +7.4% | −3.1 pp | — |
| 1 year | −18.1% | +8.2% | −26.3 pp | −35.5% |
| 3 years | −19.8% | +68.4% | −88.2 pp | −27.0% |
| 5 years | −45.1% | +56.5% | −101.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 545.9 m | 384.4 m | 286.9 m | 490.2 m | 511.9 m | 373.5 m | 278.3 m | 483.3 m |
| SG&A | 55.4 m | 49.9 m | 44.1 m | 64.4 m | 60.7 m | 58.6 m | 48.1 m | 66.6 m |
| Operating income | 201.0 m | 75.8 m | 16.9 m | 140.5 m | 151.7 m | 56.4 m | -8.5 m | 117.1 m |
| Depreciation & amortisation | 41.6 m | 42.4 m | 41.7 m | 43.0 m | 44.7 m | 45.1 m | 45.1 m | 45.8 m |
| Interest expense | 39.7 m | 49.9 m | 34.1 m | 34.0 m | 33.5 m | 32.6 m | 31.7 m | 32.4 m |
| Pre-tax income | 161.3 m | 24.4 m | -17.2 m | 106.3 m | 118.3 m | 19.1 m | -40.0 m | 84.7 m |
| Income tax | 41.6 m | -3.5 m | -1.1 m | 26.2 m | 29.0 m | 4.0 m | -5.9 m | 21.4 m |
| Net income | 119.7 m | 27.9 m | -16.1 m | 80.1 m | 89.3 m | 15.1 m | -34.1 m | 63.3 m |
| Diluted EPS | 2.08 | 0.50 ≈ | -0.29 | 1.45 | 1.61 | 0.28 ≈ | -0.69 | 1.34 |
| Operating cash flow | 123.0 m ≈ | 112.5 m | 25.7 m | 181.2 m ≈ | 94.8 m ≈ | 78.4 m | 66.8 m | 170.0 m ≈ |
| Capex | 55.4 m ≈ | 26.2 m | 56.9 m | 53.6 m ≈ | 56.8 m ≈ | 50.3 m | 69.6 m | 68.6 m ≈ |
| Share repurchases | 216.4 m ≈ | 37.7 m | 4.6 m | 4.6 m ≈ | 7.1 m ≈ | 144.1 m | 93.8 m | 126.4 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 28-quarter history (min 10.3, median 14.8, max 152.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.4 bn | 1.4 bn | 431.8 m | 1.5 bn | 1.7 bn | 1.7 bn | 1.7 bn | 1.7 bn |
| Revenue YoY | +8.6% | +1.9% | −69.1% | +248.3% | +15.1% | −0.3% | −0.1% | −3.6% |
| Net income | 44.8 m | 89.5 m | -312.3 m | 256.5 m | 291.2 m | 234.2 m | 227.5 m | 168.4 m |
| Net income YoY | unavailable | +99.8% | −449.1% | unavailable | +13.5% | −19.6% | −2.9% | −26.0% |
| Diluted EPS | 0.52 | 1.10 | -3.99 | 3.22 | 4.14 | 3.63 | 3.79 | 3.06 |
| Diluted EPS YoY | unavailable | +111.5% | −462.7% | unavailable | +28.6% | −12.3% | +4.4% | −19.3% |
| net % | 3.3% | 6.4% | -72.3% | 17.1% | 16.8% | 13.6% | 13.2% | 10.1% |
| Free cash flow | 114.2 m | 153.2 m | -229.9 m | 374.2 m | 363.9 m | 200.1 m | 231.7 m | 162.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 99.8 m USD
- Financial debt
- 2.2 bn USD
- Net debt
- 2.1 bn USD
- Equity
- -435.8 m USD
- Total assets
- 2.6 bn USD
- Debt / equity
- unavailable
- Current ratio
- 0.74x
- ROE
- unavailable
- ROA
- 6.5%
- FCF margin
- 9.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 431.8 m | 1.5 bn | 1.7 bn | 1.7 bn | 1.7 bn | 1.7 bn | SEC (XBRL)· 03 Mar 2026verified |
| SG&A | 94.9 m | 184.9 m | 200.1 m | 221.2 m | 216.9 m | 227.7 m | SEC (XBRL)· 03 Mar 2026verified |
| Operating income | -241.7 m | 432.0 m | 507.5 m | 459.8 m | 463.3 m | 365.4 m | SEC (XBRL)· 03 Mar 2026verified |
| Depreciation & amortisation | 150.5 m | 148.7 m | 152.6 m | 154.2 m | 163.4 m | 174.5 m | SEC (XBRL)· 03 Mar 2026verified |
| EBITDA | -91.1 m ≈ | 580.6 m ≈ | 660.2 m ≈ | 614.0 m ≈ | 626.7 m ≈ | 539.9 m ≈ | SEC (XBRL)· 03 Mar 2026derived |
| Interest expense | 100.9 m | 116.6 m | 117.5 m | 146.7 m | 167.8 m | 134.1 m | SEC (XBRL)· 03 Mar 2026verified |
| Pre-tax income | -342.8 m | 256.3 m | 390.1 m | 313.1 m | 291.5 m | 226.5 m | SEC (XBRL)· 03 Mar 2026verified |
| Income tax | -30.5 m | -164.0 k | 98.9 m | 78.9 m | 64.0 m | 58.2 m | SEC (XBRL)· 03 Mar 2026verified |
| Net income | -312.3 m | 256.5 m | 291.2 m | 234.2 m | 227.5 m | 168.4 m | SEC (XBRL)· 03 Mar 2026verified |
| Diluted EPS | -3.99 | 3.22 | 4.14 | 3.63 | 3.79 | 3.06 | SEC (XBRL)· 03 Mar 2026verified |
| Weighted average diluted shares | 78.2 m | 79.6 m | 70.3 m | 64.5 m | 60.0 m | 55.0 m | SEC (XBRL)· 03 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 433.9 m | 443.7 m | 79.2 m | 246.9 m | 115.9 m | 99.8 m | SEC (XBRL)· 03 Mar 2026verified |
| Receivables | 30.4 m | 76.9 m | 71.1 m | 73.8 m | 79.4 m | 77.3 m | SEC (XBRL)· 03 Mar 2026verified |
| Inventories | 30.7 m | 29.5 m | 55.2 m | 49.2 m | 45.8 m | 51.6 m | SEC (XBRL)· 03 Mar 2026verified |
| Current assets | 507.4 m | 567.4 m | 233.7 m | 390.2 m | 270.4 m | 282.8 m | SEC (XBRL)· 03 Mar 2026verified |
| Property, plant & equipment, net | 1.7 bn | 1.6 bn | 1.7 bn | 1.8 bn | 1.9 bn | 1.9 bn | SEC (XBRL)· 03 Mar 2026verified |
| Goodwill | 66.3 m | 66.3 m | 66.3 m | 66.3 m | 66.3 m | 66.3 m | SEC (XBRL)· 03 Mar 2026verified |
| Total assets | 2.6 bn | 2.6 bn | 2.3 bn | 2.6 bn | 2.6 bn | 2.6 bn | SEC (XBRL)· 03 Mar 2026verified |
| Short-term debt | 15.5 m | 12.0 m | 12.0 m | 12.0 m | 15.4 m | 15.4 m | SEC (XBRL)· 03 Mar 2026verified |
| Long-term debt | 2.2 bn | 2.1 bn | 2.1 bn | 2.1 bn | 2.2 bn | 2.2 bn | SEC (XBRL)· 03 Mar 2026verified |
| Current liabilities | 317.1 m | 372.0 m | 409.2 m | 410.9 m | 412.9 m | 384.7 m | SEC (XBRL)· 03 Mar 2026verified |
| Total liabilities | 2.7 bn | 2.6 bn | 2.8 bn | 2.8 bn | 3.0 bn | 3.1 bn | SEC (XBRL)· 03 Mar 2026verified |
| Equity | -105.8 m † | -33.9 m † | -437.7 m † | -208.2 m † | -461.5 m † | -435.8 m † | SEC (XBRL)· 03 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -120.7 m | 503.0 m | 564.6 m | 504.9 m | 480.1 m | 380.1 m | SEC (XBRL)· 03 Mar 2026verified |
| Capex | 109.2 m | 128.9 m | 200.7 m | 304.8 m | 248.4 m | 217.5 m | SEC (XBRL)· 03 Mar 2026verified |
| Free cash flow | -229.9 m ≈ | 374.2 m ≈ | 363.9 m ≈ | 200.1 m ≈ | 231.7 m ≈ | 162.6 m ≈ | SEC (XBRL)· 03 Mar 2026derived |
| Investing cash flow | -109.2 m | -128.9 m | -200.7 m | -305.6 m | -248.5 m | -217.5 m | SEC (XBRL)· 03 Mar 2026verified |
| Financing cash flow | 624.2 m | -364.9 m | -726.0 m | -34.7 m | -362.7 m | -178.7 m | SEC (XBRL)· 03 Mar 2026verified |
| Share repurchases | 12.4 m | 215.7 m | 693.6 m | 17.9 m | 482.9 m | 160.4 m | SEC (XBRL)· 03 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 52 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality89
- Growth0
- Balance sheet19
- Returns100
- Valuation78
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 9.59 – 160.29 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)49.52 – 160.29 (Mid 84.22)WACC 6.5% · starting FCFF 260.3 m USD · terminal value share of EV 82%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -17.8%
- Peers: EV/EBITDA48.31 – 81.78 (Mid 71.31)4 companies used · median multiple 11.0x · quartiles 8.9x – 12.0xBRSL, DIS, FBYD, MTN
- Peers: P/E47.93 – 95.99 (Mid 81.54)7 companies used · median multiple 32.1x · quartiles 18.9x – 37.8xBRSL, DIS, MSGE, MTN, PRSU, RSI, SEAT
- Dividend discount (DDM)9.59 – 12.90 (Mid 11.00)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 52/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 8.1% | 79 (vs peers) | 7% |
| FCF conversion · Quality | 123.3% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | -1.3% | 0 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | -9.6% | 0 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | 4.5x | 29 (vs peers) | 12% |
| Interest coverage · Balance sheet | 2.4x | 14 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 14.9x | 75 (vs peers) | 12% |
| EV/EBITDA · Valuation | 8.0x | 64 (on a fixed band) | 12% |
| FCF yield · Valuation | 9.6% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 21.6% | 100 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet19/100 · 3/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality89/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation78/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
United Parks & Resorts Inc. (PRKS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.7 bn USD in 2025; YoY growth -3.6%; net margin 8.1%; net debt/EBITDA 4.5x.
The estimated value range is 48.12–88.88 USD per share (median of 4 methods, agreement: high); assumptions are illustrative. Against the central value of 76.43 USD, the price of 37.86 USD leaves a potential of 101.9% (value / price − 1) and a margin of safety of 50.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 52/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 8.1%
- FCF conversion: 123.3%
- P/E (TTM): 14.9x
- FCF yield: 9.6%
- Shareholder yield (distributions): 21.6%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: -1.3%
- EPS CAGR 3Y: -9.6%
- Net debt / EBITDA: 4.5x
- Interest coverage: 2.4x
- Current ratio: 0.5x
Not assessed (insufficient data or a ratio without meaning): ROIC, Payout ratio (FCF).
Versus the vertical median
Services-Miscellaneous Amusement & Recreation (SIC 7990) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DISWalt Disney Co | 202.4 bn | 24.2 | 7.8% | 8.7% | +3.4% | +12% / +26% |
| MTNVail Resorts, Inc. | 5.6 bn | 38.5 | 44.4% | 5.2% | −4.3% | +13% / −27% |
| RSIRush Street Interactive, Inc. | 2.4 bn | 39.4 | 23.0% | 2.6% | +22.8% | −35% / +183% |
| BRSLBrightstar Lottery PLC | 1.9 bn | 13.5 | 11.6% | 5.9% | −0.0% | −36% / −63% |
| PRKSUnited Parks & Resorts Inc. | 1.7 bn | 14.9 | — | 8.1% | −3.6% | −18% / −20% |
| PRSUPursuit Attractions and Hospitality, Inc. | 1.5 bn | 32.1 | 7.7% | 9.6% | +23.4% | +57% / +62% |
| NIPGNIP Group Inc. | 413.9 m | — | -15.9% | -14.9% | +1.9% | −92% / unavailable |
| SEGSeaport Entertainment Group Inc. | 275.7 m | — | -22.6% | -91.4% | +18.3% | +0% / unavailable |
| GENIGenius Sports Limited | 59.2 m | — | -17.2% | -16.7% | +31.0% | −41% / +7% |
| SEATVivid Seats Inc. | 30.8 m | 0.0 | 2,000.9% | 278.1% | −30.5% | −64% / −98% |
| GRSDGrandstand Limited | 29.3 m | — | -28.5% | -19.9% | +30.1% | −85% / −91% |
| FCHLFitness Champs Holdings Limited | 11.4 m | — | -349.1% | -32.9% | +4.7% | −100% / unavailable |
| FBYDFalcon’s Beyond Global, Inc. | 68 | — | -100.8% | -36.0% | +120.8% | −67% / −35% |
| MSGEMadison Square Garden Entertainment Corp. | — | 37.1 | — | 8.6% | +12.5% | +52% / +149% |
| CDROCodere Online Luxembourg, S.A. | — | — | 17.3% | 1.9% | +24.2% | +19% / +159% |
| MSGSMsg Knickerbockers Corp. | — | 1,015.6 | — | 0.7% | +11.0% | +43% / +92% |
| ENHAEnhanced Group Inc. | — | — | -1,903.4% | — | unavailable | unavailable / unavailable |
| DKNGDraftkings Inc. | — | — | -21.1% | -2.7% | +27.0% | −29% / −38% |
| STUBStubhub Holdings, Inc. | — | — | -145.8% | -91.3% | −1.4% | −46% / unavailable |
| XPOFXponential Fitness, Inc. | — | — | — | -401.5% | −20.7% | −33% / −68% |
| GDHGGolden Heaven Group Holdings Ltd. | — | — | -6.5% | -56.2% | −31.5% | −74% / −100% |
1- and 3-year price returns: for PRKS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 24.43 Total return -35% · Per year -35% | 43.31 Total return 14% · Per year 14% | 65.42 Total return 73% · Per year 73% |
| 3 years | 21.01 Total return -45% · Per year -18% | 42.16 Total return 11% · Per year 4% | 70.29 Total return 86% · Per year 23% |
| 5 years | 18.06 Total return -52% · Per year -14% | 41.04 Total return 8% · Per year 2% | 75.53 Total return 100% · Per year 15% |
- Exit P/E± 10.54
- Net margin± 7.38
- Annual revenue growth± 6.42
- Annual dilution± 0.62
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 8-K (05 Nov 2026 · results).
In brief
United Parks & Resorts operates a portfolio of theme and entertainment parks under the SeaWorld, Busch Gardens, Aquatica, Discovery Cove and Sesame Place brands, grouped mainly in the United States. The company is going through a difficult stretch: both revenue and visitor numbers fell in 2025 and in the first half of 2026, while in-park spending per visitor rose. See 1 and 3.
SWOT
Strengths
- Recognized brands and a unique zoological collection are assets that are hard to replicate and support attracting visitors from around the world 1. The diversified, geographically grouped portfolio allows shared ticket packages and operating efficiency 1.
- The company has shown an ability to generate cash and has kept growing revenue per visitor, especially in-park spending 13.
- The experience of the management team and animal care staff is a professional asset that is difficult to replace quickly 1.
Weaknesses
- A high fixed cost structure means margins can fall quickly when revenues decline 1.
- Visitor numbers fell in both 2025 and the first half of 2026, and net income dropped significantly 13.
- Reliance on a few states, such as Florida, California and Virginia, exposes the company to concentrated regional risks 1.
Opportunities
- Forward bookings for Discovery Cove and group business are rising, which could support revenue in the coming quarters 3.
- Expanding seasonal events with licensed intellectual property could attract new audiences 3.
- The share repurchase program, supported by cash flow, could support shareholder value if operating performance improves 3.
Threats
Risks
- Demand sensitive to the economyhigh
Discretionary consumer spending can fall when economic confidence weakens, and the source warns that interest rates and inflation also influence this behavior 1.
- Workforce and unionizationmedium
Recruitment and retention difficulties, along with increased union organizing, could disrupt operations and the quality of the experience 12.
- Animal welfare regulationhigh
Federal and state rules on animal treatment can change, and activist groups may turn to regulators or courts or create negative publicity 1.
- Debt and credit ratingmedium
The level of debt limits financial flexibility, and losing the current credit rating could raise the cost of funding 1.
- Shareholder concentrationmedium
The influence of a major shareholder over company decisions can create conflicts of interest with other shareholders 1.
Investment thesis
What would need to be true (bull case)
- Strong brands, a unique zoological collection and a portfolio that is hard to replicate could support a recovery in traffic once temporary factors fade 13.
- Rising in-park spending per visitor and growing forward sales for groups and Discovery Cove could partly offset lower visitor numbers 3.
- Operating cash generation and the share repurchase program could support value for shareholders if operating performance improves 3.
What would break the thesis
- Continued declines in visitor numbers and net income could point to a structural, not just temporary, weakening of demand 13.
- High fixed costs and wage pressure could limit margins even if revenues stabilize 1.
- Dependence on international visitors and on certain regions could expose the company to unexpected shocks 13.
What to watch
- Trend in visitor numbers and international visitsQ3 2026
- Development of in-park spending per visitor and total revenueQ3 2026
- Forward ticket sales for the Halloween and Christmas eventsQ4 2026
- Pace of share repurchases and free cash flownext 10-Q
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 8-K (05 Nov 2026 · results).
The business
The company presents itself as a leader in theme parks and entertainment and earns its revenue mainly from selling admission tickets, then from food, merchandise and other in-park services 1. Its portfolio includes 13 theme parks, of which 12 are owned and operated directly, plus a licensed SeaWorld park in the United Arab Emirates 1. A distinctive element is one of the largest zoological collections in the world, combined with marine animal rescue programs 1. For fiscal 2025, total revenues were 1662.6 million USD and attendance was 21.2 million, with revenues down 3.6% from 2024 1.
The cost structure is dominated by high fixed costs, notably wages, benefits, maintenance, animal care, utilities and insurance, which makes margins sensitive to any drop in revenue 1. The company also relies on revenue per visitor: total revenue per capita, split between admission and in-park spending, is the metric management watches most closely 12. In 2025, operating income fell 21.1% from the prior year, a sign that cost pressure outweighed the gains from pricing 1.
Activity is seasonal, although parks open year-round soften the effect; traditionally most revenue falls in the second and third quarters, and the first quarter usually shows a loss 1. For 2026, the first-half picture fits this pattern, with summer events and the Halloween and Christmas seasons supporting traffic 3.
Segments
SeaWorld parks
The SeaWorld parks are the company's flagship brand, with parks in San Diego, Orlando and San Antonio, all counted among the most visited in the industry 1. They combine animal encounters, shows and roller coasters, and Orlando and San Diego rank among the top 20 theme parks in North America by attendance 1.
Busch Gardens and Aquatica
The Busch Gardens parks in Tampa Bay and Williamsburg are family-oriented destinations with many roller coasters and zoological exhibits, while the Aquatica water parks, linked to SeaWorld, offer premium water experiences 1. Aquatica Orlando is ranked as the third most attended water park in North America 1.
Discovery Cove and Sesame Place
Discovery Cove is an all-inclusive park with reservations only that limits entries for a more intimate experience, and Sesame Place is the only park in the United States entirely dedicated to the Sesame Street show 1. Management noted that forward bookings for Discovery Cove and group business are growing double digits, a positive signal for these segments 3.
Market context
The American theme park market is characterized, according to the source, by a limited supply of suitable land, high upfront investment and zoning restrictions, which constrain the number of large parks that can be built 1. Demand depends heavily on tourism, weather, consumer confidence and exchange rates, and international visits declined in 2026 13.
For a company in this market, management signaled that lower international visits and calendar shifts had a visible effect on traffic in the second quarter of 2026 3. Still, rising in-park spending shows that the visitors who do come generate higher revenue per head 3.
Trends
- Decline in international visitsheadwind
Management reports a continued decline in international visits, which contributed to lower traffic in the first half of 2026 3. If this trend persists, revenue could stay under pressure, particularly at parks with more foreign visitors 1.
- Rising in-park spendingtailwind
In-park spending per visitor reached a record for the second quarter of 2026, helped by higher penetration and pricing initiatives 3. This trend partly offsets the drop in visitor numbers and supports total revenue per visitor 2.
- Weather and calendar shiftsheadwind
Unfavorable weather and the shift in the timing of Easter reduced traffic in both the first and second quarters of 2026 3. Outdoor activity makes the parks vulnerable to extreme events, and climate change can amplify this risk 1.
- Seasonal events and licensed intellectual propertymixed
The company plans to expand its Halloween events with licensed film titles, which could attract new visitors and diversify revenue sources 3. Forward ticket sales for Howl O' Scream are already running ahead of last year, but the final effect depends on actual attendance 3.
Competitive position
The sources indicate that the company's parks compete with other industry attractions and with holiday destinations in the same regions, and competitiveness depends on new attractions, pricing and the in-park experience 1. The company considers itself advantaged by its recognized brands, its zoological collection that is hard to replicate and its locations on valuable land 1.
Competitive pressure rises when customers choose between different destinations, and the source notes that some ticket resellers ended their relationships with the company because of brand perception 2. The company therefore needs to protect its reputation and diversify its offer to keep its market share 1.
- Other zoological-themed attractions
The source mentions other zoological-themed attractions with which the company competes for visitors and partners, but does not name them.
- Theme park destinations in Orlando
Orlando is described as the world's largest theme park destination, which means the company's parks compete with many other attractions in the area.
- Ticket resellers
Some ticket resellers have ended relationships with the company, which affects access to ticket sales.
- Other theme and water parks in North America
Attendance rankings show that the company's parks compete with other major attractions across North America.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- United Parks Loss Widens as Geopolitics Weigh on Visitor NumbersBloomberg Markets · 11 May 2026 · EN
The latest news item in our archive is from 11 May 2026; the newest SEC filing is from 05 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report05 Nov 2026Results of operations · Financial statements and exhibits
- Current report22 Sept 2026Departure or appointment of officers · Amendments to articles or bylaws · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report23 Jun 2026Shareholder vote · Financial statements and exhibits
- Quarterly report11 May 2026
- Current report11 May 2026Results of operations · Financial statements and exhibits
- Proxy statement30 Apr 2026
- Annual report03 Mar 2026
- Current report26 Feb 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / United Parks & Resorts Inc. · 03 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / United Parks & Resorts Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / United Parks & Resorts Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.