• United Parks & Resorts (SeaWorld, Busch Gardens, etc.) reported roughly flat underlying domestic attendance for the smaller CQ4 period, and a decline in international attendance (similar to other operators).
  • Domestic attendance was supported by discounting and other inducements. That and the decline in international attendance resulted in a -20% decline in EBITDA.
  • Despite a lot of new competitive pressure in Orlando, SeaWorld was able to keep the time spent by domestic visitors for Q4 at roughly flat YoY.
  • Looking forward to the summer 2026 season, lots of new attractions open across the portfolio with an aim of differentiation, and the goal to grow time spent at the parks, along with revenue and EBITDA.

United Parks & Resorts (PRKS) reported Q4 attendance where we expected. Overall attendance fell (-2.6%) due to a steep drop in international visitors and an adverse calendar shift; excluding those, attendance was roughly flat YoY. Advan’s observed visitation figure was a decline of -0.9%. (We do not observe visitation by international travelers.) The flattish domestic attendance was achieved through discounting (revenue per admission declined -2.2%) and other inducements; SG&A increased +17% and EBITDA declined -20%. Readers will recall that PRKS is facing high competition from Universal  and Disney , wallet-share losses to cruise (perceived as a better value), and an overall uneven economy (K-shaped).

CEO Marc Swanson started the results call saying, “Our fiscal 2025 results did not meet our expectations. While the consumer environment was uneven and our results were impacted by negative international tourism trends and volatile weather during certain peak visitation periods, we should have delivered better results, particularly on the cost side of the income statement. We have moved decisively to address our less-than-optimal cost management and have updated and focused our plans and investments for 2026, designed to drive attendance and guest spending across our parks. These include a compelling lineup of new rides, shows, attractions and updated events calendar, an expanded concert lineup, new and upgraded food and retail locations, a revamped and enhanced marketing plan and strategy, as well as other investments that we expect will drive demand and spending across our parks… For 2026, company has an outstanding lineup of new rides and attractions, popular events and new and improved in-park venues and offerings across its parks. The company’s new rides and attractions include the following. At SeaWorld Orlando, we have SEAQuest: Legends of the Deep. Guests will embark on a vibrant submersible adventure through dazzling undersea ecosystems, where they’ll encounter extraordinary lifeforms, breathtaking environments, and inspiring stories of the sea. This groundbreaking attraction plunges explorers into an environment of awe and mystery, guided by the SeaWorld Adventure Team.” (See their slide at the end of this report).

On Epic’s impact on Orlando, Swanson said, “We think Epic in the market brings more people to Orlando and we have again the opportunity to share in that growth like we have for the last 50-some years that we’ve been in Orlando. So I would point to the things we’re adding in our park, SeaWorld Orlando for example, the new rides attractions. Some of this hasn’t been announced, but I can tell you it’s some exciting stuff and these are differentiated from what you’re going to get at Epic and I think that’s a key part of what sets us apart. You’re coming here for a different experience. It’s a great thing. SeaWorld is a great park in itself. It’s a differentiated experience with what we can offer with the animals and some of the rides that are blended in with animal components to them.”   Next summer, Advan will track all of the parks of Disney, Universal, and PRKS with a new metric called “utilization,” defined as the product of attendance and average time spent in the park. We see this metric as a strong indicator of guest satisfaction and spending. (Yes, we recognize that longer-than-usual ride wait times will boost the metric, while undermining guest satisfaction; all metrics have pluses & minuses.) For Q4, SeaWorld Orlando (domestic only) experienced flat attendance and a slight increase (+1.2%) in average time, i.e. a more favorable situation than the reported results imply and supportive of Swanson’s characterization of SeaWorld Orlando and Epic.

See our last write-ups on industry trends here  and here .