United Parks & Resorts reported third‑quarter revenue of $511.9 million, a 6.2% decline from $545.9 million in Q3 2024, and net income of $89.3 million, down 25.4% from $119.7 million a year earlier. Attendance fell 3.4% to 6.8 million guests, a drop that management attributed to an unfavorable calendar shift around the Fourth of July and a series of poor‑weather days during peak holiday weekends. The combination of lower foot traffic and a modest decline in per‑guest spend pushed the company below analyst expectations, with revenue missing the consensus estimate of $539.4 million by $27.5 million (5.1%) and earnings per share falling short of the $2.24 estimate by $0.63 (28%).
Adjusted EBITDA for the quarter fell 16.3% to $216.3 million from $258.4 million in Q3 2024, reflecting higher operating costs and a slight erosion of margin. Despite the EBITDA decline, in‑park per‑capita spending grew 1.1% to $35.82, marking the 20th consecutive quarter of growth and indicating that guests are spending more once inside the parks. The margin compression is largely driven by increased labor and supply‑chain costs that offset the benefit of higher spend per guest.
First‑nine‑month revenue totaled $1,289.0 million, down 3.9% from $1,340.9 million in the same period last year, while net income fell 23.2% to $153.3 million. The company repurchased 635,020 shares for $32.2 million through November 4, 2025, as part of a $500 million share‑repurchase authorization approved in September. Forward bookings for high‑margin segments such as Discovery Cove and group business rose more than 20% versus the same period a year earlier, suggesting that demand for premium experiences remains resilient even as overall attendance weakens.
Management guided for Q4 revenue of $387.2 million and EPS of $0.71, both below the consensus estimates of $400 million and $0.80, respectively, reflecting continued concern about weather and calendar headwinds. For the full year, the company reiterated guidance of $1.7 billion in revenue and $4.04 in EPS, unchanged from the prior guidance. CEO Marc Swanson said the quarter’s performance was “not happy” and cited “less than optimal execution” alongside weather and international visitation declines as key factors. He also highlighted a planned $15 million cost‑reduction plan and the ongoing share‑repurchase program as measures to protect margins and return value to shareholders.
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