Pursuit Attractions Posts 23% Revenue Surge to $452 M, EBITDA Up $40 M
Pursuit Attractions and Hospitality reported full-year revenue of $452.4 million, up 23%, and adjusted EBITDA rising $40.1 million to $117.1 million with a 26% margin. Management outlined Vision 2030 targets of over $845 million revenue and $265 million adjusted EBITDA (30%+ margin) supported by a $300 million+ Refresh/Build pipeline and $88 million–$93 million 2026 capex.
1. Record 2025 Performance
Pursuit delivered full-year revenue of $452.4 million, a 23% increase driven by the recovery at Jasper properties and contributions from new attractions. Adjusted EBITDA rose $40.1 million to $117.1 million with a 26% margin, while adjusted net income climbed to $33.5 million and the company served 4.2 million attraction visitors and 439,000 room nights.
2. Portfolio Reshaping and Returns
During 2025, Pursuit completed the acquisition of Tabacon in Costa Rica and secured full ownership of Glacier Park, bought out FlyOver minority interests, and agreed to sell FlyOver at roughly 15x 2025 EBITDA. The company returned $14.5 million to shareholders through share repurchases as part of its disciplined “Refresh, Build, Buy” strategy.
3. Vision 2030 Targets and 2026 Guidance
Management set long-term targets of over $845 million revenue and $265 million adjusted EBITDA with a 30%+ margin by 2030, supported by a $300 million+ Refresh/Build pipeline and increased 2026 capex of $88 million–$93 million. For 2026, Pursuit forecast adjusted EBITDA of $123 million to $133 million, expecting double-digit growth in revenue and EBITDA excluding FlyOver contributions.