United Parks Q2 revenue misses estimates on lower international visitation
PRKS•Outlook
- Company sees strength in forward indicators for Discovery Cove and group business
- Early forward booking ticket sales for Halloween events are ahead of last year
Overview
- US theme parks operator's Q2 revenue declined 1.4% yr/yr, missing analyst expectations
- Q2 adjusted EBITDA fell 5.2% and slightly missed analyst estimates
- Company repurchased 3.3 mln shares for $125 mln in Q2
Result Drivers
- Easter holiday shift - Co said Q2 results were impacted by an earlier Easter, which reduced holiday days in the quarter compared to prior year
- International visitation - Co cited continued decline in international visitation as a factor in lower attendance
- In-park spending - Record in-park per capita spending driven by pricing initiatives and higher penetration, per co
Analyst Coverage
- The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 5 "strong buy" or "buy", 9 "hold" and no "sell" or "strong sell"
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