United Parks & Resorts Q1 Revenue Dips 3% with 3.2M Guests, $92.7M Buyback
United Parks & Resorts reported Q1 2026 revenue of $278.3 million, down $8.7 million year-over-year, with attendance at 3.2 million guests (a 171,000-guest decline) and net loss of $34.1 million, while adjusted EBITDA fell to $58.0 million. In-park per capita spending rose 5.3% to $40.62, and the company repurchased 2.6 million shares for $92.7 million, adding 1.8 million shares for $64.8 million through May 8.
1. First Quarter Financial Results
United Parks & Resorts generated $278.3 million in revenue in Q1 2026, a decrease of $8.7 million from the prior year, with attendance sliding to 3.2 million guests, down 171,000. Net loss narrowed to $34.1 million, while adjusted EBITDA declined by $9.5 million to $58.0 million.
2. Guest Spending and Pass Sales
Total revenue per capita increased 2.1% to $86.43, driven by a 5.3% rise in in-park per capita spending to $40.62, offsetting a 0.5% drop in admission per capita to $45.81. Paid pass sales grew approximately 10% during the quarter and 12% through April 30, supporting forward bookings that outpace 2025 for Discovery Cove and group business.
3. Share Repurchase Details
During Q1, the company repurchased around 2.6 million shares for $92.7 million, and through May 8 repurchased an additional 1.8 million shares for $64.8 million. Management highlighted the buybacks as evidence of strong cash flow generation and belief that shares remain materially undervalued.
4. 2026 Attractions Pipeline
The company plans to debut several major new attractions this year, including the Barracuda Strike inverted family coaster in Texas, an expanded Shark Encounter in San Diego, a 35,000-square-foot Lion & Hyena Ridge in Tampa Bay, the Verbolten Forbidden Turn coaster in Williamsburg and a revamped Expedition Odyssey experience in Orlando.