United Parks & Resorts Sees 2.8% Q4 Revenue Drop, Reveals $225M 2026 CapEx Plan
United Parks & Resorts posted Q4 revenue of $373.5 million, down 2.8% year-over-year, with net income falling to $15.1 million from $27.9 million despite record in-park per-capita spending up 2.1%. Management repurchased 6.7 million shares and plans $225 million of 2026 CapEx alongside $50 million of cost reductions.
1. Q4 Financial Performance
In Q4, the company reported revenue of $373.5 million, down 2.8% from last year, with net income falling to $15.1 million versus $27.9 million. Adjusted EBITDA reached $115.2 million as in-park per-capita spending rose 2.1% to a record level, offsetting a 2.6% attendance decline of 126,000 guests.
2. Full-Year Results and Capital Position
For full-year 2025, revenue declined 3.6% to $1.66 billion with attendance down 1.8% to 21.2 million guests. The company generated $168.4 million in net income and $605.1 million in adjusted EBITDA, repurchased 6.7 million shares (~12%) and ended the year with net leverage of 3.4x and $789 million of available liquidity.
3. Cost Management Initiatives
Management acknowledged underperformance on cost execution and identified wage, tax and insurance pressures, prompting plans for $50 million in gross cost reductions across labor, operating expenses, SG&A and COGS. The company aims to flatten or lower expense growth in 2026 without relying solely on revenue increases.
4. 2026 Growth Investments
United Parks & Resorts is allocating approximately $225 million of CapEx in 2026—$175 million core and $50 million growth—toward new attractions like SEAQuest: Legends of the Deep, reimagined Shark Encounter projects and family coasters, alongside an expanded events calendar and a revamped marketing strategy.