The Q1 miss extends a multi-quarter trend of declining revenue and earnings (FY2025 revenue -3.6%, net income -26%). Heavy buybacks are consuming cash ($99.8M to $28.9M in one quarter) without arresting the operational decline. Watch for summer attendance trends and any formal guidance on the Q2 call; if weather and international headwinds persist, further downside is likely. The stock may trade down on the widening loss and lack of visibility.
Price Chart
Executive Summary
United Parks & Resorts reported Q1 2026 results that missed expectations: revenue fell 3.0% YoY to $278.3M, net loss widened to -$34.1M from -$16.1M, and Adjusted EBITDA declined 14.1% to $58.0M. Attendance dropped 5.0% due to unfavorable weather and lower international visitation, though in-park per-capita spending hit a record $40.62. The company continues aggressive share repurchases ($92.7M in Q1, plus $64.8M post-quarter) but provided no formal guidance, and the deteriorating operating trends outweigh the capital return program.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $278.3M, down 3.0% YoY from $286.9M
- Net loss widened to -$34.1M vs -$16.1M in Q1 2025, a 111.2% decline
- Adjusted EBITDA fell 14.1% to $58.0M from $67.4M
- Attendance declined 5.0% to 3.22M guests, with ~140K lost to weather and ~80K to lower international visitation
- In-park per-capita spending rose 5.3% to a record $40.62, but admission per capita fell 0.5% to $45.81
- Operating income swung to -$8.5M from +$16.9M in the prior year quarter
- Operating expenses rose 6.2% and SG&A rose 8.9%, outpacing revenue decline
- Company repurchased 2.6M shares for $92.7M in Q1, and an additional 1.8M shares for $64.8M through May 8, 2026
- No formal guidance provided; management cited weather and international headwinds but expressed confidence in forward indicators
- Cash and equivalents fell to $28.9M from $99.8M at year-end 2025, partly due to heavy buyback spending
Financial Impact
Revenue miss of ~$1.1M vs consensus ($278.3M actual vs $279.4M est); EPS miss of -$0.69 vs consensus -$0.36 (GAAP loss per share). Net loss widened by $17.9M YoY.
Risk Factors
- Continued weather disruption and international tourism weakness could further depress attendance in peak summer season
- Aggressive share repurchases are depleting cash reserves ($28.9M remaining) while operating losses widen
- Operating expenses growing faster than revenue (6.2% vs -3.0%) signals structural cost inflation
- No formal guidance provided, creating uncertainty around FY2026 outlook
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-215684 |
| Document: prks-20260511.htm | 0001193125-26-215684 |
| Document: 0001193125-26-215684-index-headers.html | 0001193125-26-215684 |
| Document: 0001193125-26-215684-index.html | 0001193125-26-215684 |
| Document: 0001193125-26-215684.txt | 0001193125-26-215684 |
| 8-K Data (Synthetic) | 0001193125-26-215684 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 22, 2026 4w ago | 8-K | $32.81 $32.40 | ▼ −1.25% | ▼ −0.57% | $30.31 (−7.62%) |
Aug 26, 2026 8w ago | Court Ruling | $42.49 $40.61 | ▼ −4.42% | ▼ −4.69% | $30.31 (−28.67%) |
Aug 4, 2026 11w ago | 8-K | $46.17 $44.14 | ▲ +4.40% | ▲ +4.30% | $30.31 (+34.35%) |
May 11, 2026 24w ago | 8-K | $36.53 $36.16 | ▲ +1.01% | ▲ +0.93% | $30.31 (+17.03%) |
Apr 30, 2026 25w ago | DEFA14A | $35.27 $39.22 | ▲ +11.20% | ▲ +8.85% | $30.31 (−14.06%) |
Feb 26, 2026 34w ago | 8-K | $36.00 $35.17 | ▲ +2.31% | ▲ +1.18% | $30.31 (+15.81%) |
US Market Status
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