May 18, 2026
United Parks’ Q1 2026 earnings continued a trend we’ve seen for several quarters: attendance and revenue were down, leadership continued to blame the weather, and then proceeded to do more stock buybacks.
The Numbers
- Attendance was 3.2 million guests, a decrease of approximately 171,000 guests from the first quarter of 2025.
- Total revenue was $278.3 million, a decrease of $8.7 million from the first quarter of 2025.
- Net loss was $34.1 million, a decrease of $17.9 million from the first quarter of 2025.
- Adjusted EBITDA was $58.0 million, a decrease of $9.5 million from the first quarter of 2025.
- Total revenue per capita increased 2.1% to $86.43 from the first quarter of 2025.
- Admission per capita decreased 0.5% to $45.81 while in-park per capita spending increased 5.3% to a record $40.62 from the first quarter of 2025.
It’s the weather’s Fault (again)
As usual, United Parks leadership blamed the weather for their plummeting attendance.
“First quarter results fell short of our expectations primarily due to unfavorable weather (including unfavorable weather in San Diego and Florida in January and February, and again in Florida and Texas during their peak Spring Break periods) and a decline in international attendance,” Swanson said.
The Bright Spots
On the bright side, United Parks saw an increase in in-park per capita spending, which was up 5.3% to a record $40.62. And, similar to Six Flags, is seeing some traction with pass sales. Swanson explained that “We also saw strong pass sales performance during the quarter with paid pass sales up approximately 10% during the quarter and up approximately 12% through April 30, 2026.”
More buybacks?
Swanson thinks their stock is undervalued, and he’s sticking to it.
“We continue to strongly believe our stock is materially undervalued and, as such, continued to repurchase shares in the first quarter buying approximately 2.6 million shares for nearly $93 million,” the CEO said. “This action emphasizes the strong cash flow generation of this company, our long-standing commitment to returning excess cash to our shareholders and our belief that our shares are materially undervalued.”
United Parks also disclosed that, from the end of Q1 through May 8, 2026, it repurchased an additional 1.8 million shares for approximately $64.8 million.
2026 Planned Openings
The call wrapped with an outline of what United Parks has planned for this year:
- SeaWorld San Antonio opened Barracuda Strike in March, billed as Texas’ first inverted family coaster. The ride is positioned as multi-generational, aimed at thrill-seekers and families.
- SeaWorld San Diego debuts an all-new Shark Encounter this May. The expanded exhibit adds new shark species and additional marine life.
- Busch Gardens Tampa Bay is opening Lion & Hyena Ridge, a new habitat the park is calling its most ambitious in more than a decade. The reimagined area more than doubles the previous footprint to nearly 35,000 square feet, housing five young male lions and a pair of hyenas.
- Busch Gardens Williamsburg is reopening a re-imagined Verbolten – Forbidden Turn, an indoor/outdoor multi-launch coaster with new storytelling and special effects through the Black Forest.
- SeaWorld Orlando is reopening a revamped Expedition Odyssey as a new themed experience built around a Fire & Ice exploration.
How United Parks Compares
United Parks’ Q1 attendance dropped while regional and global peers grew in the same period. Six Flags Entertainment Corporation reported a 4% attendance gain and 12% revenue growth in Q1 2026, credited in part to its expanded regional pass strategy. Comcast reported Universal’s theme park revenue up 24% in the same quarter, with Epic Universe driving strong per-cap spending and attendance growth across the Orlando resort. Disney’s fiscal Q2 (which maps to the same calendar quarter) saw domestic attendance dip 1%, but per cap was up 5%, global guests were up 2%, and Experiences revenue hit a Q2 record.
Six Flags Fiesta Texas operates in the same San Antonio market as SeaWorld San Antonio. Six Flags Magic Mountain operates in greater Southern California, the same regional market as SeaWorld San Diego. Disney and Universal both operate major Orlando parks in the same Florida weather that Swanson cited. Universal’s theme park revenue grew 24% in the same quarter, with Epic Universe driving Orlando per-cap and attendance. Disney’s Experiences segment hit Q2 records despite international visitation dragging similarly to United Parks. Those peers grew (or maintained) attendance in the same quarter, under the same weather conditions. International visitation is real, and Disney flagged it too, but Disney offset with per-cap growth, and the global guest count was still positive. United Parks couldn’t offset: total revenue per cap was up 2.1%, but admission per cap was DOWN 0.5%, suggesting they’re discounting to maintain admission revenue rather than adding pricing power.
Analysis
This quarter continues the buyback pattern I wrote about after the fiscal 2025 results, and it seems their plan is unchanged. Q1 added another $92.7 million in repurchases on top of the ~$247 million done over the prior 14 months, then another $64.8 million through May 8. Swanson laid out a real estate-backed playbook on the prior fiscal 2025 call, outlining sale-leaseback proposals, hotel and timeshare development, and residential development on owned property. Hill Path Capital still controls more than 50% of the board, and buying back shares concentrates ownership ahead of any asset monetization. The Q1 numbers would point to this being the real plan, instead of becoming a better theme park company.
The press release’s framing of the net loss is interesting, as it describes the $34.1 million Q1 2026 net loss as “a decrease of $17.9 million from the first quarter of 2025.” Read plainly, that sounds like the loss got smaller. It didn’t. Net loss in Q1 2025 was $16.1 million. Q1 2026 is $34.1 million. The loss roughly doubled. The “decrease” language is technically referring to net income (which became more negative), but it reads as if the loss improved.
