UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35883 United Parks & Resorts Inc. (Exact name of registrant as specified in its charter) Delaware 27-1220297 (State or other jur ...

[Report Overview & Highlights](index=1&type=section&id=Report%20Overview%20%26%20Highlights) [Second Quarter 2025 Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) In the second quarter of 2025, United Parks & Resorts experienced a slight 0.8% increase in attendance to 6.2 million guests, but saw declines in total revenue by 1.5% to $490.2 million, net income by 12.1% to $80.1 million, and Adjusted EBITDA by 5.4% to $206.3 million, driven by a 2.2% drop in total revenue per capita | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Attendance (millions) | 6.2 | 6.2 | +0.8% | | Total Revenue | $490.2M | $497.6M | -1.5% | | Net Income | $80.1M | $91.1M | -12.1% | | Adjusted EBITDA | $206.3M | $218.2M | -5.4% | | Total Revenue Per Capita | $78.64 | $80.44 | -2.2% | | Admission Per Capita | $41.03 | $42.68 | -3.9% | | In-Park Per Capita Spending | $37.61 | $37.76 | -0.4% | [First Six Months 2025 Highlights](index=1&type=section&id=First%20Six%20Months%202025%20Highlights) For the first half of 2025, attendance remained nearly flat with a minor 0.1% decrease to 9.6 million guests, while total revenue declined 2.2% to $777.2 million, net income decreased 20.0% to $64.0 million, and Adjusted EBITDA fell 7.9% to $273.7 million | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Attendance (millions) | 9.6 | 9.6 | -0.1% | | Total Revenue | $777.2M | $795.0M | -2.2% | | Net Income | $64.0M | $79.9M | -20.0% | | Adjusted EBITDA | $273.7M | $297.3M | -7.9% | | Total Revenue Per Capita | $80.74 | $82.50 | -2.1% | | Admission Per Capita | $42.79 | $44.60 | -4.1% | | In-Park Per Capita Spending | $37.95 | $37.90 | +0.1% | [Management Commentary & Outlook](index=1&type=section&id=Management%20Commentary%20%26%20Outlook) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Marc Swanson noted Q2 attendance growth despite severe weather, driven by international and group visitation, expressing optimism for the second half with strong forward bookings and a new $500 million share repurchase program - Q2 attendance grew despite severe weather, driven by an increase in international and group visitation, particularly at all Orlando parks[4](index=4&type=chunk) - Forward booking trends for group business and the Discovery Cove property are up **mid to high single digits** for the rest of the year, with strong trends continuing into 2026[5](index=5&type=chunk) - The company anticipates its upcoming Halloween and Christmas events to be among the biggest ever, with early ticket sales for "Howl O' Scream" already ahead of the prior year[5](index=5&type=chunk) - Management is confident in its ability to deliver operational and financial improvements and expects strong second-half financial results to offset the challenges from the first half[9](index=9&type=chunk) [Detailed Financial Results](index=3&type=section&id=Detailed%20Financial%20Results) [Second Quarter 2025 Results](index=3&type=section&id=Second%20Quarter%202025%20Results) In Q2 2025, attendance increased by 0.8% to 6.2 million due to a favorable calendar shift, but total revenues decreased by 1.5% to $490.2 million, driven by lower per capita spending, resulting in a 12.1% fall in net income to $80.1 million | (In millions, except per capita amounts) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change % | | :--- | :--- | :--- | :--- | | Total revenues | $490.2 | $497.6 | (1.5%) | | Net income | $80.1 | $91.1 | (12.1%) | | Adjusted EBITDA | $206.3 | $218.2 | (5.4%) | | Attendance | 6.2 | 6.2 | 0.8% | | Total revenue per capita | $78.64 | $80.44 | (2.2%) | - The increase in attendance was attributed to a favorable calendar shift of holidays, which was partially offset by the impact of significantly worse weather compared to the prior year quarter[10](index=10&type=chunk) - The decrease in total revenue was primarily a result of a decrease in total revenue per capita, which stemmed from declines in both admissions per capita and in-park per capita spending[11](index=11&type=chunk) [First Six Months 2025 Results](index=3&type=section&id=First%20Six%20Months%202025%20Results) For the first six months of 2025, attendance slightly decreased by 0.1% to 9.6 million due to worse weather, leading to a 2.2% decline in total revenues to $777.2 million and a significant 20.0% drop in net income to $64.0 million | (In millions, except per capita amounts) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change % | | :--- | :--- | :--- | :--- | | Total revenues | $777.2 | $795.0 | (2.2%) | | Net income | $64.0 | $79.9 | (20.0%) | | Adjusted EBITDA | $273.7 | $297.3 | (7.9%) | | Attendance | 9.6 | 9.6 | (0.1%) | | Total revenue per capita | $80.74 | $82.50 | (2.1%) | - The decrease in attendance was primarily due to the impact of meaningfully worse weather, including during peak visitation periods, compared to the first six months of 2024[13](index=13&type=chunk) - The decrease in total revenue was a result of a decrease in total revenue per capita and a decrease in attendance[14](index=14&type=chunk) [Capital Allocation and Corporate Initiatives](index=4&type=section&id=Capital%20Allocation%20and%20Corporate%20Initiatives) [Share Repurchases](index=4&type=section&id=Share%20Repurchases) The Board of Directors recommended a new **$500 million** share repurchase authorization, pending approval by non-Hill Path stockholders, as an attractive opportunity to return capital - The Board of Directors voted to recommend a new **$500 million** share buyback authorization[16](index=16&type=chunk) - The share repurchase program is subject to approval by non-Hill Path shareholders, with a special meeting expected within 30 days[9](index=9&type=chunk) [Rescue Efforts](index=4&type=section&id=Rescue%20Efforts) As a leading marine animal rescue organization, the company aided **500 animals** in Q2 2025, bringing the historical total to over **42,000**, demonstrating its ongoing commitment to wildlife conservation - In Q2 2025, the company rescued **500 animals** in need, increasing the total number of animals helped in its history to over **42,000**[17](index=17&type=chunk) - The company's rescue teams are on call 24/7, working with federal, state, and local agencies to help ill, injured, orphaned, or abandoned wild animals with the goal of returning them to their natural habitat[18](index=18&type=chunk) [Financial Statements and Reconciliations](index=9&type=section&id=Financial%20Statements%20and%20Reconciliations) [Unaudited Condensed Consolidated Statements of Operations](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) For the first half of 2025, total revenues were **$777.2 million**, operating income fell to **$157.4 million**, and net income decreased **20%** to **$64.0 million** compared to the prior year | (In thousands) | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total revenues | $777,161 | $795,016 | | Operating income | $157,354 | $186,525 | | Income before income taxes | $89,103 | $105,877 | | Net income | $63,975 | $79,923 | | Earnings per share, diluted | $1.15 | $1.26 | [Unaudited Reconciliation of Non-GAAP Financial Measures](index=10&type=section&id=Unaudited%20Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section reconciles GAAP net income to non-GAAP Adjusted EBITDA and Free Cash Flow, with LTM Covenant Adjusted EBITDA at **$697.6 million** and H1 2025 Free Cash Flow at **$96.4 million** | (In thousands) | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net income | $63,975 | $79,923 | | Adjusted EBITDA | $273,705 | $297,307 | | Net cash provided by operating activities | $206,911 | $244,673 | | Capital expenditures | ($110,464) | ($166,814) | | Free Cash Flow | $96,447 | $77,859 | - For the last twelve months ended June 30, 2025, Covenant Adjusted EBITDA, a key metric for debt agreements, was **$697.6 million**[32](index=32&type=chunk) [Unaudited Balance Sheet Data](index=11&type=section&id=Unaudited%20Balance%20Sheet%20Data) As of June 30, 2025, the company reported **$193.9 million** in cash, **$2.26 billion** in total long-term debt, and a total stockholders' deficit of **$394.9 million** | (In thousands) | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $193,921 | $115,893 | | Total assets | $2,730,473 | $2,573,578 | | Total long-term debt, including current maturities | $2,255,731 | $2,263,442 | | Total stockholders' deficit | $(394,851) | $(461,540) | [Unaudited Capital Expenditures Data](index=11&type=section&id=Unaudited%20Capital%20Expenditures%20Data) For the first six months of 2025, total capital expenditures decreased **33.8%** to **$110.5 million**, primarily due to a **73.2%** reduction in expansion and ROI projects | (In thousands) | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | Change % | | :--- | :--- | :--- | :--- | | Core Capital Expenditures | $97,997 | $120,275 | (18.5%) | | Expansion/ROI projects | $12,467 | $46,539 | (73.2%) | | **Capital expenditures, total** | **$110,464** | **$166,814** | **(33.8%)** | [Supplementary Information](index=4&type=section&id=Supplementary%20Information) [Statement Regarding Non-GAAP Financial Measures](index=4&type=section&id=Statement%20Regarding%20Non-GAAP%20Financial%20Measures) The company utilizes non-GAAP measures like Adjusted EBITDA and Free Cash Flow, along with per capita metrics, to provide a clearer view of operating performance and for internal and external evaluation - The company uses non-GAAP measures like Adjusted EBITDA because it believes they eliminate the effect of certain non-cash and other items not indicative of underlying operating performance[20](index=20&type=chunk)[22](index=22&type=chunk) - Key performance metrics such as total revenue per capita, admission per capita, and in-park per capita spending are used by management to assess operating performance on a per-attendee basis[25](index=25&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This section cautions that forward-looking statements are subject to inherent uncertainties and risks, including weather, consumer spending, and labor costs, and the company does not commit to updating them - The report contains "forward-looking statements" based on current expectations, which are inherently uncertain and subject to various risks[28](index=28&type=chunk) - Key risks include factors affecting attendance and spending (weather, inflation, economic uncertainty), labor costs, regulatory changes, and competition[28](index=28&type=chunk)[29](index=29&type=chunk)

Core Insights - Royal Caribbean is set to enhance its offerings in 2026 with the introduction of three newly amplified ships: Ovation, Harmony, and Liberty of the Seas, featuring bold new experiences and expanded dining options [1][6][14] Group 1: Ship Enhancements - Ovation of the Seas will include a revamped pool deck, new whirlpool, and a variety of international dining options, alongside returning favorites like the FlowRider surf simulator and SeaPlex [7][8] - Harmony of the Seas will feature a Caribbean-inspired pool deck, over 20 dining venues, and an expanded nightlife experience with the largest Casino Royale in the fleet [9][10] - Liberty of the Seas will offer a reimagined pool deck, new Royal Escape Room concept, and diverse dining options including a new Starbucks [12][13] Group 2: Destinations and Experiences - Ovation will provide 7- to 13-night Alaskan adventures starting in spring 2026, including immersive land experiences [8] - Harmony will operate 5- and 7-night Caribbean vacations starting winter 2026, visiting locations such as St. Thomas and Jamaica [10][11] - Liberty will sail from Southampton in summer 2026, offering 7-night adventures to European destinations like the Norwegian fjords and Bruges [13] Group 3: Royal Amplified Program - The enhancements are part of Royal Caribbean's Royal Amplified program, which aims to elevate guest experiences through innovative ship designs and exclusive culinary offerings [6][14] - The program has seen success with previous amplifications, leading to increased guest satisfaction and a commitment to expanding the fleet and destination offerings [6][14]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35883 United Parks & Resorts Inc. (Exact name of registrant as specified in its charter) Delaware 27-1220297 (State or other ju ...

Exhibit 99.1 United Parks & Resorts Inc. Reports First Quarter 2025 Results ORLANDO, FL, May 12, 2025 - United Parks & Resorts Inc. (NYSE: PRKS), a leading theme park and entertainment company, today reported its financial results for the first quarter of 2025. First Quarter 2025 Highlights Other Highlights "We are pleased to report another quarter of strong financial results," said Marc Swanson, Chief Executive Officer of United Parks & Resorts Inc. "Results in the first quarter were negatively impacted by ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35883 United Parks & Resorts Inc. (Exact name of registrant as specified in its charter) Delaware 27-1220297 (State or other jurisdiction of in ...

Exhibit 99.1 United Parks & Resorts Inc. Reports Fourth Quarter and Fiscal 2024 Results ORLANDO, FL, February 26, 2025 - United Parks & Resorts Inc. (NYSE: PRKS), a leading theme park and entertainment company, today reported its financial results for the fourth quarter and fiscal year 2024. Fourth Quarter 2024 Highlights Fiscal 2024 Highlights Other Highlights "We are pleased to report another quarter and fiscal year of strong financial results," said Marc Swanson, Chief Executive Officer of United Parks & ...

More than 35 ways to dine and drink, resort-style pools, waterslides and more, combined with top destinations, set the stage for the boldest vacations in Europe for summer 2025 MIAMI, Aug. 6, 2024 /PRNewswire/ -- Vacationers can mark their calendars for a new way to adventure in Europe when Royal Caribbean International debuts a newly amplified Allure of the Seas in April 2025. The gamechanger is set for a more than $100 million encore of epic proportions that will combine bold experiences and must-see dest ...

The GRAMMY-winning singer and songwriter and Utopia's godmother marked the milestone ahead of the ultimate short getaway's July 19 debut in Port Canaveral (Orlando), Florida MIAMI, July 16, 2024 /PRNewswire/ -- Royal Caribbean International and GRAMMY-winning singer and songwriter Meghan Trainor rang in the vacation of celebrations, Utopia of the Seas, with a blowout summer party in Port Canaveral (Orlando), Florida. Trainor, the godmother of the new vacation, marked the introduction of the ultimate short g ...

MIAMI, July 11, 2024 /PRNewswire/ -- The vacation flipping the script on short getaways has arrived. Royal Caribbean International's Utopia of the Seas made its first appearance in Port Canaveral (Orlando), Florida, just a few days ahead of its official debut on Friday, July 19. The ultimate short getaway was welcomed home as more than 2,000 crew members celebrated across Utopia's vibrant Caribbean pool deck and thrills, from the longest dry slide at sea – The Ultimate Abyss – to the signature FlowRider sur ...