Core Insights - United Parks & Resorts missed Wall Street's revenue expectations in Q3 CY2025, with a year-on-year sales decline of 6.2% to $511.9 million and a GAAP profit of $1.61 per share, which was 28.8% below analysts' consensus estimates [1][5] Financial Performance - Revenue: $511.9 million vs analyst estimates of $539.8 million (6.2% year-on-year decline, 5.2% miss) [5] - EPS (GAAP): $1.61 vs analyst expectations of $2.26 (28.8% miss) [5] - Adjusted EBITDA: $216.3 million vs analyst estimates of $252.1 million (42.3% margin, 14.2% miss) [5] - Operating Margin: 29.6%, down from 36.8% in the same quarter last year [5] - Visitors: 6.79 million, down 240,000 year on year [5] - Market Capitalization: $1.93 billion [5] Management Commentary - Management cited several factors for the underperformance, including unfavorable calendar shifts, poor weather during key holidays, a drop in international visitation, and shortfalls in cost execution [3] - CEO Marc Swanson expressed dissatisfaction with the quarterly results and noted that attendance would have been roughly flat after adjusting for event timing and international declines [3] - A rare reversal in international trends was attributed to broader macroeconomic issues and travel-related headwinds [3] Future Outlook - Management is focusing on operational improvements, new guest offerings, and targeted investments to restore growth [4] - Upcoming major attractions scheduled for 2026 include SEAQuest: Legends of the Deep in Orlando and an expanded Lion & Hyena Ridge at Busch Gardens Tampa Bay [4] - The company expects strong forward booking revenue at Discovery Cove and group business, aiming for higher attendance and improved margins through enhanced marketing and passholder programs [4] - Swanson expressed confidence in the company's ability to deliver operational and financial improvements leading to increases in EBITDA, free cash flow, and shareholder value [4]

Core Insights - United Parks & Resorts Inc. reported disappointing financial results for Q3 and the first nine months of fiscal year 2025, citing unfavorable calendar shifts, poor weather, and a decline in international visitation as key factors impacting performance [2][8][11]. Financial Performance - Attendance in Q3 2025 was approximately 6.8 million guests, a decrease of about 240,000 guests or 3.4% compared to Q3 2024 [7][8]. - Total revenue for Q3 2025 was $511.9 million, down $34.1 million or 6.2% from Q3 2024 [7][10]. - Net income for Q3 2025 was $89.3 million, a decrease of $30.4 million or 25.4% from Q3 2024 [7][10]. - Adjusted EBITDA for Q3 2025 was $216.3 million, down $42.1 million or 16.3% from Q3 2024 [7][10]. - For the first nine months of 2025, attendance was approximately 16.4 million guests, a decrease of about 252,000 guests or 1.5% from the same period in 2024 [11]. - Total revenue for the first nine months of 2025 was $1,289.0 million, down $51.9 million or 3.9% from the first nine months of 2024 [11][12]. Key Metrics - Total revenue per capita in Q3 2025 decreased by 2.9% to $75.39 compared to Q3 2024 [7][10]. - Admission per capita decreased by 6.3% to $39.57, while in-park per capita spending increased by 1.1% to $35.82 compared to Q3 2024 [7][10]. - For the first nine months of 2025, total revenue per capita decreased by 2.4% to $78.53 [11][12]. - Admission per capita for the first nine months decreased by 4.9% to $41.46, while in-park per capita spending increased by 0.6% to a record $37.07 [11][12]. Share Repurchase Program - The Board of Directors was granted authority to approve additional share repurchases, with a previously announced $500 million repurchase program [2][13]. - As of November 4, 2025, the company had repurchased 635,020 shares for a total of approximately $32.2 million [2][13]. Future Outlook - The company expressed confidence in its ability to improve operational and financial performance moving into 2026, with expectations of increased attendance and per capita spending [5][6]. - Upcoming attractions and events for 2026 were announced, including new rides and immersive experiences at various parks [6][15].