United Parks Weathers Stormy Quarter with Big Bets on Future Growth

ORLANDO, Fla. – May 11, 2026 – United Parks & Resorts reported a challenging start to 2026, with attendance and revenue dipping in the first quarter, leading to a wider net loss than the previous year. The company, which operates major brands like SeaWorld and Busch Gardens, attributed the downturn primarily to a double-whammy of unfavorable weather and a decline in international visitors. However, beneath the headline numbers, the theme park giant is pointing to signs of operational strength and unwavering confidence, highlighted by record-breaking in-park guest spending, robust pass sales, and a massive share buyback program.

A Tale of Two Turnstiles

The first quarter results fell short of expectations, with attendance dropping by 171,000 guests, or 5%, to 3.2 million compared to the same period in 2025. This led to a 3% decrease in total revenue, which landed at $278.3 million. Consequently, the company's net loss more than doubled, growing to $34.1 million from $16.1 million in the prior year's quarter.

In a statement, CEO Marc Swanson directly addressed the shortfall. "First quarter results fell short of our expectations primarily due to unfavorable weather... and a decline in international attendance," he said. The company quantified these impacts, estimating that poor weather conditions in key markets like Florida, California, and Texas cost them approximately 140,000 visitors, while a drop in international tourism accounted for another 80,000-guest decline. Swanson noted that without these external pressures, attendance would have actually increased by over 1%.

Despite fewer guests coming through the gates, those who did visit spent more than ever before. United Parks posted a record for in-park per capita spending, which surged 5.3% to $40.62. This metric, which includes food, merchandise, and other in-park purchases, helped lift the total revenue per capita by 2.1% to $86.43, partially offsetting the impact of lower attendance. This suggests the company's strategy of enhancing in-park offerings and experiences is resonating with its current visitors.

Betting on the Future: Buybacks and New Attractions

Management is putting its money where its mouth is, signaling a strong belief that the current stock price does not reflect the company's long-term value. United Parks executed an aggressive share repurchase plan, buying back approximately 2.6 million shares for $92.7 million during the first quarter. The company continued this strategy after the quarter ended, repurchasing an additional 1.8 million shares for $64.8 million through May 8.

"We continue to strongly believe our stock is materially undervalued and, as such, continued to repurchase shares," Swanson stated, emphasizing the move as a commitment to returning cash to shareholders and a reflection of the company's strong cash flow generation.

This financial maneuver is paired with significant capital investment in its core product: the park experience. For 2026, United Parks is rolling out a diverse lineup of new rides and attractions intended to drive attendance through the crucial summer season and beyond.

At SeaWorld San Antonio, the Barracuda Strike, Texas' first inverted family coaster, opened in March. Meanwhile, SeaWorld Orlando is preparing to launch a revamped Expedition Odyssey with a new "Fire & Ice" theme, and SeaWorld San Diego is set to debut an all-new Shark Encounter exhibit. Busch Gardens is also seeing major additions, with Lion & Hyena Ridge coming to the Tampa park and a re-imagined Verbolten - Forbidden Turn coaster at the Williamsburg location.

The company is optimistic these investments will pay off. "We are confident these planned investments will drive attendance and guest spending across our parks," Swanson said. Early indicators appear positive, with paid pass sales up approximately 12% through the end of April and advanced bookings for its exclusive Discovery Cove park showing double-digit percentage growth over 2025 levels.

Navigating a Turbulent Market

United Parks & Resorts' Q1 performance reflects a complex and varied landscape for the broader theme park industry. While the company faced headwinds, some competitors thrived. Disney's Experiences division reported record revenue of $10 billion, with its domestic parks seeing growth in both attendance and operating income. Similarly, Universal's theme park revenue surged, driven by strong performance at its Orlando resort.

However, the challenges United Parks faced are not entirely unique. Universal also noted "softer performance" at its parks in Japan and China due to shifting travel patterns, echoing the decline in international visitation that impacted SeaWorld and Busch Gardens. The slow recovery of inbound international travel to the United States, which is not projected to return to pre-pandemic levels until 2029, remains a persistent headwind for tourism-dependent businesses.

While the domestic market shows strength for some, the reliance on weather and international tourism creates vulnerabilities that United Parks felt acutely in the first quarter. The company's results underscore the competitive pressure and varied operating conditions across the industry, where new attractions and strong domestic demand are key differentiators.

More Than Coasters: A Commitment to Conservation

Beyond the financial statements and turnstile counts, United Parks & Resorts continues to emphasize its long-standing mission of animal welfare and conservation. During the first quarter of 2026, the company's rescue teams came to the aid of 211 animals in need, bringing the total number of animals helped throughout its history to over 43,000.

These efforts, conducted in partnership with local, state, and federal agencies, are a core part of the company's brand identity. The rescue teams are on call 24/7 to assist sick, injured, or orphaned wildlife, with the ultimate goal of rehabilitation and return to their natural habitats. This dual identity—as both a provider of thrilling entertainment and a global leader in animal rescue—is a key element of the experience the company offers its guests and a mission that continues regardless of quarterly performance fluctuations. As the company heads into the busy summer season, it is banking on its blend of new thrills and its enduring conservation message to attract visitors.