United Parks & Resorts Inc 10-Q for FY2026 Q3

United Parks & Resorts Inc. (PRKS)

10-Q 2026-11-06 For: 2026-09-30

Added on November 06, 2026

About this 10-Q

United Parks & Resorts Inc filed this 10-Q on November 6, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

United Parks & Resorts Inc. reported nine-month net income of $109,175 thousand, down 28.8%, as attendance fell 4.1% to 15,744 thousand; operating cash flow rose to $330,007 thousand for the nine months ended September 30, 2026. AI summary

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $506.46M; down 1.1% from $511.85M a year earlier
Net income: $79.97M; down 10.5% from net income of $89.33M a year earlier
Diluted EPS: $1.74; up 8.1% from $1.61 a year earlier

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Delaware		27-1220297
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
6240 Sea Harbor Drive Orlando, Florida		32821
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	PRKS	New York Stock Exchange


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐


		Page No.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS		2

PART I.	FINANCIAL INFORMATION	5

Item 1.	Unaudited Condensed Consolidated Financial Statements	5

	Unaudited Condensed Consolidated Balance Sheets	5

	Unaudited Condensed Consolidated Statements of Operations	6

	Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Deficit	7

	Unaudited Condensed Consolidated Statements of Cash Flows	9

	Notes to Unaudited Condensed Consolidated Financial Statements	10

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30

Item 4.	Controls and Procedures	31

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	32

Item 1A.	Risk Factors	32

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32

Item 3.	Defaults Upon Senior Securities	33

Item 4.	Mine Safety Disclosures	33

Item 5.	Other Information	33

Item 6.	Exhibits	33
	Signatures	35


	September 30,			December 31,
	2026			2025
Assets
Current assets:
Cash and cash equivalents	$	26,278		$	99,762
Accounts receivable, net		80,178			77,287
Inventories		56,784			51,628
Prepaid expenses and other current assets		59,675			54,117
Total current assets		222,915			282,794
Property and equipment, at cost		4,321,808			4,136,832
Accumulated depreciation		(2,339,659	)		(2,219,562	)
Property and equipment, net		1,982,149			1,917,270
Goodwill		66,278			66,278
Trade names/trademarks, net		157,846			157,846
Right of use assets-operating leases		138,504			125,410
Deferred tax assets, net		13,260			2,478
Other assets, net		56,755			64,198
Total assets	$	2,637,707		$	2,616,274
Liabilities and Stockholders’ Deficit
Current liabilities:
Accounts payable and accrued expenses	$	159,287		$	152,939
Current maturities of long-term debt		15,423			15,423
Operating lease liabilities		3,533			4,216
Accrued salaries, wages and benefits		18,663			27,046
Deferred revenue		152,447			143,325
Other accrued liabilities		57,591			41,783
Total current liabilities		406,944			384,732
Long-term debt, net		2,249,326			2,217,708
Long-term operating lease liabilities		125,444			110,926
Deferred tax liabilities, net		302,396			258,492
Other liabilities		86,602			80,222
Total liabilities		3,170,712			3,052,080
Commitments and contingencies (Note 8)
Stockholders’ Deficit:
Preferred stock, $0.01 par value—authorized, 100,000,000 shares, no shares issued or outstanding at September 30, 2026 and December 31, 2025		—			—
Common stock, $0.01 par value—authorized, 1,000,000,000 shares; 97,530,156 and 97,330,004 shares issued at September 30, 2026 and December 31, 2025, respectively		975			973
Additional paid-in capital		759,180			745,789
Retained earnings		915,124			805,949
Treasury stock, at cost (52,116,919 and 46,236,087 shares at September 30, 2026 and December 31, 2025)		(2,208,284	)		(1,988,517	)
Total stockholders’ deficit		(533,005	)		(435,806	)
Total liabilities and stockholders’ deficit	$	2,637,707		$	2,616,274


	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2026			2025			2026			2025
Net revenues:
Admissions	$	264,607		$	268,650		$	656,191		$	680,505
Food, merchandise and other		241,848			243,201			611,878			608,507
Total revenues		506,455			511,851			1,268,069			1,289,012
Costs and expenses:
Cost of food, merchandise and other revenues		40,887			39,930			100,599			100,062
Operating expenses (exclusive of depreciation and amortization shown separately below)		210,332			214,394			597,297			580,453
Selling, general and administrative expenses		68,598			60,657			183,257			169,196
Severance and other separation costs		204			490			1,012			898
Depreciation and amortization		45,801			44,702			136,654			129,371
Total costs and expenses		365,822			360,173			1,018,819			979,980
Operating income		140,633			151,678			249,250			309,032
Other (income) expense, net		(486	)		(179	)		(703	)		14
Interest expense		32,099			33,515			96,228			101,573
Income before income taxes		109,020			118,342			153,725			207,445
Provision for income taxes		29,046			29,017			44,550			54,145
Net income	$	79,974		$	89,325		$	109,175		$	153,300
Earnings per share:
Earnings per share, basic	$	1.76		$	1.62		$	2.32		$	2.79
Earnings per share, diluted	$	1.74		$	1.61		$	2.29		$	2.76
Weighted average common shares outstanding:
Basic		45,389			55,032			47,159			55,014
Diluted		45,969			55,473			47,676			55,448


	Shares of Common Stock			Common Stock		Additional Paid-In Capital			Retained Earnings			Treasury Stock, at Cost			Total Stockholders' Deficit
Balance at December 31, 2025		97,330,004		$	973	$	745,789		$	805,949		$	(1,988,517	)	$	(435,806	)
Equity-based compensation		—			—		5,325			—			—			5,325
Vesting of restricted shares		37,974			1		(1	)		—			—			—
Shares withheld for tax withholdings		(8,908	)		—		(306	)		—			—			(306	)
Exercise of stock options		14,972			—		286			—			—			286
Repurchase of 2,553,583 shares of treasury stock, at cost		—			—		—			—			(92,660	)		(92,660	)
Net loss		—			—		—			(34,068	)		—			(34,068	)
Balance at March 31, 2026		97,374,042		$	974	$	751,093		$	771,881		$	(2,081,177	)	$	(557,229	)
Equity-based compensation		—			—		4,842			—			—			4,842
Vesting of restricted shares		99,582			—		—			—			—			—
Shares withheld for tax withholdings		(26,415	)		—		(807	)		—			—			(807	)
Exercise of stock options		389			—		11			—						11
Repurchase of 3,327,249 shares of treasury stock, at cost		—			—		—			—			(127,107	)		(127,107	)
Net income		—			—		—			63,269			—			63,269
Balance at June 30, 2026		97,447,598		$	974	$	755,139		$	835,150		$	(2,208,284	)	$	(617,021	)
Equity-based compensation		—			—		5,230			—			—			5,230
Vesting of restricted shares		104,906			1		(1	)		—			—			—
Shares withheld for tax withholdings		(23,890	)		—		(1,221	)		—			—			(1,221	)
Exercise of stock options		1,542			—		33			—			—			33
Net income		—			—		—			79,974			—			79,974
Balance at September 30, 2026		97,530,156		$	975	$	759,180		$	915,124		$	(2,208,284	)	$	(533,005	)


	For the Nine Months Ended September 30,
	2026			2025
Operating Activities:
Net income	$	109,175		$	153,300
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		136,654			129,371
Amortization of debt issuance costs and discounts		3,185			3,308
Deferred income tax provision		33,122			45,458
Equity-based compensation		15,397			12,347
Other, including loss on sale or disposal of assets, net		5,245			5,360
Changes in assets and liabilities:
Accounts receivable		(1,400	)		(6,272	)
Inventories		(5,152	)		(6,653	)
Prepaid expenses and other current assets		(3,888	)		(18,386	)
Accounts payable and accrued expenses		4,976			(13,036	)
Accrued salaries, wages and benefits		(8,383	)		(6,129	)
Deferred revenue		13,363			(6,442	)
Other accrued liabilities		16,112			115
Right of use assets and operating lease liabilities		740			314
Other assets and liabilities		10,861			9,034
Net cash provided by operating activities		330,007			301,689
Investing Activities:
Capital expenditures		(207,918	)		(167,227	)
Other investing activities, net		(1,050	)		—
Net cash used in investing activities		(208,968	)		(167,227	)
Financing Activities:
Repayments of long-term debt		(11,568	)		(11,567	)
Proceeds from draws on revolving credit facility		160,000			—
Repayments of revolving credit facility		(120,000	)		—
Purchase of treasury stock, including related excise tax paid		(220,280	)		(16,305	)
Payment of tax withholdings on equity-based compensation through shares withheld		(2,334	)		(1,718	)
Exercise of stock options		330			1,132
Other financing activities		(671	)		(1,107	)
Net cash used in financing activities		(194,523	)		(29,565	)
Change in Cash and Cash Equivalents, including Restricted Cash		(73,484	)		104,897
Cash and Cash Equivalents—Beginning of period		99,762			115,893
Cash and Cash Equivalents, including Restricted Cash—End of period	$	26,278		$	220,790
Supplemental Disclosure of Noncash Investing and Financing Activities
Capital expenditures in accounts payable	$	40,397		$	32,911
Excise tax accrued on treasury stock repurchases	$	2,111		$	—
Right of use assets obtained in exchange for new operating lease liabilities	$	16,493		$	—
Right of use assets obtained in exchange for new financing lease liabilities	$	—		$	25
Cash paid for income taxes, net	$	6,172		$	15,438
Treasury stock purchases not yet settled in other accrued liabilities	$	—		$	547


	For the Three Months Ended September 30,
	2026						2025
	Net Income		Shares		Per Share Amount		Net Income		Shares		Per Share Amount
	(In thousands, except per share amounts)
Basic earnings per share	$	79,974		45,389	$	1.76	$	89,325		55,032	$	1.62
Effect of dilutive incentive-based awards				580						441
Diluted earnings per share	$	79,974		45,969	$	1.74	$	89,325		55,473	$	1.61


Years Ending December 31,	(In thousands)
Remainder of 2026	$	3,856
2027		15,423
2028		15,423
2029		780,423
2030		15,423
Thereafter		1,445,904
Total	$	2,276,452


	For the Three Months Ended
	September 30,						Variance
	2026			2025			$			%
Summary Financial Data:	(In thousands, except per capita data and %)
Net revenues:
Admissions	$	264,607		$	268,650		$	(4,043	)		(1.5	%)
Food, merchandise and other		241,848			243,201			(1,353	)		(0.6	%)
Total revenues		506,455			511,851			(5,396	)		(1.1	%)
Costs and expenses:
Cost of food, merchandise and other revenues		40,887			39,930			957			2.4	%
Operating expenses (exclusive of depreciation and amortization shown separately below)		210,332			214,394			(4,062	)		(1.9	%)
Selling, general and administrative expenses		68,598			60,657			7,941			13.1	%
Severance and other separation costs		204			490			(286	)		(58.4	%)
Depreciation and amortization		45,801			44,702			1,099			2.5	%
Total costs and expenses		365,822			360,173			5,649			1.6	%
Operating income		140,633			151,678			(11,045	)		(7.3	%)
Other income, net		(486	)		(179	)		(307	)	NM
Interest expense		32,099			33,515			(1,416	)		(4.2	%)
Income before income taxes		109,020			118,342			(9,322	)		(7.9	%)
Provision for income taxes		29,046			29,017			29			0.1	%
Net income	$	79,974		$	89,325		$	(9,351	)		(10.5	%)
Other data:
Attendance		6,469			6,789			(320	)		(4.7	%)
Total revenue per capita	$	78.29		$	75.39		$	2.90			3.8	%
Admission per capita	$	40.90		$	39.57		$	1.33			3.4	%
In-park per capita spending	$	37.39		$	35.82		$	1.57			4.4	%


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,				Last Twelve Months Ended September 30,
	2026		2025		2026		2025		2026
	(Unaudited, in thousands)
Net income	$	79,974	$	89,325	$	109,175	$	153,300	$	124,228
Provision for income taxes		29,046		29,017		44,550		54,145		48,589
Interest expense		32,099		33,515		96,228		101,573		128,795
Depreciation and amortization		45,801		44,702		136,654		129,371		181,757
Equity-based compensation expense (a)		5,416		4,376		15,761		12,752		20,774
Loss on impairment or disposal of assets and certain non-cash expenses (b)		318		8,103		13,772		21,311		21,468
Business optimization, development and strategic initiative costs (c)		8,541		4,909		25,399		9,218		31,299
Certain investment costs and other taxes		50		1,645		205		1,870		261
Other adjusting items(d)		3,899		687		16,823		6,444		16,554
Adjusted EBITDA(e)	$	205,144	$	216,279	$	458,567	$	489,984	$	573,725
Items added back to Covenant Adjusted EBITDA, as defined in the Debt Agreements:
Estimated cost savings (f)										46,000
Other adjustments as defined in the Debt Agreements (g)										14,373
Covenant Adjusted EBITDA (h)									$	634,098


Period Beginning	Period Ended	Total Number of Shares Purchased(1)		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(3)		Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs(2)
July 1, 2026	July 31, 2026		99	$	45.27		—	$	180,927,707
August 1, 2026	August 31, 2026		20,181	$	43.13		—		180,927,707
September 1, 2026	September 30, 2026		3,610	$	36.02		—		180,927,707
			23,890				—	$	180,927,707


Exhibit No.		Description


3.1		Amendment No. 1 to the Amended and Restated Bylaws of United Parks & Resorts, Inc., effective as of September 22, 2026 (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on September 22, 2026)

31.1*		Certification of Periodic Report by Chief Executive Officer under Section 302 of the Sarbanes-Oxley Act of 2002

31.2*		Certification of Periodic Report by Chief Financial Officer under Section 302 of the Sarbanes-Oxley Act of 2002

32.1**		Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2**		Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002


101.INS*		XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH*		Inline XBRL Taxonomy Extension Schema Document

101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, formatted in Inline XBRL and contained in Exhibit 101


		UNITED PARKS & RESORTS INC.
		(Registrant)
Date: November 6, 2026		By: /s/ James Forrester
		James W. Forrester, Jr.
		Interim Chief Financial Officer and Treasurer
		(Principal Financial Officer)


Date: November 6, 2026		By: /s/ Kevin Connelly
		Kevin Connelly
		Chief Accounting Officer
		(Principal Accounting Officer)


Date: November 6, 2026	Signature:	/s/ Marc G. Swanson
		Marc G. Swanson
		Chief Executive Officer
		(Principal Executive Officer)


Date: November 6, 2026	Signature:	/s/ James W. Forrester, Jr.
		James W. Forrester
		Interim Chief Financial Officer and Treasurer
		(Principal Financial Officer)