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United Parks Q1 2026: Revenue Slips on Weather and International Drop, In-Park Spend Hits a Quarterly Record, Discovery Cove and Pass Sales Called Out as Bright Spots
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United Parks Q1 2026: Revenue Slips on Weather and International Drop, In-Park Spend Hits a Quarterly Record, Discovery Cove and Pass Sales Called Out as Bright Spots

Michael Travels
·
Published

United Parks and Resorts (NYSE: PRKS) released its Q1 2026 results before market open this morning, with the conference call held at 9 a.m. Eastern. The headline: a real top-line miss driven mostly by weather and international demand, partly offset by strong per-capita spending growth and a healthy pass-sales picture for the rest of the year.

For Orlando readers, the relevant parks are SeaWorld Orlando, Aquatica Orlando, and Discovery Cove (the three United Parks operates locally). What's in the release matters for what those parks invest in over the rest of 2026.

SeaWorld Orlando Electric Ocean nighttime scene, part of United Parks' summer programming heading into Q2 2026.
SeaWorld Orlando Electric Ocean. Photo: Dani Meyering / SeaWorld, via Attractions Magazine.

The Q1 numbers

  • Total revenue: $278.3 million, down about $8.7 million (3%) year-over-year.
  • Attendance: 3.22 million guests, down approximately 171,000 year-over-year.
  • In-park per-capita spending: $40.62, a Q1 record, up 5.3% year-over-year.
  • Total revenue per capita: $86.43, up 2.1%.
  • Admissions per capita: $45.81, down 0.5%.
  • Net loss: $34.1 million, versus a net loss of $16.1 million in Q1 2025.
  • Adjusted EBITDA: $58.0 million, down $9.5 million year-over-year, missing consensus estimates of around $62.5 million.

What CEO Marc Swanson said

Swanson's framing on the attendance miss, per the release: "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. Attendance in the first quarter was negatively impacted by approximately 140,000 guests due to weather and approximately 80,000 guests due to declines in international visitation."

And on the underlying business: "Adjusting for these impacts, attendance would have increased more than 1% for the quarter." That's the line investors will be testing against Q2 results, when weather typically normalizes and the early-summer travel pattern kicks in.

The bright spots

Three things in this release point in the right direction:

  • In-park per-capita hit a Q1 record. Guests who showed up spent more on food, merchandise, and add-ons. That speaks to either pricing power, mix shift toward premium add-ons, or both.
  • Pass sales are up roughly 10% in Q1 and up about 12% through April 30. That's a forward indicator for the back half of 2026: paid-up passholders are committed visitation, regardless of weather or international demand, and the April acceleration suggests Q2 momentum.
  • Discovery Cove pacing up a double-digit percentage and group business outpacing 2025. Discovery Cove is United Parks' premium-priced experience and a meaningful margin contributor when it's pacing well.

What it means for SeaWorld Orlando specifically

A few practical implications for Orlando readers:

  • Expedition Odyssey: Fire & Ice (the Fire & Ice retheme of the Mack Rides flying theater that opened in May 2025) is one of the headline 2026 capital projects. Its current official page reads "Coming this Spring," and coverage has shifted from earlier May-target chatter to broader summer framing. The earnings release flags Fire & Ice as a Q2 attendance driver, so a firm opening date this month or next is the natural next beat.
  • Electric Ocean summer return we covered last week is part of United Parks' commercial strategy to drive evening visitation. That ties directly to the in-park per-capita number that just hit a Q1 record.
  • Seven Seas Food Festival at SeaWorld runs Thursdays through Sundays until May 17, after which the park transitions into its standard summer schedule. (Aquatica's Aloha to Summer weekends wrapped earlier this month.)

Quick takeaways

  • Top line: missed. Revenue down 3%, attendance down ~5%, EBITDA below consensus.
  • Underlying business: holding. Per-capita spending at a Q1 record, pass sales up ~10%, premium experiences (Discovery Cove) pacing ahead.
  • The Q2 question: can weather normalization plus Fire & Ice plus Electric Ocean drive enough attendance to offset Q1 and re-rate the full year? Swanson's "would have increased more than 1%" framing is the bull case the next earnings call has to deliver against.
  • For trip planning: SeaWorld's pricing and per-capita posture mean expect more upsell on premium experiences (Quick Queue, Dine With, character add-ons) and continued pass-program promotion through summer.

Sources

Image credits: Dani Meyering and SeaWorld, via Attractions Magazine.

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