Comcast Tells Investors Universal Orlando Attendance Began Softening in June and Has Weakened Further Since

Epic Universe is still drawing a strong guest response, Comcast told investors Thursday morning. Universal Orlando's attendance overall is another story.

On the company's second quarter earnings call, executives said Orlando attendance started slipping in June and has weakened further since the third quarter began, per Attractions Magazine's report from the call.

The numbers

Comcast's Theme Parks unit, part of its Content & Experiences segment, posted revenue of $2,413 million for the quarter, up 2.7% year over year. Adjusted EBITDA went the other direction, landing at $609 million, down 5.1% from $641 million a year ago.

Co-CEOs Brian L. Roberts and Mike Cavanagh put it this way in the earnings release: "While we are seeing some near-term softness in Theme Parks, we remain confident in the long-term opportunity, supported by our world-class brands, attractive locations and proven ability to create attractions and experiences that drive real consumer demand."

Comcast's explanation

Comcast co-CEO Mike Cavanagh framed the slowdown as passing. "We believe there are some temporary factors at work, including higher fuel prices and weaker consumer sentiment. But we are watching these trends closely," he said on the call, per The Hollywood Reporter.

Orlando is not the only pressure point. In the earnings release, Comcast said Theme Parks adjusted EBITDA fell because higher operating expenses more than offset higher revenue, that the expense increase came primarily from its domestic parks, and that stronger Orlando revenue, driven by the May 2025 opening of Epic Universe, was partly offset by lower revenue at its international parks. Attractions Magazine's report from the call attributes the profit decline to China-related travel restrictions affecting Universal Studios Japan in Osaka, and says Comcast's U.S. parks grew both revenue and adjusted EBITDA against a year-ago quarter that carried Epic Universe's initial opening costs.

Confetti over the Super Nintendo World entrance at the Epic Universe grand opening ceremonies in May 2025. Image credit: Blake Taylor, Attractions Magazine

Universal Studios Hollywood

Comcast did not give Universal Studios Hollywood a separate update in its prepared remarks. Attractions Magazine reports that Hollywood attendance improved modestly, and that Comcast does not expect a more significant improvement until Fast & Furious: Hollywood Drift opens later this year.

The long game

Comcast pointed to Epic Universe, Universal Kids Resort in Frisco, Texas, and its planned resort in the United Kingdom as long-term growth drivers.

Thursday was also Comcast's first earnings call since it announced it will separate its media and cable businesses, spinning off NBCUniversal and Sky, including Universal Destinations & Experiences, into a standalone public company. That separation is expected to be complete in roughly a year.

What it means for guests

Photo validation machines at the Hogwarts Express entrance in King's Cross Station at Universal Studios Florida, where overhead signs split the standby and Express Pass queues. Image credit: Matt Roseboom, Attractions Magazine

Nothing in the release or in the coverage of the call points to guest-facing changes, so what follows is our reading rather than the company's. Softer attendance is not a guest problem in itself, and it often shows up as shorter waits and, in time, as promotions. It also gives some context to a summer of Universal Orlando moves that have mostly been covered as event news, including Express Pass coming out of the multi-night Halloween Horror Nights passes. That one cuts both ways, though. Pulling a perk out of a bundled pass is a pricing decision, and it is the kind of move an operator makes when it thinks it has room to charge for the perk separately. Comcast did not tie it, or anything else at the resort, to the attendance trend.

Sources

• Attractions Magazine, "Epic Universe earns praise, but Universal admits Orlando attendance is falling"
• Comcast, "Comcast Reports 2nd Quarter 2026 Results" (SEC Form 8-K, Exhibit 99.1)
• The Hollywood Reporter, "Peacock Turns Its First-Ever Profit in Q2 as NBCUniversal Split Looms"

Image credits: Blake Taylor, Attractions Magazine (Epic Universe grand opening); Matt Roseboom, Attractions Magazine (Hogwarts Express at King's Cross Station).