Comcast Says Rivals Out-Marketed Universal and Epic Universe Still Cannot Load Riders Fast Enough, as Theme Park Profit Falls 17%
Universal's parent company gave two more reasons for its theme park slump: the competition reacted to softer demand faster, and Epic Universe still is not moving people through its rides fast enough.
On Comcast's third quarter earnings call on Thursday, October 22, co-CEO Mike Cavanagh added two causes to the macroeconomic and geopolitical headwinds the company had already cited for its theme park softness. Per the call transcript published by Investing.com:
"First, we believe competitors were quicker to anticipate and recognize softness in demand and adapt their marketing strategies. Second, we continue to work through capacity challenges and ride throughput at Epic Universe, given the complexities of opening the most technologically advanced theme park ever built."
Epic Universe, which Comcast says is still working through capacity and ride throughput problems. Image: Universal Orlando Resort
The numbers
From Comcast's third quarter release, comparing July through September with the same quarter of 2025:
- Theme Parks revenue: $2,597 million, down 4.4% from $2,717 million.
- Operating expenses: $1,817 million, up 2.3%.
- Adjusted EBITDA: $780 million, down 17.1% from $940 million.
Comcast's explanation in the release: "Revenue for Theme Parks decreased primarily due to lower revenue from park admissions, including from the impact of increased promotional activity." The higher costs were "primarily due to operating costs associated with our domestic parks."
Those figures cover Comcast's whole theme parks segment, not Orlando alone. Chief Financial Officer Jason Armstrong said on the call that Orlando and Japan drove the decline, and that in Orlando "the softness that began in June continued through the third quarter." In Japan, he said, China-related travel restrictions continued to weigh on attendance.
What "throughput" means for your day
Throughput is how many guests a ride can carry in an hour. When it runs below plan, waits get longer and guests fit fewer rides into a day. Asked about Orlando later in the call, Cavanagh described the fix as "a combination of just getting the tech settled down, getting the staff trained to load and unload at the right speed and the like." He did not give capacity figures or name specific attractions. Epic's capacity is not a new subject: on Comcast's January call, Armstrong said the park was "not yet operating at full run rate capacity." The change is that Comcast now lists it as a reason for the slowdown.
Epic Universe at night. Image: Universal Orlando Resort
When it gets better, by Comcast's own forecast
Not this year. Cavanagh said he expects Orlando's softness to "trend similarly at least next quarter and in the first half of next year and start to lap from there." In the same answer he tied the Orlando slide to economic softness and "the lapping of the opening of Epic in 2025 around June of this year." In prepared remarks he put a timeline on the recovery: "Looking ahead, we expect performance to strengthen as we move through 2027, with a return to growth in the second half of the year."
He also stressed the longer view: "In Orlando, attendance, guest spending, and overall financial performance remain materially above where they were two years ago, and guest satisfaction continues to rise."
What Universal is doing about it
- More deals: with a new head of marketing, Cavanagh said Universal will "bring some promotional and product packages into the market, three-park passes and the like."
- New executives: Luc Bondar, the Chief Brand and Commercial Officer hired from United Airlines, started this week. Comcast also announced that Randy Culbertson, until recently NBCUniversal's CFO, will join Universal Destinations & Experiences as Chief Business Officer.
- A new coaster: Cavanagh pointed to next year's Fast & Furious attraction, coming to "not Epic, but the other parks," as part of continued investment, and said Universal will be "bringing a version of" the Hollywood coaster to Orlando. Orlando's version is being built at Universal Studios Florida, on the former Hollywood Rip Ride Rockit site, as we have reported.
Concept art of the portal into The Wizarding World of Harry Potter, Ministry of Magic at Epic Universe. Image: Universal Orlando Resort
For park guests, the "increased promotional activity" line is the one to watch. Comcast says it is already cutting into admissions revenue, and Cavanagh says more packages are coming.
Do you buy it: did rivals simply out-market Universal this year, or is Epic Universe's ride capacity the bigger problem?
Sources
- Comcast, third quarter 2026 results, Exhibit 99.1 to Form 8-K (SEC) (October 22, 2026)
- Investing.com, "Earnings call transcript: Comcast beats Q3 2026 profit forecast, shares edge higher" (October 22, 2026)
- WDW News Today, "Comcast Executives Confirm Universal Epic Universe Still Not Operating at Full Capacity" (January 29, 2026)
- Attractions Magazine, "Universal cites competitors' strategy and Epic Universe ride challenges as attendance falls" (October 22, 2026)
Image credits: Universal Orlando Resort.
