United Parks & Resorts Inc. (NYSE:PRKS) reported Monday first-quarter 2026 results that missed analyst estimates on revenue and earnings as unfavorable weather and weaker international visitation pressured attendance.

Management said underlying demand trends remained healthy despite the softer quarter. Shares traded lower following the earnings release.

• United Parks & Resorts stock is taking a hit today. What’s behind PRKS decline?

Earnings and Attendance Pressure

The company reported a net loss of 69 cents per diluted share, compared with a loss of 29 cents a year earlier, missing estimates for a 30-cent loss.

Revenue fell 3% year over year to $278.3 million, below the $279.951 million analyst estimate. Adjusted EBITDA declined 14.1% to $58 million from $67.4 million.

Attendance dropped 5% to 3.22 million guests from 3.39 million, hurt by weather and lower international visitation.

Revenue per capita increased 2.1% to $86.43, driven by a record 5.3% rise in in-park spending to $40.62, while admission per capita slipped 0.5% to $45.81.

CEO Commentary

"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,” CEO Marc Swanson said.

He added that attendance would have increased by more than 1% even without those impacts.

“Looking ahead, our advanced bookings revenue for Discovery Cove and our group business both currently outpacing 2025 levels with Discovery Cove up a double-digit percentage.” 

Cost Structure and Cash Flow

Admissions revenue fell 5.5% to $147.5 million, while food, merchandise, and other revenue remained flat at $130.8 million. Operating expenses increased 6.2% to $171.2 million, and SG&A expenses rose 8.9% to $48.1 million.

Operating cash flow climbed to $66.8 million from $25.7 million a year earlier, while free cash flow improved to negative $2.8 million from negative $31.2 million.

Capital expenditures increased 22.4% to $69.6 million. Cash and equivalents totaled $28.9 million, with long-term debt at $2.27 billion. Deferred revenue rose to $203.8 million from $143.3 million at year-end 2025.

Share Repurchases and Outlook

United Parks repurchased about 2.6 million shares for $92.7 million during the quarter and another 1.8 million shares for $64.8 million through May 8.

Paid pass sales increased about 10% during the quarter and were up about 12% through April 30, while Discovery Cove bookings and group business trends exceeded 2025 levels.

Management said it expects revenue and adjusted EBITDA growth in 2026, supported by new rides, attractions, and expanded entertainment offerings, while citing risks including tariffs, inflationary pressures, and macroeconomic uncertainty.

PRKS Price Action: United Parks & Resorts shares were trading 7.64% lower at $36.20 at the time of publication on Monday.

Photo: Busch Gardens, Tampa, Courtesy United Parks & Resorts