United Parks & Resorts (PRKS) FY2025 results: revenue $1.7 billion, down 3.6% on the year
United Parks & Resorts Inc. (PRKS) reported revenue of $1.7 billion for fiscal 2025, the year ended 31 December 2025, down 3.6% on the year before. Net income was $168 million, down 26.0%, and diluted earnings per share $3.06. The figures are the company's own, from the 10-K it filed with the SEC on 3 March 2026.
Revenue
$1.7 billion
-3.6% on the year
FY2018FY2025
Operating margin
22.0%
26.9% a year earlier
FY2018FY2025
Net income
$168 million
-26.0% on the year
FY2018FY2025
Diluted EPS
$3.06
-19.3% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 raised, 1 new.
Fourth-quarter revenue and net income declined: Q4 total revenue was $373.5 million and net income was $15.1 million.
Adjusted EBITDA declined in both periods: Full-year Adjusted EBITDA was $605.1 million, down 13.6%, and Q4 Adjusted EBITDA was $115.2 million, down 20.3%.
Peak-period weather hurt three markets: Net weather impact was essentially flat year over year, as the recovery from prior-year hurricanes was offset by unfavorable peak-period weather in San Diego, Williamsburg and Florida.
Admission per guest fell, in-park rose: Total revenue per guest decreased on lower admissions per guest, partly offset by higher in-park spending per guest in the fourth quarter.
International visitation declined: Management attributed the fourth-quarter attendance decrease mainly to lower international visitation.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
380
480
505
-20.8%
Capital expenditure
217
248
305
-12.5%
Free cash flow
163
232
200
-29.8%
Free cash flow margin
9.8%
13.4%
11.6%
Cash from investing
-217
-249
-306
Cash from financing
-179
-363
-34.7
Depreciation and amortisation
174
163
154
+6.8%
Share-based compensation
17.2
13.7
17.0
+26.0%
Buybacks
160
483
17.9
-66.8%
Diluted shares, weighted
55m
60m
64m
-8.4%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
-436
-462
-208
Debt
2,233
2,244
2,105
-0.5%
Operating lease liabilities
111
115
113
-3.6%
Finance lease liabilities
4.6
3.3
3.3
+37.5%
Other liabilities
703
672
612
+4.6%
Total liabilities and equity
2,616
2,574
2,625
+1.7%
Fixed assets
1,917
1,887
1,842
+1.6%
Goodwill
66.3
66.3
66.3
0.0%
Cash and equivalents
99.8
116
247
-13.9%
Receivables
77.3
79.4
73.8
-2.7%
Inventory
51.6
45.8
49.2
+12.6%
Other assets
404
379
347
+6.7%
Total assets
2,616
2,574
2,625
+1.7%
10-K for the year ended 31 December 2025, filed 3 March 2026: the filing.