United Parks & Resorts, parent company of SeaWorld and Busch Gardens, has released its financial results for the fourth quarter and full fiscal year 2025. While the company reported record in-park per capita spending, overall results were tempered by a decline in attendance and international tourism headwinds.
For the full fiscal year 2025, United Parks & Resorts reported total revenue of $1.7 billion, a decrease of 3.6% compared to 2024. Attendance for the year reached 21.2 million guests, down approximately 1.8% (378,000 guests) from the previous year. Net income for the fiscal year stood at $168.4 million, reflecting a 26% decrease year-over-year.
Q4 Performance and Operational Challenges
In the fourth quarter of 2025, the company welcomed 4.8 million guests, a 2.6% decline from the same period in 2024. Total revenue for the quarter was $373.5 million, down 2.8% year-over-year.
Management attributed the quarterly performance to several factors, including:
- Reduced International Visitation: A significant decline in international tourism trends impacted attendance at destination parks.
- Operational Calendar: Fewer operating days compared to Q4 2024.
- Weather Volatility: While the net impact of weather was relatively flat compared to the hurricane-impacted prior year, unfavorable conditions during peak visitation periods in San Diego, Williamsburg, and Florida slowed momentum.
Record In-Park Spending
Despite lower gate figures, the company saw continued strength in guest spending. In-park per capita spending reached a record $35.89 in Q4 (up 2.1%) and $36.81 for the full year. This growth highlights the resilience of secondary revenue streams and the success of the company’s culinary, retail, and up-sell offerings.
Strategic Outlook: Cost Reduction and 2026 Investments
In response to the fiscal 2025 results, United Parks & Resorts has moved "decisively" to address cost management. The company announced a new $50 million cost-reduction plan designed to optimize the income statement and drive efficiency across its portfolio.
Looking ahead to 2026, the company is doubling down on new attractions and marketing initiatives to reclaim attendance growth. Key focuses for the coming year include:
- Strong Group Bookings: Management noted significant strength in group and event bookings heading into 2026.
- New Attractions: Continued investment in "coast-to-coast" live music series and new ride experiences, such as the recently teased expansions at SeaWorld Orlando.
- Share Repurchases: Demonstrating confidence in its long-term value, the company repurchased approximately 4.2 million shares in 2025, totaling $157 million.
"Our fiscal 2025 results did not meet our expectations," the company stated in its earnings release. "We have moved decisively to address our less than optimal cost management and have updated and focused our plans and investments for 2026 designed to drive attendance and guest spending across our parks."
Industry Recognition and Conservation
Beyond the balance sheet, United Parks & Resorts continued its conservation leadership, aiding 825 animals in the wild during 2025, bringing its lifetime total to over 42,000 rescues. The company also celebrated industry accolades, with SeaWorld Orlando maintaining its 17-year streak as a "Golden Ticket Awards Legend" for Best Marine Life/Wildlife Park.
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