10-Q · May 11, 2026
PRKS reported a disappointing Q1 2026, with significant declines across key financial metrics, including a net loss of $34.1 million, compared to a net loss of $16.1 million in Q1 2025. Total revenues fell by 3.0%…
Earnings analysis · 10-Q
PRKS earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
United Parks delivered a sharp sequential recovery in Q2 2026, with revenue of $483.320 million, operating margin of 28.6%, diluted EPS of $1.34 and free cash flow of $128 million. However, revenue and EPS declined…
Read full summary
United Parks delivered a sharp sequential recovery in Q2 2026, with revenue of $483.320 million, operating margin of 28.6%, diluted EPS of $1.34 and free cash flow of $128 million. However, revenue and EPS declined versus Q2 2025 and both missed consensus estimates, while the filing provides no quantitative outlook. Strong margins and cash generation are offset by attendance-related pressure reflected in the year-over-year revenue decline, substantial variable-rate debt exposure and ongoing share repurchases.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.34
What stood out
-
Sequential rebound despite YoY decline
Q2 revenue was $483.320 million, down 1.4% from $490 million in Q2 2025 but up from $278 million in Q1 2026. Diluted EPS was $1.34 versus $1.45 a year earlier and $(0.69) in the prior quarter.
-
Margins remain strong
Gross margin was 92.4%, up from 92.2% in Q1 2026 and unchanged from Q2 2025. Operating margin was 28.6%, versus negative 3.0% in Q1 2026 and 28.6% in Q2 2025.
-
Strong quarterly free cash flow
Free cash flow was $128 million in Q2 2026, compared with negative $3 million in Q1 2026 and $128 million in Q2 2025.
-
Significant share repurchases
The company repurchased 5,880,832 shares for approximately $217.7 million during the six months ended June 30, 2026, leaving approximately $129.9 million under the 2025 Share Repurchase Program.
-
Interest exposure quantified
At June 30, 2026, approximately $1.6 billion of outstanding long-term debt was variable-rate debt, creating material sensitivity to interest rates.
What to watch
-
Revenue and earnings miss
Q2 revenue of $483.320 million was 1.4% below Q2 2025 revenue of $490 million, while diluted EPS declined to $1.34 from $1.45. The company also missed consensus EPS of $1.87 and revenue of $494.185 million.
-
Variable-rate debt exposure
Approximately $1.6 billion of long-term debt was variable-rate at June 30, 2026. Assuming average revolving-credit borrowings of $700.0 million, a hypothetical 100-basis-point increase in Term SOFR would raise annual interest expense by approximately $22.2 million.
-
Liquidity used for buybacks
The company repurchased 5,880,832 shares for approximately $217.7 million during the first six months of 2026, leaving approximately $129.9 million under the 2025 program. Continued repurchases could constrain liquidity, particularly given the filing's stated sensitivity to interest costs.
Management's outlook
The filing did not provide quantitative revenue or EPS guidance, and no change to fiscal 2026 guidance was disclosed.
Earlier filings 4
10-K · March 3, 2026
United Parks & Resorts positions itself as a branded, zoological-focused theme park operator with a portfolio of parks and substantial in-park assets and animal expertise. Fiscal 2025 showed softening vs. 2024: revenue…
10-Q · November 7, 2025
United Parks & Resorts reported Q3 2025 revenue of $511,851,000 and diluted EPS of $1.61, both down versus Q3 2024. Operating income fell to $151,678,000 (operating margin 29.6%) as admissions and guest spending…
10-Q · November 8, 2024
United Parks & Resorts reported Q3 revenue of $545,901,000 and diluted EPS of $2.08. Gross margin remained very high at ~92.6% and operating margin was 36.8%, but cash and cash equivalents declined by $170,087,000 to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.