PRKS earnings analysis
What we found in PRKS's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.34
- Gross margin
- 92.4%
- Operating margin
- 28.6%
What they said about what is next.
The filing did not provide quantitative revenue or EPS guidance, and no change to fiscal 2026 guidance was disclosed.
The filing reads about the same as the one before it.
What came before.
- 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%…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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