10-K · February 25, 2026
Pursuit’s 2025 10-K positions the company as a focused attractions & hospitality operator pursuing a “Refresh, Build, Buy” strategy, citing recent M&A (Tabacón acquired July 1, 2025) and a pending divestiture (Flyover…
Earnings analysis · 10-Q
PRSU earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Pursuit reported a strong Q1 2026 with total revenue of $51.6 million, marking a 37.4% increase compared to Q1 2025. Despite an EPS of -$0.94, which was in line with expectations, the company's efficiency and growth in…
Read full summary
Pursuit reported a strong Q1 2026 with total revenue of $51.6 million, marking a 37.4% increase compared to Q1 2025. Despite an EPS of -$0.94, which was in line with expectations, the company's efficiency and growth in hospitality and attractions segments bolstered overall performance. Reaffirmation of $465 million in full-year revenue guidance demonstrates management's confidence in ongoing demand.
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.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
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
- $-0.94
What stood out
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Total Revenue Increased Significantly
Q1 2026 total revenue was $51.6 million, a 37.4% increase from $37.6 million in Q1 2025.
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Hospitality Segment Growth
Hospitality revenue surged by 78.5% to $20.0 million, significantly driven by the acquisition of Tabacón.
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Improved Visitor Metrics
Attractions revenue per visitor grew by 14.2% to $59.63, benefiting from a 5.0% increase in visitors.
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Cash Position Strengthened
Unrestricted cash and cash equivalents increased to $34.5 million from $22.8 million a year earlier.
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Increased Liquidity
Total available liquidity rose to $170.3 million compared to $212.1 million in Q1 2025.
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Significant Financing Activities
Net cash provided by financing activities was $50.0 million, up from $3.7 million in the prior year.
What to watch
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Elevated Net Cash Used in Operations
Operating activities consumed $29.5 million in Q1 2026, an increase from $24.4 million in Q1 2025.
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Growing Interest Expenses
Interest expenses surged by 81.4% to $2.7 million, indicating increased debt pressure.
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Dependence on Seasonality
Majority of revenue historically comes in Q2 and Q3; Q1 results may not sustain through the year.
Management's outlook
Management reaffirmed 2026 revenue guidance of $465 million, projecting growth driven by seasonal demands.
Earlier filings 4
10-Q · November 6, 2025
Pursuit reported a strong Q3 (period ended September 30, 2025) with total revenue of $241,022,000 (up from $182,257,000 in Q3 2024) and income from continuing operations before taxes of $105,754,000, driving diluted net…
10-Q · August 7, 2025
Pursuit reported quarterly revenue of $116,743 (in thousands) for Q2 2025, up from $101,201 in Q2 2024 (+$15,542), with continuing-operations pre-tax income of $10,617 (in thousands) and diluted net income per common…
10-K · March 17, 2025
Pursuit completed the strategic sale of its GES business for $535 million (base $510 million plus $25 million deferred) and relauched as a standalone attractions and hospitality company (ticker PRSU) focused on…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.