United Parks & Resorts Inc.

unitedparks.com

What Do They Do?

Operates theme parks offering rides, animal encounters and shows for families and other guests.

How Do They Make Money?

Guests buy admission and passes and spend on food, merchandise and other in-park products. Single-day ticket revenue comes at entry, pass revenue over the access period (with some passes paid monthly), and in-park product revenue when guests receive it.

revenue

Segment	Share	Revenue	How money arrives
Admissions Mix	53% FY2022: 56%		Mix
Food, Merchandise and Other Sold outright	47% FY2022: 44%		Sold outright

Who Are Their Customers?

Guests include local, domestic non-local and international visitors. They buy directly through the company’s websites and social media or through travel agents, ticket resellers and travel agencies.

Do Revenues Turn Into Profits?

Yes. It kept 10 cents of every revenue dollar as net income in FY2025 and turned 10 cents into free cash flow.

Operating income, FY2025

22% of revenue

▼ −21% vs FY2024 ($463.3M, 27%)

Net income, FY2025

10% of revenue

▼ −26% vs FY2024 ($227.5M, 13%)

Free cash flow, FY2025

10% of revenue

▼ −30% vs FY2024 ($231.7M, 13%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −1%; vs $490.2M in Q2 FY2025
Net income: ▼ −21%; vs $80.1M in Q2 FY2025

Admissions share of revenue vs 52.2% in Q2 FY2025

Growing. Revenue grew 11% in 4 years, from $1.5B in FY2021 to $1.7B in FY2025, about 3% a year.

International footprint The portfolio described as parks grouped across the United States also includes a licensed SeaWorld-branded park in the United Arab Emirates.

Revenue over time

Admissions Food, Merchandise and Other

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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