United Parks & Resorts | 10-Q: FY2025 Q2 Revenue Misses Estimate at USD 490.21 M

LB filings
2025.08.08 11:16
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Revenue: As of FY2025 Q2, the actual value is USD 490.21 M, missing the estimate of USD 497.09 M.

EPS: As of FY2025 Q2, the actual value is USD 1.45, missing the estimate of USD 1.8008.

EBIT: As of FY2025 Q2, the actual value is USD 140.25 M.

Segment Revenue

  • Admissions Revenue: $255.7 million for Q2 2025, a decrease of 3.1% from $264.0 million in Q2 2024. For the six months ended June 30, 2025, admissions revenue was $411.9 million, a decrease of 4.2% from $429.8 million in the same period in 2024.
  • Food, Merchandise, and Other Revenue: $234.5 million for Q2 2025, an increase of 0.4% from $233.6 million in Q2 2024. For the six months ended June 30, 2025, food, merchandise, and other revenue was $365.3 million, a slight increase from $365.2 million in the same period in 2024.

Operational Metrics

  • Net Income: $80.1 million for Q2 2025, a decrease of 12.1% from $91.1 million in Q2 2024. For the six months ended June 30, 2025, net income was $64.0 million, a decrease of 20.0% from $79.9 million in the same period in 2024.
  • Operating Income: $140.5 million for Q2 2025, a decrease of 14.6% from $164.4 million in Q2 2024. For the six months ended June 30, 2025, operating income was $157.4 million, a decrease of 15.6% from $186.5 million in the same period in 2024.
  • Operating Expenses: $204.8 million for Q2 2025, an increase of 7.7% from $190.2 million in Q2 2024. For the six months ended June 30, 2025, operating expenses were $366.1 million, an increase of 3.1% from $355.1 million in the same period in 2024.
  • Selling, General, and Administrative Expenses: $64.4 million for Q2 2025, an increase of 1.0% from $63.8 million in Q2 2024. For the six months ended June 30, 2025, these expenses were $108.5 million, a decrease of 2.8% from $111.7 million in the same period in 2024.
  • Depreciation and Amortization: $43.0 million for Q2 2025, an increase of 6.7% from $40.3 million in Q2 2024. For the six months ended June 30, 2025, depreciation and amortization were $84.7 million, an increase of 6.6% from $79.5 million in the same period in 2024.
  • Interest Expense: $34.0 million for Q2 2025, a decrease of 13.8% from $39.4 million in Q2 2024. For the six months ended June 30, 2025, interest expense was $68.1 million, a decrease of 12.9% from $78.2 million in the same period in 2024.

Cash Flow

  • Net Cash Provided by Operating Activities: $206.9 million for the six months ended June 30, 2025, compared to $244.7 million for the same period in 2024.
  • Net Cash Used in Investing Activities: $110.5 million for the six months ended June 30, 2025, compared to $166.9 million for the same period in 2024.
  • Net Cash Used in Financing Activities: $18.4 million for the six months ended June 30, 2025, compared to $92.7 million for the same period in 2024.

Unique Metrics

  • Total Revenue Per Capita: $78.64 for Q2 2025, a decrease of 2.2% from $80.44 in Q2 2024. For the six months ended June 30, 2025, total revenue per capita was $80.74, a decrease of 2.1% from $82.50 in the same period in 2024.
  • Admission Per Capita: $41.03 for Q2 2025, a decrease of 3.9% from $42.68 in Q2 2024. For the six months ended June 30, 2025, admission per capita was $42.79, a decrease of 4.1% from $44.60 in the same period in 2024.
  • In-Park Per Capita Spending: $37.61 for Q2 2025, a decrease of 0.4% from $37.76 in Q2 2024. For the six months ended June 30, 2025, in-park per capita spending was $37.95, a slight increase from $37.90 in the same period in 2024.

Future Outlook and Strategy

  • Core Business Focus: The company plans to continue focusing on cost savings initiatives and optimizing its labor structure to align with strategic business objectives. This includes technology initiatives aimed at reducing costs and improving operating margins.
  • Non-Core Business: The company is also exploring opportunities for park expansion and new properties, with capital expenditures allocated for park expansion and revenue/expense return on investment projects.
  • Priority: Emphasis on maintaining liquidity and managing debt, with a focus on refinancing transactions to lower average interest rates and extend debt maturities.
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