United Parks & Resorts Inc. (NYSE:PRKS) on Thursday posted its third-quarter earnings that fell short of Wall Street expectations.

The company operates 13 theme parks across the U.S. and Abu Dhabi under brands including SeaWorld, Busch Gardens, and Sesame Place, offering thrill rides, family attractions, wildlife experiences, and year-round events.

The theme park operator reported earnings of $1.61 per share, missing analysts’ estimates of $2.27 and down from $2.08 a year earlier.

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Quarterly revenue dropped 6.2% to $511.85 million, below the consensus forecast of $537.36 million.

Guest Metrics & Per-Capita Trends

Total revenue per capita fell 2.9% to $75.39 from the prior-year quarter. Admission revenue per capita declined 6.3% to $39.57, partially offset by a 1.1% increase in in-park spending per capita to $35.82.

The decrease in total revenue of $34.1 million compared to the third quarter of 2024 was primarily due to a decline in attendance and a decrease in total revenue per capita.

Attendance declined 3.4% year-over-year to 6.8 million guests, down by 240,000 visitors, from the same period in 2024.

Earnings & Margin Pressure

Adjusted EBITDA declined 16.3% to $216.28 million. Operating income for the quarter fell to $151.68 million, down from $201.01 million in the same period last year.

United Parks & Resorts ended the quarter with cash and cash equivalents of $183.23 million.

During the third quarter of 2025, the company came to the aid of 192 animals in need in the wild. The total number of animals the company has helped over its history is more than 42,000.

United Parks & Resorts announced several new rides and attractions set to open in 2026 across its SeaWorld and Busch Gardens parks.

Highlights include SEAQuest: Legends of the Deep at SeaWorld Orlando, an immersive undersea adventure; a reimagined Shark Encounter at SeaWorld San Diego debuting under the “Fin Shui” project; and Barracuda Strike, Texas’ first inverted family coaster, launching at SeaWorld San Antonio.

At Busch Gardens Tampa Bay, the company will introduce Lion & Hyena Ridge, its most ambitious animal habitat in over a decade, expanding to 35,000 square feet to house a pride of lions and a pair of hyenas.

Share Repurchase

On Sept. 3, 2025, United Parks & Resorts said shareholders unaffiliated with Hill Path Capital approved a measure granting the board authority to execute additional share repurchases. The board had earlier announced a $500 million buyback program, contingent on receiving this approval.

During the third quarter, the company repurchased 148,727 shares for about $7.7 million, and subsequently bought back another 486,293 shares worth $24.6 million through Nov. 4, 2025.

CEO Commentary

Marc Swanson, Chief Executive Officer of United Parks & Resorts, stated, “We are obviously not happy with the results we delivered in the quarter. Performance during the quarter was negatively impacted by an unfavorable calendar shift, poor weather during peak holiday periods, a decline in international visitation and less than optimal execution. The consumer environment in the U.S. appears to be inconsistent, as has been outlined by a number of other leisure and hospitality businesses. Nonetheless, we can and expect to do better.”

Price Action: PRKS stock closed at $35.14 on Thursday, down $11.08, or about 24%, with shares edging 0.3% lower to $35.05 in premarket trading Friday.

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