United Parks & Resorts (W2L) Q2 2026 Earnings Report

The call mixed positive operational progress (record in‑park per cap growth, strong liquidity, active share repurchases, sponsorship and IP partnerships, and on‑track cost savings) against notable near‑term financial headwinds (declines in attendance, revenue, adjusted EBITDA and net income, weather impacts, marketing execution issues and recurring addbacks). Management highlighted concrete strategic responses (new pass team, marketing changes, ROIC investments, real estate interest) and expressed confidence in the long‑term outlook, but near‑term results remain pressured by calendar shifts, lower international visitation and weather.

Management reiterated a 2026 operating and capital framework that includes a $50 million gross cost‑savings target for 2026, expected sponsorship revenue of over $15 million in 2026 (with sponsorship targeted to be at least a $30 million line in coming years), and CapEx guidance of roughly $180–$190 million of core CapEx plus $75–$85 million of growth/ROI CapEx (Q2 CapEx was ~$68.6M, split ≈$65.3M core / $3.2M expansion). They reported total available liquidity of ≈$658M (including ≈$19M cash as of 6/30/26), deferred revenue of $211.9M (up ~2% YoY), a paid pass base down ~1% through June but a plan to grow passes meaningfully in 2027, and continued opportunistic capital allocation including buybacks (Q2 repurchases ~3.3M shares for ≈$125M; H1 repurchases ~5.9M shares, ~12.1% of shares outstanding, for ≈$217.7M). Near‑term operating results and trends noted: Q2 total revenue $483.3M (‑1.4% YoY), attendance down ~179k (‑2.9%) but flat ex the Easter timing shift and international declines, total revenue per capita +1.5% (admission per capita ‑1.8%, in‑park per capita +5.1%), adjusted EBITDA $195.5M (‑$10.8M YoY), H1 total revenue $761.6M (‑2%), H1 adjusted EBITDA $253.4M (‑$20.3M), H1 net income $29.2M (‑$34.8M), and a preliminary view that July revenue was down ≈2%.