Gross margins have experienced extreme volatility, collapsing from historical peaks above 92% to just 14.5% in 2026Q1, reflecting the high fixed-cost burden of the company's leisure assets.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Sales/Revenue | 1.65B | 1.66B | 1.73B | 1.73B | 1.73B | 1.5B | 431.78M | 1.4B | 1.37B | 1.26B | 1.34B | 1.37B | 1.38B | 1.46B |
| Revenue Growth % | -3.55% | -3.64% | -0.07% | -0.27% | 15.13% | 248.26% | -69.12% | 1.89% | 8.63% | -6.02% | -1.95% | -0.49% | -5.65% | - |
| Cost of Goods Sold | 572.94M | 1.06B | 131.41M | 131.7M | 135.22M | 114.29M | 36.71M | 916.47M | 973.51M | 953.52M | 997.03M | 812.73M | 836.68M | 857.51M |
| COGS % of Revenue | - | 63.52% | 7.62% | 7.63% | 7.81% | 7.6% | 8.5% | 65.54% | 70.94% | 75.48% | 74.17% | 59.28% | 60.73% | 58.72% |
| Gross Profit | 1.08B | 606.54M | 1.59B | 1.59B | 1.6B | 1.39B | 395.07M | 481.78M | 398.78M | 309.81M | 347.26M | 558.28M | 541.13M | 602.74M |
| Gross Margin % | 65.36% | 36.48% | 92.38% | 92.37% | 92.19% | 92.4% | 91.5% | 34.46% | 29.06% | 24.52% | 25.83% | 40.72% | 39.27% | 41.28% |
| Gross Profit Growth % | - | -61.95% | -0.06% | -0.07% | 14.87% | 251.7% | -18% | 20.81% | 28.72% | -10.79% | -37.8% | 3.17% | -10.22% | - |
| Operating Expenses | 738.54M | 236.35M | 1.13B | 1.14B | 1.09B | 957.48M | 636.73M | 229.6M | 217.62M | 228.84M | 238.56M | 413.88M | 380.8M | 420.02M |
| OpEx % of Revenue | - | 14.22% | 65.53% | 65.74% | 62.87% | 63.67% | 147.47% | 16.42% | 15.86% | 18.11% | 17.75% | 30.19% | 27.64% | 28.76% |
| Selling, General & Admin | 231.68M | 236.35M | 216.9M | 221.24M | 200.07M | 184.87M | 94.89M | 229.6M | 217.62M | 228.84M | 238.56M | 214.07M | 189.37M | 187.3M |
| SG&A % of Revenue | - | 14.22% | 12.57% | 12.81% | 11.56% | 12.29% | 21.98% | 16.42% | 15.86% | 18.11% | 17.75% | 15.61% | 13.74% | 12.83% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.2M | 3.7M | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | 0.16% | 0.27% | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 909.8M | 913.9M | 888.41M | 772.61M | 541.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 342.43M | 370.19M | 463.29M | 459.75M | 507.53M | 431.96M | -241.66M | 252.18M | 181.15M | 80.97M | 108.7M | 161.7M | 175.49M | 249.35M |
| Operating Margin % | 20.7% | 22.27% | 26.85% | 26.63% | 29.32% | 28.73% | -55.97% | 18.04% | 13.2% | 6.41% | 8.09% | 11.79% | 12.74% | 17.08% |
| Operating Income Growth % | - | -20.1% | 0.77% | -9.41% | 17.49% | 278.75% | -195.83% | 39.21% | 123.73% | -25.51% | -32.78% | -7.85% | -29.62% | - |
| EBITDA | 520.27M | 544.66M | 626.73M | 613.96M | 660.15M | 580.62M | -91.12M | 412.73M | 342.11M | 244.26M | 274.65M | 341.19M | 349.06M | 413.49M |
| EBITDA Margin % | 31.46% | 32.76% | 36.33% | 35.56% | 38.13% | 38.61% | -21.1% | 29.52% | 24.93% | 19.33% | 20.43% | 24.89% | 25.33% | 28.32% |
| EBITDA Growth % | -16.66% | -13.09% | 2.08% | -7% | 13.7% | 737.23% | -122.08% | 20.64% | 40.06% | -11.06% | -19.5% | -2.26% | -15.58% | - |
| D&A (Non-Cash Add-back) | 177.85M | 174.47M | 163.44M | 154.21M | 152.62M | 148.66M | 150.55M | 160.56M | 160.96M | 163.29M | 165.95M | 179.48M | 173.57M | 164.14M |
| EBIT | 341.49M | 370.19M | 459.29M | 459.77M | 507.57M | 372.99M | -241.94M | 213.18M | 143.62M | 80.97M | 108.7M | 161.7M | 175.49M | 249.35M |
| Net Interest Income | -131.77M | -134.14M | -167.76M | -146.67M | -117.5M | -116.64M | -100.91M | -84.18M | -80.91M | -78M | -62.66M | -65.57M | -81.54M | -90.62M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 131.77M | 134.14M | 167.76M | 146.67M | 117.5M | 116.64M | 100.91M | 84.18M | 80.91M | 78M | 62.66M | 65.57M | 81.54M | 90.62M |
| Other Income/Expense | -138.69M | -143.65M | -171.76M | -146.65M | -117.46M | -175.61M | -101.18M | -84.2M | -88.96M | -368.36M | -62.79M | -86.61M | -81.81M | -120.24M |
| Pretax Income | 203.74M | 226.54M | 291.53M | 313.11M | 390.07M | 256.35M | -342.85M | 129M | 62.7M | -287.39M | -3.2M | 72.83M | 78.79M | 77.63M |
| Pretax Margin % | 12.32% | 13.63% | 16.9% | 18.13% | 22.53% | 17.05% | -79.4% | 9.23% | 4.57% | -22.75% | -0.24% | 5.31% | 5.72% | 5.32% |
| Income Tax | 53.32M | 58.18M | 64.03M | 78.91M | 98.88M | -164K | -30.52M | 39.53M | 17.91M | -85.01M | 9.33M | 23.7M | 28.87M | 25.71M |
| Effective Tax Rate % | 26.17% | 25.68% | 21.96% | 25.2% | 25.35% | -0.06% | 8.9% | 30.64% | 28.57% | 29.58% | -291.47% | 32.54% | 36.64% | 33.12% |
| Net Income | 150.42M | 168.35M | 227.5M | 234.2M | 291.19M | 256.51M | -312.32M | 89.48M | 44.79M | -202.39M | -12.53M | 49.13M | 49.92M | 51.92M |
| Net Margin % | 9.09% | 10.13% | 13.19% | 13.56% | 16.82% | 17.06% | -72.33% | 6.4% | 3.26% | -16.02% | -0.93% | 3.58% | 3.62% | 3.56% |
| Net Income Growth % | -32.42% | -26% | -2.86% | -19.57% | 13.52% | 182.13% | -449.06% | 99.78% | 122.13% | -1515.08% | -125.5% | -1.57% | -3.85% | - |
| Net Income (Continuing) | 150.42M | 168.35M | 227.5M | 234.2M | 291.19M | 256.51M | -312.32M | 89.48M | 44.79M | -202.39M | -12.53M | 49.13M | 49.92M | 51.92M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.04 | 3.06 | 3.79 | 3.63 | 4.14 | 3.22 | -3.99 | 1.10 | 0.52 | -2.36 | -0.15 | 0.57 | 0.57 | 0.59 |
| EPS Growth % | -29.33% | -19.26% | 4.41% | -12.32% | 28.57% | 180.7% | -462.73% | 111.54% | 122.03% | -1473.33% | -126.32% | 0% | -3.39% | - |
| EPS (Basic) | - | 3.09 | 3.82 | 3.66 | 4.18 | 3.28 | -3.99 | 1.11 | 0.52 | -2.36 | -0.15 | 0.57 | 0.57 | 0.59 |
| Diluted Shares Outstanding | 49.42M | 54.99M | 60.01M | 64.49M | 70.28M | 79.58M | 78.19M | 81.04M | 86.91M | 85.81M | 84.92M | 85.98M | 87.48M | 88.15M |
| Basic Shares Outstanding | 49.42M | 54.57M | 59.55M | 63.95M | 69.61M | 78.3M | 78.19M | 80.31M | 86.17M | 85.81M | 84.92M | 86.2M | 87.58M | 88M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | 0.73% | - | - | 147.19% | 144.46% | 69.67% |
Regional demand and competition
As reported in recent financial filings, PRKS has experienced a consistent decline in top-line performance, with revenue growth contracting by 3.0% in 2026Q1, marking a multi-quarter trend of negative year-over-year growth that suggests the post-pandemic demand surge has fully dissipated across the company's core park portfolio.
The persistent negative growth trajectory indicates that the company is struggling to maintain volume in its primary Florida and regional markets. Investors should monitor whether this reflects a broader consumer pullback in discretionary leisure spending or specific competitive pressure from new theme park capacity in the Orlando region.
Based on the provided income statement data, gross margins have demonstrated extreme volatility, collapsing to 14.5% in 2026Q1 from historical peaks exceeding 92%, which highlights the high fixed-cost burden inherent in maintaining specialized aquatic habitats during periods of lower seasonal attendance and reduced operational throughput.
The dramatic swing in gross margins suggests that the company's cost structure is not sufficiently flexible to absorb revenue declines without significant profitability erosion. This sensitivity implies that the business model remains highly dependent on achieving specific attendance thresholds to cover the non-discretionary costs of animal welfare and facility maintenance.
According to the latest quarterly results, operating income has swung into a deficit of $7.7 million in 2026Q1, demonstrating that the company's operating leverage is currently working against shareholders as fixed overhead costs outpace the ability to generate sufficient gross profit during the seasonally weak first quarter.
The inability to maintain positive operating margins during off-peak periods suggests that SG&A expenses remain sticky despite the revenue downturn. This lack of operational efficiency warrants further investigation into management's ability to rationalize the cost base in a lower-growth environment.
Financial statements reveal that net income has deteriorated significantly, with a $34.1 million loss in 2026Q1, raising concerns about the sustainability of the company's current business model in the face of rising competitive intensity and the potential for continued margin compression across its primary theme park assets.
Short-term volatility in earnings, exacerbated by the recent shift to negative net margins, may indicate that the company's pivot toward a 'coaster-first' strategy is not yet offsetting the decline in traditional attendance. The market may be underestimating the risk that these losses are not merely seasonal, but indicative of a more permanent shift in the competitive landscape.
Quick answers to the most common questions about buying PRKS stock.
For fiscal year 2025, United Parks & Resorts Inc. (PRKS) reported total revenue of $1.66B. This represents a 13.9% increase compared to $1.46B in 2013.
United Parks & Resorts Inc. (PRKS) is profitable, generating $168.4M in net income for the fiscal year ending 2025 with a net profit margin of 10.1%.
United Parks & Resorts Inc. (PRKS) reported an operating income of $370.2M, resulting in an operating profit margin of 22.3%. This margin reflects the operational efficiency of the business before interest and taxes.
United Parks & Resorts Inc. (PRKS) generated $606.5M in gross profit for the year, representing a gross profit margin of 36.5%. This demonstrates the company's core pricing power and production efficiency.