Record 2025 Revenue
Total revenue of $452.4 million in 2025, up 23% year-over-year, driven by strong recoveries, new experiences, yield optimization and broad-based demand across geographies.
Strong Adjusted EBITDA and Margin Expansion
Adjusted EBITDA of $117.1 million, increasing $40.1 million year-over-year (approximately +52% reported), with adjusted EBITDA margin expanding ~500 basis points to 26%, demonstrating operating leverage and cost discipline.
Improved Adjusted Net Income
Adjusted net income rose to $33.5 million in 2025 from $3.7 million in 2024, reflecting higher adjusted EBITDA and improved operating results.
Attractions and Lodging Demand Growth
4.2 million attraction visitors and 439,000 room nights in 2025; attraction ticket revenue $201 million (+24% YoY) with visitors +12% YoY and same-store effective ticket price +9% YoY; lodging room revenue $105 million (+28% YoY) with same-store RevPAR +7% YoY.
Strategic Portfolio Actions and Capital Allocation
Acquisitions and portfolio moves in 2025 included Tabacón (Costa Rica), full ownership of Glacier Park, purchase of minority interest in FlyOver Iceland, and an agreement to sell FlyOver at ~15x 2025 adjusted EBITDA; returned $14.5 million to shareholders via share repurchases and eliminated $25 million of noncontrolling interest liabilities.
Vision 2030 Ambitious Long-Term Targets
Targets include revenue > $845 million by 2030, adjusted EBITDA > $265 million (more than 2.3x 2025 excluding FlyOver) and adjusted EBITDA margin > 30%, with an expected double-digit CAGR to 2030 and a >$300 million growth investment pipeline (2026–2030).
2026 Guidance and Near-Term Growth Drivers
2026 adjusted EBITDA guidance of $123 million to $133 million (midpoint ~+9% vs. 2025). Excluding FlyOver, management expects double-digit revenue and adjusted EBITDA growth at the midpoint and incremental adjusted EBITDA from Tabacón of ~$7M–$8M versus prior year.