Balance Sheet Strength & Share Buybacks
Net total leverage of 3.4x (Dec 31, 2025) with approximately $789M total available liquidity, including ~$100M cash on hand; repurchased 6.7M shares (~12% of shares outstanding) through Feb 24, 2026, underscoring strong cash flow generation and capital return priorities.
Record In‑Park Per Capita Spending
Reported record in‑park per capita spending in Q4 2025; in‑park per capita increased 2.1% in the quarter, signaling guests continue to spend when visiting parks.
Solid Adjusted EBITDA and Net Income (FY & Q4)
Fourth quarter adjusted EBITDA of $115.2M and fiscal 2025 adjusted EBITDA of $605.1M; fiscal 2025 net income was $168.4M, demonstrating continued underlying profitability despite top‑line pressure.
CapEx Discipline and Planned Investment
Invested $217.5M in CapEx in 2025 (≈$182.4M core; $35.1M expansion/ROI). 2026 plan: ~ $175M core CapEx and ~$50M growth/ROI CapEx, reflecting continued investment with stated discipline.
Positive Early Demand Indicators for 2026
Discovery Cove advanced booking revenue pacing up high single digits and company‑wide group booking revenue pacing up over 50%; management called out pass program momentum and improving VIP and in‑park product bookings as early signs of demand recovery.
Large Real Estate Asset Base & Potential Upside
Owns >2,000 acres (including >400 acres undeveloped) with estimated replacement cost >$10B (~2.5x current enterprise value); multiple sale‑leaseback and development proposals under evaluation, presenting potential monetization upside.
Product Investment & Industry Recognition
Announced a broad 2026 slate of new rides/attractions and expanded events (SeaWorld and Busch Gardens parks) and received numerous industry accolades in 2025 (e.g., SeaWorld Orlando #3 Nation's Best Amusement Park; Discovery Cove awards; Busch Gardens Williamsburg 'World's Most Beautiful Theme Park' for 35th year).