Short answer
United Parks & Resorts Inc. (PRKS) filed its fiscal 2025 10-K annual report with the SEC on Mar 3, 2026. It reported revenue of $1.7B (−3.6% year over year) and net income of $168M.
- Top risk flagged: Cybersecurity breach risk despite controls, potential insufficient preventative measures against increasing cyber threats
FY2025 key financial metrics · XBRL
- Revenue
- $1.7B
- −3.6% YoY
- Net income
- $168M
- −26.0% YoY
- Operating margin
- 22.0%
- −4.9 pp YoY
- EPS (diluted)
- $3.06
- −19.3% YoY
- ROE
- -38.6%
- +10.7 pp YoY
- Operating cash flow
- $380M
- −20.8% YoY
Source: XBRL data from the United Parks & Resorts Inc. (PRKS) FY2025 10-K on SEC EDGAR. USD.
United Parks & Resorts Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: operation of 13 diversified theme parks with zoological collections and rides, generating revenue from admissions plus food and merchandise sales
- Geographic presence expanded with theme park locations now including United Arab Emirates besides key U.S. markets
- Emphasis on conservation and educational experiences aiming to inspire guest awareness around animal and wildlife protection
- Portfolio includes well-known brands like SeaWorld, Busch Gardens, Aquatica, Discovery Cove, and Sesame Place
- Heritage of over 65 years establishing a broad demographic appeal through thrill rides, family attractions, and shows
Management Discussion & Analysis
- Revenue $1.663B, down 3.6% YoY; admissions $883.4M (-6.0%), food/merchandise $779.2M (-0.8%)
- Operating income $365.4M, down 21.1%; operating margin 22.0% vs 26.8% in prior year (2025 vs 2024)
- Best segment: Food, merchandise & other revenue $779.2M (only 0.8% decline); worst: Admissions revenue $883.4M down 6.0% due to lower attendance and admission per capita
- Operating cash flow $380.1M decreased $100.0M YoY; capital expenditures $217.5M; share repurchases $160.4M; debt repayments $15.4M (2025)
- Management expects liquidity adequate for capital needs; risks include attendance decline from international markets, regulatory changes, and operational execution challenges
Risk Factors
- Cybersecurity breach risk despite controls, potential insufficient preventative measures against increasing cyber threats
- Board and Audit Committee oversight of cybersecurity risk, Audit Committee receives CIO reports quarterly
- Cybersecurity team led by CIO with 30+ years DoD federal government experience managing cyber risks
- ERMC, chaired by CFO, reviews cybersecurity risk mitigation plans quarterly with CIO updates
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