Universal Q2 2026 Results

[Evan]

Those saying things feel quieter the last month aren’t wrong. While revenue is up, attendance is softening.

 

[MAC]

More revenue with less attendance equals less costs. That'a recipe that will work for a bit in the short-term, but I would imagine we're going to see more and more discounts over the next few months. Probably not so much during the holidays. If we start to see discounts during the Holidays, that's a troubling sign IMO.

 

[tommyhawkins]

Almost feels like that $500m they spent on Frisco might have been better spent getting at least one Phase 2 Epic expansion open by June of this year. I'm sure it makes sense financially long term to venture into a Legoland competitor, but it's unsurprising with nothing new since May 2025 that intent to return is down

 

[Evan]

Almost feels like that $500m they spent on Frisco might have been better spent getting at least one Phase 2 Epic expansion open by June of this year. I'm sure it makes sense financially long term to venture into a Legoland competitor, but it's unsurprising with nothing new since May 2025 that intent to return is down

You'd have hoped a new theme park could have gotten them a few years worth of growth at the resort.

 

[Mad Dog]

Those saying things feel quieter the last month aren’t wrong. While revenue is up, attendance is softening.

Yeah, it was easy to read the tea leaves and watch the red flags pop up, so the results verify what I was saying the last few months and how the internet planning sites missed the mark since they are too slow, and too ingrained in past performances, to adjust to what's happening in real time. Touring Plans at least, finally made two adjustments in the past few months for WDW and Universal, but the others sat on the old info. My view/opinion is that the economy, weather, tourism restraints due to politics,and costs/prices are now more important than school schedules to who is going to show up.

They won't admit it, but there's no way Epic has met expectations. It's a nice beautiful park, but it has 'issues' that will take lots of time to fix, and a management that reacted too slow to those issues....and USF & IOA didn't get enough recent investment due to costs associated with building a new park. But its not just Universal Orlando, WDW is suffering the same fate. Sure, revenue increases, but that's only because Disney increases prices way above inflation for food, merch., drinks and hotels.

And, as I've been saying, the third quarter will be the one to watch, since that will be the first full comparison to Epics opening numbers. Universal needs a really strong HHN. Now red flags continue to pop up....*Huge discount ticket for locals up to Christmas *More hotel discounts popping up & *Universal giving IU meetup dates in Nov. that they originally blocked......Watch the HHN attendance. That will be the key. Summer is already a wasteland, so September needs to be the savior. Then Oct. HHN for the Fourth Quarter.

Universal Theme Parks EPITDA declined 5.1% for the quarter, with International underperforming too. That's the important figure, especially with a new park to pad the results. That's surely not something Comcast wants to see with the split off looming in the very near future. If there's a poor third quarter for the next result, I'd guess there will be major executive changes.

 

[MAC]

You'd have hoped a new theme park could have gotten them a few years worth of growth at the resort.

If COVID doesn't happen, if the current economy doesn't happen... you probably get those few years worth of growth.

Bad timing for Epic.

 

[Jerroddragon]

Yeah, it was easy to read the tea leaves and watch the red flags pop up, so the results verify what I was saying the last few months and how the internet planning sites missed the mark since they are too slow, and too ingrained in past performances, to adjust to what's happening in real time. Touring Plans at least, finally made two adjustments in the past few months for WDW and Universal, but the others sat on the old info. My view/opinion is that the economy, weather, tourism restraints due to politics,and costs/prices are now more important than school schedules to who is going to show up.

They won't admit it, but there's no way Epic has met expectations. It's a nice beautiful park, but it has 'issues' that will take lots of time to fix, and a management that reacted too slow to those issues....and USF & IOA didn't get enough recent investment due to costs associated with building a new park. But its not just Universal Orlando, WDW is suffering the same fate. Sure, revenue increases, but that's only because Disney increases prices way above inflation for food, merch., drinks and hotels.

I mean also traveling sucks right now

I planned to go to Epic but flights cost an insane amount right now along with gas and everything else up

I'd love to go but for now its all local parks for me

 

[Evan]

If COVID doesn't happen, if the current economy doesn't happen... you probably get those few years worth of growth.

Bad timing for Epic.

And the irony of the economy being what it is right now, and why, couldn't be more palpable.

 

[MAC]

And the irony of the economy being what it is right now, and why, couldn't be more palpable.

If the economy was a physical object and people literally did not touch it, it would be better today than the current situation.

People just have to touch stuff.

 

[Jake S]

For whatever it’s worth, at least out of California, flights to Orlando are actually pretty reasonable if you’re flexible on your dates. They can be downright cheap if you’re willing to fly Frontier. But I recognize different people have different situations.

I don’t know if I’m surprised that they’re not getting more of a bump from Epic. Possible people are putting off vacations until things chill out, while those more plugged into what’s coming are waiting for the new Disney stuff. Who knows.

 

[Mad Dog]

For whatever it’s worth, at least out of California, flights to Orlando are actually pretty reasonable if you’re flexible on your dates. They can be downright cheap if you’re willing to fly Frontier. But I recognize different people have different situations.

I don’t know if I’m surprised that they’re not getting more of a bump from Epic. Possible people are putting off vacations until things chill out, while those more plugged into what’s coming are waiting for the new Disney stuff. Who knows.

I think it's more of an entire Orlando theme parks thing. A lot of stuff catching up to WDW and Universal. Of course, it doesn't help that Epic received a lot of negative feedback since they opened, that kind of defeats all the expensive marketing Universal put out. Whatever, Epics' issues need addressed quickly and they really need some impactful new attractions in IOA and USF to combat all the new stuff WDW will be rolling out in the next four years. Disney has some very strong new lands/attractions in the near future. I think we'll see how serious Universal is on how long they let the soon to be vacant F&F Supercharge space sit empty. If it lingers, like they did with Lost Continent, that'll show they're content with another coaster. If they develop the Supercharged space right away, they realize the task ahead with all that WDW stuff coming online.

 

[DragonSlayer]

I mean, more detail needed in how the figures break down, but they literally say that what growth there is has been driven by Orlando and by strong performance at Epic. That park really isn’t some disaster; people are going.

Revenue vs attendance would be especially interesting to see for that park — I would bet a decent sum that Epic generates way more revenue per head than the other parks from food / merch / express. In other words, Epic could well seem ‘quiet’ and still be pulling more than its weight in terms of total revenue, whereas a quiet IOA say probably equates to a more normally proportional reduction in revenue.

I think the line about flat Chinese travel to USJ is likely a much bigger influence than US-focussed discussion tends to recognise. Yes USJ has a huge home market but the overall numbers there are so huge that I think fluctuations caused by specific trends are probably more of a concern for management than general market fluctuations in Orlando.

 

[Jerroddragon]

I mean, more detail needed in how the figures break down, but they literally say that what growth there is has been driven by Orlando and by strong performance at Epic. That park really isn’t some disaster; people are going.

Revenue vs attendance would be especially interesting to see for that park — I would bet a decent sum that Epic generates way more revenue per head than the other parks from food / merch / express. In other words, Epic could well seem ‘quiet’ and still be pulling more than its weight in terms of total revenue.

I think the line about flat Chinese travel to USJ is likely a much bigger influence than US-focussed discussion tends to recognise. Yes USJ has a huge home market but the overall numbers there are so huge that I think fluctuations caused by specific trends are probably more of a concern for management than general market fluctuations in Orlando.

I don't think its a disaster but for how cool the park is......just in the past something this amazing would be drawing more people

I don't blame the park, its just where we are with the economy. I agree that international travel being down is also affecting Orlando and I will be honest and saw even in 2 years, I think it will be a long road to get most people back if ever. especially with Universal making a UK park.
Could be wrong but I think with so many more international parks getting to the level of Disney and Universal/those both having more parks world wide we will just see less people flying over to parks here in the states like pre covid

 

[MAC]

I don't think its a disaster but for how cool the park is......just in the past something this amazing would be drawing more people

I don't blame the park, its just where we are with the economy. I agree that international travel being down is also affecting Orlando and I will be honest and saw even in 2 years, I think it will be a long road to get most people back if ever. especially with Universal making a UK park.
Could be wrong but I think with so many more international parks getting to the level of Disney and Universal/those both having more parks world wide we will just see less people flying over to parks here in the states like pre covid

That's what I'm most interested in, to see how the impact of Universal Studios UK will have on the Universal Orlando Resort. UK has been a huge market for Universal and if that is muted, they will have to double down on pulling in domestic visitors more and more. That could be a benefit for us.

 

[Mad Dog]

I mean, more detail needed in how the figures break down, but they literally say that what growth there is has been driven by Orlando and by strong performance at Epic. That park really isn’t some disaster; people are going.

Revenue vs attendance would be especially interesting to see for that park — I would bet a decent sum that Epic generates way more revenue per head than the other parks from food / merch / express. In other words, Epic could well seem ‘quiet’ and still be pulling more than its weight in terms of total revenue, whereas a quiet IOA say probably equates to a more normally proportional reduction in revenue.

I think the line about flat Chinese travel to USJ is likely a much bigger influence than US-focussed discussion tends to recognise. Yes USJ has a huge home market but the overall numbers there are so huge that I think fluctuations caused by specific trends are probably more of a concern for management than general market fluctuations in Orlando.

From Comcast, the Orlando resort "was below our expectations with attendance softening beginning in June which has continued in Third Quarter". Corporations rarely make admissions like that public. That says a lot. ...and as I said, we'll see the real comparisons when the third quarter results come out. The results up till now don't show the actual picture since Epic's numbers are mostly extraneous to the whole. In the third quarter the numbers will completely include what the fully opened parks did revenue wise now vs. 2025.

 

[DragonSlayer]

From Comcast, the Orlando resort "was below our expectations with attendance softening beginning in June which has continued in Third Quarter". Corporations rarely make admissions like that public. That says a lot. ...and as I said, we'll see the real comparisons when the third quarter results come out. The results up till now don't show the actual picture since Epic's numbers are mostly extraneous to the whole. In the third quarter the numbers will completely include what the fully opened parks did revenue wise now vs. 2025.

Ok, from the actual results pdf (https://www.cmcsa.com/static-files/9ca0b7e1-e289-495a-8709-f6af42e173b2):

“Revenue for Theme Parks increased primarily due to higher revenue at our theme parks in Orlando driven by the successful opening of Epic Universe in May 2025, partially offset by lower revenue at our international parks.

Adjusted EBITDA for Theme Parks decreased, reflecting higher operating expenses, which more than offset higher revenue. The increase in operating expenses was primarily due to operating costs associated with our domestic parks.”

So yes, clearly, attendance down, but what I’m saying is that revenue can be just fine even with lower attendance, and it may well be that Epic has helped to push the revenue up in a context where otherwise it’d be struggling even more (I.e. if we just had USF and IOA generating less revenue because there were fewer people).

The drags are international parks revenue and operating costs in the US parks (which is a whole other interesting topic).

Maybe the question is: without Epic at all, what would this year have looked like in both attendance and in revenue?

I don't think its a disaster but for how cool the park is......just in the past something this amazing would be drawing more people

I don't blame the park, its just where we are with the economy. I agree that international travel being down is also affecting Orlando and I will be honest and saw even in 2 years, I think it will be a long road to get most people back if ever. especially with Universal making a UK park.
Could be wrong but I think with so many more international parks getting to the level of Disney and Universal/those both having more parks world wide we will just see less people flying over to parks here in the states like pre covid

That's what I'm most interested in, to see how the impact of Universal Studios UK will have on the Universal Orlando Resort. UK has been a huge market for Universal and if that is muted, they will have to double down on pulling in domestic visitors more and more. That could be a benefit for us.

Idk, you guys might underestimate the draw of sun and humidity but joking aside, you’re right of course. Although I think a percentage of the market for the UK park will be made up of people who were not previously spending £3k to fly to Orlando anyway.

 

[Mad Dog]

Ok, from the actual results pdf (https://www.cmcsa.com/static-files/9ca0b7e1-e289-495a-8709-f6af42e173b2):

“Revenue for Theme Parks increased primarily due to higher revenue at our theme parks in Orlando driven by the successful opening of Epic Universe in May 2025, partially offset by lower revenue at our international parks.

Adjusted EBITDA for Theme Parks decreased, reflecting higher operating expenses, which more than offset higher revenue. The increase in operating expenses was primarily due to operating costs associated with our domestic parks.”

So yes, clearly, attendance down, but what I’m saying is that revenue can be just fine even with lower attendance, and it may well be that Epic has helped to push the revenue up in a context where otherwise it’d be struggling even more (I.e. if we just had USF and IOA generating less revenue because there were fewer people).

The drags are international parks revenue and operating costs in the US parks (which is a whole other interesting topic).

Maybe the question is: without Epic at all, what would this year have looked like in both attendance and in revenue?





Idk, you guys might underestimate the draw of sun and humidity but joking aside, you’re right of course. Although I think a percentage of the market for the UK park will be made up of people who were not previously spending £3k to fly to Orlando anyway.

No doubt Epic helped increase revenue. Also rising prices increase revenue too. And an Epic ticket, with no AP's included, is more expensive than the days AP's get into IOA and USF. Three parks are bound to do better than two, especially when one is new. The problem though, is that it was 'below expectations' in Orlando. Of course, we don't know what their internal projections for Orlando were, but it's clear they are not meeting those projections. That's very problematic. Hate to beat a dead horse, but the third quarter will give us a clearer picture since it will be three parks results vs. three parks results...and not two fully opened parks and one only officially opened for a month or so vs. the previous year's numbers.

 

[MAC]

Idk, you guys might underestimate the draw of sun and humidity but joking aside, you’re right of course. Although I think a percentage of the market for the UK park will be made up of people who were not previously spending £3k to fly to Orlando anyway.

The humidity being the most important part, obviously.

Not discounting the need to get away. I also imagine though, based on what I've heard and read, that costs in the UK are spiraling as well quite considerably, cutting into spare funds for the typical 2-4 week trip some UK'ers would typically make.

I think the 8th PM in 7 years should help

 

[DragonSlayer]

The humidity being the most important part, obviously.

Not discounting the need to get away. I also imagine though, based on what I've heard and read, that costs in the UK are spiraling as well quite considerably, cutting into spare funds for the typical 2-4 week trip some UK'ers would typically make.

I think the 8th PM in 7 years should help

Anecdotally, used to feel that every other person in line at UOR was over from the UK. Last trip I only heard a handful of groups the entire week.

But I feel for Universal starting up over here. If they think their operating costs are bad now, wait until they try to employ three people and buy one hour of electricity over here lol.

 

[Mad Dog]

Anecdotally, used to feel that every other person in line at UOR was over from the UK. Last trip I only heard a handful of groups the entire week.

But I feel for Universal starting up over here. If they think their operating costs are bad now, wait until they try to employ three people and buy one hour of electricity over here lol.

Yeah, anecdote only, but we didn't chat with anyone from the UK the past two vacations, and generally we run into quite a few. We've had so many great conversations with UK tourists over the years and Mark Trigg and his GF Samantha even stayed with us in Pennsylvania for a week after we met them in Orlando. I guess August and September will be better barometers of UK visitation. That seems to be the primetime. Universal really needs a good HHN season and more of the heavy spending on vacation UK ers.