July 23, 2026, 11:02 AM ·
Earnings slowed at Universal’s theme parks during the second quarter of 2026, as a slight bump in revenue could not keep up with growing costs.
Parent company Comcast reported revenue of $2.413 billion for its Theme Parks segment in the three months ending June 30, 2026. That’s up 2.7% from the same period one year ago. The company reported earnings of $609 million for its parks segment in the quarter, which was down 5.1% from the same period in 2025 following a 5.7% increase in operating expenses.
“The operating environment has softened more than we anticipated,” Comcast Co-CEO Mike Cavanagh said. “In Orlando, Epic Universe continues to perform well, and is delivering the strong guest response we expected. At the same time, attendance across the broader Orlando market began to soften in June, and that trend has continued into the third quarter. We believe there are some temporary factors at work, including higher fuel prices and weaker consumer sentiment, but we are watching these trends closely.
“Internationally, Osaka continues to be affected by China-related travel restrictions, while Beijing is operating against a challenging macroeconomic backdrop. Despite these near-term pressures, our outlook for the long-term opportunity in parks is unchanged. We have great brands, great locations, and a proven playbook for investing behind attractions and experiences that create real consumer demand and strong returns. With Universal Kids Resort now open in Frisco and our UK park moving toward construction, we continue to see a long runway for growth.”
“The EBITDA decline was primarily driven by continued pressure in our Osaka park, where China-related travel restrictions are still impacting attendance,” CFO Jason Armstrong said. “That pressure was partially offset by growth at our U.S. parks. In Orlando, revenue and EBITDA grew as we compared to the partial opening period of Epic in last year’s second quarter. That said, growth in Orlando came in below our expectations, as attendance began to soften in June and has remained pressured into the third quarter. And at Hollywood, results improved as we began to lap the initial pressure we experienced last year, though we do not expect a more meaningful improvement until the new Fast and Furious roller coaster opens later this year.”
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