United Parks & Resorts Inc. Revenue Disclosure
4. REVENUES
Deferred revenue primarily includes revenue associated with pass products, admission or in-park products or services with a future intended use date and contract liability balances related to licensing and international agreements collected in advance of the Company satisfying its performance obligations and is expected to be recognized in future periods. At December 31, 2025 and 2024, the long-term portion of deferred revenue included in other liabilities in the accompanying consolidated balance sheets primarily related to the Company’s international agreements.
The following table reflects the Company’s deferred revenue balance as of December 31, 2025 and 2024:
|
|
2025 |
|
|
2024 |
|
||
|
|
(In thousands) |
|
|||||
Deferred revenue, including long-term portion |
|
$ |
156,077 |
|
|
$ |
166,177 |
|
Less: Deferred revenue, long-term portion, included in other liabilities |
|
|
12,752 |
|
|
|
13,522 |
|
Deferred revenue, short-term portion |
|
$ |
143,325 |
|
|
$ |
152,655 |
|
The Company estimates substantially all of the deferred revenue, short term portion, balance outstanding as of December 31, 2024 was recognized as revenue during the twelve months ended December 31, 2025. For certain admission products, the Company estimated timing of redemption using average historical redemption rates.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 3, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2018 | Mar 1, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.