United Parks & Resorts Inc. Segments Disclosure
19. SEGMENT REPORTING
The Company maintains discrete financial information for each of its theme parks, which is used by the (“CODM”), identified as the Chief Executive Officer with significant input from our Chairman of the Board and certain other members of our Board, who are actively involved in overseeing certain key operating activities and decisions. The Company generates revenue primarily from selling admission to its theme parks and from purchases of food, merchandise and other items, primarily within its theme parks. Each theme park has been identified as an operating segment and meets the criteria for aggregation due to similar economic characteristics. In addition, all of the theme parks provide similar products and services and share similar processes for delivering services. The theme parks have a high degree of similarity in the workforces and target similar consumer groups. Accordingly, based on these economic and operational similarities and the way the CODM monitors and makes decisions affecting the operations, the Company has concluded that its operating segments may be aggregated and that it has one reportable segment.
The CODM assesses performance and allocates resources based on Operating Segment Adjusted EBITDA. The Company defines Operating Segment Adjusted EBITDA as net income (loss) plus (i) other unallocated expenses, (ii) income tax provision (benefit), (iii) loss on extinguishment of debt and write-off of discounts and debt issuance costs, (iv) interest expense, consent fees and similar financing costs, and (v) depreciation and amortization.
Operating Segment Adjusted EBITDA is used by the CODM and management to evaluate operations and operating performance. In particular, the CODM and management utilize Operating Segment Adjusted EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. The CODM evaluates asset information as presented in the Company’s accompanying consolidated balance sheets. Segment asset information is not provided to or reviewed by the CODM.
The following table presents significant operating segment revenue and expenses, and Operating Segment Adjusted EBITDA:
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Year Ended December 31, |
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2025 |
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2024 |
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2023 |
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Net revenues: |
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|
|
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Admissions |
|
$ |
883,385 |
|
|
$ |
939,629 |
|
|
$ |
954,083 |
|
Food, merchandise and other |
|
|
779,174 |
|
|
|
785,672 |
|
|
|
772,504 |
|
Total revenues |
|
|
1,662,559 |
|
|
|
1,725,301 |
|
|
|
1,726,587 |
|
Segment costs and expenses: |
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|
|
|
|
|
|
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Cost of food, merchandise and other revenues |
|
|
127,553 |
|
|
|
130,573 |
|
|
|
131,059 |
|
Operating labor-related expenses |
|
|
398,632 |
|
|
|
381,523 |
|
|
|
384,870 |
|
Other operating expenses |
|
|
255,965 |
|
|
|
252,131 |
|
|
|
248,940 |
|
Marketing expenses |
|
|
121,360 |
|
|
|
114,553 |
|
|
|
104,569 |
|
Other segment items |
|
|
49,319 |
|
|
|
42,933 |
|
|
|
43,436 |
|
Operating Segment Adjusted EBITDA |
|
$ |
709,730 |
|
|
$ |
803,588 |
|
|
$ |
813,713 |
|
Other expenses(a) |
|
|
(174,579 |
) |
|
|
(176,923 |
) |
|
|
(199,732 |
) |
Provision for income taxes |
|
|
(58,184 |
) |
|
|
(64,029 |
) |
|
|
(78,911 |
) |
Loss on early extinguishment of debt and write-off of discounts and debt issuance costs |
|
|
— |
|
|
|
(3,939 |
) |
|
|
— |
|
Interest expense |
|
|
(134,140 |
) |
|
|
(167,762 |
) |
|
|
(146,666 |
) |
Depreciation and amortization |
|
|
(174,474 |
) |
|
|
(163,438 |
) |
|
|
(154,208 |
) |
Net Income |
|
$ |
168,353 |
|
|
$ |
227,497 |
|
|
$ |
234,196 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 3, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.