UNITED PARKS & RESORTS INC., 10-K filed on 3/3/2026
Annual Report
v3.25.4
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2025
Feb. 24, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2025    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Entity Registrant Name United Parks & Resorts Inc.    
Entity Central Index Key 0001564902    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Entity Interactive Data Current Yes    
Current Fiscal Year End Date --12-31    
Entity Filer Category Large Accelerated Filer    
Entity Well-known Seasoned Issuer Yes    
Entity Public Float     $ 1,272,248,356
Entity Common Stock, Shares Outstanding   48,626,293  
Entity Shell Company false    
Entity Small Business false    
Entity Emerging Growth Company false    
Title of 12(b) Security Common Stock, par value $0.01 per share    
Trading Symbol PRKS    
Security Exchange Name NYSE    
Entity File Number 001-35883    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 27-1220297    
Entity Address, Address Line One 6240 Sea Harbor Drive    
Entity Address, City or Town Orlando    
Entity Address, State or Province FL    
Entity Address, Postal Zip Code 32821    
City Area Code (407)    
Local Phone Number 226-5011    
Document Financial Statement Error Correction [Flag] false    
Documents Incorporated by Reference

Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission relating to the 2026 Annual Meeting of Stockholders, which statement will be filed pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference into Part III of this report.

    
Auditor Opinion [Text Block]

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of United Parks & Resorts Inc. and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations, changes in stockholders’ deficit, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes and financial statement schedule I (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated March 3, 2026 expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting.

    
Document Annual Report true    
ICFR Auditor Attestation Flag true    
Document Transition Report false    
Auditor Firm ID 185    
Auditor Name KPMG LLP    
Auditor Location Orlando, FL    
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 99,762 $ 115,893
Accounts receivable, net 77,287 79,442
Inventories 51,628 45,846
Prepaid expenses and other current assets 54,117 29,247
Total current assets 282,794 270,428
Property and equipment, at cost 4,136,832 3,959,943
Accumulated depreciation (2,219,562) (2,072,660)
Property and equipment, net 1,917,270 1,887,283
Goodwill 66,278 66,278
Trade names/trademarks, net 157,846 157,846
Right of use assets-operating leases 125,410 129,875
Deferred tax assets, net 2,478 5,694
Other assets, net 64,198 56,174
Total assets 2,616,274 2,573,578
Current liabilities:    
Accounts payable and accrued expenses 152,939 163,552
Current maturities of long-term debt 15,423 15,423
Operating lease liabilities 4,216 4,079
Accrued salaries, wages and benefits 27,046 22,666
Deferred revenue 143,325 152,655
Other accrued liabilities 41,783 54,493
Total current liabilities 384,732 412,868
Long-term debt, net 2,217,708 2,228,746
Long-term operating lease liabilities 110,926 115,117
Deferred tax liabilities, net 258,492 213,319
Other liabilities 80,222 65,068
Total liabilities 3,052,080 3,035,118
Commitments and contingencies (Note 14)
Stockholders’ Deficit:    
Preferred stock, $0.01 par value-authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2025 and 2024
Common stock, $0.01 par value-authorized, 1,000,000,000 shares; 97,330,004 and 97,080,628 shares issued at December 31, 2025 and 2024, respectively 973 971
Additional paid-in capital 745,789 729,965
Retained earnings 805,949 637,596
Treasury stock, at cost (46,236,087 and 42,055,289 shares at December 31, 2025 and 2024, respectively) (1,988,517) (1,830,072)
Total stockholders’ deficit (435,806) (461,540)
Total liabilities and stockholders’ deficit $ 2,616,274 $ 2,573,578
v3.25.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 100,000,000 100,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 1,000,000,000 1,000,000,000
Common stock, shares issued 97,330,004 97,080,628
Treasury stock, shares 46,236,087 42,055,289
v3.25.4
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net revenues:      
Total revenues $ 1,662,559 $ 1,725,301 $ 1,726,587
Costs and expenses:      
Cost of food, merchandise and other revenues 127,563 131,407 131,697
Operating expenses (exclusive of depreciation and amortization shown separately below) 765,874 749,690 758,874
Selling, general and administrative expenses 227,749 216,898 221,237
Severance and other separation costs 1,463 577 816
Depreciation and amortization 174,474 163,438 154,208
Total costs and expenses 1,297,123 1,262,010 1,266,832
Operating income 365,436 463,291 459,755
Other expense (income), net 4,759 64 (18)
Interest expense 134,140 167,762 146,666
Loss on early extinguishment of debt and write-off of discounts and debt issuance costs   3,939  
Income before income taxes 226,537 291,526 313,107
Provision for income taxes 58,184 64,029 78,911
Net income $ 168,353 $ 227,497 $ 234,196
Earnings per share:      
Earnings per share, basic $ 3.09 $ 3.82 $ 3.66
Earnings per share, diluted $ 3.06 $ 3.79 $ 3.63
Weighted average common shares outstanding:      
Basic 54,566 59,546 63,955
Diluted 54,991 60,010 64,494
Admissions [Member]      
Net revenues:      
Total revenues $ 883,385 $ 939,629 $ 954,083
Food, Merchandise and Other [Member]      
Net revenues:      
Total revenues $ 779,174 $ 785,672 $ 772,504
v3.25.4
Consolidated Statements of Changes in Stockholders' Deficit - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-In Capital [Member]
Retained Earnings [Member]
Treasury Stock, at Cost [Member]
Beginning Balance at Dec. 31, 2022 $ (437,664) $ 963 $ 710,151 $ (175,903) $ (1,324,681)
Beginning Balance, shares at Dec. 31, 2022   96,287,771      
Equity-based compensation 17,032   17,032    
Vesting of restricted shares   $ 4 (4)    
Vesting of restricted shares, shares   372,674      
Shares withheld for tax withholdings (6,859) $ (1) (6,858)    
Shares withheld for tax withholdings, shares   (110,672)      
Exercise of stock options 2,940 $ 1 2,939    
Exercise of stock options, shares   110,584      
Repurchase of shares of treasury stock, at cost (17,861)       (17,861)
Net income 234,196     234,196  
Ending Balance at Dec. 31, 2023 (208,216) $ 967 723,260 410,099 (1,342,542)
Ending Balance, shares at Dec. 31, 2023   96,660,357      
Equity-based compensation 13,673   13,673    
Vesting of restricted shares   $ 5 (5)    
Vesting of restricted shares, shares   529,733      
Shares withheld for tax withholdings (8,756) $ (2) (8,754)    
Shares withheld for tax withholdings, shares   (166,928)      
Exercise of stock options 1,792 $ 1 1,791    
Exercise of stock options, shares   57,466      
Repurchase of shares of treasury stock, at cost (487,530)       (487,530)
Net income 227,497     227,497  
Ending Balance at Dec. 31, 2024 $ (461,540) $ 971 729,965 637,596 (1,830,072)
Ending Balance, shares at Dec. 31, 2024 97,080,628 97,080,628      
Equity-based compensation $ 17,233   17,233    
Vesting of restricted shares   $ 2 (2)    
Vesting of restricted shares, shares   256,651      
Shares withheld for tax withholdings (2,540) $ (1) (2,539)    
Shares withheld for tax withholdings, shares   (58,163)      
Exercise of stock options $ 1,133 $ 1 1,132    
Exercise of stock options, shares 50,888 50,888      
Repurchase of shares of treasury stock, at cost $ (158,445)       (158,445)
Net income 168,353     168,353  
Ending Balance at Dec. 31, 2025 $ (435,806) $ 973 $ 745,789 $ 805,949 $ (1,988,517)
Ending Balance, shares at Dec. 31, 2025 97,330,004 97,330,004      
v3.25.4
Consolidated Statements of Changes in Stockholders' Deficit (Parenthetical) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Repurchase of treasury shares, shares 4,180,798 9,365,000 313,750
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows From Operating Activities:      
Net income $ 168,353 $ 227,497 $ 234,196
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 174,474 163,438 154,208
Amortization of debt issuance costs and discounts 4,385 4,978 6,131
Loss on early extinguishment of debt and write-off of discounts and debt issuance costs   5,544  
Deferred income tax provision 49,054 50,694 72,636
Equity-based compensation 17,233 13,673 17,032
Other including loss on impairment or disposal of assets, net 31,282 33,816 30,523
Changes in assets and liabilities:      
Accounts receivable 5,036 (10,926) (4,528)
Inventories (8,628) 2,597 5,366
Prepaid expenses and other current assets (23,644) (7,727) 9,448
Accounts payable and accrued expenses (9,339) 13,248 (8,887)
Accrued salaries, wages and benefits 4,380 1,462 3,781
Deferred revenue (13,734) 475 (13,953)
Other accrued liabilities (15,726) (15,297) 5,608
Right-of-use assets and operating lease liabilities 412 596 439
Other assets and liabilities (3,453) (3,929) (7,084)
Net cash provided by operating activities 380,085 480,139 504,916
Cash Flows From Investing Activities:      
Capital expenditures (217,489) (248,430) (304,836)
Other investing activities   (75) (771)
Net cash used in investing activities (217,489) (248,505) (305,607)
Cash Flows From Financing Activities:      
Proceeds from the issuance of debt, net   378,295  
Repayments of long-term debt (15,423) (242,058) (12,000)
Proceeds from draw on revolving credit facility     20,000
Repayments of revolving credit facility     (20,000)
Purchase of treasury stock, including related excise tax paid (160,413) (482,922) (17,861)
Payment of tax withholdings on equity-based compensation through shares withheld (2,540) (8,756) (6,859)
Exercise of stock options 1,133 1,792 2,940
Debt issuance costs   (7,780)  
Other financing activities (1,484) (1,234) (927)
Net cash used in financing activities (178,727) (362,663) (34,707)
Change in Cash and Cash Equivalents, including Restricted Cash (16,131) (131,029) 164,602
Cash and Cash Equivalents, including Restricted Cash—Beginning of year 115,893 246,922 82,320
Cash and Cash Equivalents, including Restricted Cash—End of year 99,762 115,893 246,922
Supplemental Disclosures of Noncash Investing and Financing Activities      
Capital expenditures in accounts payable and accrued expenses 41,420 40,583 $ 50,618
Excise tax accrued on treasury stock repurchases 1,455 $ 4,608  
Treasury stock purchases not yet settled in accounts payable and accrued expenses $ 1,174    
v3.25.4
Cybersecurity Risk Management, Strategy and Governance
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Item 1C. Cybersecurity

Cybersecurity Risk Management and Strategy

We have an established process led by our Chief Information Officer (“CIO”) that governs how we assess, respond and report, internally and externally, the occurrence of cybersecurity incidents and threats. Typical incidents and threats are cataloged and reported to the CIO on a weekly basis together with details regarding the mitigation actions implemented as well as other possible mitigation actions that could be implemented to mitigate or prevent future similar incidents. Urgent or severe incidents are reported to the CIO immediately where triage then begins and does not end until the threat has been mitigated. Depending on the nature and severity of an incident, our process provides for escalating notification to our CEO and the Board including the Chairman of the Board, our Lead Independent Director and the Audit Committee chair. Otherwise, the Audit Committee receives quarterly reports that summarize the new threats identified over the quarter as well as threats that were mitigated over the quarter, with details on the quantity, severity, and addressability of the incidents.

The Company has adopted the Center for Internet Security (“CIS”) framework for cybersecurity defense. The CIS framework is a leading set of best practices for cybersecurity policies and procedures created by the non-profit Center for Internet Security, which are used or referenced by multiple legal, regulatory, and policy frameworks. The CIS framework includes: (1) a prioritized set of safeguards to mitigate the most prevalent cyber-attacks against systems; and (2) a set of a recommended actions for cyber defense that provide specific and actionable ways to thwart the most pervasive attacks.

Our approach to cybersecurity risk management includes the following key elements:

•
Multi-Layered Defense and Continuous Monitoring – We work to protect our computing environments and products from cybersecurity threats through multi-layered defenses and apply lessons learned from penetration testing and bulletins published by CIS to help prevent future attacks. We utilize data analytics to detect anomalies and search for cyber threats. Our Security Incident and Event Management (“SIEM”) system provides comprehensive cyber threat detection and response capabilities and maintains a 24x7 monitoring system which complements the technologies, processes and threat detection techniques we use to monitor, manage and mitigate cybersecurity threats. From time to time, we engage third-party consultants or other advisors to assist in assessing, identifying and/or managing cybersecurity threats. We also periodically use our Internal Audit function to conduct additional reviews and assessments.
•
Insider Threats – We maintain an insider threat program designed to identify, assess, and address potential risks from within the Company. Our program evaluates potential risks consistent with industry practices, customer requirements and applicable law, including privacy and other considerations.
•
Training and Awareness – We provide awareness training to our employees to help identify, avoid and mitigate cybersecurity threats. Our employees with network access participate annually in required training, including spear phishing and other awareness training.
•
Supplier Engagement – We require our suppliers to comply with our standard information security terms and conditions, in addition to any requirements from our customers, as a condition of doing business with us, and require them to complete information security questionnaires to review and assess any potential cyber-related risks depending on the nature of the services being provided.

We regularly receive vulnerability threat information from our product vendors as well as CIS and other third-party sources. In order to prioritize mitigation efforts, we categorize threats based on likelihood of occurrence and the potential severity of an incident related to the threat. The Information Technology Department reports overall threat collection and mitigation status at least monthly to the CIO and at least quarterly to the Board and ERMC.

Cyber threats are discussed routinely (weekly, monthly, and quarterly) and ad-hoc based on the activities of that time. These threats are used to gauge the size and competency of the organization, the effectiveness of our tools, the sensitivity of the applications we use, and the security of the fundamental architecture that our system is built upon. This then drives decisions for staff, tools, and changes that may require capital or other funding.

We conduct third-party penetration testing on both a routine and ad-hoc basis. Routine penetration testing occurs at least annually and focuses on specific elements within our system, usually without notification to any of the Company's employees involved in those systems. Ad-hoc penetration testing occurs when we learn of a specific vulnerability of concern or when we resolve an alert from an imposing threat.

We also conduct table-top cyber exercises on an annual basis to ensure that the organization is prepared in the event that a significant breach actually occurs. These table-top exercises simulate a real cyber event (such as a ransom letter) in order to walk through the response process, gain information regarding how we react to incidents, identify areas of vulnerability, and recommend changes based on the outcome of the exercises.

While we have experienced cybersecurity incidents in the past, to date we do not believe that any risks from any cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected the Company or our financial position, results of operations and/or cash flows. We continue to invest in cybersecurity and the resiliency of our networks and continue to enhance our internal controls and processes, which are designed to help protect our systems and infrastructure, and the information they contain. As discussed more fully under Item 1A – “Risk Factors”, however, the sophistication of cyber threats continues to increase, and the preventative actions we take to reduce the risk of cyber incidents and protect our systems and information may be insufficient. No matter how well designed or implemented our cybersecurity controls are, we will not be able to anticipate all security breaches, and we may not be able to implement effective preventative measures against cybersecurity breaches in a timely manner.

Cybersecurity Governance

We recognize the critical importance of maintaining the safety and security of our systems and data and have a holistic process for overseeing and managing cybersecurity and related risks, which includes engagement with both senior management and the Board. Our Board is responsible for overseeing our enterprise risk management activities in general, including those related to cybersecurity, and each of our Board committees assists the Board in the role of risk oversight. The full Board receives an update on our risk management process and the risk trends related to cybersecurity at least annually. Further, the Audit Committee specifically assists the Board in its oversight of risks related to cybersecurity. To help ensure effective oversight, the Audit Committee receives reports on information security and cybersecurity from the CIO at least four times a year.

Our cybersecurity function is part of our Information Technology Department and is managed by our CIO who oversees the management of cybersecurity risk and the protection and defense of our networks and systems. Our CIO has over 30 years of experience assisting IT leadership within the Department of Defense and other federal government agencies with IT architecture and solutions including cyber security. Within the Information Technology Department, these activities are orchestrated through cooperation between our cyber security group and our network engineering group. The individuals performing these functions include cybersecurity professionals with broad experience and expertise, including cybersecurity threat assessments and detection, mitigation technologies, cybersecurity training, incident response, cyber forensics, insider threats and regulatory compliance and include professionals who are qualified as Certified Information Systems Security Professionals. The teams within our cybersecurity group and our network engineering group work together to: identify and mitigate risks; respond to active cyber activity on our networks; respond to recent activity publicized by the Center for Internet Security (CIS) or other reputable cybersecurity organizations; and respond to patches and updates provided by our vendors.

In addition, our Enterprise Risk Management Committee (“ERMC”) considers risks relating to cybersecurity, among other significant risks, and applicable mitigation plans to address such risks. The ERMC is a cross-functional committee that reports to the Executive Leadership Team and is chaired by our Chief Financial Officer. The ERMC meets during the year at least quarterly and receives periodic updates on cybersecurity risks from the CIO, who is a member of the committee.

Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

Cybersecurity Governance

We recognize the critical importance of maintaining the safety and security of our systems and data and have a holistic process for overseeing and managing cybersecurity and related risks, which includes engagement with both senior management and the Board. Our Board is responsible for overseeing our enterprise risk management activities in general, including those related to cybersecurity, and each of our Board committees assists the Board in the role of risk oversight. The full Board receives an update on our risk management process and the risk trends related to cybersecurity at least annually. Further, the Audit Committee specifically assists the Board in its oversight of risks related to cybersecurity. To help ensure effective oversight, the Audit Committee receives reports on information security and cybersecurity from the CIO at least four times a year.

Our cybersecurity function is part of our Information Technology Department and is managed by our CIO who oversees the management of cybersecurity risk and the protection and defense of our networks and systems. Our CIO has over 30 years of experience assisting IT leadership within the Department of Defense and other federal government agencies with IT architecture and solutions including cyber security. Within the Information Technology Department, these activities are orchestrated through cooperation between our cyber security group and our network engineering group. The individuals performing these functions include cybersecurity professionals with broad experience and expertise, including cybersecurity threat assessments and detection, mitigation technologies, cybersecurity training, incident response, cyber forensics, insider threats and regulatory compliance and include professionals who are qualified as Certified Information Systems Security Professionals. The teams within our cybersecurity group and our network engineering group work together to: identify and mitigate risks; respond to active cyber activity on our networks; respond to recent activity publicized by the Center for Internet Security (CIS) or other reputable cybersecurity organizations; and respond to patches and updates provided by our vendors.

In addition, our Enterprise Risk Management Committee (“ERMC”) considers risks relating to cybersecurity, among other significant risks, and applicable mitigation plans to address such risks. The ERMC is a cross-functional committee that reports to the Executive Leadership Team and is chaired by our Chief Financial Officer. The ERMC meets during the year at least quarterly and receives periodic updates on cybersecurity risks from the CIO, who is a member of the committee.

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Board is responsible for overseeing our enterprise risk management activities in general, including those related to cybersecurity, and each of our Board committees assists the Board in the role of risk oversight.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The full Board receives an update on our risk management process and the risk trends related to cybersecurity at least annually. Further, the Audit Committee specifically assists the Board in its oversight of risks related to cybersecurity. To help ensure effective oversight, the Audit Committee receives reports on information security and cybersecurity from the CIO at least four times a year.
Cybersecurity Risk Role of Management [Text Block]

Our cybersecurity function is part of our Information Technology Department and is managed by our CIO who oversees the management of cybersecurity risk and the protection and defense of our networks and systems. Our CIO has over 30 years of experience assisting IT leadership within the Department of Defense and other federal government agencies with IT architecture and solutions including cyber security. Within the Information Technology Department, these activities are orchestrated through cooperation between our cyber security group and our network engineering group. The individuals performing these functions include cybersecurity professionals with broad experience and expertise, including cybersecurity threat assessments and detection, mitigation technologies, cybersecurity training, incident response, cyber forensics, insider threats and regulatory compliance and include professionals who are qualified as Certified Information Systems Security Professionals. The teams within our cybersecurity group and our network engineering group work together to: identify and mitigate risks; respond to active cyber activity on our networks; respond to recent activity publicized by the Center for Internet Security (CIS) or other reputable cybersecurity organizations; and respond to patches and updates provided by our vendors.

In addition, our Enterprise Risk Management Committee (“ERMC”) considers risks relating to cybersecurity, among other significant risks, and applicable mitigation plans to address such risks. The ERMC is a cross-functional committee that reports to the Executive Leadership Team and is chaired by our Chief Financial Officer. The ERMC meets during the year at least quarterly and receives periodic updates on cybersecurity risks from the CIO, who is a member of the committee.

Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our CIO has over 30 years of experience assisting IT leadership within the Department of Defense and other federal government agencies with IT architecture and solutions including cyber security. Within the Information Technology Department, these activities are orchestrated through cooperation between our cyber security group and our network engineering group.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CIO has over 30 years of experience assisting IT leadership within the Department of Defense and other federal government agencies with IT architecture and solutions including cyber security.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The individuals performing these functions include cybersecurity professionals with broad experience and expertise, including cybersecurity threat assessments and detection, mitigation technologies, cybersecurity training, incident response, cyber forensics, insider threats and regulatory compliance and include professionals who are qualified as Certified Information Systems Security Professionals.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure      
Net Income (Loss) $ 168,353 $ 227,497 $ 234,196
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Title directors or officers
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Description of the Business
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Description of the Business

1. DESCRIPTION OF THE BUSINESS

United Parks & Resorts Inc., previously SeaWorld Entertainment, Inc., through its wholly-owned subsidiary, SeaWorld Parks & Entertainment, Inc. (“SEA”) (collectively, the “Company”), owns and operates twelve theme parks within the United States. Prior to December 1, 2009, the Company did not have any operations. On December 1, 2009, the Company acquired all of the outstanding equity interest of Busch Entertainment LLC and affiliates from Anheuser Busch Companies, Inc. and Anheuser-Busch InBev SA/NV (“ABI”). The Company completed an initial public offering in April 2013. As of December 31, 2025, Hill Path Capital LP ("Hill Path") owned approximately 53.2% of the Company's total outstanding common stock.

The Company operates and/or licenses SeaWorld theme parks in Orlando, Florida; San Antonio, Texas; San Diego, California; and Abu Dhabi, United Arab Emirates and Busch Gardens theme parks in Tampa, Florida, and Williamsburg, Virginia. The Company operates water park attractions in Orlando, Florida (Aquatica); San Antonio, Texas (Aquatica); Tampa, Florida (Adventure Island); and Williamsburg, Virginia (Water Country USA). The Company also operates a reservations-only theme park in Orlando, Florida (Discovery Cove), a theme park in Langhorne, Pennsylvania (Sesame Place Philadelphia) and a theme park in Chula Vista, California (Sesame Place San Diego).

During the years ended December 31, 2025, 2024 and 2023, respectively, approximately 59%, 58% and 59% of the Company’s revenues were generated in the State of Florida which exposes the Company to risks affecting the Florida market, such as natural disasters, severe weather or other incidents.

v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries, including SEA. All intercompany accounts have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions include, but are not limited to, the accounting for self-insurance reserves, income taxes, revenue recognition and reviews for potential impairment of long-lived assets. Estimates are based on various factors including current and historical trends, as well as other pertinent company and industry data. The Company regularly evaluates this information to determine if it is necessary to update the basis for its estimates and to adjust for known changes. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents include cash held at financial institutions as well as operating cash onsite at each theme park to fund daily operations and amounts due from third-party credit card companies with settlement terms of less than four days. The amounts due from third-party credit card companies totaled $16.3 million and $14.5 million at December 31, 2025 and 2024, respectively. The cash balances in all accounts held at financial institutions are insured up to $250,000 by the Federal Deposit Insurance Corporation (“FDIC”) through December 31, 2025. At times, cash balances may exceed federally insured amounts and potentially subject the Company to a concentration of credit risk. Management believes that no significant concentration of credit risk exists with respect to these cash balances because of its assessment of the creditworthiness and financial viability of the respective financial institutions.

From time to time, the Company may invest in certain highly liquid instruments with original maturities of three months or less. These instruments may include money market mutual funds, certificates of deposit or time deposits, among others, which may or may not qualify for FDIC insurance. The Company classifies any such instruments as cash and cash equivalents based on their short-term maturities.

Accounts Receivable—Net

Accounts receivable are reported at net realizable value and consist primarily of amounts due from customers for the sale of admission products, including amounts due for admissions products purchased on monthly installment arrangements. The Company is not exposed to a significant concentration of credit risk. The Company records an allowance on trade accounts receivable with an offset to the provision for bad debt for estimated credit losses expected based on its history of uncollectible accounts. For all periods presented, the provision for bad debt related to trade accounts receivable was immaterial. The Company also records an allowance for estimated credit losses on amounts due from monthly installment arrangements based on historical default rates. As of December 31, 2025 and 2024, the Company recorded $19.0 million and $20.4 million, respectively, as an allowance on its installment arrangements, which is included in accounts receivable, net, in the accompanying consolidated balance sheets, with a corresponding reduction to deferred revenue. During the fourth quarter of 2025, the Company determined that a portion of its accounts receivable related to monthly installment arrangements was uncollectible and recorded a credit loss of approximately $8.6 million for the year ended December 31, 2025, included within other expense, net in the accompanying consolidated statements of operations. The uncollectible balances include approximately $4.7 million related to periods prior to the year ended December 31, 2025.

Inventories

Inventories are accounted for using the weighted average cost method and are stated at the lower of cost or net realizable value. Inventories consist primarily of products for resale, including merchandise, culinary items and miscellaneous supplies. Obsolete or excess inventories are recorded at their estimated realizable value.

Property and Equipment—Net

Property and equipment are recorded at cost. The cost of ordinary or routine maintenance, repairs, spare parts and minor renewals is expensed as incurred. Development costs associated with new attractions and products are generally capitalized after necessary feasibility studies have been completed and final concept or contracts have been approved. The cost of assets is depreciated using the straight-line method based on the following estimated useful lives:

Land improvements

 

10-40 years

 

Buildings

 

5-40 years

 

Rides, attractions and equipment

 

3-20 years

 

Animals

 

1-50 years

 

 

Certain costs related to animals exhibited in the theme parks are capitalized and amortized over their estimated lives (1-50 years). All costs to care for animals are expensed as incurred. Construction in progress assets consist primarily of new rides, attractions and infrastructure improvements that have not yet been placed in service. These assets are stated at cost and are not depreciated. Once construction of the assets is completed and placed into service, assets are reclassified to the appropriate asset class based on their nature and depreciated in accordance with the useful lives above. Debt interest is capitalized on all active construction projects. Total interest capitalized for the years ended December 31, 2025, 2024 and 2023 was $2.5 million, $5.4 million and $11.1 million, respectively.

Computer System Development Costs

The Company capitalizes computer system development costs that meet established criteria and, once placed in service, amortizes those costs to expense on a straight-line basis over five years. Total capitalized costs related to computer system development costs, net of accumulated amortization, were $32.3 million and $21.8 million as of December 31, 2025 and 2024, respectively, and are recorded in other assets in the accompanying consolidated balance sheets. Accumulated amortization was $25.6 million and $18.6 million as of December 31, 2025 and 2024, respectively. Amortization expense of capitalized computer system development costs during the years ended December 31, 2025, 2024 and 2023 was $5.0 million, $3.9 million and $1.8 million, respectively, and is recorded in depreciation and amortization in the accompanying consolidated statements of operations. Systems reengineering costs are expensed as incurred.

Goodwill and Other Indefinite-Lived Intangible Assets

Goodwill and other indefinite-lived intangible assets are not amortized, but instead reviewed for impairment at least annually during the fourth quarter, and as of an interim date should factors or indicators become apparent that would require an interim test, with ongoing recoverability based on applicable reporting unit overall financial performance and consideration of significant events or changes in the overall business environment or macroeconomic conditions. Such events or changes in the overall business environment could include, but are not limited to, significant negative trends or unanticipated changes in the competitive or macroeconomic environment.

In assessing goodwill for impairment, the Company may choose to initially evaluate qualitative factors to determine if it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. The Company considers several factors, including macroeconomic conditions, industry and market conditions, overall financial performance of the reporting unit, changes in management, strategy or customers, and relevant reporting unit specific events such as a change in the carrying amount of net assets, a more likely than not expectation of selling or disposing all, or a portion, of a reporting unit, and the testing of recoverability of a significant asset group within a reporting unit. If the qualitative assessment is not conclusive, then a quantitative impairment analysis for goodwill is performed at the reporting unit level. The Company may also choose to perform this quantitative impairment analysis instead of the qualitative analysis. The quantitative impairment analysis compares the estimated fair value of the reporting unit, determined using the income and/or market approach, to its recorded amount. If the recorded amount exceeds the fair value, then a goodwill impairment charge is recorded for the difference up to the recorded amount of goodwill.

The determination of fair value in the Company’s goodwill impairment analysis is based on an estimate of fair value for the relevant reporting unit utilizing known and estimated inputs at the evaluation date. Some of those inputs include, but are not limited to, estimates of future revenue and expense growth, estimated market multiples, expected capital expenditures, income tax rates and cost of invested capital.

The Company’s other indefinite-lived intangible assets consist of certain trade names/trademarks and other intangible assets which, after considering legal, regulatory, contractual, and other competitive and economic factors, are determined to have indefinite lives and are valued using the relief from royalty method. Trade names/trademarks are combined by brand as a unit of accounting when testing for impairment as the brand represents the highest and best use of the asset and drives the Company’s marketing strategy and international license agreements. Estimates required in this valuation method include estimated future revenues impacted by the trade names/trademarks, royalty rates, and appropriate discount rates. Projections are based on management’s best estimates given recent financial performance, market trends, strategic plans, brand awareness, operating characteristics by park, and other available information. See Note 9–Goodwill and Trade Names/Trademarks, Net, for further details.

Impairment of Long-Lived Assets

All long-lived assets are reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. An impairment loss may be recognized when estimated undiscounted future cash flows expected to result from the use of the asset, including disposition, are less than the carrying value of the asset. The measurement of the impairment loss to be recognized is based upon the difference between the estimated fair value and the carrying amounts of the assets.

Fair value is generally determined based upon a discounted cash flow analysis. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable independent cash flows are available (generally a theme park). See further discussion in Note 8–Property and Equipment, Net.

Self-Insurance Reserves

Reserves are recorded for the estimated amounts of guest and employee claims and expenses incurred each period that are not covered by insurance. Reserves are established for both identified claims and incurred but not reported (“IBNR”) claims. Such amounts are accrued for when claim amounts become probable and estimable. Reserves for identified claims are based upon the Company’s historical claims experience and third-party estimates of settlement costs. Reserves for IBNR claims are based upon the Company’s claims data history, actuarially determined loss development factors and qualitative considerations such as claims management activities. The Company maintains self-insurance reserves for healthcare, auto, general liability and workers’ compensation claims. Total claims reserves were $88.1 million at December 31, 2025, of which $2.4 million is recorded in accrued salaries, wages and benefits, $22.8 million is recorded in other accrued liabilities and the remaining long-term portion is recorded in other liabilities in the accompanying consolidated balance sheets. Total claims reserves were $70.4 million at December 31, 2024, of which $2.2 million is recorded in accrued salaries, wages and benefits, $20.0 million is recorded in other accrued liabilities and the remaining long-term portion is recorded in other liabilities in the accompanying consolidated balance sheets. All reserves are periodically reviewed for changes in facts and circumstances and adjustments are made as necessary.

Debt Issuance Costs

Debt issuance costs are amortized to interest expense using the effective interest method over the term of the related debt and are included in long-term debt, net, in the accompanying consolidated balance sheets. See further discussion in Note 11–Long-Term Debt.

Share Repurchase Programs and Treasury Stock

From time to time, the Company’s Board of Directors (the “Board”) may authorize share repurchases of common stock. Shares repurchased under Board authorizations are currently held in treasury for general corporate purposes. The Company accounts for treasury stock on the trade date under the cost method. Treasury stock at December 31, 2025 and 2024 is reflected within stockholders’ deficit. See further discussion of the Company’s share repurchase programs in Note 18–Stockholders’ Deficit.

Revenue Recognition

The Company records revenue in accordance with Accounting Standards Codification (“ASC”), Topic 606, Revenue from Contracts with Customers, which is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue is recorded net of sales-related taxes collected from guests and remitted or payable to government taxing authorities.

Admissions Revenue

Admissions revenue primarily consists of single-day tickets, annual or season passes or other multi-day or multi-park admission products. Admission products with similar characteristics are analyzed using a portfolio approach for each separate park as the Company expects that the effects on the consolidated financial statements of applying ASC 606 to the portfolio does not differ materially from applying the guidance to individual contracts within the portfolio. For single-day tickets, the Company recognizes revenue at a point in time, upon admission to the park. Annual passes, season passes, or other multi-day or multi-park passes allow guests access to specific parks over a specified time period. For these pass and multi-use products, revenue is deferred and recognized over the terms of the admission product based on estimated redemption rates for similar products and is adjusted periodically. The Company estimates redemption rates using historical and forecasted attendance trends by park for similar products. Attendance trends factor in seasonality and are adjusted based on actual trends periodically. These estimated redemption rates impact the timing of when revenue is recognized on these products. Actual results could materially differ from these estimates based on actual attendance patterns. Revenue is recognized on a pro-rata basis based on the estimated allocated selling price of the admission product. For pass products purchased on an installment plan that have met their initial commitment period and have transitioned to a month to month basis, monthly charges are recognized as revenue as payments are received each month. For certain multi-day admission products, revenue is allocated based on the number of visits included in the pass and recognized ratably based on each admission into the theme park.

The Company has entered into agreements with certain external theme park, zoo and other attraction operators to jointly market and sell single and multi-use admission products. These joint products allow admission to both a Company park(s) and an external park, zoo or other attraction. The agreements with the external partners specify the allocation of revenue to Company parks from any jointly sold products. Whether the Company or the external partner sells the product, the Company’s portion of revenue is deferred until the first time the product is redeemed at one of the Company’s parks and recognized over its related use in a manner consistent with the Company’s other admission products.

Additionally, the Company barters theme park admission products and sponsorship opportunities for advertising, employee recognition awards, and various other services. The fair value of the products or services is recognized into admissions revenue and related expenses at the time of the exchange and approximates the estimated fair value of the goods or services provided or received, whichever is more readily determinable. For the years ended December 31, 2025, 2024 and 2023, amounts included within admissions revenue with an offset to either selling, general and administrative expenses or operating expenses in the accompanying consolidated statements of operations related to bartered ticket transactions were $20.7 million, $20.9 million and $16.2 million, respectively.

Food, Merchandise and Other Revenue

Food, merchandise and other revenue primarily consists of food and beverage, retail, merchandise, parking, other in-park products and service fees, and other miscellaneous revenue, including online transaction fees and revenue from the Company’s international agreements, not necessarily generated in our parks, which is not significant in the periods presented. The Company recognizes revenue for food and beverage, merchandise and other in-park products when the related products or services are received by the guests. Certain admission products may also include bundled products at the time of purchase, such as food and beverage or merchandise items. The Company conducts an analysis of bundled products to identify separate distinct performance obligations that are material in the context of the contract. For those products that are determined to be distinct performance obligations and material in the context of the contract, the Company allocates a portion of the transaction price to each distinct performance obligation using each performance obligation’s standalone price. If the bundled product is related to a pass product and offered over time, revenue will be recognized over time accordingly.

See further discussion in Note 4–Revenues.

Advertising and Promotional Costs

Advertising production costs are deferred and expensed the first time the advertisement is shown. Other advertising and media costs are expensed as incurred and, for the years ended December 31, 2025, 2024 and 2023, totaled approximately $129.6 million, $121.8 million and $108.7 million, respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements of operations.

Equity-Based Compensation

The Company measures the cost of employee services rendered in exchange for equity-based compensation based upon the grant date fair market value. The cost is recognized over the requisite service period, which is generally the vesting period unless service or performance conditions require otherwise. The Company recognizes equity compensation expense for its performance-vesting restricted awards ratably over the related performance period if the performance condition is probable of being achieved. If the probability of vesting changes for performance-vesting restricted awards in a subsequent period, all equity compensation expense related to those awards that would have been recorded, if any, over the requisite service period had the new percentage been applied from inception, will be recorded as a cumulative catch-up or reduction at such subsequent date. The Company recognizes the impact of forfeitures as they occur. The Company grants time-vesting restricted shares and units, time-vesting deferred stock units, performance-vesting restricted shares and units, and stock options. The Company uses the closing stock price on the date of grant to value its time-vesting and performance-vesting restricted share awards. The Company uses the Black-Scholes Option Pricing Model to value stock options at the date of grant. See further discussion in Note 17–Equity-Based Compensation.

Leases

The Company leases land, warehouse and office space, and equipment, which are classified as either operating or finance leases. Lease liabilities and right of use assets are recognized at the lease commencement date on the basis of the present value of the future lease payments, with the right of use being adjusted by any prepaid or accrued rent, lease incentives, and initial direct costs. The lease term for each lease includes the noncancelable period plus any periods subject to an option for renewal when it is reasonably certain that the Company will exercise that option. The subsequent measurement of a lease is dependent on whether the lease is classified as an operating or finance lease. Operating leases have a straight-line expense pattern that is recognized as either operating expenses or selling, general, and administrative expenses in the consolidated statements of operations. Finance leases have a front-loaded expense recognition pattern that is comprised of amortization expense and interest expense that is included in depreciation and amortization and interest expense in the consolidated statements of operations. The Company initially evaluates the classification of its leases as of the lease commencement date and reevaluates the classification of its leases upon the occurrence of certain lease remeasurement events and when there is a lease modification that is not accounted for as a separate contract.

The present value of future lease payments is calculated using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate, which reflects the rate of interest it would pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. As most of the Company’s leases do not provide an implicit rate, the Company uses incremental borrowing rates based on the information available at the lease commencement date, liability remeasurement date, or lease modification date in determining the present value of the lease payments. In calculating the incremental borrowing rates, the Company considered recent ratings from credit agencies, recent trading prices on the Company’s debt, and current lease demographic information. The Company applies the incremental borrowing rates at a portfolio level based on lease terms.

In accordance with the short-term lease recognition exemption of ASC 842, the Company does not recognize on its balance sheet leases with an initial lease term of 12 months or less. Lease expense for these short-term leases is recognized on a straight-line basis over the lease term.

Some of the Company’s leases include one or more options to renew, with renewal terms that can extend the lease term from one to ten years or more. The exercise of lease renewal options is at the Company’s sole discretion and the inclusion of the renewal options in the lease term would only occur when the Company concludes it is reasonably certain of exercising the option(s). Certain leases also include options to purchase the leased property.

Certain of the Company’s lease agreements include rental payments based on a percentage of sales over contractual levels and others include rental payments adjusted periodically for inflation. These variable lease payments are typically recognized when the underlying event occurs and are included in operating expenses in the Company’s consolidated statements of operations in the same line item as the expense arising from fixed lease payments. Additionally, fixed non-lease costs, for example common-area maintenance costs, are included in the measure of the right-of-use asset and lease liability as the Company does not separate lease and non-lease components. The Company’s lease agreements do not contain any material residual value guarantees, material restrictive covenants or material variable lease costs other than those described in Note 13–Leases related to the Company’s land lease.

All long-lived assets, including right of use assets associated with leases, are reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. The measurement of an

impairment loss to be recognized is based upon the difference between the estimated fair value and the carrying amounts of the assets. Fair value is generally determined based upon a discounted cash flow analysis.

See further discussion in Note 13–Leases.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is established for deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Realization is dependent on generating sufficient future taxable income or the reversal of deferred tax liabilities during the periods in which those temporary differences become deductible. The Company evaluates its tax positions by determining if it is more likely than not a tax position is sustainable upon examination, based upon the technical merits of the position, before any of the benefit is recorded for financial statement purposes. The benefit is measured as the largest dollar amount of the position that is more likely than not to be sustained upon settlement. Previously recorded benefits that no longer meet the more likely than not threshold are charged to earnings in the period that the determination is made. Interest and penalties accrued related to unrecognized tax benefits are charged to the provision for (benefit from) income taxes in the accompanying consolidated statements of operations. See further discussion in Note 12–Income Taxes.

Contingencies

The Company accounts for contingencies in accordance with ASC 450, Contingencies. For loss contingencies, such as potential legal settlements, the Company records an estimated loss when payment is considered probable and the amount of loss is reasonably estimable. In assessing loss contingencies related to legal proceedings that are pending against the Company, the Company evaluates the perceived merits of the legal proceedings as well as the perceived merits of the amount of relief sought or expected to be sought therein. If a loss is considered probable but the best estimate of the loss can only be identified within a range and no specific amount within that range is more likely, then the minimum of the range is accrued. Legal and related professional services costs to defend litigation are expensed as incurred. Insurance recoveries related to potential claims are recognized up to the amount of the recorded liability when coverage is confirmed and the estimated recoveries are probable of payment. These recoveries are not netted against the related liabilities for financial statement presentation. Additionally, for any potential gain contingencies, the Company does not recognize the gain until the period that all contingencies have been resolved and the amounts are realizable. See further discussion in Note 14–Commitments and Contingencies.

Fair Value Measurements

Fair value is a market-based measurement, not an entity-specific measurement and is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. An entity is permitted to measure certain financial assets and financial liabilities at fair value with changes in fair value recognized in earnings each period. The Company has not elected to use the fair value option for any of its financial assets and financial liabilities that are not already recorded at fair value. Carrying values of financial instruments classified as current assets and current liabilities approximate fair value, due to their short-term nature.

Fair Value Hierarchy—As a basis for considering market participant assumptions in fair value measurements, fair value accounting standards establish a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity. Fair value is determined for assets and liabilities, based upon significant levels of observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These two types of inputs have created the following fair value hierarchy:

Level 1—Quoted prices for identical instruments in active markets.

Level 2—Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable and include situations where there is little, if any, market activity for the asset or liability.

Determination of Fair Value—If quoted market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market parameters, such as interest and currency rates. Assets or liabilities valued using such internally generated valuation techniques are classified according to the lowest level input

or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable. See further discussion in Note 15–Fair Value Measurements.
v3.25.4
Recent Accounting Pronouncements
 12 Months Ended
Dec. 31, 2025
Accounting Changes and Error Corrections [Abstract]  
Recent Accounting Pronouncements

3. RECENT ACCOUNTING PRONOUNCEMENTS

The Company reviews new accounting pronouncements as they are issued or proposed by the Financial Accounting Standards Board (“FASB”).

Recently Implemented Accounting Standards

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Improvements to Income Tax Disclosures that requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. During the year ended December 31, 2025, the Company adopted the ASU which did not have a material impact on the Company’s consolidated financial statements or disclosures. See updated disclosures in Note 12–Income Taxes.

Recently Issued Accounting Standards

In September 2025, the FASB issued ASU No. 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting for and disclosure of internal-use software costs. The guidance removes all references to the stages of software development projects, defines the threshold to begin capitalizing costs, and clarifies the disclosure requirements of capitalized software costs. This ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those fiscal years, and can be applied retrospectively, prospectively, or on a modified transition approach. Early adoption is permitted. The Company is currently evaluating the ASU to determine the impact on its consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses that requires disclosures about significant expense categories, including but not limited to, purchases of inventory, employee compensation, depreciation, amortization, and selling expenses, along with qualitative descriptions of certain other types of expenses. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the ASU to determine the impact on its consolidated financial statements and disclosures.
v3.25.4
Revenues
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenues

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.
v3.25.4
Earnings per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings per Share

5. EARNINGS PER SHARE

Earnings per share is computed as follows:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

Net
Income

 

 

Shares

 

 

Per
Share
Amount

 

 

Net
Income

 

 

Shares

 

 

Per
Share
Amount

 

 

Net
Income

 

 

Shares

 

 

Per
Share
Amount

 

 

 

(In thousands, except per share amounts)

 

Basic earnings per share

 

$

168,353

 

 

 

54,566

 

 

$

3.09

 

 

$

227,497

 

 

 

59,546

 

 

$

3.82

 

 

$

234,196

 

 

 

63,955

 

 

$

3.66

 

Effect of dilutive
   incentive-based awards

 

 

 

 

 

425

 

 

 

 

 

 

 

 

 

464

 

 

 

 

 

 

 

 

 

539

 

 

 

 

Diluted earnings per share

 

$

168,353

 

 

 

54,991

 

 

$

3.06

 

 

$

227,497

 

 

 

60,010

 

 

$

3.79

 

 

$

234,196

 

 

 

64,494

 

 

$

3.63

 

 

 

Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period (excluding treasury stock and unvested restricted stock awards). Unvested restricted stock awards are eligible to receive dividends, if any; however, dividend rights will be forfeited if the award does not vest. Accordingly, only vested shares of formerly restricted stock are included in the calculation of basic earnings per share. The weighted average number of repurchased shares during the period, if any, which are held as treasury stock, are excluded from shares of common stock outstanding.

Diluted earnings per share is determined using the treasury stock method based on the dilutive effect of certain unvested restricted stock awards and certain shares of common stock that are issuable upon exercise of stock options. During the years ended December 31, 2025, 2024 and 2023, there were approximately 782,000, 488,000, and 437,000 anti-dilutive shares of common stock excluded from the computation of diluted earnings per share, respectively.

The Company’s outstanding performance-vesting restricted stock awards are considered contingently issuable shares and are excluded from the calculation of diluted earnings per share until the performance measure criteria is met as of the end of the reporting period. For the years ended December 31, 2025 and 2024, approximately 11,000 and 10,000 performance-vesting restricted stock awards had met their performance criteria for their respective performance years as of the end of the reporting periods, respectively, and are therefore included in the calculation of diluted earnings per share. See further discussion in Note 17–Equity-Based Compensation.
v3.25.4
Inventories
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Inventories

6. INVENTORIES

Inventories as of December 31, 2025 and 2024 consisted of the following:

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Merchandise

 

$

43,275

 

 

$

39,089

 

Food and beverage

 

 

8,353

 

 

 

6,757

 

Total inventories

 

$

51,628

 

 

$

45,846

 
v3.25.4
Prepaid Expenses and Other Current Assets
 12 Months Ended
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaid Expenses and Other Current Assets

7. PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets as of December 31, 2025 and 2024 consisted of the following:

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Deferred or prepaid insurance

 

$

5,223

 

 

$

5,405

 

Prepaid marketing and advertising costs

 

 

1,991

 

 

 

489

 

Other

 

 

46,903

 

 

23,353

 

Total prepaid expenses and other current assets

 

$

54,117

 

 

$

29,247

 

As of December 31, 2025 and 2024, prepaid expenses and other current assets includes approximately $14.9 million and $9.9 million, respectively, in prepaid information technology related costs. As of December 31, 2025, prepaid expenses and other current assets also includes approximately $9.8 million related to a property tax refund receivable.
v3.25.4
Property and Equipment, Net
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net

8. PROPERTY AND EQUIPMENT, NET

The components of property and equipment, net as of December 31, 2025 and 2024, consisted of the following:

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Land

 

$

286,200

 

 

$

286,200

 

Land improvements

 

 

542,249

 

 

 

520,160

 

Buildings

 

 

977,355

 

 

 

937,392

 

Rides, attractions and equipment

 

 

2,103,369

 

 

 

1,987,881

 

Animals

 

 

136,481

 

 

 

140,151

 

Construction in progress

 

 

91,178

 

 

 

88,159

 

Less: accumulated depreciation

 

 

(2,219,562

)

 

 

(2,072,660

)

Total property and equipment, net

 

$

1,917,270

 

 

$

1,887,283

 

Depreciation expense was approximately $168.0 million, $158.2 million, and $151.7 million for the years ended December 31, 2025, 2024 and 2023, respectively.

For the years ended December 31, 2025, 2024 and 2023, the Company recorded approximately $11.0 million, $11.8 million and $19.4 million, respectively, in fixed asset write-offs, which is included in operating expenses in the accompanying consolidated statements of operations.

v3.25.4
Goodwill and Trade Names/Trademarks, Net
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Trade Names/Trademarks, Net

9. GOODWILL AND TRADE NAMES/TRADEMARKS, NET

Goodwill, Net

Goodwill, net, at December 31, 2025 and 2024 relates to the Company’s Discovery Cove reporting unit. The Company performed an annual qualitative assessment in the fourth quarter of 2025 and 2024 and concluded that further evaluation was unnecessary.

Trade Names/Trademarks, Net

During the fourth quarter of 2025 and 2024, the Company performed a qualitative assessment for its indefinite-lived intangible assets and concluded that further evaluation was unnecessary.

Trade names/trademarks, net, at December 31, 2025 and 2024, consisted of the following:

 

 

 

Weighted
Average
Amortization
Period

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Value

 

 

 

 

 

(In thousands)

 

Trade names/trademarks - indefinite lives

 

 

 

$

157,846

 

 

$

—

 

 

$

157,846

 

Trade names/trademarks - finite lives

 

9.3 years

 

 

12,900

 

 

 

12,900

 

 

 

—

 

Total trade names/trademarks, net

 

 

 

$

170,746

 

 

$

12,900

 

 

$

157,846

 
v3.25.4
Other Accrued Liabilities
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Other Accrued Liabilities

10. OTHER ACCRUED LIABILITIES

Other accrued liabilities as of December 31, 2025 and 2024, consisted of the following:

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Accrued interest

 

$

14,667

 

 

$

14,571

 

Accrued taxes

 

 

856

 

 

 

6,179

 

Self-insurance reserve

 

 

22,778

 

 

 

19,958

 

Other

 

 

3,482

 

 

 

13,785

 

Total other accrued liabilities

 

$

41,783

 

 

$

54,493

 

 

As of December 31, 2025 and 2024, accrued interest above primarily relates to interest associated with the Company’s senior notes issued in August 2021, for which interest is paid bi-annually in February and August. See further discussion in Note 11–Long-Term Debt.

As of December 31, 2024, other accrued liabilities above includes approximately $12.3 million related to certain contractual liabilities arising from the temporary COVID-19 park closures.
v3.25.4
Long-Term Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Long-Term Debt

11. LONG-TERM DEBT

Long-term debt, net, as of December 31, 2025 and 2024 consisted of the following:

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Term B-3 Loans (effective interest rate of 5.72% and 6.36% at December 31, 2025 and 2024, respectively)

 

$

1,523,019

 

 

$

1,538,442

 

Senior Notes due 2029 (interest rate of 5.25%)

 

 

725,000

 

 

 

725,000

 

Total long-term debt

 

 

2,248,019

 

 

 

2,263,442

 

Less: unamortized debt issuance costs and discounts

 

 

(14,888

)

 

 

(19,273

)

Less: current maturities

 

 

(15,423

)

 

 

(15,423

)

Total long-term debt, net

 

$

2,217,708

 

 

$

2,228,746

 

 

Refinancing Transactions

On August 25, 2021, SEA entered into a Restatement Agreement (the “Restatement Agreement”) pursuant to which SEA amended and restated its existing senior secured credit agreement dated as of December 1, 2009 (as amended, restated, supplemented or otherwise modified from time to time, and the senior secured credit facilities thereunder (the “Existing Secured Credit Facilities”), and, as amended and restated by the Restatement Agreement and certain amendments (the “Amended and Restated Credit Agreement”). On June 9, 2022, SEA entered into an incremental amendment to the Amended and Restated Credit Agreement to increase the revolving facility commitments under the Revolving Credit Facility by $5.0 million bringing the aggregate committed principal amount to $390.0 million as of such date.

On June 12, 2023, SEA further amended the Amended and Restated Credit Agreement to replace the LIBOR-based benchmark rates with Term SOFR-based benchmark rates plus credit spread adjustments of 0.11448%, 0.26161% and 0.42826% for interest periods of one, three and six months, respectively, due to reference rate reform. The Term SOFR-based benchmark rate became effective as of July 1, 2023. There were no changes to any material terms of the Amended and Restated Credit Agreement that were unrelated to the replacement of the LIBOR-based benchmark rates.

On January 22, 2024, SEA further amended the Amended and Restated Credit Agreement to incur an aggregate principal amount of approximately $1,173 million of Term B-2 Loans under the Amended and Restated Credit Agreement (the “Initial Term B-2 Loans”) to refinance the first lien term loan facility (the “Term Loan Facility” and the loans thereunder, the “Term B Loans”). Borrowings under the Initial Term B-2 Loans bore interest at a fluctuating rate per annum equal to, at SEA’s option, (i) ABR (as defined below provided that in no event would such ABR rate with respect to the Initial Term B-2 Loans be less than 1.50% per annum) plus an applicable margin equal to 1.50% or (ii) Term SOFR-based benchmark rate ("Term SOFR") (provided that in no event would such Term SOFR rate with respect to the Initial Term B-2 Loans be less than 0.50%) plus an applicable margin equal to 2.50%.

On May 2, 2024, SEA further amended the Amended and Restated Credit Agreement to incur an aggregate principal amount of $380.0 million of Incremental Term B-2 Loans under the Credit Agreement (the “Incremental Term B-2 Loans”) to finance the redemption of the First-Priority Senior Secured Notes (as defined below) and for general corporate purposes. Also on May 2, 2024, SEA completed the redemption for all of the $227.5 million aggregate principal amount of the First-Priority Senior Secured Notes.

On August 23, 2024, SEA further amended the Amended and Restated Credit Agreement to, among other things, increase the Revolving Credit Facility (as defined below) from $390.0 million to $700.0 million and extend the maturity thereof from August 25, 2026 to the earlier of (x) August 23, 2029 and (y) May 26, 2028, if at least $225,000,000 of term loans (or any debt refinancing, refunding or replacing any term loans that mature on or prior to November 22, 2029) are outstanding on the date that is 91 days prior to the term facility maturity date of August 25, 2028 (as such date may be extended consistent with the terms of the Amended and Restated Credit Agreement). Borrowings under the Revolving Credit Facility bore interest at a fluctuating rate per annum equal to, at SEA’s option, (i) ABR (provided that in no event would such ABR rate with respect to the Revolving Loans (as defined below) be less than 1.00% per annum) plus an applicable margin equal to 1.25% or (ii) Term SOFR (provided that in no event would such Term SOFR rate with respect to the Revolving Loans be less than 0.00%) plus an applicable margin equal to 2.25%.

On December 4, 2024, SEA further amended the Amended and Restated Credit Agreement to, among other things, provide for the incurrence of an aggregate principal amount of approximately $1,542.3 million of Term B-3 Loans under the Amended and Restated Credit Agreement (the “Term B-3 Loans”) to refinance the existing Term B-2 Loans under the Amended and Restated Credit Agreement. Borrowings under the Term B-3 Loans bear interest at a fluctuating rate per annum equal to, at SEA’s option, (i) ABR (provided that in no event shall such ABR rate with respect to the Term B-3 Loans be less than 1.50% per annum) plus an applicable margin equal to 1.00% or (ii) Term SOFR (provided that in no event shall such Term SOFR rate with respect to the Term B-3 Loans be less than 0.50%) plus an applicable margin equal to 2.00%. The Term B-3 Loans require scheduled amortization payments on the term loans in quarterly amounts equal to 0.25% of the aggregate original principal amount of the Term B-3 Loans, payable quarterly, with the balance to be paid at maturity on December 4, 2031. Borrowings under the Revolving Credit Facility bear interest at a fluctuating rate per annum equal to, at SEA’s option, (i) ABR (provided that in no event shall such ABR rate with respect to the revolving loans be less than 1.00% per annum) plus an applicable margin equal to 0.75% or (ii) Term SOFR (provided that in no event shall such Term SOFR rate with respect to the Revolving Loans be less than 0.00%) plus an applicable margin equal to 1.75%. The maturity dates of both the Revolving Loans and Term B-3 Loans were extended as noted below.

As of December 31, 2025, the Amended and Restated Credit Agreement provides for senior secured financing of up to $2,223.0 million, consisting of:

(i)
the “Term B-3 Loans”, in an aggregate principal amount of $1,523.0 million which are fully drawn. The Term B-3 Loans will mature on December 4, 2031; and
(ii)
a first lien revolving credit facility (the “Revolving Credit Facility” and the loans thereunder, the “Revolving Loans”) and, together with the Term Loan Facility, the “Senior Secured Credit Facilities”), in an aggregate committed principal amount of $700.0 million, including both a letter of credit sub-facility and a swingline loan sub-facility. The Revolving Credit Facility will mature on August 23, 2029. Subsequent to December 31, 2025, SEA borrowed $80.0 million on the Revolving Credit Facility for general working capital purposes.

Discounts and Debt Issuance Costs

In connection with the refinancing transactions noted above, SEA recorded debt issuance costs and discounts of $7.8 million, of which $1.9 million were paid directly to lenders, during the year ended December 31, 2024. Additionally, SEA wrote-off debt issuance costs and discounts of $3.9 million which is included in loss on early extinguishment of debt and write-off of debt issuance costs and discounts in the accompanying consolidated statement of income for the year ended December 31, 2024.

Senior Secured Credit Facilities

Borrowings under the Term B-3 Loans bear interest at a fluctuating rate per annum equal to, at SEA’s option, (i) a base rate equal to the higher of (a) the federal funds rate plus 1/2 of 1%, (b) the rate of interest quoted in the print edition of the Wall Street Journal Money Rates Section as the prime rate as in effect from time to time and (c) one-month Term SOFR plus 1% per annum ("ABR") (provided that in no event shall such ABR rate with respect to the Term B-3 Loans be less than 1.50% per annum), in each case, plus an applicable margin of 1.00% or (ii) an Term SOFR rate for the applicable interest period (provided that in no event shall such Term SOFR rate with respect to the Term B-3 Loans be less than 0.50% per annum) plus an applicable margin of 2.00%.

Borrowings under the Revolving Loans bear interest at a fluctuating rate per annum equal to, at SEA’s option, (i) ABR (provided that in no event shall such ABR rate with respect to the Revolving Loans be less than 1.00% per annum) plus an applicable margin equal to 0.75% or (ii) Term SOFR (provided that in no event shall such Term SOFR rate with respect to the Revolving Loans be less than 0.00%) plus an applicable margin of 1.75%.

In addition to paying interest on the outstanding principal under the Senior Secured Credit Facilities, SEA is required to pay a commitment fee equal to 0.20% per annum to the lenders under the Revolving Credit Facility in respect of the unutilized commitments thereunder. SEA will also be required to pay customary agency fees as well as letter of credit participation fees computed at a rate per annum equal to the applicable margin for Term SOFR rate borrowings on the dollar equivalent of the daily stated amount of outstanding letters of credit, plus such letter of credit issuer’s customary documentary and processing fees and charges and a fronting fee computed at a rate equal to 0.125% per annum on the daily stated amount of each letter of credit.

The Senior Secured Credit Facilities require scheduled amortization payments on the term loans in quarterly amounts equal to 0.25% of the original principal amount of the Term B-3 Loans, payable quarterly, with the balance to be paid at maturity.

In addition, the Senior Secured Credit Facilities require SEA to prepay outstanding term loan borrowings, subject to certain exceptions, with:

-
50% (which percentage will be reduced to 25% and 0% if the Company satisfies certain net first lien leverage ratios) of annual excess cash flow, as defined under the Senior Secured Credit Facilities;
-
100% (which percentage will be reduced to 50% and 0% if the Company satisfies certain net first lien leverage ratios) of the net cash proceeds of all non-ordinary course asset sales or other non-ordinary course dispositions of property, in each case subject to certain exceptions and reinvestment rights;
-
100% of the net cash proceeds of any issuance or incurrence of debt, other than proceeds from debt permitted under the Senior Secured Credit Facilities.

SEA may voluntarily repay outstanding loans under the Senior Secured Credit Facilities at any time, without prepayment premium or penalty, except in connection with a repricing event in respect to the term loans as described below, subject to customary “breakage” costs with respect to Term SOFR rate loans.

Any refinancing through the issuance of certain debt or any repricing amendment, in either case, that constitutes a “repricing event” applicable to the term loans resulting in a lower yield occurring at any time during the first six months after the closing date of the Term B-3 Loans will be accompanied by a 1.00% prepayment premium or fee, as applicable.

All borrowings under the Revolving Credit Facility are subject to the satisfaction of customary conditions, including the absence of a default or event of default and the accuracy of representations and warranties in all material respects.

All obligations under the Senior Secured Credit Facilities are unconditionally guaranteed by the Company on a limited-recourse basis and each of SEA’s existing and future direct and indirect wholly owned material domestic subsidiaries, subject to certain exceptions. The obligations are secured by a pledge of SEA’s capital stock directly held by the Company and substantially all of SEA’s assets and those of each guarantor (other than the Company), including a pledge of the capital stock of all entities directly held by SEA or the guarantors, in each case subject to exceptions. Such security interests consist of a first-priority lien with respect to the collateral.

As of December 31, 2025, SEA had approximately $10.9 million of outstanding letters of credit, leaving approximately $689.1 million available under the Revolving Credit Facility, which was not drawn upon as of December 31, 2025.

Senior Notes

On August 25, 2021, SEA completed a private offering of $725.0 million aggregate principal amount of 5.250% senior notes which mature on August 15, 2029 (the "Senior Notes"). Interest on the Senior Notes accrues at 5.250% per annum and is paid semi-annually, in arrears on February 15 and August 15 of each year.

On or after August 15, 2024, SEA may redeem the Senior Notes, in whole at any time or in part from time to time, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, if redeemed during the 12-month period commencing on August 15 of the years as follows: (i) in 2024 at 102.625%; (ii) in 2025 at 101.313%; and (iii) in 2026 and thereafter at 100%. Additionally, upon the occurrence of specified change of control events, each holder will have the right to require SEA to repurchase all or any part of such holder’s notes at a purchase price in cash equal to 101%.

SEA’s obligations under the Senior Notes and related indenture are guaranteed, jointly and severally, on a senior secured basis, by the Guarantors, as defined, in accordance with the provisions of the indenture.

First-Priority Senior Secured Notes

On April 30, 2020, SEA completed a private offering of $227.5 million aggregate principal amount of 8.750% first-priority senior secured notes (the “First-Priority Senior Secured Notes”). The First-Priority Senior Secured Notes were scheduled to mature on May 1, 2025 and had interest payment dates of May 1 and November 1. See additional discussion regarding the full redemption of the First-Priority Senior Secured Notes in the preceding Refinancing Transactions section.

Restrictive Covenants

The Amended and Restated Credit Agreement governing the Senior Secured Credit Facilities and the indentures governing the Senior Notes and First-Priority Senior Secured Notes (collectively, the “Debt Agreements”), contain covenants that limit the ability of the Company, SEA and its restricted subsidiaries to, among other things: (i) incur additional indebtedness or issue certain preferred shares; (ii) make dividend payments on or make other distributions in respect of their capital stock or make other restricted payments; (iii) make certain investments; (iv) sell certain assets; (v) create or permit to exist dividend and/or payment restrictions affecting their restricted subsidiaries; (vi) create liens on assets; (vii) consolidate, merge, sell or otherwise dispose of all or substantially all of their assets; and (viii) enter into certain transactions with their affiliates. These covenants are subject to a number of important limitations and exceptions and are based, in part on the Company’s ability to satisfy certain tests and engage in certain transactions based on Covenant Adjusted EBITDA. Covenant Adjusted EBITDA differs from Adjusted EBITDA due to certain adjustments permitted under the relevant agreements, including but not limited to estimated cost savings, recruiting and retention costs, public company compliance costs, litigation and arbitration costs and other costs and adjustments as permitted under the Debt Agreements.

The Debt Agreements contain certain customary events of default, including relating to a change of control. If an event of default occurs, the lenders under the Debt Agreements will be entitled to take various actions, including the acceleration of amounts due under the Debt Agreements and all actions permitted to be taken by a secured creditor in respect of the collateral securing the Debt Agreements.

The Revolving Credit Facility requires that the Company, subject to a testing threshold, comply on a quarterly basis with a maximum net first lien leverage ratio of 6.25 to 1.00. The testing threshold will be satisfied (and therefore the covenant must be complied with at the end of such quarter) if the aggregate amount of funded loans and issued letters of credit (excluding up to $30.0 million of undrawn letters of credit under the Revolving Credit Facility and letters of credit that are cash collateralized) under the Revolving Credit Facility on such date exceeds an amount equal to 35% of the then-outstanding commitments under the Revolving Credit Facility.

The Debt Agreements permit an unlimited capacity for restricted payments if the net total leverage ratio on a pro forma basis does not exceed 4.25 to 1.00 after giving effect to the payment of any such restricted payment. As of December 31, 2025, the net total leverage ratio as calculated under the Debt Agreements was 3.44 to 1.00.

Long-term debt at December 31, 2025 is repayable as follows and does not include the impact of any future voluntary prepayments:

Years Ending December 31,

 

(In thousands)

 

2026

 

$

15,423

 

2027

 

 

15,423

 

2028

 

 

15,423

 

2029

 

 

740,423

 

2030

 

 

15,423

 

Thereafter

 

 

1,445,904

 

Total

 

$

2,248,019

 

Cash paid for interest relating to the Senior Secured Credit Facilities, the Senior Notes, and the First-Priority Senior Secured Notes, net of amounts capitalized, as applicable, was $134.3 million, $155.8 million and $146.3 million during the years ended December 31, 2025, 2024 and 2023, respectively. See Note 10–Other Accrued Liabilities for accrued interest included in the accompanying consolidated balance sheets as of December 31, 2025 and 2024.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

12. INCOME TAXES

For the years ended December 31, 2025, 2024 and 2023, the provision for income taxes is comprised of the following:

 

 

2025

 

 

2024

 

 

2023

 

Current income tax provision

 

(In thousands)

 

Federal

 

$

(184

)

 

$

1,980

 

 

$

(84

)

State

 

 

9,314

 

 

 

11,355

 

 

 

6,359

 

Total current income tax provision

 

 

9,130

 

 

 

13,335

 

 

 

6,275

 

Deferred income tax provision:

 

 

 

 

 

 

 

 

 

Federal

 

 

42,966

 

 

 

47,814

 

 

 

55,686

 

State

 

 

6,088

 

 

 

2,880

 

 

 

16,950

 

Total deferred income tax provision

 

 

49,054

 

 

 

50,694

 

 

 

72,636

 

Total income tax provision

 

$

58,184

 

 

$

64,029

 

 

$

78,911

 

The deferred income tax provision represents the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

The reconciliation between the statutory income tax rate and the Company’s effective income tax provision rate for the years ended December 31, 2025, 2024 and 2023, is as follows:

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

Amount

 

 

%

 

 

Amount

 

 

%

 

 

Amount

 

 

%

 

 

 

 

(In thousands)

 

 

Income tax at federal statutory rates

 

$

47,573

 

 

 

21.00

 

%

$

61,220

 

 

 

21.00

 

%

$

65,753

 

 

 

21.00

 

%

State and local income taxes, net of federal income tax effect(a)

 

 

12,168

 

 

 

5.37

 

 

 

11,246

 

 

 

3.86

 

 

 

18,415

 

 

 

5.90

 

 

Tax Credits

 

 

(2,348

)

 

 

(1.04

)

 

 

(4,703

)

 

 

(1.61

)

 

 

(4,487

)

 

 

(1.43

)

 

Other nontaxable or nondeductible items

 

 

674

 

 

 

0.30

 

 

 

364

 

 

 

0.12

 

 

 

(752

)

 

 

(0.24

)

 

Deferred adjustment - fixed assets

 

 

—

 

 

 

—

 

 

 

(4,023

)

 

 

(1.38

)

 

 

—

 

 

 

—

 

 

Other adjustments

 

 

117

 

 

 

0.05

 

 

 

(75

)

 

 

(0.03

)

 

 

(18

)

 

 

(0.01

)

 

Income tax provision

 

$

58,184

 

 

 

25.68

 

%

$

64,029

 

 

 

21.96

 

%

$

78,911

 

 

 

25.22

 

%
(a)
State taxes in Florida and California make up the majority (greater than 50 percent) of the effect of this category as of December 31, 2025 and December 31, 2023. State taxes in Florida make up the majority (greater than 50 percent) of the effect of this category as of December 31, 2024.

The components of deferred income tax assets and liabilities as of December 31, 2025 and 2024 are as follows. Certain amounts relating to prior period results were reclassified to conform to current period presentation. These reclassifications have not changed the results of operations of the prior period.

 

 

 

2025

 

 

2024

 

Deferred income tax assets:

 

(In thousands)

 

Acquisition and debt related costs

 

$

1,725

 

 

$

1,464

 

Net operating losses

 

 

58,385

 

 

 

67,962

 

Goodwill impairment

 

 

53,862

 

 

 

53,844

 

Self-insurance

 

 

22,036

 

 

 

16,910

 

Deferred revenue

 

 

2,156

 

 

 

2,320

 

Restricted stock

 

 

7,452

 

 

 

5,632

 

Tax credits

 

 

15,139

 

 

 

14,197

 

Section 174 capitalization

 

 

797

 

 

 

6,689

 

Lease obligations

 

 

29,591

 

 

 

29,350

 

Interest limitation

 

 

23,832

 

 

 

27,445

 

Charitable contributions

 

 

26

 

 

 

5

 

Other

 

 

3,170

 

 

 

4,280

 

Total deferred income tax assets

 

 

218,171

 

 

 

230,098

 

Valuation allowance

 

 

(4,843

)

 

 

(5,027

)

Net deferred tax assets

 

 

213,328

 

 

 

225,071

 

Deferred income tax liabilities:

 

 

 

 

 

 

Property and equipment

 

 

(328,680

)

 

 

(291,241

)

Amortization - Goodwill

 

 

(68,293

)

 

 

(68,852

)

Amortization - Other intangibles

 

 

(42,981

)

 

 

(42,530

)

Right of use assets

 

 

(28,641

)

 

 

(28,540

)

Other

 

 

(747

)

 

 

(1,533

)

Total deferred income tax liabilities

 

 

(469,342

)

 

 

(432,696

)

Net deferred income tax liabilities

 

$

(256,014

)

 

$

(207,625

)

The Company files federal, state and provincial income tax returns in various jurisdictions with varying statute of limitation expiration dates. Under the tax statute of limitations applicable to the Internal Revenue Code of 1986, as amended (the “Code”), the Company is no longer subject to U.S. federal income tax examinations by the Internal Revenue Service for years before 2022. However, because the Company is carrying forward income tax attributes, such as net operating losses and tax credits from 2009 and subsequent years, these attributes can still be audited when utilized on returns filed in the future. The Company has determined that there are no positions currently taken that would rise to a level requiring an amount to be recorded or disclosed as an unrecognized tax benefit. If such positions do arise, it is the Company’s intent that any interest or penalty amount related to such positions will be recorded as a component of the income tax provision in the applicable period.

The Company has federal tax net operating loss carryforwards of approximately $191.2 million as of December 31, 2025 and state net operating loss carryforwards spread across various jurisdictions with a combined total of approximately $317.0 million as of December 31, 2025. The federal net operating loss carryforwards have an indefinite life, and the state net operating loss carryforwards, if not used to reduce taxable income in future periods, will begin to expire in 2029.

Realization of the deferred income tax assets, primarily arising from these net operating loss carryforwards and tax credit carryforwards, is dependent upon generating sufficient taxable income prior to expiration of the carryforwards, which may include the reversal of deferred tax liability components.

As of December 31, 2025 and 2024, the Company has a valuation allowance of approximately $4.8 million and $5.0 million, net of federal tax benefit, respectively, on the deferred tax assets related to state net operating loss carryforwards, which, the Company believed did not meet the “more likely than not” criteria and would expire before being realized in future periods. The Company’s valuation allowances, in part, rely on estimates and assumptions related to future financial performance. Due to the uncertain nature of the macroeconomic environment in general, and the related impact changes in it would have on the Company’s financial performance, the Company’s valuation allowances may need to be adjusted in the future.

As a result of the Inflation Reduction Act of 2022, as of December 31, 2025 and 2024, respectively, the Company accrued approximately $1.5 and $4.6 million for an expected excise tax related to shares repurchases made which is included in accounts payable and accrued expenses and treasury stock, at cost in the accompanying consolidated balance sheets. During the year ended December 31, 2025, the Company paid $4.6 million in excise tax related shares repurchases during the year ended December 31, 2024.

On July 4, 2025, the “One Big Beautiful Bill Act” (the “Act”) was enacted and signed into law. The Company evaluated the impact of the Act and any impact has been considered and reflected during the quarter ended December 31, 2025.

For the years ended December 31, 2025, 2024 and 2023, the components of cash paid for taxes, net were as follows:

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Federal

 

$

1,350

 

 

$

1,169

 

 

$

—

 

California

 

 

3,819

 

 

 

2,251

 

 

 

1,351

 

Florida

 

 

11,550

 

 

 

6,400

 

 

 

1,490

 

Pennsylvania

 

 

—

 

 

 

455

 

 

 

1,338

 

Texas

 

 

815

 

 

 

835

 

 

 

833

 

All other states

 

 

12

 

 

 

77

 

 

 

3

 

Total cash paid for taxes, net

 

 

17,546

 

 

 

11,187

 

 

 

5,015

 
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases

13. LEASES

The Company leases land, warehouse and office space, and equipment, which are classified as either operating or finance leases. The Company’s most significant lease is a long-term land lease with the City of San Diego covering approximately 190 acres, including approximately 17 acres of water in Mission Bay Park, California (the “Premises”). While there are no financial restrictions or covenants imposed by the Premises lease, there are certain operational restrictions in that the Premises must be used as a marine park facility, and the Company may not operate another marine park facility within 560 miles of the City of San Diego.

The lease term for the Premises ends in June 2048 and the annual rent under the lease is variable and calculated on the basis of a specified percentage of the Company’s gross income from the Premises (the “Percentage Rent”), or the minimum yearly rent (the “Minimum Rent”), whichever is greater. Portions of the Percentage Rent are subject to adjustment every 10 years.

The required annual rent payments for the Premises are adjusted every three years to an amount equal to 80% of the average accounting year rent actually paid for the three previous years, with the annual minimum rent calculated as approximately $10.4 million through each of the years ended December 31, 2025, 2024 and 2023. The current minimum yearly rent effective January 1, 2026 is approximately $10.7 million and is next subject to adjustment on January 1, 2029.

The annual rent payments may vary from the base rent due to a shift of seasonal performance results. Rent payments related to the Premises for the years ended December 31, 2025, 2024 and 2023 were approximately $13.3 million (including approximately $1.1 million remitted in 2025 related to 2024), $13.6 million (including approximately $1.2 million remitted in 2024 related to 2023) and $13.3 million (including approximately $1.2 million remitted in 2023 related to 2022), respectively. The Company’s gross income from the Premises was significantly impacted during the year ended December 31, 2020 due to the temporary park closures, limited reopenings, modified operations and capacity restrictions resulting from the impact of the COVID-19 pandemic and related government restrictions in San Diego. Due to these factors, the Company deferred a payment of $8.3 million related to the Minimum Rent for the year ended December 31, 2020 (the “2020 Minimum Rent Payment”). During the fourth quarter of 2024, the Company reached a settlement with the City of San Diego and agreed to pay $8.5 million related to the 2020 Minimum Rent Payment. The settlement amount was included in accounts payable and accrued expenses as of December 31, 2024 and was subsequently funded in the first quarter of 2025.

The tables below present the lease balances and their classification in the accompanying consolidated balance sheets as of December 31, 2025 and 2024:

 

 

 

December 31,

 

 

December 31,

 

 

 

Classification

2025

 

 

2024

 

Assets:

 

 

(In thousands)

 

Operating leases

 

Right of use assets - operating

$

125,410

 

 

$

129,875

 

Finance leases

 

Other assets, net

 

5,496

 

 

 

4,763

 

Total lease assets

 

 

$

130,906

 

 

$

134,638

 

Liabilities:

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

Operating leases

 

Operating lease liabilities

$

4,216

 

 

$

4,079

 

Finance leases

 

Other accrued liabilities

 

1,012

 

 

 

1,481

 

Noncurrent

 

 

 

 

 

 

 

Operating leases

 

Long-term operating lease liabilities

 

110,926

 

 

 

115,117

 

Finance leases

 

Other liabilities

 

4,581

 

 

 

3,332

 

Total lease liabilities

 

 

$

120,735

 

 

$

124,009

 

 

The table below presents the lease costs and their classification in the accompanying consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023:

 

 

 

 

 

 

 

 

 

 

 

 

 

Classification

2025

 

 

2024

 

 

2023

 

 

 

 

(In thousands)

 

Operating lease cost

 

Operating expenses

$

13,751

 

 

$

13,738

 

 

$

13,513

 

Operating lease cost

 

Selling, general and administrative expenses

 

172

 

 

 

87

 

 

 

82

 

Finance lease cost

 

 

 

 

 

 

 

 

 

 

Amortization of leased assets

 

Depreciation and amortization

 

1,530

 

 

 

1,326

 

 

 

764

 

Interest on lease liabilities

 

Interest expense

 

196

 

 

 

206

 

 

 

155

 

Net lease cost

 

 

$

15,649

 

 

$

15,357

 

 

$

14,514

 

In addition to the operating lease costs above, short-term rent expense for the years ended December 31, 2025, 2024 and 2023 were approximately $6.2 million, $7.0 million and $8.6 million, respectively, and variable rent expense for the years ended December 31, 2025, 2024 and 2023 were $6.1 million, $6.0 million and $6.2 million, respectively. The short-term and variable rent expense amounts are included primarily in operating expenses in the accompanying consolidated statements of operations.

The table below presents the Company’s lease maturities as of December 31, 2025:

 

 

Operating leases

 

 

 

 

Years Ending December 31,

 

Land lease

 

 

Other operating leases

 

 

Total operating leases

 

 

Finance leases

 

 

 

(In thousands)

 

2026

 

$

10,401

 

 

$

2,943

 

 

$

13,344

 

 

$

1,258

 

2027

 

 

10,401

 

 

 

1,509

 

 

 

11,910

 

 

 

1,211

 

2028

 

 

10,401

 

 

 

983

 

 

 

11,384

 

 

 

1,209

 

2029

 

 

10,401

 

 

 

939

 

 

 

11,340

 

 

 

1,084

 

2030

 

 

10,401

 

 

 

823

 

 

 

11,224

 

 

 

249

 

Thereafter

 

 

182,024

 

 

 

2,376

 

 

 

184,401

 

 

 

1,405

 

Total lease payments

 

 

234,029

 

 

 

9,573

 

 

 

243,603

 

 

 

6,416

 

Less: Imputed interest

 

 

(126,692

)

 

 

(1,767

)

 

 

(128,461

)

 

 

(823

)

Lease liabilities

 

$

107,337

 

 

$

7,806

 

 

$

115,142

 

 

$

5,593

 

 

The table below presents the weighted average remaining lease terms and applicable discount rates as of December 31, 2025 and 2024:

 

 

 

 

 

 

 

 

 

2025

 

 

2024

 

Weighted average remaining lease term (years):

 

 

 

 

 

 

Operating leases

 

 

21.37

 

 

 

21.99

 

Finance leases

 

 

6.97

 

 

 

7.65

 

Weighted average discount rate:

 

 

 

 

 

 

Operating leases

 

 

8.16

%

 

 

8.14

%

Finance leases

 

 

4.91

%

 

 

4.84

%

The table below presents the cash flows and supplemental information associated with the Company’s leasing activities for the years ended December 31, 2025, 2024 and 2023:

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

13,512

 

 

$

13,230

 

 

$

13,172

 

Operating cash flows from finance leases

 

$

196

 

 

$

206

 

 

$

155

 

Financing cash flows from finance leases

 

$

1,484

 

 

$

1,234

 

 

$

927

 

Right of use assets obtained in exchange for lease liabilities:

 

 

 

 

 

 

 

 

 

Finance leases

 

$

2,263

 

 

$

1,553

 

 

$

2,923

 

Operating leases

 

$

29

 

 

$

6,728

 

 

$

1,017

 
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

14. COMMITMENTS AND CONTINGENCIES

The Company has commenced construction of certain new theme park attractions and other projects under contracts with various third parties. As of December 31, 2025, excluding certain amounts related to the License Agreement with Sesame Workshop as described below, additional capital payments of approximately $180.7 million are necessary to complete these projects. The majority of these projects are expected to be completed in 2026 or 2027.

License Agreements

Pursuant to a license agreement (“License Agreement”) with Sesame Workshop, the Company pays a specified annual license fee, as well as a specified royalty based on revenues earned in connection with sales of licensed products, all food and beverage items utilizing the licensed elements and any events utilizing such elements if a separate fee is paid for such event. The Company’s principal commitments pursuant to the License Agreement include, among other items, the opening of a second standalone park (“Standalone Park”) (the Company opened the Standalone Park in San Diego on March 26, 2022) and minimum annual capital and marketing thresholds. The License Agreement has an initial term through December 31, 2031, with an automatic additional 15-year extension plus a five-year option added to the term of the License Agreement from December 31st of the year of each new Standalone Park opening. As of December 31, 2025, the Company estimates the combined remaining liabilities and obligations for the License Agreement commitments could be up to approximately $7.0 million over the remaining term of the agreement. See further discussion concerning royalty payments for the year 2021 in the Sesame Workshop Arbitration section which follows.

On September 9, 2025, the Company delivered a notice to Sesame asserting that Sesame breached the License Agreement by failing to maximize exposure of the Sesame brand, justifying termination of the License Agreement. On November 25, 2025, Sesame delivered a notice to the Company alleging that the Company owes Sesame additional royalties and fees in amounts that the company does not believe to be material. On January 13, 2026, the Company initiated mediation pursuant to the License Agreement which is scheduled to occur on March 12, 2026.

ABI has granted the Company a perpetual, exclusive, worldwide, royalty-free license to use the Busch Gardens trademark and certain related domain names in connection with the operation, marketing, promotion and advertising of certain of the Company’s theme parks, as well as in connection with the production, use, distribution and sale of merchandise sold in connection with such theme parks. Under the license, the Company is required to indemnify ABI against losses related to the use of the marks.

Legal Proceedings

Sesame Workshop Arbitration

On February 4, 2022, Sesame Workshop delivered notice asserting that the Company failed to pay an additional royalty payment for 2021 under the License Agreement. The Company had previously accrued for the additional amount claimed in other accrued liabilities during the year ended December 31, 2022. On June 27, 2022, pursuant to the License Agreement, Sesame Workshop initiated arbitration seeking a finding that its calculation of the amount of the 2021 royalty payment was correct. Sesame Workshop did not seek any modification or termination of the License Agreement in the arbitration. The arbitration panel made an award on May 22, 2023 to Sesame Workshop for royalties, interest on the award, arbitration fees and expenses, which amounts are accrued for in other accrued liabilities in the accompanying consolidated balance sheets as of December 31, 2024 and 2023. On August 7, 2023, Sesame Workshop filed a Petition to Confirm Arbitration Award in the United States District Court for the Middle District of Florida, and in response, the Company filed a Cross Motion to Vacate. On August 27, 2024, the Court confirmed the arbitration award and entered final judgment on such award on September 30, 2024. The full arbitration award of approximately $12.6 million was paid in the fourth quarter of 2025. At this time, the Company does not anticipate any exposure to loss in excess of amounts paid to be material.

Other Matters

The Company is a party to various other claims and legal proceedings arising in the normal course of business. In addition, from time to time the Company is subject to audits, inspections and investigations by, or receives requests for information from, various federal and state regulatory agencies, including, but not limited to, the U.S. Department of Agriculture’s Animal and Plant Health Inspection Service (“APHIS”), the U.S. Department of Labor’s Occupational Safety and Health Administration (“OSHA”), the California Occupational Safety and Health Administration (“Cal-OSHA”), the Florida Fish & Wildlife Commission (“FWC”), the Equal Employment Opportunity Commission (“EEOC”), the Internal Revenue Service (“IRS”) the U.S. Department of Justice (“DOJ”) and the Securities and Exchange Commission (“SEC”).

Other than those matters discussed above, from time to time, various parties also bring other lawsuits against the Company. Matters where an unfavorable outcome to the Company is probable and which can be reasonably estimated are accrued. Such accruals, which are not material for any period presented, are based on information known about the matters, the Company’s estimate of the outcomes of such matters, and the Company’s experience in contesting, litigating and settling similar matters. Matters that are considered reasonably possible to result in a material loss are not accrued for, but an estimate of the possible loss or range of loss is disclosed, if

such amount or range can be determined. At this time, management does not expect any such known claims, legal proceedings or regulatory matters to have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

15. FAIR VALUE MEASUREMENTS

Of the Company’s long-term obligations as of December 31, 2025 and 2024, the Term B-3 Loans are classified in Level 2 of the fair value hierarchy and the Senior Notes are classified in Level 1 of the fair value hierarchy. The fair value of the Term B-3 Loans approximates their carrying value, excluding unamortized debt issuance costs and discounts, due to the variable nature of the underlying interest rates and the frequent intervals at which such interest rates are reset. The fair value of the Senior Notes was determined using quoted prices in active markets for identical instruments. See Note 11–Long-Term Debt for further details.

The Company did not have any assets measured on a recurring basis at fair value as of December 31, 2025 and 2024. The Company maintains its long-term liabilities at carrying value, net of unamortized debt issuance costs and discounts, in the consolidated balance sheet.

The following table presents the Company’s estimated fair value measurements and related classifications for liabilities measured on a recurring basis as of December 31, 2025:

 

Quoted Prices in

 

 

 

 

 

 

 

 

 

 

 

Active Markets

 

 

Significant

 

 

 

 

 

 

 

 

for Identical

 

 

Other

 

 

Significant

 

 

 

 

 

Assets and

 

 

Observable

 

 

Unobservable

 

 

Balance at

 

 

Liabilities

 

 

Inputs

 

 

Inputs

 

 

December 31,

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

2025

 

Liabilities:

(In thousands)

 

Long-term obligations (a)

$

701,438

 

 

$

1,523,019

 

 

$

—

 

 

$

2,224,457

 

(a)
Reflected at carrying value, net of unamortized debt issuance costs and discounts, in the consolidated balance sheet as current maturities of long-term debt of $15.4 million and long-term debt, net of $2.218 billion as of December 31, 2025.

The following table presents the Company’s estimated fair value measurements and related classifications for liabilities measured on a recurring basis as of December 31, 2024:

 

Quoted Prices in

 

 

 

 

 

 

 

 

 

 

 

Active Markets

 

 

Significant

 

 

 

 

 

 

 

 

for Identical

 

 

Other

 

 

Significant

 

 

 

 

 

Assets and

 

 

Observable

 

 

Unobservable

 

 

Balance at

 

 

Liabilities

 

 

Inputs

 

 

Inputs

 

 

December 31,

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

2024

 

Liabilities:

(In thousands)

 

Long-term obligations (a)

$

690,113

 

 

$

1,538,442

 

 

$

—

 

 

$

2,228,555

 

 

(a)
Reflected at carrying value, net of unamortized debt issuance costs and discounts, in the consolidated balance sheet as current maturities of long-term debt of $15.4 million and long-term debt, net of $2.229 billion as of December 31, 2024.
v3.25.4
Retirement Plan
 12 Months Ended
Dec. 31, 2025
Postemployment Benefits [Abstract]  
Retirement Plan

16. RETIREMENT PLAN

The Company sponsors a defined contribution plan, under Section 401(k) of the Internal Revenue Code. The Company makes matching cash contributions, subject to certain restrictions, structured as a 50% match on the first 4% of eligible pay contributed by the employee. The contribution is made on an annual basis prior to March 31 of the following plan year for eligible employees.

Employer matching contributions, net of forfeitures applied, for the years ended December 31, 2025, 2024 and 2023, totaled $1.8 million, $3.0 million and $2.4 million, respectively, and is included in selling, general and administrative expenses and in operating expenses in the accompanying consolidated statements of operations.
v3.25.4
Equity-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Equity-Based Compensation

17. EQUITY-BASED COMPENSATION

Equity compensation expense is included in operating expenses and in selling, general and administrative expenses in the accompanying consolidated statements of operations as follows:

 

 

For the Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Equity compensation expense included in operating expenses

 

$

2,452

 

 

$

1,387

 

 

$

1,947

 

Equity compensation expense included in selling, general and administrative expenses

 

 

14,781

 

 

 

12,286

 

 

 

15,085

 

Total equity compensation expense

 

$

17,233

 

 

$

13,673

 

 

$

17,032

 

Total unrecognized equity compensation expense for all equity compensation awards probable of vesting as of December 31, 2025 was approximately $41.8 million, which is expected to be recognized over a weighted-average period of 2.0 years.

The total fair value of shares which vested during the years ended December 31, 2025, 2024 and 2023 was approximately $11.7 million, $21.5 million and $14.1 million, respectively. The weighted average grant date fair value per share of time-vesting and performance-vesting restricted awards granted during the years ended December 31, 2025, 2024 and 2023 were $36.61, $53.59 and $56.36 per share, respectively.

The activity related to the Company’s time-vesting and performance-vesting restricted awards during the year ended December 31, 2025 was as follows:

 

 

 

 

 

 

 

 

Performance-Vesting Restricted Awards

 

 

 

Time-Vesting
Restricted Awards

 

 

Bonus Performance
Restricted Awards

 

 

Long-Term
Incentive
Performance
Restricted Awards

 

 

 

Shares/Units

 

 

Weighted
Average
Grant Date
Fair Value
per Award

 

 

Shares/Units

 

 

Weighted
Average
Grant Date
Fair Value
per Award

 

 

Shares/Units

 

 

Weighted
Average
Grant Date
Fair Value
per Award

 

Outstanding at December 31, 2024

 

 

747,495

 

 

$

50.54

 

 

 

120,847

 

 

$

50.92

 

 

 

540,478

 

 

$

56.68

 

Granted

 

 

874,817

 

 

$

37.92

 

 

 

88,775

 

 

$

34.33

 

 

 

444,524

 

 

$

34.50

 

Vested

 

 

(240,914

)

 

$

50.19

 

 

 

(14,945

)

 

$

51.21

 

 

 

(792

)

 

$

56.78

 

Forfeited

 

 

(134,973

)

 

$

51.00

 

 

 

(106,150

)

 

$

50.83

 

 

 

(222,203

)

 

$

58.95

 

Outstanding at December 31, 2025

 

 

1,246,425

 

 

$

41.70

 

 

 

88,527

 

 

$

34.34

 

 

 

762,007

 

 

$

43.08

 

The total intrinsic value of stock options exercised during the years ended December 31, 2025, 2024 and 2023 was approximately $1.5 million, $1.3 million and $3.1 million, respectively. The activity related to the Company’s stock option awards during the year ended December 31, 2025 was as follows:

 

 

 

Options

 

 

Weighted
Average
Exercise Price

 

 

Weighted
Average
Remaining
Contractual
Life (in years)

 

 

Aggregate
Intrinsic Value
(in thousands)

 

Outstanding at December 31, 2024

 

 

548,135

 

 

$

50.33

 

 

 

 

 

 

 

Granted

 

 

278,484

 

 

$

38.40

 

 

 

 

 

 

 

Forfeited

 

 

(123,040

)

 

$

53.35

 

 

 

 

 

 

 

Expired

 

 

(22,590

)

 

$

45.73

 

 

 

 

 

 

 

Exercised

 

 

(50,888

)

 

$

22.25

 

 

 

 

 

 

 

Outstanding at December 31, 2025

 

 

630,101

 

 

$

46.90

 

 

 

7.97

 

 

$

835

 

Exercisable at December 31, 2025

 

 

253,050

 

 

$

51.89

 

 

 

6.00

 

 

$

502

 

 

The weighted average grant date fair value of stock options granted during the year ended December 31, 2025 was $22.63. Key weighted-average assumptions utilized in the Black-Scholes Option Pricing Model for stock options granted during the year ended December 31, 2025 were:

Risk-free interest rate

3.86

%

Expected volatility

58.89

%

Expected dividend yield

0.00

%

Expected life (years) (a)

6.17

(a)
The expected life was estimated using the simplified method, as the Company does not have sufficient historical exercise data due to the limited period of time its common stock has been publicly traded.

Omnibus Incentive Plan

Prior to June 13, 2025, the Company had reserved 7,079,237 shares of common stock for issuance under the Company’s 2017 Omnibus Incentive Plan (the “2017 Omnibus Incentive Plan”). On June 13, 2025 (the “Approval Date”), the stockholders of the Company approved the 2025 Omnibus Incentive Plan (the “2025 Omnibus Incentive Plan”). The number of shares of common stock for which awards may be granted under the 2025 Omnibus Incentive Plan is 6,320,680 shares of common stock, which were previously available for issuance under the 2017 Omnibus Incentive Plan and, pursuant to the terms of the 2025 Omnibus Incentive Plan, have become available for issuance under the 2025 Omnibus Incentive Plan, plus the number of shares of common stock underlying any award granted under the 2017 Omnibus Incentive Plan that expires, terminates or is canceled or forfeited for any reason whatsoever under the terms of the 2017 Omnibus Incentive Plan. No new awards may be granted under the 2017 Omnibus Incentive Plan (although awards made under the 2017 Omnibus Incentive Plan prior to the Approval Date will remain outstanding in accordance with their terms).

As of December 31, 2025, approximately 5,189,000 shares were available for future issuance under the 2025 Omnibus Incentive Plan.

Bonus Performance Restricted Units

During the year ended December 31, 2025, the Company granted approximately 89,000 performance-vesting restricted units (the “Bonus Performance Restricted Units”) in accordance with a supplemental bonus plan for 2025 (the “2025 Supplemental Bonus Plan”). The 2025 Supplemental Bonus Plan provides for bonus awards payable 50% in cash and 50% in performance-vesting restricted units (the “Bonus Performance Restricted Units”) and is based upon the Company’s achievement of specified performance goals as defined by the 2025 Supplemental Bonus Plan, with respect to the year ended December 31, 2025 (the “Fiscal 2025”). The total number of units eligible to vest into shares of stock is based on the level of achievement of the targets for Fiscal 2025 which ranges from 0% (if below threshold performance), to 100% (if at target performance) with opportunities to earn above 100% when achievement is above the target performance for certain metrics.

Equity compensation expense is recorded on shares probable of vesting. Based on the Company’s actual Fiscal 2025 results with respect to specific performance goals, a portion of the outstanding performance-vesting restricted awards related to the Fiscal 2025 performance goals were considered probable of vesting as of December 31, 2025; therefore, equity compensation expense has been recorded related to these awards. These awards are expected to vest in accordance with their terms, at which time any unearned units will forfeit.

The Company had an annual bonus plan for the fiscal year ended December 31, 2024 (“Fiscal 2024”), under which certain employees were eligible to vest in Bonus Performance Restricted Units based upon the Company’s achievement of certain performance goals with respect to Fiscal 2024. Based on the Company’s actual Fiscal 2024 results, a portion of these Bonus Performance Restricted Units vested and were converted into approximately 15,000 shares in the year ended December 31, 2025 and the remaining unvested units forfeited in accordance with their terms.

2025 Long-Term Incentive Awards

During the year ended December 31, 2025, the Company granted long-term incentive plan awards for 2025 (the “2025 Long-Term Incentive Grant”) which were comprised of approximately 94,000 nonqualified stock options (the “Long-Term Incentive Options”) and approximately 331,000 performance-vesting restricted units (the “Long-Term Incentive Performance Restricted Units”) (collectively, the “Long-Term Incentive Awards”).

Long-Term Incentive Options

The Long-Term Incentive Options vest over three years, with one-third vesting on each anniversary of the date of grant, subject to continued employment through the applicable vesting date. Equity compensation expense for these options is recognized for each tranche over the vesting period using the straight-line method. Upon stock option exercises, authorized but unissued shares will be issued by the Company.

Long-Term Incentive Performance Restricted Units

The Long-Term Incentive Performance Restricted Units are eligible to vest during the three-year performance period beginning on January 1, 2025 and ending on December 31, 2027 (or, extended through December 31, 2028, as applicable) (the “Performance Period”) based upon the Company’s achievement of specified performance goals during the Performance Period. The total number of Long-Term Incentive Performance Restricted Units eligible to vest will be based on the level of achievement of the performance goals and ranges from 0% (if below threshold performance) up to 150% (for maximum performance). Upon achievement of at least the threshold performance goals, 50% of the award for a given level of performance will vest, with the remaining 50% subject to a one-year performance test period. Performance for the test period must meet or exceed the prior year’s performance before up to the remaining 50% of the units can be earned.

The Company recognizes equity compensation expense for its performance-vesting restricted awards ratably over the related performance period, if the performance condition is probable of being achieved. If the probability of vesting changes for performance-vesting restricted awards in a subsequent period, all equity compensation expense related to those awards that would have been recorded, if any, over the requisite service period had the new percentage been applied from inception, will be recorded as a cumulative catch-up or reduction at such subsequent date.

Other Long-Term Incentive Awards

During the year ended December 31, 2025, the Company also granted time-vesting restricted units and options to certain employees which generally vest over four years, with one-quarter vesting on each of the first four anniversaries of the grant date.

Previous Long-Term Incentive Awards

The Company also has outstanding time-vesting restricted awards (the “Long-Term Incentive Time Restricted Awards”), performance-vesting restricted awards (the “Long-Term Incentive Performance Restricted Awards”) and nonqualified stock options granted under previous long-term incentive plan grants.

Other

During the years ended December 31, 2025, 2024 and 2023, the Company granted equity awards to its non-employee members of its Board which will vest on the day before the Company’s next annual meeting. Each eligible Board member elected the form of their equity award as either deferred stock units (“DSUs”) or restricted stock units (“RSUs”). Each DSU granted represents the right to receive one share of the Company’s common stock three months after the respective director leaves the Board. Upon vesting, each RSU will be converted into one share of the Company’s common stock.

Additionally, during the years ended December 31, 2025, 2024 and 2023, the Company granted equity awards in the form of RSUs or DSUs which vested immediately to each eligible Board member in lieu of quarterly cash payments related to the director’s annual retainers.
v3.25.4
Stockholders' Deficit
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholders' Deficit

18. STOCKHOLDERS’ DEFICIT

As of December 31, 2025, 97,330,004 shares of common stock were issued in the accompanying consolidated balance sheet, which includes 46,236,087 shares of treasury stock held by the Company (see Share Repurchase Programs discussion which follows), but excludes 2,096,959 unvested restricted stock awards held by certain participants in the Company’s equity compensation plans (see Note 17–Equity-Based Compensation).

Share Repurchase Programs

In August 2022, the Board of Directors approved a $250.0 million share repurchase program (the “2022 Share Repurchase Program”) of which approximately $38.5 million remained available as of December 31, 2023. During the year ended December 31, 2024, the Company repurchased 375,000 shares for an aggregate total of approximately $20.2 million, leaving approximately $18.3 million remaining under the 2022 Share Repurchase Program as of December 31, 2025.

In March 2024, the Company announced that its Stockholders and Board of Directors approved a new $500.0 million share repurchase program (the "2024 Share Repurchase Program"). During the year ended December 31, 2024, the Company repurchased 8,990,000 shares for an aggregate total of approximately $462.8 million. During the year ended December 31, 2025, the Company repurchased 100,000 shares for an aggregate total of approximately $4.6 million, leaving approximately $32.6 million remaining under the 2024 Share Repurchase Program as of December 31, 2025.

In September 2025, the Company's Stockholders and Board of Directors approved a new $500.0 million share repurchase program (the "2025 Share Repurchase Program"). During the year ended December 31, 2025, the Company repurchased 4,080,798 shares for

an aggregate total of approximately $152.4 million, leaving approximately $347.6 million remaining under the 2025 Share Repurchase Program as of December 31, 2025.

Collectively, under the 2024 Share Repurchase Program and 2025 Share Repurchase Program, the Company repurchased 4,180,798 shares for an aggregate total of approximately $157.0 million during the year ended December 31, 2025.

As a result of the Inflation Reduction Act of 2022, as of December 31, 2025 and 2024, respectively, the Company accrued approximately $1.5 and $4.6 million for an expected excise tax related to shares repurchases made which is included in accounts payable and accrued expenses and treasury stock, at cost in the accompanying consolidated balance sheets. During the year ended December 31, 2025, the Company paid $4.6 million in excise tax related shares repurchases during the year ended December 31, 2024.

Under the 2022 Share Repurchase Program, 2024 Share Repurchase Program and 2025 Share Repurchase Program, the Company is authorized to repurchase shares through open market purchases, privately-negotiated transactions or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act. The 2022 Share Repurchase Program, 2024 Share Repurchase Program and 2025 Share Repurchase Program have no time limits and could be suspended or discontinued completely at any time. The number of shares to be purchased and the timing of purchases will be based on the Company’s trading windows and available liquidity, general business and market conditions, and other factors, including legal requirements, share ownership thresholds, debt covenant restrictions, future tax implications and alternative investment opportunities.

All shares repurchased pursuant to the repurchase programs disclosed above, other repurchase transactions, and shares repurchased directly from selling stockholders concurrently with previous secondary offerings, are recorded as treasury stock at a total cost of $1,988.5 million and $1,830.1 million as of December 31, 2025 and 2024, respectively, and are reflected within stockholders’ deficit in the accompanying consolidated statements of changes in stockholders’ deficit.
v3.25.4
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting

19. SEGMENT REPORTING

The Company maintains discrete financial information for each of its theme parks, which is used by the Chief Operating Decision Maker (“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:

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Net revenues:

 

 

 

 

 

 

 

 

 

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:

 

 

 

 

 

 

 

 

 

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

 
(a)
Other expenses represent costs not allocated to the operating segments including (i) general and administrative expenses, (ii) equity-based compensation expense, (iii) certain non-cash charges/credits including those related to asset disposals and self-insurance reserve adjustments, (iv) certain business optimization, development and strategic initiative costs, (v) merger, acquisition, integration and certain investment costs, and (vi) other nonrecurring costs including incremental costs associated with the COVID-19 pandemic or similar unusual events.
v3.25.4
Schedule I-Registrant's Condensed Financial Statements
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
Schedule I-Registrant's Condensed Financial Statements

Schedule I-Registrant’s Condensed Financial Statements

UNITED PARKS & RESORTS INC.

 

PARENT COMPANY ONLY

 

CONDENSED BALANCE SHEETS

 

(In thousands, except share and per share amounts)

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Assets

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash

 

$

5

 

 

$

161

 

Accounts receivable from subsidiary

 

 

1,174

 

 

 

—

 

Total current assets

 

 

1,179

 

 

 

161

 

Total assets

 

$

1,179

 

 

$

161

 

Liabilities and Stockholders’ Deficit

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Loss in excess of investment in wholly-owned subsidiary

 

$

434,351

 

 

$

456,932

 

Other accrued liabilities

 

 

2,634

 

 

 

4,769

 

Total current liabilities

 

 

436,985

 

 

 

461,701

 

Total liabilities

 

 

436,985

 

 

 

461,701

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ Deficit:

 

 

 

 

 

 

Preferred stock, $0.01 par value—authorized, 100,000,000 shares, no shares
   issued or outstanding at December 31, 2025 and 2024

 

 

—

 

 

 

—

 

Common stock, $0.01 par value—authorized, 1,000,000,000 shares; 97,330,004
   and 97,080,628 shares issued at December 31, 2025 and 2024, respectively

 

 

973

 

 

 

971

 

Additional paid-in capital

 

 

745,789

 

 

 

729,965

 

Retained earnings

 

 

805,949

 

 

 

637,596

 

Treasury stock, at cost (46,236,087 and 42,055,289 shares at December 31, 2025 and 2024, respectively)

 

 

(1,988,517

)

 

 

(1,830,072

)

Total stockholders’ deficit

 

 

(435,806

)

 

 

(461,540

)

Total Liabilities and Stockholders’ Deficit

 

$

1,179

 

 

$

161

 

UNITED PARKS & RESORTS INC.

 

PARENT COMPANY ONLY

 

CONDENSED STATEMENTS OF OPERATIONS

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Equity in net income of subsidiary

 

$

168,353

 

 

$

227,497

 

 

$

234,196

 

Net income

 

$

168,353

 

 

$

227,497

 

 

$

234,196

 

UNITED PARKS & RESORTS INC.

 

PARENT COMPANY ONLY

 

CONDENSED STATEMENTS OF CASH FLOWS

 

(In thousands)

 

 

 

For the Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Cash Flows From Operating Activities:

 

 

 

 

 

 

 

 

 

Net income

 

$

168,353

 

 

$

227,497

 

 

$

234,196

 

Adjustments to reconcile net income to net cash provided by (used
   in) operating activities:

 

 

 

 

 

 

 

 

 

Change in accounts receivable from subsidiary

 

 

(1,174

)

 

 

—

 

 

 

—

 

Change in other accrued liabilities

 

 

1,174

 

 

 

—

 

 

 

—

 

Equity in net income of subsidiary

 

 

(168,353

)

 

 

(227,497

)

 

 

(234,196

)

Net cash provided by (used in) operating activities

 

 

—

 

 

 

—

 

 

 

—

 

Cash Flows From Investing Activities:

 

 

 

 

 

 

 

 

 

Capital contributed to subsidiary from exercises of stock options

 

 

(1,289

)

 

 

(1,691

)

 

 

(2,884

)

Net cash used in investing activities

 

 

(1,289

)

 

 

(1,691

)

 

 

(2,884

)

Cash Flows From Financing Activities:

 

 

 

 

 

 

 

 

 

Dividend received from subsidiary - return of capital, APIC

 

 

160,413

 

 

 

482,922

 

 

 

—

 

Purchase of treasury stock

 

 

(160,413

)

 

 

(482,922

)

 

 

—

 

Exercise of stock options

 

 

1,133

 

 

 

1,792

 

 

 

2,940

 

Net cash provided by financing activities

 

 

1,133

 

 

 

1,792

 

 

 

2,940

 

Change in Cash and Cash Equivalents

 

 

(156

)

 

 

101

 

 

 

56

 

Cash and Cash Equivalents - Beginning of year

 

 

161

 

 

 

60

 

 

 

4

 

Cash and Cash Equivalents - End of year

 

$

5

 

 

$

161

 

 

$

60

 

 

 

 

 

 

 

 

 

 

 

Supplemental Disclosures of Noncash Financing Activities

 

 

 

 

 

 

 

 

 

Dividends from subsidiary- return of capital, for purchase of treasury stock

 

$

—

 

 

$

—

 

 

$

17,861

 

Excise tax accrued on treasury stock repurchases

 

$

1,455

 

 

 

4,608

 

 

$

—

 

Treasury stock purchases not yet settled in other accrued liabilities

 

$

1,174

 

 

$

—

 

 

$

—

 

1. DESCRIPTION OF UNITED PARKS & RESORTS INC.

United Parks & Resorts Inc. (the “Parent”), previously SeaWorld Entertainment, Inc., was incorporated in Delaware on October 2, 2009. See further discussion in Note 1–Description of the Business in the accompanying consolidated financial statements.

The Parent has no operations or significant assets or liabilities other than its investment in SeaWorld Parks & Entertainment, Inc. (“SEA”), which owns and operates twelve theme parks within the United States. Accordingly, the Parent is dependent upon distributions from SEA to fund its obligations. However, under the terms of SEA’s various debt agreements, SEA’s ability to pay dividends or lend to the Parent is restricted, except that SEA may pay specified amounts to the Parent to fund the payment of the Parent’s tax obligations.

2. BASIS OF PRESENTATION

The accompanying condensed financial statements (the “parent company only financial statements”) include the accounts of the Parent and its investment in SEA accounted for in accordance with the equity method and do not present the financial statements of the Parent and its subsidiary on a consolidated basis. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted since this information is included with the United Parks & Resorts Inc. consolidated financial statements included elsewhere in this Annual Report on Form 10-K (the “consolidated financial statements”). These parent company only financial statements should be read in conjunction with the consolidated financial statements.

3. GUARANTEES

SEA is the borrower under the senior secured credit facilities, (the “Senior Secured Credit Facilities”) under a credit agreement dated as of December 1, 2009 which was amended and restated on August 25, 2021, and further amended on June 12, 2023, January 22, 2024, May 2, 2024, August 23, 2024 and December 4, 2024 (the “Amended and Restated Credit Agreement”). On August 25, 2021, SEA completed a private offering of $725.0 million aggregate principal amount of 5.250% senior notes due 2029 (the “Senior Notes”). On April 30, 2020, SEA closed on a private offering of $227.5 million aggregate principal amount of 8.750% first-priority senior secured notes due 2025 (the “First-Priority Senior Secured Notes”), which were fully redeemed during the year ended December 31, 2024.

Under the terms of the Senior Secured Credit Facilities, the obligations of SEA are fully, unconditionally and irrevocably guaranteed by Parent, any subsidiary of Parent that directly or indirectly owns 100% of the issued and outstanding equity interest of SEA, and subject to certain exceptions, each of SEA’s existing and future material domestic wholly-owned subsidiaries (collectively, the “Guarantors”).

SEA’s obligations under the Senior Notes and related indenture are guaranteed, jointly and severally, on a senior secured basis, by the Guarantors, as defined, in accordance with the provisions of the indenture.

See Note 11–Long-Term Debt of the accompanying consolidated financial statements for further details.

4. DIVIDENDS FROM SUBSIDIARY

During the year ended December 31, 2025, SEA paid cash dividends to the Parent of approximately $160.4 million. During the year ended December 31, 2024, SEA paid cash dividends to the Parent of approximately $482.9 million. During the year ended December 31, 2023, SEA paid dividends to the Parent of approximately $17.9 million. The dividends were in the form of 313,750 shares of common stock repurchased by SEA. (see Note 5–Stockholders’ Deficit which follows).

5. STOCKHOLDERS’ DEFICIT

Omnibus Incentive Plan

Prior to June 13, 2025, the Parent had reserved 7,079,237 shares of common stock for issuance under the Parents’ 2017 Omnibus Incentive Plan (the “2017 Omnibus Incentive Plan”). On June 13, 2025 (the “Approval Date”), the stockholders of the Company approved the 2025 Omnibus Incentive Plan (the “2025 Omnibus Incentive Plan”).

The number of shares of common stock for which awards may be granted under the 2025 Omnibus Incentive Plan is 6,320,680 shares of common stock, which were previously available for issuance under the 2017 Omnibus Incentive Plan and, pursuant to the terms of the 2025 Omnibus Incentive Plan, have become available for issuance under the 2025 Omnibus Incentive Plan, plus the number of shares of common stock underlying any award granted under the 2017 Omnibus Incentive Plan that expires, terminates or is canceled or forfeited for any reason whatsoever under the terms of the 2017 Omnibus Incentive Plan. No new awards may be granted under the 2017 Omnibus Incentive Plan (although awards made under the 2017 Omnibus Incentive Plan prior to the Approval Date will remain outstanding in accordance with their terms).

As of December 31, 2025, approximately 5,189,000 shares were available for future issuance under the 2025 Omnibus Incentive Plan.

The 2025 Omnibus Incentive Plan is administered by the compensation committee of the Parent’s Board, and provides that the Parent may grant equity incentive awards to eligible employees, directors, consultants or advisors of the Parent or its subsidiary, SEA, in the form of stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based and performance compensation awards. If an award under the 2025 Omnibus Incentive Plan expires or is canceled, forfeited, or terminated, without issuance to the participant, the unissued shares may be granted again under the Omnibus Incentive Plan. See further discussion in Note 17–Equity-Based Compensation of the accompanying consolidated financial statements.

During the years ended December 31, 2025, 2024 and 2023, respectively, Parent transferred approximately $1.3 million, $1.7 million and $2.9 million in proceeds received from the exercise of stock options to SEA as a capital contribution and increased its investment in SEA.

Share Repurchase Programs

In August 2022, the Parent's Board approved a $250.0 million share repurchase program (the “2022 Share Repurchase Program”) of which approximately $38.5 million remained available as of December 31, 2023. During the year ended December 31, 2024, the Parent repurchased 375,000 shares for an aggregate total of approximately $20.2 million, leaving approximately $18.3 million remaining under the 2022 Share Repurchase Program as of December 31, 2025.

In March 2024, the Parent's Board and the Company's Stockholders approved a new $500.0 million share repurchase program (the "2024 Share Repurchase Program"). During the year ended December 31, 2024, the Parent repurchased 8,990,000 shares for an aggregate total of approximately $462.8 million. During the year ended December 31, 2025, the Parent repurchased 100,000 shares for an aggregate total of approximately $4.6 million, leaving approximately $32.6 million remaining under the 2024 Share Repurchase Program as of December 31, 2025.

In September 2025, the Parent's Board and the Company's Stockholders approved a new $500.0 million share repurchase program (the "2025 Share Repurchase Program"). During the year ended December 31, 2025, the Parent repurchased 4,080,798 shares for an aggregate total of approximately $152.4 million, leaving approximately $347.6 million remaining under the 2025 Share Repurchase Program as of December 31, 2025.

Collectively, under the 2024 Share Repurchase Program and 2025 Share Repurchase Program, the Parent repurchased 4,180,798 shares for an aggregate total of approximately $157.0 million during the year ended December 31, 2025

As a result of the Inflation Reduction Act of 2022, as of December 31, 2025 and 2024, respectively, the Parent accrued approximately $1.5 and $4.6 million for an expected excise tax related to shares repurchases made which is included in other accrued liabilities and treasury stock, at cost in the accompanying consolidated balance sheets. During the year ended December 31, 2025, the Parent paid $4.6 million in excise tax related shares repurchases during the year ended December 31, 2024.

Under the 2022 Share Repurchase Program, 2024 Share Repurchase Program and 2025 Share Repurchase Program, the Parent is authorized to repurchase shares through open market purchases, privately-negotiated transactions or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act. The 2022 Share Repurchase Program, 2024 Share Repurchase Program and 2025 Share Repurchase Program have no time limits and could be suspended or discontinued completely at any time.

All shares repurchased pursuant to the Former Share Repurchase Program and Share Repurchase Program, along with shares repurchased directly from selling stockholders concurrently with previous secondary offerings, are recorded as treasury stock at a total cost of $1,988.5 million and $1,830.1 million as of the years ended December 31, 2025 and 2024, respectively, and are reflected within stockholders’ deficit in the accompanying condensed balance sheets. See further discussion in Note 18–Stockholders’ Deficit of the accompanying consolidated financial statements.
v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Principles of Consolidation

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries, including SEA. All intercompany accounts have been eliminated in consolidation.
Use of Estimates

Use of Estimates

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions include, but are not limited to, the accounting for self-insurance reserves, income taxes, revenue recognition and reviews for potential impairment of long-lived assets. Estimates are based on various factors including current and historical trends, as well as other pertinent company and industry data. The Company regularly evaluates this information to determine if it is necessary to update the basis for its estimates and to adjust for known changes. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents include cash held at financial institutions as well as operating cash onsite at each theme park to fund daily operations and amounts due from third-party credit card companies with settlement terms of less than four days. The amounts due from third-party credit card companies totaled $16.3 million and $14.5 million at December 31, 2025 and 2024, respectively. The cash balances in all accounts held at financial institutions are insured up to $250,000 by the Federal Deposit Insurance Corporation (“FDIC”) through December 31, 2025. At times, cash balances may exceed federally insured amounts and potentially subject the Company to a concentration of credit risk. Management believes that no significant concentration of credit risk exists with respect to these cash balances because of its assessment of the creditworthiness and financial viability of the respective financial institutions.

From time to time, the Company may invest in certain highly liquid instruments with original maturities of three months or less. These instruments may include money market mutual funds, certificates of deposit or time deposits, among others, which may or may not qualify for FDIC insurance. The Company classifies any such instruments as cash and cash equivalents based on their short-term maturities.
Accounts Receivable-Net

Accounts Receivable—Net

Accounts receivable are reported at net realizable value and consist primarily of amounts due from customers for the sale of admission products, including amounts due for admissions products purchased on monthly installment arrangements. The Company is not exposed to a significant concentration of credit risk. The Company records an allowance on trade accounts receivable with an offset to the provision for bad debt for estimated credit losses expected based on its history of uncollectible accounts. For all periods presented, the provision for bad debt related to trade accounts receivable was immaterial. The Company also records an allowance for estimated credit losses on amounts due from monthly installment arrangements based on historical default rates. As of December 31, 2025 and 2024, the Company recorded $19.0 million and $20.4 million, respectively, as an allowance on its installment arrangements, which is included in accounts receivable, net, in the accompanying consolidated balance sheets, with a corresponding reduction to deferred revenue. During the fourth quarter of 2025, the Company determined that a portion of its accounts receivable related to monthly installment arrangements was uncollectible and recorded a credit loss of approximately $8.6 million for the year ended December 31, 2025, included within other expense, net in the accompanying consolidated statements of operations. The uncollectible balances include approximately $4.7 million related to periods prior to the year ended December 31, 2025.
Inventories

Inventories

Inventories are accounted for using the weighted average cost method and are stated at the lower of cost or net realizable value. Inventories consist primarily of products for resale, including merchandise, culinary items and miscellaneous supplies. Obsolete or excess inventories are recorded at their estimated realizable value.

Property and Equipment-Net

Property and Equipment—Net

Property and equipment are recorded at cost. The cost of ordinary or routine maintenance, repairs, spare parts and minor renewals is expensed as incurred. Development costs associated with new attractions and products are generally capitalized after necessary feasibility studies have been completed and final concept or contracts have been approved. The cost of assets is depreciated using the straight-line method based on the following estimated useful lives:

Land improvements

 

10-40 years

 

Buildings

 

5-40 years

 

Rides, attractions and equipment

 

3-20 years

 

Animals

 

1-50 years

 

 

Certain costs related to animals exhibited in the theme parks are capitalized and amortized over their estimated lives (1-50 years). All costs to care for animals are expensed as incurred. Construction in progress assets consist primarily of new rides, attractions and infrastructure improvements that have not yet been placed in service. These assets are stated at cost and are not depreciated. Once construction of the assets is completed and placed into service, assets are reclassified to the appropriate asset class based on their nature and depreciated in accordance with the useful lives above. Debt interest is capitalized on all active construction projects. Total interest capitalized for the years ended December 31, 2025, 2024 and 2023 was $2.5 million, $5.4 million and $11.1 million, respectively.
Computer System Development Costs

Computer System Development Costs

The Company capitalizes computer system development costs that meet established criteria and, once placed in service, amortizes those costs to expense on a straight-line basis over five years. Total capitalized costs related to computer system development costs, net of accumulated amortization, were $32.3 million and $21.8 million as of December 31, 2025 and 2024, respectively, and are recorded in other assets in the accompanying consolidated balance sheets. Accumulated amortization was $25.6 million and $18.6 million as of December 31, 2025 and 2024, respectively. Amortization expense of capitalized computer system development costs during the years ended December 31, 2025, 2024 and 2023 was $5.0 million, $3.9 million and $1.8 million, respectively, and is recorded in depreciation and amortization in the accompanying consolidated statements of operations. Systems reengineering costs are expensed as incurred.
Goodwill and Other Indefinite-Lived Intangible Assets

Goodwill and Other Indefinite-Lived Intangible Assets

Goodwill and other indefinite-lived intangible assets are not amortized, but instead reviewed for impairment at least annually during the fourth quarter, and as of an interim date should factors or indicators become apparent that would require an interim test, with ongoing recoverability based on applicable reporting unit overall financial performance and consideration of significant events or changes in the overall business environment or macroeconomic conditions. Such events or changes in the overall business environment could include, but are not limited to, significant negative trends or unanticipated changes in the competitive or macroeconomic environment.

In assessing goodwill for impairment, the Company may choose to initially evaluate qualitative factors to determine if it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. The Company considers several factors, including macroeconomic conditions, industry and market conditions, overall financial performance of the reporting unit, changes in management, strategy or customers, and relevant reporting unit specific events such as a change in the carrying amount of net assets, a more likely than not expectation of selling or disposing all, or a portion, of a reporting unit, and the testing of recoverability of a significant asset group within a reporting unit. If the qualitative assessment is not conclusive, then a quantitative impairment analysis for goodwill is performed at the reporting unit level. The Company may also choose to perform this quantitative impairment analysis instead of the qualitative analysis. The quantitative impairment analysis compares the estimated fair value of the reporting unit, determined using the income and/or market approach, to its recorded amount. If the recorded amount exceeds the fair value, then a goodwill impairment charge is recorded for the difference up to the recorded amount of goodwill.

The determination of fair value in the Company’s goodwill impairment analysis is based on an estimate of fair value for the relevant reporting unit utilizing known and estimated inputs at the evaluation date. Some of those inputs include, but are not limited to, estimates of future revenue and expense growth, estimated market multiples, expected capital expenditures, income tax rates and cost of invested capital.

The Company’s other indefinite-lived intangible assets consist of certain trade names/trademarks and other intangible assets which, after considering legal, regulatory, contractual, and other competitive and economic factors, are determined to have indefinite lives and are valued using the relief from royalty method. Trade names/trademarks are combined by brand as a unit of accounting when testing for impairment as the brand represents the highest and best use of the asset and drives the Company’s marketing strategy and international license agreements. Estimates required in this valuation method include estimated future revenues impacted by the trade names/trademarks, royalty rates, and appropriate discount rates. Projections are based on management’s best estimates given recent financial performance, market trends, strategic plans, brand awareness, operating characteristics by park, and other available information. See Note 9–Goodwill and Trade Names/Trademarks, Net, for further details.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

All long-lived assets are reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. An impairment loss may be recognized when estimated undiscounted future cash flows expected to result from the use of the asset, including disposition, are less than the carrying value of the asset. The measurement of the impairment loss to be recognized is based upon the difference between the estimated fair value and the carrying amounts of the assets.

Fair value is generally determined based upon a discounted cash flow analysis. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable independent cash flows are available (generally a theme park). See further discussion in Note 8–Property and Equipment, Net.

Self-Insurance Reserves

Self-Insurance Reserves

Reserves are recorded for the estimated amounts of guest and employee claims and expenses incurred each period that are not covered by insurance. Reserves are established for both identified claims and incurred but not reported (“IBNR”) claims. Such amounts are accrued for when claim amounts become probable and estimable. Reserves for identified claims are based upon the Company’s historical claims experience and third-party estimates of settlement costs. Reserves for IBNR claims are based upon the Company’s claims data history, actuarially determined loss development factors and qualitative considerations such as claims management activities. The Company maintains self-insurance reserves for healthcare, auto, general liability and workers’ compensation claims. Total claims reserves were $88.1 million at December 31, 2025, of which $2.4 million is recorded in accrued salaries, wages and benefits, $22.8 million is recorded in other accrued liabilities and the remaining long-term portion is recorded in other liabilities in the accompanying consolidated balance sheets. Total claims reserves were $70.4 million at December 31, 2024, of which $2.2 million is recorded in accrued salaries, wages and benefits, $20.0 million is recorded in other accrued liabilities and the remaining long-term portion is recorded in other liabilities in the accompanying consolidated balance sheets. All reserves are periodically reviewed for changes in facts and circumstances and adjustments are made as necessary.
Debt Issuance Costs

Debt Issuance Costs

Debt issuance costs are amortized to interest expense using the effective interest method over the term of the related debt and are included in long-term debt, net, in the accompanying consolidated balance sheets. See further discussion in Note 11–Long-Term Debt.
Share Repurchase Programs and Treasury Stock

Share Repurchase Programs and Treasury Stock

From time to time, the Company’s Board of Directors (the “Board”) may authorize share repurchases of common stock. Shares repurchased under Board authorizations are currently held in treasury for general corporate purposes. The Company accounts for treasury stock on the trade date under the cost method. Treasury stock at December 31, 2025 and 2024 is reflected within stockholders’ deficit. See further discussion of the Company’s share repurchase programs in Note 18–Stockholders’ Deficit.
Revenue Recognition

Revenue Recognition

The Company records revenue in accordance with Accounting Standards Codification (“ASC”), Topic 606, Revenue from Contracts with Customers, which is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue is recorded net of sales-related taxes collected from guests and remitted or payable to government taxing authorities.

Admissions Revenue

Admissions revenue primarily consists of single-day tickets, annual or season passes or other multi-day or multi-park admission products. Admission products with similar characteristics are analyzed using a portfolio approach for each separate park as the Company expects that the effects on the consolidated financial statements of applying ASC 606 to the portfolio does not differ materially from applying the guidance to individual contracts within the portfolio. For single-day tickets, the Company recognizes revenue at a point in time, upon admission to the park. Annual passes, season passes, or other multi-day or multi-park passes allow guests access to specific parks over a specified time period. For these pass and multi-use products, revenue is deferred and recognized over the terms of the admission product based on estimated redemption rates for similar products and is adjusted periodically. The Company estimates redemption rates using historical and forecasted attendance trends by park for similar products. Attendance trends factor in seasonality and are adjusted based on actual trends periodically. These estimated redemption rates impact the timing of when revenue is recognized on these products. Actual results could materially differ from these estimates based on actual attendance patterns. Revenue is recognized on a pro-rata basis based on the estimated allocated selling price of the admission product. For pass products purchased on an installment plan that have met their initial commitment period and have transitioned to a month to month basis, monthly charges are recognized as revenue as payments are received each month. For certain multi-day admission products, revenue is allocated based on the number of visits included in the pass and recognized ratably based on each admission into the theme park.

The Company has entered into agreements with certain external theme park, zoo and other attraction operators to jointly market and sell single and multi-use admission products. These joint products allow admission to both a Company park(s) and an external park, zoo or other attraction. The agreements with the external partners specify the allocation of revenue to Company parks from any jointly sold products. Whether the Company or the external partner sells the product, the Company’s portion of revenue is deferred until the first time the product is redeemed at one of the Company’s parks and recognized over its related use in a manner consistent with the Company’s other admission products.

Additionally, the Company barters theme park admission products and sponsorship opportunities for advertising, employee recognition awards, and various other services. The fair value of the products or services is recognized into admissions revenue and related expenses at the time of the exchange and approximates the estimated fair value of the goods or services provided or received, whichever is more readily determinable. For the years ended December 31, 2025, 2024 and 2023, amounts included within admissions revenue with an offset to either selling, general and administrative expenses or operating expenses in the accompanying consolidated statements of operations related to bartered ticket transactions were $20.7 million, $20.9 million and $16.2 million, respectively.

Food, Merchandise and Other Revenue

Food, merchandise and other revenue primarily consists of food and beverage, retail, merchandise, parking, other in-park products and service fees, and other miscellaneous revenue, including online transaction fees and revenue from the Company’s international agreements, not necessarily generated in our parks, which is not significant in the periods presented. The Company recognizes revenue for food and beverage, merchandise and other in-park products when the related products or services are received by the guests. Certain admission products may also include bundled products at the time of purchase, such as food and beverage or merchandise items. The Company conducts an analysis of bundled products to identify separate distinct performance obligations that are material in the context of the contract. For those products that are determined to be distinct performance obligations and material in the context of the contract, the Company allocates a portion of the transaction price to each distinct performance obligation using each performance obligation’s standalone price. If the bundled product is related to a pass product and offered over time, revenue will be recognized over time accordingly.

See further discussion in Note 4–Revenues.
Advertising and Promotional Costs

Advertising and Promotional Costs

Advertising production costs are deferred and expensed the first time the advertisement is shown. Other advertising and media costs are expensed as incurred and, for the years ended December 31, 2025, 2024 and 2023, totaled approximately $129.6 million, $121.8 million and $108.7 million, respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements of operations.
Equity-Based Compensation

Equity-Based Compensation

The Company measures the cost of employee services rendered in exchange for equity-based compensation based upon the grant date fair market value. The cost is recognized over the requisite service period, which is generally the vesting period unless service or performance conditions require otherwise. The Company recognizes equity compensation expense for its performance-vesting restricted awards ratably over the related performance period if the performance condition is probable of being achieved. If the probability of vesting changes for performance-vesting restricted awards in a subsequent period, all equity compensation expense related to those awards that would have been recorded, if any, over the requisite service period had the new percentage been applied from inception, will be recorded as a cumulative catch-up or reduction at such subsequent date. The Company recognizes the impact of forfeitures as they occur. The Company grants time-vesting restricted shares and units, time-vesting deferred stock units, performance-vesting restricted shares and units, and stock options. The Company uses the closing stock price on the date of grant to value its time-vesting and performance-vesting restricted share awards. The Company uses the Black-Scholes Option Pricing Model to value stock options at the date of grant. See further discussion in Note 17–Equity-Based Compensation.
Leases

Leases

The Company leases land, warehouse and office space, and equipment, which are classified as either operating or finance leases. Lease liabilities and right of use assets are recognized at the lease commencement date on the basis of the present value of the future lease payments, with the right of use being adjusted by any prepaid or accrued rent, lease incentives, and initial direct costs. The lease term for each lease includes the noncancelable period plus any periods subject to an option for renewal when it is reasonably certain that the Company will exercise that option. The subsequent measurement of a lease is dependent on whether the lease is classified as an operating or finance lease. Operating leases have a straight-line expense pattern that is recognized as either operating expenses or selling, general, and administrative expenses in the consolidated statements of operations. Finance leases have a front-loaded expense recognition pattern that is comprised of amortization expense and interest expense that is included in depreciation and amortization and interest expense in the consolidated statements of operations. The Company initially evaluates the classification of its leases as of the lease commencement date and reevaluates the classification of its leases upon the occurrence of certain lease remeasurement events and when there is a lease modification that is not accounted for as a separate contract.

The present value of future lease payments is calculated using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate, which reflects the rate of interest it would pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. As most of the Company’s leases do not provide an implicit rate, the Company uses incremental borrowing rates based on the information available at the lease commencement date, liability remeasurement date, or lease modification date in determining the present value of the lease payments. In calculating the incremental borrowing rates, the Company considered recent ratings from credit agencies, recent trading prices on the Company’s debt, and current lease demographic information. The Company applies the incremental borrowing rates at a portfolio level based on lease terms.

In accordance with the short-term lease recognition exemption of ASC 842, the Company does not recognize on its balance sheet leases with an initial lease term of 12 months or less. Lease expense for these short-term leases is recognized on a straight-line basis over the lease term.

Some of the Company’s leases include one or more options to renew, with renewal terms that can extend the lease term from one to ten years or more. The exercise of lease renewal options is at the Company’s sole discretion and the inclusion of the renewal options in the lease term would only occur when the Company concludes it is reasonably certain of exercising the option(s). Certain leases also include options to purchase the leased property.

Certain of the Company’s lease agreements include rental payments based on a percentage of sales over contractual levels and others include rental payments adjusted periodically for inflation. These variable lease payments are typically recognized when the underlying event occurs and are included in operating expenses in the Company’s consolidated statements of operations in the same line item as the expense arising from fixed lease payments. Additionally, fixed non-lease costs, for example common-area maintenance costs, are included in the measure of the right-of-use asset and lease liability as the Company does not separate lease and non-lease components. The Company’s lease agreements do not contain any material residual value guarantees, material restrictive covenants or material variable lease costs other than those described in Note 13–Leases related to the Company’s land lease.

All long-lived assets, including right of use assets associated with leases, are reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. The measurement of an

impairment loss to be recognized is based upon the difference between the estimated fair value and the carrying amounts of the assets. Fair value is generally determined based upon a discounted cash flow analysis.

See further discussion in Note 13–Leases.
Income Taxes

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is established for deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Realization is dependent on generating sufficient future taxable income or the reversal of deferred tax liabilities during the periods in which those temporary differences become deductible. The Company evaluates its tax positions by determining if it is more likely than not a tax position is sustainable upon examination, based upon the technical merits of the position, before any of the benefit is recorded for financial statement purposes. The benefit is measured as the largest dollar amount of the position that is more likely than not to be sustained upon settlement. Previously recorded benefits that no longer meet the more likely than not threshold are charged to earnings in the period that the determination is made. Interest and penalties accrued related to unrecognized tax benefits are charged to the provision for (benefit from) income taxes in the accompanying consolidated statements of operations. See further discussion in Note 12–Income Taxes.
Contingencies

Contingencies

The Company accounts for contingencies in accordance with ASC 450, Contingencies. For loss contingencies, such as potential legal settlements, the Company records an estimated loss when payment is considered probable and the amount of loss is reasonably estimable. In assessing loss contingencies related to legal proceedings that are pending against the Company, the Company evaluates the perceived merits of the legal proceedings as well as the perceived merits of the amount of relief sought or expected to be sought therein. If a loss is considered probable but the best estimate of the loss can only be identified within a range and no specific amount within that range is more likely, then the minimum of the range is accrued. Legal and related professional services costs to defend litigation are expensed as incurred. Insurance recoveries related to potential claims are recognized up to the amount of the recorded liability when coverage is confirmed and the estimated recoveries are probable of payment. These recoveries are not netted against the related liabilities for financial statement presentation. Additionally, for any potential gain contingencies, the Company does not recognize the gain until the period that all contingencies have been resolved and the amounts are realizable. See further discussion in Note 14–Commitments and Contingencies.
Fair Value Measurements

Fair Value Measurements

Fair value is a market-based measurement, not an entity-specific measurement and is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. An entity is permitted to measure certain financial assets and financial liabilities at fair value with changes in fair value recognized in earnings each period. The Company has not elected to use the fair value option for any of its financial assets and financial liabilities that are not already recorded at fair value. Carrying values of financial instruments classified as current assets and current liabilities approximate fair value, due to their short-term nature.

Fair Value Hierarchy—As a basis for considering market participant assumptions in fair value measurements, fair value accounting standards establish a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity. Fair value is determined for assets and liabilities, based upon significant levels of observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These two types of inputs have created the following fair value hierarchy:

Level 1—Quoted prices for identical instruments in active markets.

Level 2—Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable and include situations where there is little, if any, market activity for the asset or liability.

Determination of Fair Value—If quoted market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market parameters, such as interest and currency rates. Assets or liabilities valued using such internally generated valuation techniques are classified according to the lowest level input

or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable. See further discussion in Note 15–Fair Value Measurements.
Recently Implemented/Issued Accounting Standards

The Company reviews new accounting pronouncements as they are issued or proposed by the Financial Accounting Standards Board (“FASB”).

Recently Implemented Accounting Standards

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Improvements to Income Tax Disclosures that requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. During the year ended December 31, 2025, the Company adopted the ASU which did not have a material impact on the Company’s consolidated financial statements or disclosures. See updated disclosures in Note 12–Income Taxes.

Recently Issued Accounting Standards

In September 2025, the FASB issued ASU No. 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting for and disclosure of internal-use software costs. The guidance removes all references to the stages of software development projects, defines the threshold to begin capitalizing costs, and clarifies the disclosure requirements of capitalized software costs. This ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those fiscal years, and can be applied retrospectively, prospectively, or on a modified transition approach. Early adoption is permitted. The Company is currently evaluating the ASU to determine the impact on its consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses that requires disclosures about significant expense categories, including but not limited to, purchases of inventory, employee compensation, depreciation, amortization, and selling expenses, along with qualitative descriptions of certain other types of expenses. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the ASU to determine the impact on its consolidated financial statements and disclosures.
v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Estimated Useful Lives The cost of assets is depreciated using the straight-line method based on the following estimated useful lives:

Land improvements

 

10-40 years

 

Buildings

 

5-40 years

 

Rides, attractions and equipment

 

3-20 years

 

Animals

 

1-50 years

 

 
v3.25.4
Revenues (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Deferred Revenue Balances

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

 
v3.25.4
Earnings per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings per Share

Earnings per share is computed as follows:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

Net
Income

 

 

Shares

 

 

Per
Share
Amount

 

 

Net
Income

 

 

Shares

 

 

Per
Share
Amount

 

 

Net
Income

 

 

Shares

 

 

Per
Share
Amount

 

 

 

(In thousands, except per share amounts)

 

Basic earnings per share

 

$

168,353

 

 

 

54,566

 

 

$

3.09

 

 

$

227,497

 

 

 

59,546

 

 

$

3.82

 

 

$

234,196

 

 

 

63,955

 

 

$

3.66

 

Effect of dilutive
   incentive-based awards

 

 

 

 

 

425

 

 

 

 

 

 

 

 

 

464

 

 

 

 

 

 

 

 

 

539

 

 

 

 

Diluted earnings per share

 

$

168,353

 

 

 

54,991

 

 

$

3.06

 

 

$

227,497

 

 

 

60,010

 

 

$

3.79

 

 

$

234,196

 

 

 

64,494

 

 

$

3.63

 

 

 

B
v3.25.4
Inventories (Tables)
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventories

Inventories as of December 31, 2025 and 2024 consisted of the following:

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Merchandise

 

$

43,275

 

 

$

39,089

 

Food and beverage

 

 

8,353

 

 

 

6,757

 

Total inventories

 

$

51,628

 

 

$

45,846

 
v3.25.4
Prepaid Expenses and Other Current Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets as of December 31, 2025 and 2024 consisted of the following:

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Deferred or prepaid insurance

 

$

5,223

 

 

$

5,405

 

Prepaid marketing and advertising costs

 

 

1,991

 

 

 

489

 

Other

 

 

46,903

 

 

23,353

 

Total prepaid expenses and other current assets

 

$

54,117

 

 

$

29,247

 
v3.25.4
Property and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Components of Property and Equipment, Net

The components of property and equipment, net as of December 31, 2025 and 2024, consisted of the following:

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Land

 

$

286,200

 

 

$

286,200

 

Land improvements

 

 

542,249

 

 

 

520,160

 

Buildings

 

 

977,355

 

 

 

937,392

 

Rides, attractions and equipment

 

 

2,103,369

 

 

 

1,987,881

 

Animals

 

 

136,481

 

 

 

140,151

 

Construction in progress

 

 

91,178

 

 

 

88,159

 

Less: accumulated depreciation

 

 

(2,219,562

)

 

 

(2,072,660

)

Total property and equipment, net

 

$

1,917,270

 

 

$

1,887,283

 
v3.25.4
Goodwill and Trade Names/Trademarks, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Trade Names/Trademarks, Net

Trade names/trademarks, net, at December 31, 2025 and 2024, consisted of the following:

 

 

 

Weighted
Average
Amortization
Period

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Value

 

 

 

 

 

(In thousands)

 

Trade names/trademarks - indefinite lives

 

 

 

$

157,846

 

 

$

—

 

 

$

157,846

 

Trade names/trademarks - finite lives

 

9.3 years

 

 

12,900

 

 

 

12,900

 

 

 

—

 

Total trade names/trademarks, net

 

 

 

$

170,746

 

 

$

12,900

 

 

$

157,846

 
v3.25.4
Other Accrued Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Other Accrued Liabilities

Other accrued liabilities as of December 31, 2025 and 2024, consisted of the following:

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Accrued interest

 

$

14,667

 

 

$

14,571

 

Accrued taxes

 

 

856

 

 

 

6,179

 

Self-insurance reserve

 

 

22,778

 

 

 

19,958

 

Other

 

 

3,482

 

 

 

13,785

 

Total other accrued liabilities

 

$

41,783

 

 

$

54,493

 
v3.25.4
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Summary of Long-Term Debt, Net

Long-term debt, net, as of December 31, 2025 and 2024 consisted of the following:

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Term B-3 Loans (effective interest rate of 5.72% and 6.36% at December 31, 2025 and 2024, respectively)

 

$

1,523,019

 

 

$

1,538,442

 

Senior Notes due 2029 (interest rate of 5.25%)

 

 

725,000

 

 

 

725,000

 

Total long-term debt

 

 

2,248,019

 

 

 

2,263,442

 

Less: unamortized debt issuance costs and discounts

 

 

(14,888

)

 

 

(19,273

)

Less: current maturities

 

 

(15,423

)

 

 

(15,423

)

Total long-term debt, net

 

$

2,217,708

 

 

$

2,228,746

 

 
Summary of Long-Term Debt Repayable

Long-term debt at December 31, 2025 is repayable as follows and does not include the impact of any future voluntary prepayments:

Years Ending December 31,

 

(In thousands)

 

2026

 

$

15,423

 

2027

 

 

15,423

 

2028

 

 

15,423

 

2029

 

 

740,423

 

2030

 

 

15,423

 

Thereafter

 

 

1,445,904

 

Total

 

$

2,248,019

 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes

For the years ended December 31, 2025, 2024 and 2023, the provision for income taxes is comprised of the following:

 

 

2025

 

 

2024

 

 

2023

 

Current income tax provision

 

(In thousands)

 

Federal

 

$

(184

)

 

$

1,980

 

 

$

(84

)

State

 

 

9,314

 

 

 

11,355

 

 

 

6,359

 

Total current income tax provision

 

 

9,130

 

 

 

13,335

 

 

 

6,275

 

Deferred income tax provision:

 

 

 

 

 

 

 

 

 

Federal

 

 

42,966

 

 

 

47,814

 

 

 

55,686

 

State

 

 

6,088

 

 

 

2,880

 

 

 

16,950

 

Total deferred income tax provision

 

 

49,054

 

 

 

50,694

 

 

 

72,636

 

Total income tax provision

 

$

58,184

 

 

$

64,029

 

 

$

78,911

 
Components of Deferred Income Tax Assets and Liabilities

The components of deferred income tax assets and liabilities as of December 31, 2025 and 2024 are as follows. Certain amounts relating to prior period results were reclassified to conform to current period presentation. These reclassifications have not changed the results of operations of the prior period.

 

 

 

2025

 

 

2024

 

Deferred income tax assets:

 

(In thousands)

 

Acquisition and debt related costs

 

$

1,725

 

 

$

1,464

 

Net operating losses

 

 

58,385

 

 

 

67,962

 

Goodwill impairment

 

 

53,862

 

 

 

53,844

 

Self-insurance

 

 

22,036

 

 

 

16,910

 

Deferred revenue

 

 

2,156

 

 

 

2,320

 

Restricted stock

 

 

7,452

 

 

 

5,632

 

Tax credits

 

 

15,139

 

 

 

14,197

 

Section 174 capitalization

 

 

797

 

 

 

6,689

 

Lease obligations

 

 

29,591

 

 

 

29,350

 

Interest limitation

 

 

23,832

 

 

 

27,445

 

Charitable contributions

 

 

26

 

 

 

5

 

Other

 

 

3,170

 

 

 

4,280

 

Total deferred income tax assets

 

 

218,171

 

 

 

230,098

 

Valuation allowance

 

 

(4,843

)

 

 

(5,027

)

Net deferred tax assets

 

 

213,328

 

 

 

225,071

 

Deferred income tax liabilities:

 

 

 

 

 

 

Property and equipment

 

 

(328,680

)

 

 

(291,241

)

Amortization - Goodwill

 

 

(68,293

)

 

 

(68,852

)

Amortization - Other intangibles

 

 

(42,981

)

 

 

(42,530

)

Right of use assets

 

 

(28,641

)

 

 

(28,540

)

Other

 

 

(747

)

 

 

(1,533

)

Total deferred income tax liabilities

 

 

(469,342

)

 

 

(432,696

)

Net deferred income tax liabilities

 

$

(256,014

)

 

$

(207,625

)
Schedule of Reconciliation between Statutory Income Tax Rate and Company's Effective Income Tax Provision Rate

The reconciliation between the statutory income tax rate and the Company’s effective income tax provision rate for the years ended December 31, 2025, 2024 and 2023, is as follows:

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

 

Amount

 

 

%

 

 

Amount

 

 

%

 

 

Amount

 

 

%

 

 

 

 

(In thousands)

 

 

Income tax at federal statutory rates

 

$

47,573

 

 

 

21.00

 

%

$

61,220

 

 

 

21.00

 

%

$

65,753

 

 

 

21.00

 

%

State and local income taxes, net of federal income tax effect(a)

 

 

12,168

 

 

 

5.37

 

 

 

11,246

 

 

 

3.86

 

 

 

18,415

 

 

 

5.90

 

 

Tax Credits

 

 

(2,348

)

 

 

(1.04

)

 

 

(4,703

)

 

 

(1.61

)

 

 

(4,487

)

 

 

(1.43

)

 

Other nontaxable or nondeductible items

 

 

674

 

 

 

0.30

 

 

 

364

 

 

 

0.12

 

 

 

(752

)

 

 

(0.24

)

 

Deferred adjustment - fixed assets

 

 

—

 

 

 

—

 

 

 

(4,023

)

 

 

(1.38

)

 

 

—

 

 

 

—

 

 

Other adjustments

 

 

117

 

 

 

0.05

 

 

 

(75

)

 

 

(0.03

)

 

 

(18

)

 

 

(0.01

)

 

Income tax provision

 

$

58,184

 

 

 

25.68

 

%

$

64,029

 

 

 

21.96

 

%

$

78,911

 

 

 

25.22

 

%
(a)
State taxes in Florida and California make up the majority (greater than 50 percent) of the effect of this category as of December 31, 2025 and December 31, 2023. State taxes in Florida make up the majority (greater than 50 percent) of the effect of this category as of December 31, 2024.
Schedule of Income Taxes Paid

For the years ended December 31, 2025, 2024 and 2023, the components of cash paid for taxes, net were as follows:

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Federal

 

$

1,350

 

 

$

1,169

 

 

$

—

 

California

 

 

3,819

 

 

 

2,251

 

 

 

1,351

 

Florida

 

 

11,550

 

 

 

6,400

 

 

 

1,490

 

Pennsylvania

 

 

—

 

 

 

455

 

 

 

1,338

 

Texas

 

 

815

 

 

 

835

 

 

 

833

 

All other states

 

 

12

 

 

 

77

 

 

 

3

 

Total cash paid for taxes, net

 

 

17,546

 

 

 

11,187

 

 

 

5,015

 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Lease Balances and Classification on Consolidated Balance Sheet

The tables below present the lease balances and their classification in the accompanying consolidated balance sheets as of December 31, 2025 and 2024:

 

 

 

December 31,

 

 

December 31,

 

 

 

Classification

2025

 

 

2024

 

Assets:

 

 

(In thousands)

 

Operating leases

 

Right of use assets - operating

$

125,410

 

 

$

129,875

 

Finance leases

 

Other assets, net

 

5,496

 

 

 

4,763

 

Total lease assets

 

 

$

130,906

 

 

$

134,638

 

Liabilities:

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

Operating leases

 

Operating lease liabilities

$

4,216

 

 

$

4,079

 

Finance leases

 

Other accrued liabilities

 

1,012

 

 

 

1,481

 

Noncurrent

 

 

 

 

 

 

 

Operating leases

 

Long-term operating lease liabilities

 

110,926

 

 

 

115,117

 

Finance leases

 

Other liabilities

 

4,581

 

 

 

3,332

 

Total lease liabilities

 

 

$

120,735

 

 

$

124,009

 

 
Schedule of Lease Costs and Classification on Consolidated Statements of Operations

The table below presents the lease costs and their classification in the accompanying consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023:

 

 

 

 

 

 

 

 

 

 

 

 

 

Classification

2025

 

 

2024

 

 

2023

 

 

 

 

(In thousands)

 

Operating lease cost

 

Operating expenses

$

13,751

 

 

$

13,738

 

 

$

13,513

 

Operating lease cost

 

Selling, general and administrative expenses

 

172

 

 

 

87

 

 

 

82

 

Finance lease cost

 

 

 

 

 

 

 

 

 

 

Amortization of leased assets

 

Depreciation and amortization

 

1,530

 

 

 

1,326

 

 

 

764

 

Interest on lease liabilities

 

Interest expense

 

196

 

 

 

206

 

 

 

155

 

Net lease cost

 

 

$

15,649

 

 

$

15,357

 

 

$

14,514

 
Schedule of Lease Maturities

The table below presents the Company’s lease maturities as of December 31, 2025:

 

 

Operating leases

 

 

 

 

Years Ending December 31,

 

Land lease

 

 

Other operating leases

 

 

Total operating leases

 

 

Finance leases

 

 

 

(In thousands)

 

2026

 

$

10,401

 

 

$

2,943

 

 

$

13,344

 

 

$

1,258

 

2027

 

 

10,401

 

 

 

1,509

 

 

 

11,910

 

 

 

1,211

 

2028

 

 

10,401

 

 

 

983

 

 

 

11,384

 

 

 

1,209

 

2029

 

 

10,401

 

 

 

939

 

 

 

11,340

 

 

 

1,084

 

2030

 

 

10,401

 

 

 

823

 

 

 

11,224

 

 

 

249

 

Thereafter

 

 

182,024

 

 

 

2,376

 

 

 

184,401

 

 

 

1,405

 

Total lease payments

 

 

234,029

 

 

 

9,573

 

 

 

243,603

 

 

 

6,416

 

Less: Imputed interest

 

 

(126,692

)

 

 

(1,767

)

 

 

(128,461

)

 

 

(823

)

Lease liabilities

 

$

107,337

 

 

$

7,806

 

 

$

115,142

 

 

$

5,593

 
Schedule of Weighted Average Remaining Lease Terms and Applicable Discount Rates

The table below presents the weighted average remaining lease terms and applicable discount rates as of December 31, 2025 and 2024:

 

 

 

 

 

 

 

 

 

2025

 

 

2024

 

Weighted average remaining lease term (years):

 

 

 

 

 

 

Operating leases

 

 

21.37

 

 

 

21.99

 

Finance leases

 

 

6.97

 

 

 

7.65

 

Weighted average discount rate:

 

 

 

 

 

 

Operating leases

 

 

8.16

%

 

 

8.14

%

Finance leases

 

 

4.91

%

 

 

4.84

%
Schedule of Cash Flows and Supplemental Information Associated with Leasing Activities

The table below presents the cash flows and supplemental information associated with the Company’s leasing activities for the years ended December 31, 2025, 2024 and 2023:

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

13,512

 

 

$

13,230

 

 

$

13,172

 

Operating cash flows from finance leases

 

$

196

 

 

$

206

 

 

$

155

 

Financing cash flows from finance leases

 

$

1,484

 

 

$

1,234

 

 

$

927

 

Right of use assets obtained in exchange for lease liabilities:

 

 

 

 

 

 

 

 

 

Finance leases

 

$

2,263

 

 

$

1,553

 

 

$

2,923

 

Operating leases

 

$

29

 

 

$

6,728

 

 

$

1,017

 
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Estimated Fair Value Measurements and Related Classifications for Liabilities Measured on a Recurring Basis

The following table presents the Company’s estimated fair value measurements and related classifications for liabilities measured on a recurring basis as of December 31, 2025:

 

Quoted Prices in

 

 

 

 

 

 

 

 

 

 

 

Active Markets

 

 

Significant

 

 

 

 

 

 

 

 

for Identical

 

 

Other

 

 

Significant

 

 

 

 

 

Assets and

 

 

Observable

 

 

Unobservable

 

 

Balance at

 

 

Liabilities

 

 

Inputs

 

 

Inputs

 

 

December 31,

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

2025

 

Liabilities:

(In thousands)

 

Long-term obligations (a)

$

701,438

 

 

$

1,523,019

 

 

$

—

 

 

$

2,224,457

 

(a)
Reflected at carrying value, net of unamortized debt issuance costs and discounts, in the consolidated balance sheet as current maturities of long-term debt of $15.4 million and long-term debt, net of $2.218 billion as of December 31, 2025.

The following table presents the Company’s estimated fair value measurements and related classifications for liabilities measured on a recurring basis as of December 31, 2024:

 

Quoted Prices in

 

 

 

 

 

 

 

 

 

 

 

Active Markets

 

 

Significant

 

 

 

 

 

 

 

 

for Identical

 

 

Other

 

 

Significant

 

 

 

 

 

Assets and

 

 

Observable

 

 

Unobservable

 

 

Balance at

 

 

Liabilities

 

 

Inputs

 

 

Inputs

 

 

December 31,

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

2024

 

Liabilities:

(In thousands)

 

Long-term obligations (a)

$

690,113

 

 

$

1,538,442

 

 

$

—

 

 

$

2,228,555

 

 

(a)
Reflected at carrying value, net of unamortized debt issuance costs and discounts, in the consolidated balance sheet as current maturities of long-term debt of $15.4 million and long-term debt, net of $2.229 billion as of December 31, 2024.
v3.25.4
Equity-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Equity Compensation Expense

Equity compensation expense is included in operating expenses and in selling, general and administrative expenses in the accompanying consolidated statements of operations as follows:

 

 

For the Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Equity compensation expense included in operating expenses

 

$

2,452

 

 

$

1,387

 

 

$

1,947

 

Equity compensation expense included in selling, general and administrative expenses

 

 

14,781

 

 

 

12,286

 

 

 

15,085

 

Total equity compensation expense

 

$

17,233

 

 

$

13,673

 

 

$

17,032

 
Schedule of Time-Vesting and Performance Vesting Restricted Share Awards

The activity related to the Company’s time-vesting and performance-vesting restricted awards during the year ended December 31, 2025 was as follows:

 

 

 

 

 

 

 

 

Performance-Vesting Restricted Awards

 

 

 

Time-Vesting
Restricted Awards

 

 

Bonus Performance
Restricted Awards

 

 

Long-Term
Incentive
Performance
Restricted Awards

 

 

 

Shares/Units

 

 

Weighted
Average
Grant Date
Fair Value
per Award

 

 

Shares/Units

 

 

Weighted
Average
Grant Date
Fair Value
per Award

 

 

Shares/Units

 

 

Weighted
Average
Grant Date
Fair Value
per Award

 

Outstanding at December 31, 2024

 

 

747,495

 

 

$

50.54

 

 

 

120,847

 

 

$

50.92

 

 

 

540,478

 

 

$

56.68

 

Granted

 

 

874,817

 

 

$

37.92

 

 

 

88,775

 

 

$

34.33

 

 

 

444,524

 

 

$

34.50

 

Vested

 

 

(240,914

)

 

$

50.19

 

 

 

(14,945

)

 

$

51.21

 

 

 

(792

)

 

$

56.78

 

Forfeited

 

 

(134,973

)

 

$

51.00

 

 

 

(106,150

)

 

$

50.83

 

 

 

(222,203

)

 

$

58.95

 

Outstanding at December 31, 2025

 

 

1,246,425

 

 

$

41.70

 

 

 

88,527

 

 

$

34.34

 

 

 

762,007

 

 

$

43.08

 
Schedule of Activity Related to Stock Option Awards

The total intrinsic value of stock options exercised during the years ended December 31, 2025, 2024 and 2023 was approximately $1.5 million, $1.3 million and $3.1 million, respectively. The activity related to the Company’s stock option awards during the year ended December 31, 2025 was as follows:

 

 

 

Options

 

 

Weighted
Average
Exercise Price

 

 

Weighted
Average
Remaining
Contractual
Life (in years)

 

 

Aggregate
Intrinsic Value
(in thousands)

 

Outstanding at December 31, 2024

 

 

548,135

 

 

$

50.33

 

 

 

 

 

 

 

Granted

 

 

278,484

 

 

$

38.40

 

 

 

 

 

 

 

Forfeited

 

 

(123,040

)

 

$

53.35

 

 

 

 

 

 

 

Expired

 

 

(22,590

)

 

$

45.73

 

 

 

 

 

 

 

Exercised

 

 

(50,888

)

 

$

22.25

 

 

 

 

 

 

 

Outstanding at December 31, 2025

 

 

630,101

 

 

$

46.90

 

 

 

7.97

 

 

$

835

 

Exercisable at December 31, 2025

 

 

253,050

 

 

$

51.89

 

 

 

6.00

 

 

$

502

 

 
Schedule of Stock Options Valuation Assumptions

The weighted average grant date fair value of stock options granted during the year ended December 31, 2025 was $22.63. Key weighted-average assumptions utilized in the Black-Scholes Option Pricing Model for stock options granted during the year ended December 31, 2025 were:

Risk-free interest rate

3.86

%

Expected volatility

58.89

%

Expected dividend yield

0.00

%

Expected life (years) (a)

6.17

(a)
The expected life was estimated using the simplified method, as the Company does not have sufficient historical exercise data due to the limited period of time its common stock has been publicly traded.
v3.25.4
Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Significant Operating Segment Revenue and Expenses, and Operating Segment Adjusted EBITDA

The following table presents significant operating segment revenue and expenses, and Operating Segment Adjusted EBITDA:

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Net revenues:

 

 

 

 

 

 

 

 

 

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:

 

 

 

 

 

 

 

 

 

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

 
(a)
Other expenses represent costs not allocated to the operating segments including (i) general and administrative expenses, (ii) equity-based compensation expense, (iii) certain non-cash charges/credits including those related to asset disposals and self-insurance reserve adjustments, (iv) certain business optimization, development and strategic initiative costs, (v) merger, acquisition, integration and certain investment costs, and (vi) other nonrecurring costs including incremental costs associated with the COVID-19 pandemic or similar unusual events.
v3.25.4
Description of the Business - Additional Information (Detail) - Business
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Description And Basis Of Presentation [Line Items]      
Number of theme parks owned and operated 12    
Hill Path Capital L P [Member]      
Business Description And Basis Of Presentation [Line Items]      
Ownership percentage 53.20%    
Geographic Concentration Risk [Member] | Revenues [Member] | Florida [Member] | Minimum [Member]      
Business Description And Basis Of Presentation [Line Items]      
Percentage of revenue 59.00% 58.00% 59.00%
v3.25.4
Summary of Significant Accounting Policies - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2025
USD ($)
Segment
Business
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Summary Of Significant Accounting Policies [Line Items]      
Cash and cash equivalents settlement terms less than four days    
Cash and cash equivalents $ 99,762,000 $ 115,893,000  
Allowance on installment arrangements of accounts receivable 19,000,000.0 20,400,000  
Credit loss 8,600,000    
Prior Periods Uncollectible Balances 4,700,000    
Reduction to deferred revenue 19,000,000.0 20,400,000  
Interest capitalized 2,500,000 5,400,000 $ 11,100,000
Capitalized Computer Software, Net 32,300,000 21,800,000  
Capitalized Computer Software, Accumulated Amortization 25,600,000 18,600,000  
Capitalized Computer Software, Amortization 5,000,000 3,900,000 1,800,000
Self-insurance reserves 88,100,000 70,400,000  
Revenue and related expense for bartered ticket transactions $ 20,700,000 20,900,000 16,200,000
Lease initial or expected term 12 months    
Number of theme parks owned and operated | Business 12    
Number of reportable segment | Segment 1    
Selling, General and Administrative Expenses [Member]      
Summary Of Significant Accounting Policies [Line Items]      
Other advertising and media costs $ 129,600,000 121,800,000 $ 108,700,000
Accrued Salaries, Wages and Benefits [Member]      
Summary Of Significant Accounting Policies [Line Items]      
Self-insurance reserves 2,400,000 2,200,000  
Other Accrued Liabilities [Member]      
Summary Of Significant Accounting Policies [Line Items]      
Self-insurance reserves $ 22,800,000 20,000,000.0  
Computer System Development Costs [Member]      
Summary Of Significant Accounting Policies [Line Items]      
Estimated useful life 5 years    
Maximum [Member]      
Summary Of Significant Accounting Policies [Line Items]      
FDIC insured amount $ 250,000    
Extend or renewal lease term 10 years    
Maximum [Member] | Animals [Member]      
Summary Of Significant Accounting Policies [Line Items]      
Estimated useful life 50 years    
Minimum [Member]      
Summary Of Significant Accounting Policies [Line Items]      
Extend or renewal lease term 1 year    
Minimum [Member] | Animals [Member]      
Summary Of Significant Accounting Policies [Line Items]      
Estimated useful life 1 year    
Amounts Due from Third-Party Credit Card Companies [Member]      
Summary Of Significant Accounting Policies [Line Items]      
Cash and cash equivalents $ 16,300,000 $ 14,500,000  
v3.25.4
Summary of Significant Accounting Policies - Estimated Useful Lives (Detail)
Dec. 31, 2025
Land Improvements [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life 10 years
Land Improvements [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life 40 years
Buildings [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life 5 years
Buildings [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life 40 years
Rides, Attractions and Equipment [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life 3 years
Rides, Attractions and Equipment [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life 20 years
Animals [Member] | Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life 1 year
Animals [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life 50 years
v3.25.4
Revenues - Deferred Revenue Balances (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred Revenue Disclosure [Abstract]    
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
v3.25.4
Earnings per Share - Schedule of Earnings per Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Basic earnings per share $ 168,353 $ 227,497 $ 234,196
Diluted earnings per share $ 168,353 $ 227,497 $ 234,196
Basic earnings, shares 54,566 59,546 63,955
Effect of dilutive incentive-based awards, shares 425 464 539
Diluted earnings, shares 54,991 60,010 64,494
Earnings per share, basic $ 3.09 $ 3.82 $ 3.66
Earnings per share, diluted $ 3.06 $ 3.79 $ 3.63
v3.25.4
Earnings per Share - Additional Information (Detail) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Line Items]      
Anti-dilutive shares excluded from the computation of diluted earnings per share 782,000 488,000 437,000
Performance-vesting Restricted Stock Awards [Member]      
Earnings Per Share [Line Items]      
Contingently issuable shares included in the calculation of diluted earnings (loss) per share 11,000 10,000  
v3.25.4
Inventories - Schedule of Inventories (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Merchandise $ 43,275 $ 39,089
Food and beverage 8,353 6,757
Total inventories $ 51,628 $ 45,846
v3.25.4
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Deferred or prepaid insurance $ 5,223 $ 5,405
Prepaid marketing and advertising costs 1,991 489
Other 46,903 23,353
Total prepaid expenses and other current assets $ 54,117 $ 29,247
v3.25.4
Prepaid Expenses And Other Current Assets - Additional Information (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Prepaid Expenses And Other Current Assets [Line Items]    
Prepaid expenses and other current assets $ 54,117 $ 29,247
Prepaid Expenses and Other Current Assets [Member]    
Prepaid Expenses And Other Current Assets [Line Items]    
Prepaid information technology related costs 14,900 $ 9,900
Property tax refund receivable $ 9,800  
v3.25.4
Property and Equipment, Net - Components of Property and Equipment, Net (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property and equipment $ 4,136,832 $ 3,959,943
Less: accumulated depreciation (2,219,562) (2,072,660)
Property and equipment, net 1,917,270 1,887,283
Land [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment 286,200 286,200
Land Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment 542,249 520,160
Buildings [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment 977,355 937,392
Rides, Attractions and Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment 2,103,369 1,987,881
Animals [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment 136,481 140,151
Construction in Progress    
Property, Plant and Equipment [Line Items]    
Property and equipment $ 91,178 $ 88,159
v3.25.4
Property and Equipment, Net - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Depreciation expense $ 168.0 $ 158.2 $ 151.7
Write-offs of property and equipment $ 11.0 $ 11.8 $ 19.4
v3.25.4
Goodwill and Trade Names/Trademarks, Net - Trade Names/Trademarks, Net (Detail) - Trade Names/Trademarks [Member] - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items]    
Gross Carrying Amount, indefinite lives $ 157,846 $ 157,846
Net Carrying Value, indefinite lives 157,846 157,846
Gross Carrying Amount, finite lives 12,900 12,900
Accumulated Amortization, finite lives 12,900 12,900
Gross Carrying Amount, total 170,746 170,746
Accumulated Amortization, total 12,900 12,900
Net Carrying Value, total $ 157,846 $ 157,846
Weighted Average Amortization Period, finite lives 9 years 3 months 18 days 9 years 3 months 18 days
v3.25.4
Other Accrued Liabilities - Schedule of Other Accrued Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Accrued interest $ 14,667 $ 14,571
Accrued taxes 856 6,179
Self-insurance reserve 22,778 19,958
Other 3,482 13,785
Total other accrued liabilities $ 41,783 $ 54,493
v3.25.4
Other Accrued Liabilities - Additional Information (Detail)
$ in Millions
Dec. 31, 2024
USD ($)
Payables and Accruals [Abstract]  
Certain legal matters, contractual obligations and respective assessments from temporary COVID-19 park closures $ 12.3
v3.25.4
Long-Term Debt - Summary of Long-Term Debt, Net (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Long-term debt $ 2,248,019 $ 2,263,442
Less: unamortized debt issuance costs and discounts (14,888) (19,273)
Less: current maturities (15,423) (15,423)
Total long-term debt, net 2,217,708 2,228,746
Senior Notes [Member]    
Debt Instrument [Line Items]    
Long-term debt 725,000 725,000
Term B-3 Loans [Member]    
Debt Instrument [Line Items]    
Long-term debt $ 1,523,019 $ 1,538,442
v3.25.4
Long-Term Debt - Summary of Long-Term Debt, Net (Parenthetical) (Detail)
Dec. 31, 2025
Dec. 31, 2024
Aug. 25, 2021
Senior Notes [Member]      
Debt Instrument [Line Items]      
Debt instrument interest rate percentage 5.25% 5.25% 5.25%
Term B-3 Loans [Member]      
Debt Instrument [Line Items]      
Debt Instrument, Interest Rate, Effective Percentage 5.72% 6.36%  
v3.25.4
Long-Term Debt - Additional Information (Detail) - USD ($)
 12 Months Ended
Dec. 04, 2024
Aug. 23, 2024
Aug. 22, 2024
May 02, 2024
Jun. 12, 2023
Jun. 09, 2022
Aug. 25, 2021
Apr. 30, 2020
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jan. 01, 2026
Jan. 22, 2024
Debt Instrument [Line Items]                          
Debt issuance costs and discounts                 $ 4,385,000 $ 4,978,000 $ 6,131,000    
Discount recorded                   7,800,000      
Payment to lenders                   1,900,000      
Write-off of debt issuance costs and discounts                   3,900,000      
Aggregate principal amount                 $ 2,248,019,000 2,263,442,000      
Debt Instrument Redemption Period One                          
Debt Instrument [Line Items]                          
Debt instrument, maturity date   Nov. 22, 2029                      
Debt Instrument Redemption Period One | SOFR                          
Debt Instrument [Line Items]                          
Credit spread adjustment rate         0.11448%                
Debt Instrument, Redemption, Period Two                          
Debt Instrument [Line Items]                          
Debt instrument, maturity date   Aug. 25, 2028                      
Debt Instrument, Redemption, Period Two | SOFR                          
Debt Instrument [Line Items]                          
Credit spread adjustment rate         0.26161%                
Debt Instrument, Redemption, Period Three | SOFR                          
Debt Instrument [Line Items]                          
Credit spread adjustment rate         0.42826%                
Senior Secured Credit Facilities [Member]                          
Debt Instrument [Line Items]                          
Debt Instrument Redemption Description                 In addition, the Senior Secured Credit Facilities require SEA to prepay outstanding term loan borrowings, subject to certain exceptions, with:-50% (which percentage will be reduced to 25% and 0% if the Company satisfies certain net first lien leverage ratios) of annual excess cash flow, as defined under the Senior Secured Credit Facilities;-100% (which percentage will be reduced to 50% and 0% if the Company satisfies certain net first lien leverage ratios) of the net cash proceeds of all non-ordinary course asset sales or other non-ordinary course dispositions of property, in each case subject to certain exceptions and reinvestment rights;-100% of the net cash proceeds of any issuance or incurrence of debt, other than proceeds from debt permitted under the Senior Secured Credit Facilities.        
Letter of credit participation fees                 0.125%        
Cash paid for interest                 $ 134,300,000 $ 155,800,000 $ 146,300,000    
Senior Notes [Member]                          
Debt Instrument [Line Items]                          
Debt instrument, maturity date             Aug. 15, 2029            
Senior debt             $ 725,000,000            
Debt instrument interest rate percentage             5.25%   5.25% 5.25%      
Debt Instrument Redemption Description             On or after August 15, 2024, SEA may redeem the Senior Notes, in whole at any time or in part from time to time, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, if redeemed during the 12-month period commencing on August 15 of the years as follows: (i) in 2024 at 102.625%; (ii) in 2025 at 101.313%; and (iii) in 2026 and thereafter at 100%. Additionally, upon the occurrence of specified change of control events, each holder will have the right to require SEA to repurchase all or any part of such holder’s notes at a purchase price in cash equal to 101%.            
Interest accrue on senior notes             5.25%            
Percentage Of notes redeemable after change of control             101.00%            
Aggregate principal amount                 $ 725,000,000 $ 725,000,000      
Senior Notes [Member] | Debt Instrument Redemption Period One                          
Debt Instrument [Line Items]                          
Redemption percentage             102.625%            
Senior Notes [Member] | Debt Instrument, Redemption, Period Two                          
Debt Instrument [Line Items]                          
Redemption percentage             101.313%            
Senior Notes [Member] | Debt Instrument, Redemption, Period Three                          
Debt Instrument [Line Items]                          
Redemption percentage             100.00%            
First-Priority Senior Secured Notes [Member]                          
Debt Instrument [Line Items]                          
Debt instrument, maturity date               May 01, 2025          
Senior debt               $ 227,500,000          
Debt instrument interest rate percentage               8.75%          
Redemption of First-Priority senior secured notes       $ 227,500,000                  
Revolving Credit Facility [Member]                          
Debt Instrument [Line Items]                          
Debt instrument, maturity date     Aug. 25, 2026                    
Credit facility earlier maturity date   Aug. 23, 2029                      
Credit facility maturity date   May 26, 2028                      
Increase of commitments   $ 700,000,000 $ 390,000,000                    
Debt Instrument Redemption Description                 Borrowings under the Revolving Credit Facility bore interest at a fluctuating rate per annum equal to, at SEA’s option, (i) ABR (provided that in no event would such ABR rate with respect to the Revolving Loans (as defined below) be less than 1.00% per annum) plus an applicable margin equal to 1.25% or (ii) Term SOFR (provided that in no event would such Term SOFR rate with respect to the Revolving Loans be less than 0.00%) plus an applicable margin equal to 2.25%.        
Outstanding letters of credit                 $ 10,900,000        
Long term debt, outstanding amount                 $ 689,100,000        
Incremental amendment to revolving facility commitments           $ 5,000,000              
Revolving Credit Facility [Member] | Subsequent Events                          
Debt Instrument [Line Items]                          
Aggregate principal amount                       $ 80,000,000  
Revolving Credit Facility [Member] | Senior Secured Credit Facilities [Member]                          
Debt Instrument [Line Items]                          
Debt instrument, maturity date                 Aug. 23, 2029        
Aggregate principal amount           $ 390,000,000     $ 700,000,000        
Commitment fee payable by the company                 0.20%        
Restrictive Covenants [Member]                          
Debt Instrument [Line Items]                          
Total net leverage ratio not to be exceeded                 425.00%        
Restrictive Covenants [Member] | Debt Agreement [Member]                          
Debt Instrument [Line Items]                          
Total net leverage ratio, as calculated                 344.00%        
Maximum [Member] | Restrictive Covenants [Member] | Senior Secured Credit Facilities [Member]                          
Debt Instrument [Line Items]                          
Credit facility agreement maximum required first lien secured leverage ratio                 625.00%        
Excludable letters of credit under maximum required first lien secured leverage ratio                 $ 30,000,000        
Minimum [Member] | Restrictive Covenants [Member] | Senior Secured Credit Facilities [Member]                          
Debt Instrument [Line Items]                          
Credit facility agreement maximum required first lien secured leverage ratio                 100.00%        
Minimum percentage of funded loan and letters of credit for covenant to apply                 35.00%        
Restatement Agreement [Member] | Maximum [Member]                          
Debt Instrument [Line Items]                          
Senior secured financing                 $ 2,223,000,000        
Revolving Loans [Member] | Senior Secured Credit Facilities [Member]                          
Debt Instrument [Line Items]                          
Debt Instrument Redemption Description                 Borrowings under the Revolving Loans bear interest at a fluctuating rate per annum equal to, at SEA’s option, (i) ABR (provided that in no event shall such ABR rate with respect to the Revolving Loans be less than 1.00% per annum) plus an applicable margin equal to 0.75% or (ii) Term SOFR (provided that in no event shall such Term SOFR rate with respect to the Revolving Loans be less than 0.00%) plus an applicable margin of 1.75%.        
Initial Term B-2 Loans [Member]                          
Debt Instrument [Line Items]                          
Debt Instrument Redemption Description                 Borrowings under the Initial Term B-2 Loans bore interest at a fluctuating rate per annum equal to, at SEA’s option, (i) ABR (as defined below provided that in no event would such ABR rate with respect to the Initial Term B-2 Loans be less than 1.50% per annum) plus an applicable margin equal to 1.50% or (ii) Term SOFR-based benchmark rate ("Term SOFR") (provided that in no event would such Term SOFR rate with respect to the Initial Term B-2 Loans be less than 0.50%) plus an applicable margin equal to 2.50%.        
Aggregate principal amount                         $ 1,173,000,000
Incremental Term B-2 Loans [Member]                          
Debt Instrument [Line Items]                          
Aggregate principal amount       $ 380,000,000                  
Term B-3 Loans [Member]                          
Debt Instrument [Line Items]                          
Aggregate principal amount drawn                 $ 1,523,000,000        
Debt instrument, maturity date Dec. 04, 2031               Dec. 04, 2031        
Aggregate principal amount $ 1,542,300,000                        
Debt Instrument Redemption Description                 Borrowings under the Term B-3 Loans bear interest at a fluctuating rate per annum equal to, at SEA’s option, (i) ABR (provided that in no event shall such ABR rate with respect to the Term B-3 Loans be less than 1.50% per annum) plus an applicable margin equal to 1.00% or (ii) Term SOFR (provided that in no event shall such Term SOFR rate with respect to the Term B-3 Loans be less than 0.50%) plus an applicable margin equal to 2.00%.        
Amortization Payments of Term Loan 0.25%                        
Prepayment premium or fee percentage                 1.00%        
Aggregate principal amount                 $ 1,523,019,000 $ 1,538,442,000      
Term B-3 Loans [Member] | Senior Secured Credit Facilities [Member]                          
Debt Instrument [Line Items]                          
Debt Instrument Redemption Description                 Borrowings under the Term B-3 Loans bear interest at a fluctuating rate per annum equal to, at SEA’s option, (i) a base rate equal to the higher of (a) the federal funds rate plus 1/2 of 1%, (b) the rate of interest quoted in the print edition of the Wall Street Journal Money Rates Section as the prime rate as in effect from time to time and (c) one-month Term SOFR plus 1% per annum ("ABR") (provided that in no event shall such ABR rate with respect to the Term B-3 Loans be less than 1.50% per annum), in each case, plus an applicable margin of 1.00% or (ii) an Term SOFR rate for the applicable interest period (provided that in no event shall such Term SOFR rate with respect to the Term B-3 Loans be less than 0.50% per annum) plus an applicable margin of 2.00%.        
Amortization Payments of Term Loan             0.25%            
Term B-3 Loans [Member] | Revolving Credit Facility [Member]                          
Debt Instrument [Line Items]                          
Debt Instrument Redemption Description                 Borrowings under the Revolving Credit Facility bear interest at a fluctuating rate per annum equal to, at SEA’s option, (i) ABR (provided that in no event shall such ABR rate with respect to the revolving loans be less than 1.00% per annum) plus an applicable margin equal to 0.75% or (ii) Term SOFR (provided that in no event shall such Term SOFR rate with respect to the Revolving Loans be less than 0.00%) plus an applicable margin equal to 1.75%.        
Term Loan [Member] | Minimum [Member] | Revolving Credit Facility [Member]                          
Debt Instrument [Line Items]                          
Aggregate principal amount   $ 225,000,000                      
v3.25.4
Long-Term Debt - Summary of Long-Term Debt Repayable (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Maturities of Long-Term Debt [Abstract]    
2026 $ 15,423  
2027 15,423  
2028 15,423  
2029 740,423  
2030 15,423  
Thereafter 1,445,904  
Long-term debt $ 2,248,019 $ 2,263,442
v3.25.4
Income Taxes - Schedule of Provision for Income Taxes (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current income tax provision      
Federal $ (184) $ 1,980 $ (84)
State 9,314 11,355 6,359
Total current income tax provision 9,130 13,335 6,275
Deferred income tax provision:      
Federal 42,966 47,814 55,686
State 6,088 2,880 16,950
Total deferred income tax provision 49,054 50,694 72,636
Total income tax provision $ 58,184 $ 64,029 $ 78,911
v3.25.4
Income Taxes - Schedule of Reconciliation between Statutory Income Tax Rate and Company's Effective Income Tax Provision (Benefit) Rate (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Income tax at federal statutory rates $ 47,573 $ 61,220 $ 65,753
State and local income taxes, net of federal income tax effect [1] 12,168 11,246 18,415
Tax credits (2,348) (4,703) (4,487)
Other nontaxable or nondeductible items 674 364 (752)
Deferred adjustment - fixed assets   (4,023)  
Other adjustments 117 (75) (18)
Total income tax provision $ 58,184 $ 64,029 $ 78,911
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Income tax at federal statutory rates 21.00% 21.00% 21.00%
State and local income taxes, net of federal income tax effect [1] 5.37% 3.86% 5.90%
Tax credits (1.04%) (1.61%) (1.43%)
Other nontaxable or nondeductible items 0.30% 0.12% (0.24%)
Deferred adjustment - fixed assets   (1.38%)  
Other 0.05% (0.03%) (0.01%)
Income tax provision 25.68% 21.96% 25.22%
[1] State taxes in Florida and California make up the majority (greater than 50 percent) of the effect of this category as of December 31, 2025 and December 31, 2023. State taxes in Florida make up the majority (greater than 50 percent) of the effect of this category as of December 31, 2024.
v3.25.4
Income Taxes - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Line Items]      
Cash paid for income taxes, net $ 17,546 $ 11,187 $ 5,015
Deferred tax assets, valuation allowance 4,843 5,027  
Accrued income taxes 1,500 4,600  
Amount paid in excise tax related shares repurchases $ 4,600    
Minimum [Member]      
Income Tax Disclosure [Line Items]      
Year state net operating loss carryforwards begin to expire 2029    
State Tax Credit Carry Forwards [Member]      
Income Tax Disclosure [Line Items]      
Net operating loss carryforwards $ 317,000    
Deferred tax assets, valuation allowance 4,800 $ 5,000  
Federal Tax Credit Carry Forwards [Member]      
Income Tax Disclosure [Line Items]      
Net operating loss carryforwards $ 191,200    
v3.25.4
Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred income tax assets:    
Acquisition and debt related costs $ 1,725 $ 1,464
Net operating losses 58,385 67,962
Goodwill impairment 53,862 53,844
Self-insurance 22,036 16,910
Deferred revenue 2,156 2,320
Restricted stock 7,452 5,632
Tax credits 15,139 14,197
Section 174 capitalization 797 6,689
Lease obligations 29,591 29,350
Interest limitation 23,832 27,445
Charitable contributions 26 5
Other 3,170 4,280
Total deferred income tax assets 218,171 230,098
Valuation allowance (4,843) (5,027)
Net deferred tax assets 213,328 225,071
Deferred income tax liabilities:    
Property and equipment (328,680) (291,241)
Amortization - Goodwill (68,293) (68,852)
Amortization - Other intangibles (42,981) (42,530)
Right of use assets (28,641) (28,540)
Other (747) (1,533)
Total deferred income tax liabilities (469,342) (432,696)
Net deferred income tax liabilities $ (256,014) $ (207,625)
v3.25.4
Income Taxes - Schedule of Income Taxes Paid (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Federal $ 1,350 $ 1,169  
Total cash paid for taxes, net 17,546 11,187 $ 5,015
California      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
All other states 3,819 2,251 1,351
Florida      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
All other states 11,550 6,400 1,490
Pennsylvania      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
All other states   455 1,338
Texas      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
All other states 815 835 833
All other states      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
All other states $ 12 $ 77 $ 3
v3.25.4
Leases - Additional Information (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
a
Miles
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jan. 01, 2026
USD ($)
Dec. 31, 2020
USD ($)
Lessee Lease Description [Line Items]          
Number of area not to use within the radius of land lease | Miles 560        
Operating lease, lease payment, description The required annual rent payments for the Premises are adjusted every three years to an amount equal to 80% of the average accounting year rent actually paid for the three previous years, with the annual minimum rent calculated as approximately $10.4 million through each of the years ended December 31, 2025, 2024 and 2023.        
Percentage rent adjusted (in years) 10 years        
Number of percentage of average accounting year rent adjusted on minimum yearly rent 80.00%        
Annual minimum rent calculated $ 10.4 $ 10.4 $ 10.4    
Deferred minimum rent, additional amount         $ 8.3
Percentage rent remitted related to prior years 1.1 1.2 1.2    
Subsequent Events          
Lessee Lease Description [Line Items]          
Current minimum yearly rent       $ 10.7  
Operating Expenses and Selling, General and Administrative Expenses [Member]          
Lessee Lease Description [Line Items]          
Short term rent expense 6.2 7.0 8.6    
Variable rent expense $ 6.1 6.0 6.2    
City of San Diego [Member]          
Lessee Lease Description [Line Items]          
Number of land lease area | a 190        
City of San Diego [Member] | Accounts Payable and Accrued Expenses [Member]          
Lessee Lease Description [Line Items]          
Accounts payable and accrued expenses   8.5      
Mission Bay Park, California (Premises) [Member]          
Lessee Lease Description [Line Items]          
Number of acres of water | a 17        
Current lease term 2048-06        
Rent expense $ 13.3 $ 13.6 $ 13.3    
v3.25.4
Leases - Schedule of Lease Balances and Classification on Consolidated Balance Sheet (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Lessee Lease Description [Line Items]    
Right of use assets-operating leases $ 125,410 $ 129,875
Finance leases $ 5,496 $ 4,763
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets, net Other assets, net
Total lease assets $ 130,906 $ 134,638
Current    
Operating lease liabilities 4,216 4,079
Finance leases $ 1,012 $ 1,481
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other accrued liabilities Other accrued liabilities
Noncurrent    
Long-term operating lease liabilities $ 110,926 $ 115,117
Finance leases $ 4,581 $ 3,332
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
Total lease liabilities $ 120,735 $ 124,009
v3.25.4
Leases - Schedule of Lease Costs and Classification on Consolidated Statements of Operations (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lease Cost      
Net lease cost $ 15,649 $ 15,357 $ 14,514
Operating Expense [Member]      
Lessee Lease Description [Line Items]      
Operating lease cost 13,751 13,738 13,513
Selling, General and Administrative Expenses [Member]      
Lessee Lease Description [Line Items]      
Operating lease cost 172 87 82
Depreciation and Amortization [Member]      
Finance lease cost      
Amortization of leased assets 1,530 1,326 764
Interest Expense [Member]      
Finance lease cost      
Interest on lease liabilities $ 196 $ 206 $ 155
v3.25.4
Leases - Schedule of Lease Maturities (Detail)
$ in Thousands
Dec. 31, 2025
USD ($)
Operating leases  
2026 $ 13,344
2027 11,910
2028 11,384
2029 11,340
2030 11,224
Thereafter 184,401
Total lease payments 243,603
Less: Imputed interest (128,461)
Lease liabilities 115,142
Finance leases  
2025 1,258
2026 1,211
2027 1,209
2028 1,084
2029 249
Thereafter 1,405
Total lease payments 6,416
Less: Imputed interest (823)
Lease liabilities 5,593
Land Lease [Member]  
Operating leases  
2026 10,401
2027 10,401
2028 10,401
2029 10,401
2030 10,401
Thereafter 182,024
Total lease payments 234,029
Less: Imputed interest (126,692)
Lease liabilities 107,337
Other Operating Leases [Member]  
Operating leases  
2026 2,943
2027 1,509
2028 983
2029 939
2030 823
Thereafter 2,376
Total lease payments 9,573
Less: Imputed interest (1,767)
Lease liabilities $ 7,806
v3.25.4
Leases - Schedule of Weighted Average Remaining Lease Terms and Applicable Discount Rates (Detail)
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating lease, weighted average remaining lease term (years) 21 years 4 months 13 days 21 years 11 months 26 days
Finance lease, weighted average remaining lease term (years) 6 years 11 months 19 days 7 years 7 months 24 days
Operating lease, weighted average discount rate 8.16% 8.14%
Finance lease, weighted average discount rate 4.91% 4.84%
v3.25.4
Leases - Schedule of Cash Flows and Supplemental Information Associated with Leasing Activities (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases $ 13,512 $ 13,230 $ 13,172
Operating cash flows from finance leases 196 206 155
Financing cash flows from finance leases 1,484 1,234 927
Right of use assets obtained in exchange for lease liabilities:      
Finance leases 2,263 1,553 2,923
Operating leases $ 29 $ 6,728 $ 1,017
v3.25.4
Commitments and Contingencies - Additional Information (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Loss Contingencies [Line Items]  
Additional capital payments $ 180.7
Remaining liabilities and obligations for license agreement commitment $ 7.0
License agreement term, description Pursuant to a license agreement (“License Agreement”) with Sesame Workshop, the Company pays a specified annual license fee, as well as a specified royalty based on revenues earned in connection with sales of licensed products, all food and beverage items utilizing the licensed elements and any events utilizing such elements if a separate fee is paid for such event. The Company’s principal commitments pursuant to the License Agreement include, among other items, the opening of a second standalone park (“Standalone Park”) (the Company opened the Standalone Park in San Diego on March 26, 2022) and minimum annual capital and marketing thresholds. The License Agreement has an initial term through December 31, 2031, with an automatic additional 15-year extension plus a five-year option added to the term of the License Agreement from December 31st of the year of each new Standalone Park opening. As of December 31, 2025, the Company estimates the combined remaining liabilities and obligations for the License Agreement commitments could be up to approximately $7.0 million over the remaining term of the agreement. See further discussion concerning royalty payments for the year 2021 in the Sesame Workshop Arbitration section which follows.
Arbitration Award [Member]  
Loss Contingencies [Line Items]  
Payments for Legal Settlements $ 12.6
Legal settlements paid $ 12.6
v3.25.4
Fair Value Measurements - Additional Information (Detail) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Assets measured at fair value $ 0 $ 0
v3.25.4
Fair Value Measurements - Schedule of Estimated Fair Value Measurements and Related Classifications for Liabilities Measured on a Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Long-term obligations $ 2,224,457 $ 2,228,555
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Long-term obligations 701,438 690,113
Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Long-term obligations $ 1,523,019 $ 1,538,442
v3.25.4
Fair Value Measurements - Schedule of Estimated Fair Value Measurements and Related Classifications for Liabilities Measured on a Recurring Basis (Parenthetical) (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Current maturities of long-term debt $ 15,423 $ 15,423
Total long-term debt, net $ 2,217,708 $ 2,228,746
v3.25.4
Retirement Plan - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Contribution Plan Disclosure [Line Items]      
Defined contribution plan name 401(k)    
Defined contribution plan employer contribution description The Company makes matching cash contributions, subject to certain restrictions, structured as a 50% match on the first 4% of eligible pay contributed by the employee.    
Defined Contribution Plan, Sponsor Location [Extensible List] us-gaap:DomesticPlanMember    
Selling, General and Administrative Expenses and Operating Expenses [Member]      
Defined Contribution Plan Disclosure [Line Items]      
Defined contribution plan, employer- matching contributions, net of forfeitures applied $ 1.8 $ 3.0 $ 2.4
First 4% [Member]      
Defined Contribution Plan Disclosure [Line Items]      
Employer matching percentage 50.00%    
Percentage of gross pay matched 4.00%    
v3.25.4
Equity-Based Compensation - Schedule of Equity Compensation Expense (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Total equity compensation expense $ 17,233 $ 13,673 $ 17,032
Operating Expense [Member]      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Total equity compensation expense 2,452 1,387 1,947
Selling, General and Administrative Expenses [Member]      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Total equity compensation expense $ 14,781 $ 12,286 $ 15,085
v3.25.4
Equity-Based Compensation - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jun. 13, 2025
Jun. 12, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Unrecognized equity compensation cost $ 41.8        
Unrecognized equity compensation cost, weighted-average period 2 years        
Total fair value of shares vested during the period $ 11.7 $ 21.5 $ 14.1    
Total intrinsic value of stock options exercised $ 1.5 $ 1.3 $ 3.1    
Weighted average grant-date fair value of stock options granted $ 22.63        
Percentage of bonus payable by units 50.00%        
Vesting period 4 years        
2017 Omnibus Incentive Plan [Member]          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Common stock reserved for future issuance         7,079,237
2025 Omnibus Incentive Plan [Member]          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Common stock reserved for future issuance       6,320,680  
Shares available for future issuance 5,189,000        
2025 Long-Term Incentive Plan Below Threshold Performance [Member]          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Vesting percentage, per year 0.00%        
2025 Long-Term Incentive Plan Maximum Performance [Member]          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Vesting percentage, per year 150.00%        
Time Vesting and Performance Vesting Restricted Awards [Member]          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Weighted average grant date fair value $ 36.61 $ 53.59 $ 56.36    
Bonus Performance Restricted Awards [Member]          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Weighted average grant date fair value $ 34.33        
Performance-vesting restricted units or Nonqualified stock options granted 89,000        
Percentage of bonus payable by units 50.00%        
Performance restricted units vested 14,945        
Below Threshold Performance Bonus Restricted Awards [Member] | Minimum [Member]          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Vesting percentage, per year 0.00%        
Below Threshold Performance Bonus Restricted Awards [Member] | Maximum [Member]          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Vesting percentage, per year 100.00%        
2025 Long-Term Incentive Performance Restricted Units [Member]          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Performance-vesting restricted units or Nonqualified stock options granted 331,000        
Percentage of units earned 50.00%        
Deferred Stock Units [Member]          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Number of common stock shares to be received for each deferred stock unit 1        
Period of time after director has left the board to receive shares 3 months        
2025 Long-Term Incentive Plan Nonqualified Stock Options Granted [Member]          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Performance-vesting restricted units or Nonqualified stock options granted 94,000        
Bonus Performance Restricted Units [Member]          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Performance restricted units vested 15,000        
v3.25.4
Equity-Based Compensation - Schedule of Employee Stock Performance Activity (Detail)
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Time-Vesting Restricted Awards [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Shares/Units, Outstanding, Beginning Balance | shares 747,495
Shares/Units, Granted | shares 874,817
Shares/Units, Vested | shares (240,914)
Shares/Units, Forfeited | shares (134,973)
Shares/Units, Outstanding, Ending Balance | shares 1,246,425
Weighted Average Grant Date Fair Value per Award, Outstanding, Beginning Balance | $ / shares $ 50.54
Weighted Average Grant Date Fair Value per Award, Granted | $ / shares 37.92
Weighted Average Grant Date Fair Value per Award, Vested | $ / shares 50.19
Weighted Average Grant Date Fair Value per Award, Forfeited | $ / shares 51.00
Weighted Average Grant Date Fair Value per Award, Outstanding, Ending Balance | $ / shares $ 41.70
Bonus Performance Restricted Awards [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Shares/Units, Outstanding, Beginning Balance | shares 120,847
Shares/Units, Granted | shares 88,775
Shares/Units, Vested | shares (14,945)
Shares/Units, Forfeited | shares (106,150)
Shares/Units, Outstanding, Ending Balance | shares 88,527
Weighted Average Grant Date Fair Value per Award, Outstanding, Beginning Balance | $ / shares $ 50.92
Weighted Average Grant Date Fair Value per Award, Granted | $ / shares 34.33
Weighted Average Grant Date Fair Value per Award, Vested | $ / shares 51.21
Weighted Average Grant Date Fair Value per Award, Forfeited | $ / shares 50.83
Weighted Average Grant Date Fair Value per Award, Outstanding, Ending Balance | $ / shares $ 34.34
Long-Term Incentive Performance Restricted Awards [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Shares/Units, Outstanding, Beginning Balance | shares 540,478
Shares/Units, Granted | shares 444,524
Shares/Units, Vested | shares (792)
Shares/Units, Forfeited | shares (222,203)
Shares/Units, Outstanding, Ending Balance | shares 762,007
Weighted Average Grant Date Fair Value per Award, Outstanding, Beginning Balance | $ / shares $ 56.68
Weighted Average Grant Date Fair Value per Award, Granted | $ / shares 34.50
Weighted Average Grant Date Fair Value per Award, Vested | $ / shares 56.78
Weighted Average Grant Date Fair Value per Award, Forfeited | $ / shares 58.95
Weighted Average Grant Date Fair Value per Award, Outstanding, Ending Balance | $ / shares $ 43.08
v3.25.4
Equity-Based Compensation - Schedule of Activity Related to Stock Option Awards (Detail)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
$ / shares
shares
Share-Based Payment Arrangement [Abstract]  
Options, Outstanding, Beginning Balance | shares 548,135
Options, Granted | shares 278,484
Options, Forfeited | shares (123,040)
Options, Expired | shares (22,590)
Options, Exercised | shares (50,888)
Options, Outstanding, Ending Balance | shares 630,101
Options, Exercisable, Ending Balance | shares 253,050
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ / shares $ 50.33
Weighted Average Exercise Price, Granted | $ / shares 38.40
Weighted Average Exercise Price, Forfeited | $ / shares 53.35
Weighted Average Exercise Price, Expired | $ / shares 45.73
Weighted Average Exercise Price, Exercised | $ / shares 22.25
Weighted Average Exercise Price, Outstanding, Ending Balance | $ / shares 46.90
Weighted Average Exercise Price, Exercisable, Ending Balance | $ / shares $ 51.89
Weighted Average Remaining Contractual Life, Outstanding, Ending Balance 7 years 11 months 19 days
Weighted Average Remaining Contractual Life, Exercisable, Ending Balance 6 years
Aggregate Intrinsic Value, Outstanding, Ending Balance | $ $ 835
Aggregate Intrinsic Value, Exercisable, Ending Balance | $ $ 502
v3.25.4
Equity-Based Compensation - Schedule of Stock Options Valuation Assumptions (Detail)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Risk-free interest rate 3.86%
Expected volatility 58.89%
Expected dividend yield 0.00%
Expected life (years) 6 years 2 months 1 day [1]
[1] The expected life was estimated using the simplified method, as the Company does not have sufficient historical exercise data due to the limited period of time its common stock has been publicly traded.
v3.25.4
Stockholders' Deficit - Additional Information (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Sep. 30, 2025
Mar. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Aug. 31, 2022
Stockholders Equity [Line Items]              
Common stock, shares issued 97,330,004 97,080,628          
Treasury stock, shares 46,236,087            
Stock Repurchase Program, number of shares repurchased 4,180,798            
Stock repurchases under Share Repurchase Program $ 157,000,000            
Accrued income taxes 1,500,000 $ 4,600,000          
Amount paid in excise tax related shares repurchases 4,600,000            
Treasury stock at cost $ 1,988,517,000 $ 1,830,072,000          
2022 Share Repurchase Program [Member]              
Stockholders Equity [Line Items]              
Share Repurchase Programs, authorized amount         $ 38,500,000   $ 250,000,000
Stock Repurchase Program, number of shares repurchased   375,000          
Stock repurchases under Share Repurchase Program   $ 20,200,000          
Share Repurchase Program, remaining authorized repurchase amount   $ 18,300,000          
2024 Share Repurchase Program [Member]              
Stockholders Equity [Line Items]              
Share Repurchase Programs, authorized amount       $ 500,000,000      
Stock Repurchase Program, number of shares repurchased 100,000 8,990,000          
Stock repurchases under Share Repurchase Program $ 4,600,000 $ 462,800,000          
Share Repurchase Program, remaining authorized repurchase amount $ 32,600,000            
2025 Share Repurchase Program [Member]              
Stockholders Equity [Line Items]              
Share Repurchase Programs, authorized amount     $ 500,000,000        
Stock Repurchase Program, number of shares repurchased 4,080,798            
Stock repurchases under Share Repurchase Program $ 152,400,000            
Share Repurchase Program, remaining authorized repurchase amount $ 347,600,000            
Common Stock [Member]              
Stockholders Equity [Line Items]              
Common stock, shares issued 97,330,004 97,080,628     96,660,357 96,287,771  
Restricted Stock Units [Member]              
Stockholders Equity [Line Items]              
Number of unvested shares 2,096,959            
v3.25.4
Segment Reporting - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2025
Segment
Segment Reporting [Abstract]  
Number of reportable segment 1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description 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.
v3.25.4
Segment Reporting - Schedule of Significant Operating Segment Revenue and Expenses, and Operating Segment Adjusted EBITDA (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net revenues:      
Total revenues $ 1,662,559 $ 1,725,301 $ 1,726,587
Segment costs and expenses:      
Cost of food, merchandise and other revenues 127,563 131,407 131,697
Other operating expenses 765,874 749,690 758,874
Other expenses 4,759 64 (18)
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
Admissions [Member]      
Net revenues:      
Total revenues 883,385 939,629 954,083
Operating Segments [Member]      
Net revenues:      
Total revenues 1,662,559 1,725,301 1,726,587
Segment costs and expenses:      
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 [1] (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
Operating Segments [Member] | Admissions [Member]      
Net revenues:      
Total revenues 883,385 939,629 954,083
Operating Segments [Member] | Food, Merchandise and Other [Member]      
Net revenues:      
Total revenues $ 779,174 $ 785,672 $ 772,504
[1] Other expenses represent costs not allocated to the operating segments including (i) general and administrative expenses, (ii) equity-based compensation expense, (iii) certain non-cash charges/credits including those related to asset disposals and self-insurance reserve adjustments, (iv) certain business optimization, development and strategic initiative costs, (v) merger, acquisition, integration and certain investment costs, and (vi) other nonrecurring costs including incremental costs associated with the COVID-19 pandemic or similar unusual events.
v3.25.4
Schedule I - Condensed Balance Sheets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current assets:        
Total current assets $ 282,794 $ 270,428    
Total assets 2,616,274 2,573,578    
Current liabilities:        
Other accrued liabilities 41,783 54,493    
Total current liabilities 384,732 412,868    
Total liabilities 3,052,080 3,035,118    
Commitments and contingencies    
Stockholders’ Deficit:        
Preferred stock, $0.01 par value-authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2025 and 2024    
Common stock, $0.01 par value-authorized, 1,000,000,000 shares; 97,330,004 and 97,080,628 shares issued at December 31, 2025 and 2024, respectively 973 971    
Additional paid-in capital 745,789 729,965    
Retained earnings 805,949 637,596    
Treasury stock, at cost (46,236,087 and 42,055,289 shares at December 31, 2025 and 2024, respectively) (1,988,517) (1,830,072)    
Total stockholders’ deficit (435,806) (461,540) $ (208,216) $ (437,664)
Total liabilities and stockholders’ deficit 2,616,274 2,573,578    
Parent Company [Member]        
Current assets:        
Cash 5 161    
Accounts receivable from subsidiary 1,174      
Total current assets 1,179 161    
Total assets 1,179 161    
Current liabilities:        
Loss in excess of investment in wholly-owned subsidiary 434,351 456,932    
Other accrued liabilities 2,634 4,769    
Total current liabilities 436,985 461,701    
Total liabilities 436,985 461,701    
Commitments and contingencies    
Stockholders’ Deficit:        
Preferred stock, $0.01 par value-authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2025 and 2024    
Common stock, $0.01 par value-authorized, 1,000,000,000 shares; 97,330,004 and 97,080,628 shares issued at December 31, 2025 and 2024, respectively 973 971    
Additional paid-in capital 745,789 729,965    
Retained earnings 805,949 637,596    
Treasury stock, at cost (46,236,087 and 42,055,289 shares at December 31, 2025 and 2024, respectively) (1,988,517) (1,830,072)    
Total stockholders’ deficit (435,806) (461,540)    
Total liabilities and stockholders’ deficit $ 1,179 $ 161    
v3.25.4
Schedule I - Condensed Balance Sheets (Parenthetical) (Detail) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Condensed Balance Sheet Statements, Captions [Line Items]    
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 100,000,000 100,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 1,000,000,000 1,000,000,000
Common stock, shares issued 97,330,004 97,080,628
Treasury stock, shares 46,236,087 42,055,289
Parent Company [Member]    
Condensed Balance Sheet Statements, Captions [Line Items]    
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 100,000,000 100,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 1,000,000,000 1,000,000,000
Common stock, shares issued 97,330,004 97,080,628
Treasury stock, shares 46,236,087 42,055,289
v3.25.4
Schedule I - Condensed Statements of Operations (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Condensed Financial Statements, Captions [Line Items]      
Equity in net income of subsidiary $ 168,353 $ 227,497 $ 234,196
Net income 168,353 227,497 234,196
Parent Company [Member]      
Condensed Financial Statements, Captions [Line Items]      
Equity in net income of subsidiary 168,353 227,497 234,196
Net income 168,353 227,497 234,196
Parent Company [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]      
Condensed Financial Statements, Captions [Line Items]      
Equity in net income of subsidiary $ 168,353 $ 227,497 $ 234,196
v3.25.4
Schedule I - Condensed Statements of Cash Flows (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows From Operating Activities:      
Net income $ 168,353 $ 227,497 $ 234,196
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Change in other accrued liabilities (15,726) (15,297) 5,608
Equity in net income of subsidiary (168,353) (227,497) (234,196)
Net cash provided by operating activities 380,085 480,139 504,916
Cash Flows From Investing Activities:      
Net cash used in investing activities (217,489) (248,505) (305,607)
Cash Flows From Financing Activities:      
Purchase of treasury stock, including related excise tax paid (160,413) (482,922) (17,861)
Exercise of stock options 1,133 1,792 2,940
Net cash used in financing activities (178,727) (362,663) (34,707)
Change in Cash and Cash Equivalents, including Restricted Cash (16,131) (131,029) 164,602
Cash and Cash Equivalents, including Restricted Cash—Beginning of year 115,893 246,922 82,320
Cash and Cash Equivalents, including Restricted Cash—End of year 99,762 115,893 246,922
Supplemental Disclosures of Noncash Financing Activities      
Excise tax accrued on treasury stock repurchase 1,455 4,608  
Parent Company [Member]      
Cash Flows From Operating Activities:      
Net income 168,353 227,497 234,196
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Change in accounts receivable from subsidiary (1,174)    
Change in other accrued liabilities 1,174    
Equity in net income of subsidiary (168,353) (227,497) (234,196)
Cash Flows From Investing Activities:      
Capital contributed to subsidiary from exercises of stock options (1,289) (1,691) (2,884)
Net cash used in investing activities (1,289) (1,691) (2,884)
Cash Flows From Financing Activities:      
Dividend received from subsidiary - return of capital, APIC 160,413 482,922  
Purchase of treasury stock, including related excise tax paid (160,413) (482,922)  
Exercise of stock options 1,133 1,792 2,940
Net cash used in financing activities 1,133 1,792 2,940
Change in Cash and Cash Equivalents, including Restricted Cash (156) 101 56
Cash and Cash Equivalents, including Restricted Cash—Beginning of year 161 60 4
Cash and Cash Equivalents, including Restricted Cash—End of year 5 161 60
Supplemental Disclosures of Noncash Financing Activities      
Dividends from subsidiary- return of capital, for purchase of treasury stock 0 0 17,861
Excise tax accrued on treasury stock repurchase 1,455 4,608  
Treasury stock purchases not yet settled in other accrued liabilities 1,174    
Parent Company [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]      
Cash Flows From Operating Activities:      
Net income 168,353 227,497 234,196
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Equity in net income of subsidiary $ (168,353) $ (227,497) $ (234,196)
v3.25.4
Schedule I - Description of SeaWorld Entertainment, Inc. - Additional Information (Detail)
Dec. 31, 2025
Business
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of theme parks owned and operated 12
v3.25.4
Schedule I - Guarantees - Additional Information (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Aug. 25, 2021
Apr. 30, 2020
Senior Notes [Member]        
Guarantee Obligations [Line Items]        
Senior debt     $ 725.0  
Debt instrument interest rate percentage 5.25% 5.25% 5.25%  
First-Priority Senior Secured Notes [Member]        
Guarantee Obligations [Line Items]        
Senior debt       $ 227.5
Debt instrument interest rate percentage       8.75%
Senior Secured Credit Facilities [Member] | SeaWorld Parks & Entertainment, Inc (SEA) [Member]        
Guarantee Obligations [Line Items]        
Equity Method Investment, Ownership Percentage 100.00%      
v3.25.4
Schedule I - Dividends from Subsidiary - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dividends Payable [Line Items]      
Repurchase of treasury shares, shares 4,180,798 9,365,000 313,750
Parent Company [Member]      
Dividends Payable [Line Items]      
Cash dividends from subsidiary- return of capital, for purchase of treasury stock   $ 482,900 $ 17,900
Repurchase of treasury shares, shares     313,750
Dividend received from subsidiary - return of capital, APIC $ 160,413 $ 482,922  
v3.25.4
Schedule I - Stockholders' Deficit - Additional Information (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Sep. 30, 2025
Jun. 13, 2025
Jun. 12, 2025
Mar. 31, 2024
Aug. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                
Repurchase of treasury shares, shares 4,180,798 9,365,000 313,750          
Stock repurchased during period, total cost $ 158,445,000 $ 487,530,000 $ 17,861,000          
Stock repurchases under Share Repurchase Programs 157,000,000              
Accrued income taxes 1,500,000 4,600,000            
Amount paid in excise tax related shares repurchases $ 4,600,000              
Stock Repurchase Programs, number of shares repurchased 4,180,798              
Treasury stock at cost $ 1,988,517,000 1,830,072,000            
2024 Share Repurchase Program [Member]                
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                
Share Repurchase Programs, authorized amount             $ 500,000,000  
Stock repurchases under Share Repurchase Programs $ 4,600,000 $ 462,800,000            
Stock Repurchase Programs, number of shares repurchased 100,000 8,990,000            
Share Repurchase Program, remaining authorized repurchase amount $ 32,600,000              
2022 Share Repurchase Program [Member]                
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                
Share Repurchase Programs, authorized amount     38,500,000         $ 250,000,000
Stock repurchases under Share Repurchase Programs   $ 20,200,000            
Stock Repurchase Programs, number of shares repurchased   375,000            
Share Repurchase Program, remaining authorized repurchase amount   $ 18,300,000            
2025 Share Repurchase Program [Member]                
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                
Share Repurchase Programs, authorized amount       $ 500,000,000        
Stock repurchases under Share Repurchase Programs $ 152,400,000              
Stock Repurchase Programs, number of shares repurchased 4,080,798              
Share Repurchase Program, remaining authorized repurchase amount $ 347,600,000              
Parent Company [Member]                
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                
Capital contributed to subsidiary from exercises of stock options 1,289,000 1,691,000 $ 2,884,000          
Repurchase of treasury shares, shares     313,750          
Accrued income taxes 1,500,000 4,600,000            
Amount paid in excise tax related shares repurchases 4,600,000              
Treasury stock at cost 1,988,517,000 1,830,072,000            
Parent Company [Member] | 2024 Share Repurchase Program [Member]                
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                
Share Repurchase Programs, authorized amount             $ 500,000,000  
Stock repurchases under Share Repurchase Programs   $ 462,800,000            
Stock Repurchase Programs, number of shares repurchased   8,990,000            
Share Repurchase Program, remaining authorized repurchase amount 32,600,000              
Parent Company [Member] | 2022 Share Repurchase Program [Member]                
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                
Share Repurchase Programs, authorized amount               $ 250,000,000
Stock repurchases under Share Repurchase Programs   $ 20,200,000            
Stock Repurchase Programs, number of shares repurchased   375,000            
Share Repurchase Program, remaining authorized repurchase amount 18,300,000   $ 38,500,000          
Parent Company [Member] | 2025 Share Repurchase Program [Member]                
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                
Share Repurchase Programs, authorized amount       $ 500,000,000        
Stock repurchases under Share Repurchase Programs $ 152,400,000              
Stock Repurchase Programs, number of shares repurchased 4,080,798              
Share Repurchase Program, remaining authorized repurchase amount $ 347,600,000              
2017 Omnibus Incentive Plan [Member]                
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                
Common stock reserved for future issuance           7,079,237    
2025 Omnibus Incentive Plan [Member]                
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                
Common stock reserved for future issuance         6,320,680      
Shares available for future issuance 5,189,000