On this page of StockholderLetter.com we present the latest annual shareholder letter from United Parks & Resorts Inc. — ticker symbol SEAS. Reading current and past SEAS letters to shareholders can bring important insights into the investment thesis.
2025 ANNUAL REPORT
April 30, 2026 To Our Shareholders, I m excited and confident in the future prospects of our company and the opportunities we see ahead to create significant shareholder value. We have a strong and resilient business model, irreplaceable assets and brands that are well-capitalized, owned and highly valued. We operate in a growing industry with a very favorable competitive structure. The opportunities are real and substantial. While 2025 presented a challenging operating environment and results did not meet our expectations, the performance across several areas of our business proved the resilience and enduring popularity of our parks and brands. We navigated various headwinds, including geopolitically driven declines in international visitation, volatile weather during certain peak visitation periods, and domestic macro unevenness, and are pleased with the performance across multiple aspects of our business that help set the stage for future growth and increasing shareholder value. In particular, we are pleased with record in-park spending (our in-park per capita spending reached record levels, growing in 21 of the last 23 quarters), record-setting performance at our Discovery Cove park in Orlando, record setting performance at our Howl O Scream Halloween events in multiple markets, and our performance in Orlando. We have made key investments, updated our strategies and initiatives, re-aligned resources and focus, and are excited about our plans across our portfolio in 2026. Our 2026 roadmap is defined by a compelling lineup of new rides, attractions, and events, an updated events calendar, an expanded concert lineup, and upgraded food and retail locations all supported by a revamped marketing plan designed to increase guest visitation and spending. With clear opportunities to grow attendance, revenue and EBITDA, we remain committed to building an even more resilient business that delivers meaningful growth for our stakeholders. Our confidence in the company s future is best demonstrated by our actions. Between 2025 and early 2026, we repurchased 6.7 million shares (approximately 12% of shares outstanding), reflecting our strong cash flow, our deep conviction in the exceptional value our shares currently offer as an investment opportunity and our longstanding commitment of returning excess cash to shareholders. Our commitment to excellence was recognized globally in 2025. Among the many accolades we received, Busch Gardens Williamsburg was named the "World's Most Beautiful Theme Park" for the 35th consecutive year, and SeaWorld Orlando was voted a "USA Today" top amusement park. Importantly, we are exceptionally proud of our rescue, research, conservation and education work. In 2025, our teams came to the aid of 825 animals in need, contributing to a lifetime total of over 42,000 rescues. We also advanced scientific knowledge, generating multiple peer-reviewed publications on a range of subjects spanning animal health, reproduction, behavior, anesthesia, and population assessment. This work is only possible thanks to the dedication of our many thousands of ambassadors, whose commitment to our animals and guests is the heartbeat of this company. The best way to understand our strength is to see it in person. I invite you to join us at our parks this year to experience the energy and excitement firsthand. Thank you for your continued investment and support. Sincerely, Marc G. Swanson Chief Executive Officer
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 • shareholder letter icon 4/30/2026 Letter Continued (Full PDF)
 • stockholder letter icon 5/1/2023 SEAS Stockholder Letter
 • stockholder letter icon 4/29/2024 SEAS Stockholder Letter
 • stockholder letter icon 5/2/2025 SEAS Stockholder Letter
 • stockholder letter icon More "Miscellaneous" Category Stockholder Letters


SEAS Shareholder/Stockholder Letter Transcript:

2025
ANNUAL REPORT


April 30, 2026
To Our Shareholders,
I   m excited and confident in the future prospects of our company and the opportunities we see ahead to create significant
shareholder value. We have a strong and resilient business model, irreplaceable assets and brands that are well-capitalized,
owned and highly valued. We operate in a growing industry with a very favorable competitive structure. The opportunities are
real and substantial.
While 2025 presented a challenging operating environment and results did not meet our expectations, the performance across
several areas of our business proved the resilience and enduring popularity of our parks and brands. We navigated various
headwinds, including geopolitically driven declines in international visitation, volatile weather during certain peak visitation
periods, and domestic macro unevenness, and are pleased with the performance across multiple aspects of our business that
help set the stage for future growth and increasing shareholder value. In particular, we are pleased with record in-park spending
(our in-park per capita spending reached record levels, growing in 21 of the last 23 quarters), record-setting performance at our
Discovery Cove park in Orlando, record setting performance at our Howl O   Scream Halloween events in multiple markets, and
our performance in Orlando.
We have made key investments, updated our strategies and initiatives, re-aligned resources and focus, and are excited about
our plans across our portfolio in 2026.
Our 2026 roadmap is defined by a compelling lineup of new rides, attractions, and events, an updated events calendar, an
expanded concert lineup, and upgraded food and retail locations   all supported by a revamped marketing plan designed to
increase guest visitation and spending. With clear opportunities to grow attendance, revenue and EBITDA, we remain committed
to building an even more resilient business that delivers meaningful growth for our stakeholders.
Our confidence in the company   s future is best demonstrated by our actions. Between 2025 and early 2026, we repurchased 6.7
million shares (approximately 12% of shares outstanding), reflecting our strong cash flow, our deep conviction in the exceptional
value our shares currently offer as an investment opportunity and our longstanding commitment of returning excess cash to
shareholders.
Our commitment to excellence was recognized globally in 2025. Among the many accolades we received, Busch Gardens
Williamsburg was named the "World's Most Beautiful Theme Park" for the 35th consecutive year, and SeaWorld Orlando was
voted a "USA Today" top amusement park.
Importantly, we are exceptionally proud of our rescue, research, conservation and education work. In 2025, our teams came to
the aid of 825 animals in need, contributing to a lifetime total of over 42,000 rescues. We also advanced scientific knowledge,
generating multiple peer-reviewed publications on a range of subjects spanning animal health, reproduction, behavior,
anesthesia, and population assessment. This work is only possible thanks to the dedication of our many thousands of
ambassadors, whose commitment to our animals and guests is the heartbeat of this company.
The best way to understand our strength is to see it in person. I invite you to join us at our parks this year to experience the
energy and excitement firsthand. Thank you for your continued investment and support.
Sincerely,
Marc G. Swanson
Chief Executive Officer

[THIS PAGE INTENTIONALLY LEFT BLANK]


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