Comcast reported its third-quarter results this morning, and the Theme Parks segment that includes Universal Orlando Resort took a clear step backward. Revenue fell 4.4% to $2.6 billion, and Adjusted EBITDA dropped 17.1% to $780 million, a decline of $160 million from a year ago. Comcast says the revenue decline primarily reflects lower park admissions, including the impact of increased promotional activity. Management calls the pressure temporary and says it expects the parks to return to growth in the second half of 2027.
Comcast Third Quarter 2026 Results for Universal Theme Parks
IN THIS ARTICLE:
- Theme Parks revenue and Adjusted EBITDA for the third quarter
- What Comcast says is behind the lower admissions revenue, including Universal Orlando and Universal Japan
- Operating costs, what Comcast said on the call and how Disney’s latest results compare
Comcast’s third quarter covers July through September. Among its Media, Studios and Theme Parks businesses, only Theme Parks saw both revenue and Adjusted EBITDA decline. Media and Studios both grew Adjusted EBITDA. Theme Parks revenue fell $120 million, from $2.7 billion to $2.6 billion. Adjusted EBITDA fell from $940 million to $780 million.
Promotions and Park Admissions to Blame
Comcast says Theme Parks revenue decreased primarily because of lower revenue from park admissions, including the impact of increased promotional activity. In plain terms, the company is saying that discounting is costing it money. Comcast doesn’t specify which promotions it means, and it doesn’t say whether attendance, ticket pricing, or both drove the lower admissions revenue.
Universal Orlando Resort has offered a steady stream of Florida resident and multi-day ticket deals since Epic Universe opened. One recent example is a 3-park Florida resident ticket that includes Epic Universe for $85 per day. It went on sale September 3rd.
Comcast also names Universal Orlando and Universal Japan as the sources of continued pressure on both revenue and Adjusted EBITDA. Epic Universe opened in 2025, so the year-ago quarter already included the new park. Theme Parks reports as a single segment, so Comcast doesn’t say how much of the decline comes from each individual destination or theme park.
Operating Costs and the Long-Term Outlook
Theme Parks operating expenses increased 2.3% to $1.8 billion, about $40 million more than a year ago, even as revenue fell. The increase primarily reflects operating costs at Comcast’s domestic parks, the company says, partially offset by lower operating costs at its international parks. Comcast says lower revenue and higher operating expenses together drove the Adjusted EBITDA decline. That combination is what turned a 4.4% revenue drop into a 17.1% drop in Adjusted EBITDA.
Comcast’s co-CEOs, Brian L. Roberts and Mike Cavanagh, addressed the outlook for the parks. They said, “Despite near-term cyclical headwinds in Theme Parks, we remain confident in the business’s long-term growth potential.”
What Comcast Said on the Earnings Call
On the call, Comcast management described near-term demand pressure across portions of the parks business, including in Orlando and certain international markets. Management says it views the trend as temporary rather than structural. It pointed to macroeconomic and geopolitical headwinds, to competitors that were quicker to spot softer demand and adjust their marketing, and to capacity and ride throughput challenges at Epic Universe. Comcast says it is taking action on the last two.
Management expects Orlando softness to look similar next quarter and in the first half of 2027. The company expects performance to strengthen through 2027, with a return to growth in the second half of the year. Comcast adds that Orlando attendance, guest spending and overall financial performance remain materially above where they were two years ago, and that guest satisfaction continues to rise.
Its response, Comcast says, includes new leadership and new promotions. Luc Bondar, who joins from United Airlines, recently started as Chief Brand and Commercial Officer. Randy Culbertson, the former NBCUniversal CFO, will join Universal Destinations & Experiences as Chief Business Officer. Management also said it plans to bring more promotional and product packages to market, including three-park passes. It is also adding media investment and working on Epic Universe capacity and attraction reliability.
How Disney’s Latest Results Compare
Disney’s latest results cover a different period, its fiscal third quarter from April through June, so the two companies’ numbers aren’t a direct comparison. Experiences revenue rose 10% to about $10 billion, Disney says. Segment operating income rose 20% to $3.0 billion, as we covered in August. Domestic park attendance grew 3%, and per capita spending grew 4%.
Disney reports its next quarter, which overlaps Comcast’s July through September period, on November 17th.
Keep Reading
- Disney Experiences posted $10 billion in revenue in its fiscal third quarter, with income up 20%.
- See what Universal’s 3-park Florida resident ticket includes, from Epic Universe access to an optional park-to-park upgrade.
As always, keep checking back with us here at BlogMickey.com for not only the latest Disney Parks news, but also news, photos, and info from great offerings Outside the Bubble!