Overview
- Universal theme parks revenue reached $2.893 billion in Q4 2025, up about 22% year over year, with adjusted EBITDA at $1.035 billion.
- CFO Jason S. Armstrong said Epic Universe has made meaningful ride-throughput gains and will scale attendance and operating leverage over the next several quarters.
- Executives credited Epic Universe with higher per-cap spending and broader resort demand, citing Orlando hotel occupancy up roughly 3% and average daily rate up about 20%.
- Co-CEO Mike Cavanagh updated his timeline to a full ramp by year-end 2026, noted a priority to fill hotels this year, and said site preparation for potential expansion is underway.
- Universal flagged 2026 openings and milestones beyond Orlando, including the Fast & Furious Hollywood Drift coaster in Hollywood, the Universal Kids Resort in Texas, and U.K. park site work, as analysts and fans debate long-term throughput limits tied to Epic Universe’s design.