유나이티드 파크스 앤 리조츠(PRKS) 2026년 3분기 실적 발표: 입장객 감소, 1인당 매출 증가

유나이티드 파크스 앤 리조트(NYSE: PRKS)는 기상 악화와 역법 효과, 해외 방문객 감소로 입장객 수가 줄어들면서 2026년 3분기 매출과 조정 EBITDA가 감소했다고 발표했다. 입장권 가격 인상과 공원 내 지출 증가는 이러한 감소세를 일부 상쇄했다.

핵심 요약

• 3분기 매출은 전년 동기 대비 1.1% 감소한 5억 650만 달러를 기록했으며, 입장객 수는 약 32만 명(4.7%) 감소했다.
• 1인당 총매출은 3.8% 증가했으며, 여기에는 1인당 입장료 매출 3.4% 증가와 1인당 공원 내 지출 4.4% 증가가 포함됐다.
• 순이익은 8,930만 달러에서 8,000만 달러로 감소했으며, 조정 EBITDA는 1,120만 달러 감소한 2억 510만 달러를 기록했다.
• 경영진은 기상 악화, 역법 효과 및 해외 부문의 역풍으로 인해 약 32만 5,000명의 방문객이 감소했다고 설명했다. 또한 프로모션용 입장권 상품을 계획적으로 축소하면서 방문객 수가 10만 명 이상 줄었다.
• 10월 기준 유료 패스 고객 수는 0.3% 증가했으며, 10월 31일 기준 2027년 전용 패스 상품의 수량 기준 고객 수는 15% 이상 증가했다.
• 경영진은 패스 판매, 1인당 지출 증가, 단체 예약, 디스커버리 코브(Discovery Cove) 수요, 해외 방문객 유입 및 추가 비용 절감에 힘입어 2027년에는 성장세로 돌아설 것으로 전망했다.

핵심 재무 데이터

2026년 첫 9개월간 매출은 1.6% 감소한 12억 7,000만 달러를 기록했다. 입장객 수는 약 67만 명(4.1%) 감소한 1,570만 명이었다. 순이익은 4,410만 달러 감소한 1억 920만 달러, 조정 EBITDA는 3,140만 달러 감소한 4억 5,860만 달러를 기록했다.

9월 30일 기준 순 총레버리지 비율은 3.55배였다. 가용 유동성은 약 2,600만 달러의 현금을 포함해 총 약 6억 7,500만 달러였다. 이연수익은 전년 동기 대비 4.9% 증가한 1억 5,250만 달러를 기록했다.

사업 및 운영 실적

가격 책정과 상품 믹스가 1인당 입장료 매출을 지지한 한편, 이용률 상승과 가격 정책이 공원 내 지출을 견인했다. 경영진은 이례적인 날씨, 역법 및 해외 요인으로 줄어든 약 32만 5,000명의 방문객을 제외하면 입장객 수가 증가했을 것이라고 밝혔다.

분기 중 패스 동향이 개선됐다. 총 패스 판매량은 약 8% 증가했으며, 10월 31일 기준 유료 패스 고객 수는 증가세로 돌아섰다. 패스 상품은 회사 연간 입장객 수의 약 40%를 차지한다. 경영진은 2027년 전용 패스 상품의 15%가 넘는 성장이 가격 인상이 아닌 주로 펀 카드(Fun Card) 등 상품의 판매 수량 증가를 반영한 것이라고 설명했다.

2027년 디스커버리 코브의 선도 예약 매출과 단체 사업 예약은 각각 두 자릿수 성장률을 기록하고 있다. 해외 매출은 최근 한 자릿수 중반대 비율로 증가했으며, 경영진은 해외 방문객 유입이 2026년 잔여 기간과 2027년까지 호재로 작용할 것으로 기대하고 있다.

그럼에도 해외 입장객 수는 2019년 수준을 50% 이상 밑돌았다. 경영진은 2019년 수준으로 회복될 경우 주로 플로리다 지역을 중심으로 약 100만 명의 추가 방문 기회가 창출될 수 있을 것으로 추산했다.

회사는 2026년 스폰서십 매출이 약 1,200만~1,500만 달러에 이를 것으로 예상하며, 향후 수년간 연간 최소 3,000만 달러를 목표로 하고 있다. 또한 중동 지역의 신규 테마파크 설립 가능성과 관련해 구속력이 없는 양해각서(MOU)를 체결했으며, 기타 글로벌 및 지식재산권(IP) 파트너들과도 논의를 지속하고 있다.

경영진 전망

경영진은 2026년 자본적 지출이 2억 5,000만 달러 미만일 것으로 예상하고 있다.

회사는 5,000만 달러 규모의 총 비용 절감 목표를 순조롭게 달성 중이며, 대부분의 절감액은 2026년에 실현되고 나머지는 2027년에 실현될 예정이다. 경영진은 2027년에 대해 AI, 자동화, 로보틱스, 인력 스케줄링, 보험, 유틸리티 및 세금 관련 기회를 포함해 4,000만~5,000만 달러 규모의 초기 추가 총 비용 절감 목표를 설정했다.

경영진은 2027년 매출과 조정 EBITDA 사이의 비용을 전년 수준으로 유지하거나 기껏해야 극히 낮은 한 자릿수 초반 증가율로 억제하는 것을 목표로 하고 있다. 기술 투자와 더 정밀하게 타깃팅된 마케팅 지출이 총 절감액을 순 절감액으로 전환하는 데 도움이 될 것으로 기대하고 있다.

회사는 패스 고객 기반 확대, 입장료 및 공원 내 1인당 지출의 지속적 증가, 디스커버리 코브와 단체 예약 호조, 신규 놀이기구 및 이벤트, 마케팅 실행력 개선, 해외 방문객 회복 등에 힘입어 2027년 성장세가 뒷받침될 것으로 기대하고 있다. 다만 이러한 전망은 기상 조건에 일부 좌우될 수 있다.

경영진은 또한 유동성, 지배구조 요건 및 이사회 승인을 전제로 현금 잔고를 재확충한 후 자사주 매입을 재개할 것으로 예상한다고 밝혔다. 회사는 실적 발표 통화일까지 2026년 중 약 2억 1,800만 달러 규모의 자사주를 매입했으며, 이는 전체 유통주식수의 약 12%에 해당한다.

리스크 및 주시 사항

• 기상 악화는 여전히 단기적으로 가장 큰 운영상 부담 요인으로 남아 있다. 경영진은 10월 중 캘리포니아, 버지니아, 플로리다 전역에서 발생한 폭우, 이례적인 폭염 및 폭풍우를 주요 요인으로 언급했다.
• 경영진은 슈퍼 엘니뇨 기상 패턴이 완화되지 않는다면 4분기 조정 EBITDA 성장이 더욱 어려워질 것이라고 밝혔다.
• 해외 입장객 수는 여전히 2019년 수준을 크게 밑돌고 있으며, 회사의 통제 범위를 벗어난 거시경제 상황에 일부 영향을 받는다.
• 팀, 파트너, CRM 역량 및 메시징에 대한 개선 작업이 진행 중이지만, 마케팅 실행력은 경영진이 용인할 수 있는 수준보다 미흡했다.
• 과거 총 비용 절감은 인플레이션 압력을 상쇄하는 데 그쳐 그에 상응하는 순 절감이나 마진 확대로 항상 이어지지는 못했다.
• 금리 변동성으로 인해 부동산 관련 논의 일정이 지연되었으며, 경영진은 수용 가능한 거래 조건에 도달할 것이라는 보장은 없다고 밝혔다.

애널리스트 Q&A 주요 내용

경영진은 심각한 기상 악화와 불리한 핼러윈 역법 효과에도 불구하고 10월 매출이 증가할 것으로 전망했다. 별도 티켓으로 판매되는 '하울 오 스크림(Howl-O-Scream)' 이벤트는 날씨 영향이 없었던 날에 전년 대비 유의미한 성장을 기록했다.

2027년 성장과 관련해 경영진은 유료 패스 고객 기반의 증가세 전환, 2027년 전용 패스 상품의 15% 이상 판매 수량 증가, 디스커버리 코브 및 단체 사업의 두 자릿수 선도 예약 성장, 해외 매출 개선 및 지속적인 1인당 지출 증가를 강조했다.

수익성(마진)과 관련해 경영진은 비즈니스 모델의 영업 레버리지 효과 덕분에 완만한 입장객 및 매출 성장만으로도 강력한 이익 전환 효과(flow-through)를 거둘 수 있을 것이라고 말했다. 4,000만~5,000만 달러 규모의 추가 총 비용 절감 목표는 인플레이션을 상쇄하고 더 강력한 순 절감을 뒷받침하기 위한 것이다.

테마파크 포트폴리오 전반의 자본 배분과 관련해 경영진은 시장별 상황에 맞춰 투자 결정을 내릴 것이라고 밝혔다. 또한 부시 가든 탬파베이(Busch Gardens Tampa Bay)의 어트랙션 포트폴리오와 인지도 및 고객 경험 개선의 필요성을 언급하며, 해당 공원을 특히 중요한 기회 요인으로 지목했다.

실적 발표 콘퍼런스콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Hello and welcome to United Parks and Resorts' third quarter earnings conference call.

[Operator Instructions]

I would now like to turn the conference over to Matthew Stroud, Head of Investor Relations. You may begin.

Matthew Stroud

Thank you, Sarah, and good morning, everyone. Welcome to United Parks and Resorts' third quarter earnings conference call. Today's call is being webcast and recorded. A press release was issued this morning and is available on our Investor Relations website at www.unitedparksinvestors.com. Replay information for this call can be found in the press release and will be available on our website following the call. Joining me this morning are Marc Swanson, Chief Executive Officer, and Jim Forrester, Interim Chief Financial Officer and Treasurer. This morning we will review our third quarter financial results and then we will open the call to your questions. Before we begin, I would like to remind everyone that our comments today will contain forward-looking statements within the meaning of the Federal Securities Laws.

These statements are subject to a number of risks and uncertainties that could cause actual results to be materially different from those forward-looking statements, including those identified in the Risk Factors section of our annual report on Form 10-K and quarterly reports filed on Form 10-Q filed with the Securities and Exchange Commission. These factors may be updated from time to time and will be included in our filings with the SEC that are available on our website. We undertake no obligation to update any forward-looking statements. In addition, on the call we may reference non-GAAP financial measures and other financial metrics, such as Adjusted EBITDA and free cash flow. More information regarding our forward-looking statements and reconciliations of non-GAAP measures to the most comparable GAAP measure is included in our earnings release available on our website and can also be found in our filings with the SEC. Now I would like to turn the call over to our Chief Executive Officer, Marc Swanson.

Marc Swanson

Thank you, Matthew. Good morning, everyone, and thank you for joining us. We are pleased with the underlying performance of our business, despite significantly unfavorable weather, calendar impacts, and international headwinds during the quarter. Excluding the impact of these unusual headwinds, which amounted to approximately 325,000 visits, our attendance would have been up. Our attendance during the quarter was also impacted by a planned reduction in promotional admissions products, which amounted to more than 100,000 visits. We delivered another quarter of growth in total revenue per capita driven by continued strong in-park execution and improved admissions product pricing and management. We are continuing to make progress across many of our key initiatives and continue to have significant opportunity to improve execution. Underscoring the progress we are making, our total pass sales during the third quarter were up almost 8% and our total paid pass base was positive as of October 31st. Even more encouraging, our 2027 specific pass products base is up over 15% as of October 31st.

Despite continued brutal weather in October, our projected total revenue was up for the month and our separately ticketed Howl-O-Scream events saw meaningful year-over-year growth on non-impacted weather days. Looking ahead to 2027 and beyond, we see a clear path to deliver significantly higher attendance, revenue, Adjusted EBITDA, and free cash flow. In addition to the encouraging trends in our admissions and in-park per caps, our pass sales and pass base, in 2027 forward bookings revenue for Discovery Cove and for our group business are each currently running up double-digit percentages versus prior year at the same time. I'm also pleased with the forward trends we are seeing in our international business, which is now and will be going forward, lapping a tough stretch. Our international sales revenue has been up mid-single digits recently, and we expect international visitation to be a tailwind for the rest of the year and into 2027.

As we enter this upcoming holiday season, we are about to launch another year of our popular holiday event lineup, which again will feature the popular rides, attractions, and immersive exhibits that guests have come to love, alongside new and improved elements across our parks. I want to thank our ambassadors for their dedication and hard work during our busy summer and Halloween seasons and their ongoing commitment to deliver another memorable holiday experience for our guests.

While this year's weather and international attendance-related headwinds have been challenging, we are encouraged by our recent results and trends and the significant opportunities we have ahead. We remain focused, well-positioned, and highly confident in our ability to significantly grow the business and deliver meaningful increases in value for shareholders.

Let me briefly comment on the most recent market price of our publicly traded stock. While I recognize we have recently delivered financial performance meaningfully below the potential of this business, the management and the board strongly believe the current value of our company is materially below the fair and reasonable value of the business. Our long-term track record, our irreplaceable assets, our globally recognized brands, our favorable market position, our owned underlying real estate, our proven and resilient business model, long-term cash flow generation potential, and the long-term growth prospects of the business warrant a significantly higher valuation. Management and the Board are committed to taking action and utilizing available options to close the sizable valuation gap. We expect to continue to buy back stock as long as a disconnect exists between our view of fair or reasonable value and the market price of our common equity, when we have sufficient available liquidity, when our governance documents allow, and when our board determines it's the best use of capital.

To date this year, we have purchased approximately $218 million of stock or approximately 12% of our total operating outstanding shares. While we didn't purchase any shares in Q3 due to the cash flow dynamics of the business this year, we expect to return to buying our shares when we rebuild our cash balances going forward, subject to the conditions previously outlined.

Now, let me give a brief update on some of our strategic initiatives. On real estate, as we previously reported, we've received interest from multiple highly credible parties that have assigned significant value to our real estate versus the implied value in the public equity market. Recent volatility in interest rates has extended the timeline of our discussions. As you well know, there can be no assurances we will ultimately achieve terms that meet our requirements. In any event, learning the value that these parties assign to our real estate has confirmed our belief that the value of our real estate is not reflected in our public market valuation. We will continue to work on these opportunities and will continue to report to you on our progress.

On sponsorships, we continue to be on track to have approximately $12 million to $15 million in sponsorship revenue in 2026. We expect this business to be at least a $30 million line of business in the coming years. We are really excited for this opportunity.

On international, we are happy to report that during Q3, we signed a non-binding memorandum of understanding with a new partner for a potential new park in the Middle East, and we continue to advance discussions with several other partners around the world. We look forward to sharing more on this potential new project and on other discussions as they progress.

On IP partnerships, we continue to be in multiple active discussions to bring additional compelling and well-recognized IP into our parks in innovative and exciting ways. We're also in discussions with potential partners about adding complementary entertainment offerings on land we own adjacent to our parks. We expect to have more to share related to these opportunities in 2027 and beyond.

On marketing, as we've previously communicated, we have had less than stellar execution and it's been an area that has been quite frustrating. We are making slow progress. We are continuing to evolve our strategy, our partners, and our teams. We need to continue to make investments to reach new and incremental audiences and to provide more compelling visuals and messaging and generate more awareness. We also need to leverage our CRM much better and have made some progress to modernize our activities and increase effectiveness in this area. There's a lot more work to do, and we are confident the changes we are making will help strengthen how we communicate and position us to engage a broader audience more effectively.

On costs, we continue to be on pace to achieve our $50 million gross cost savings target, most of which will have been realized in 2026 and some of which will be realized in 2027. We are actively working on our 2027 objectives with an initial targeted savings of an additional $40 million to $50 million of gross cost savings. We have spent considerable time with an in-house team, along with third parties, on identifying and mapping plans for AI capabilities in the organization where relevant. We have also invested in and are excited about the results we have seen exploring the application of robotics and automation in certain parts of our operations.

Regarding capital allocation, as we've discussed in the past, our strong balance sheet provides us with the flexibility to allocate capital to maximize the long-term value of our enterprise. As you all know, our board is focused on maximizing long-term value for shareholders and will act dynamically with that objective as opportunities are presented.

We are encouraged by the clear strategic runway ahead, supported by substantial capital investments and a comprehensive suite of initiatives currently underway across our organization. These deliberate actions are designed to enhance the guest experience, accelerate revenue growth, and optimize our cost structure to drive long-term profitability. By building a more robust and resilient enterprise, we are confident in our ability to deliver higher attendance, revenue, Adjusted EBITDA, and free cash flow, and higher shareholder value. Jim will discuss our financial results in more detail.

James Forrester

Thank you, Marc. During the third quarter, we generated total revenue of $506.5 million, a decrease of $5.4 million or 1.1% when compared to the third quarter of 2025. The decrease in total revenue compared to the third quarter of 2025 was primarily a result of a decrease in attendance, partially offset by an increase in total revenue per capita. Attendance for the third quarter of 2026 decreased by approximately 320,000 guests or 4.7% when compared to the prior year quarter. The decrease in attendance was primarily attributable to unfavorable weather, a calendar impact, and a decline in international visitation compared to the same quarter in the prior year.

In the third quarter of 2026, total revenue per capita increased 3.8%, admission per capita increased 3.4%, and in-park per capita spending increased 4.4%. Admission per capita increased primarily due to increased realized pricing on certain admissions products and the net impact of the admissions product mix when compared to the same prior year quarter. In-park per capita spending increased primarily due to higher penetration and the impact of pricing initiatives compared to the same prior year quarter.

Operating expenses decreased $4.1 million or 1.9% when compared to the third quarter of 2025. Selling, general, and administrative expenses increased $7.9 million or 13.1% compared to the third quarter of 2025. We reported net income of $80 million for the third quarter compared to net income of $89.3 million in the third quarter of 2025. We generated Adjusted EBITDA of $205.1 million, a decrease of $11.2 million when compared to the third quarter of 2025.

Looking at our results for the first 9 months of 2026 compared to 2025, total revenue was $1.27 billion, a decrease of $20.9 million or 1.6%. Total attendance was 15.7 million guests, a decrease of approximately 670,000 guests or 4.1%. Net income for the period was $109.2 million, a decrease of $44.1 million, and Adjusted EBITDA was $458.6 million, a decrease of $31.4 million.

Now turning to our balance sheet, our September 30th, 2026 net total leverage ratio is 3.55x and we had approximately $675 million of total available liquidity, including approximately $26 million of cash on the balance sheet. The strong balance sheet gives us flexibility to continue to invest in and grow our business and to opportunistically allocate capital with a goal to maximize long-term value for shareholders.

Our deferred revenue balance as of the end of September was $152.5 million. Deferred revenue increased approximately 4.9% when compared to September of 2025. As a reminder, our deferred revenue balance contains a number of products that include ticketing, vacation packages, annual and seasonal passes, and ancillary products. We also continue to see many pass holders who have been with us for at least a year who transition to month-to-month payments at the completion of their initial pass commitments. This month-to-month revenue does not show up as deferred revenue. Through October 2026, our paid pass base increased 0.3% compared to October 2025.

During the quarter, we launched our new pass products for 2027, which include our best benefits ever. We have a new dedicated team, a new strategy, and approach to pass that we continue to expect will lead to meaningful increases in pass base for 2027 and beyond.

We spent $69.7 million on CAPEX in the third quarter of 2026, of which approximately $47.4 million was on core CAPEX, and approximately $22.4 million was on expansion, NRR, and/or ROI projects. For 2026, we currently expect to spend less than $250 million of CAPEX. Now let me turn the call back over to Marc who will share some final thoughts. Marc.

Marc Swanson

Thank you, Jim. Before we open the call to your questions, I have some closing comments. In the third quarter of 2026, we came to the aid of 237 animals in need. Over our history, we have helped over 43,000 animals, including bottlenose dolphins, manatees, sea lions, seals, sea turtles, sharks, birds, and more. I'm really proud of the team's hard work and their continued dedication to these important rescue efforts.

Looking ahead, our strategic priorities center on growing revenue, Adjusted EBITDA, and free cash flow, and significantly growing shareholder value. Our roadmap is driven by several high impact initiatives. We have an exciting pipeline of new rides, attractions, new or refreshed seasonal events. We are executing in-park upgrades to improve guest experience and optimize in-park per capita spending.

We are deploying an updated and modernized marketing framework to accelerate brand awareness and drive visitation. We are investing in resources and technology to help us manage and grow in-park and admissions per capita spending. We are rededicating resources to better manage and capture domestic, international, and group sales. We are investing in capabilities and dedicating teams to capture sponsorship opportunities and international licensing opportunities.

We are highly focused on identifying efficiencies and reducing waste and unnecessary costs through technology, capital investment, and process improvements. We are dedicated to allocating our excess capital with care and in a way that maximizes value for shareholders.

We operate in a growing industry characterized by favorable competitive dynamics supported by our irreplaceable brand portfolio, a highly cash generative business model, and well-capitalized assets. And we have high conviction in our long-term trajectory and our ability to increase shareholder value. Now we can take your questions. Thank you.

Operator

[Operator Instructions]

Your first question comes from Steven Wieczynski with Stifel.

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Steven Wieczynski

So, Marc, I want to understand the October trends a little bit more. I guess you called out a significant weather headwind in October, but the month, it sounds like it's still going to be positive from a revenue perspective. So maybe can you help us think about what that revenue trend would have looked like if weather was normal, or maybe a better way to ask that is, on the days where weather was normal, what did revenue trends look like on those days? And I guess, given how October trended, do you think it's possible at this point to still kind of grow EBITDA in the fourth quarter, over the fourth quarter of '25?

Marc Swanson

Yes, hey, Steve, I can take that question. So, yes, October was really impacted by a lot of weather, as I mentioned in my prepared remarks. We're dealing with this Super El Niño that has been talked about quite a bit. So we saw a very meaningful impact, especially in our California park and then really across a number of markets, including Virginia, as well as here in Florida where we've had rain. So we just had a lot of rain on a number of weekends. And, when you have a rainout on a weekend in a park like Williamsburg, Virginia, where they're really not open as much during the week, the weekend is where they make most of their attendance. So when we have a rainout on a big weekend day, that significantly impacts it.

And we had poor weather over Columbus Day as well. And then again, these dynamics that we're seeing in California where, at one point it was 100 degrees in San Diego, which is very unusual, to where they had this tropical storm / Hurricane Rachel over Columbus Day weekend. And then they even had some rain on Halloween Day itself in San Diego, which is very, very unusual. So there's a lot of weather noise in the business in October.

Despite that, we did grow revenue or we're projected to grow revenue during the month. We did pick up an extra Saturday in the month, obviously, but it was Halloween day. And typically Halloween on a Saturday is not something we would prefer. A lot of people spend Halloween closer to their neighborhood or with friends or something and not necessarily at a theme park. But nonetheless, we expect to grow revenue in the month of October as far as the outlook for the rest of the year.

I like the setup for some of the things we talked about for the rest of this year and into 2027 with a positive pass base now, trends on our per caps as we discussed, and some of the other forward indicators that really go more into 2027, obviously. But we'll have to see. I mean, if the Super El Niño hangs around, it's going to be tougher, obviously, to grow EBITDA in the back half or in the next 2 or 3 months. We don't have an October number yet. So to grow, we'll have to get some break from this Super El Niño, I think. Otherwise, outside of that, when weather is normal, I think we feel pretty good about the business. We like the opportunities we're seeing when weather is good. We saw that a little bit in October, I mentioned with our Howl-O-Scream event, which is a separately ticketed event at night in a few of our parks. And when weather was good, we saw nice results with that. So hopefully that's helpful.

Steven Wieczynski

Yes, that's great. Thanks, Marc. And then, I know it's early and you guys don't give guidance anyway, but as we start to think about next year, I would assume based on some pretty easy comparisons, coupled with stabilization, it sounds like on the international side of things, it should be a year finally of getting back to the growth side of things from an EBITDA perspective, even if weather doesn't cooperate given the somewhat easy comparison. So I want to make sure I'm thinking about that the right way. And then, Marc, if you want to provide any kind of high-level thoughts around how you guys are thinking about 2027, I think that would be super helpful. Thank you.

Marc Swanson

Sure, I absolutely agree with you that next year is the year to get back to growth, obviously. So I would agree with what you said there. And there's a few things that give me confidence in that, obviously. The pass base turned positive, as you heard Jim and I talk about. And we know that's a pretty critical piece of our business. Roughly 40% of our attendance comes on some sort of pass product. So to have that come over and into the positive territory now, and then those products that are specific to 2027, like our Fun Card, to see the growth that we've seen here early on in that sales process is encouraging. So I like the pass base setup going into next year.

Like you mentioned, the recent trends in per caps, getting admissions per cap into positive territory was good. And so if we can continue to grow both admissions and in-park per cap, we like that setup. The bookings revenue for Discovery Cove and our group business is up as well and looks encouraging. And this will all be supported by a lineup of new rides, attractions, events. Our goal obviously is to have new things in our parks every year. I think, again, we will have a good lineup going forward of some mix of all those things that I just mentioned.

We're also making, I mentioned slow progress, but progress in marketing. I certainly think we can do a better job of that next year. And I mentioned in my prepared remarks, the real recent trends here in international are showing growth as well. So I think we've hopefully hit the bottom there. And now going forward, we will see growth, and that will be a tailwind for us as well. So we like that setup with all those things. And then if we get any sort of break with the weather, which I'm optimistic we will, I think that can drive the growth that we've been talking about.

Operator

Your next question comes from James Hardiman with Citi.

James Hardiman

So I wanted to stay on topic here based on your previous answer and really focus on the international piece. Obviously, we really haven't recovered to where we were in 2019. It sounds like maybe though, at some point, maybe starting in 2025, things take an even incremental leg down. Maybe give us some of the whys surrounding why you think international has been so difficult for you in the last couple of years, and then what's changed to allow you to see better numbers more recently, but more importantly, gives you the confidence that we are at an inflection point and that ultimately that's going to be a tailwind in 2027. Thanks.

Marc Swanson

Yes, James, I can take that question. And yes, just as a reminder, because you kind of alluded to this, I mean, we are still down more than 50% versus 2019. So while that's a lot, normally it's about 10% of our attendance internationally in 2019. That's what it was. We're getting obviously much less than that. But it's in the range of 1 million person opportunity if we can get back to 2019 levels with international. So it's a big opportunity and we're aware of that. It's obviously more confined to the Florida market for the most part.

I think some of the macro headwinds related to international visitation have been discussed by us and others. So I don't know that I have a whole lot of control over that. I think one of the things we have tried to do more recently here is we have a better team managing this business. We're seeing some encouraging things with some of the international resellers. We have people that go over and visit some of these markets and try to encourage people to come to our park. So we're managing that, I think, better than we have in the past. So I think we're going to do our part. We can always do better. But certainly, some function of this will be dependent on just the macro conditions improving, primarily in Florida, which hopefully they will. Like I said, I think we've come close or have hit the bottom just based on what we're seeing and we have a fairly easy comp going forward, so we should see this as a tailwind, obviously.

James Hardiman

Got it. And then on the cost margin side, you've outlined $40 million to $50 million of gross cost savings for 2027. Pretty much every year you've successfully identified and I think executed on an impressive cost savings program, at least on the gross front. The challenge is, sometimes or most times it seems like that hasn't necessarily translated into net savings or I guess more specifically margin expansion. Maybe walk us through sort of how we should be thinking about gross to net in 2027, puts and takes, and obviously labor is a big one, but it seems like you're pretty optimistic that we are going to buck the last, I don't know, 3 or 4-year trend of margin compression. What gives you that confidence?

Marc Swanson

Yes, I can take that question, James. So first, I think one of the biggest impacts on margin has just been our revenue decline, right? So the beauty of this business is any sort of attendance or per cap growth generally has a very high flow-through. So if we can get just some nominal growth even, and hopefully we're going to do better in that, in revenue and attendance and stuff like that, it should largely flow through and help that margin. But on the cost side specifically, I think there's a couple of things. One, as we've talked about kind of managing that Adjusted EBITDA cost growth. And by that, I mean the costs that sit between revenue and Adjusted EBITDA. We've managed that to like a low single-digit growth level. And we did that again here in Q3. So we are finding the savings like you mentioned, and they're offsetting other pressures. And I think lots of companies talk about pressures and all sorts of things, whether it's utilities or insurance, whatever it may be. And we've done a reasonably decent job of offsetting a fair amount of that.

Perhaps what's changing a little bit going forward is I think there's some new tools I mentioned around AI and automation and things like that that are promising. Still, obviously, mapping those out and seeing how we will deploy those, but those I think have the opportunity to be a little more transformative than maybe some of the things we've done in the past in those areas. We have work that is a little bit longer lead time, but we've been working on now for a good part of 2026 around insurance and claims and utilities and taxes, some of those things just have a longer lead time. So hopefully we'll start to see some of the benefit of those in 2027. So we like the setup to find the gross cost savings. We have to do a better job, as you said, of kind of delivering that to the bottom line.

Operator

Your next question comes from Patrick Scholes of Truist Securities.

Charles Scholes

Question regarding where you wrote in the presentation release about 2027 specific pass product pace is up 15% as of October 31st. If you can be a little bit more clear or provide specifics on what specific pass product base is and what it isn't. Thank you.

Marc Swanson

Sure, Patrick, I can help you with that. So we have certain products, especially in some of our more seasonal parks, but really across all our parks that are just good for the season. If you buy them now, one of the incentives is you kind of get the rest of this year and 2027 included. And so like the most popular one would be our Fun Card. So whenever you buy the Fun Card, it's just good for that year, unless you buy it now, you get the rest of this year and 2027. But if you were to buy that in March of next year, it's only good for 2027. Whereas like our more annual passes are good generally 12 months from when you buy them or you can go into like a month-to-month program and they just continue on. So we have two sets of products: the kind of annual pass that you can eventually convert to month-to-month, and then the products that are just tied to one specific year, which would primarily be our Fun Card.

Traditionally, we have sold those here in the third to fourth quarter for next year as an incentive, and you'll get the rest of this year and next year included. I think we've done a good job of supporting that better than ever with not only a good team of people executing that sale and that sales process, but more dedicated messaging and media around that. It's encouraging, it's obviously early in the process, and really the next big period here is coming up pretty soon with our Black Friday sale. We typically do sell a good amount of passes or Fun Cards during that time frame, so I'll be able to report to you on that when we talk next. But obviously it's a good sign and encouraging sign.

Charles Scholes

Okay, and just quick follow-up, how much as a percentage of total annual attendance do those specific types of products typically account for? Thank you.

Marc Swanson

Well, we don't break it out. I mean, what I can tell you is we consider all those things generically as a pass. And so when I say our pass base is up, that includes our annual passes, our seasonal passes, our preschool passes, our teacher passes, all that we kind of consider pass. And that pass base is up, as Jim said, as of the end of October. And that usually accounts for about 40% of our attendance over the course of the year. It can vary by park, but 40% in total for the company usually.

Operator

Your next question comes from Lizzy Dove with Goldman Sachs.

Unknown Speaker

Hi, this is Nina on for Lizzy. Given some of the recent pressure at the non-Orlando parks, has your view changed at all around the appropriate level of investment across the portfolio? And how do you determine which parks warrant incremental capital?

Marc Swanson

Yes, thanks for the question. I can help you there. I mean, look, I mentioned earlier, we're going to make investments in our parks to make sure we have new things to talk about. And that could be either rides, attractions, events, venues, whatever it may be. So we'll continue to do that. It's really a market-by-market opportunity there, and we do try to study what we believe will drive more visitation to those parks. So we'll continue to support the non-Orlando parks like we have in the past. I think we probably have the biggest opportunity in Busch Gardens Tampa Bay.

I think not only is it a great park, it has a good breadth of rides, attractions, a wonderful animal collection. But at the same time, I don't know that people really have a total awareness of everything it has and everything we can do. We also need to do a better job of managing the experience in that park. And we recently brought back one of our former leaders who is back running that park, and I think he's going to do a better job of getting that experience where we'd like to going forward. But we'll continue to invest in Tampa, and we have continued to invest in all of our parks going forward. Thank you.

Operator

Your next question comes from Ben Chaykin with Mizuho.

Unknown Speaker

Hi, this is Rita Chan on for Ben Chaykin. Would you mind talking a little bit more about your deferred revenue? It's up year-over-year in the quarter, and that includes a number of products. So we just kind of want to understand what's driving the acceleration.

Marc Swanson

Yes, let me start and then Jim wants to add anything. But yes, I'm glad you mentioned that. Our deferred revenue or the current portion is up almost 5%, as Jim said in his prepared remarks. And there's a lot of things that make up that balance, obviously, but clearly it's advanced purchases, right? So it's advanced purchases of our tickets, our in-park experiences, group business, all that. So there's a myriad of things that go in there and that drive that. I think the key takeaway is that it is positive and to be up almost 5% I think is another good indicator for where the business is headed for the foreseeable future here.

James Forrester

Marc, the only thing I would like to add to that is you mentioned the group business as part of that. We have some forward-looking indicators that our group business is going to be substantially up next year, which gives us a lot of confidence, again, in some of the indicators of how 2027 might fare for us. And so that is a major part of this that we're pleased to see that growth year-over-year.

Unknown Speaker

Great. Thank you for the—

Operator

Your next question comes from Arpine Kocharian with UBS.

Arpine Kocharyan

I was hoping you could clarify the pass product growth for 2027. What portion of that is actually pricing versus unit increase? And there's a small clarification question I have on per cap increases for the quarter. It seems like you were saying the sponsorship revenue will kick up in the back half of the year. Year-over-year, how that's adding to per cap growth if you could clarify that, and then I have a quick follow-up.

Marc Swanson

Yes, so on the 2027 comment, I was quoting the base, so the base would be number of units, so people who have a product, right? So the total pass base, as Jim mentioned, is positive as of October 31st and those 2027 specific products are more positive, but that would be the number of units, which I think is a good thing, right? The more people that have a unit or a pass, hopefully that translates into a visit. And then on your question on sponsorship revenue, I mean, certainly we've seen that as an opportunity. We've talked about that for a while now and we continue to execute on some of those things. We think over the coming years, that'll continue to be an area that we can grow. And that'll contribute to some of the growth here, I think, even in the back half of this year, right?

James Forrester

Yes. There's still some additional opportunity at the back half of the year, and then we continue to find new opportunities that will materialize in 2027.

Arpine Kocharyan

Okay, that's great. Thank you. That's helpful. And then my first question was actually related to how much pricing you've taken in the pass product if you're able to shed any light on that. But it's combined with my follow-up question, which is really on 2027. I guess I'm trying to better understand what gives you the confidence in projecting EBITDA growth for 2027. Is that just a function of this strong pass base that you're looking at, better group business, it seems like? But then I was hoping you could talk a little bit more on the OPEX side of things. What gives you confidence there as it relates to stuff that you can actually control? Like what underlying inflation are you factoring in today when you talk about growth in EBITDA for 2027?

Marc Swanson

Okay, yes, there's a couple of things there, so let me start and then Jim can connect maybe some stuff on the cost. But look, I think part of your question was about what gives me confidence for next year and one of them, one of the things you've already alluded to, is just the pass base and the fact that it's up and positive, and that's a good thing. I mean, we haven't been able to talk about a positive pass base in a little while, so to have that positive should obviously support more visitation from that group on a go-forward basis. And we'll continue to, I don't want to get into it too much for competitive reasons, but we'll continue to kind of optimize how we sell our product and we can test and learn and optimize from there. So our goal is obviously to drive total revenue. And there's times we're going to do things that we want to test and learn from. So we'll continue to look to sell more passes, more Fun Cards, those type of things on a go-forward basis that'll help support the 2027 growth potential along with some of the other things I talked about with the lineup of new things we've got coming to our parks next year.

And whether it's new rides or events or enhanced venues, we'll have, I think, a better marketing strategy and execution around that. We should have international growth going forward, as I already alluded to. The Discovery Cove and group business looks very encouraging for next year. And then more recently here, the per cap trends on admissions per cap. We continue obviously to deliver on in-park which we have for some time now. I guess the obvious other thing is if we would expect to get some better weather, we got to get through this Super El Niño thing. But I'm optimistic that weather like the majority of next year should hopefully be improved from this year, which was really, unfortunately, bad. So that's kind of how we think about next year. On the cost, I think you had a question around kind of inflation and our assumptions. So I'll let you—

James Forrester

Generally, we would assume that we're going to do everything we can to flatten the curve continued in 2027 for cost, at maximum extremely low single-digit, but again aiming for flat to seeing those net savings materialize to go under. We've got confidence there because of our current investments in technology, whether that is directly replacing things that lease costs, for example, or to implement some ideas in the labor scheduling area that will allow us to better schedule and reduce labor costs there. And then we also are being much more judicious in our use of marketing funds to be very much more targeted and to allow us to see the benefits there as well.

Operator

This concludes the question and answer session. I'll turn the call to Marc Swanson for closing remarks.

Marc Swanson

Yes, thank you, Sarah. On behalf of Jim and the rest of the management team at United Parks and Resorts, I want to thank you for joining us this morning. As you heard us today, we are confident in our long-term strategy, which we believe will drive improved operating and financial results and long-term value for stakeholders. We invite everyone to join us at our parks to experience the energy and excitement we are offering. Thank you, and we look forward to speaking with you next quarter.

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