Pursuit Q3 Adjusted EBITDA Rises 7%, 2026 Outlook Reaffirmed

Pursuit (NYSE: PRSU) reported record third-quarter 2026 results as higher attraction pricing and stronger hotel performance lifted adjusted EBITDA despite weather-related pressure on attraction attendance. The experiential travel operator also reaffirmed its full-year adjusted EBITDA guidance, whose midpoint represents 14% growth from 2025.

Revenue rose 4% to $251.5 million from $241.0 million a year earlier. Excluding the Eagle Wing Tours acquisition and the July divestiture of the Flyover attractions, revenue increased 6%, according to the company.

Net income attributable to Pursuit increased to $82.8 million from $73.9 million. Adjusted EBITDA, a non-GAAP measure, rose 7% to $125.5 million from $117.4 million, primarily reflecting flow-through from higher revenue and margin expansion. The adjusted EBITDA margin was about 50%, compared with 49% in the prior-year quarter.

Adjusted net income climbed to $85.0 million from $75.3 million. Pursuit’s results include Flyover through the July 31 sale date; the business contributed $5.6 million of third-quarter revenue and $2.4 million of adjusted EBITDA.

Pricing and hotel demand support growth

Same-store attraction ticket revenue increased 6% to $93.2 million. Effective ticket price rose 9% on a constant-currency basis, more than offsetting a 2% decline in visitors that Pursuit attributed primarily to weather-related effects in Canada. Same-store attractions revenue, including revenue beyond ticket sales, advanced to $121.8 million from $114.2 million.

Hospitality delivered broader growth. Same-store room revenue rose 7% to $60.4 million, while revenue per available room increased 9%. Average daily rate grew 7%, and occupancy improved by two percentage points to 92.3%. The company attributed the performance to demand for its experiential travel destinations and its efforts to improve the guest experience.

Across service lines, reported room revenue increased to $63.7 million from $59.7 million, food-and-beverage revenue rose to $37.9 million from $35.9 million, and transportation revenue reached $6.0 million from $5.5 million. Ticket revenue was $101.1 million, broadly unchanged from $100.4 million, reflecting the effect of the Flyover sale alongside growth in the remaining portfolio.

Full-year outlook reaffirmed

Pursuit maintained its 2026 adjusted EBITDA outlook of $130 million to $136 million, compared with $117.1 million in 2025. Excluding Flyover, it expects adjusted EBITDA of $123 million to $129 million. The company has not provided a GAAP reconciliation for this forward-looking non-GAAP measure because some reconciling items cannot be reasonably predicted.

Full-year revenue is expected to be about $485 million at the midpoint, or $460 million excluding Flyover. Guidance incorporates roughly $9 million to $11 million of incremental adjusted EBITDA from the Tabacón and Eagle Wing Tours acquisitions, as well as approximately $7 million from Flyover before its sale. It also assumes a fourth-quarter exchange rate of $0.71 per Canadian dollar.

Pursuit expects 2026 growth capital spending of $70 million to $80 million and maintenance capital expenditure of $31 million to $36 million. Total capital expenditure is forecast at $103 million to $114 million.

Management identified continued growth at existing experiences, early 2027 lodging bookings and demand from tour and travel partners as drivers for next year. Completed organic projects are expected to contribute more than the disruption from projects still under construction. Eagle Wing Tours, acquired in July, is expected to add approximately $1 million of incremental adjusted EBITDA in 2027, while Flyover contributed about $7 million to 2026 adjusted EBITDA before its divestiture.

Projects scheduled for completion or reopening for the 2027 season include the Forest Park Hotel Woodland Wing, Hotel Whitefish, Denali Backcountry Adventure, St. Mary Wildscape Cabins, Prince of Wales Hotel and Tabacón premium villas. Pursuit is also advancing longer-term projects at Banff Jasper Lake Cruise, Jasper SkyTram, Pyramid Lake Lodge, Banff Gondola and Lobstick Lodge.

The company retained its Vision 2030 targets of more than $845 million in revenue, over $265 million in adjusted EBITDA and an adjusted EBITDA margin above 30%. Those objectives exclude Flyover and depend on growth at existing properties, more than $300 million of planned organic growth investment from 2026 through 2030, and potential acquisitions.

Balance sheet and risks

Pursuit ended September with $293.0 million of liquidity, including $64.3 million in cash and $228.7 million of available revolving-credit capacity. Net debt fell to $69.9 million from $214.0 million at the end of the second quarter, while net leverage declined to 0.6 times from 1.5 times. The company’s long-term target range is 2.0 to 3.5 times.

The outlook remains exposed to the seasonal nature of Pursuit’s operations, weather and natural disasters, travel disruptions, consumer demand, foreign-exchange movements, labor availability and higher operating costs. The company also cited execution risks related to capital projects and acquisitions, including the possibility that investments may not achieve expected returns, as well as uncertainty surrounding the realization of benefits from the Flyover sale.