Comcast theme park revenue slipped in the third quarter of 2026. The company said revenue for its theme parks business fell 4.4% to $2.6 billion, according to its third quarter earnings release on October 22.
Profit took a bigger hit. Adjusted EBITDA for the theme parks unit dropped 17.1% to $780 million compared to the same quarter a year earlier, according to the release. A year earlier, the unit brought in $2.7 billion in revenue and $940 million in adjusted EBITDA.
Comcast said revenue fell mainly because of lower revenue from park admissions, “including from the impact of increased promotional activity.” In other words, the parks took in less from tickets, and more of the tickets sold came with discounts or deals.
The release called the slowdown “cyclical headwinds,” and on the earnings call, Comcast said it continues to see “near-term demand pressure” across parts of its parks business.
Here’s why the comparison looks so tough this year.
Epic Universe Made Last Year a High Bar
Universal Epic Universe opened in Orlando on May 22, 2025, so the third quarter of 2025 was its first full quarter in operation. That brought a wave of new guests and spending, and it set a high mark for this year’s results to measure against.
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That means Comcast theme park revenue is being compared against one of the busiest stretches in Universal Orlando’s history. A drop of 4.4% on revenue is noticeable, but it’s coming off a peak instead of a normal year.
The bigger concern is the 17.1% fall in adjusted EBITDA. Promotions bring people in, but they also mean each guest pays less, and the parks still have to cover staffing, upkeep, and the costs of running a brand new park.
Lower admissions and bigger discounts tend to hit profit harder than revenue, because a park’s fixed costs don’t shrink when fewer people show up. That’s why adjusted EBITDA fell about four times faster than revenue in the quarter.
What the Numbers Mean for Universal Parks
Comcast’s theme parks business includes Universal Orlando, Universal Studios Hollywood, and Universal Studios Japan, so the results reflect more than one resort. The release said operating expenses for the unit rose 2.3% to $1.82 billion, mostly because of costs at its domestic parks, while costs at its international parks went down.
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For guests, more promotional activity could actually be good news. Universal has reasons to keep offering ticket deals and bundles while it works to bring attendance back up, which could mean better prices for families planning trips in the coming months.
Comcast didn’t break out results for each individual park in the release. On the earnings call, CFO Jason Armstrong cited Orlando and Japan as the drivers, saying the results reflected “continued pressure in Orlando and Japan.”
Co-CEO Mike Cavanagh said on the call that he expects the softness in Orlando to continue next quarter and into the first half of next year, and Universal plans to answer with new promotions like three-park passes. That push could shape Comcast theme park revenue in the months ahead.
Do you think Universal’s ticket deals will bring more guests back? Let us know in the comments.
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