Universal theme parks had a soft summer, only making $2.6 billion in Q3 2026 — a 4.4% drop from last year. The company cited competition with Disney and capacity challenges at Epic Universe.
Universal Theme Park Results
The adjusted EBITDA dropped 17.1% to $780 million.
Theme park demand softened this summer, said Comcast CFO Jason Armstrong on their earnings call. Co-CEO Mike Cavanagh said their rivals, including Disney, “were quicker to anticipate and recognize softness in demand” and adjust accordingly.
Cavanagh also referenced “capacity challenges” at Epic Universe, their newest theme park, which opened at Universal Orlando Resort in May 2025.
Comcast and Universal “remain confident in the long-term outlook,” however.
Our powerful IP, differentiated attractions, and world-class destinations position us well for long-term growth, while we continue to see near-term demand pressure across portions of the parks business, including in Orlando and certain international markets, we view these trends as temporary rather than structural, due to the confluence of a few factors. And payroll, in addition to the macroeconomic and geopolitical headwinds we have referenced in the past.
We believe two other factors have contributed to this recent softness. First, we believe competitors were quicker to anticipate and recognize softness in demand and adapt their marketing strategies. Second, we continue to work through capacity challenges and ride throughput at Epic, given the complexities of opening the most technologically advanced theme park ever built, we are taking action to address both of these challenges.
Q2 saw an increase in revenue but a decrease in attendance at Universal theme parks.
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