Universal parent company Comcast reported its third-quarter 2026 earnings, confirming that theme parks revenue and adjusted EBITDA fell 4.4 per cent and 17.1 per cent year on year, respectively, as softer demand in Orlando and Japan weighed on results.
Speaking on the company's earnings call, president and co-chief executive officer Mike Cavanagh attributed Orlando's weakness to "macroeconomic and geopolitical headwinds".
Cavanagh said two other factors had "contributed to this recent softness" compared with 2025.
He said competitors were quicker to adapt their marketing strategies to softer demand, while Universal faced difficult comparisons after the June 2025 opening of Epic Universe, which boosted attendance.
Epic Universe boosted Universal attendance after opening in June 2025, creating tougher comparisons for Comcast in 2026 Universal
Universal is working to address capacity challenges and improve ride throughput at Epic Universe, which Cavanagh described as "the most technologically advanced theme park ever built".
He said improvements included "getting the tech settled down" and training staff to load and unload rides at the right speed.
In Japan, Comcast chief financial officer Jason Armstrong said: "China-related travel restrictions continue to weigh on attendance".
To respond to softer demand, Universal plans to introduce promotional offers and product packages, including three-park passes in Orlando, alongside increased marketing investment.
The company has also strengthened its leadership team. Luc Bondar, formerly of United Airlines, has joined as chief brand and commercial officer, while former NBCUniversal CFO Randy Culbertson is joining Universal Destinations & Experiences as chief business officer.
Comcast expects Universal Studios Hollywood to benefit from the new Fast & Furious coaster following its recent opening Universal
Looking ahead, Armstrong said: "We expect to begin lapping the initial pressure in Japan in the fourth quarter, while Hollywood should benefit from the recent opening of the new Fast & Furious coaster.
"However, softer demand and difficult comparisons in Orlando are expected to remain headwinds to overall theme park results in the fourth quarter."
Cavanagh said Orlando attendance, per-capita guest spending and overall financial performance remained materially above levels seen two years ago, while guest satisfaction continued to rise.
The company expects theme parks performance to return to growth in the second half of 2027.
