Comcast released its third-quarter results on October 22, and its Theme Parks segment, which includes Universal Orlando Resort, took a step back.
Profit fell 17.1% compared to last year, and revenue dropped 4.4%. Comcast says lower park admissions and more discounting played a big role.
Here’s a breakdown.
The Numbers
Comcast’s third quarter covers July through September.
| Q3 2025 | Q3 2026 | Change | |
|---|---|---|---|
| Revenue | $2.7 billion | $2.6 billion | Down 4.4% |
| Adjusted EBITDA | $940 million | $780 million | Down 17.1% |
| Operating Expenses | About $1.76 billion | $1.8 billion | Up 2.3% |
Theme Parks was the only Comcast business where both revenue and Adjusted EBITDA declined. Media and Studios both grew Adjusted EBITDA.
Why Revenue Fell
Comcast says the drop came mainly from:
- Lower park admissions revenue
- Increased promotional activity
In other words, discounts are cutting into earnings.
Comcast didn’t say which promotions it was referring to or whether attendance, ticket prices, or both caused the decline.
Recent Universal deal example:
A 3-park Florida resident ticket including Epic Universe for $85 per day went on sale September 3.
Parks under pressure:
Comcast named Universal Orlando Resort and Universal Japan. It didn’t break down results by individual park.
Epic Universe opened in 2025, so last year’s quarter already included the new park.
Why Profit Fell Even More
Two things happened at once:
- Revenue went down
- Operating expenses went up about $40 million
Higher costs came mainly from domestic parks, partly offset by lower costs at international parks. Together, that turned a 4.4% revenue drop into a 17.1% profit drop.
What Comcast Leadership Said
Co-CEOs Brian L. Roberts and Mike Cavanagh said, “Despite near-term cyclical headwinds in Theme Parks, we remain confident in the business’s long-term growth potential.”
Reasons Behind the Slowdown
On the earnings call, management pointed to:
- Macroeconomic and geopolitical headwinds
- Competitors that responded faster to softer demand with marketing changes
- Capacity and ride throughput issues at Epic Universe
Comcast called the slowdown temporary, not structural.
Outlook
- Next quarter: Orlando softness expected to continue
- First half of 2027: Similar conditions expected
- Second half of 2027: Return to growth expected
Comcast also said Orlando attendance, guest spending, and financial performance remain well above where they were two years ago, and guest satisfaction is rising.
Universal’s Game Plan
New leadership:
- Luc Bondar, formerly of United Airlines, is now Chief Brand and Commercial Officer
- Randy Culbertson, former NBCUniversal CFO, will join Universal Destinations & Experiences as Chief Business Officer
Other changes:
- More promotions and packages, including three-park passes
- Increased media investment
- Work on Epic Universe capacity and ride reliability
How Disney Compares
Disney’s most recent results cover April through June, so they aren’t a direct comparison.
Disney Experiences, fiscal Q3:
- Revenue up 10% to about $10 billion
- Operating income up 20% to $3.0 billion
- Domestic attendance up 3%
- Per capita spending up 4%
Disney’s next report, covering a period that overlaps with Comcast’s July through September quarter, comes November 17.
The Rivalry Continues
Disney and Universal compete on rides, theming, prices, and profits. Right now, Universal is working through a slowdown, while Disney’s latest numbers point upward.
For guests, Universal’s plans could mean more deals ahead. For fans of the rivalry, November 17 will offer the first real side-by-side look at the same summer months.
