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Revenues
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenues

4. REVENUES

Deferred revenue primarily includes revenue associated with pass products, admission or in-park products or services with a future intended use date and contract liability balances related to licensing and international agreements collected in advance of the Company satisfying its performance obligations and is expected to be recognized in future periods. At December 31, 2025 and 2024, the long-term portion of deferred revenue included in other liabilities in the accompanying consolidated balance sheets primarily related to the Company’s international agreements.

The following table reflects the Company’s deferred revenue balance as of December 31, 2025 and 2024:

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Deferred revenue, including long-term portion

 

$

156,077

 

 

$

166,177

 

Less: Deferred revenue, long-term portion, included in other liabilities

 

 

12,752

 

 

 

13,522

 

Deferred revenue, short-term portion

 

$

143,325

 

 

$

152,655

 

The Company estimates substantially all of the deferred revenue, short term portion, balance outstanding as of December 31, 2024 was recognized as revenue during the twelve months ended December 31, 2025. For certain admission products, the Company estimated timing of redemption using average historical redemption rates.