XML 61 R30.htm IDEA: XBRL DOCUMENT

Schedule I-Registrant's Condensed Financial Statements

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Schedule I-Registrant's Condensed Financial Statements

Schedule I-Registrant’s Condensed Financial Statements


UNITED PARKS & RESORTS INC.
PARENT COMPANY ONLY
CONDENSED BALANCE SHEETS
(In thousands, except share and per share amounts)
		December 31,
		2025				2024
Assets
Current Assets:
Cash		$	5			$	161
Accounts receivable from subsidiary			1,174				—
Total current assets			1,179				161
Total assets		$	1,179			$	161
Liabilities and Stockholders’ Deficit
Current Liabilities:
Loss in excess of investment in wholly-owned subsidiary		$	434,351			$	456,932
Other accrued liabilities			2,634				4,769
Total current liabilities			436,985				461,701
Total liabilities			436,985				461,701
Commitments and contingencies
Stockholders’ Deficit:
Preferred stock, $0.01 par value—authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2025 and 2024			—				—
Common stock, $0.01 par value—authorized, 1,000,000,000 shares; 97,330,004 and 97,080,628 shares issued at December 31, 2025 and 2024, respectively			973				971
Additional paid-in capital			745,789				729,965
Retained earnings			805,949				637,596
Treasury stock, at cost (46,236,087 and 42,055,289 shares at December 31, 2025 and 2024, respectively)			(1,988,517	)			(1,830,072	)
Total stockholders’ deficit			(435,806	)			(461,540	)
Total Liabilities and Stockholders’ Deficit		$	1,179			$	161


UNITED PARKS & RESORTS INC.
PARENT COMPANY ONLY
CONDENSED STATEMENTS OF OPERATIONS
(In thousands)

		For the Year Ended December 31,
		2025				2024				2023
Equity in net income of subsidiary		$	168,353			$	227,497			$	234,196
Net income		$	168,353			$	227,497			$	234,196


UNITED PARKS & RESORTS INC.
PARENT COMPANY ONLY
CONDENSED STATEMENTS OF CASH FLOWS
(In thousands)
		For the Year Ended December 31,
		2025				2024				2023
Cash Flows From Operating Activities:
Net income		$	168,353			$	227,497			$	234,196
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Change in accounts receivable from subsidiary			(1,174	)			—				—
Change in other accrued liabilities			1,174				—				—
Equity in net income of subsidiary			(168,353	)			(227,497	)			(234,196	)
Net cash provided by (used in) operating activities			—				—				—
Cash Flows From Investing Activities:
Capital contributed to subsidiary from exercises of stock options			(1,289	)			(1,691	)			(2,884	)
Net cash used in investing activities			(1,289	)			(1,691	)			(2,884	)
Cash Flows From Financing Activities:
Dividend received from subsidiary - return of capital, APIC			160,413				482,922				—
Purchase of treasury stock			(160,413	)			(482,922	)			—
Exercise of stock options			1,133				1,792				2,940
Net cash provided by financing activities			1,133				1,792				2,940
Change in Cash and Cash Equivalents			(156	)			101				56
Cash and Cash Equivalents - Beginning of year			161				60				4
Cash and Cash Equivalents - End of year		$	5			$	161			$	60

Supplemental Disclosures of Noncash Financing Activities
Dividends from subsidiary- return of capital, for purchase of treasury stock		$	—			$	—			$	17,861
Excise tax accrued on treasury stock repurchases		$	1,455				4,608			$	—
Treasury stock purchases not yet settled in other accrued liabilities		$	1,174			$	—			$	—

1. DESCRIPTION OF UNITED PARKS & RESORTS INC.

United Parks & Resorts Inc. (the “Parent”), previously SeaWorld Entertainment, Inc., was incorporated in Delaware on October 2, 2009. See further discussion in Note 1–Description of the Business in the accompanying consolidated financial statements.

The Parent has no operations or significant assets or liabilities other than its investment in SeaWorld Parks & Entertainment, Inc. (“SEA”), which owns and operates twelve theme parks within the United States. Accordingly, the Parent is dependent upon distributions from SEA to fund its obligations. However, under the terms of SEA’s various debt agreements, SEA’s ability to pay dividends or lend to the Parent is restricted, except that SEA may pay specified amounts to the Parent to fund the payment of the Parent’s tax obligations.

2. BASIS OF PRESENTATION

The accompanying condensed financial statements (the “parent company only financial statements”) include the accounts of the Parent and its investment in SEA accounted for in accordance with the equity method and do not present the financial statements of the Parent and its subsidiary on a consolidated basis. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted since this information is included with the United Parks & Resorts Inc. consolidated financial statements included elsewhere in this Annual Report on Form 10-K (the “consolidated financial statements”). These parent company only financial statements should be read in conjunction with the consolidated financial statements.

3. GUARANTEES

SEA is the borrower under the senior secured credit facilities, (the “Senior Secured Credit Facilities”) under a credit agreement dated as of December 1, 2009 which was amended and restated on August 25, 2021, and further amended on June 12, 2023, January 22, 2024, May 2, 2024, August 23, 2024 and December 4, 2024 (the “Amended and Restated Credit Agreement”). On August 25, 2021, SEA completed a private offering of $725.0 million aggregate principal amount of 5.250% senior notes due 2029 (the “Senior Notes”). On April 30, 2020, SEA closed on a private offering of $227.5 million aggregate principal amount of 8.750% first-priority senior secured notes due 2025 (the “First-Priority Senior Secured Notes”), which were fully redeemed during the year ended December 31, 2024.

Under the terms of the Senior Secured Credit Facilities, the obligations of SEA are fully, unconditionally and irrevocably guaranteed by Parent, any subsidiary of Parent that directly or indirectly owns 100% of the issued and outstanding equity interest of SEA, and subject to certain exceptions, each of SEA’s existing and future material domestic wholly-owned subsidiaries (collectively, the “Guarantors”).

SEA’s obligations under the Senior Notes and related indenture are guaranteed, jointly and severally, on a senior secured basis, by the Guarantors, as defined, in accordance with the provisions of the indenture.

See Note 11–Long-Term Debt of the accompanying consolidated financial statements for further details.

4. DIVIDENDS FROM SUBSIDIARY

During the year ended December 31, 2025, SEA paid cash dividends to the Parent of approximately $160.4 million. During the year ended December 31, 2024, SEA paid cash dividends to the Parent of approximately $482.9 million. During the year ended December 31, 2023, SEA paid dividends to the Parent of approximately $17.9 million. The dividends were in the form of 313,750 shares of common stock repurchased by SEA. (see Note 5–Stockholders’ Deficit which follows).

5. STOCKHOLDERS’ DEFICIT

Omnibus Incentive Plan

Prior to June 13, 2025, the Parent had reserved 7,079,237 shares of common stock for issuance under the Parents’ 2017 Omnibus Incentive Plan (the “2017 Omnibus Incentive Plan”). On June 13, 2025 (the “Approval Date”), the stockholders of the Company approved the 2025 Omnibus Incentive Plan (the “2025 Omnibus Incentive Plan”).

The number of shares of common stock for which awards may be granted under the 2025 Omnibus Incentive Plan is 6,320,680 shares of common stock, which were previously available for issuance under the 2017 Omnibus Incentive Plan and, pursuant to the terms of the 2025 Omnibus Incentive Plan, have become available for issuance under the 2025 Omnibus Incentive Plan, plus the number of shares of common stock underlying any award granted under the 2017 Omnibus Incentive Plan that expires, terminates or is canceled or forfeited for any reason whatsoever under the terms of the 2017 Omnibus Incentive Plan. No new awards may be granted under the 2017 Omnibus Incentive Plan (although awards made under the 2017 Omnibus Incentive Plan prior to the Approval Date will remain outstanding in accordance with their terms).

As of December 31, 2025, approximately 5,189,000 shares were available for future issuance under the 2025 Omnibus Incentive Plan.

The 2025 Omnibus Incentive Plan is administered by the compensation committee of the Parent’s Board, and provides that the Parent may grant equity incentive awards to eligible employees, directors, consultants or advisors of the Parent or its subsidiary, SEA, in the form of stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based and performance compensation awards. If an award under the 2025 Omnibus Incentive Plan expires or is canceled, forfeited, or terminated, without issuance to the participant, the unissued shares may be granted again under the Omnibus Incentive Plan. See further discussion in Note 17–Equity-Based Compensation of the accompanying consolidated financial statements.

During the years ended December 31, 2025, 2024 and 2023, respectively, Parent transferred approximately $1.3 million, $1.7 million and $2.9 million in proceeds received from the exercise of stock options to SEA as a capital contribution and increased its investment in SEA.

Share Repurchase Programs

In August 2022, the Parent's Board approved a $250.0 million share repurchase program (the “2022 Share Repurchase Program”) of which approximately $38.5 million remained available as of December 31, 2023. During the year ended December 31, 2024, the Parent repurchased 375,000 shares for an aggregate total of approximately $20.2 million, leaving approximately $18.3 million remaining under the 2022 Share Repurchase Program as of December 31, 2025.

In March 2024, the Parent's Board and the Company's Stockholders approved a new $500.0 million share repurchase program (the "2024 Share Repurchase Program"). During the year ended December 31, 2024, the Parent repurchased 8,990,000 shares for an aggregate total of approximately $462.8 million. During the year ended December 31, 2025, the Parent repurchased 100,000 shares for an aggregate total of approximately $4.6 million, leaving approximately $32.6 million remaining under the 2024 Share Repurchase Program as of December 31, 2025.

In September 2025, the Parent's Board and the Company's Stockholders approved a new $500.0 million share repurchase program (the "2025 Share Repurchase Program"). During the year ended December 31, 2025, the Parent repurchased 4,080,798 shares for an aggregate total of approximately $152.4 million, leaving approximately $347.6 million remaining under the 2025 Share Repurchase Program as of December 31, 2025.

Collectively, under the 2024 Share Repurchase Program and 2025 Share Repurchase Program, the Parent repurchased 4,180,798 shares for an aggregate total of approximately $157.0 million during the year ended December 31, 2025

As a result of the Inflation Reduction Act of 2022, as of December 31, 2025 and 2024, respectively, the Parent accrued approximately $1.5 and $4.6 million for an expected excise tax related to shares repurchases made which is included in other accrued liabilities and treasury stock, at cost in the accompanying consolidated balance sheets. During the year ended December 31, 2025, the Parent paid $4.6 million in excise tax related shares repurchases during the year ended December 31, 2024.

Under the 2022 Share Repurchase Program, 2024 Share Repurchase Program and 2025 Share Repurchase Program, the Parent is authorized to repurchase shares through open market purchases, privately-negotiated transactions or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act. The 2022 Share Repurchase Program, 2024 Share Repurchase Program and 2025 Share Repurchase Program have no time limits and could be suspended or discontinued completely at any time.

All shares repurchased pursuant to the Former Share Repurchase Program and Share Repurchase Program, along with shares repurchased directly from selling stockholders concurrently with previous secondary offerings, are recorded as treasury stock at a total cost of $1,988.5 million and $1,830.1 million as of the years ended December 31, 2025 and 2024, respectively, and are reflected within stockholders’ deficit in the accompanying condensed balance sheets. See further discussion in Note 18–Stockholders’ Deficit of the accompanying consolidated financial statements.