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Revenue and Related Contract Liabilities | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue and Related Contract Liabilities | NOTE 2. REVENUE AND RELATED CONTRACT LIABILITIES Contract Liabilities Our performance obligations are short-term in nature and include the provision of a hotel room, an attraction admission, a chartered or ticketed bus or van ride, and/or the sale of food, beverage, or retail products. We recognize revenue when the service has been provided or the product has been delivered. When we extend credit, payment terms are generally within 30 days and contain no significant financing components. A contract liability represents an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration from the customer before transferring control of those goods or services. We periodically receive customer deposits prior to transferring the related product or service to the customer, which are recorded as “Contract liabilities” in the Condensed Consolidated Balance Sheets. The contract liabilities are recognized as revenue upon satisfaction of the related contract performance obligation(s). The contract liabilities as of December 31, 2024 have been primarily recognized in revenue during 2025. Disaggregation of Revenue The following tables disaggregate revenue by major service and product lines, timing of revenue recognition, and markets served:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Services: |  |  |  |  |  |  |  |  |  |  |  |
Ticket revenue |  | $ | 100,391 |  |  | $ | 75,330 |  |  | $ | 172,543 |  |  | $ | 136,842 |
Rooms revenue |  |  | 59,677 |  |  |  | 42,020 |  |  |  | 92,968 |  |  |  | 74,202 |
Transportation |  |  | 5,544 |  |  |  | 4,990 |  |  |  | 11,056 |  |  |  | 10,183 |
Other |  |  | 12,528 |  |  |  | 10,648 |  |  |  | 19,370 |  |  |  | 16,795 |
Total services revenue |  |  | 178,140 |  |  |  | 132,988 |  |  |  | 295,937 |  |  |  | 238,022 |
Products: |  |  |  |  |  |  |  |  |  |  |  |
Food and beverage |  |  | 35,868 |  |  |  | 26,135 |  |  |  | 59,315 |  |  |  | 47,703 |
Retail operations |  |  | 27,014 |  |  |  | 23,134 |  |  |  | 40,092 |  |  |  | 34,964 |
Total products revenue |  |  | 62,882 |  |  |  | 49,269 |  |  |  | 99,407 |  |  |  | 82,667 |
Total revenue |  | $ | 241,022 |  |  | $ | 182,257 |  |  | $ | 395,344 |  |  | $ | 320,689 |
Timing of revenue recognition: |  |  |  |  |  |  |  |  |  |  |  |
Services transferred over time |  | $ | 178,140 |  |  | $ | 132,988 |  |  | $ | 295,937 |  |  | $ | 238,022 |
Products transferred at a point in time |  |  | 62,882 |  |  |  | 49,269 |  |  |  | 99,407 |  |  |  | 82,667 |
Total revenue |  | $ | 241,022 |  |  | $ | 182,257 |  |  | $ | 395,344 |  |  | $ | 320,689 |
Markets: |  |  |  |  |  |  |  |  |  |  |  |
Banff Jasper Collection (1) |  | $ | 124,333 |  |  | $ | 84,620 |  |  | $ | 205,329 |  |  | $ | 157,965 |
Glacier Park Collection (1) |  |  | 47,508 |  |  |  | 42,488 |  |  |  | 64,301 |  |  |  | 57,689 |
Alaska Collection |  |  | 31,178 |  |  |  | 29,238 |  |  |  | 47,744 |  |  |  | 43,897 |
Sky Lagoon |  |  | 18,399 |  |  |  | 13,485 |  |  |  | 41,944 |  |  |  | 33,990 |
Flyover Attractions |  |  | 13,256 |  |  |  | 12,426 |  |  |  | 29,678 |  |  |  | 27,148 |
Tabacón (2) |  |  | 6,348 |  |  |  | — |  |  |  | 6,348 |  |  |  | — |
Total revenue |  | $ | 241,022 |  |  | $ | 182,257 |  |  | $ | 395,344 |  |  | $ | 320,689 |
(1) Beginning on January 1, 2025, the Prince of Wales Hotel is reported as a part of the Banff Jasper Collection; whereas prior to 2025, the Prince of Wales Hotel was reported under the Glacier Park Collection. Prior year amounts for the three and nine months ended September 30, 2024 have been retrospectively adjusted to reflect this change. (2) Tabacón (as defined in Note 4, Acquisitions) was acquired by Pursuit on July 1, 2025. Accordingly, the revenue of Tabacón is included in our results of operations prospectively from the date of acquisition.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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