Universal says rivals moved faster as its park revenue fell

Comcast’s theme parks brought in 4.4% less money last quarter. Executives blamed slower Orlando crowds, deals that cut ticket revenue and ride capacity problems at Epic Universe.

Universal Orlando’s slow stretch isn’t over yet, and its parent company admitted that rivals got ahead of it.

Comcast’s theme parks division made $2.6 billion in the third quarter, down 4.4% from a year earlier, the company reported Thursday, Oct. 22. Its adjusted EBITDA, a measure of profit, fell 17.1% to $780 million.

On the earnings call, executives pointed to softer demand in Orlando, a slower response to competitors and growing pains at Epic Universe. Here’s what they said.

Why is Universal Orlando attendance down?

Demand started softening in June, and it kept going through the third quarter, CFO Jason Armstrong said on the call, according to a transcript published by Investing.com.

Comcast co-CEO Mike Cavanagh said other theme park companies saw it coming sooner. Competitors “were quicker to anticipate and recognize softness in demand,” he said.

Attractions Magazine said that includes Universal’s biggest Orlando rival, Walt Disney World, which changed its marketing faster as demand cooled.

Universal has since added more promotions. Revenue fell “primarily due to lower revenue from park admissions,” including from “increased promotional activity,” Comcast’s earnings release said.

It’s a turn from the spring. In the second quarter, the parks division’s revenue rose 2.7% to $2.4 billion, mostly thanks to Epic Universe, FOX 35 Orlando reported in July. But Comcast said then that Orlando attendance was already “below expectations.”

What’s wrong at Epic Universe?

Ride capacity. Cavanagh said Universal is still working through “capacity challenges and ride throughput at Epic Universe,” the park that opened in May 2025.

Throughput is how many guests a ride can handle in an hour. When it’s lower than planned, lines get longer and guests ride less during a visit.

Universal is training employees to load and unload guests faster, and it’s working on ride reliability, Attractions Magazine reported. Cavanagh didn’t share any capacity numbers.

What is Universal doing to bring guests back?

More deals, for starters. Universal is adding “promotional and product packages” to the market, Cavanagh said. He also mentioned “three-park passes and the like.”

It also hired a new chief brand and commercial officer from United Airlines, he said.

Universal is betting on new rides, too. Fast & Furious: Hollywood Drift opened at Universal Studios Hollywood on Sept. 16, and Armstrong said it should help that park.

“That coaster is fantastic, and we’ll be bringing a version of it to Orlando,” Cavanagh said.

The Orlando version is being built at Universal Studios Florida and is expected in 2027, FOX 35 reported. Universal is also clearing the Lost Continent area at Islands of Adventure for a new themed area it hasn’t announced yet.

And Epic Universe is growing. Construction has started on an expansion of its Dark Universe land, as PNP reported Oct. 6.

How are Universal’s other parks doing?

Mixed. Universal Studios Japan is still feeling the effect of China-related travel restrictions, Armstrong said. Comcast expects to start lapping that pressure this quarter.

Orlando is the bigger worry. Comcast expects the softness to last at least through the next quarter and into the first half of 2027, Cavanagh said.

Even so, he said Orlando’s attendance, guest spending and finances are still well above where they were two years ago, before Epic Universe opened.

Is Universal worried long-term?

Cavanagh says no. He called the slowdown “temporary rather than structural.”

“We remain confident in the long-term outlook for this business,” he said.

Comcast as a whole beat Wall Street’s expectations, Investing.com reported. It brought in $29.3 billion in revenue, down 6.1%, with adjusted earnings of $1.07 a share.

What happens to Universal’s parks next year?

They’re getting a new corporate home. Comcast plans to split its cable and media businesses into two public companies around the middle of 2027, Attractions Magazine reported. Universal’s parks would go with NBCUniversal.

That could put the parks in the spotlight more. On this call, analysts spent most of their questions on broadband, Peacock and advertising, and the first five questions skipped the parks entirely.

So if you’ve noticed more Universal Orlando deals lately, now you know why. Expect to see even more of them heading into 2027.

Article compiled and written by Kambrea Pratt (editor-in-chief), Derek Gibbs (beat editor) and the Pirates & Princesses newsroom. Pirates & Princesses is part of WebReef Media.

Pirates and Princesses is your destination for Disney news, theme park updates, and the pop culture you love. From Disney cruises and travel tips to Disney fashion, food, collectibles, and movie news, PNP covers it all. Visit us at piratesandprincesses.net for daily coverage. Follow PNP on Facebook and Instagram, and listen to the Pirates & Princesses podcast on Apple Podcasts and YouTube.

Hat Tips:

• Comcast (Oct. 22, 2026), the third-quarter earnings release

• Attractions Magazine, Dani Meyering (Oct. 22, 2026), Epic Universe capacity, competitor comments and the spin-off timing

• Investing.com (Oct. 22, 2026), the earnings call transcript and Comcast’s overall results

• FOX 35 Orlando, Ashley Carter (July 23, 2026), the second-quarter results and Orlando projects

• Pirates & Princesses (Oct. 6, 2026), the Dark Universe expansion

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