Friday, August 28, 2026
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
A softer finish to the year. The company reported Q4 revenue of $303.9 million, modestly below our estimate of $314.0 million, while adj. EBITDA of $74.1 million missed our $88.0 million estimate by nearly 16%. Management attributed the revenue softness to unfavorable weather at its largest water parks and high viewership of the World Cup and NBA Finals.
June weighed on results. Management estimated the sports-related revenue impact at $7 million to $12 million and the incremental weather impact on the water parks at $3 million to $5 million. Despite these pressures, the underlying trends were stronger than the quarterly results suggest. Full-year same-store sales declined just 0.2%, marking the company’s best comp since fiscal 2023.
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