Why 2025 Was Such a Lousy Year for Theme Park Stocks—and Why 2026 Could Tell a Different Story

2025 was supposed to be a breakout year for the theme park industry. The stars seemed perfectly aligned: Comcast’s Epic Universe debuted in Orlando, United Parks’ portfolio of SeaWorld, Busch Gardens, and Sesame Place was firing on all cylinders, Six Flags had just merged with Cedar Fair to unlock cost synergies, and even Disney’s park division was delivering steady growth. Yet what unfolded was something closer to a nightmare ride than a thrilling adventure. By year-end, the stock performance was nothing short of catastrophic. Six Flags Entertainment tumbled 68%, United Parks plummeted 35%, and Comcast declined 20%. Disney alone managed to edge higher with a 4% gain, though that barely beat a market that climbed far more substantially. For investors, it was a lousy year that defied all reasonable expectations.

The Epic Universe Stumble: Why Orlando’s Newest Attraction Disappointed

Comcast’s Epic Universe opened in May 2025 with tremendous fanfare. A brand-new major theme park—the first to debut in the U.S. in over two decades—should have been a watershed moment for the industry and a golden ticket for Central Florida tourism. Initial traffic surged, but enthusiasm quickly curdled. Guest complaints mounted about technical malfunctions, inadequate queue management, and unprepared operations staff. By summer, the park’s ratings on review platforms had fallen well below both Disney World and Comcast’s other Orlando properties, signaling serious guest satisfaction problems.

The financial impact told a telling story. While Comcast’s theme park segment posted a 19% revenue jump and 13% EBITDA growth in Q3—its first full quarter of operations—this bright spot couldn’t offset broader corporate headwinds. The company’s legacy cable and broadband businesses continued deteriorating, dragging down overall revenue by 3%, net income by 5%, and adjusted EBITDA by 1%. With theme parks contributing only 9% of total revenue and 10% of adjusted EBITDA, they weren’t substantial enough to salvage the parent company’s weakening fundamentals. Epic Universe will need years of operational refinement to maximize capacity and match the demand generated by the six competing theme parks in the region.

The Merger Misfire and Individual Struggles

Six Flags Entertainment’s 68% collapse was especially brutal. The 2024 merger with Cedar Fair looked compelling on paper: Six Flags brought brand recognition and geographic diversity, while Cedar Fair contributed operational expertise. Instead, synergies evaporated. EBITDA contracted, net profit margins shrank, and the company is projecting a full-year loss for 2025 despite rising pro forma revenue. Cost-saving initiatives failed to materialize, and momentum has reversed so sharply that management is now considering asset divestitures—hardly the growth narrative investors expected. Six Flags’ profitability outlook for 2026 has been slashed, with the company now expected to barely break even. Even the prospect of activist investors stepping in hasn’t reversed the steep decline.

United Parks presented its own puzzle. The operator seemed resilient through September 2025, but then revealed disappointing Q3 results in November, citing a significant attendance drop during what should have been its peak summer quarter. That miss triggered a market repricing that sent shares reeling. Disney, though it managed to post a modest 4% gain, wasn’t exactly a victory. Its experiences segment—encompassing theme parks, resorts, and cruise ships—delivered solid fundamentals: 6% revenue growth and 8% EBITDA growth for fiscal 2025. Yet a 4% stock appreciation pales against a broader market that gained 15%+ during the same period, indicating investor skepticism about the sector’s future trajectory.

Valuations Have Compressed to Historically Attractive Levels

The lousy performance of these stocks throughout 2025 has created an unintended consequence: valuations have become genuinely compelling. Comcast trades at just 7 times forward earnings, United Parks at 10 times, and Disney at 15 times—all historically attractive multiples. Even Six Flags, despite ongoing turmoil, offers a potential recovery play if its restructuring efforts gain traction. While Six Flags’ current earnings remain deeply depressed, forward multiples comparable to its peers don’t emerge until 2028, suggesting significant recovery potential should the turnaround succeed. The company’s asset sales, though undesirable, do strengthen its balance sheet and allow management to concentrate on core attractions likely to improve operating margins.

2026 Outlook: Cautious Optimism on the Horizon

What makes 2026 potentially different is that much of the pessimism is already priced in. The industry faced what should have been ideal conditions in 2025—new supply, consumer spending resilience, pent-up demand—yet disappointment prevailed. That sobering reality, while painful, paradoxically improves the risk-reward setup going forward.

Epic Universe still has ample opportunity to improve operations and boost guest satisfaction as staff experience accumulates and system inefficiencies are corrected. Six Flags’ activist investor involvement could accelerate the turnaround timeline and force more aggressive cost discipline. United Parks’ underlying business model remains sound despite the recent stumble. And Disney’s proven operational excellence and pricing power should support a eventual recovery as sentiment shifts.

For investors evaluating theme park exposure in 2026, the calculus has shifted dramatically from 2025’s lousy backdrop. Valuations are no longer stretched, dividend potential is emerging, and operational execution—while challenged—remains achievable across the industry. The ride down has been steep, but the conditions for a rebound are increasingly in place.