Comcast told investors attendance softened in June and kept sliding into the third quarter. The new park is performing fine. Getting people to Orlando at all is the issue.
Comcast told investors something unusually direct on its second-quarter earnings call.
Attendance across Universal Orlando Resort came in below expectations, softening in June and continuing to weaken into the third quarter.
Epic Universe is not the reason.
What Comcast actually said about Universal Orlando
The language in the earnings materials drew a careful line.
Theme park performance was “led by the continued strength at Epic Universe, although performance across the broader resort was below our expectations with attendance softening beginning in June which has continued into 3Q.”
Co-CEO Mike Cavanagh was blunter on the call. “The operating environment has softened more than we anticipated.”
He described the problem as “essentially weakness in attendance,” rather than a drop in what visitors spend once they are inside.
On the new park specifically: “Epic Universe continues to perform well and is delivering the strong guest response we expected.”
The numbers behind the Universal attendance drop
Revenue went up. Profitability did not.
Theme park revenue reached $2.413 billion for the quarter ending June 30, a 2.7 percent increase year over year.
Adjusted EBITDA fell 5.1 percent to $609 million, which Comcast attributed to higher operating expenses and continued pressure at Universal Studios Japan from China-related travel restrictions.
Comcast released no attendance figures and did not break out how the decline split among Universal Studios Florida, Islands of Adventure, Epic Universe and Volcano Bay.
Why the comparison should have been easy
Here is the detail that makes the softening more notable than a single quarter usually would.
Epic Universe opened in May 2025, inside the same fiscal quarter Comcast was comparing against.
Universal deliberately held attendance down during that opening period to protect the guest experience. Against an intentionally suppressed baseline, attendance should have risen comfortably.
It did not.
What Comcast blames for the slowdown
Cavanagh pointed outside the resort gates.
He cited weaker consumer sentiment and higher travel costs, naming fuel prices as a likely contributor.
He framed the pressure as temporary and said Comcast has not changed its long-term expectations for the parks. “As soon as economic conditions and consumer demand stabilize for us we’ll be getting that attendance back.”
This is an Orlando problem, not a Universal problem
The broader market context is what makes this worth reading.
Walt Disney World has drawn attention for unusually light posted wait times through the summer. Disney does not publish attendance figures, so those observations stayed anecdotal.
Comcast’s disclosure is the first hard corporate confirmation that demand across the Orlando market weakened during what has traditionally been peak season.
Disney’s own most recent quarter told a different story, with Experiences revenue of $9.97 billion, up 10 percent, and domestic attendance up 3 percent. The two companies report on different fiscal calendars, so the periods are not directly comparable.
What Universal is doing about it
The fall calendar reads differently in this light.
Halloween Horror Nights opened Aug. 28 in Orlando, the earliest start in the event’s 35-year history, running a record 49 nights through Nov. 1.
Passholder Appreciation Days run through Sept. 30, adding discounts on Express Passes, hotels, food and merchandise.
Both are demand-generating moves during a stretch Comcast has told investors is soft.
What is being built at Universal Orlando
Construction continues regardless of the quarter.
Fast & Furious: Hollywood Drift is under construction at Universal Studios Florida, expected in 2027, replacing the site of Rip Ride Rockit.
At Islands of Adventure, Universal is demolishing the Lost Continent area for a new themed experience.
Universal Kids Resort opened July 1 in Frisco, Texas, the company’s first regional park.
Comcast has also announced plans to spin off NBCUniversal, separating its media and cable businesses.
Epic Universe marked its first anniversary this year with a new fireworks show, Celestial Goodnight. The park is doing what Universal built it to do. Getting families to Florida is the part that got harder.
Article compiled with the help of the Pirates & Princesses newsroom.
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Hat Tips:
WDW News Today (July 23, 2026), the Comcast earnings language, the revenue and EBITDA figures and the Universal Studios Japan context
Fox 35 Orlando, Cavanagh’s comments on fuel prices and the construction updates
Attractions Magazine, the timing relative to Comcast’s media and cable separation announcement
Disney Fanatic, Cavanagh’s “operating environment” quote and the attendance-versus-spending distinction
Universal Parks Blog, the observation that Universal intentionally suppressed 2025 opening attendance and Cavanagh’s stabilization quote
Inside the Magic, the note that Comcast did not break out the decline by park
The Walt Disney Company (Aug. 5, 2026), the Experiences segment figures