The Disney vs. Universal rivalry is basically a sport at this point. Rides, theming, ticket prices, who has the better churros. You name it, fans are comparing it. But there’s one scoreboard most people don’t check, and that’s profits. And this week, Universal’s numbers were not great.
Comcast, which owns Universal, released its third-quarter results on October 22, and the Theme Parks segment that includes Universal Orlando Resort had a rough summer. Profit dropped 17%. Yeah, 17.
Let’s Talk Numbers
Comcast’s third quarter covers July through September. Theme Parks revenue fell 4.4%, going from $2.7 billion down to $2.6 billion. That’s $120 million less than last year.
But the bigger hit was Adjusted EBITDA, which is basically a measure of profit. That dropped 17.1%, from $940 million to $780 million. So Universal’s parks made $160 million less than they did a year ago.
And here’s the kicker. Of Comcast’s Media, Studios, and Theme Parks businesses, Theme Parks was the only one in which both revenue and profit declined. Media and Studios actually grew.
So What Happened?
Comcast says it mostly comes down to lower park admissions revenue, including the impact of more promotions. Translation: all those deals and discounts are eating into the money.
Comcast didn’t say which promotions it was talking about, or whether fewer people came, people paid less, or both. But if you live in Florida, you’ve probably noticed Universal throwing out ticket deals pretty much nonstop since Epic Universe opened. The latest one is a 3-park Florida resident ticket that includes Epic Universe for $85 a day, which went on sale September 3.
Comcast named Universal Orlando Resort and Universal Japan as the spots feeling the pressure. And no, you can’t blame this on comparing against a year without Epic Universe. The park opened in 2025, so last year’s quarter already included it.
Costs Went Up Too
Here’s what made it worse. While revenue was declining, operating expenses rose 2.3% to $1.8 billion, about $40 million more than last year. Comcast says that came mostly from its domestic parks, with lower costs at its international parks partly offsetting it.
Less money coming in plus more money going out is how a 4.4% revenue drop turned into a 17.1% profit drop. Ouch.
Comcast co-CEOs Brian L. Roberts and Mike Cavanagh still sounded confident, saying, “Despite near-term cyclical headwinds in Theme Parks, we remain confident in the business’s long-term growth potential.”
Comcast Kind of Admitted Disney Was Faster
This is the part rivalry fans are going to love. On the earnings call, Comcast pointed to a few reasons for the slowdown. There’s the economy and geopolitical stuff, sure. But it also said competitors were quicker to spot softer demand and change up their marketing.
It didn’t name names, but come on. We all know who the biggest competitor down the road is.
Comcast also mentioned capacity and ride-throughput issues at Epic Universe, which means not enough people can get through the rides quickly enough. The company says it’s working on fixing both that and the marketing side.
When Will Things Get Better?
Not super soon. Comcast expects Orlando to stay soft next quarter and through the first half of 2027. It’s predicting things will pick back up throughout 2027, with a return to growth in the second half of the year.
To be fair, Comcast also said Orlando attendance, guest spending, and overall performance are still way above where they were two years ago, and guest satisfaction keeps going up. So it’s not doom and gloom. It’s just a slow stretch.
Universal’s Comeback Plan
Universal is bringing in new leadership. Luc Bondar, who came over from United Airlines, just started as Chief Brand and Commercial Officer. Randy Culbertson, the former NBCUniversal CFO, is joining Universal Destinations & Experiences as Chief Business Officer.
And here’s the good news for guests. Comcast says more promotions and packages are coming, including three-park passes. It’s also investing more in advertising and improving Epic Universe’s capacity and ride reliability. So if you’ve been waiting for a good Universal deal, it sounds like you won’t have to wait long.
Meanwhile, Over at Disney
Disney’s last results cover April through June, so it’s not an exact comparison. But they looked a lot sunnier. Disney Experiences revenue went up 10% to about $10 billion, and operating income jumped 20% to $3.0 billion. Domestic park attendance rose 3%, and per capita spending went up 4%.
The real showdown comes November 17, when Disney reports results for a period that overlaps with Comcast’s July through September quarter. That’s when we’ll finally see both companies side by side.
Grab your popcorn. This rivalry is just getting good.
