What United Parks & Resorts Inc. told the SEC could break it.

Approximately 59% of 2025 revenue was generated in Florida, 16% in California and 13% in Virginia, concentrating exposure to natural disasters, severe weather and travel disruptions in those states — especially Florida.

“Approximately 59%, 16% and 13% of our revenues in 2025 were generated in the States of Florida, California and Virginia, respectively.”

Key parks depend on third-party brand licenses — Sesame Street IP from Sesame for the Sesame Place parks and the Busch Gardens trademark from ABI — and the loss or non-renewal of these commercial licenses could adversely affect the related parks' brand and business.

“If we are unable to maintain certain commercial licenses, our business, reputation and brand could be adversely affected. We rely on a license from Sesame to use the Sesame Place trade name and trademark and certain other intellectual property rights, including titles, marks, characters, logos and designs from the Sesame Street television series within our Sesame Place theme park located in Langhorne, Pennsylvania”

United Parks buys merchandise for resale and ride equipment/components from foreign sources; U.S. tariffs and trade restrictions (notably on imports from China) have increased costs and could raise capital-project costs and lower gross margins on impacted products.

“We purchase some of our merchandise for resale and other products used in our business from entities which are located in foreign countries. Additionally, some of our ride manufacturers may be located in foreign countries or utilize components manufactured or sourced from foreign countries. These relationships expose us to risks associated with doing business globally, including changes in tariffs, quotas and other restrictions on imports”