Universal's Epic Universe Delivers Big Boost to Theme Park Business

Comcast reports record theme park revenue and EBITDA in Q4 2025 driven by new Epic Universe park

Jan. 29, 2026 at 11:23pm

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Comcast's co-CEO Mike Cavanagh called the opening of Universal's Epic Universe theme park in Orlando a "big swing" that has paid off, with the company reporting a 22% increase in theme park revenue and 24% increase in EBITDA in Q4 2025. The new park, which opened in May 2025, is driving higher per-capita spending and attendance across Universal's entire Orlando resort.

Why it matters

The success of Epic Universe underscores Universal's ambitious expansion plans, which include opening new parks and attractions in the U.S. and internationally. As a major competitor to Disney, Universal's ability to drive growth through new theme park investments is crucial to its long-term competitiveness in the industry.

The details

Universal's theme parks saw a 22% increase in revenue and 24% increase in EBITDA in the fourth quarter of 2025, the first time theme park EBITDA surpassed $1 billion in a quarter. Comcast CFO Jason Armstrong said Epic Universe is "driving higher per-cap spending and attendance across the entirety of the resort," though the park is still not operating at full capacity as Universal continues to fine-tune operations.

  • Epic Universe opened in May 2025.
  • Universal plans to have Epic Universe fully ramped up by the end of 2026.

The players

Comcast Corp.

The parent company of Universal Parks & Resorts and owner of the Epic Universe theme park.

Mike Cavanagh

Co-CEO of Comcast Corp.

Jason Armstrong

Chief Financial Officer of Comcast Corp.

Epic Universe

Universal's newest and largest theme park, opened in 2025 in Orlando, Florida.

Universal Orlando Resort

Universal's theme park resort in Orlando, Florida, which includes Epic Universe.

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What they’re saying

“It was a big swing, as everybody knows -- the biggest park open in the country, and maybe the world, in 25 years. Lots of excellent technology. The theming is incredible.”

— Mike Cavanagh, Co-CEO, Comcast Corp.

“We're really pleased with what we're seeing from Epic, which continues to drive higher per-cap spending and attendance across the entirety of the resort.”

— Jason Armstrong, CFO, Comcast Corp.

What’s next

Universal plans to continue scaling up Epic Universe in the coming months, increasing attendance, per-capita spending, and operating leverage. The company also has other major theme park projects in the works, including the Universal Kids Resort in Frisco, Texas and a new outdoor roller coaster at Universal Studios Hollywood.

The takeaway

Epic Universe's strong performance in its first year of operation demonstrates Universal's ability to drive growth through ambitious theme park investments, positioning the company as a formidable competitor to Disney in the battle for theme park dominance.