Epic Universe still not operating at full capacity; execs talk park’s future
Epic Universe is still not operating at full capacity, but continues to shatter records for Universal as its future looks bright.
Comcast, the parent company of NBCUniversal, hosted its quarterly earnings call for Q4 2025 on Jan. 29, 2026, during which executives revealed key data and shared illuminating remarks about Universal Epic Universe, the company’s newest theme park in Orlando, Fla.
Universal parks cross $1 billion for the first time
Universal Destinations & Experiences reached a significant milestone in Q4 2025, earning $1.035 billion in quarterly adjusted EBIDTA (earnings before interest, taxes, depreciation, and amortization), crossing the $1 billion mark in a single quarter for the first time.
The sector’s quarterly revenue was $2.89 billion, a 21% increase year-over-year for the same quarter in 2024.
“This performance was driven by strong results at Universal Orlando,” said Jason S. Armstrong, CFO of Comcast. “We’re really pleased with what we’re seeing from Epic [Universe], which continues to drive higher per-cap spending and attendance across the entirety of the resort.”
Photo by Matt Roseboom
“The point of it was to lift all of Orlando,” added Mike Cavanagh, president and co-CEO of Comcast, later in the call, “and that’s in fact what it’s done.”
“We couldn’t be more pleased with Epic,” Cavanagh said. “It was a big swing, as everybody knows: the biggest park opened in the country and maybe beyond, the world, in 25 years. Lots of excellent technology. The theming is incredible.”
Photo by Blake Taylor
Epic Universe opened on May 22, 2025, with five themed worlds: Celestial Park, Super Nintendo World, Dark Universe, The Wizarding World of Harry Potter – Ministry of Magic, and How to Train Your Dragon – Isle of Berk. For a deep dive into the creation of the new park and tips for planning your visit, don’t miss our 64-page Epic Universe souvenir magazine, now available digitally in addition to print.
Epic Universe not yet operating at full capacity
Universal is still not operating Epic Universe at the park’s full capacity. Cavanagh first shared this was happening in October 2025. On the call today in January 2026, Armstrong confirmed this procedure is still in place: Universal has intentionally capped the new theme park’s ticket sales at a lower volume than the park’s full capacity.
Photo by Blake Taylor
“While we’re not yet operating [Epic Universe] at full run rate capacity,” said Armstrong today, “we’ve made meaningful progress expanding ride throughput and we remain focused on scaling further over the next several quarters with higher attendance … and additional operating leverage over time.”
Photo by Blake Taylor
Universal is currently aiming to have Epic Universe operating at full capacity by the end of 2026.
“By the end of this coming year, I think we’ll be fully ramped up in that park,” Armstrong said. This is a change from Cavanagh’s earlier remarks from October when the executive said he expected the park to operate at full capacity within a few months from that point.
Universal will ‘continue to invest’ in Epic Universe
As Epic Universe continues to exceed executives’ expectations, the prospects of the theme park’s future bode well.
“I think when you have a moment like the ambition of opening Epic and succeed,” Cavanagh said, “I think it makes us all feel good about the future of the business ahead of us.”
That being said, in the short-term, there are no huge additions slated for Epic Universe in 2026.
Photo by Blake Taylor
“We’ve had a phenomenal year with Epic and I think the plans continue to invest behind that park in the fullness of time,” Cavanagh said, “but I think this year is a year where we continue to drive the original agenda, which is to fill up our hotels…”
Cavanagh noted that in 2025, Universal Orlando added 2,000 hotel rooms with the openings of Universal Helios Grand Hotel, Universal Stella Nova Resort, and Universal Terra Luna Resort. So far, those properties have helped raise Universal Orlando’s hotel occupancy by 3%.
Photo by Matt Roseboom
We previously spoke with Pete Carsillo, senior creative director of Dark Universe at Epic Universe, about the possibilities of “more monster stories” in the park’s future.
Looking ahead to 2026
Following the grand opening of Epic Universe in 2025, Universal will continue the momentum in 2026. Executives noted the following milestones still to come this year:
- the groundbreaking of the upcoming Universal theme park in the U.K.
- the opening of Universal Kids Resort near Dallas, Texas
- the opening of the Fast & Furious: Hollywood Drift roller coaster at Universal Studios Hollywood
Full quote about Epic Universe capacity
Jason S. Armstrong, CFO of Comcast, shared the following remarks during the earnings call, including a mention of Epic Universe’s current operational limitations:
At theme parks, we delivered another strong set of results, with growth accelerating in the fourth quarter. Revenue increased 22% and EBITDA grew 24%, with EBITDA crossing the billion-dollar level for the first time.
This performance was driven by strong results at Universal Orlando. 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. While we’re not yet operating at full run rate capacity, we’ve made meaningful progress expanding ride throughput and we remain focused on scaling further over the next several quarters with higher attendance, stronger per-caps, and additional operating leverage over time.
Full quote about Epic Universe’s success and future goals
During the call’s Q&A section, a shareholder asked the following question about Universal theme parks:
Thanks for taking the question. I was hoping to dig in on the theme parks. Can you expand on the trends that you’re seeing there and [inaudible] for the business? Epic seems to be delivering on what you had hoped for in terms of driving higher per-cap and attendance across Orlando. You touched on this a bit earlier, but perhaps you could discuss the operational or financial priorities for its second year and if you’re seeing any shifts in competitive posture in that market. And any more color on your broader parks portfolio would be appreciated, as well. Thank you.
Mike Cavanagh, president and co-CEO of Comcast, responded with these remarks:
We couldn’t be more pleased with Epic. It was a big swing, as everybody knows: the biggest park opened in the country and maybe beyond, the world, in 25 years. Lots of excellent technology. The theming is incredible.
To sit here and look back on the achievement that the team made of getting it successfully opened and ramping it with more still to go as we head into 2026— By the end of this coming year, I think we’ll be fully ramped up in that park.
I think you said it well, and it was in my earlier remarks. The point of it was to lift all of Orlando, and that’s in fact what it’s done. When you level the whole thing up, having taken this fourth quarter that we just ended and the first time that the parks business has crossed $1B of EBITDA in a quarter, is a great achievement.
We’ve had a phenomenal year with Epic and I think the plans continue to invest behind that park in the fullness of time, but I think this year is a year where we continue to drive the original agenda, which is to fill up our hotels, which is the case. We added 2,000 rooms. Our average daily rate of the [Universal] hotels in Orlando is up 20% and occupancy up 3%, so we again feel great. It’s a continuation in the near term.
More broadly in parks, as you know, last year we secured and have recently gotten the national level approval for our park in the U.K. We’ll be opening the kids park in Frisco, Texas, later this year. Japan delivered its second-best EBITDA year in the history of our business. So there’s a lot to feel good about: a great team under Mark Woodbury, plenty of enthusiasm to keep building behind the success that we’ve seen.
Going back to the top, I think when you have a moment like the ambition of opening Epic and succeed, I think it makes us all feel good about the future of the business ahead of us.
Full quote about Epic Universe’s impact
Mike Cavanagh, president and co-CEO of Comcast, had this to say about the influence of Epic Universe upon Orlando, and Universal’s ambitions in the theme park business:
The opening of Epic Universe is already acting as a catalyst across Orlando, driving longer stays, higher per-cap spending, and increased demand across our parks and hotels, reinforcing the attractive returns we see from continued investment in this business.
At parks, 2026 marks the first full year of Epic Universe, alongside the opening of Universal Kids Resort in Frisco, Texas, the debut of our first outdoor roller coaster* at Universal Studios Hollywood, and groundbreaking on our new Universal resort in the U.K.
*While Fast & Furious: Hollywood Drift will certainly be the most thrilling outdoor roller coaster at Universal Studios Hollywood, it’s technically not the first. That distinction goes to Flight of the Hippogriff.
Stay connected with AttractionsMagazine.com for daily coverage of theme park news, trip reports, and exclusive interviews from Disney, Universal, Six Flags, and independent attractions around the world.
Follow us:
Ready for adventure? Our trusted partner Universal Fan Travel will handle the planning so you can focus on the fun. They offer free vacation-planning services and have nearly 20 years of experience creating epic vacations. Visit Universal Fan Travel for a fee-free, no-obligation quote today.
Epic is awesome! Thank you Universal.