Making the decision to open Universal Epic Universe was a "big swing," said Comcast Corp. co-CEO Mike Cavanagh. It's safe to say the bat connected with the ball.
Universal's theme parks saw a 22% increase in revenue in the fourth quarter and a 24% increase in earnings before income, taxes, depreciation and amortization (EBITDA), the first time theme park EBITDA surpassed the $1 billion mark in a quarter.
Cavanagh addressed 2025 results for Universal's newest theme park Thursday morning during parent company Comcast's earnings call. Epic Universe opened in May.
"It was a big swing, as everybody knows -- the biggest park open in the country, and maybe the world, in 25 years," he said. "Lots of excellent technology. The theming is incredible."
It's also driving positive financial results for the company. Growth in the theme parks division accelerated in the fourth quarter, Comcast CFO Jason Armstrong said, driven by strong results at the Universal Orlando Resort.
Revenue total $2.89 billion in the fourth quarter, and EBITDA was $1.01 billion.
"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," Armstrong said.
He also said the park isn't yet operating at its full capacity as Universal continues to fine-tune rides and how many guests can be accommodated on attractions, enabling greater attendance overall. Armstrong said Universal will continue to scale Epic in the coming months, increasing attendance, per-capita spending and operating leverage.
Cavanagh said the park should be fully ramped up by the end of this year.
"The point of it was to lift all of Orlando, and that's, in fact, what it's done," he added.
Looking at theme parks more broadly, 2026 will be the year marking Epic's first full year in operation, Cavanagh said.
It will also bring the opening of the Universal Kids Resort in Frisco, Texas; the debut of Universal's first outdoor roller coaster, Fast & Furious: Hollywood Drift, at Universal Studios Hollywood in California (one is also planned for Orlando); and the groundbreaking for Universal's U.K. resort in Bedford.
"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," Cavanagh said.