Total revenues decreased by $62.7 million (3.6%) to $1,662.6 million in 2025 from $1,725.3 million in 2024. Net income decreased by $59.1 million (26.0%) to $168.4 million in 2025 from $227.5 million in 2024. Attendance decreased by 0.4 million guests (1.8%) to 21.2 million in 2025, primarily due to a decline in visitation from international markets and reseller tickets, along with changes in operating schedules and less than optimal execution. Admission per capita decreased by 4.3% to $41.73 in 2025 compared to $43.61 in 2024, influenced by promotional activities and visitation mix. In-park per capita spending increased by 1.0% to $36.81 in 2025 from $36.46 in 2024, driven by pricing and operating initiatives. Operating income decreased by $97.9 million (21.1%) to $365.4 million in 2025. Operating expenses increased by $16.2 million (2.2%) due to higher labor-related costs. Selling, general and administrative expenses increased by $10.9 million (5.0%) due to increased marketing-related costs. Depreciation and amortization increased by $11.0 million (6.8%) primarily due to new asset additions. Interest expense decreased by $33.6 million (20.0%) to $134.1 million in 2025, mainly due to a lower average interest rate from 2024 refinancing, partially offset by a higher average outstanding debt balance. The company recorded an approximately $8.6 million one-time non-cash write-off of certain accounts receivable balances in 2025. A $12.6 million arbitration award to Sesame Workshop for 2021 royalties, interest, and fees was paid in the fourth quarter of 2025. The company accrued approximately $1.5 million for excise tax related to share repurchases made in 2025 and paid $4.6 million for excise tax related to 2024 share repurchases.