Disney and Universal have been competing for the attention of Orlando vacationers for decades. It’s one of the most famous rivalries in the theme park world, and it plays out in just about every way you can imagine. The two companies go head-to-head on rides, theming, ticket prices, and promotions. They fight for the same families, the same Annual Passholders, and the same Florida residents looking for a weekend escape. And at the end of the day, the rivalry comes down to one more category that fans don’t always think about: profits.That last part just got a lot more interesting. Comcast, the parent company of Universal, released its third-quarter results on October 22, and the numbers for its theme parks were not what Universal fans might have hoped for. According to Comcast, the Theme Parks segment, which includes Universal Orlando Resort, saw its Adjusted EBITDA drop 17.1% compared to the same period last year. Revenue also slipped, and Comcast pointed to lower park admissions and increased promotional activity as major reasons why.With Epic Universe now open and Universal pushing harder than ever to compete with Walt Disney World, these results raise some big questions about how the rivalry is playing out. Here’s a closer look at what Comcast reported, what it says is behind the decline, and how Disney’s latest results compare.Credit: Sarah Larson, Inside the MagicUniversal’s Third Quarter by the NumbersComcast’s third quarter covers July through September. Here’s how the Theme Parks segment performed compared to a year ago:Revenue: Down 4.4%, from $2.7 billion to $2.6 billion, a drop of $120 millionAdjusted EBITDA: Down 17.1%, from $940 million to $780 million, a decline of $160 millionOperating expenses: Up 2.3% to $1.8 billion, about $40 million more than last yearOf Comcast’s Media, Studios, and Theme Parks businesses, Theme Parks was the only one where both revenue and Adjusted EBITDA declined. Media and Studios both grew Adjusted EBITDA during the quarter.Discounts Are Costing UniversalComcast says the drop in Theme Parks revenue was mainly due to lower park admissions, including the impact of increased promotional activity. Put simply, the company is saying discounts are cutting into its earnings.Comcast didn’t specify which promotions it was referring to, and it didn’t break down whether lower attendance, lower ticket prices, or a mix of both led to the drop in admissions revenue.Still, anyone who follows Universal Orlando has likely noticed a steady flow of Florida resident and multi-day ticket deals since Epic Universe opened. One recent example is a 3-park Florida resident ticket that includes Epic Universe for $85 per day, which went on sale September 3.Comcast specifically named Universal Orlando Resort and Universal Japan as sources of continued pressure on both revenue and Adjusted EBITDA. Since Epic Universe opened in 2025, the year-ago quarter already included the new park. Theme Parks are reported as a single segment, so Comcast didn’t say how much of the decline came from any individual park or resort.Credit: UniversalHigher Costs Made Things WorseEven as revenue fell, operating expenses went up. Comcast says the increase mainly reflects operating costs at its domestic parks, partially offset by lower costs at its international parks.That combination of lower revenue and higher costs is what turned a 4.4% revenue drop into a 17.1% drop in Adjusted EBITDA.Comcast co-CEOs Brian L. Roberts and Mike Cavanagh addressed the results, saying, “Despite near-term cyclical headwinds in Theme Parks, we remain confident in the business’s long-term growth potential.”What Comcast Said About the FutureDuring its earnings call, Comcast management described near-term demand pressure in parts of the parks business, including Orlando and certain international markets. Management said it sees the trend as temporary rather than structural.Comcast pointed to several reasons for the slowdown:Macroeconomic and geopolitical headwindsCompetitors that were quicker to spot softer demand and adjust their marketingCapacity and ride throughput challenges at Epic UniverseThat second point is a notable admission in the Disney and Universal rivalry. Comcast is essentially saying competitors moved faster to respond to softer demand. The company says it’s taking action on both the marketing and Epic Universe issues.Management expects Orlando softness to look similar next quarter and through the first half of 2027. It expects performance to improve through 2027, with a return to growth in the second half of the year. Comcast also noted that Orlando attendance, guest spending, and overall financial performance are still well above where they were two years ago, and guest satisfaction continues to rise.Credit: Inside the MagicUniversal’s Plan to Turn Things AroundComcast says its response includes new leadership and new promotions. Luc Bondar, who joins from United Airlines, recently started as Chief Brand and Commercial Officer. Randy Culbertson, former NBCUniversal CFO, will join Universal Destinations & Experiences as Chief Business Officer.The company also plans to:Bring more promotional and product packages to market, including three-park passesIncrease media investmentImprove Epic Universe capacity and attraction reliabilityFor guests, that likely means more deals are on the way, which is good news for anyone planning a Universal Orlando trip.How Disney’s Latest Results CompareDisney’s most recent results cover a different time frame: its fiscal third quarter from April through June, so the numbers aren’t a direct comparison. Still, they show how the two rivals are trending.Disney reported that Experiences revenue rose 10% to about $10 billion, and segment operating income climbed 20% to $3.0 billion. Domestic park attendance grew 3%, and per capita spending rose 4%.Disney will report its next quarter, which overlaps with Comcast’s July through September period, on November 17. That report should provide a clearer side-by-side look at how both companies performed over the same period.What This Means for the RivalryUniversal has made huge moves in recent years, especially with Epic Universe, and it’s clearly not backing down from its competition with Disney. But these results show that growth isn’t always a straight line. For now, Universal is leaning on promotions, new leadership, and fixes at Epic Universe to get back on track, while Disney’s most recent numbers point in a stronger direction.The real test comes November 17, when fans will finally be able to compare both companies over the same summer months.The post Universal Theme Parks Profit Declines in Q3 as the Disney Rivalry Heats Up appeared first on Inside the Magic.