Pursuit Attractions Q3 revenue rises to $251.5M
Pursuit Attractions & Hospitality, Inc. (PRSU) reported third-quarter revenue of $251.5 million, compared with $241.0 million a year earlier, and nine-month revenue of $436.7 million versus $395.3 million.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
10-Q
Rhea-AI Filing Summary
Pursuit Attractions & Hospitality, Inc. (PRSU) reported third-quarter revenue of $251.5 million, compared with $241.0 million a year earlier, and nine-month revenue of $436.7 million versus $395.3 million. Nine-month net income attributable to Pursuit was $73.0 million, compared with $48.4 million; third-quarter net income attributable to Pursuit was $82.8 million versus $73.9 million.
For the third quarter, same-store hospitality revenue increased 6.7%, while occupancy was 92.3% versus 90.1%. Same-store attraction ticket revenue increased 6.4%, with effective ticket price up 9.1% and visitor numbers down 2.4%.
Pursuit completed the sale of its Flyover attractions to Brogent for approximately $75.0 million in cash, subject to post-closing adjustments, and recorded a $2.8 million loss on the sale. It acquired Eagle Wing Tours for CAD $23.9 million, approximately USD $16.9 million as of the acquisition date. Nine-month operating cash flow from continuing operations was $82.7 million versus $99.8 million; available liquidity was $293.0 million as of September 30, 2026. Planned 2026 capital expenditures are approximately $103 million to $114 million, including approximately $70 million to $80 million on select growth projects.
2 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNine-month revenue reached $436.7 million, up 10.5% year over year.
- Moderate pointNine-month net income attributable to Pursuit was $73.0 million, versus $48.4 million.
Negative
- Moderate pointContinuing-operations operating cash flow declined to $82.7 million from $99.8 million.
Filing Explained
After selling GES and Flyover, Pursuit still had $2.3 million in estimated lease-guarantee liabilities as of September 30, 2026.
During the third quarter, Pursuit made no share repurchases, while
After completing the GES and Flyover sales, Pursuit retained guarantees covering approximately
Key Figures
Nine-month revenue: $436.7 million
Nine-month net income attributable to Pursuit: $73.0 million
Operating cash flow from continuing operations: $82.7 million
+5 more
8 metrics
Nine-month revenue
$436.7 million
Nine months ended September 30, 2026; $395.3 million in 2025
Nine-month net income attributable to Pursuit
$73.0 million
Nine months ended September 30, 2026; $48.4 million in 2025
Operating cash flow from continuing operations
$82.7 million
Nine months ended September 30, 2026; $99.8 million in 2025
Total available liquidity
$293.0 million
As of September 30, 2026
Planned 2026 capital expenditures
Approximately $103 million to $114 million, including approximately $70 million to $80 million on select growth projects
2026 plan
Flyover attractions sale purchase price
Approximately $75.0 million in cash
Sale completed July 31, 2026; subject to post-closing adjustments
Eagle Wing Tours acquisition purchase price
CAD $23.9 million (approximately USD $16.9 million)
Acquisition date July 14, 2026; USD amount as of the acquisition date
Repurchase authorization remaining
Approximately $57.1 million
Authorized and available for common stock repurchases as of September 30, 2026
Key Terms
Revenue per Available Room (RevPAR), Average Daily Rate (ADR), same-store, contract liability
4 terms
Revenue per Available Room (RevPAR) financial
"RevPAR is calculated as total rooms revenue divided by the total number of room nights available"
Revenue per available room (RevPAR) measures how much money a hotel earns on average for each room it could sell, calculated by dividing total room revenue by the number of rooms available over a period. Think of it like the average income a restaurant gets per table whether the table is full or empty; it captures both how often rooms are occupied and how much they are charged, making it a quick way for investors to compare demand, pricing power and operational efficiency across properties or time.
Average Daily Rate (ADR) financial
"ADR is calculated as total rooms revenue divided by the total number of room nights sold"
Average daily rate (ADR) measures the average amount of money a hotel or lodging business earns for each occupied room over a given time period. Investors use it like a price-per-unit signal — similar to the average ticket price at a movie theater — to gauge a property’s pricing strength, demand trends and how changes in room rates may affect overall revenue and profit potential.
same-store financial
"Same-Store key performance indicators represent attractions and hospitality properties"
Same-store describes a performance measure that compares sales or activity only at locations open for a defined prior period, excluding results from newly opened or recently closed outlets. Investors use it to see underlying, organic trends—like checking whether an established shop’s customers are buying more or less—so growth isn’t overstated by expansion or distorted by openings and closures.
contract liability financial
"A contract liability represents an entity’s obligation to transfer goods or services"
A contract liability is a legally binding obligation a company has under a contract to deliver goods, services, or a refund in the future in exchange for money or another benefit already received. Investors care because these obligations represent future cash outflows or performance risks—like an IOU on a household chore list—that can reduce available cash, affect earnings reliability, and change how risky or valuable a company’s financial position looks.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue and net income did PRSU report?
PRSU reported $436.7 million in revenue and $73.0 million in net income attributable to Pursuit for the nine months ended September 30, 2026, compared with $395.3 million and $48.4 million, respectively, in 2025. Third-quarter revenue was $251.5 million.
How much did PRSU receive for the Flyover attractions sale?
Pursuit sold all its equity in the Flyover attractions to Brogent for approximately $75.0 million in cash, subject to post-closing adjustments. Pursuit recognized a $2.8 million loss on the sale when it closed on July 31, 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________
FORM 10-Q
_______________________________________________________
| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the quarterly period ended September 30, 2026
or
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the transition period from ____________ to____________
Commission file number: 001-11015
_______________________________________________________
(Exact name of registrant as specified in its charter)
_______________________________________________________
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
(Address of principal executive offices and zip code) | |||||
(602 ) 207-1000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
_______________________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | o | x | |||||||||
| Non-accelerated filer | o | Smaller reporting company | |||||||||
| Emerging growth company | |||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of November 2, 2026, there were 27,268,469 shares of common stock outstanding.
INDEX
| Page | ||||||||
PART I - FINANCIAL INFORMATION | ||||||||
Item 1. | Financial Statements | 1 | ||||||
Condensed Consolidated Balance Sheets as of September 30, 2026, December 31, 2025, and September 30, 2025 | 1 | |||||||
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2026 and 2025 | 2 | |||||||
Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2026 and 2025 | 3 | |||||||
Condensed Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 31, June 30, and September 30, 2026 and 2025 | 4 | |||||||
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2026 and 2025 | 5 | |||||||
Notes to Condensed Consolidated Financial Statements | 6 | |||||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 23 | ||||||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 29 | ||||||
Item 4. | Controls and Procedures | 30 | ||||||
PART II - OTHER INFORMATION | ||||||||
Item 1. | Legal Proceedings | 31 | ||||||
Item 1A. | Risk Factors | 31 | ||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 31 | ||||||
Item 5. | Other Information | 31 | ||||||
Item 6. | Exhibits | 32 | ||||||
SIGNATURE | 33 | |||||||
For periods presented in this report, unless otherwise stated or as the context otherwise requires, references to, “we,” “us,” “our,” “the Company,” and “Pursuit” refer to Pursuit Attractions and Hospitality, Inc. and our consolidated subsidiaries.
Table of Contents
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| (in thousands, except per share data) | September 30, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||
| Assets | |||||||||||||||||
| Current assets | |||||||||||||||||
| Cash and cash equivalents | $ | $ | $ | ||||||||||||||
| Accounts receivable, net of allowances | |||||||||||||||||
| Inventories | |||||||||||||||||
| Prepaid assets | |||||||||||||||||
| Other current assets | |||||||||||||||||
| Total current assets | |||||||||||||||||
| Property and equipment, net | |||||||||||||||||
| Other investments and assets | |||||||||||||||||
| Operating lease right-of-use assets | |||||||||||||||||
| Goodwill | |||||||||||||||||
| Other intangible assets, net | |||||||||||||||||
| Total Assets | $ | $ | $ | ||||||||||||||
| Liabilities and Stockholders’ Equity | |||||||||||||||||
| Current liabilities | |||||||||||||||||
| Accounts payable | $ | $ | $ | ||||||||||||||
| Contract liabilities | |||||||||||||||||
| Accrued compensation | |||||||||||||||||
| Other current liabilities | |||||||||||||||||
| Total current liabilities | |||||||||||||||||
| Long-term debt and finance lease obligations | |||||||||||||||||
| Long-term operating lease obligations | |||||||||||||||||
| Other deferred items and liabilities | |||||||||||||||||
| Total liabilities | |||||||||||||||||
| Commitments and contingencies | |||||||||||||||||
| Stockholders’ equity | |||||||||||||||||
| Pursuit stockholders’ equity: | |||||||||||||||||
Common stock, $ | |||||||||||||||||
| Additional capital | |||||||||||||||||
| Retained earnings | |||||||||||||||||
| Accumulated other comprehensive loss | ( | ( | ( | ||||||||||||||
Common stock in treasury, at cost, | ( | ( | ( | ||||||||||||||
| Total Pursuit stockholders’ equity | |||||||||||||||||
| Non-redeemable noncontrolling interests | |||||||||||||||||
| Total stockholders’ equity | |||||||||||||||||
| Total Liabilities and Stockholders’ Equity | $ | $ | $ | ||||||||||||||
See accompanying Notes to Condensed Consolidated Financial Statements.
1
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PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (in thousands, except per share data) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Ticket, rooms, transportation, and other services revenue | $ | $ | $ | $ | |||||||||||||||||||
| Food, beverage, and retail products revenue | |||||||||||||||||||||||
| Total revenue | |||||||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Cost of food, beverage, and retail products sold | |||||||||||||||||||||||
| Operating expenses (exclusive of depreciation and amortization shown separately below) | |||||||||||||||||||||||
| Selling, general, and administrative expenses | |||||||||||||||||||||||
| Depreciation and amortization | |||||||||||||||||||||||
| Interest expense, net | |||||||||||||||||||||||
| Other expense (income), net | ( | ( | |||||||||||||||||||||
| Total costs and expenses | |||||||||||||||||||||||
| Income from continuing operations before income taxes | |||||||||||||||||||||||
| Income tax expense | |||||||||||||||||||||||
| Income from continuing operations | |||||||||||||||||||||||
| Loss from discontinued operations, net of tax | ( | ( | ( | ( | |||||||||||||||||||
| Net income | |||||||||||||||||||||||
| Net income attributable to non-redeemable noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
| Net income attributable to Pursuit | $ | $ | $ | $ | |||||||||||||||||||
| Basic income (loss) per common share: | |||||||||||||||||||||||
| Continuing operations attributable to Pursuit common stockholders | $ | $ | $ | $ | |||||||||||||||||||
| Discontinued operations attributable to Pursuit common stockholders | ( | ( | ( | ||||||||||||||||||||
| Net income attributable to Pursuit common stockholders | $ | $ | $ | $ | |||||||||||||||||||
| Weighted-average outstanding common shares | |||||||||||||||||||||||
| Diluted income (loss) per common share: | |||||||||||||||||||||||
| Continuing operations attributable to Pursuit common stockholders | $ | $ | $ | $ | |||||||||||||||||||
| Discontinued operations attributable to Pursuit common stockholders | ( | ( | ( | ||||||||||||||||||||
| Net income attributable to Pursuit common stockholders | $ | $ | $ | $ | |||||||||||||||||||
| Weighted-average outstanding and potentially dilutive common shares | |||||||||||||||||||||||
See accompanying Notes to Condensed Consolidated Financial Statements.
2
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PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net income | $ | $ | $ | $ | |||||||||||||||||||
| Other comprehensive income (loss): | |||||||||||||||||||||||
| Unrealized foreign currency translation adjustments | ( | ||||||||||||||||||||||
| Change in net actuarial gain or loss, net of tax | ( | ( | |||||||||||||||||||||
| Change in prior service credit, net of tax | ( | ( | ( | ||||||||||||||||||||
| Comprehensive income | |||||||||||||||||||||||
| Comprehensive income attributable to non-redeemable noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
| Comprehensive income attributable to Pursuit | $ | $ | $ | $ | |||||||||||||||||||
See accompanying Notes to Condensed Consolidated Financial Statements.
3
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PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
| (in thousands) | Common Stock | Additional Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Common Stock in Treasury | Total Pursuit Equity | Non-Redeemable Noncontrolling Interests | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||
| Balance, December 31, 2025 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
| Net (loss) income | — | — | ( | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||
| Common stock repurchases | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
| Employee benefit plans | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Unrealized foreign currency translation adjustments | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
| Change in net actuarial loss, net of tax | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Change in prior service credit, net of tax | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
| Balance, March 31, 2026 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
| Distributions to noncontrolling interests | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Common stock repurchases | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
| Employee benefit plans | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Unrealized foreign currency translation adjustments | — | — | — | ( | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Change in net actuarial gain, net of tax | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
| Change in prior service credit, net of tax | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
| Balance, June 30, 2026 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
| Employee benefit plans | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Unrealized foreign currency translation adjustments | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
| Change in net actuarial gain, net of tax | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
| Change in prior service credit, net of tax | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
| Balance, September 30, 2026 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
See accompanying Notes to Condensed Consolidated Financial Statements.
PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (CONTINUED)
(Unaudited)
| (in thousands) | Common Stock | Additional Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Common Stock in Treasury | Total Pursuit Equity | Non-Redeemable Noncontrolling Interests | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||
| Balance, December 31, 2024 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
| Net loss | — | — | ( | — | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Employee benefit plans | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Unrealized foreign currency translation adjustments | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||
| Change in net actuarial loss, net of tax | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Change in prior service credit, net of tax | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
| Other, net | — | ( | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
| Balance, March 31, 2025 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
| Distributions to noncontrolling interests | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Employee benefit plans | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Unrealized foreign currency translation adjustments | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
| Change in net actuarial loss, net of tax | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Change in prior service credit, net of tax | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
| Other, net | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Balance, June 30, 2025 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
| Purchase of noncontrolling interests | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||
| Employee benefit plans | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Unrealized foreign currency translation adjustments | — | — | — | ( | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Change in net actuarial gain, net of tax | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Change in prior service credit, net of tax | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Other, net | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Balance, September 30, 2025 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
See accompanying Notes to Condensed Consolidated Financial Statements.
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PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| Nine Months Ended September 30, | |||||||||||
| (in thousands) | 2026 | 2025 | |||||||||
| Cash flows from operating activities | |||||||||||
| Net income | $ | $ | |||||||||
| Loss from discontinued operations, net of tax | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities attributable to continuing operations | |||||||||||
| Depreciation and amortization | |||||||||||
| Share-based compensation expense | |||||||||||
| Other non-cash items, net | |||||||||||
| Change in operating assets and liabilities (excluding the impacts of acquisitions and dispositions): | |||||||||||
| Receivables | ( | ( | |||||||||
| Income taxes payable | |||||||||||
| Other assets and liabilities, net | ( | ||||||||||
| Net cash provided by operating activities attributable to continuing operations | |||||||||||
| Cash flows from investing activities | |||||||||||
| Proceeds from sale of business, net | |||||||||||
| Capital expenditures | ( | ( | |||||||||
| Cash paid for acquisitions, net of cash acquired | ( | ( | |||||||||
| Other investing activities | |||||||||||
| Net cash provided by (used in) investing activities attributable to continuing operations | ( | ||||||||||
| Cash flows from financing activities | |||||||||||
| Proceeds from borrowings | |||||||||||
| Payments on debt and finance lease obligations | ( | ( | |||||||||
| Repurchases of common stock | ( | ||||||||||
| Purchase of noncontrolling interest | ( | ||||||||||
| Other financing activities | ( | ( | |||||||||
| Net cash (used in) provided by financing activities attributable to continuing operations | ( | ||||||||||
| Total cash provided by (used in) continuing operations | ( | ||||||||||
| Net cash used in operating activities attributable to discontinued operations | ( | ||||||||||
| Net cash used in investing activities attributable to discontinued operations | ( | ||||||||||
| Total cash used in discontinued operations | ( | ||||||||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash attributable to continuing operations | |||||||||||
| Net change in cash, cash equivalents, and restricted cash | ( | ||||||||||
| Cash, cash equivalents, and restricted cash, beginning of year | |||||||||||
| Cash, cash equivalents, and restricted cash, end of period | $ | $ | |||||||||
See accompanying Notes to Condensed Consolidated Financial Statements.
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PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1. OVERVIEW AND BASIS OF PRESENTATION
Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements (Condensed Consolidated Financial Statements) were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by GAAP or United States Securities and Exchange Commission (“SEC”) rules and regulations for complete financial statements. These financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These Condensed Consolidated Financial Statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 25, 2026 (the “2025 Form 10-K”).
The Condensed Consolidated Financial Statements include the accounts of Pursuit and all of its majority-owned subsidiaries, and all intercompany account balances and transactions have been eliminated in consolidation.
Certain prior year amounts have been reclassified in order to conform to current year presentation. The Company’s Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025, include reclassifications of expense of $2.6 million and $10.0 million, respectively, from operating expenses (exclusive of depreciation and amortization shown separately below) to selling, general, and administrative expenses to conform to the Company’s current presentation.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenue, costs, and expenses during the reported period. Estimates and assumptions are used in accounting for, among other things: impairment testing of recorded goodwill, intangible assets, and long-lived assets; allowance for uncollectible accounts receivable; sales reserve allowances; provision for income taxes, including uncertain tax positions; valuation allowances related to deferred tax assets; pension and postretirement benefit costs and obligations; share-based compensation costs; the discount rates used to value lease obligations; and the allocation of purchase price of acquired businesses. These estimates are inherently based on judgment and information currently available. Actual results could differ from these and other estimates. The Company believes the assumptions underlying these financial statements are reasonable.
Nature of Business and Recent Developments
Pursuit is a global attractions and hospitality company that owns and operates a collection of inspiring and unforgettable travel experiences in iconic destinations. Pursuit is managed on a consolidated basis for purposes of assessing performance and making operating decisions. Accordingly, Pursuit is deemed to be a single operating segment.
Flyover Attractions Sale
On July 31, 2026, Pursuit completed the sale of all of its equity in the Flyover attractions (the “Flyover Attractions”) to Brogent Technologies Inc. (“Brogent”) pursuant to an Equity Purchase Agreement, dated January 21, 2026 (as supplemented and amended, the “Flyover Sale Agreement”), for a purchase price of approximately $75.0 million in cash, subject to post-closing adjustments (the “Flyover Attractions Sale”). The financial results of the Flyover Attractions are consolidated in Pursuit's financial statements through the date of sale. The Company does not report the Flyover Attractions as a discontinued operation. See Note 4 – Acquisitions and Dispositions for additional information.
Eagle Wing Tours Acquisition
On July 14, 2026, the Company entered into a Share Purchase Agreement with the shareholders of Eagle Wing Tours (“Eagle Wing”), pursuant to which Pursuit acquired all of the issued and outstanding shares of Eagle Wing for an aggregate purchase price of CAD $23.9 million (approximately USD $16.9 million as of the acquisition date). Eagle Wing, located on Vancouver Island, British Columbia, operates a whale watching and marine wildlife experience through a fleet of five vessels. See Note 4 – Acquisitions and Dispositions for additional information. The financial results of Eagle Wing are consolidated in Pursuit’s financial statements prospectively from the date of acquisition.
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PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Insurance Recoveries
On July 22, 2024, Jasper National Park was closed and evacuated due to wildfire activity, and wildfires entered the Jasper townsite on July 24, 2024. The Company received insurance proceeds as a partial settlement payment relating to losses from the wildfires of approximately $6.5 million during the nine months ended September 30, 2025. Additionally, during the three and nine months ended September 30, 2025, the Company received approximately $4.2 0.3 million and $5.1 million, respectively, in business interruption insurance proceeds and recorded associated income from these proceeds of $4.6 million in other expense (income), net on the Company’s Condensed Consolidated Statement of Operations for the nine months ended September 30, 2026. As of September 30, 2026, the Company received an aggregate of $29.1 million in total insurance proceeds related to the Jasper wildfires. As of September 30, 2026, the Company does not anticipate receiving additional insurance proceeds related to the Jasper wildfires.
Tabacón Acquisition
On July 1, 2025, Pursuit entered into a Share Purchase Agreement (the “Tabacón Purchase Agreement”) with the shareholders of Inversiones Turísticas Arenal, S.A. (“ITA”), pursuant to which the Company acquired all of the issued and outstanding shares of ITA. ITA is the owner and operator of Tabacón Thermal Resort & Spa (“Tabacón”), an eco-luxury resort spanning 570 acres of rainforest which features two thermal river attractions, located in the Arenal region of Costa Rica. Tabacón features 105 rooms, an internationally renowned spa, and signature culinary experiences. See Note 4 – Acquisitions and Dispositions for additional information. The financial results of Tabacón are consolidated in Pursuit’s financial statements prospectively from the date of acquisition.
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PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Impact of Recent Accounting Pronouncements
The following table provides a brief description of recent accounting pronouncements:
| Standard | Description | Date of adoption | Effect on the financial statements | |||||||||||||||||
| Standards Not Yet Adopted | ||||||||||||||||||||
ASU 2024-03, Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses | The amendment requires additional disclosure in the notes to the financial statements about specified expense categories including purchases of inventory, employee compensation, depreciation, and intangible asset amortization. | January 1, 2027 | This new guidance will expand the Company's footnote disclosures within the scope of this new standard with no impact to the Company's Consolidated Financial Statements. | |||||||||||||||||
ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software | The amendment updates the accounting guidance for costs incurred to develop or obtain software solely for internal use and costs incurred to implement cloud computing arrangements. Under current guidance, costs are accounted for based on distinct project stages, and that concept is removed under the ASU, which instead clarifies that eligible costs may be capitalized upon meeting specific capitalization thresholds and overcoming significant development uncertainty. | January 1, 2028, with early adoption permitted | The Company is still in the process of evaluating what impact this new standard will have on its Consolidated Financial Statements. | |||||||||||||||||
ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements | The amendment creates a comprehensive list of interim disclosures required under U.S. GAAP and outlines a principle that requires disclosures at interim periods when an event or change that has a material effect has occurred since the previous year end. The goal of the amendment is to provide clarity regarding the current interim requirements, rather than changing the requirements. | January 1, 2028, with early adoption permitted | The Company is still in the process of evaluating what impact this new standard will have on its Consolidated Financial Statements. | |||||||||||||||||
NOTE 2. REVENUE AND RELATED CONTRACT LIABILITIES
Contract Liabilities
A contract liability represents an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration from the customer before transferring control of those goods or services. The Company periodically receives customer deposits prior to transferring the related product(s) or service(s) to the customer, which are recorded as “Contract liabilities” in the Condensed Consolidated Balance Sheets. The contract liabilities are recognized as revenue upon satisfaction of the related contract performance obligation(s). The Company’s performance obligations are short-term in nature. The contract liabilities as of December 31, 2025 will be primarily recognized in revenue during the year ending December 31, 2026.
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PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Disaggregation of Revenue
The following tables disaggregate revenue by major service and product lines, timing of revenue recognition, and geographical regions served for the three and nine months ended September 30, 2026 and 2025:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Services: | |||||||||||||||||||||||
| Ticket revenue | $ | $ | $ | $ | |||||||||||||||||||
| Rooms revenue | |||||||||||||||||||||||
| Other | |||||||||||||||||||||||
| Transportation | |||||||||||||||||||||||
| Total services revenue | |||||||||||||||||||||||
| Products: | |||||||||||||||||||||||
| Food and beverage | |||||||||||||||||||||||
| Retail operations | |||||||||||||||||||||||
| Total products revenue | |||||||||||||||||||||||
| Total revenue | $ | $ | $ | $ | |||||||||||||||||||
| Timing of revenue recognition: | |||||||||||||||||||||||
| Services transferred over time | $ | $ | $ | $ | |||||||||||||||||||
| Products transferred at a point in time | |||||||||||||||||||||||
| Total revenue | $ | $ | $ | $ | |||||||||||||||||||
| Geographical regions: | |||||||||||||||||||||||
| Canada | $ | $ | $ | $ | |||||||||||||||||||
| U.S. | |||||||||||||||||||||||
| Iceland | |||||||||||||||||||||||
Costa Rica(1) | |||||||||||||||||||||||
| Total revenue | $ | $ | $ | $ | |||||||||||||||||||
(1)Tabacón was acquired by Pursuit on July 1, 2025. Accordingly, the revenue of Tabacón is included in the Company’s results of operations prospectively from the date of acquisition.
NOTE 3. SHARE-BASED COMPENSATION
The Company grants share-based compensation awards to its officers, directors, and certain key employees pursuant to the 2017 Pursuit Attractions and Hospitality, Inc. Omnibus Incentive Plan, as amended (the “2017 Plan”). The 2017 Plan has a 10 -year term beginning from the most recent amendment in May 2022 and provides for the following types of awards: (a) incentive and non-qualified stock options; (b) restricted stock awards and restricted stock units; (c) performance units or performance shares; (d) stock appreciation rights; (e) cash-based awards; and (f) certain other stock-based awards.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table summarizes share-based compensation expense for the three and nine months ended September 30, 2026 and 2025:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Restricted stock units | $ | $ | $ | $ | |||||||||||||||||||
| Performance-based restricted stock units | |||||||||||||||||||||||
| Stock options | |||||||||||||||||||||||
| Share-based compensation expense before income tax | |||||||||||||||||||||||
Income tax benefit (1) | ( | ( | ( | ( | |||||||||||||||||||
| Share-based compensation expense, net of income tax | $ | $ | $ | $ | |||||||||||||||||||
(1)The income tax benefit amount for all periods primarily reflects the tax benefit associated with employees based outside of the U.S.
NOTE 4. ACQUISITIONS AND DISPOSITIONS
Flyover Attractions
On July 31, 2026, Pursuit completed the Flyover Attractions Sale to Brogent pursuant to the Flyover Sale Agreement for a purchase price of approximately $75.0 million in cash, subject to post-closing adjustments, which are expected to be finalized during the fourth quarter of 2026. Upon the closing of the transaction, the Company recognized a loss on the sale of the Flyover Attractions of approximately $2.8 million, which was primarily attributable to certain facility lease payment guarantees that the Company assumed in conjunction with the closing of the transaction, and is included within other expense (income), net on the Company’s Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2026. Additionally, prior to the sale, the Flyover Attractions were classified as held for sale and as such, the total assets and liabilities combined with the related accumulated other comprehensive loss of the Flyover Attractions (the “Disposal Group”) were recorded at the lower of their historical carrying values or the estimated net purchase price of the Flyover Attractions Sale less costs to sell, which resulted in an impairment of the Disposal Group of approximately $3.1 million during the three months ended June 30, 2026. This impairment is presented within other expense (income), net on the Company’s Condensed Consolidated Statement of Operations for the nine months ended September 30, 2026. The Company does not report the Flyover Attractions as a discontinued operation.
Eagle Wing Tours
On July 14, 2026, the Company entered into a Share Purchase Agreement with the shareholders of Eagle Wing Tours, pursuant to which the Company acquired all of the issued and outstanding shares of Eagle Wing for an aggregate purchase price of CAD $23.9 million (approximately USD $16.9 million as of the acquisition date). Eagle Wing, located on Vancouver Island, British Columbia, operates a whale watching and marine wildlife experience through a fleet of five vessels. The financial results of Eagle Wing are consolidated in the Company's financial statements prospectively from the date of acquisition. The Company funded the purchase price primarily with borrowings under the 2025 Revolving Credit Facility (see Note 8 – Debt and Finance Lease Obligations for further details).
The following table summarizes the preliminary allocation of the aggregate purchase price and amounts of net assets acquired based upon the estimated fair value at the date of acquisition. The purchase price allocation is not yet final and is
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
subject to change within the measurement period (up to one year from the acquisition date) as the valuation of property and equipment and intangible assets is finalized:
| (in thousands) | Acquisition Date Estimated Fair Value | ||||
| Total cash consideration paid by Pursuit Attractions and Hospitality, Inc. | $ | ||||
| Allocation of total estimated purchase consideration: | |||||
| Current assets | $ | ||||
| Property, equipment, and operating lease right-of-use assets | |||||
| Goodwill | |||||
| Liabilities | ( | ||||
| Net assets acquired | $ | ||||
Under the acquisition method of accounting, the cash consideration the Company paid, as shown in the table above, is allocated to the tangible assets acquired and liabilities assumed based on their estimated fair values. The process of estimating the fair value of the property and equipment includes the use of certain estimates and assumptions related to replacement cost and physical condition at the time of acquisition. The excess purchase price over the fair value of net assets acquired was recorded as goodwill. The primary factor that contributed to the purchase price resulting in the recognition of goodwill related to the opportunity for the Company to expand into a new Canadian geography with future growth opportunities when combined with the Company's other businesses. Goodwill is not deductible for tax purposes.
Tabacón Thermal Resort & Spa
On July 1, 2025, the Company entered into the Tabacón Purchase Agreement with the shareholders of ITA, pursuant to which the Company acquired all of the issued and outstanding shares of ITA for an aggregate purchase price of $108.6 million, which is net of customary post-closing adjustments for indebtedness, deferred revenue, working capital, and other specified matters in the Tabacón Purchase Agreement. ITA is the owner and operator of Tabacón, an eco-luxury resort spanning 570 acres of rainforest which features two thermal river attractions, located in the Arenal region of Costa Rica. The Company funded the purchase price primarily with borrowings under the 2025 Revolving Credit Facility (see Note 8 – Debt and Finance Lease Obligations for further details).
The following table summarizes the allocation of the aggregate purchase price and amounts of assets acquired based upon the estimated fair value at the date of acquisition:
| (in thousands) | Acquisition Date Estimated Fair Value | ||||
| Total cash consideration paid by Pursuit Attractions and Hospitality, Inc. | $ | ||||
| Allocation of total estimated purchase consideration: | |||||
| Current assets | $ | ||||
| Property and equipment | |||||
| Goodwill | |||||
| Identifiable intangible assets | |||||
| Liabilities | ( | ||||
| Net assets acquired | $ | ||||
Under the acquisition method of accounting, the cash consideration the Company paid, as shown in the table above, is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. The process of estimating the fair value of the property and equipment includes the use of certain estimates and assumptions related to replacement cost and physical condition at the time of acquisition. The excess purchase price over
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
the fair value of net assets acquired was recorded as goodwill. The primary factor that contributed to the purchase price resulting in the recognition of goodwill related to the opportunity for the Company to expand into a new geography with future growth opportunities when combined with other businesses. Additionally, Costa Rica represents an operation which the Company expects will generate revenue more evenly over the course of the calendar year to complement the Company’s existing North American operations. Goodwill is not deductible for tax purposes.
Intangible assets acquired include $4.9 million for the Tabacón trade name, which the Company considers to be an indefinite-lived intangible asset, and $2.2 million for acquired travel agency relationships, which have an amortizable life of 15 years. The financial results of Tabacón are consolidated in the Company’s financial statements prospectively from the date of acquisition on July 1, 2025.
The following unaudited pro forma summary presents consolidated financial information of Pursuit as if the acquisition with Tabacón had occurred on January 1, 2024 (the beginning of the fiscal year preceding the fiscal year in which the acquisition occurred). These pro forma amounts include tax-effected adjustments for: (i) additional depreciation and amortization that would have been charged assuming the fair value adjustments to property and equipment and identifiable intangible assets had been applied from January 1, 2024; (ii) transaction and business integration related costs; and (iii) interest expense associated with financing the transaction, assuming the entire cash purchase price would have been borrowed and outstanding for the full pro forma periods presented and interest charged would have been at rates similar to those prevalent under Pursuit’s 2025 Revolving Credit Facility. This unaudited pro forma financial information is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the transaction taken place on January 1, 2024.
| Nine Months Ended | |||||
| (in thousands) | September 30, 2025 | ||||
| Pro forma total revenue | $ | ||||
| Pro forma net income attributable to Pursuit | $ | ||||
NOTE 5. SUPPLEMENTARY BALANCE SHEET INFORMATION
Cash, cash equivalents and restricted cash balances as presented in the Condensed Consolidated Statements of Cash Flows as of September 30, 2026, December 31, 2025, and September 30, 2025, included:
| (in thousands) | September 30, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||
| Cash and cash equivalents | $ | $ | $ | ||||||||||||||
| Cash, cash equivalents, and restricted cash | $ | $ | $ | ||||||||||||||
Other current assets as of September 30, 2026, December 31, 2025, and September 30, 2025, consisted of the following:
| (in thousands) | September 30, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||
| Other | $ | $ | $ | ||||||||||||||
| Deferred proceeds from GES Sale | |||||||||||||||||
| Other current assets | $ | $ | $ | ||||||||||||||
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Other current liabilities as of September 30, 2026, December 31, 2025, and September 30, 2025, consisted of the following:
| (in thousands) | September 30, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||
| Continuing operations: | |||||||||||||||||
| Income taxes payable | $ | $ | $ | ||||||||||||||
| Accrued concession fees | |||||||||||||||||
| Operating lease obligations | |||||||||||||||||
| Current portion of debt and finance lease obligations | |||||||||||||||||
| Current portion of pension and postretirement liabilities | |||||||||||||||||
| Other | |||||||||||||||||
| Total continuing operations | |||||||||||||||||
| Total discontinued operations | |||||||||||||||||
| Total other current liabilities | $ | $ | $ | ||||||||||||||
Other deferred items and liabilities as of September 30, 2026, December 31, 2025, and September 30, 2025, consisted of the following:
| (in thousands) | September 30, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||
| Continuing operations: | |||||||||||||||||
| Foreign deferred tax liability | $ | $ | $ | ||||||||||||||
| Pension and postretirement benefits | |||||||||||||||||
| Other | |||||||||||||||||
| Total continuing operations | |||||||||||||||||
| Total discontinued operations | |||||||||||||||||
| Total other deferred items and liabilities | $ | $ | $ | ||||||||||||||
NOTE 6. PROPERTY AND EQUIPMENT, NET
Property and equipment, net as of September 30, 2026, December 31, 2025, and September 30, 2025, consisted of the following:
| (in thousands) | September 30, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||
| Land and land interests | $ | $ | $ | ||||||||||||||
| Buildings and leasehold improvements | |||||||||||||||||
| Equipment and other | |||||||||||||||||
| Gross property and equipment | |||||||||||||||||
| Accumulated depreciation | ( | ( | ( | ||||||||||||||
| Property and equipment, net (excluding finance leases) | |||||||||||||||||
| Finance lease right-of-use assets, net | |||||||||||||||||
| Property and equipment, net | $ | $ | $ | ||||||||||||||
Depreciation expense was $9.1 million and $26.4 million during the three and nine months ended September 30, 2026, respectively. Depreciation expense was $10.6 million and $30.1 million during the three and nine months ended September 30, 2025, respectively.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS, NET
The changes in the goodwill carrying amount during the nine months ended September 30, 2026, included:
| (in thousands) | |||||
| Balance as of December 31, 2025 | $ | ||||
| Foreign currency translation adjustments | |||||
Eagle Wing Tours acquisition(1) | |||||
Flyover Attractions Sale(1) | ( | ||||
| Balance as of September 30, 2026 | $ | ||||
(1)See Note 4 - Acquisitions and Dispositions for additional information.
Other intangible assets as of September 30, 2026, December 31, 2025, and September 30, 2025, consisted of the following:
| September 30, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||
| (in thousands) | Remaining Useful Life (Years) | Gross Carrying Value | Accumulated Amortization | Gross Carrying Value | Accumulated Amortization | Gross Carrying Value | Accumulated Amortization | |||||||||||||||||||||||||||||||||||||
| Intangible assets subject to amortization: | ||||||||||||||||||||||||||||||||||||||||||||
| Operating contracts and licenses | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||
| In-place lease | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
| Customer contracts and relationships | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
| Tradenames and other | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
| Total amortized intangible assets | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
| Indefinite-lived intangible assets: | ||||||||||||||||||||||||||||||||||||||||||||
| Tradenames | — | — | — | |||||||||||||||||||||||||||||||||||||||||
| Business licenses | — | — | — | |||||||||||||||||||||||||||||||||||||||||
| Other intangible assets | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||
Intangible asset amortization expense (excluding amortization expense of ROU assets) was $0.8 million and $2.2 million during the three and nine months ended September 30, 2026, respectively. Intangible asset amortization expense (excluding amortization expense of ROU assets) was $0.9 million and $2.4 million during the three and nine months ended September 30, 2025, respectively.
As of September 30, 2026, the estimated future definite-lived intangible asset amortization expense includes:
| (in thousands) | |||||
| Year ending December 31, | |||||
| Remainder of 2026 | $ | ||||
| 2027 | |||||
| 2028 | |||||
| 2029 | |||||
| 2030 | |||||
| Thereafter | |||||
| Total | $ | ||||
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 8. DEBT AND FINANCE LEASE OBLIGATIONS
Debt and finance lease obligations as of September 30, 2026, December 31, 2025, and September 30, 2025, consisted of the following:
| (in thousands, except interest rates) | September 30, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||
2025 Revolving Credit Facility - Pursuit borrowings | $ | $ | $ | ||||||||||||||
2025 Revolving Credit Facility - Brewster, Inc. borrowings | |||||||||||||||||
Jasper Term Loan - | |||||||||||||||||
Forest Park Hotel Renovation Construction Loan - | |||||||||||||||||
| Flyover Iceland Credit Facility | |||||||||||||||||
| Other | |||||||||||||||||
Total debt (2) | |||||||||||||||||
Finance lease obligations, due through 2067 (3) | |||||||||||||||||
| Total debt and finance lease obligations | |||||||||||||||||
| Less: unamortized debt issuance costs | ( | ( | ( | ||||||||||||||
| Less: current portion | ( | ( | ( | ||||||||||||||
| Long-term debt and finance lease obligations | $ | $ | $ | ||||||||||||||
(1)Represents the weighted-average interest rate in effect as of the end of the respective periods, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees.
(2)The carrying value of total debt approximates the estimated fair value of total debt for the respective periods due to the variable nature of the associated interest rates for the majority of the borrowings.
(3)See Note 13 – Leases and Other for additional information.
2025 Credit Agreement
The 2025 Credit Agreement carries the following financial covenants:
•Maintain a total net leverage ratio no greater than 3.0 to 1.0; and
•Maintain a fixed-charge coverage ratio no less than 1.25 to 1.0.
As of September 30, 2026, the Company was in compliance with all financial covenants under the 2025 Credit Agreement.
As of September 30, 2026, capacity remaining under the 2025 Revolving Credit Facility was $228.7 million, reflecting the $300.0 million total facility size, less $67.6 million of outstanding borrowings and $3.7 million in outstanding letters of credit.
Jasper Credit Facility
The Jasper Credit Facility provides for a CAD $17.0 million term loan (“Jasper Term Loan”, approximately USD $12.0 million as of September 30, 2026) and a CAD $10.0 million revolving credit facility (“Jasper Revolving Credit Facility”, approximately USD $7.0
The Jasper Credit Facility carries the following financial covenants:
•Maintain a pre-compensation fixed-charge coverage ratio of not less than 1.3 to 1.0; and
•Maintain a post-compensation fixed-charge coverage ratio of not less than 1.1 to 1.0.
As of September 30, 2026, there were no outstanding borrowings, and capacity remaining under the Jasper Revolving Credit Facility was CAD $10.0 million (approximately USD $7.0
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Forest Park Hotel Renovation Construction Loan
On January 6, 2026, the Company, through its indirect majority-owned subsidiary Sawridge MPL Jasper Limited Partnership, entered into a construction loan facility with ATB Financial, as borrower, for up to CAD $30.0 million (approximately USD $21.1 million as of September 30, 2026) related to the renovation of the Forest Park Hotel’s Woodland Wing in Jasper National Park. The construction loan facility requires interest payments at Canadian Prime Rate plus 1.00 %. The loan matures in March 2028.
NOTE 9. INCOME (LOSS) PER SHARE
The components of basic and diluted income (loss) per share for the three and nine months ended September 30, 2026 and 2025, consisted of the following:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (in thousands, except per share data) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net income from continuing operations attributable to Pursuit | $ | $ | $ | $ | |||||||||||||||||||
| Loss from discontinued operations, net of tax | ( | ( | ( | ( | |||||||||||||||||||
| Net income attributable to Pursuit | $ | $ | $ | $ | |||||||||||||||||||
| Basic weighted-average outstanding common shares | |||||||||||||||||||||||
| Additional dilutive shares related to share-based compensation | |||||||||||||||||||||||
| Diluted weighted-average outstanding common shares | |||||||||||||||||||||||
| Income (loss) per common share: | |||||||||||||||||||||||
| Basic: | |||||||||||||||||||||||
| Continuing operations | $ | $ | $ | $ | |||||||||||||||||||
| Discontinued operations | ( | ( | ( | ||||||||||||||||||||
| Basic income attributable to Pursuit common stockholders: | $ | $ | $ | $ | |||||||||||||||||||
| Diluted: | |||||||||||||||||||||||
| Continuing operations | $ | $ | $ | $ | |||||||||||||||||||
| Discontinued operations | ( | ( | ( | ||||||||||||||||||||
| Diluted income attributable to Pursuit common stockholders: | $ | $ | $ | $ | |||||||||||||||||||
The Company excluded the following weighted-average potential common shares from the calculations of diluted net income (loss) per common share during the applicable periods because their inclusion would have been anti-dilutive:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Unvested restricted share-based awards | |||||||||||||||||||||||
| Unvested performance share-based awards | |||||||||||||||||||||||
| Stock options | |||||||||||||||||||||||
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PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 10. ACCUMULATED OTHER COMPREHENSIVE LOSS
Changes in accumulated other comprehensive loss (“AOCL”) by component for the nine months ended September 30, 2026 and 2025, included:
| (in thousands) | Cumulative Foreign Currency Translation Adjustments | Pension and Postretirement Benefits, Net | Accumulated Other Comprehensive Loss | ||||||||||||||
| Balance as of December 31, 2025 | $ | ( | $ | $ | ( | ||||||||||||
| Other comprehensive loss before reclassifications | ( | ( | |||||||||||||||
Amounts reclassified from AOCL, net of tax (1) | ( | ||||||||||||||||
| Net other comprehensive income (loss) | ( | ||||||||||||||||
| Balance as of September 30, 2026 | $ | ( | $ | $ | ( | ||||||||||||
(1) Cumulative foreign currency translation of the Flyover Attractions was reclassified from AOCL and recorded in other expense (income), net on the Company's Condensed Consolidated Statements of Operations during the three and nine months ended September 30, 2026, in conjunction with the Flyover Attractions Sale.
| (in thousands) | Cumulative Foreign Currency Translation Adjustments | Pension and Postretirement Benefits, Net | Accumulated Other Comprehensive Loss | ||||||||||||||
| Balance as of December 31, 2024 | $ | ( | $ | ( | $ | ( | |||||||||||
| Other comprehensive income before reclassifications | |||||||||||||||||
| Amounts reclassified from AOCL, net of tax | |||||||||||||||||
| Net other comprehensive income | |||||||||||||||||
| Balance as of September 30, 2025 | $ | ( | $ | $ | ( | ||||||||||||
Amounts reclassified from AOCL that relate to our defined benefit pension and other postretirement plans include the amortization of prior service (credits) costs and actuarial net (gains) losses recognized during each period presented. The Company recorded these amounts as components of net periodic benefit (gain) cost for each period presented. See Note 12 –Pension and Postretirement Benefits for additional information.
NOTE 11. INCOME TAXES
The Company’s effective tax rate was 19.7 % and 23.2 % for the three and nine months ended September 30, 2026, respectively. The Company’s effective tax rate was 16.8 % and 22.7 % for the three and nine months ended September 30, 2025, respectively. The increases in the effective tax rates for the three and nine months ended September 30, 2026, compared to the prior year periods were primarily attributable to tax impacts of the Flyover Attractions Sale and the full year inclusion of Tabacón’s operating results for the 2026 periods.
The income tax provision was computed based on the Company’s estimated annualized effective tax rate and the full-year forecasted income or loss plus the tax impact of unusual, infrequent, or nonrecurring significant items during the period. The amount and change of pre-tax income and loss recognized between jurisdictions impacted the reported effective tax rate for the three and nine months ended September 30, 2026.
The Company paid net cash for income taxes of $16.5 million during the nine months ended September 30, 2026, of which $13.0 million was paid to Canadian taxing authorities. The Company paid net cash for income taxes of $18.4 million during the nine months ended September 30, 2025, of which $11.2 million was paid to U.S. federal and state taxing authorities and $5.2 million was paid to Canadian taxing authorities.
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PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 12. PENSION AND POSTRETIREMENT BENEFITS
The components of net periodic benefit (gain) cost of the Company’s pension and other postretirement benefit plans for the three months ended September 30, 2026 and 2025, consisted of the following:
| Domestic Plans | |||||||||||||||||||||||||||||||||||
| Pension Plans | Postretirement Benefit Plans | Foreign Pension Plans | |||||||||||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||
| Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
| Interest cost | |||||||||||||||||||||||||||||||||||
| Expected return on plan assets | ( | ||||||||||||||||||||||||||||||||||
| Amortization of prior service (credit) cost | ( | ||||||||||||||||||||||||||||||||||
| Recognized net actuarial (gain) loss | ( | ( | |||||||||||||||||||||||||||||||||
| Net periodic benefit (gain) cost | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||
The components of net periodic benefit (gain) cost of the Company’s pension and other postretirement benefit plans for the nine months ended September 30, 2026 and 2025, consisted of the following:
| Domestic Plans | |||||||||||||||||||||||||||||||||||
| Pension Plans | Postretirement Benefit Plans | Foreign Pension Plans | |||||||||||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||
| Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
| Interest cost | |||||||||||||||||||||||||||||||||||
| Expected return on plan assets | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Amortization of prior service (credit) cost | ( | ( | |||||||||||||||||||||||||||||||||
| Recognized net actuarial (gain) loss | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Net periodic benefit (gain) cost | $ | ( | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||
During 2026, the Company terminated the foreign Retirement Plan for Management Employees of Brewster, Inc. for applicable participants. Additionally, during the nine months ended September 30, 2025, the Company completed the termination and settlement of the Giltspur, Inc. Employees’ Pension Plan, which resulted in a reclassification of previously recorded prior service credit and net actuarial loss within AOCL to other expense (income), net of approximately $5.4 million.
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PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 13. LEASES AND OTHER
The balance sheet presentation of the Company’s operating and finance leases as of September 30, 2026, December 31, 2025, and September 30, 2025, was as follows:
| (in thousands) | Classification on the Condensed Consolidated Balance Sheets | September 30, 2026 | December 31, 2025 | September 30, 2025 | |||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Operating lease right-of-use assets | $ | $ | $ | ||||||||||||||||||||
| Finance lease right-of-use assets, net | |||||||||||||||||||||||
| Total lease right-of-use assets | $ | $ | $ | ||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Current: | |||||||||||||||||||||||
| Operating lease obligations | $ | $ | $ | ||||||||||||||||||||
| Finance lease obligations | |||||||||||||||||||||||
| Noncurrent: | |||||||||||||||||||||||
| Operating lease obligations | |||||||||||||||||||||||
| Finance lease obligations | |||||||||||||||||||||||
| Total lease liabilities | $ | $ | $ | ||||||||||||||||||||
The components of lease expense for the three and nine months ended September 30, 2026 and 2025, consisted of the following:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Finance lease cost: | |||||||||||||||||||||||
| Amortization of right-of-use assets | $ | $ | $ | $ | |||||||||||||||||||
| Interest on lease liabilities | |||||||||||||||||||||||
| Operating lease cost | |||||||||||||||||||||||
| Short-term lease cost | |||||||||||||||||||||||
| Variable lease cost | |||||||||||||||||||||||
| Total lease cost, net | $ | $ | $ | $ | |||||||||||||||||||
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PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Other information related to operating and finance leases for the three and nine months ended September 30, 2026 and 2025, consisted of the following:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||||||||
| Operating cash flows from operating leases | $ | $ | $ | $ | |||||||||||||||||||
| Operating cash flows from finance leases | $ | $ | $ | $ | |||||||||||||||||||
| Financing cash flows from finance leases | $ | $ | $ | $ | |||||||||||||||||||
| Right-of-use assets obtained in exchange for lease obligations: | |||||||||||||||||||||||
| Operating leases | $ | $ | $ | $ | |||||||||||||||||||
The weighted-average remaining lease terms and discount rates for operating and finance leases as of September 30, 2026, December 31, 2025, and September 30, 2025, were:
| September 30, 2026 | December 31, 2025 | September 30, 2025 | |||||||||||||||
| Weighted-average remaining lease term (years): | |||||||||||||||||
| Operating leases | |||||||||||||||||
| Finance leases | |||||||||||||||||
| Weighted-average discount rate: | |||||||||||||||||
| Operating leases | % | % | % | ||||||||||||||
| Finance leases | % | % | % | ||||||||||||||
As of September 30, 2026, the estimated future minimum lease payments under non-cancellable leases, excluding variable leases and variable non-lease components, included:
| (in thousands) | Operating Leases | Finance Leases | Total | ||||||||||||||
| Remainder of 2026 | $ | $ | $ | ||||||||||||||
| 2027 | |||||||||||||||||
| 2028 | |||||||||||||||||
| 2029 | |||||||||||||||||
| 2030 | |||||||||||||||||
| Thereafter | |||||||||||||||||
| Total future lease payments | |||||||||||||||||
| Less: Amount representing interest | ( | ( | ( | ||||||||||||||
| Present value of minimum lease payments | |||||||||||||||||
| Current portion | ( | ( | ( | ||||||||||||||
| Long-term portion | $ | $ | $ | ||||||||||||||
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PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
As of September 30, 2026, the estimated future minimum rental income under non-cancellable leases, which includes rental income from facilities that the Company owns, included:
| (in thousands) | |||||
| Remainder of 2026 | $ | ||||
| 2027 | |||||
| 2028 | |||||
| 2029 | |||||
| 2030 | |||||
| Thereafter | |||||
| Total minimum rental income | $ | ||||
NOTE 14. LITIGATION, CLAIMS, CONTINGENCIES, AND OTHER
Litigation and Regulatory Proceedings
The Company is a plaintiff or defendant in various actions, proceedings, and pending claims, some of which involve, or may involve, compensatory, punitive, or other damages. Litigation is subject to many uncertainties and it is possible that some of the legal actions, proceedings, or claims could be decided against the Company. Although the amount of liability as of September 30, 2026, with respect to unresolved legal matters is not ascertainable, the Company believes that any resulting liability, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on its business, financial position, or results of operations.
On July 18, 2020, one of the Company’s off-road Ice Explorers was involved in an accident while en route to the Athabasca Glacier, resulting in three fatalities and multiple other serious injuries. The Company immediately reported the accident to its relevant insurance carriers, who have supported the investigation and subsequent claims relating to the accident. In May 2023, the Company resolved charges from the Canadian office of Occupational Health and Safety in relation to this accident, resulting in fines and related payments in an aggregate amount of approximately $0.3 million. The Company continues to manage its legal defense of various claims from the victims and their families. In addition, the Company believes that its reserves and, subject to customary deductibles, insurance coverage is sufficient to cover potential claims related to this accident.
The Company is subject to various U.S. federal, state, and foreign laws and regulations governing the prevention of pollution and the protection of the environment in the jurisdictions in which it has or had operations. If the Company were to fail to comply with these environmental laws and regulations, civil and criminal penalties could be imposed, and it could become subject to regulatory enforcement actions in the form of injunctions and cease and desist orders. As is the case with many companies, the Company also faces exposure to actual or potential claims and lawsuits involving environmental matters relating to its past operations. As of September 30, 2026, the Company had environmental remediation liabilities of $1.2 million related to previously sold operations. Although the Company is a party to certain environmental disputes, it believes that any resulting liabilities, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on the Company’s financial position or results of operations.
Guarantees
NOTE 15. SEGMENT INFORMATION
The Company’s chief operating decision maker (“CODM”) is its President and Chief Executive Officer. An operating segment is defined as a component of an enterprise that engages in business activities for which discrete financial information is available and regularly reviewed by the CODM in deciding how to allocate resources and assess performance. The Company’s CODM manages the business on a consolidated basis for the purposes of allocating
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PURSUIT ATTRACTIONS AND HOSPITALITY, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
resources and assessing performance, and accordingly, the Company has a single operating and reportable segment. Revenue is derived through the Company’s collection of travel experiences, including attractions and hospitality, along with integrated restaurants, retail, and transportation.
The Company’s CODM assesses performance of its single reportable segment and decides how to allocate resources based on income from continuing operations, which is reported on the Condensed Consolidated Statements of Operations. The Company’s CODM also uses income from continuing operations to monitor actual results versus internal forecasts to help assess performance and establish management compensation. The CODM does not use a measure of segment assets to evaluate segment performance or in deciding how to allocate resources.
The financial information, including significant single segment expense categories, regularly provided to the Company’s CODM is included in the following table, including a reconciliation to income from continuing operations for the three and nine months ended September 30, 2026 and 2025:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Total revenue | $ | $ | $ | $ | |||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Cost of food, beverage, and retail products sold | $ | $ | $ | $ | |||||||||||||||||||
Operating labor expenses (1) | |||||||||||||||||||||||
Other segment expenses (2) | |||||||||||||||||||||||
| Selling, general, and administrative expenses | |||||||||||||||||||||||
| Depreciation and amortization | |||||||||||||||||||||||
| Interest expense, net | |||||||||||||||||||||||
| Other expense (income), net | ( | ( | |||||||||||||||||||||
| Total costs and expenses | |||||||||||||||||||||||
| Income from continuing operations before income taxes | |||||||||||||||||||||||
| Income tax expense | |||||||||||||||||||||||
| Income from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
(1)Operating labor expenses consist of wages, incentives, benefits, and employer taxes.
(2)Other segment expenses primarily include insurance expense, royalty fees, utilities, operating lease expense, property tax expense, and credit card fees.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Forward-Looking Statements
Except for any historical information contained herein, the matters discussed or incorporated by reference in this Quarterly Report on Form 10-Q (this “Form 10-Q”) contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to analyses and other information, available as of the date hereof which are based on forecasts of future results and estimates of amounts not yet determinable. These statements also relate to our contemplated future prospects, developments and business strategies.
Words, and variations of words, such as “aim,” “anticipate,” “believe,” “could,” “deliver,” “estimate,” “expect,” “intend,” “may,” “might,” “outlook,” “plan,” “potential,” “seek,” “target,” “will,” and similar expressions are intended to identify our forward-looking statements. Similarly, statements that describe our business strategy, outlook, objectives, plans, initiatives, intentions, or goals also are forward-looking statements. These forward-looking statements are not historical facts and are subject to a host of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those in the forward-looking statements.
Important factors that could cause actual results to differ materially from those described in our forward-looking statements include, but are not limited to:
•general economic and geopolitical uncertainty in key global markets and a worsening of global economic conditions;
•the seasonality of our businesses;
•the competitive nature of the industries in which we operate;
•travel industry disruptions;
•changes in consumer tastes and preferences for recreational activities;
•natural disasters, weather conditions, and other catastrophic events;
•accidents and adverse incidents at our hotels and attractions;
•the sufficiency and cost of insurance coverage;
•the impact of our borrowings, including our revolving credit facility, on our operational and financial flexibility;
•risks of new capital projects not being commercially successful;
•our ability to fund capital expenditures, or our ability to deploy capital in line with our strategic objectives;
•our ability to successfully integrate and achieve anticipated benefits from acquisitions;
•unknown or contingent liabilities from acquisitions;
•failure to adapt to technological developments or industry trends;
•our inability to realize the strategic, financial and operational benefits from the sale of the Company’s Flyover Attractions (as defined herein);
•potential increases in operating expenses;
•conducting business globally, including the impact of regulatory regimes in geographies where we operate or may expand;
•our exposure to currency exchange rate fluctuations;
•liabilities relating to prior and discontinued operations;
•the importance of key personnel to our business;
•the impact of labor shortages;
•our exposure to cybersecurity attacks and threats, including the impact of fraud;
•compliance with laws governing the storage, collection, handling, and transfer of personal data and our exposure to legal claims and fines for data breaches or improper handling of such data;
•compliance with foreign data privacy laws that apply to our activities;
•our exposure to litigation in the ordinary course of business;
•changes in federal, state, local or foreign tax laws;
•our ability to comply with extensive environmental requirements; and
•risks related to ownership of our common stock.
For a more complete discussion of the risks and uncertainties that may affect our business or financial results, see Part I, Item 1A – Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on February 25, 2026 (the “2025 Form 10-K”). Given these risks and uncertainties, users of this information should not place undue reliance on these forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, our information may be incomplete or limited and we cannot guarantee future results. Any forward-looking statements in this
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Form 10-Q are made as of the date hereof and reflect our current views. We expressly disclaim and do not undertake any obligation to update or revise any forward-looking statement in this Form 10-Q for any reason, even if new information becomes available in the future, except as required by applicable law or regulation.
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) should be read in conjunction with our 2025 Form 10-K and the Condensed Consolidated Financial Statements and related notes included in this Form 10-Q. The MD&A is intended to assist in understanding our financial condition and results of operations.
Overview
We are an attractions and hospitality company that owns and operates a collection of inspiring and unforgettable experiences in iconic destinations in the United States (“U.S.”), Canada, Iceland, and Costa Rica. Including Eagle Wing (which we acquired on July 14, 2026, as discussed and defined below) and excluding the Flyover Attractions (which we sold on July 31, 2026, as discussed and defined below), our elevated hospitality experiences include 14 world-class point-of-interest attractions and 29 distinctive lodges, along with integrated restaurants, retail and transportation that enable visitors to discover and connect with stunning national parks and renowned global travel locations.
Flyover Attractions Sale
On July 31, 2026, we completed the sale of all of our equity in the Flyover attractions (the “Flyover Attractions”) to Brogent Technologies Inc. pursuant to an Equity Purchase Agreement, dated January 21, 2026, for a purchase price of approximately $75.0 million in cash, subject to post-closing adjustments (the “Flyover Attractions Sale”). The financial results of the Flyover Attractions are consolidated in our financial statements through the date of sale. We do not report the Flyover Attractions as a discontinued operation. See Note 4 – Acquisitions and Dispositions to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for additional information.
Eagle Wing Tours Acquisition
On July 14, 2026, we entered into a Share Purchase Agreement with the shareholders of Eagle Wing Tours (“Eagle Wing”), pursuant to which we acquired all of the issued and outstanding shares of Eagle Wing for an aggregate purchase price of CAD $23.9 million (approximately USD $16.9 million as of the acquisition date). Eagle Wing, located on Vancouver Island, British Columbia, operates a whale watching and marine wildlife experience through a fleet of five vessels. The financial results of Eagle Wing are consolidated in our financial statements prospectively from the date of acquisition. See Note 4 – Acquisitions and Dispositions to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for additional information.
Tabacón Acquisition
On July 1, 2025, we entered into a Share Purchase Agreement with the shareholders of Inversiones Turísticas Arenal, S.A. (“ITA”), pursuant to which we acquired all of the issued and outstanding shares of ITA. ITA is the owner and operator of Tabacón Thermal Resort & Spa (“Tabacón”), an eco-luxury resort spanning 570 acres of rainforest which features two thermal river attractions, located in the Arenal region of Costa Rica. Tabacón features 105 rooms, an internationally renowned spa, and signature culinary experiences. The financial results of Tabacón are consolidated in our financial statements prospectively from the date of acquisition. See Note 4 – Acquisitions and Dispositions to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for additional information.
Seasonality
Peak activity for the majority of our operations has historically occurred during the summer months. However, our recent acquisition of Tabacón represents an operation which we expect will generate revenue more evenly over the course of the calendar year. During 2025, 79% of our revenue was earned in the second and third quarters.
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Results of Operations
The following table presents total revenue by lines of business for the three and nine months ended September 30, 2026 and 2025:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||
Revenue (1): | |||||||||||||||||||||||||||||||||||
| Attractions | $ | 130,813 | $ | 128,901 | 1.5 | % | $ | 230,396 | $ | 220,861 | 4.3 | % | |||||||||||||||||||||||
| Hospitality | 111,797 | 105,739 | 5.7 | % | 186,679 | 161,418 | 15.6 | % | |||||||||||||||||||||||||||
| Transportation | 5,977 | 5,539 | 7.9 | % | 11,776 | 11,061 | 6.5 | % | |||||||||||||||||||||||||||
| Other | 2,943 | 843 | ** | 7,814 | 2,004 | ** | |||||||||||||||||||||||||||||
| Total revenue | $ | 251,530 | $ | 241,022 | 4.4 | % | $ | 436,665 | $ | 395,344 | 10.5 | % | |||||||||||||||||||||||
** Change is greater than +/- 100%.
(1)Revenue by lines of business does not agree to Note 2 – Revenue and Related Contract Liabilities to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) as the amounts in the above table represent management’s methodology for evaluating performance, which includes product revenue from food and beverage and retail operations within each line of business.
Attractions revenue increased $1.9 million, or 1.5%, during the three months ended September 30, 2026, primarily due to a 9.3% increase in revenue per attraction visitor on a same store-basis, as well as incremental attractions revenue from Eagle Wing (acquired July 2026) of $3.4 million, partially offset by a decrease resulting from the sale of the Flyover Attractions (sold July 31, 2026), which contributed $8.1 million of incremental revenue in August and September of 2025. Attractions revenue increased $9.5 million, or 4.3%, during the nine months ended September 30, 2026, primarily due to an 8.2% increase in revenue per attraction visitor on a same-store basis, as well as incremental attractions revenue from Tabacón (acquired July 2025) of $3.4 million and Eagle Wing (acquired July 2026) of $3.4 million, partially offset by a decrease resulting from the sale of the Flyover Attractions (sold July 31, 2026), which contributed $8.1 million of incremental revenue in August and September of 2025.
Hospitality revenue increased $6.1 million, or 5.7%, during the three months ended September 30, 2026, primarily due to a 6.5% increase in ADR (as defined below) on a same-store basis. Hospitality revenue increased $25.3 million, or 15.6%, during the nine months ended September 30, 2026, primarily due to incremental hospitality revenue of $15.2 million from Tabacón (acquired July 2025), as well as a 6.9% increase in ADR on a same-store basis.
Other revenue increased $2.1 million during the three months ended September 30, 2026, primarily due to a decrease in credit card chargebacks. Other revenue increased $5.8 million during the nine months ended September 30, 2026, primarily due to film licensing revenue for the Flyover Attractions of $2.6 million, as well as a decrease in credit card chargebacks.
Performance Measures
We use the following key business metrics to evaluate the performance of Pursuit’s attractions business:
•Number of visitors. The number of visitors allows us to assess the volume of tickets sold at each attraction during the period.
•Revenue per attraction visitor. Revenue per attraction visitor is calculated as total attractions revenue divided by the total number of visitors at all comparable Pursuit attractions during the period. Total attractions revenue includes ticket sales and ancillary revenue generated by attractions, such as food and beverage and retail revenue. Total attractions revenue per visitor measures the total spend per visitor that attraction properties are able to capture, which is important to the profitability of the attractions business.
•Effective ticket price. Effective ticket price is calculated as revenue from the sale of attraction tickets divided by the total number of visitors at all comparable Pursuit attractions during the period.
We use the following key business metrics, common in the hospitality industry, to evaluate Pursuit’s hospitality business:
•Revenue per Available Room (“RevPAR”). RevPAR is calculated as total rooms revenue divided by the total number of room nights available for all comparable Pursuit hospitality properties during the period. Total rooms revenue does not include non-rooms revenue, which consists of ancillary revenue generated by hospitality properties, such as food and beverage and retail revenue. RevPAR measures the period-over-period change in
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rooms revenue per available room for comparable hospitality properties. RevPAR is affected by average daily rate and occupancy, which have different implications on profitability.
•Average Daily Rate (“ADR”). ADR is calculated as total rooms revenue divided by the total number of room nights sold for all comparable Pursuit hospitality properties during the period. ADR is used to assess the pricing levels that the hospitality properties are able to realize. Increases in ADR lead to increases in rooms revenue with no substantial effect on variable costs, therefore having a greater impact on margins than increases in occupancy.
•Occupancy. Occupancy is calculated as the total number of room nights sold divided by the total number of room nights available for all comparable Pursuit hospitality properties during the period. Occupancy measures the utilization of the available capacity at the hospitality properties. Increases in occupancy result in increases in rooms revenue and additional variable operating costs (including housekeeping services, utilities, and room amenity costs), as well as increases in ancillary non-rooms revenue (including food and beverage and retail revenue).
The following tables provide our key performance indicators for the three and nine months ended September 30, 2026 and 2025:
| Three Months Ended September 30, 2026 | Three Months Ended September 30, 2025 | % Change | |||||||||||||||||||||||||||||||||
| As Reported | Same-Store (1) | As Reported | Same-Store (1) | As Reported | Same-Store (1) | ||||||||||||||||||||||||||||||
| Attractions Key Performance Indicators: | |||||||||||||||||||||||||||||||||||
Number of visitors (in thousands) | 1,702 | 1,485 | 1,981 | 1,522 | (14.1)% | (2.4)% | |||||||||||||||||||||||||||||
Ticket revenue (in thousands) | $ | 101,139 | $ | 93,189 | $ | 100,391 | $ | 87,557 | 0.7% | 6.4% | |||||||||||||||||||||||||
| Effective ticket price | $ | 59.42 | $ | 62.75 | $ | 50.69 | $ | 57.53 | 17.2% | 9.1% | |||||||||||||||||||||||||
Attractions revenue (in thousands) | $ | 130,813 | $ | 121,791 | $ | 128,901 | $ | 114,245 | 1.5% | 6.6% | |||||||||||||||||||||||||
| Revenue per attraction visitor | $ | 76.86 | $ | 82.01 | $ | 65.08 | $ | 75.06 | 18.1% | 9.3% | |||||||||||||||||||||||||
| Hospitality Key Performance Indicators: | |||||||||||||||||||||||||||||||||||
Room nights available (in thousands) | 208 | 196 | 213 | 199 | (2.3)% | (1.5)% | |||||||||||||||||||||||||||||
Rooms revenue (in thousands) | $ | 63,702 | $ | 60,385 | $ | 59,677 | $ | 56,177 | 6.7% | 7.5% | |||||||||||||||||||||||||
| RevPAR | $ | 306.26 | $ | 308.09 | $ | 280.56 | $ | 282.30 | 9.2% | 9.1% | |||||||||||||||||||||||||
| Occupancy | 92.3% | 92.3% | 90.4% | 90.1% | 1.9 pts | 2.2 pts | |||||||||||||||||||||||||||||
| ADR | $ | 331.81 | $ | 333.79 | $ | 310.32 | $ | 313.31 | 6.9% | 6.5% | |||||||||||||||||||||||||
Hospitality revenue (in thousands) | $ | 111,797 | $ | 108,269 | $ | 105,739 | $ | 101,477 | 5.7% | 6.7% | |||||||||||||||||||||||||
| Nine Months Ended September 30, 2026 | Nine Months Ended September 30, 2025 | % Change | |||||||||||||||||||||||||||||||||
| As Reported | Same-Store (1) | As Reported | Same-Store (1) | As Reported | Same-Store (1) | ||||||||||||||||||||||||||||||
| Attractions Key Performance Indicators: | |||||||||||||||||||||||||||||||||||
Number of visitors (in thousands) | 3,280 | 3,023 | 3,575 | 3,117 | (8.3)% | (3.0)% | |||||||||||||||||||||||||||||
Ticket revenue (in thousands) | $ | 178,953 | $ | 167,985 | $ | 172,543 | $ | 161,157 | 3.7% | 4.2% | |||||||||||||||||||||||||
| Effective ticket price | $ | 54.56 | $ | 55.57 | $ | 48.26 | $ | 51.70 | 13.1% | 7.5% | |||||||||||||||||||||||||
Attractions revenue (in thousands) | $ | 230,396 | $ | 218,231 | $ | 220,861 | $ | 208,038 | 4.3% | 4.9% | |||||||||||||||||||||||||
| Revenue per attraction visitor | $ | 70.24 | $ | 72.19 | $ | 61.77 | $ | 66.74 | 13.7% | 8.2% | |||||||||||||||||||||||||
| Hospitality Key Performance Indicators: | |||||||||||||||||||||||||||||||||||
Room nights available (in thousands) | 483 | 422 | 481 | 427 | 0.4% | (1.2)% | |||||||||||||||||||||||||||||
Rooms revenue (in thousands) | $ | 109,765 | $ | 93,089 | $ | 92,968 | $ | 86,457 | 18.1% | 7.7% | |||||||||||||||||||||||||
| RevPAR | $ | 227.26 | $ | 220.59 | $ | 193.31 | $ | 202.48 | 17.6% | 8.9% | |||||||||||||||||||||||||
| Occupancy | 80.4% | 80.9% | 77.8% | 79.4% | 2.6 pts | 1.5 pts | |||||||||||||||||||||||||||||
| ADR | $ | 282.66 | $ | 272.67 | $ | 248.55 | $ | 255.01 | 13.7% | 6.9% | |||||||||||||||||||||||||
Hospitality revenue (in thousands) | $ | 186,679 | $ | 162,937 | $ | 161,418 | $ | 152,011 | 15.6% | 7.2% | |||||||||||||||||||||||||
(1)Same-Store key performance indicators represent attractions and hospitality properties that we operated at full capacity, considering seasonal closures, and that have not undergone significant renovations during the quarters being compared. Accordingly, Eagle Wing Tours (acquired July 2026) and Forest Park Hotel Woodland Wing (under renovation) are excluded for the three and nine months periods. The Flyover Attractions (sold July 2026) are excluded for the third quarter. Grouse Mountain Lodge (previously under renovation in 2026) and Tabacón (acquired July 2025) are excluded for the first and second quarters. For attractions and hospitality properties located outside the United States, comparisons to the prior year are expressed on a constant U.S. dollar basis.
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Attractions. During the three months ended September 30, 2026, attractions ticket revenue on a same-store basis increased $5.6 million, or 6.4%, driven by a 9.1% increase in effective ticket price, partially offset by a 2.4% decrease in number of visitors. During the nine months ended September 30, 2026, attractions ticket revenue on a same-store basis increased $6.8 million, or 4.2%, driven by a 7.5% increase in effective ticket price, partially offset by a 3.0% decrease in number of visitors. The increases in effective ticket price were primarily driven by our focus on enhancing the guest experience, while the decreases in number of visitors were primarily due to weather related impacts in Canada.
Hospitality. During the three and nine months ended September 30, 2026, rooms revenue on a same-store basis increased $4.2 million, or 7.5%, and $6.6 million, or 7.7%, respectively, primarily as a result of increases in ADR which were supported by strong perennial demand for our renowned experiential travel destinations.
Expenses
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||
| Cost of food, beverage, and retail products sold | $ | 20,540 | $ | 19,809 | 3.7 | % | $ | 33,115 | $ | 30,965 | 6.9 | % | |||||||||||||||||||||||
| Operating expenses (exclusive of depreciation and amortization shown separately below) | $ | 84,661 | $ | 84,038 | 0.7 | % | $ | 198,247 | $ | 177,613 | 11.6 | % | |||||||||||||||||||||||
| Selling, general, and administrative expenses | $ | 19,224 | $ | 19,999 | (3.9) | % | $ | 59,225 | $ | 60,308 | (1.8) | % | |||||||||||||||||||||||
| Depreciation and amortization | $ | 10,231 | $ | 12,042 | (15.0) | % | $ | 29,557 | $ | 34,083 | (13.3) | % | |||||||||||||||||||||||
| Interest expense, net | $ | 2,015 | $ | 2,835 | (28.9) | % | $ | 7,842 | $ | 6,227 | 25.9 | % | |||||||||||||||||||||||
| Other expense (income), net | $ | 1,755 | $ | (3,455) | ** | $ | (139) | $ | 2,864 | ** | |||||||||||||||||||||||||
| Income tax expense | $ | 22,249 | $ | 17,771 | 25.2 | % | $ | 25,238 | $ | 18,926 | 33.4 | % | |||||||||||||||||||||||
** Change is greater than +/- 100%.
Operating expenses (exclusive of depreciation and amortization) – The increase in operating expenses for the nine months ended September 30, 2026, compared to the prior year period was primarily due to the periodic remeasurement of the Sky Lagoon finance lease obligation, which resulted in an unrealized foreign exchange gain of $5.8 million in 2025 compared to an unrealized foreign exchange gain of $1.6 million in 2026, as well as incremental expenses from Tabacón (acquired July 2025) of $5.1 million. Additionally, the increase was due to higher variable costs associated with increased transaction volumes and revenue, including $3.6 million in labor expense, $3.1 million in operating supplies and services, and other inflationary cost increases.
Other expense (income), net – The increase in other expense (income), net for the three months ended September 30, 2026, compared to the prior year period was primarily due to a $4.2 million gain recorded during the three months ended September 30, 2025, related to business interruption insurance proceeds received in connection to the 2024 Jasper wildfires.
The decrease in other expense (income), net for the nine months ended September 30, 2026, compared to the prior year period was primarily due to a $5.4 million settlement charge in 2025 associated with the termination of the Giltspur Inc. Employees’ Pension Plan, which was reclassified from accumulated other comprehensive loss, and income of $4.1 million in 2026 for the amortization of prior service credits and net actuarial gain amounts, which were reclassified from accumulated other comprehensive loss, related to the termination of our postretirement medical plan that was announced in 2025. These amounts were partially offset by a $3.1 million impairment of the Flyover Attractions Disposal Group (the total assets and liabilities combined with the related accumulated other comprehensive loss of the Flyover Attractions) upon meeting held for sale classification and a $2.8 million loss on the Flyover Attractions Sale.
Income tax expense – The effective tax rate was 19.7% for the three months ended September 30, 2026, compared to 16.8% for the three months ended September 30, 2025, and the increase was primarily attributable to the tax impacts of the Flyover Attractions Sale. The effective tax rate was 23.2% for the nine months ended September 30, 2026, compared to 22.7% for the nine months ended September 30, 2025, and the increase was primarily attributable to the tax impacts of the Flyover Attractions Sale and the inclusion of Tabacón’s operating results in 2026.
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Liquidity and Capital Resources
We believe that our existing sources of liquidity will be sufficient to fund operations and projected capital expenditures for at least the next 12 months and the longer term.
When assessing our current sources of liquidity, we include the following:
| (in thousands) | September 30, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||
Unrestricted cash and cash equivalents (1) | $ | 64,329 | $ | 31,118 | $ | 33,806 | |||||||||||
Available capacity under 2025 Revolving Credit Facility (2) | 228,713 | 207,007 | 240,603 | ||||||||||||||
| Total available liquidity | $ | 293,042 | $ | 238,125 | $ | 274,409 | |||||||||||
(1)As of September 30, 2026, we held $62.5 million of our unrestricted cash and cash equivalents outside of the U.S.
(2)As of September 30, 2026, the available capacity under our revolving credit facility (“2025 Revolving Credit Facility”) was the $300.0 million total facility size, less $67.6 million of outstanding borrowings and $3.7 million of outstanding letters of credit.
Cash provided by operating activities, supplemented by our existing unrestricted cash and cash equivalents and availability under our 2025 Revolving Credit Facility, are our primary sources of liquidity for funding our business requirements. During the nine months ended September 30, 2026, net cash provided by operating activities attributable to continuing operations was $82.7 million.
Our short-term and long-term funding requirements include debt obligations, maintenance capital expenditures, working capital requirements, and potential acquisitions and strategic investments as we focus on scaling our investments in high-return, unforgettable, inspiring experiences through our growth strategy. Our projected capital outlays can be adjusted for changes in the operating environment.
Capital Expenditures
For 2026, we have planned capital expenditures of approximately $103 million to $114 million, including approximately $70 million to $80 million on select growth projects. We intend to continue making disciplined growth investments while maintaining a sufficient liquidity position.
Other Obligations
We have additional obligations as part of our ordinary course of business, beyond those committed for debt obligations and capital expenditures. See Note 12 – Pension and Postretirement Benefits and Note 13 – Leases and Other to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for additional information. The expected timing of payments of our obligations is estimated based on current information. Timing of payments and actual amounts paid may be different, depending on changes to agreed-upon amounts for certain obligations.
Cash Flows
| Nine Months Ended September 30, | |||||||||||
| (in thousands) | 2026 | 2025 | |||||||||
| Net cash provided by operating activities attributable to continuing operations | $ | 82,734 | $ | 99,783 | |||||||
| Net cash provided by (used in) investing activities attributable to continuing operations | 1,111 | (145,077) | |||||||||
| Net cash (used in) provided by financing activities attributable to continuing operations | (51,447) | 33,953 | |||||||||
Net cash provided by operating activities attributable to continuing operations was $82.7 million during the nine months ended September 30, 2026, a decrease of $17.0 million compared to the same period in 2025, primarily attributable (i) an increase of accounts receivable of $11.9 million, (ii) an increase in cash tax payments associated with continuing operations of $8.3 million, and (iii) an increase in cash interest payments, partially offset by improved operating results from continuing operations.
Net cash provided by investing activities attributable to continuing operations was $1.1 million during the nine months ended September 30, 2026, an increase of $146.2 million compared to the same period in 2025, which was primarily due to (i) the 2025 acquisition of Tabacón, net of cash acquired, of $107.6 million, (ii) $76.1 million of net proceeds received from the Flyover Attractions Sale in 2026, and (iii) a decrease in insurance proceeds attributable to the 2024 Jasper
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wildfires. These increases were partially offset by an increase in capital expenditures of $15.8 million and the 2026 acquisition of Eagle Wing Tours, net of cash acquired, of $15.7 million.
Net cash used in financing activities attributable to continuing operations was $51.4 million during the nine months ended September 30, 2026, an increase of $85.4 million compared to the same period in 2025, primarily driven by an increase of net payments on debt and finance lease obligations of $62.5 million, as well as $32.7 million for repurchases of our common stock in 2026. These increases were partially offset by a $13.0 million cash payment in 2025 associated with the purchase of our Glacier Park, Inc. noncontrolling interest.
Share Repurchases
On May 1, 2026, our Board of Directors approved a $50.0 million increase to our existing $50.0 million share repurchase authorization, for a total share repurchase authorization of $100.0 million. During the three months ended September 30, 2026, we did not repurchase any equity securities. During the nine months ended September 30, 2026, we repurchased shares of our common stock worth $32.7 million. As of September 30, 2026, approximately $57.1 million remained authorized and available for common stock repurchases. Repurchases may be made from time to time at our discretion through open market purchases, including through Rule 10b5-1 trading plans, or otherwise, as market conditions and business considerations warrant. The Board of Directors’ authorization does not have an expiration date.
Critical Accounting Estimates
See Part II, Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations of our 2025 Form 10-K for a discussion of our critical accounting estimates.
Impact of Recent Accounting Pronouncements
See Note 1 – Overview and Basis of Presentation to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for additional information.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Our market risk exposures relate to fluctuations in foreign exchange rates and interest rates. Foreign exchange risk is the risk that fluctuating exchange rates will adversely affect our financial condition or results of operations. The foreign exchange risk is composed of both potential losses from the translation of foreign currency financial information and the remeasurement of foreign currency transactions. Interest rate risk is the risk that changing interest rates will adversely affect our financial position or results of operations.
Our foreign operations are in Canada, Costa Rica, and Iceland. The functional currency of our foreign subsidiaries is their local currency. Accordingly, for purposes of consolidation, we translate the assets and liabilities of our foreign subsidiaries into U.S. dollars at the foreign exchange rates in effect at the balance sheet date. The unrealized gains or losses resulting from the translation of these foreign denominated assets and liabilities are included as a component of accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets. As a result, significant fluctuations in foreign exchange rates relative to the U.S. dollar may result in material changes to our net equity position reported in the Condensed Consolidated Balance Sheets. We do not currently hedge our equity risk arising from the translation of foreign denominated assets and liabilities. Pursuit’s stockholders’ equity includes cumulative unrealized foreign currency translation losses of $41.8 million, $46.4 million, and $51.5 million as of September 30, 2026, December 31, 2025, and September 30, 2025, respectively. We recorded an unrealized foreign currency translation gain attributable to Pursuit of $4.6 million and $11.5 million during the nine months ended September 30, 2026 and 2025, respectively, in the Condensed Consolidated Statements of Comprehensive Income.
For purposes of consolidation, revenue, expenses, gains, and losses related to our foreign operations are translated into U.S. dollars at the average foreign exchange rates for the period. As a result, our consolidated results of operations are exposed to fluctuations in foreign exchange rates as revenue and net income from our foreign operations, when translated, may vary from period to period, even when the functional currency amounts have not changed. Such fluctuations may adversely impact overall expected profitability and historical period-to-period comparisons. We do not currently hedge our net earnings exposure arising from the translation of our foreign revenue and net income.
We are exposed to foreign exchange transaction risk, as our foreign subsidiaries have certain loans and leases denominated in currencies other than the functional currency of the respective subsidiary. As of September 30, 2026, we had long-term contractual liabilities that were denominated in nonfunctional currencies of $42.5 million. Additionally, we are party to an intercompany debt agreement with our wholly-owned subsidiary that operates Tabacón Thermal Resort & Spa, and the
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balance of the debt outstanding as of September 30, 2026, was $32.6 million. As foreign exchange rates fluctuate, these liabilities are remeasured, and the corresponding adjustment is recorded in the Condensed Consolidated Statements of Operations.
We are exposed to short-term and long-term variable interest rate risk on certain of our debt obligations, which we do not hedge.
There have been no material changes since our 2025 Form 10-K related to our market risk exposure to currency exchange rates, foreign currency rates or interest rates.
ITEM 4. CONTROLS AND PROCEDURES
We have established disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized, and reported, within the time periods specified in the SEC’s rules and forms, and such information is accumulated and communicated to our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate to allow timely decisions regarding required disclosure. Management, together with our CEO and CFO, evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2026. Based on this evaluation, the CEO and CFO concluded that our disclosure controls and procedures were effective as of September 30, 2026.
On July 14, 2026, we completed our acquisition of Eagle Wing Tours. Eagle Wing Tours was not previously subject to the rules and regulations promulgated under the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley”) and accordingly was not required to establish and maintain an internal control infrastructure meeting the standards promulgated under Sarbanes-Oxley. Our assessment of, and conclusion on, the effectiveness of our internal control over financial reporting as of September 30, 2026, did not include certain elements of the internal controls of Eagle Wing Tours. This exclusion is in accordance with the SEC’s general guidance that an assessment of a recently acquired business may be omitted from our scope for up to a year after the acquisition date. Except as noted above, there have been no changes in Pursuit’s internal control over financial reporting during the quarter ended September 30, 2026, that have materially affected, or are reasonably likely to materially affect our internal control over financial reporting.
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PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
See Note 14 – Litigation, Claims, Contingencies, and Other to the Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for information regarding litigation and regulatory proceedings related to Pursuit, which information is incorporated by reference herein.
ITEM 1A. RISK FACTORS
There are various risks associated with the operations of Pursuit’s businesses. In addition to information in this Form 10-Q, careful consideration should be given to the factors discussed in Part I, Item 1A – Risk Factors and Part II, Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations of our 2025 Form 10-K, which could materially affect our business, financial condition, or future results. This information provides a framework to understand our operating environment and an explanation of the significant risks associated with Pursuit’s businesses. There have been no material changes to our previously disclosed risk factors.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
On May 1, 2026, our Board of Directors approved a $50.0 million increase to our existing $50.0 million share repurchase authorization, for a total share repurchase authorization of $100.0 million. During the three months ended September 30, 2026, we did not repurchase any equity securities. As of September 30, 2026, approximately $57.1 million remained authorized and available for common stock repurchases. Repurchases may be made from time to time at our discretion through open market purchases, including through Rule 10b5-1 trading plans, or otherwise, as market conditions and business considerations warrant. The Board of Directors’ authorization does not have an expiration date.
ITEM 5. OTHER INFORMATION
Securities Trading Plans of Directors and Executive Officers
During the three months ended September 30, 2026, no director or officer of the Company adopted terminated
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ITEM 6. EXHIBITS
| Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | Period Ending | Exhibit | Filing Date | |||||||||||||||||||||||||||||||||
| 3.1 | Restated Certificate of Incorporation of Viad Corp, as amended through July 1, 2004 | 10-Q | 6/30/2004 | 3.A | 8/9/2004 | |||||||||||||||||||||||||||||||||
| 3.2 | Amendment to the Restated Certificate of Incorporation of Pursuit Attractions and Hospitality, Inc. | 8-K | 3.1 | 1/3/2025 | ||||||||||||||||||||||||||||||||||
| 3.3 | Amended and Restated Bylaws of Pursuit Attractions and Hospitality, Inc. | 8-K | 3.2 | 1/3/2025 | ||||||||||||||||||||||||||||||||||
| 31.1 | * | Certification of Chief Executive Officer of Pursuit Attractions and Hospitality, Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||||||||||||||||||||||||||||||||||||
| 31.2 | * | Certification of Chief Financial Officer of Pursuit Attractions and Hospitality, Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||||||||||||||||||||||||||||||||||||
| 32.1 | ** | Certifications of Chief Executive Officer and Chief Financial Officer of Pursuit Attractions and Hospitality, Inc. pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||||||||||||||||||||||||||||||||||||
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document. | |||||||||||||||||||||||||||||||||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema with embedded Linkbase Documents. | |||||||||||||||||||||||||||||||||||||
| 104 | Cover Page formatted as Inline XBRL and contained in Exhibit 101 | |||||||||||||||||||||||||||||||||||||
*Filed herewith.
**Furnished herewith.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| PURSUIT ATTRACTIONS AND HOSPITALITY, INC. | |||||||||||
| (Registrant) | |||||||||||
| November 4, 2026 | By: | /s/ Michael L. Bosco | |||||||||
| (Date) | Michael L. Bosco | ||||||||||
| Chief Accounting Officer | |||||||||||
| (Duly Authorized Officer) | |||||||||||
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