Pursuit Attractions and Hospitality, Inc.

Pursuit Attractions & Hospitality, formerly Viad Corp, runs travel experiences in famous destinations in the US, Canada, Iceland and Costa Rica. Its 10-K for 2025 lists 17 sightseeing attractions and 29 lodges, plus restaurants, shops and tour transport. Examples include the Banff Gondola and Columbia Icefield glacier tours in the Canadian Rockies, wildlife cruises in Alaska's Kenai Fjords National Park, and lodges around Montana's Glacier National Park. It also owns Iceland's Sky Lagoon, a geothermal (naturally heated) oceanfront lagoon, and Costa Rica's Tabacón thermal resort, acquired on July 1, 2025.

Guests are travelers from the US, Canada, Asia Pacific, Western Europe and Central America who pay for tickets, rooms, meals, shopping and tours. Pursuit reports its results as a single segment but describes three lines of business: attractions, hospitality and transportation. Revenue for 2025 was $452.4 million, with 75.3% from services and 24.7% from product sales. Canada supplied 54.1% of revenue, the US 29.3%, Iceland 13.8% and Costa Rica 2.9%. Most revenue arrives in the summer, in the second and third quarters.

On January 21, 2026, Pursuit signed an agreement for Brogent Technologies to acquire its four Flyover attractions in Vancouver, Reykjavík, Las Vegas and Chicago for about $78.4 million in cash. Flyover uses moving seats and a 65-foot spherical screen to simulate flight.

• In Q2 FY2026 (ended Jun 30, 2026), revenue was $133.5M, up 14.3% from a year earlier, and net income was $15.2M (+168.7%).
• For fiscal 2025, revenue was $452.4M (+23.4% year over year; +14.8% a year from FY2022 to FY2025) with a 5% net margin.

• Over FY2021–FY2025: $10.2M in buybacks and $7.8M in dividends.
• The company pays no regular dividend.
• Regular dividends per share grew +55.2% a year over 3 years (FY2020–FY2023).
• Shares outstanding changed +32.8% from Nov 2, 2021 to Aug 3, 2026.

Rank among 1514 US companies

Form 4 filings from 2025-10-29 to 2026-10-29 (20 read): 3 open-market purchases ($134K) and 0 sales ($0.00).

Large shareholders (13G filings)

ETFs with the most weight in PRSU

1. A short summer season drives results. Most revenue arrives in the second and third quarters. A wildfire or other disaster in peak season can hurt the whole year, as when Jasper National Park was evacuated on July 22, 2024.
2. Heavy exposure to Canada and currency swings. Canada supplied 54.1% of 2025 revenue and Iceland 13.8%. When the Canadian dollar or Icelandic króna weakens, those sales are worth less once converted into US dollars, even if visitor numbers hold up.
3. Accidents and safety incidents. Pursuit runs gondolas, glacier vehicles, boat cruises, suspension bridges and rafting trips. A serious accident, and the bad publicity that follows, could reduce attendance, and insurance may not cover every loss.
4. Debt, big projects and acquisitions. Total debt was $191.8 million against $33.9 million of cash and investments as of June 30, 2026. New hotels, expansions and acquisitions such as Tabacón may cost more or earn less than planned.
5. Economic slowdowns hit leisure travel spending. Trips to national parks and spas are optional spending. A recession, inflation, tariffs, or airline and hotel disruptions could cut visits, while higher interest rates raise costs on its variable-rate debt.
6. Labor shortages could limit operations. Pursuit needs enough workers to staff its lodges, restaurants and attractions. Shortages could force it to limit operations or pay higher wages, which would cut profits.

• Aug 5, 2026 Quarterly results released
• Jun 5, 2026 Shareholder vote results
• May 20, 2026 Other company announcement
• May 6, 2026 Quarterly results released
• Feb 25, 2026 Quarterly results released
• Jan 21, 2026 Major agreement signed
• Dec 10, 2025 Executive or board change; Bylaws or fiscal year changed
• Nov 5, 2025 Quarterly results released

Pursuit Attractions & Hospitality does not pay a dividend; its dividend yield was 0% as of October 28, 2026. The record is patchy: $0.10 per share in FY2020, a year with a net loss of $374.1 million, nothing in FY2021 or FY2022, about $7.8 million in total in FY2023, and none recorded for FY2024 or FY2025. The company has used share repurchases, or buybacks, instead, spending $10.2 million in FY2025, yet the share count still rose 32.8% between November 2021 and August 2026. An income investor would get returns only from price changes and would have to cash in shares to fund spending. Price records for PRSU cover only about 1.8 years to October 28, 2026, so they don't show how the stock fared in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its deepest fall in that window was 34.6%. A single stock like this carries more risk than a diversified fund.