The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how consumer discretionary - leisure facilities stocks fared in Q4, starting with Lucky Strike (NYSE: LUCK).

The Consumer Discretionary sector, by definition, is made up of companies selling non-essential goods and services. When economic conditions deteriorate or tastes shift, consumers can easily cut back or eliminate these purchases. For long-term investors with five-year holding periods, this creates a structural challenge: the sector is inherently hit-driven, with low switching costs and fickle customers. As a result, only a handful of companies can reliably grow demand and compound earnings over long periods, which is why our bar is high and High Quality ratings are rare. Leisure facilities companies own and operate theme parks, fitness centers, bowling alleys, and other venue-based entertainment destinations, generating revenue from admissions, memberships, and on-site spending. Tailwinds include consumer preference for experiential spending, tourism recovery, and technology-enhanced guest experiences that support premium pricing. Headwinds are notable: high fixed costs, such as real estate, labor, and maintenance, make profitability highly sensitive to attendance fluctuations during economic slowdowns. Weather, pandemics, and safety incidents can disrupt operations unpredictably. Rising construction and labor costs inflate expansion budgets, while competition from at-home entertainment alternatives and other experiential options limits pricing power in many markets.

The 11 consumer discretionary - leisure facilities stocks we track reported a slower Q4. As a group, revenues missed analysts’ consensus estimates by 3.6% while next quarter’s revenue guidance was 0.7% below.

Thankfully, share prices of the companies have been resilient as they are up 8.1% on average since the latest earnings results.

Lucky Strike (NYSE: LUCK)

Born from the transformation of traditional bowling alleys into modern entertainment destinations, Lucky Strike (NYSE: LUCK) operates bowling alleys and other entertainment venues with upscale amenities, arcade games, and food and beverage services across North America.

Lucky Strike reported revenues of $306.9 million, up 2.3% year on year. This print fell short of analysts’ expectations by 2%. Overall, it was a slower quarter for the company with a significant miss of analysts’ adjusted operating income and EPS estimates.

Lucky Strike achieved the highest full-year guidance raise of the whole group. Unsurprisingly, the stock is up 14.9% since reporting and currently trades at $8.43.

Read our full report on Lucky Strike here, it’s free.

Best Q4: Live Nation (NYSE: LYV)

Owner of Ticketmaster and operator of music festival EDC, Live Nation (NYSE: LYV) is a company specializing in live event promotion, venue management, and ticketing services for concerts and shows.

Live Nation reported revenues of $6.31 billion, up 11.1% year on year, outperforming analysts’ expectations by 3.5%. The business had a very strong quarter with an impressive beat of analysts’ EBITDA estimates.

Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 1.5% since reporting. It currently trades at $155.06.

Is now the time to buy Live Nation? Access our full analysis of the earnings results here, it’s free.

Slowest Q4: Dave & Buster's (NASDAQ: PLAY)

Founded by a former game parlor and bar operator, Dave & Buster’s (NASDAQ: PLAY) operates a chain of arcades providing immersive entertainment experiences.

Dave & Buster's reported revenues of $529.6 million, flat year on year, falling short of analysts’ expectations by 4.5%. It was a disappointing quarter as it posted a significant miss of analysts’ revenue and adjusted operating income estimates.

Interestingly, the stock is up 26.5% since the results and currently trades at $13.70.

Read our full analysis of Dave & Buster’s results here.

European Wax Center (NASDAQ: EWCZ)

Founded by two siblings, European Wax Center (NASDAQ: EWCZ) is a beauty and waxing salon chain specializing in professional wax services and skincare products.

European Wax Center reported revenues of $45.1 million, down 9.3% year on year. This print lagged analysts' expectations by 1.7%. Overall, it was a slower quarter as it also logged a significant miss of analysts’ adjusted operating income estimates and a miss of analysts’ revenue estimates.

European Wax Center had the slowest revenue growth among its peers. The stock is up 2.9% since reporting and currently trades at $5.91.

Read our full, actionable report on European Wax Center here, it’s free.

United Parks & Resorts (NYSE: PRKS)

Parent company of SeaWorld and home of the world-famous Shamu, United Parks & Resorts (NYSE: PRKS) is a theme park chain featuring marine life, live entertainment, roller coasters, and waterparks.

United Parks & Resorts reported revenues of $373.5 million, down 2.8% year on year. This result missed analysts’ expectations by 0.8%. It was a softer quarter as it also produced a significant miss of analysts’ EPS estimates and a miss of analysts’ adjusted operating income estimates.

The stock is up 8.6% since reporting and currently trades at $36.67.

Read our full, actionable report on United Parks & Resorts here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

Want to invest in winners with rock-solid fundamentals? Check out our Strong Momentum Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.