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Will Yellowstone National Park recreation visits in 2026 be above 5 million?
2%
Agent
7%
Market Price
-4.5%
Edge
90%
Confidence
22,772
Volume
1.0c
Spread
170
Days to resolution
1
Markets in event
final rationale
Mean of 2 draws (0.03, 0.03). (0) Not formally resolved, because the rules require the finalized NPS Visitor Use Statistics 2026 figure, expected around March 2027. The preliminary data already make YES practically impossible. NPS's October 6, 2026 release, echoed by Wyoming Public Media, NBC Montana and Wyoming News Now, puts January–September at 4,360,300 visits, about 1% below 2025. Reaching 5 million therefore needs about 640,000 visits in October–December. (a) The calendar year ends in about 11.5 weeks, and the final figure should publish before the 2027-03-31 close. (b) Status quo: October–December 2025 added about 375,000 visits, and 2025 ended at 4,762,988. A normal fourth quarter puts 2026 near 4.7–4.75 million, below even the 2021 record of about 4.86 million. Yellowstone has never reached 5 million since the series began in 1979. (c) NO scenario: roads close October 31, Dunraven Pass and the Beartooth Highway close October 12, and lodges shut through late October. November–December adds only about 60,000 visits, so the year finishes near 4.7 million. (d) YES scenario: a counting-method change or large upward revision of about 15% of the annual total. Past revisions have been around 10,000 visits, and no such change is reported, so I see no realistic path. Kalshi prices YES at 7%, which likely reflects a long-dated capital-lock premium and thin interest rather than real upside. The arithmetic justifies going below the market, to about 2–3%, keeping a small residual for data or resolution anomalies.
price vs. prediction
market price
agent forecast at t+0
7 follow-ups
1. Planner Opus 5.5 · picks the research tools
Tools chosen:
kalshi_direct
resolution_source
kalshi_related
article_search
wikipedia
Planner reasoning
The Kalshi price is the anchor. The NPS Visitor Use Statistics page gives the 2026 year-to-date monthly figures through August or September, and summer months make up most of Yellowstone's annual visits, so the YTD total largely settles the question. Related Kalshi markets and Wikipedia's historical visitation figures add context, and one targeted search looks for the specific year-to-date visitation statistic.
2. Research parallel tool calls + 4 web research loops (Sonnet 5.5) · read raw by the forecasters
at a glance
RESEARCH DIGEST (built in code: tool summaries and each report's bottom line; the forecasters read the full tool outputs and reports)
Tools
- kalshi_direct: ## This Market's Kalshi Data **Above 5 million** (KXYELLVISITS-27MAR31-T5000000) - Current price (probability): 7.00% (live; bid 6% / ask 7%) - 7-day price change: +1.00% - 30-day price change: -12.00% - Average daily volume: 1084 contracts - Price range: 5.00% - 19.00% - Data points: 21 days
- resolution_source: already_resolved=unclear; matches_criteria=False; last_updated=2026-10-06. The NPS news release of October 6, 2026 says Yellowstone recorded 4,360,300 recreation visits from January through September 2026. That is 1% below the same period of 2025 (4,387,546). September 2026 alone had 868,450 visits. To finish above 5 million, the park would need about 640,000 more visits in October–December. In 20
- kalshi_related: 1 related markets / summaries. series KXYELLVISITS: 0 markets (skipped 1 no-signal) | keyword 'national park visits': ok
- article_search: Fetched 12 unique articles across 2 queries (lookback=60d). 'Yellowstone 2026 year-to-date recreation visits September': 8 articles | 'Yellowstone visitation August 2026 percent change': 8 articles
- wikipedia: Fetched 1 Wikipedia entries (0 missing pages).
Research loops, bottom lines
- current state: With 4,360,300 visits through September and the year-to-date trend about 1% below 2025, a 2026 total above 5 million is mathematically out of reach in practice. The remaining Oct–Dec months would have to nearly double 2025's roughly 375,000. The 2026 total is on track for about 4.7 million, and the main residual uncertainty is when NPS publishes the final figure, not its size.
- base rate: The reference class is overwhelmingly NO. Yellowstone has never reached 5M (peak 4.86M in 2021), 2026 is tracking about 1% below 2025's 4.76M, and a plausible full-year total is about 4.7M. Hitting 5M would require a Q4 about 70% above last year's.
- yes case: The only upside levers are a shutdown-comparison rebound and a strong October, which together are worth tens of thousands of visits against a 640,000 gap. YES would require a data revision or counting-method change of about 15% of the annual total, and I found no sign of one.
- no case: The No case is arithmetic. Oct–Dec would need roughly 640,000 visits, about double a typical Q4 even with some road closures. No count revision, fee change or late-season surge plausibly closes it. Status quo, a year trailing 2025 and a record that never reached 5M all point to NO.
tools
| tool | status | time | items | summary |
|---|---|---|---|---|
| kalshi_direct | OK | 0.2s | 1 | ## This Market's Kalshi Data **Above 5 million** (KXYELLVISITS-27MAR31-T5000000) - Current price (probability): 7.00% (live; bid 6% / ask 7%) - 7-day price change: +1.00% - 30-day price change: -12.00% - Average daily volume: 1084 contracts - Price range: 5.00% - 19.00% - Data points: 21 days |
| resolution_source | OK | 10.8s | 1 | already_resolved=unclear; matches_criteria=False; last_updated=2026-10-06. The NPS news release of October 6, 2026 says Yellowstone recorded 4,360,300 recreation visits from January through September 2026. That is 1% below the same period of 2025 (4,387,546). September 2026 alone had 868,450 visits. |
| kalshi_related | OK | 0.8s | 1 | 1 related markets / summaries. series KXYELLVISITS: 0 markets (skipped 1 no-signal) | keyword 'national park visits': ok |
| article_search | OK | 47.3s | 12 | Fetched 12 unique articles across 2 queries (lookback=60d). 'Yellowstone 2026 year-to-date recreation visits September': 8 articles | 'Yellowstone visitation August 2026 percent change': 8 articles |
| wikipedia | OK | 0.4s | 1 | Fetched 1 Wikipedia entries (0 missing pages). |
research loops
·
4/4 ok ·
16 searches ·
7 page reads
| dimension | status | time | searches | page reads | report |
|---|---|---|---|---|---|
| current state | OK | 16s | 4 | 3 | 3351 chars |
| base rate | OK | 15s | 4 | 2 | 2762 chars |
| yes case | OK | 15s | 4 | 2 | 3212 chars |
| no case | OK | 17s | 4 | 0 | 3464 chars |
report: current state
- [2026-10-06] NPS Yellowstone release: September 2026 had 868,450 recreation visits, up 3% from 839,579 in September 2025. Year-to-date through September is 4,360,300, down 1% from 4,387,546 in 2025. Source: https://www.nps.gov/yell/learn/news/26024.htm (search snippet only; the page would not load for me. The same figures appear in https://www.wyomingnewsnow.tv/news/yellowstone-national-park-sees-increase-in-september-visitors/article_a75631fe-fa91-42c5-b3a2-58f5a91f4895.html and https://nbcmontana.com/newsletter-daily/recreation-visits-up-3-from-2025-in-yellowstone)
- [2026-10-09] Wyoming Public Media says the park is down about 27,000 visits versus 2025 year to date. Source: https://www.wyomingpublicmedia.org/natural-resources-energy/2026-10-09/yellowstone-visitation-ticked-up-last-month
- [2026-09-15] August 2026 had 856,467 visits, down 3% from 881,936 in August 2025. Year-to-date through August was 3,491,850, down 2% from 3,547,967. Source: https://www.nps.gov/yell/learn/news/26022.htm (search snippet only)
- [2026-08-13] July 2026 had 958,706 visits, down 2% from 975,109. Year-to-date through July was 2,635,384. Source: https://www.nps.gov/yell/learn/news/26019.htm?pubDate=20260813 (snippet)
- [2026-06] June 2026 had 903,025 visits, down 3% from 928,250 in June 2025. May 2026 had 570,272 visits, the busiest May on record. Sources: https://www.travelandtourworld.com/news/article/qt40ma7n7fmy/ and https://www.nps.gov/yell/learn/news/26011.htm
- [2026-03-17] The NPS release confirms 2025 finished at 4,762,988 recreation visits. I read this page in full. The 2024 total was 4,744,353 and the record is about 4.86 million in 2021. Source: https://www.nps.gov/yell/learn/news/26004.htm (2024 figure from https://morethanjustparks.com/most-visited-national-parks/)
- [2026-10-11] Arithmetic from the above: Oct–Dec 2025 added about 375,442 visits (4,762,988 minus 4,387,546). Reaching 5,000,000 in 2026 would need about 639,700 visits in Oct–Dec 2026, roughly 70% more than the same months in 2025. Oct 2025 had 313,957 visits, Nov 2025 had 26,960 and Dec 2025 had 34,522 (https://yellowstone.co/stats.htm, an unofficial compilation of NPS data). A normal Oct–Dec 2026 would put the full year near 4.7 million. 2026 would need to beat the all-time record (about 4.86 million) by roughly 140,000 visits just to reach 5 million.
- [2026-03-17 onward] NPS publishes monthly park releases about 6–15 days after month-end. The October 2026 release is expected in early-to-mid November. The finalized annual figure came out on 2026-03-17 for 2025, so the 2026 figure should arrive around March 2027, before the 2027-03-31 close. This timing is inferred from the 2025 release date, not confirmed.
BOTTOM LINE: With 4,360,300 visits through September and the year-to-date trend about 1% below 2025, a 2026 total above 5 million is mathematically out of reach in practice. The remaining Oct–Dec months would have to nearly double 2025's roughly 375,000. The 2026 total is on track for about 4.7 million, and the main residual uncertainty is when NPS publishes the final figure, not its size.
NOT FOUND: A fetched copy of the NPS September 2026 release (the page would not load, so I relied on search snippets and press reports). The NPS Visitor Use Statistics dashboard's own 2026 figures. Any October 2026 data (not yet released).
report: base rate
- [2026-10-06] Through September 2026, Yellowstone had 4,360,300 recreation visits, down 1% from 4,387,546 at the same point in 2025. To top 5,000,000 it needs about 639,700 more visits in Q4. https://www.nps.gov/yell/learn/news/26024.htm
- [2026-03-17] Calendar 2025 total was 4,762,988 recreation visits (NPS release). 2025 Q4 was therefore about 375,442 (4,762,988 minus 4,387,546, my arithmetic). Even that would have to be roughly 70% higher in Q4 2026 to reach 5M. https://www.nps.gov/yell/learn/news/26004.htm
- [2026-10-06] Through September, the YTD totals were 4,346,785 (2024), 4,147,382 (2023) and 4,472,687 (2021, the record year). The all-time record is 4,860,242 in 2021, so even a record year did not reach 5M. https://www.nps.gov/yell/learn/news/26024.htm
- [2026-08-28] Annual history: 2021 4,860,242; 2022 3,290,242 (flood); 2023 about 4.50M; 2024 about 4.74M; 2025 4,762,988. The series starts in 1979. No year in the series has exceeded 4.86M, so there is no prior YES in the reference class. https://www.nationalsitesguide.com/sites/yellowstone/visitation/
- [2026-09-15] Monthly 2026 vs 2025: May +1%, June −3% (903,025), July −2% (958,706), August −3% (856,467). September was +3% (868,450). The YTD trend is flat to slightly down. https://www.nps.gov/yell/learn/news/26022.htm
- [2026-08-11] Press framing: Yellowstone was "on pace for third busiest" year on record. https://dailymontanan.com/2026/08/11/yellowstone-national-park-visitation-ticks-down-slightly-on-pace-for-third-busiest-year/
- [2025-11] The 43-day government shutdown cut Oct–Nov 2025 visitation by nearly 8% from prior years. That makes the Q4 2025 base slightly depressed, but not by anywhere near 260,000 visits. https://dailymontanan.com/2026/08/11/yellowstone-national-park-visitation-ticks-down-slightly-on-pace-for-third-busiest-year/
- [2026-03-17] Timing: the NPS final annual 2025 figure was released by 2026-03-17. Monthly releases are preliminary, and the final year-end dataset normally publishes in Jan–Mar, before the 2027-03-31 close. https://www.nps.gov/yell/learn/news/26004.htm
- [2021-10-14] Revisions happen but are small. The park corrected September 2021 upward by 9,383 visits after an entrance undercount. That is far too small to bridge a gap of about 640,000. https://www.nps.gov/yell/learn/news/21029.htm
BOTTOM LINE: The reference class is overwhelmingly NO. Yellowstone has never reached 5M (peak 4.86M in 2021), 2026 is tracking about 1% below 2025's 4.76M, and a plausible full-year total is about 4.7M. Hitting 5M would require a Q4 about 70% above last year's.
NOT FOUND: Any published forecast, expert estimate or other venue's market for Yellowstone 2026 visits. Also the NPS Stats dashboard figure for 2026, which is not yet final.
report: yes case
YES means: the NPS finalized 2026 Recreation Visits figure for Yellowstone is above 5,000,000.
I could find no evidence-backed path to YES. The strongest case I can build is a list of the levers that exist, and each one is far too small.
- [2026-10-06] The fetched NPS release page would not load. Its September figures are confirmed in the search-result text and in the fetched Wyoming Public Media piece. Year-to-date through September is 4,360,300, about 27,400 below 2025. YES needs about 639,700 visits in Oct–Dec. https://www.nps.gov/yell/learn/news/26024.htm
- [2026-10-09] The fetched Wyoming Public Media page gives the same 27,426 deficit. It also says the 2021 record year is the benchmark. No outlet I found projects a 5 million year. https://www.wyomingpublicmedia.org/natural-resources-energy/2026-10-09/yellowstone-visitation-ticked-up-last-month
- [2026-10-06] The best momentum signal is that September was up 3%, its first gain since May. It was still 2% under September 2021. Even a continued 3% gain on Q4 2025 would add only about 11,000 visits. https://www.nps.gov/yell/learn/news/26024.htm
- [2026-06-10] On June 10, the Daily Montanan said the park was "on pace to exceed its overall record year" after a record May. That pace has since reversed. June, July and August were all down, and the August NPS release shows the year-to-date gap widening to 56,117. https://dailymontanan.com/briefs/yellowstone-national-park-visitation-on-record-pace-through-may/
- [2026-09-?] The Q4 2025 base was depressed by the shutdown, which cut Oct–Nov 2025 visitation by nearly 8% (reported June 10, 2026). Fully reversing that would add roughly 25,000–30,000 visits (my estimate). A bounce-back is therefore the most plausible upside lever, but it is only about 4–5% of the 640,000 gap. https://www.newsfromthestates.com/article/yellowstone-national-park-visitation-record-pace-through-may
- [2026-09-?] October's five-year mean is about 302,000 visits. Dunraven Pass and the Beartooth Highway close Oct 12 and all other roads close Oct 31. Even a record-strong October would leave Oct–Dec at roughly 400,000. https://www.nationalsitesguide.com/sites/yellowstone/october/
- [2026-09-?] Winter is structurally small. November averages about 3% of July's visits and January and February about 5% each, and interior winter access is oversnow-only from Dec 15. Winter gives no capacity to add hundreds of thousands of visits. https://www.nationalsitesguide.com/sites/yellowstone/winter/
- [2026-10-06] The only revision mechanism is a count correction, and no 2026 correction has been reported. The 2021 correction I found was 9,383 visits. https://www.nps.gov/yell/learn/news/26024.htm
BOTTOM LINE: The only upside levers are a shutdown-comparison rebound and a strong October, which together are worth tens of thousands of visits against a 640,000 gap. YES would require a data revision or counting-method change of about 15% of the annual total, and I found no sign of one.
NOT FOUND: a loaded copy of the NPS Sept 2026 release page. Any October 2026 data. Any forecast, any tracker or expert projection above 5 million, any 2026 count correction, and any announced change to the NPS counting method.
report: no case
YES means: NPS's finalized 2026 Yellowstone Recreation Visits figure is above 5,000,000.
- [2026-10-11] The 2021 Yellowstone record of 4,860,537 had an unusual cause. The park said over 350,000 vehicles re-entered that year, because about 20% fewer rooms and campsites pushed people to sleep outside and come back. It also said trail counters, trash and water use looked like 2019 (about 4 million). Even with that boost, the park got no closer than about 140,000 short of 5M. 2026 has no comparable counting boost. https://www.nps.gov/yell/learn/news/22003.htm
- [2026-10-11] Q4 is seasonally thin. The 5-year October mean is about 302,468 visits, about 33% of July. Most roads close on Oct 31, and Dunraven Pass and the Beartooth Highway were scheduled to close Oct 12. Dunraven was already listed as temporarily closed in mid-September, and lodges are closing between Oct 10 and Oct 24. The 5-year October mean is well below the ~640,000 that Oct–Dec would need. Even October at 2021-record levels would leave most of the gap unfilled, because Nov and Dec together were only about 61,000 in 2025. https://www.nationalsitesguide.com/sites/yellowstone/october/
- [2026-10-11] Two new headwinds for 2026. Since Jan 1, non-US visitors aged 16+ pay a $100 fee unless they hold an annual pass. The Gardner River High Bridge project is causing single-lane delays of up to 15 minutes, 24/7, from April 1 through late October. Neither raises visitation; the superintendent said he does not expect the fee to deter foreign visitors. https://www.yellowstonetourism.org/yellowstone-entrance-fee/ ; https://cowboystatedaily.com/2026/05/05/superintendent-calls-100-nonresident-fee-for-yellowstone-grand-teton-fantastic/
- [2026-10-11] The park also needs no reservations or timed entry, so no capacity rule is in play; the constraints are lodging and road closures, which are fixed seasonally. https://www.nationalparkentry.com/park/yellowstone
- [2026-10-09] Wyoming Public Media states the year-to-date gap as 27,426 visits below 2025. It also says the park hosted 868,450 in September. The same article's "record 4,472,687" is the 2021 year-to-date-through-September figure, not the annual record (4.86M). A reader should not mistake that for an annual 4.47M record. https://www.wyomingpublicmedia.org/natural-resources-energy/2026-10-09/yellowstone-visitation-ticked-up-last-month
- [2026-10-11] A third-party tracker shows Jan–Aug 2026 running 2% below 2025 and 3% below the record 2021 pace. 2026 is trailing both the last year and the all-time record year. https://roadgenius.com/statistics/tourism/usa/yellowstone-national-park/
- [2026-10-11] The measurement is a count of entries, not people. Revisions are small. The 2021 revision added 9,383, which is under 2% of the gap. The rule requires the finalized figure, so preliminary data cannot resolve YES. A late-published figure would also resolve NO, if the figure were not above 5M. https://www.nps.gov/yell/learn/news/21029.htm
BOTTOM LINE: The No case is arithmetic. Oct–Dec would need roughly 640,000 visits, about double a typical Q4 even with some road closures. No count revision, fee change or late-season surge plausibly closes it. Status quo, a year trailing 2025 and a record that never reached 5M all point to NO.
NOT FOUND: Any October 2026 visitation data, a current Oct 2026 road-status update, or any analyst forecast putting 2026 near 5M. A fetched NPS Sept 2026 release page also did not load.
3. Forecasters 2 draws · Opus 5.5 + GPT · plain mean
claude-opus-5-5 · high effort
90% conf
| Yes | 2% |
| No | 98% |
(0) Not formally resolved, because the rules require the finalized NPS Visitor Use Statistics 2026 figure, expected around March 2027. The preliminary data already make YES practically impossible. NPS's October 6, 2026 release, echoed by Wyoming Public Media, NBC Montana and Wyoming News Now, puts January–September at 4,360,300 visits, about 1% below 2025. Reaching 5 million therefore needs about 640,000 visits in October–December. (a) The calendar year ends in about 11.5 weeks, and the final figure should publish before the 2027-03-31 close. (b) Status quo: October–December 2025 added about 375,000 visits, and 2025 ended at 4,762,988. A normal fourth quarter puts 2026 near 4.7–4.75 million, below even the 2021 record of about 4.86 million. Yellowstone has never reached 5 million since the series began in 1979. (c) NO scenario: roads close October 31, Dunraven Pass and the Beartooth Highway close October 12, and lodges shut through late October. November–December adds only about 60,000 visits, so the year finishes near 4.7 million. (d) YES scenario: a counting-method change or large upward revision of about 15% of the annual total. Past revisions have been around 10,000 visits, and no such change is reported, so I see no realistic path. Kalshi prices YES at 7%, which likely reflects a long-dated capital-lock premium and thin interest rather than real upside. The arithmetic justifies going below the market, to about 2–3%, keeping a small residual for data or resolution anomalies.
claude-opus-5-5 · high effort
90% conf
| Yes | 2% |
| No | 98% |
(0) The condition is not yet formally resolved, because the finalized NPS 2026 annual figure is not out. The NPS release of Oct 6, 2026 (confirmed by Wyoming Public Media, NBC Montana and Wyoming News Now) shows 4,360,300 recreation visits through September, about 1% below 2025. Clearing 5 million would need roughly 640,000 visits in October–December. (a) About 2.7 months of visitation remain, and the final figure is expected around March 2027, before the 2027-03-31 close. (b) Status quo: Q4 2025 added about 375,000 visits, and Q4 2026 is structurally similar. Roads close Oct 31, Dunraven Pass and Beartooth close Oct 12, and winter access is oversnow-only. That puts the year near 4.7–4.75 million, below even the 2021 record of 4.86 million. (c) NO path: October lands around 300–330,000 and November–December around 60–70,000, for a total near 4.73 million. (d) YES path: only a large data revision or counting-method change of about 15% of the annual total, or a reporting error, and no such change has been reported. Upside levers like a rebound from the 2025 shutdown are worth only tens of thousands of visits. The Kalshi price of 7% looks like longshot or illiquidity premium rather than real information, so I go below it to about 2%, keeping a small residual for data or methodology surprises.
4. Final plain mean of 2 draws
2%
(90% confidence)
Yes: 2%
No: 98%
Mean of 2 draws (0.03, 0.03). (0) Not formally resolved, because the rules require the finalized NPS Visitor Use Statistics 2026 figure, expected around March 2027. The preliminary data already make YES practically impossible. NPS's October 6, 2026 release, echoed by Wyoming Public Media, NBC Montana and Wyoming News Now, puts January–September at 4,360,300 visits, about 1% below 2025. Reaching 5 million therefore needs about 640,000 visits in October–December. (a) The calendar year ends in about 11.5 weeks, and the final figure should publish before the 2027-03-31 close. (b) Status quo: October–December 2025 added about 375,000 visits, and 2025 ended at 4,762,988. A normal fourth quarter puts 2026 near 4.7–4.75 million, below even the 2021 record of about 4.86 million. Yellowstone has never reached 5 million since the series began in 1979. (c) NO scenario: roads close October 31, Dunraven Pass and the Beartooth Highway close October 12, and lodges shut through late October. November–December adds only about 60,000 visits, so the year finishes near 4.7 million. (d) YES scenario: a counting-method change or large upward revision of about 15% of the annual total. Past revisions have been around 10,000 visits, and no such change is reported, so I see no realistic path. Kalshi prices YES at 7%, which likely reflects a long-dated capital-lock premium and thin interest rather than real upside. The arithmetic justifies going below the market, to about 2–3%, keeping a small residual for data or resolution anomalies.
5. Entry Decision Opus 5.5 trader
Side
no
Position Size
$700
Contracts
745
Trader Confidence
Trade rationale
I'm buying NO, which sides with the favourite: the forecast is 2.5% and the market prices YES at 7%. The forecast rests on hard numbers, and I checked them on the open web. The NPS release of Oct 6, 2026 shows 4,360,300 visits for January–September. That leaves about 640,000 needed in October–December, while the same months of 2025 added about 375,000 (a 2025 total of 4,762,988 comes from a secondary source). Most park roads close Oct 31, and Yellowstone has never reached 5 million; the 2021 record was about 4.86M. The two forecast draws agree exactly at confidence 0.90, and nothing in the critique points to a credible YES path beyond a data or resolution anomaly.
Allocation logic
I'm keeping the size small. NO fills at 0.94 with no slippage at $800, so the real edge is only about 3.5pp, and the money is tied up for roughly 170 days for about a 6% return. Same-side edges this small call for the low end of the $500–$800 range.
Entry price:
$0.94
Current:
$0.98
Status:
WON
P&L:
$25.82
Pipeline Timing
Total pipeline time: 65.6s
Per-tool research timings shown in the Research section above.