SIX FLAGS ENTERTAINMENT CORPORATION REPORTS 2026 THIRD QUARTER RESULTS
Six Flags Entertainment Corporation/NEW (FUN) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 NEWS RELEASE FOR IMMEDIATE RELEASE Investor Contact: Tom Hennessy, IR@sixflags.com https://investors.sixflags.com Media Contact: Kristin Fitzgerald, kristin.fitzgerald@sixflags.com SIX FLAGS ENTERTAINMENT CORPORATION REPORTS 2026 THIRD QUARTER RESULTS • Net revenues
How this was made
The 30-second read
Why it matters
The earnings miss and sizable impairment may trigger short‑term downside, but cash generation and same‑park growth provide a floor.
Market read
The release provides fresh earnings data that can move the stock and influence the leisure sector.
What to watch
One‑time impairment charges drive the loss; cash from operations remains strong.
Six Flags Q3 2026: same-park net revenues up 1.4% and same-park Adjusted EBITDA up 1.1%, reported net revenues down 11.0% after eight parks left the base; Q4 same-park Adjusted EBITDA guided to $140 million to $150 million
Same-park revenue and Adjusted EBITDA grew modestly in the quarter and nine months, and operating cash flow rose 36.5% year-to-date. Against that, reported revenue fell 11.0%, the quarter carried a $687.7 million non-cash impairment charge and a reported net loss of $366.1 million, October was described as softer than planned, and Q4 same-park Adjusted EBITDA is guided to $140 million to $150 million against $167 million in Q4 2025. Equity is negative at $(249,588) thousand.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenues, Q3 2026 (reported basis)GAAP | $1.17B | – | (11.0)% |
| Net revenues, Q3 2026 (same-park basis)non-GAAP | $1.17B | – | 1.4% |
| Net loss attributable to Six Flags, Q3 2026 (reported basis)GAAP | −$366.1M | – | 69.2% |
| Diluted loss per share, Q3 2026 (reported basis)GAAP | $(3.59) | – | 69.5% |
| Diluted loss per share, Q3 2026 (same-park basis)non-GAAP | $(3.59) | – | 70.4% |
| Adjusted EBITDA, Q3 2026 (reported basis)non-GAAP | $493.2M | – | (11.1)% |
| Adjusted EBITDA, Q3 2026 (same-park basis)non-GAAP | $493.2M | – | 1.1% |
| Attendance, Q3 2026 (reported basis)other | 18.20M | – | (13.8)% |
| Attendance, Q3 2026 (same-park basis)non-GAAP | 18.20M | – | (0.2)% |
| Per capita spending, Q3 2026 (reported basis)non-GAAP | $60.51 | – | 2.4% |
| Per capita spending, Q3 2026 (same-park basis)non-GAAP | $60.51 | – | 1.3% |
| Operating days, Q3 2026 (reported basis)other | 2,122 | – | (17.5)% |
| Operating days, Q3 2026 (same-park basis)non-GAAP | 2,122 | – | 2.6% |
| Operating costs and expenses, Q3 2026 (reported basis, as described in the highlights)other | $676.8M | – | – |
| Operating costs and expenses, Q3 2026 (same-park basis, as described in the highlights)non-GAAP | $676.8M | – | 0.1% |
| Operating expenses line, Q3 2026 (statement of operations)GAAP | 498.2M | – | decreased $51.1 million |
| Selling, general and administrative, Q3 2026 (reported basis)GAAP | 82.41M | – | decreased $29.4 million |
| Depreciation and amortization, Q3 2026GAAP | 102.5M | – | – |
| Non-cash impairment charges, Q3 2026 (total)GAAP | $687.7M | – | – |
| Operating loss, Q3 2026GAAP | −299.9M | – | – |
| Interest expense, net, Q3 2026GAAP | 89.63M | – | – |
| Loss before taxes, Q3 2026GAAP | −391.7M | – | – |
| Benefit for taxes, Q3 2026GAAP | −50.63M | – | – |
| Net loss, Q3 2026 (before non-controlling interests)GAAP | −341.0M | – | – |
| Net income attributable to non-controlling interests, Q3 2026GAAP | 25.09M | – | – |
| Net revenues, nine months 2026 (reported basis)GAAP | $2.26B | – | (7.6)% |
| Net revenues, nine months 2026 (same-park basis)non-GAAP | $2.26B | – | 2.8% |
| Net loss attributable to Six Flags, nine months 2026 (reported basis)GAAP | −$837.3M | – | 44.4% |
| Diluted loss per share, nine months 2026 (reported basis)GAAP | $(8.23) | – | 45.1% |
| Diluted loss per share, nine months 2026 (same-park basis)non-GAAP | $(7.87) | – | 47.0% |
| Adjusted EBITDA, nine months 2026 (reported basis)non-GAAP | $613.2M | – | (2.1)% |
| Adjusted EBITDA, nine months 2026 (same-park basis)non-GAAP | $639.5M | – | 10.7% |
| Attendance, nine months 2026 (reported basis)other | 34.25M | – | (10.2)% |
| Attendance, nine months 2026 (same-park basis)non-GAAP | 34.25M | – | 1.5% |
| Per capita spending, nine months 2026 (reported basis)non-GAAP | $62.17 | – | 2.2% |
| Per capita spending, nine months 2026 (same-park basis)non-GAAP | $62.13 | – | 1.0% |
| Operating days, nine months 2026 (reported basis)other | 4,106 | – | (17.2)% |
| Operating days, nine months 2026 (same-park basis)non-GAAP | 4,106 | – | (0.3)% |
| Net cash from operating activities, nine months 2026GAAP | $498.5M | – | 36.5% |
| Capital expenditures, nine months 2026GAAP | $241.2M | – | – |
| Cash and cash equivalents, September 27, 2026GAAP | 267.9M | – | – |
| Total long-term debt, including current maturities, September 27, 2026GAAP | 4.91B | – | – |
| Net debt, September 27, 2026non-GAAP | 4.66B | – | – |
| Total assets, September 27, 2026GAAP | 6.76B | – | – |
| Equity, September 27, 2026GAAP | −249.6M | – | – |
| Total deferred revenue, September 27, 2026GAAP | 331.3M | – | decreased $34.0 million |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Admissions net revenues, Q3 2026Company cites same-park attendance down 0.2%, with higher season pass and membership visitation offset by lower single-day visitation and fewer complimentary tickets. Prior-year Q3 admissions revenue was $664,647 thousand as printed. | $583.5M | – | – |
| Food, merchandise and games net revenues, Q3 2026Prior-year Q3 figure was $443,126 thousand as printed. The release does not separately explain this line. It reports same-park in-park product per capita spending of $28.44, up $0.21 or 0.7%. | $394.0M | – | – |
| Accommodations, extra-charge products and other net revenues, Q3 2026Prior-year Q3 figure was $209,980 thousand as printed. Company states out-of-park revenues increased $2.4 million on a same-park basis, primarily resorts. | $195.5M | – | – |
| Out-of-park revenues, Q3 2026 (reported basis)Prior-year Q3 reported figure was $108,135 thousand as printed. Same-park Q3 2026 out-of-park revenues are $101,360 thousand against $98,919 thousand in Q3 2025 as printed. Company describes out-of-park revenues as resorts, out-of-park food and merchandise locations, sponsorships, international agreements and other out-of-park operations. | $101.4M | – | – |
| In-park revenues, Q3 2026 (reported basis)Prior-year Q3 reported figure was $1,247,106 thousand as printed. Same-park Q3 2026 in-park revenues are $1,101,057 thousand against $1,089,900 thousand in Q3 2025 as printed. Admissions in-park revenues are $583,558 thousand and in-park product revenues are $517,499 thousand for Q3 2026, as printed in the reconciliation. | $1.10B | – | – |
Q4 2026 and FY 2026, as stated in the release outlook
- NoteQ4 2026 same-park Adjusted EBITDA expected to be between $140 and $150 million, compared with Q4 2025 same-park Adjusted EBITDA of $167 million (non-GAAP). Company states this view is set with October results in hand.
- NoteAbout 60 additional operating days expected in Q4 2026 versus last year, driven mainly by the return of Holiday in the Park winter events.
- Note2026 capital expenditures now expected at $350.0 million to $375.0 million, compared with the prior expectation of $400.0 million to $425.0 million. Company states the reduction comes from the timing of large new ride projects, not from maintenance.
- NoteSix Flags forecasts entering 2027 with approximately 3.7 million active passholders and members on a same-park basis, flat to slightly up low single digits versus last year.
Capital returns
- The release does not report share repurchases or dividends for the period.
- Capital expenditures for the nine months were $241.2 million, compared with $408.1 million in the prior-year period, as printed.
- Company expects 2026 capital expenditures of $350.0 million to $375.0 million, compared with its prior expectation of $400.0 million to $425.0 million.
What drove it
- Reported net revenues fell $144.7 million, or 11.0%. Company states this is because the prior-year quarter included the eight parks no longer operated (seven parks sold to EPR Properties and one park in Bowie, Maryland that closed after the 2025 season).
- Same-park net revenues rose $16.5 million, or 1.4%, to $1.17 billion. Company attributes this to higher per capita spending, a $2.4 million increase in out-of-park revenues primarily from resorts, and 54 additional operating days, most of which reflected the later timing of Labor Day. Company states these were partly offset by a 0.2% decrease in same-park attendance.
- Company states same-park third quarter per capita spending rose 1.3% to $60.51, with admissions per capita up $0.54 or 1.7% to $32.07 and in-park product per capita up $0.21 or 0.7% to $28.44. Company cites realized pricing and fewer complimentary tickets as contributing factors.
- Company states Q3 attendance was affected by July 4 falling on a Saturday rather than a Friday and by wildfire-related air quality disruptions at certain parks, alongside higher season pass and membership visitation offset by lower single-day visitation and fewer complimentary tickets.
- Company states same-park Q3 operating expenses rose $29.4 million, citing higher full-time wages and benefits, higher operating supplies tied to added operating days and investment in the guest experience, and higher insurance costs related to claims incurred. Same-park costs were essentially unchanged (up 0.1%) despite 54 additional operating days.
- Company states same-park Q3 SG&A decreased $27.3 million, primarily on lower full-time wages, including lower equity compensation and severance, and lower technology costs.
- Company states same-park Adjusted EBITDA for Q3 rose $5.4 million, or 1.1%. For the nine months, same-park Adjusted EBITDA rose $61.8 million, or 10.7%, with reported Adjusted EBITDA down $13.3 million, or 2.1%.
- Company states nine-month same-park attendance rose 1.5%, attributed to higher season pass and membership visitation from a larger active pass base and higher cross-park visitation. Company states nine-month same-park out-of-park revenues rose $6.0 million, primarily from one-time revenue events related to international agreements and out-of-park events.
- Company states the active pass base was 7.1 million at September 27, 2026, up about 469,000 units or 7.1% on a same-park basis. Year-to-date same-park pass and membership sales rose 134,000 units, or 2.8%, with average price up 2.0%.
- Company states the 2027 pass program launched in early August, two weeks later than last year, and that 2027 sales to date reflect two fewer weeks of selling than last year at the same point.
Concerns
- Reported net loss attributable to Six Flags was $366.1 million in Q3 2026, including $687.7 million of non-cash impairment charges. Nine-month reported net loss was $837.3 million, including $726.3 million of non-cash impairment charges as stated by the company.
- Company states October was softer than planned, driven by unfavorable weather on several of the biggest weekends early in the month and by the impact of the incident at Six Flags Over Georgia and related proactive ride closures.
- Q4 2026 same-park Adjusted EBITDA is now expected at $140 million to $150 million, compared with $167 million in Q4 2025 same-park Adjusted EBITDA as printed.
- Equity is $(249,588) thousand at September 27, 2026, against $614,314 thousand at September 28, 2025, as printed.
- Reported and same-park attendance declined in Q3. Reported attendance was 18,195 thousand, down 13.8%, and same-park attendance was down 0.2%.
- Company states the 2027 pass program launched later, with 2027 sales to date reflecting two fewer weeks of selling than last year's program at the same point.
- Company states it has launched a comprehensive review of ride safety across its entire portfolio following the incident at Six Flags Over Georgia last month, with the company cooperating with the ongoing investigation.
What to watch
- Delivery of Q4 2026 same-park Adjusted EBITDA within the $140 million to $150 million range versus $167 million in Q4 2025.
- Outcome and timing of the ride safety review and the ongoing investigation at Six Flags Over Georgia, and any effect on attendance or ride operations.
- Whether the approximately 60 additional Q4 operating days, driven mainly by the return of Holiday in the Park winter events, translate into the guided Q4 results.
- Progress of 2027 pass sales given the later launch, and whether the forecast of approximately 3.7 million active passholders and members on a same-park basis is reached.
- Execution on the revised 2026 capital expenditure range of $350.0 million to $375.0 million.
- Negative equity position and the reduction in total debt from $5.18 billion at December 31, 2025 to $4.91 billion at September 27, 2026, as printed.
Balance sheet and cash flow
- Net cash from operating activities for the first nine months of 2026 was $498.5 million, an increase of $133.3 million from the prior-year period.
- Proceeds from sale of parks were $257,749 thousand for the nine months, as printed in the cash flow data. Net cash from investing activities was $16,552 thousand, and net cash for financing activities was $(337,091) thousand.
- Cash and cash equivalents were $267.9 million at September 27, 2026, against $70,683 thousand at September 28, 2025 and $91,134 thousand at December 31, 2025, as printed.
- Total liquidity was $1.06 billion at quarter-end, including $792.8 million available under the revolving credit facility, with no revolver borrowings outstanding.
- Total debt was $4.91 billion at September 27, 2026, a decrease of $275.0 million from December 31, 2025. Net debt was $4.66 billion. Revolving credit loans were $ nil at September 27, 2026, against $258,386 thousand at December 31, 2025.
- Equity was $(249,588) thousand at September 27, 2026, against $549,757 thousand at December 31, 2025 and $614,314 thousand at September 28, 2025, as printed.
- Total deferred revenue was $331.3 million. Company states that at parks operated in both periods, deferred revenue decreased $14.4 million, or 4.2%, largely due to an increased mix of memberships beyond the initial 12-month commitment period and the later launch of 2027 season pass sales, as well as lower sponsorship deferred revenue due to a one-time benefit in the prior year.
Analysis
Six Flags reported third quarter 2026 net revenues of $1,173.1 million, down 11.0% on a reported basis. The company states the decline reflects the prior-year quarter including eight parks it no longer operates. On a same-park basis, net revenues rose 1.4%, to $1.17 billion, and same-park Adjusted EBITDA rose 1.1%, to $493.2 million. The same-park revenue gain was supported by per capita spending of $60.51 (up 1.3%) and 54 additional same-park operating days, while same-park attendance was essentially flat at 18,195 thousand (down 0.2%). Company explanations cite realized pricing and fewer complimentary tickets for the per capita increase, and lower single-day visitation and fewer complimentary tickets for the attendance softness, alongside higher season pass and membership visitation.
Cost lines show a mixed picture. Company states same-park operating costs and expenses were essentially unchanged (up 0.1%) despite the added operating days, with same-park operating expenses up $29.4 million on higher full-time wages, operating supplies, guest experience investment and insurance costs. Same-park SG&A fell $27.3 million, which the company attributes mainly to lower full-time wages, equity compensation and severance, and technology costs. On a reported basis, the net loss attributable to Six Flags was $366.1 million, or $3.59 per diluted share, including $687.7 million of non-cash impairment charges. The prior-year quarter reported a loss of $1,187.3 million, which included a $1.52 billion non-cash impairment charge. Interest expense, net was $89,634 thousand in the quarter, compared with $91,056 thousand a year earlier.
Nine-month figures show stronger underlying operating momentum than the quarter alone. Same-park revenues rose 2.8% to $2,258.4 million and same-park Adjusted EBITDA rose 10.7% to $639.5 million, while reported Adjusted EBITDA was $613.2 million, down 2.1%. Net cash from operating activities was $498.5 million, up 36.5%, and capital expenditures were $241.2 million against $408.1 million a year earlier. The company now expects 2026 capital expenditures of $350.0 million to $375.0 million, down from its prior $400.0 million to $425.0 million, and attributes the reduction to the timing of large new ride projects rather than maintenance.
The balance sheet remains heavily levered and shows a negative equity position. Total long-term debt including current maturities was $4,906,126 thousand, net debt was $4,655,845 thousand and equity was $(249,588) thousand at September 27, 2026. Cash was $267,858 thousand and total liquidity was $1.06 billion, including $792.8 million available under the revolver with no revolver borrowings outstanding. Total assets were $6,757,272 thousand, down from $7,889,486 thousand a year earlier. Total deferred revenue was $331.3 million, and the company attributes its decline at continuing parks to a mix shift toward memberships and the later 2027 pass launch.
The outlook is the most important near-term item. The company states October was softer than planned because of weather on key early-month weekends and the incident at Six Flags Over Georgia with related ride closures. It expects about 60 additional Q4 operating days, mainly from the return of Holiday in the Park winter events, but now guides Q4 2026 same-park Adjusted EBITDA to $140 million to $150 million, against $167 million in Q4 2025 same-park Adjusted EBITDA. The 2027 pass program launched two weeks later than last year, and the company says 2027 sales to date reflect two fewer weeks of selling. The company forecasts about 3.7 million active passholders and members entering 2027 on a same-park basis. Readers should weigh the nine-month same-park growth against the Q4 guide, the impairment-driven reported loss, the negative equity and the safety review that the company says it has launched across its portfolio.
Management, verbatim
Safety remains our highest priority. Following the incident at Six Flags Over Georgia last month, we are cooperating fully with the ongoing investigation.
John Reilly, President and Chief Executive Officer
Through the first nine months of the year, we delivered double-digit growth in Adjusted EBITDA on a same-park basis, reflecting the cumulative impact of our efforts to improve execution, strengthen operations and manage costs effectively.
John Reilly, President and Chief Executive Officer
We remain confident in our strategy and the significant opportunity ahead to drive profitable growth and create sustainable long-term value for shareholders.
John Reilly, President and Chief Executive Officer
Not in the filing
stated, not guessed- Prior-year and prior-quarter figures for diluted EPS on a quarterly sequential basis (Q2 2026 EPS not printed).
- Prior-year Q3 and nine-month revenue, cost and expense sub-lines in percentage terms (changes on individual revenue sub-lines are printed only in dollars or not at all).
- Quarter-on-quarter change percentages for any metric (Q2 2026 is printed as a value only).
- Reported-basis Q3 operating costs and expenses change percentage (only the same-park change of 0.1% is printed).
- Nine-month reported operating costs and expenses change in dollars is printed in text but no level for the nine-month cost total is printed as a single figure.
- Gross margin, tax rate and dividend or share repurchase data (not reported in the release).
- Previous outlook, so no comparison against prior guidance is possible (no previous release was provided).
- Consensus estimates and analyst expectations (not provided in the documents).
- Share price reaction (not provided in the documents).
- Liquidity prior-year comparison (not printed).
- Net debt prior-year comparison (not printed).
- Guidance for full-year revenue, operating expenses and tax rate (not printed).
- Segment-level results by park or geography beyond the revenue sub-lines and reconciliation lines (not printed).
- Q4 2026 operating expense, revenue and tax guidance (not printed).
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Six Flags filed a Form 8‑K reporting its Q3 2026 financials, including net loss, revenue, and operating metrics.
Ticker impact
Six Flags reported Q3 2026 results with a net loss of $366.1M and 11% revenue decline, the first disclosure of these numbers.
likely pressure as the market prices in the widened loss and revenue decline
The disclosed loss and revenue drop are new material information that can prompt a sell‑off; same‑park metrics only modestly improve, offering limited upside.
Market effects
Amusement‑park sector may see broader scrutiny of earnings quality and cost structure.
U.S. consumer discretionary sentiment could dip slightly.
Limited; impact confined to U.S. leisure stocks.
Counterpoint
Same‑park revenue growth and improved adjusted EBITDA suggest a longer‑term turnaround.
