2026 second quarter
Filed Aug 6, 2026Six Flags reported higher same-park attendance, revenue and Adjusted EBITDA in the second quarter, while reported revenue declined following the sale and closure of eight parks and the GAAP net loss widened.
Same-Park Basis net revenues increased 2.4%, attendance increased 4%, and Adjusted EBITDA increased 7%, but reported net revenues decreased 7%, net loss attributable to Six Flags Entertainment Corporation widened to $ (202,620) (In thousands), and net debt totaled $ 4,882,934 (In thousands).
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenues, Reported BasisGAAP | $ 864,919 (In thousands) | – | (7.0%) |
| Net revenues, Same-Park Basisother | $ 864,461 (In thousands) | – | 2.4% |
| Admissions revenueGAAP | $ 441,264 (In thousands) | – | – |
| Food, merchandise and games revenueGAAP | $ 303,185 (In thousands) | – | – |
| Accommodations, extra-charge products and other revenueGAAP | $ 120,470 (In thousands) | – | – |
| Cost of food, merchandise, and games revenuesGAAP | $ 75,273 (In thousands) | – | – |
| Operating expensesGAAP | $ 438,776 (In thousands) | – | – |
| Selling, general and administrative expenseGAAP | $ 130,736 (In thousands) | – | – |
| Depreciation and amortizationGAAP | $ 107,775 (In thousands) | – | – |
| Loss on retirement of fixed assets, netGAAP | $ 13,888 (In thousands) | – | – |
| Loss on disposal groupGAAP | $ 9,867 (In thousands) | – | – |
| Operating income (loss)GAAP | $ 88,604 (In thousands) | – | – |
| Interest expense, netGAAP | $ 102,052 (In thousands) | – | – |
| Other expense (income), netGAAP | $ 6,678 (In thousands) | – | – |
| (Loss) income before taxesGAAP | $ (20,126) (In thousands) | – | – |
| Provision (benefit) for taxesGAAP | $ 157,410 (In thousands) | – | – |
| Net lossGAAP | $ (177,536) (In thousands) | – | – |
| Net income attributable to non-controlling interestsGAAP | $ 25,084 (In thousands) | – | – |
| Net loss attributable to Six Flags Entertainment Corporation, Reported BasisGAAP | $ (202,620) (In thousands) | – | – |
| Net loss attributable to Six Flags Entertainment Corporation, Same-Park Basisother | $ (194,436) (In thousands) | – | – |
| Adjusted EBITDA, Reported Basisnon-GAAP | $ 243,073 (In thousands) | – | – |
| Adjusted EBITDA, Same-Park Basisnon-GAAP | $ 248,916 (In thousands) | – | 7% |
| Attendance, Reported Basisother | 13,128 (In thousands) | – | (7%) |
| Attendance, Same-Park Basisother | 13,128 (In thousands) | – | 4% |
| Per capita spending, Reported Basisnon-GAAP | $ 62.89 | – | 1% |
| Per capita spending, Same-Park Basisnon-GAAP | $ 62.88 | – | (1%) |
| Admissions per capita spending, Same-Park Basisnon-GAAP | $ 33.61 | – | – |
| In-park product per capita spending, Same-Park Basisnon-GAAP | $ 29.27 | – | – |
| Operating days, Same-Park Basisother | 1,615 | – | – |
| Net revenues, six months ended June 28, 2026GAAP | $ 1,090,546 (In thousands) | – | – |
| Operating income (loss), six months ended June 28, 2026GAAP | $ (223,639) (In thousands) | – | – |
| Net loss attributable to Six Flags Entertainment Corporation, six months ended June 28, 2026GAAP | $ (471,220) (In thousands) | – | – |
| Adjusted EBITDA, six months ended June 28, 2026, Reported Basisnon-GAAP | $ 120,034 (In thousands) | – | – |
| Adjusted EBITDA, six months ended June 28, 2026, Same-Park Basisnon-GAAP | $ 146,375 (In thousands) | – | – |
What drove it
- Same-Park Basis net revenue growth was driven primarily by 4% higher attendance, including a 10% increase in season-pass visitation, and continued strength in food and extra-charge spending per visit.
- Season-to-date pass sales increased 7% and the active pass base grew 6% on a Same-Park Basis.
- Sales mix shifted toward higher-tier pass products, while membership participation expanded and the membership model was expanded to six additional parks in June 2026.
- Same-Park Basis operating expenses increased by only $1 million, with higher maintenance activity, credit card fees, live entertainment costs and utility expenses largely offset by lower full-time wage expense and related benefits.
- The divestiture of seven non-core parks was complete, concentrating resources on parks with the highest returns.
Concerns
- Reported net revenues decreased $65 million, or 7.0%, as 2025 second-quarter results included eight parks that were sold or closed before the 2026 operating season.
- Net loss attributable to Six Flags Entertainment Corporation was $ (202,620) (In thousands), compared with $ (99,648) (In thousands).
- Same-Park Basis per capita spending decreased $0.50, or 1%, to $62.88, primarily reflecting lower admissions per capita spending associated with expanded season pass benefits and increased cross-park visitation.
- Operating days for the current operating portfolio were 1,615 compared with 1,659 in the prior-year period.
- Interest expense, net was $ 102,052 (In thousands), compared with $ 92,409 (In thousands), and net debt totaled $ 4,882,934 (In thousands).
What to watch
- Attendance during the balance of the season, for which management identified the active pass base as a leading indicator.
- The durability of higher-tier pass sales, expanded membership offerings and recurring revenue from memberships.
- Whether food, extra-charge attractions and other in-park offerings continue to offset pressure on admissions per capita spending.
- Progress reducing leverage through operating cash flow, disciplined capital spending and portfolio-transaction proceeds.
- The effect of the more focused operating portfolio on reported results following the sale and closure of eight parks.
Balance sheet and cash flow
- Total deferred revenue of $431 million. On a Reported Basis, total deferred revenue decreased $30 million. On a Same-Park Basis, total deferred revenue increased $8 million, or 2%, compared with the prior year.
- Cash and cash equivalents of $135 million.
- Total liquidity of $837 million, including $703 million available under the Company’s revolving credit facility.
- Net debt totaled $4.9 billion, calculated as total debt of $5.0 billion (before debt issuance costs and acquisition fair value layers) less cash and cash equivalents of $135 million.
- Cash and cash equivalents: $ 134,528 (In thousands) as of June 28, 2026, compared with $ 107,386 (In thousands) as of June 29, 2025.
- Long-term debt, including current maturities: $ 4,986,972 (In thousands) as of June 28, 2026, compared with $ 5,288,181 (In thousands) as of June 29, 2025.
- Revolving credit loans: $ 78,428 (In thousands) as of June 28, 2026, compared with $ 356,650 (In thousands) as of June 29, 2025.
- Term debt: $ 1,458,765 (In thousands) as of June 28, 2026, compared with $ 1,470,875 (In thousands) as of June 29, 2025.
- Notes: $ 3,449,779 (In thousands) as of June 28, 2026, compared with $ 3,460,656 (In thousands) as of June 29, 2025.
- Net debt: $ 4,882,934 (In thousands) as of June 28, 2026.
Analysis
The second quarter showed an underlying improvement at the current operating portfolio. Same-Park Basis net revenues were $864 million, up $20 million, or 2.4%, while attendance rose 4% to 13.1 million visits and Same-Park Basis Adjusted EBITDA increased $16 million, or 7%, to $249 million. Reported net revenues declined $65 million, or 7.0%, to $865 million because the prior-year period included eight parks that were sold or closed before the 2026 operating season.
Management, verbatim
Our second quarter and first-half results reflect meaningful progress advancing the strategic priorities we established at the beginning of the year to strengthen the business,
John Reilly, Six Flags President and CEO
Guests continue to respond favorably to our flexible, benefit-rich season pass and membership offerings, with season-to-date pass sales increasing 7% and our active pass base growing 6% on a Same-Park Basis.
John Reilly, Six Flags President and CEO
With the divestiture of seven non-core parks complete, we are focusing our resources on parks with the highest returns.
John Reilly, Six Flags President and CEO
Not in the filing
stated, not guessed- GAAP earnings per share
- Non-GAAP earnings per share
- Gross profit and gross margin
- Operating cash flow
- Free cash flow
- Capital expenditures
- Share repurchases
- Dividends
- Forward financial guidance
- Prior-quarter comparisons for reported metrics
- Reportable segment revenue and profit
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.