Six Flags Entertainment (FUN) Earnings Date & Reports

Key Takeaways

• Six Flags Entertainment reported third-quarter 2026 net revenues of $1.17 billion on a same-park basis, up 1.4% from the prior year.
• Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) rose 1.1% to $493.2 million, holding the same-park margin near 42%.
• On a GAAP (Generally Accepted Accounting Principles) basis, the company posted a net loss of $366 million, or $3.59 per diluted share, weighed down by a $688 million non-cash impairment charge.
• Per-capita spending increased 1.3% to $60.51, while same-park attendance was roughly flat at 18.2 million guests.
• The active season pass and membership base grew 7.1% to 7.1 million, with passholders making up about 61% of attendance.
• Management cut fourth-quarter same-park Adjusted EBITDA guidance to $140 million–$150 million after a soft October and a ride incident at Six Flags Over Georgia.
• For deeper coverage, explore Six Flags' Major News, Today's Price Move, Price Targets, and Forecast on additional pages.
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Earnings Context and Why It Matters

The third quarter is by far the most important period for Six Flags Entertainment, the largest regional amusement park operator in North America, because the summer months drive the bulk of its attendance and profitability. This report arrived at a pivotal moment: the company has spent the past year working through the integration of the former Cedar Fair and Six Flags portfolios, divesting non-core parks and focusing on its season pass strategy. Investors were watching closely for evidence that same-park growth, per-guest spending, and free cash flow momentum could continue. The results delivered a mixed picture—steady operating improvement during the peak season, but a clearly deteriorating near-term outlook driven by weather, an October safety incident, and softer-than-expected fall demand.

Reported Results

For the fiscal third quarter ended September 27, 2026, Six Flags Entertainment reported net revenues of $1.173 billion. On a same-park basis, which excludes parks sold or closed, net revenues rose 1.4% to $1.17 billion. Adjusted EBITDA grew 1.1% to $493.2 million, with the same-park margin holding near 42%. Per-capita spending increased 1.3% to $60.51, supported by higher admissions and in-park spending, while attendance was essentially flat at 18.2 million guests.

The reported figures include the impact of portfolio changes: eight parks in the prior-year comparison are no longer operated, which is why headline revenue declined 11% year over year. On a GAAP basis, the company recorded a net loss of $366 million, or $3.59 per diluted share, reflecting $688 million in non-cash impairment charges tied to goodwill, trade names, and long-lived assets. Adjusted earnings came in at $2.70 per share. The active pass and membership base reached 7.1 million, up 7.1%, with average pass pricing up 2.0%.

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Market Reaction and Investor Sentiment

Shares of Six Flags Entertainment traded higher in the premarket following the release, reflecting a mix of relief over a solid summer and concern about the guidance cut. The stock has been under significant pressure over the past year, and sentiment heading into the report was already cautious. A notable short interest—roughly 29% of the float—added to the potential for volatility. The market's response highlighted the central tension in the quarter: a respectable operating beat on the core summer metrics, offset by a weaker fourth-quarter outlook and lingering questions about the October ride incident in Georgia.

Forward Outlook and Key Factors to Monitor

The near-term focus for investors is the fourth quarter. Management now expects same-park Adjusted EBITDA of $140 million to $150 million, down from $167 million a year earlier. October attendance fell about 9%, with the decline split roughly between unfavorable weather and the Six Flags Over Georgia incident that prompted proactive ride closures across the portfolio. The company also launched a comprehensive, third-party ride safety review, which could carry cost and operational implications in the quarters ahead.

On the balance sheet, the picture is more encouraging. Operating cash flow for the first nine months rose 36.5% to $498.5 million, and total liquidity reached $1.06 billion with nothing drawn on the revolving credit facility. Total debt declined by $275 million from year-end 2025. Management also trimmed its 2026 capital expenditures forecast to $350 million–$375 million, attributing the reduction to the timing of large ride projects rather than maintenance cuts.

Looking further out, investors should watch the trajectory of the season pass base as the company enters 2027. Management expects to enter next year with roughly 3.7 million active passholders and members, flat to slightly up on a same-park basis, reflecting a deliberately later pass launch. Cross-park visitation, which is running about five times last year's level, remains a key growth lever tied to the combined regional footprint. Safety-related costs, litigation and insurance exposure, and the pace of any further park or real estate sales will also shape the story in the months ahead.

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