Earnings

Six Flags Same-Park EBITDA Rises 7% After Park Sales

The Tip Desk · August 6, 2026 · 4 min read

Same-park Adjusted EBITDA reached $249 million in the second quarter as attendance rose 4% and season-pass visitation rose 10%.

Six Flags Entertainment Corporation (FUN), the largest regional amusement park operator in North America, generated $249 million of Adjusted EBITDA on a same-park basis in the three months ended June 28, 2026, a 7% increase from $233 million a year earlier, as the company’s remaining parks drew more guests and spending on food and extra-charge products.

The amusement park operator sold seven parks to EPR Properties before the 2026 season and discontinued a combined amusement and water park in Bowie, Maryland, after the 2025 season. Reported results therefore include eight parks that were not operated in the latest quarter. On a reported basis, net revenues were $865 million, down 7.0% from $930 million, and Adjusted EBITDA was $243 million in both periods.

On a same-park basis, net revenues rose 2.4% to $864 million from $844 million. The company said the increase 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. Those gains were partially offset by lower admissions per capita spending, an earlier spring-break season that fell in the first quarter this year rather than the second a year earlier, and about 3% fewer operating days.

Same-park attendance totaled 13.1 million visits, up 4% from 12.7 million. Operating days for the current portfolio were 1,615, compared with 1,659 for the same parks in the year-ago period. Reported attendance was 13.1 million visits, down 7% from 14.2 million, with operating days down 378 to 1,615 from 1,993.

Per capita spending on a same-park basis was $62.88, down 1% from $63.38. The company said the modest decline primarily reflected lower admissions per capita spending associated with expanded season-pass benefits and increased cross-park visitation, partially offset by continued strength in guest spending on food, extra-charge attractions and other in-park offerings. Paid admission pricing remained stable year over year. In-park product per capita spending was $29.27, up $0.41 from $28.86 on a same-park basis. Admissions per capita spending was $33.61, down $0.91 from $34.52.

Operating expenses on a same-park basis increased only $1 million versus the prior-year period, as higher maintenance, credit-card fees, live entertainment and utilities were largely offset by lower full-time wage expense and related benefits. Selling, general and administrative expense on a same-park basis increased $3 million, which the company attributed to higher equity compensation, severance, consulting and legal costs, offset by lower advertising. The company said the combination of revenue growth and disciplined expense management produced stronger operating leverage.

Net loss attributable to Six Flags was $194 million on a same-park basis, compared with an $87 million loss a year earlier. On a reported basis, the net loss was $203 million, compared with $100 million.

President and CEO John Reilly said the more focused operating portfolio generated higher attendance, net revenues and Adjusted EBITDA, and that season-pass and membership sales increased and the active pass base expanded during the quarter. Season-to-date pass sales increased 7% and the active pass base grew 6% on a same-park basis. Sales mix continued to shift toward higher-tier pass products. Membership participation expanded, and the company extended its membership model to six additional parks in June 2026.

As of June 28, 2026, total deferred revenue was $431 million. On a same-park basis, deferred revenue increased $8 million, or 2%, versus the prior year, supported by growth in membership and advance sales. Cash and cash equivalents were $135 million. Total liquidity was $837 million, including $703 million available under the revolving credit facility. Net debt totaled $4.9 billion, calculated as total debt of $5.0 billion less cash of $135 million. The company said it reduced borrowings under its revolving credit facility and that reducing leverage remains an essential financial priority.

Reilly said the company is focusing resources on parks with the highest returns after the divestiture of seven non-core parks, and that the second-quarter results and leading indicators give the company increasing confidence in its operating priorities as it enters the most important part of the operating season.

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