Six Flags Same-Park EBITDA Growth Cools After Second Quarter

The Tip Desk · November 11, 2026 · 4 min read

Same-park Adjusted EBITDA rose 1.1% to $493.2 million as attendance slipped 0.2% and the company now sees fourth-quarter same-park Adjusted EBITDA of $140 million to $150 million.

Six Flags Entertainment Corporation (FUN), the largest regional amusement park operator in North America, reported same-park Adjusted EBITDA of $493.2 million for the third quarter ended September 27, 2026, up 1.1% from a year earlier. That followed a 7% same-park increase in the second quarter.

Same-park net revenues were $1.17 billion, up 1.4% after a 2.4% same-park increase in the second quarter. Reported net revenues were $1.17 billion, down 11.0%, because the year-ago quarter included eight parks the company no longer operates.

Attendance was 18.2 million visits, down 0.2% on a same-park basis, reversing a 4% same-park attendance increase in the second quarter. The company said higher season pass and membership visitation was offset by lower single-day visitation and fewer complimentary tickets. It also cited July 4 falling on a Saturday rather than a Friday and wildfire-related air-quality disruptions at certain parks. Same-park operating days were 2,122, versus 2,068 a year earlier.

Same-park per capita spending rose 1.3% to $60.51, after a 1% same-park decline in the second quarter. Admissions per capita spending rose 1.7% to $32.07 and in-park product per capita spending rose 0.7% to $28.44. The company said realized pricing and fewer complimentary tickets contributed.

Net loss attributable to Six Flags was $366.1 million, or $3.59 a share, compared with a loss of $1.19 billion, or $11.77 a share, a year earlier. The current-year quarter included $687.7 million of non-cash impairment charges; the prior-year quarter included a $1.52 billion non-cash impairment charge.

Same-park operating costs and expenses were $676.8 million, essentially unchanged from $676.3 million a year earlier despite the extra operating days. Same-park operating expenses increased $29.4 million on higher full-time wages and benefits, operating supplies tied to added days, guest-experience investment and insurance costs related to claims incurred. Same-park selling, general and administrative expenses decreased $27.3 million, primarily on lower full-time wages, including equity compensation and severance, and lower technology costs.

President and Chief Executive Officer John Reilly said the company is cooperating with an investigation after an incident at Six Flags Over Georgia and has launched a review of ride safety across the portfolio. He said third-quarter results reflect progress against strategic priorities and that through the first nine months the company delivered double-digit growth in Adjusted EBITDA on a same-park basis.

For the first nine months, same-park net revenues were $2.26 billion, up 2.8%. Same-park Adjusted EBITDA increased 10.7%. Attendance was 34.2 million, up 1.5% on a same-park basis, which the company attributed to a larger active pass base and higher cross-park visitation.

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 versus last year. Passholders and members made up about 61% of same-park third-quarter attendance. Year-to-date same-park pass and membership sales rose 134,000 units, or 2.8%, with average price up 2.0%. Six Flags forecasts to enter 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.

Net cash from operating activities for the first nine months was $498.5 million, up $133.3 million from the prior-year period. Capital expenditures were $241.2 million versus $408.1 million a year earlier. 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, down $275.0 million from December 31, 2025.

The company now expects 2026 capital expenditures of $350.0 million to $375.0 million, compared with a prior expectation of $400.0 million to $425.0 million, citing the timing of large new ride projects rather than maintenance.

October was softer than planned, the company said, on unfavorable weather on several of the biggest weekends early in the month and on the Over Georgia incident and related proactive ride closures. Six Flags now expects about 60 additional operating days in the fourth quarter versus last year, driven mainly by the return of Holiday in the Park winter events. With October results in hand, it now expects fourth-quarter 2026 same-park Adjusted EBITDA of $140 million to $150 million, compared with $167 million in the fourth quarter of 2025.