Key Highlights

  • Net revenues fell 7% to $865 million on a reported basis.
  • Net loss attributable to Six Flags widened to $203 million from $100 million.
  • Same-Park attendance rose 4%, while reported attendance fell 7%.
  • Shares closed at $10.20, down $1.72, or 14%, at Tuesday's close.

Six Flags Entertainment Corporation (NYSE:FUN)'s second quarter combined higher same-park attendance and Adjusted EBITDA with a wider net loss on a reported basis, as the comparison reflected the absence of seven parks sold to EPR Properties and a water park whose operations were discontinued. President and Chief Executive Officer John Reilly said the company's more focused operating portfolio generated higher attendance, net revenues and Adjusted EBITDA.

FUN is North America's largest regional amusement-resort operator, with 20 amusement parks, 14 water parks and nine resort properties across 13 states in the U.S., Canada and Mexico, and also manages a park in Saudi Arabia. The company's active pass base increased 6% on a Same-Park Basis compared with a year earlier, which management said provides greater visibility into demand.

The company said it expanded its membership model to six additional parks in June 2026, and that season-to-date pass sales increased 7% on a Same-Park Basis.

Second quarter 2026 compared with the prior-year quarter

On a reported basis, net revenues were $865 million, down 7% from $930 million, reflecting the sale or closure of eight parks no longer in the operating portfolio. On a Same-Park Basis, net revenues rose 2.4% to $864 million from $844 million, which the company attributed to 4% higher attendance, including a 10% increase in season-pass visitation, partly offset by lower admissions Per Capita spending and approximately 3% fewer operating days.

Net loss attributable to Six Flags Entertainment Corporation was $202.6 million on a reported basis, against $99.6 million a year earlier; on a Same-Park Basis, the net loss was $194.4 million against $86.6 million. Adjusted EBITDA was $243.1 million on a reported basis, essentially flat with $242.6 million, and $248.9 million on a Same-Park Basis, up from $233.0 million.

Cash and cash equivalents were $134.5 million at June 28, 2026. Net Debt was approximately $4.9 billion. Total Liquidity was $837 million, including $703 million available under the company's revolving Credit facility.

Management outlook and stated risks

Management said it is strengthening park-level accountability, sharpening commercial execution and maintaining a disciplined approach to Capital allocation. Reilly said that with the divestiture of seven non-core parks complete, the company is focusing resources on parks with the highest returns, which it said is building a stronger operating company with greater long-term Earnings potential.

The company said reducing Leverage remains an essential financial priority, and that it continued to reduce borrowings under its revolving credit Facility during the first six months of 2026.

Investment Takeaway

Management tied its forward plans to continued growth in its season pass and membership programs, including expanded regional and all-park access products, as the company enters what it called the most important part of its operating season. The company said it introduced several major thrill rides, attractions and entertainment offerings during the quarter intended to support visitation.