Six Flags Q3 2026 Earnings: Same-Park Revenue Rises Despite 11% Reported Decline

Six Flags Entertainment (NYSE: FUN) reported Q3 2026 net revenue of $1.17 billion, down 11.0% from $1.32 billion a year earlier, while diluted loss per share narrowed to $3.59 from $11.77. The revenue decline largely reflected eight parks that are no longer operated, as same-park revenue rose 1.4% and same-park Adjusted EBITDA increased 1.1%. The GAAP loss included $687.7 million of non-cash impairment charges.

Core Earnings Data

For the quarter ended September 27, reported comparisons were significantly affected by the seven parks sold before the 2026 operating season and one park closed after 2025. The prior-year quarter included results from all eight properties.

The substantial narrowing of the GAAP loss mainly reflected the reduction in non-cash impairment charges from $1.52 billion to $687.7 million. Adjusted EBITDA, which excludes impairments and other specified items, declined on a reported basis because of the smaller park portfolio.

Adjusted EBITDA is a non-GAAP measure. The operating loss, net loss and diluted loss per share are GAAP results.

Portfolio Changes Drove the Reported Decline, Not the Current Park Base

Results from parks operated in both periods were more stable than the reported figures. Same-park revenue increased as higher guest spending, $2.4 million of additional out-of-park revenue and 54 more operating days offset a slight attendance decline.

Admissions spending per guest increased 1.7% to $32.07, while in-park product spending rose 0.7% to $28.44. Realized pricing and fewer complimentary tickets contributed to the gains.

Season-pass and membership visits increased, but lower single-day attendance and fewer complimentary admissions offset that growth. Six Flags also cited the Saturday timing of July 4 and wildfire-related air-quality disruptions at certain parks. The active pass base reached 7.1 million at quarter-end, up approximately 469,000, or 7.1%, on a same-park basis; passholders and members generated about 61% of same-park attendance.

Profitability, Cash Flow and the Balance Sheet

Same-park operating costs and expenses were nearly unchanged at $676.8 million, compared with $676.3 million a year earlier, despite the additional operating days. Operating expenses increased by $29.4 million because of higher wages and benefits, operating supplies, guest-experience investments and insurance costs. That increase was largely offset by a $27.3 million reduction in selling, general and administrative expenses, including lower equity compensation, severance and technology costs.

Cash generation strengthened during the first nine months of 2026 while capital spending declined. These figures are year-to-date rather than quarterly results.

The revolving credit facility had no outstanding borrowings at quarter-end. Even with the debt reduction, leverage remains significant relative to available cash, and third-quarter net interest expense was $89.6 million.

Earnings Guidance

Six Flags expects fourth-quarter same-park Adjusted EBITDA to fall below the prior-year level after October was weaker than planned. Management attributed the softness to unfavorable weather during several important weekends, the incident at Six Flags Over Georgia and related proactive ride closures.

The company also reduced its 2026 capital expenditure outlook by $50 million at both ends of the range. Management said the reduction reflects the timing of large new-ride projects rather than lower maintenance spending.

The fourth-quarter Adjusted EBITDA outlook has not been reconciled to GAAP net income because the company said uncertain items, including impairments, foreign-exchange effects and asset-sale results, prevent a reconciliation without unreasonable effort.

Risks Investors Need to Watch

• Attendance remains sensitive to weather and operational disruptions. Wildfire-related air quality affected certain parks in Q3, while unfavorable weather and ride closures weighed on October. These factors can reduce visitation during a limited number of high-value operating days.
• Single-day visitation remains under pressure. Higher pass and membership attendance offset lower single-day visits in Q3, but total same-park attendance still declined 0.2%. Continued growth therefore depends partly on attracting day-ticket guests and monetizing the expanding pass base.
• Safety-related closures could affect operations. Following the Six Flags Over Georgia incident, the company began a portfolio-wide ride-safety review with independent engineering and inspection specialists. Additional closures could affect attendance and operating performance.
• Debt and interest costs remain substantial. Six Flags ended the quarter with $4.91 billion of total debt and $4.66 billion of net debt, while quarterly net interest expense was $89.6 million.
• Impairments continue to weigh on GAAP results. The $687.7 million non-cash charge did not directly reduce current-period cash flow, but it remained the principal reason the company reported a sizable net loss.

Summary

Six Flags’ Q3 headline revenue decline primarily reflected the removal of eight parks from its operating portfolio rather than contraction at the parks it still runs. Same-park revenue and Adjusted EBITDA rose modestly as higher spending and additional operating days offset nearly flat attendance, while stronger year-to-date cash flow and lower capital spending supported liquidity. Investors’ next focus points are fourth-quarter attendance, the effects of weather and safety-related closures, conversion of the larger pass base into profitable visits, and continued debt reduction.