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Executive Summary

Six Flags reported Q2 2026 results with a Same-Park Basis net revenue increase of 2.4% to $864M and Adjusted EBITDA up 7% to $249M, driven by 4% higher attendance and a 6% active pass base expansion. However, on a Reported Basis, net revenues fell 7% to $865M due to the divestiture of eight parks, and the GAAP net loss widened to $203M from $100M, reflecting $157M in tax provisions and $108M in depreciation. The core portfolio is improving operationally, but the headline GAAP loss and high leverage ($4.9B net debt) remain concerns.

Key Financial Metrics

Key Facts

• Same-Park Basis net revenues increased 2.4% to $864M, with Adjusted EBITDA up 7% to $249M.
• Reported Basis net revenues declined 7% to $865M due to the sale/closure of eight parks.
• GAAP net loss attributable to Six Flags was $203M, widening from a $100M loss in Q2 2025.
• Attendance on a Same-Park Basis grew 4% to 13.1M visits; active pass base increased 6%.
• Net debt totaled $4.9B, with total liquidity of $837M including $703M available on the revolver.
• The company reduced borrowings under its revolving credit facility and maintained substantial available capacity.

Financial Impact

Same-Park Basis revenue +$20M YoY; Adjusted EBITDA +$16M YoY; GAAP net loss -$103M YoY

Risk Factors

• High net debt of $4.9B limits financial flexibility.
• GAAP net loss widened significantly due to non-cash charges and tax provisions.
• Per capita spending on a Same-Park Basis declined 1%, pressured by expanded season pass benefits.

Market Snapshot

Investment Themes

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

US Market Status