The Q1 results show operational improvement (revenue +12%, EBITDA loss narrowing) but the net loss widened and debt remains high. The early-season metrics (pass base +6%, attendance +4% through April) are encouraging for peak summer months. Monitor the upcoming Q2 results for confirmation of the trend and any updates on the park sale proceeds and debt reduction progress.
Price Chart
Executive Summary
Six Flags reported Q1 2026 results with net revenue of $225.6M (+12% YoY) and a net loss of $268.6M (wider than the $219.7M loss in Q1 2025). The Adjusted EBITDA loss improved to $123M from $171M, and early-season metrics showed attendance up 4% and the active pass base up 6% through April, but the company remains deeply unprofitable with $5.27B in net debt.
Key Financial Metrics
Key Facts
- Net revenues increased 12% YoY to $225.6M in Q1 2026
- Net loss widened to $268.6M from $219.7M in Q1 2025
- Adjusted EBITDA loss improved to $123M from $171M YoY
- Attendance up 4% to 2.9M visits; per capita spending up 6% to $69.26
- Active pass base up 6% through April on a same-park basis
- Net debt of $5.27B as of March 29, 2026
- Total liquidity improved to $462M from $241M a year ago
- Company entered agreements to sell 8 parks to EPR Properties in March 2026
Financial Impact
Q1 is seasonally the smallest quarter; the $48M improvement in Adjusted EBITDA loss is notable but the net loss widened by $49M. The $5.27B debt load remains a significant overhang on a $2.0B market cap.
Risk Factors
- High net debt of $5.27B vs $2.0B market cap creates financial fragility
- Seasonal business with narrow operating windows — weather and macro risks are material
- Net loss widened YoY despite revenue growth, indicating cost structure issues
- Park sales to EPR Properties may signal portfolio rationalization but reduce scale
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001999001-26-000053 |
| Document: fun-20260507.htm | 0001999001-26-000053 |
| Document: 0001999001-26-000053-index-headers.html | 0001999001-26-000053 |
| Document: 0001999001-26-000053-index.html | 0001999001-26-000053 |
| Document: 0001999001-26-000053.txt | 0001999001-26-000053 |
| 8-K Data (Synthetic) | 0001999001-26-000053 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 6, 2026 10w ago | 8-K | $15.75 $15.03 | ▼ −4.57% | ▼ −5.17% | $8.11 (−48.51%) |
Jun 12, 2026 18w ago | Institutional Cluster | $23.44 $19.46 | ▼ −16.98% | ▼ −18.76% | $8.11 (−65.40%) |
Jun 11, 2026 18w ago | Institutional Cluster | $24.39 $18.65 | ▼ −23.53% | ▼ −25.43% | $8.11 (−66.75%) |
May 27, 2026 20w ago | 8-K | $20.30 $22.01 | ▲ +8.42% | ▲ +11.57% | $8.11 (−60.05%) |
May 27, 2026 20w ago | 3 | $20.30 $22.01 | ▲ +8.42% | ▲ +11.57% | $8.11 (−60.05%) |
May 27, 2026 20w ago | 3 | $20.30 $22.01 | ▲ +8.42% | ▲ +11.57% | $8.11 (−60.05%) |
May 20, 2026 21w ago | 8-K | $19.72 $22.81 | ▲ +15.67% | ▲ +15.34% | $8.11 (−58.87%) |
May 12, 2026 22w ago | Insider Cluster | $18.90 $23.14 | ▲ +22.43% | ▲ +24.16% | $8.11 (−57.09%) |
May 7, 2026 23w ago | 8-K | $22.01 $20.72 | ▼ −5.86% | ▼ −5.88% | $8.11 (−63.15%) |
May 7, 2026 23w ago | 8-K | $22.76 $20.29 | ▼ −10.85% | ▼ −13.99% | $8.11 (−64.37%) |
US Market Status
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