Six Flags Entertainment Corporation — Q3 2026 Earnings Summary

Financial Performance:

• Net revenues were $1.173 billion for the quarter, a 11.0% decrease on a reported basis and a 1.4% increase on a same-park basis compared to the prior-year quarter.
• Net loss attributable to Six Flags was $366.1 million ($3.59 per diluted share), compared to a loss of $1.19 billion ($11.77 per share) in the prior-year quarter; the current quarter included $687.7 million in non-cash impairment charges versus $1.52 billion in the prior year.
• Adjusted EBITDA was $493.2 million, down 11.1% on a reported basis but up 1.1% on a same-park basis.
• Net cash from operating activities for the first nine months increased 36.5% to $498.5 million.
• Total debt was $4.91 billion at quarter-end, a decrease of $275.0 million from December 31, 2025; net debt was $4.66 billion.
• Total deferred revenue was $331.3 million, a decrease of $34.0 million from September 28, 2025.
• For the nine months ended September 27, 2026, net revenues were $2.264 billion (down 7.6% reported, up 2.8% same-park), and Adjusted EBITDA was $613.2 million (down 2.1% reported, up 10.7% same-park).

Guidance and Future Outlook:

• October results were softer than planned due to unfavorable weather and proactive ride closures following an incident at Six Flags Over Georgia.
• Six Flags expects approximately 60 additional operating days in the fourth quarter compared to the prior year, driven by the return of Holiday in the Park winter events.
• Fourth quarter 2026 same-park Adjusted EBITDA is now expected to be between $140 million and $150 million, compared to $167 million in the fourth quarter of 2025.
• Capital expenditures for 2026 are now expected to be between $350.0 million and $375.0 million, reduced from the previous expectation of $400.0 million to $425.0 million due to timing of large new ride projects.
• The company forecasts entering 2027 with approximately 3.7 million active passholders and members on a same-park basis, flat to slightly up low single digits versus the prior year.

Business Segments and Product Lines:

• Attendance was 18.2 million in the third quarter, down 0.2% on a same-park basis; year-to-date attendance was 34.2 million, up 1.5% on a same-park basis.
• Same-park per capita spending increased 1.3% to $60.51 in the third quarter and 1.0% to $62.13 for the first nine months.
• Season pass and membership sales for the first nine months rose 2.8% on a same-park basis with average prices up 2.0%.
• The active pass base was 7.1 million at September 27, 2026, up 7.1% on a same-park basis; passholders comprised 61% of same-park attendance in the third quarter.
• Out-of-park revenues increased $2.4 million in the third quarter and $6.0 million for the first nine months, primarily from resorts and one-time revenue events related to international agreements.
• The 2027 pass program launched in early August, two weeks later than the prior year, to reduce overlap and encourage annual purchases.

Market and Competitive Landscape:

• Six Flags is the largest regional amusement park operator in North America, operating 20 amusement parks, 14 water parks, and nine resort properties across 13 U.S. states, Canada, and Mexico, plus one park in Saudi Arabia.
• The company manages a portfolio of intellectual property including Looney Tunes®, DC Comics®, and PEANUTS®.
• The prior-year quarter included eight parks no longer operated in 2026: seven sold to EPR Properties prior to the 2026 season and one in Bowie, Maryland, which closed after the 2025 season.

Risks and Challenges:

• An incident at Six Flags Over Georgia last month led to a comprehensive review of ride safety and cooperation with an ongoing investigation.
• Attendance was impacted by wildfire-related air quality disruptions and the timing of July 4 falling on a Saturday rather than a Friday.
• Operating costs were affected by higher full-time wages, benefits, insurance costs related to claims, and costs for operating supplies tied to guest experience investments.
• Forward-looking statements note risks including adverse weather, general economic conditions, competition for leisure time, accidents at parks, construction delays, and legislative or regulatory changes.

Management Commentary and Tone:

• CEO John Reilly stated that safety remains the highest priority and expressed confidence in the company's strategy to drive profitable growth and long-term value.
• Management highlighted double-digit growth in Adjusted EBITDA on a same-park basis for the first nine months, attributing it to improved execution, operational strength, and effective cost management.
• Management noted momentum in regional pass offerings driving incremental visitation and deeper guest engagement across the multi-park network.

Other Key Points:

• Liquidity at quarter-end was $1.06 billion, including $792.8 million available under the revolving credit facility with no borrowings outstanding.
• Capital expenditures for the first nine months were $241.2 million, down from $408.1 million in the prior-year period.
• Cash and cash equivalents were $267.9 million at September 27, 2026.
• The 2027 pass program launch timing change is expected to result in two fewer weeks of selling compared to the prior year's program at the same point in time.