Six Flags Entertainment NYSE: FUN reported improved first-quarter 2026 operating trends, with management pointing to higher attendance, stronger guest spending and tighter cost controls, while also cautioning investors not to extrapolate the seasonally small quarter across the full year.
On the company’s earnings call, President and Chief Executive Officer John Reilly said first-quarter results benefited from the earlier timing of Easter and spring break, as well as more normalized operations in California compared with disruptions in the prior year. Still, he said the quarter also reflected progress from initiatives put in place over the past year, including ticketing platform integration, digital enhancements and operational improvements across the park portfolio.
Dave Hoffman, Six Flags’ chief accounting officer and interim finance lead, said attendance rose 4% from the prior year, per capita spending increased 6% and net revenue grew 12%. Adjusted EBITDA improved by $48 million year over year, helped by demand, guest spending and cost discipline. Hoffman said admissions per capita increased 3%, while in-park product per capita spending rose 10%.
Management Changes Announced
Reilly opened the call by addressing leadership changes announced by the company, saying Six Flags made “targeted adjustments” across senior leadership in finance, administration and marketing to better align the organization with its strategic priorities.
Brian Witherow, chief financial officer, is departing after more than 31 years with Six Flags and predecessor company Cedar Fair. Witherow said on the call that it had been an honor to serve as CFO and to help execute transactions including what he described as “the most important merger in our industry.” Hoffman will temporarily lead the finance organization.
Reilly said he has worked with the team since becoming CEO to strengthen the company’s strategic and financial position through actions including non-core asset sales, monetization of excess land and balance sheet refinancing.
Pass Products and Revenue Management Drive Results
Management highlighted pricing and revenue management as major areas of focus. Reilly said the company has embedded pricing and revenue management expertise into the organization and redesigned consumer-facing digital platforms to better guide guests toward products that fit their needs. He said Six Flags saw higher conversion rates, improved capture and increased migration toward higher-value season pass products in the first quarter.
A key product change for 2026 is the introduction of regional access benefits across select pass tiers. Reilly said the regional pass offering is gaining traction, with guests showing a preference for flexibility and broader access. He said the offering is driving upgrades and increased cross-park visitation.
In response to analyst questions, Reilly said much of the pricing lift is coming from guests trading up to higher pass tiers or moving into membership products, rather than simple increases in pass prices. He said the Gold Pass, which includes regional access, has been an important driver, citing examples such as guests in San Antonio using passes to visit Six Flags Over Texas, or Knott’s Berry Farm passholders visiting Six Flags Magic Mountain.
Cost Control, Portfolio Focus and Capital Allocation
Six Flags said operating costs were down meaningfully year over year in the first quarter. Reilly said the company is pursuing a cost and efficiency program that includes organizational changes in corporate offices in Charlotte and Arlington, while increasing resources at the park level. He said the company also sees “considerable opportunity” in procurement and has engaged with its top 75 vendors, while beginning outreach to the next 400 vendors.
Reilly said Six Flags finished 2025 with a 27% EBITDA margin, which he said management does not accept as sufficient given the company’s scale. He did not provide a specific target but said other regional operators have demonstrated margins in the 30%-plus range.
The company has also reintroduced park presidents at its largest parks to improve accountability, speed decision-making and increase consistency. Reilly said most of those appointments were internal promotions, though some leaders rejoined the company or came from competitors.
On the portfolio, Reilly said Six Flags has completed the sale of six closed U.S. parks and expects to close the Montreal sale in the second quarter. He said the company has “no other plans in 2026” for additional park sales or closures, emphasizing that customers buying passes should view the current portfolio as set for the season. However, he said Six Flags is seeing the benefits of focusing on higher-yield parks and would remain flexible in the future.
Hoffman said Six Flags still expects 2026 capital expenditures of $425 million to $450 million, cash interest of $300 million to $320 million and cash taxes of roughly $25 million to $30 million before considering a significant income tax refund claimed on the company’s most recent tax return. Reilly said capital that would have gone to divested parks can be reallocated toward higher-return properties.
Seasonality and Outlook Commentary
Management repeatedly noted that the first quarter is a small and seasonally limited period for the company, with only a subset of parks open, including locations in California, Mexico and Texas. Hoffman said the quarter typically represents about 6% to 8% of full-year attendance and revenue, and that the company usually operates at a loss in the first quarter because most seasonal parks are closed.
Hoffman said Six Flags is not providing formal earnings guidance or long-term targets at this time. Instead, he said the company will focus investor communication on demand trends, per capita spending, cost discipline, liquidity and capital structure.
On operating days, Hoffman said the company reduced its calendar by 24 days in the first quarter, expects to remove another 16 days in the second quarter and add 60 days over the balance of the year, for a planned net increase of 20 operating days. He said the plan remains subject to change.
Reilly said May and June are key selling periods for season pass and membership products. He also said the company is mindful of comparisons tied to last year’s marketing activity, promotional cadence and early cost synergy benefits. He noted that maintenance spending may be a pressure point in the second quarter as Six Flags invests to improve ride uptime and availability.
New Attractions and Entertainment Offerings
Looking ahead to the peak season, Reilly highlighted several 2026 capital projects and entertainment initiatives. These include Tormenta, described by the company as the world’s tallest dive coaster, at Six Flags Over Texas; the return of MonteZOOMa at Knott’s Berry Farm; the first phase of a new boardwalk area at Six Flags Great Adventure in New Jersey; and Looney Tunes Land at Six Flags Magic Mountain.
At Kings Island, Six Flags is adding the Phantom Theater experience, which Reilly said blends immersive storytelling, animatronics and multi-sensory effects. The company also plans expanded entertainment at three parks, including summertime shows at Kings Dominion and the return of Holiday in the Park at Six Flags Great Adventure and Six Flags Over Georgia.
Reilly said these offerings are intended to broaden the company’s audience, attract guests beyond the traditional operating season and reinforce the value of season pass and membership programs.
On broader consumer trends, Reilly said Six Flags is focused on internal execution rather than attributing performance to external factors. He said the company will monitor the environment and remain agile, but sees its near-term opportunity in demand generation, pricing, product design and park-level execution.
About Six Flags Entertainment NYSE: FUN
Six Flags Entertainment Corporation is a publicly traded regional theme park operator based in Arlington, Texas. The company develops, owns and operates amusement and water parks, offering a diverse portfolio of thrill rides, family attractions, live entertainment, food and beverage offerings, and retail merchandise. Its main revenue streams include single-day tickets, season passes, on-site accommodations, in-park retail sales, and food and beverage services.
Founded in 1961 by Angus G.
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