Six Flags Entertainment NYSE: FUN reported higher same-park attendance, revenue and adjusted EBITDA in the second quarter of 2026, as the amusement park operator cited growth in season-pass visitation, improved operating discipline and progress at previously underperforming parks.
On a same-park basis, which reflects the parks operated throughout the full second quarter of 2026, attendance rose 4% despite 44 fewer operating days than a year earlier. Net revenue increased more than 2%, while adjusted EBITDA climbed 7%. The company’s active pass base expanded 6% entering the peak summer season.
Chief Executive Officer John Reilly said the company has made progress on strategic priorities established earlier in the year, including greater park-level accountability, more targeted marketing, ride-uptime improvements and disciplined capital allocation.
“In the second quarter, stronger local leadership, clearer accountability, focused resources, and improved commercial execution produced higher adjusted EBITDA and better margins” at underperforming parks, Reilly said.
Second-Quarter Financial Performance
Chief Financial Officer Ash Walia said same-park net revenue increased 2% to approximately $864 million. Attendance increased by roughly 449,000 visits, or 4%, driven primarily by season-pass visitation and commercial initiatives.
Per-capita spending declined by less than 1%, which Walia attributed to a greater share of visits from season-pass and membership holders rather than weaker pricing. He said like-for-like pricing increased across admissions products and guest spending remained healthy in food and beverage, extra-charge attractions and other in-park experiences.
Same-park adjusted EBITDA increased approximately 7% to $249 million. Walia said the company maintained cost discipline despite a largely fixed or semi-fixed expense structure that includes labor, maintenance, utilities, insurance and overhead.
Excluding the seven parks sold in its portfolio transaction and one park closed after the 2025 season, Six Flags said first-half adjusted EBITDA rose about 63%, or $56 million. Trailing 12-month adjusted EBITDA totaled $801 million, compared with $745 million for full-year 2025.
The company ended the quarter with approximately $135 million in cash, total liquidity of about $837 million and net debt of approximately $4.9 billion. Walia said deferred revenue increased on a current-operating-portfolio basis, reflecting membership growth and advance sales.
Passes, Memberships and Guest Spending
Reilly said season-pass sales increased during the quarter, membership participation expanded and demand for higher-tier products remained strong. Both single-day tickets and combined season-pass and membership products produced higher average prices, according to the company.
Six Flags expanded its membership offering to six additional parks in June. Cross-park visitation also grew as guests used multi-park products to visit more locations. Reilly said passholders visit about four times per year on average, creating repeat opportunities for food, beverages, merchandise, parking, games and premium experiences.
The company plans to launch its 2027 passes on Aug. 7 with a best-price guarantee, enhanced benefits and flexible dining-plan options. Reilly said early results at parks where new dining products were tested showed double-digit growth in attachment rates, though he described those returns as early.
Management also highlighted potential to build in-park revenue through Fast Lane queue products, refreshed beverage concepts and improved Halloween-event upsells. Six Flags plans to add food-and-beverage events across its portfolio next year, pointing to Knott’s Berry Farm’s Boysenberry Festival as an internal example of an event that drives visitation, per-capita spending and pass renewals.
Second-Half Outlook and Seasonal Events
Six Flags expects adjusted EBITDA to grow year over year in the second half of 2026, including both the third and fourth quarters, although Reilly said the opportunity for growth is greater in the fourth quarter.
The company cited two early third-quarter headwinds: the July 4 holiday falling on a Saturday rather than a Friday in the prior year, and wildfire-related air-quality disruptions that affected parks from the Great Lakes region through Virginia and caused some closures. Still, Reilly said the company recorded its highest summer attendance day in five years on a same-park combined basis on a July day unaffected by those disruptions.
Six Flags plans 2,133 operating days in the third quarter, 66 more than a year earlier, primarily due to the timing of Labor Day and an additional week of summer operations at several Northern and Midwestern parks. Management said it expects modest growth in cash costs during the balance of the year.
Fourth-quarter demand drivers are expected to include the company’s Halloween programming, which management said will feature 448 Halloween-themed experiences, 107 haunted mazes and 11 new horror-franchise attractions. Six Flags also plans to restore Holiday in the Park at Six Flags Over Georgia and Six Flags Great Adventure, where the event was not offered in 2025.
Capital Plans, Portfolio and Leverage
The company is investing in new and refreshed attractions, including Tormenta Rampaging Run at Six Flags Over Texas, Phantom Theater at Kings Island, Looney Tunes Land at Magic Mountain and Shoreline Pier at Six Flags Great Adventure. Its 2027 attraction pipeline includes projects at Great Adventure, Fiesta Texas, Carowinds and Six Flags Over Georgia, as well as Camp Timber Trail at Six Flags Great America in Chicago.
Reilly said Six Flags expects capital expenditures to be in a range of $400 million to $425 million over time and remains focused on reducing net leverage toward a long-term target of about four times EBITDA. He said the company has liquidity to manage upcoming Georgia-related payments.
The company does not expect additional changes to its park portfolio this year. Reilly said management will continue to evaluate opportunities to create shareholder value, but said there are no current plans for further divestitures. He reiterated that proceeds from asset sales would be used to repay debt.
Six Flags has a signed purchase agreement for land at the former park site in Bowie, Maryland, though Reilly said a closing could occur in late 2027 or early 2028 as the buyer completes due diligence. The company is also evaluating bids and interest for excess land in Richmond, Virginia.
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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