The headline result missed the market’s revenue bar. Published pre-release consensus was roughly $945 million of quarterly revenue; Six Flags reported $864.9 million, an approximately 8% shortfall. The reported comparison is distorted by the sale and closure of eight parks, but the market’s headline estimate still sets a demanding benchmark. (Financial Highlights)
| Metric | Q2 2026 reported | Q2 2025 reported | Same-park change | External expectation |
|---|---|---|---|---|
| Net revenue | $864.9M | $930.4M | +2.4% | ~$945.1M |
| Adjusted EBITDA | $243.1M | $242.6M | +7.0% | Not provided |
| Attendance | 13.13M | 14.19M | +4% same-park | Not provided |
| Net loss attributable to Six Flags | $(202.6)M | $(99.6)M | Worse | Not provided |
| Per-capita spending | $62.89 | $62.46 | $(0.50) same-park | Not provided |
The continuing park portfolio performed better than the headline suggests. Same-park revenue increased 2.4%, attendance rose 4%, and same-park Adjusted EBITDA climbed 7% to $248.9 million. That is the strongest part of the filing: the retained parks generated more visits and operating profit despite roughly 3% fewer operating days. (Financial Highlights; Net revenues; Attendance and operating days; Adjusted EBITDA)
The improvement came with weaker monetization per guest. Same-park admissions spending fell $0.91 to $33.61, while overall per-capita spending declined $0.50 to $62.88. Food, merchandise and extra-charge spending helped offset the pressure, but the quarter shows Six Flags is trading some admission yield for higher attendance and broader season-pass benefits. (Financial Highlights; Per capita spending)
The balance sheet improved, but leverage remains the central constraint. Revolving borrowings fell to $78.4 million from $356.7 million a year earlier, and total debt declined to $5.0 billion from $5.3 billion. However, net debt was still $4.88 billion, while trailing-twelve-month Adjusted EBITDA fell to $801.0 million from $840.2 million, leaving debt elevated relative to current earnings power. (Balance Sheet; Net debt reconciliation; Adjusted EBITDA reconciliation)
Net read: operationally encouraging, financially below the bar. The same-park EBITDA and attendance gains suggest the post-divestiture portfolio is improving, but the sizable revenue miss, lower admission yield, and substantially larger reported net loss keep the filing from reading as a clean positive. No new full-year numerical guidance was disclosed, so the market is left to decide whether the underlying operating gains can overcome the top-line shortfall. (Income Statement; Adjusted EBITDA reconciliation)
Read the original 8-K on SEC EDGAR ↗