Posted
From the press release:
Six Flags Entertainment Corporation (NYSE: FUN), the largest regional amusement park operator in North America, today announced its results for the first quarter ended March 29, 2026.
First Quarter 2026 Results
As compared to the first quarter of 2025:
- Net revenues increased 12% to $225.6 million.
- Attendance increased 4% to 2.9 million visits.
- Per capita spending(1) increased 6% to $69.26, reflecting effective ticket pricing initiatives, improved ticket mix, and higher guest spending on food and beverage.
- Net loss attributable to Six Flags Entertainment Corporation totaled $269 million, as compared to a loss of $220 million.
- Adjusted EBITDA(2)loss for the quarter was $123 million, a $48 million improvement from $171 million.
- Operating days totaled 369, a decrease from 393 operating days.
CEO Commentary
“We delivered meaningful year-over-year improvement in the first quarter driven by higher attendance, increased guest spending, and disciplined execution,” said John Reilly, Six Flags President and CEO. “Despite the seasonally low first quarter operating profile of our business, these results demonstrate the resiliency of our operating model and the progress we are making executing against our strategic priorities. Although it is still early in the season, demand trends in the second quarter are encouraging. We are seeing positive early response to changes in our season pass and membership offerings, including expanded regional access to more parks on certain products, which we believe are supporting increased guest engagement and a more favorable product mix.”
Reilly continued, “Our objective for 2026 is to capitalize on our learnings and the improvements we have implemented over the past year to build on our momentum and progress. We have positioned our parks well to capture peak season demand through new entertainment offerings and a relentless focus on operational excellence to improve the guest experience. We remain mindful of broader macroeconomic factors, the narrow operating windows that shape our business, weather and holiday timing variability, and the potential for a more promotional environment in season pass and membership sales to create pressure on admissions yield and mix. We also recognize that rebuilding and sustaining the active pass base will remain important as we move through the balance of the selling season.
Reilly concluded, “Even with the encouraging start to the year, our most important operating periods are ahead. We are excited to build on our momentum, particularly as we enter the 2026 summer season.”
Summarized First Quarter Results
Please note: Six Flags typically operates at a Net Loss and Adjusted EBITDA loss in the first quarter because most of its seasonal parks are closed.
During the first quarter of 2026, the Company entertained approximately 2.9 million guests, and generated net revenues of $225.6 million, a net loss of $268.6 million, and an Adjusted EBITDA loss of $123.0 million. Attendance for the first quarter increased by approximately 105,000 guests, or 4%, compared to the first quarter of 2025, despite 24 fewer operating days. The decrease in operating days was driven in large part by the removal of four winter holiday events in 2025, which resulted in 15 fewer days in early January of 2026 compared to January of 2025. Excluding the contribution of the incremental days in January of 2025, attendance in the first quarter of 2026 would have been up 7% compared to the prior year quarter. In year-over-year comparisons, 2026 first quarter attendance benefited from favorable operating conditions, particularly on the West Coast, a larger active pass base, the earlier timing of this year’s Easter and Spring Break holidays, and the earlier timing of the Knott’s Berry Farm Boysenberry Festival.
The $23.6 million increase in net revenues, compared with the first quarter of 2025, was the result of solid growth in attendance, as well as improved per capita spending and higher out-of-park revenues. The increase in per capita spending reflects a 3% increase in admissions per capita spending and a 10% improvement in in-park product per capita spending. The increase in admissions per capita spending in the quarter reflects the positive impact of changes in pricing and product structure, as well as a favorable shift in ticket sales to higher priced products. The Company also saw encouraging early response to updates in its pass and membership offerings, which contributed to a more favorable season pass product mix during the quarter. The increase in in-park product per capita spending was driven by higher guest spending on food and beverage items and merchandise during the first quarter this year. The higher guest spending in these areas reflects the success of the Company’s continued investments to expand and upgrade its food and beverage offerings and its retail centers across the parks.
Operating costs and expenses in the first quarter of 2026 decreased $50.4 million, or 12%, compared to the first quarter last year, reflecting an increased focus on delivering more cost efficiencies. A $32.6 million decrease in first quarter operating expenses was driven by planned reductions in full-time wages (down $15.2 million), maintenance costs (down $9.5 million), and operating supplies (down $8.2 million). A $17.5 million decrease in first quarter SG&A expenses was driven primarily by planned reductions in full-time headcount and wages.
Balance Sheet and Liquidity Highlights
As of Mar. 29, 2026, the Company reported the following:
Deferred revenues, including amounts classified as held for sale, totaled $381 million compared with $374 million on Mar. 30, 2025. The 2% increase in deferred revenues was largely attributable to higher season pass and membership sales, as well as higher advanced single day sales and increased deposits on group events and catering.
Total Liquidity was $462 million, including cash and available borrowings under the Company’s revolving credit facility, compared to total liquidity of $241 million as of Mar. 30, 2025.
Net debt(3) totaled $5.27 billion, calculated as total debt of $5.39 billion (before debt issuance costs and acquisition fair value layers) less cash and cash equivalents of $117 million.
April Update
Results through the end of April, which normalizes for the timing shift between years of the Easter and Spring Break holidays, were solid. Through May 3, 2026, the Company entertained 5.7 million guests over 694 operating days on a year-to-date basis. This represents a 4% increase in attendance on a same-park basis compared to 5.4 million guests entertained over 722 operating days during the comparable year-to-date period in 2025.
During the month of April, sales of season passes and memberships were also solid and in line with expectations. The Company was encouraged by early response to enhancements in its pass and membership offerings, including expanded benefits and access to more parks for certain products. As of May 3, 2026, the Company’s active pass base totaled approximately 5 million units, up 6% on a same-park basis compared to the same time last year.