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Six Flags Entertainment (FUN) investor relations material
Six Flags Entertainment Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Leadership changes included a new interim finance lead, new Chief Marketing Officer, and reintroduction of park presidents at major parks to align with strategic priorities.
Strategic actions included the sale of seven parks for $331.4 million, closure of the Bowie, Maryland park, and monetization of excess land to sharpen focus on higher-yield properties.
Net revenues for Q1 2026 rose 12% year-over-year to $225.6 million, driven by a 4% increase in attendance and 6% growth in per capita spending.
Adjusted EBITDA loss improved by $48 million to $123 million, reflecting higher revenues and disciplined cost management.
Integration of ticketing platforms, digital enhancements, and operational improvements led to higher conversion rates and increased migration to higher-value Season Pass products.
Financial highlights
Net revenues: $225.6 million, up 12% year-over-year; attendance increased 4% to 2.9 million; per capita spending up 6% to $69.26.
Admissions revenue rose to $113.5 million; food, merchandise, and games revenue increased to $78.3 million.
In-park product per capita spending up 10% to $30.44; admissions per capita up 3% to $38.82.
Operating costs and expenses decreased by $50.4 million (12%) due to cost efficiencies.
Adjusted EBITDA loss improved to $123 million from $171 million year-over-year.
Outlook and guidance
No formal earnings guidance or long-term targets provided; focus remains on execution, demand, spending, cost discipline, and liquidity.
Capital expenditures expected between $425 million and $450 million in 2026; cash interest $300–$320 million; cash taxes $25–$30 million.
Early Q2 demand trends are encouraging, with continued growth in pass base and guest engagement.
Q1 represents only 6%-8% of full-year attendance and revenues; caution advised against extrapolating Q1 results.
Management expects new attractions and expanded entertainment offerings to drive demand in the core operating season.
- Proxy details director elections, auditor ratification, and performance-based executive pay post-merger.FUN
Proxy filing18 May 2026 - Q3 2025 net loss hit $1.2B on a $1.5B impairment, with revenue down 2% to $1.32B.FUN
Q3 202518 May 2026 - Board recommends approval of director elections, auditor, and executive pay amid major leadership changes.FUN
Proxy filing18 May 2026 - Margin expansion and operational discipline drive 2026 outlook despite lower attendance.FUN
Q4 202519 Feb 2026 - Targets $3.8B revenue, 58M attendance, 40% margins, and $180M cost savings by 2028.FUN
Investor Day 20253 Feb 2026 - Record Q2 for Cedar Fair, Six Flags net income up, merger integration and synergy targets on track.FUN
Q2 20242 Feb 2026 - Q3 revenues surged post-merger, but net income fell; $800M+ free cash flow targeted by 2027.FUN
Q3 202416 Jan 2026 - Q4 net revenues up 85%, 2025 Adjusted EBITDA guidance at $1.08–$1.12B, strong demand.FUN
Q4 202429 Dec 2025 - H1 2025 revenue up 68%, but weather and costs drove a $319M net loss; July demand rebounded.FUN
Q2 202523 Nov 2025
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