Six Flags Entertainment (FUN) Q2 2026 earnings summary

Executive summary

• Achieved 4% year-over-year attendance growth and 2.4% net revenue increase on a Same-Park Basis in Q2 2026, despite 44 fewer operating days and the divestiture of seven non-core parks.

• Adjusted EBITDA rose 7% in Q2 and 63% for the first half on a Same-Park Basis, with reported basis EBITDA flat due to asset sales.

• Active pass base grew 6%, with strong demand for higher-tier products and expanded membership offerings, supporting recurring revenue.

• Strategic focus on guest experience, park-level accountability, targeted marketing segmentation, and commercial execution.

• Leadership team refreshed with new COO, CMO, CFO, and CLO, emphasizing operational and commercial expertise.

Financial highlights

• Q2 Same-Park net revenue reached $864 million, up 2.4% year-over-year; reported net revenue fell 7% to $865 million due to asset sales.

• Same-Park adjusted EBITDA increased 7% to $249 million; reported adjusted EBITDA flat at $243 million.

• Trailing 12-month adjusted EBITDA was $801 million, up from $745 million for full year 2025.

• Per capita spending on a Same-Park Basis declined 1% to $62.88, with admissions per capita at $33.61 and in-park product per capita at $29.27.

• Ended quarter with $135 million in cash, $837 million in liquidity, and $4.88 billion net debt.

Outlook and guidance

• Expect adjusted EBITDA growth year-over-year in the second half of 2026, despite July 4 calendar shift and wildfire disruptions.

• Q3 planned for 2,133 operating days, 66 more than prior year, aided by Labor Day timing.

• Launching 2027 passes with enhanced benefits and flexible dining plans in August.

• Fourth quarter to feature expanded Halloween and Holiday in the Park events, expected to drive demand.

• Long-term goal to achieve mid-30% EBITDA margins and reduce leverage to 4x.