Six Flags Entertainment (FUN) Q3 2026 earnings summary

Executive summary

• Q3 reported revenue was $1.173B, down 11.0%, while same-park revenue rose 1.4% to $1.157B and same-park Adjusted EBITDA increased 1.1% to $493.2M.

• Q3 net loss was $366.1M, or $3.59 per diluted share, including $687.7M of non-cash impairment charges.

• 9M same-park Adjusted EBITDA grew 10.7%, margin expanded to 28.3%, and free cash flow reached $257.3M; full-year same-park Adjusted EBITDA growth remains expected.

• Quarter-end liquidity was $1.06B, with no revolver borrowings; net leverage was 5.8x.

Financial highlights

• Q3 same-park revenue increased $16.5M to $1.157B; per-capita spending rose 1.3% to $60.51 while attendance declined 0.2% to 18.20M.

• Q3 same-park Adjusted EBITDA increased $5.4M to $493.2M; margin was 42.04% versus 42.17% a year earlier.

• 9M reported revenue declined 7.6% to $2.264B; same-park revenue rose 2.8% to $2.258B and same-park Adjusted EBITDA increased $61.8M to $639.5M.

• 9M reported Adjusted EBITDA declined 2.1% to $613.2M; reported net loss was $837.3M, including $726.3M of non-cash impairments.

Outlook and guidance

• Q4 same-park Adjusted EBITDA is expected at $140M-$150M versus $166.9M in Q4 2025; FY 2026 same-park Adjusted EBITDA is estimated at $780M-$790M versus $744.6M in 2025.

• FY 2026 capital expenditure guidance was reduced to $350M-$375M from $400M-$425M due to timing of large ride projects; maintenance, safety and compliance spending remains funded.

• FY gross cost savings are expected at $70M-$80M; the active pass base entering 2027 is estimated at ~3.7M, flat to slightly up.

• Q4 includes about 60 more operating days YoY, mainly from Holiday in the Park winter events.