CHARLOTTE, N.C. – On the surface, Wall Street’s punishment of Six Flags stock, down $2.93 or 15.63% at Noon Thursday looks perfectly reasonable. Revenues, earnings, attendance – all down in the second quarter of 2026 compared to 2025.
But wait a minute. Six Flags Entertainment Corporation, the parent of Dorney Park and Wild Water Kingdom, and the largest regional amusement park operator in North America, divested seven non-core parks in 2026’s second quarter yet that quarter’s results are being compared to 2025 when the company was seven parks bigger. Of course, the results would look worse.
However, when you examine the second quarter results on a “same park” basis, revenue and attendance improved. The company’s restructuring efforts appear to be working. Management has a plan.
CEO Commentary
“Our second quarter and first-half results reflect meaningful progress advancing the strategic priorities we established at the beginning of the year to strengthen the business,” said John Reilly, Six Flags President and CEO in a statement.
“Our more focused operating portfolio generated higher attendance, net revenues and adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization), demonstrating that our portfolio actions and performance improvement initiatives are delivering improved financial results.”
Reilly also noted season pass and membership sales increased and its active pass base expanded during the second quarter, reinforcing his conviction that Six Flags is taking the right steps to build a stronger, more predictable business as it enters the most important part of its operating season.
“Our commercial strategy – designed to build a larger, more engaged guest community and create greater long-term value from each guest relationship, demonstrated its effectiveness by delivering tangible results in the second quarter,” Reilly continued. “Guests continue to respond favorably to our flexible, benefit-rich season pass and membership offerings, with season-to-date pass sales increasing 7% and our active pass base growing 6% on a Same-Park Basis.”
Reilly noted Six Flags is also seeing encouraging demand for higher-tier passes and its expanded membership offerings, reflecting the value guests place on greater access and flexibility. Together, he said, these initiatives strengthen recurring revenue, enhance visibility into future demand, and support stronger attendance and financial performance over time.
“We are strengthening park-level accountability, sharpening commercial execution, and maintaining a disciplined approach to capital allocation,” Reilly added. “With the divestiture of seven non-core parks complete, we are focusing our resources on parks with the highest returns. These actions are building a stronger operating company with greater long-term earnings potential. While important work remains, the second quarter results and leading indicators give us increasing confidence in the operating priorities we have established.”
Summarized Second Quarter 2026 Results
Six Flags noted the discussion below compares the performance of the Company’s current operating portfolio, which excludes the results of the parks sold and closed. Management declared it believes Same-Park Basis information is meaningful to help evaluate operating performance related only to the portfolio of parks that were owned and operated by Six Flags during the comparable periods.
Net revenues.
Six Flags reported on a Same-Park Basis, the company’s parks generated net revenues of $864 million, an increase of $20 million, or 2.4%, compared with $844 million in the second quarter of 2025. The increase in Same-Park Basis net revenues was driven primarily by 4% higher attendance, including a 10% increase in season-pass visitation, and continued strength in food and extra-charge spending per visit.
Attendance and operating days.
Attendance on a Reported Basis decreased 1.1 million visits, or 7%, Six Flags noted, compared with the second quarter of 2025. Attendance on a Same-Park Basis increased 449,000 visits, or 4%, compared with the second quarter of 2025. Attendance growth on a Same-Park basis was supported primarily by increased season pass visitation, reflecting continued strength in the company’s season pass and membership programs across the portfolio. Also, Six Flags claimed operating days for the current operating portfolio totaled 1,615, compared with 1,659 operating days for the same parks in the prior-year period.
Per capita spending.
Six Flags said per capita spending on a Same-Park Basis was $62.88, a decline of $0.50, or 1%, compared with $63.38 in the prior-year period. The modest decline in per capita spending on a Same-Park Basis primarily reflected lower admissions per capita spending associated with expanded season pass benefits and increased cross-park visitation, partially offset by continued strength in guest spending on food, extra-charge attractions and other in-park offerings.
The company remarked paid admission pricing remained stable year over year, while guests continued to trade up to higher-tier season pass products that provide greater access and flexibility.
Management said it believes its initiatives support higher attendance and increased long-term earnings potential despite modest pressure on admissions per capita spending.
Operating costs and expenses.
Operating costs and expenses remained well controlled despite higher attendance and guest activity during the quarter. On a Same-Park Basis, Six Flags reported, operating expenses increased by only $1 million compared with the prior-year period, as higher maintenance activity, as well as smaller increases in credit card fees, live entertainment costs and utility expenses, were largely offset by lower full-time wage expense and related benefits.
Selling, general and administrative expense on a Same-Park Basis also remained well controlled, the company said, increasing only $3 million while continuing to support the company’s commercial initiatives and operating priorities.
Adjusted EBITDA.
On a Same-Park Basis, the company’s parks generated Adjusted EBITDA of $249 million, an increase of $16 million, or 7%, compared with $233 million in the second quarter of 2025. Six Flags claimed the improvement demonstrates stronger performance from the current operating portfolio.
Season Pass, Membership and Active Pass Base Progress
During the second quarter, the company noted it continued to build momentum in its season pass and membership programs, supported by a more differentiated product architecture, expanded regional and all-park access available with certain products, improved marketing execution, and a more coordinated approach to guest acquisition and retention.
It claimed the active pass base increased 6% compared with the same time last year on a Same-Park Basis. Management views the number of guests eligible to visit the parks as an important leading indicator of attendance and a source of greater visibility into demand during the balance of the season.
The sales mix continued to shift toward higher-tier pass products, reflecting guest response to the added access and enhanced benefits available with those offerings. The mix improvement supports higher-value guest relationships without relying solely on lower headline pricing, the company said.
Also, Six Flags indicated membership participation continued to expand during the quarter. Member counts beyond their initial 12-month term exceeded the prior-year level at a higher average price, and the company expanded its membership model to six additional parks in June 2026.
The company reported it also introduced several major thrill rides, attractions and entertainment offerings during the quarter. These investments are designed to strengthen the guest proposition, support visitation and improve the return generated by the company’s established park base.
Balance Sheet and Liquidity Highlights
Six Flags remarked it continued to strengthen its balance sheet during the first six months of 2026 through improved operating cash flow, disciplined capital spending, and the use of proceeds from previously announced portfolio transactions to reduce outstanding borrowings. The company also reduced borrowings under its revolving credit facility and maintained substantial available capacity at quarter-end. The company said reducing leverage remains an essential financial priority.
According to Six Flags, net debt) totaled $4.9 billion, calculated as total debt of $5.0 billion (before debt issuance costs and acquisition fair value layers) less cash and cash equivalents of $135 million.
About Six Flags Entertainment Corporation
Six Flags Entertainment Corporation (NYSE: FUN) is North America’s largest regional amusement-resort operator with 27 amusement parks, 15 water parks and nine resort properties across 17 states in the U.S., Canada and Mexico.