Six Flags Q3 2026 earnings review
Quarter ended September 27, 2026
For information only, not investment advice. No rating or price target.
Six Flags Q3 2026 earnings review
Six Flags posted a $3.59 loss per share on impairments, while same-park revenue rose 1.4%.
Six Flags Entertainment Corporation (FUN) · Q3 2026 · Published Nov 5, 2026 · By DeepCell AI · Sources
1 · Six Flags (FUN) Q3 2026 earnings review
Six Flags posted a $3.59 loss per share on impairments, while same-park revenue rose 1.4%
- 1.Diluted EPS of ($3.59) missed the Investing.com consensus of $1.98; impairments were $687.7M
- 2.Net revenues fell 11.0% to $1,173.1M after eight parks left the portfolio
- 3.Same-park Adjusted EBITDA rose 1.1% to $493.2M
- 4.Q4 same-park Adjusted EBITDA guidance of $140M–$150M is below $166.9M a year earlier
- 5.Shares traded at $9.25 pre-market on Nov 5, +16.6% vs. the Nov 4 close of $7.93
Note: Pre-market price at 8:35 AM ET Nov 5, not a close.Source: Six Flags Form 8-K, Nov 5, 2026; Investing.com, Nov 5, 2026; Yahoo Finance prices, Nov 5, 2026; analysis of company data
2 · Executive summary
Diluted EPS of ($3.59) missed consensus by $5.57, and revenue was in line
Q3 2026 results vs. consensus
| Metric | Actual | Consensus | Variance | Result |
|---|---|---|---|---|
| Net revenues vs. Investing.com | $1,173.1M | $1,170.0M | $+$3.1M / +0.3% | In line |
| Diluted EPS vs. Investing.com | ($3.59) | $1.98 | -$5.57 | Miss |
Share price, Nov 3 to Nov 5, 2026 (Yahoo Finance)
| Measure | Nov 3 close | Nov 4 close | Nov 5 pre-market | Change vs. Nov 4 |
|---|---|---|---|---|
| Six Flags (NYSE) | $7.46 | $7.93 | $9.25 | +16.6% |
Note: Consensus revenue is rounded to $1.17B. Pre-market is 8:35 AM ET, not a close.Source: Six Flags Form 8-K, Nov 5, 2026; Investing.com, Nov 5, 2026; Yahoo Finance prices, Nov 5, 2026; analysis of company data
3 · Q3 results vs. consensus
Q4 same-park Adjusted EBITDA guidance midpoint is 13.1% below Q4 2025
Q4 2026 same-park Adjusted EBITDA, $M
| Metric | Q4 2025 | Q4 2026 guidance | Midpoint vs. Q4 2025 |
|---|---|---|---|
| Same-park Adjusted EBITDA | $166.9M | $140M–$150M | -13.1% |
2026 capital expenditures, $M
| Metric | Prior | Nov 5 | Midpoint change |
|---|---|---|---|
| Capital expenditures | $400M–$425M | $350M–$375M | -$50.0M |
Other outlook items
| Metric | Company outlook | Driver |
|---|---|---|
| Q4 operating days vs. Q4 2025 | About +60 | Holiday in the Park returns |
| Active passes entering 2027 | About 3.7 million | Flat to slightly up |
Note: No consensus for Q4 same-park Adjusted EBITDA was found from a citable source.Source: Six Flags Form 8-K, Nov 5, 2026; analysis of company data
4 · Guidance
Net revenues fell 11.0%, and Adjusted EBITDA fell 11.1% to $493.2M
- The net loss narrowedQ3 2025 included a $1,518.1M impairment charge.
- Same-park results grewSame-park net revenues rose 1.4%.
- Impairments stayed largeQ3 2026 impairment charges were $687.7M.
Key figures in $M and YoY % for Q3 2026 vs. Q3 2025
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Net revenues | $1,317.8M | $1,173.1M | (11.0%) |
| Adjusted EBITDA | $554.7M | $493.2M | (11.1%) |
| Same-park Adjusted EBITDA | $487.7M | $493.2M | 1.1% |
| Net loss to Six Flags | ($1,187.3M) | ($366.1M) | n.m. |
| Diluted EPS | ($11.77) | ($3.59) | n.m. |
Note: n.m. means not meaningful (losses in both years). Adjusted EBITDA is a company non-GAAP measure.Source: Six Flags Form 8-K, Nov 5, 2026; analysis of company data
5 · Q3 key financials
Admissions revenue fell 12.2%, and food and merchandise revenue fell 11.1%
Net revenues by type
$M unless noted, Q3 2025 vs. Q3 2026
| Revenue type | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Admissions | $664.6M | $583.5M | (12.2%) |
| Food, merchandise and games | $443.1M | $394.0M | (11.1%) |
| Accommodations and other | $210.0M | $195.5M | (6.9%) |
| Net revenues | $1,317.8M | $1,173.1M | (11.0%) |
Reported revenue fell because eight parks sold or closed were in Q3 2025; regional passes drove more visits across parks“Through the first nine months of the year, we delivered double-digit growth in Adjusted EBITDA on a same-park basis.” John Reilly, President and CEO
Note: Accommodations and other includes extra-charge products.Source: Six Flags Form 8-K, Nov 5, 2026; analysis of company data
6 · Revenue by type
Sold and closed parks removed $161.2M of revenue, and same-park revenue rose $16.5M
Note: Sold parks are the seven parks sold to EPR Properties and the Bowie, Maryland park.Source: Six Flags Form 8-K, Nov 5, 2026; analysis of company data
7 · Revenue bridge
Same-park Adjusted EBITDA rose $5.4M, while sold parks removed $67.0M
Note: Adjusted EBITDA is Modified EBITDA less income to non-controlling interests.Source: Six Flags Form 8-K, Nov 5, 2026; analysis of company data
8 · Adjusted EBITDA bridge
The net loss narrowed to $366.1M from $1,187.3M as impairments fell
Note: Steps are YoY changes. Minority is income to non-controlling interests.Source: Six Flags Form 8-K, Nov 5, 2026; analysis of company data
9 · Net loss bridge
Same-park per capita spending rose 1.3%, while attendance fell 0.2%
Note: Per capita spending is in-park revenues over attendance.Source: Six Flags Form 8-K, Nov 5, 2026; analysis of company data
10 · Attendance and spending
Nine-month operating cash flow rose 36.5% to $498.5M
Note: FCF is operating cash flow less capital expenditures.Source: Six Flags Form 8-K, Nov 5, 2026; analysis of company data
11 · Free cash flow
SG&A fell 26.3% to $82.4M, and operating expenses fell 9.3%
Costs and expenses
$M, Q3 2025 vs. Q3 2026
| $M | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Operating expenses | $549.3M | $498.2M | (9.3%) |
| SG&A | $111.8M | $82.4M | (26.3%) |
| Depreciation and amortization | $128.1M | $102.5M | (20.0%) |
| Impairment charges | $1,518.1M | $687.7M | n.m. |
Same-park SG&A fell $27.3M on lower wages and technology costs; same-park operating expenses rose $29.4M
Note: SG&A is selling, general and administrative expenses.Source: Six Flags Form 8-K, Nov 5, 2026; analysis of company data
12 · Costs
Total debt fell $275.0M since Dec 31 to $4,906.1M
Note: Debt includes current maturities. Net debt uses the company definition.Source: Six Flags Form 8-K, Nov 5, 2026; analysis of company data
13 · Balance sheet and debt
October was softer than planned, and Q4 guidance sits below Q4 2025 at $166.9M
Note: These are analytical watch points, not company targets.Source: Six Flags Form 8-K, Nov 5, 2026; analysis of company data
14 · Key risks to guidance
Appendix: same-park operating detail
| Claim | Evidence | Calculation |
|---|---|---|
| Out-of-park revenue rose | Same-park out-of-park revenues 2.5% YoY | Mainly resorts |
| More operating days | Same-park operating days 2.6% YoY | Later Labor Day |
| Admissions per capita rose | Same-park admissions per capita $32.07 | Realized pricing |
| Pass base grew | Active pass base 7.1 million | About 61% of attendance |
Source: Six Flags Form 8-K, Nov 5, 2026; analysis of company data
15 · Appendix: Same-park detail
Appendix: profit and margin detail
| Claim | Evidence | Calculation |
|---|---|---|
| Adjusted EBITDA margin | Adjusted EBITDA margin 42.1% to 42.0% | Adjusted EBITDA over revenue |
| Goodwill and intangibles | Goodwill and intangibles impairment $678.7M | Non-cash |
| Tax benefit | Benefit for taxes $50.6M | Income statement |
| Diluted shares | Diluted shares 101.9 million | Income statement |
Source: Six Flags Form 8-K, Nov 5, 2026; analysis of company data
16 · Appendix: Profit and margins
Appendix: cash and capital detail
| Claim | Evidence | Calculation |
|---|---|---|
| Free cash flow rose | Nine-month FCF $257.3M vs. ($42.9M) | Operating cash flow less capex |
| 2026 capex guidance cut | Now $350M–$375M | Ride project timing |
| Debt reduced | Total debt down $275.0M since Dec 31 | Balance sheet |
| Deferred revenue | Total deferred revenue $331.3M | Later 2027 pass launch |
Source: Six Flags Form 8-K, Nov 5, 2026; analysis of company data
17 · Appendix: Cash and capital
Appendix: fourth-quarter outlook drivers
| Claim | Evidence | Calculation |
|---|---|---|
| Softer than planned | Weather on big early-October weekends | Earnings release |
| Georgia incident | Proactive ride closures and a portfolio review | Earnings release |
| About 60 more Q4 operating days | Return of Holiday in the Park events | Earnings release |
| About 3.7 million passes to start 2027 | Flat to slightly up, same-park | Earnings release |
Source: Six Flags Form 8-K, Nov 5, 2026; analysis of company data
18 · Appendix: Outlook drivers
Appendix: Adjusted EBITDA detail
EBITDA to Adjusted EBITDA, $M
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| EBITDA | ($981.5M) | ($199.5M) | n.m. |
| Impairment charges | $1,518.1M | $687.7M | n.m. |
| Modified EBITDA | $579.5M | $518.3M | n.m. |
| Adjusted EBITDA | $554.7M | $493.2M | (11.1%) |
Same-park basis, $M
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Same-park net revenues | $1,156.6M | $1,173.1M | 1.4% |
| Same-park Adjusted EBITDA | $487.7M | $493.2M | 1.1% |
Note: Modified EBITDA also adds back merger costs, severance and other credit agreement items.Source: Six Flags Form 8-K, Nov 5, 2026; analysis of company data
19 · Appendix: Adjusted EBITDA
Appendix: sources
- Filing: Six Flags Form 8-K, Nov 5, 2026 — https://www.sec.gov/Archives/edgar/data/1999001/000199900126000103/0001999001-26-000103-index.htm
- Earnings release, Q3 2026 (Ex. 99.1) — https://www.sec.gov/Archives/edgar/data/1999001/000199900126000103/sixflags-exh991xq32026.htm
- Press release, Business Wire, Nov 5, 2026 — https://www.businesswire.com/news/home/20261105329965/en/Six-Flags-Entertainment-Corporation-Reports-2026-Third-Quarter-Results
- Q3 consensus: Investing.com, Nov 5, 2026 — https://www.investing.com/news/earnings/six-flags-entertainment-earnings-missed-by-557-revenue-was-in-line-with-estimates-5003121
- Consensus cross-check: TradingView (EPS $1.94, revenue $1.16B, pre-release) — https://www.tradingview.com/news/tradingview:29df09417b883:0-fun-q3-26-earnings-revenue-estimate-is-1-16b-usd/
- Consensus cross-check: Yahoo Finance analysis (average EPS estimate $2.08) — https://finance.yahoo.com/quote/FUN/analysis/
- Investor relations site — https://investors.sixflags.com
- Share price: Yahoo Finance FUN, Nov 3 and Nov 4 closes; Nov 5 pre-market at 8:35 AM ET, not a close — https://finance.yahoo.com/quote/FUN/history/
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20 · Sources
Important disclosures and disclaimer
For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.
No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.
Sources and accuracy. Company figures come from Six Flags Entertainment Corporation's Form 8-K of November 5, 2026 (Exhibit 99.1). Consensus estimates and share prices are third-party data, credited on the sources page. We have not independently verified third-party data and make no warranty that any information here is accurate, complete or timely.
Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.
Past performance. Past results, including those for Q3 2026, are not a reliable indicator of future results.
Non-GAAP measures. Adjusted EBITDA, Modified EBITDA, same-park measures, per capita measures, net debt and free cash flow follow Six Flags' own definitions or our stated formula. They supplement, and do not replace, GAAP results, and they may not be comparable with other companies' measures. The earnings release reconciles them to GAAP.
No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.
No affiliation. This presentation is not affiliated with, reviewed or endorsed by Six Flags Entertainment Corporation and does not represent its views. Company and brand names belong to their owners.
How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings and consult a qualified professional adviser before making any investment decision.
Date of analysis. The analysis reflects information available as of November 5, 2026, 8:35 AM US Eastern time, with share prices up to the Nov 5 pre-market quote. It will not be updated for later events, and views may change without notice.
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21 · Disclosures
Sources
- Six Flags Q3 2026 earnings release (Form 8-K Ex. 99.1), Nov 5, 2026 — https://www.sec.gov/Archives/edgar/data/1999001/000199900126000103/sixflags-exh991xq32026.htm Filing
- Investing.com, Six Flags Entertainment earnings missed by $5.57, Nov 5, 2026 — https://www.investing.com/news/earnings/six-flags-entertainment-earnings-missed-by-557-revenue-was-in-line-with-estimates-5003121 Filing
- Yahoo Finance FUN prices: Nov 3 and Nov 4 closes, Nov 5 pre-market at 8:35 AM ET — https://finance.yahoo.com/quote/FUN/history/ Filing
Not investment advice; no rating or price target.
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