2026 Q2 Report

[disco2000]

Bottom line....people keep buying regardless of what they do....

Some highlights:

As compared with the second quarter of 2025 on a Same-Park Basis:

• Net revenues totaled $864 million, an increase of $20 million, or 2.4%, from $844 million.

• Season-to-date pass sales increasing 7% and active pass base growing 6%.

• Adjusted EBITDA was $249 million, an increase of $16 million, or 7%, from $233 million.

• Attendance totaled 13.1 million visits, an increase of 4%, from 12.7 million visits.

• Per capita spending was $62.88, a decrease of 1%, from $63.38.

• Operating days totaled 1,615, a decrease of 44 days, from 1,659.

 

Only down number is per capita spending that they contributed to expanded season pass benefits and increased cross-park visitation.  I guess they gave away a lot of ice cream last month LOL.

 

https://s204.q4cdn.com/155295784/files/doc_financials/2026/q2/Six-Flags-2Q-2026-Earnings-Release-August-6-2026.pdf

[DonHelbig]

The market isn’t buying what Six Flags is trying to sell.

Wall Street gave Six Flags Entertainment a chilly reception after the company released its second-quarter 2026 earnings. Shares fell more than 5% in pre-market trading as investors reacted to revenue that came in well below analyst expectations.

Six Flags reported approximately $865 million in second-quarter revenue, missing the consensus forecast of $935.2 million by about $70 million. The company also posted a net loss of $203 million, compared with a $100 million loss during the same quarter last year.

The year-over-year comparison is complicated by the company’s sale of seven parks to EPR Properties before the start of the 2026 operating season, reducing its operating footprint and affecting direct comparisons with last year’s results. Even so, the earnings miss appeared to fuel investor concerns about how quickly Six Flags can deliver on its post-merger turnaround strategy.

UPDATE: Now down 16% as of 9:42 a.m.

[disco2000]

No doubt there is a concern about being able to pay off the debt, which is still high at $4.9B

Maybe the market and investors aren't buying, but average Joe and family of 4 still seem to be!

The question is do we see people that say they are not buying next year actually follow thru....

[DonHelbig]

1 minute ago, disco2000 said:

No doubt there is a concern about being able to pay off the debt, which is still high at $4.9B

Maybe the market and investors aren't buying, but average Joe and family of 4 still seem to be!

The question is do we see people that say they are not buying next year actually follow thru....

I think we will see many saying they’re not going to renew not renew. 

[Hawaiian Coasters 325]

26 minutes ago, DonHelbig said:

I think we will see many saying they’re not going to renew not renew. 

Will it be enough to where there is a noticeable decline in attendance/revenue is my question. Bc as they say, when some don't renew, some new people buy passes. 

[DonHelbig]

2 minutes ago, Hawaiian Coasters 325 said:

Will it be enough to where there is a noticeable decline in attendance/revenue is my question. Bc as they say, when some don't renew, some new people buy passes. 

They can replace Passholders who don’t renew with new Passholders so the numbers hold, but when you lose people that have been Passholders for years, that’s not a good thing.

[DiamondbackFan]

55 minutes ago, disco2000 said:

No doubt there is a concern about being able to pay off the debt, which is still high at $4.9B

Used the money from the EPR 7 park sale to pay it down to $4.9B.  Have to use the revolving credit facility to take on more debt for the Georgia property buyout next year.  Six Flags America transaction won't close until late 2027/early 2028.  Kings Dominion excess land bids are being evaluated, but no timeline on when the transaction will close.

I think more parks will need to be sold in 2027.

[CedarPointer]

But don't worry, they totally won't pull the rug out from under you on that $400 dining plan or $2000 all season Fast Lane...

[DonHelbig]

Shares of Six Flags Entertainment  tumbled nearly 19% so far today, making the company one of the biggest percentage losers on the New York Stock Exchange. The sharp sell-off came after Six Flags reported second-quarter earnings that fell short of Wall Street expectations, raising fresh concerns among investors about the pace of the company’s post-merger turnaround.

[disco2000]

Uh oh....look for a price reversal and give away the gate and add-ons....

[DonHelbig]

9 minutes ago, disco2000 said:

Uh oh....look for a price reversal and give away the gate and add-ons....

The passes are priced higher than last year but still a very good deal. I think they are still too low. But with higher pricing comes greater expectations. 

[Hawaiian Coasters 325]

7 minutes ago, DonHelbig said:

The passes are priced higher than last year but still a very good deal. I think they are still too low. But with higher pricing comes greater expectations. 

With how low they were they can't just overnight price them too high as you risk attendance plummetting to a dangerous level. Already with the reactions that I've seen on the facebook groups about this has been overwhelmingly negative to the point where a lot of people have said they aren't renewing their pass as it is too expensive. I think long term higher prices is the way to go to get better quality, however it won't come without pain. 

[DonHelbig]

3 minutes ago, Hawaiian Coasters 325 said:

With how low they were they can't just overnight price them too high as you risk attendance plummetting to a dangerous level. Already with the reactions that I've seen on the facebook groups about this has been overwhelmingly negative to the point where a lot of people have said they aren't renewing their pass as it is too expensive. I think long term higher prices is the way to go to get better quality, however it won't come without pain. 

A Camden Park season pass is $160 plus another $40 for parking for those that want to say it’s too expensive. 

[Losantiville Mining Co.]

40 minutes ago, DonHelbig said:

The passes are priced higher than last year but still a very good deal. I think they are still too low. But with higher pricing comes greater expectations. 

What price range would you put them in? Dollywood's two lower tier passes go for about $135-$170 right now and only include the dry park. Kentucky Kingdom's two lower tier passes go for $100-$120. Kings Island's 2027 Gold Passes are currently set at $115 outright or $160 for the first year of a membership ($120 every year after that). 

I think Six Flags is working to raise their prices to a manageable level, but as was said above they are going to feel some major pains in doing so.