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.

[BeeastFarmer]

3 hours ago, Losantiville Mining Co. said:

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.

You have to break a few eggs to make an omelette.

Alternately, some times you have to plunge a toilet to flush a turd.  For too long, alot of management at the company has been turds.  Flush them out. With less passes sold, maybe they will take notice and new blood can reinvorgarate. The problem with a park like KI that is highly penetrated is that people will still come. Nostalgia can be a stronger motivator than price. KI is hurting from too much penetration. 

[beastfan11]

Passes and meal plans, etc. were too cheap. Maybe this could (in hindsight) be looked at as an over correction a year or two from now, but the reality of of the situation is that they spent years giving away the gate, handing out meal plans for a “dime,” and watched as the masses poured in. It’s not so much that the majority of passholders “abused” the situation, but it’s obvious, post merger, that that model is not sustainable in this new Six Flags reality.

Seen plenty of plenty of negative reactions online about this today. These are a lot of the same folks who bragged about much “advantage” they got out of their pass, dining/drink plan, etc. Interpret that however you want. Theres a balance. 

At the end of the day, the situation is what it is. Between the merger and the ultimate  failed strategy of passholder add-ons,  cheap passes, and whatever… things have changed. The price of gold/prestige passes have, for a long time, been priced way under what they should have, market value be darned.  Look no further than the returns, reaction, and overall value when it comes to attendance vs. in-park spending. Whether it’s Disney or Six Flags, less can be more if/when it comes to attendance if guest are still spending money. And in many cases, guests are still willing to renew and pay regardless. That being a good or bad thing is certainly up for debate.

Trimming the fat, increasing prices, etc., I hope would/will result in a higher quality output in terms of new additions, cleanliness, added events, and more. 

Look no further than Haunt. Sure, it’s an upcharge now when it historically wasn’t, but the quality of the event been better, right? I mean… Conjuring? Order of the Dragon? The reported $60k investment in the new Jason maze?  Not to mention the concerns about crowds, clientele, and beyond. I personally don’t want to see anyone out-priced from visiting KI the same way I want to be able to take my family to Disneyland without selling a kidney. But it’s hypocritical to celebrate the perceived value of season passes, drink and meal plans, perks, etc., and then turn around and complain about crowds, added retail/alcohol sales, increased prices, lack of non, thrilling “thoosie additions.” 

I don’t care for the majority of any of these changes. But I’m personally willing to let my dollar go farther when it comes to the overall park experience, given the current status of the chain as a whole. And ironically, it’s not all bad. Look at the aforementioned Haunt experience, PT:OE, certain food experiences, operations… I mean, it’s stellar. But that’s not to say there hasn’t been a handful of miserable fails over the last season or two. Because there are plenty.

At the end of the day, I hate to come across like a fanny pack wearing, apologist, thoosie chud. but looking at this as an opportunity to “right the ship” and increase quality as a whole could be for the best. If corporate is committed to that. That’s a big “If.” Who knows. Shareholders are weird. Business is weird. 

Eh. I don’t know, gang. It’s ultimately irrelevant in the grand scheme of it all, in life, and everything. This is what’s supposed to make me happy….
 

 

 

More importantly, what’s your favorite seat on Adventure Express? I need some levity and optimism. 

[beastfan11]

9 minutes ago, BeeastFarmer said:

KI is hurting from too much penetration. 

 

(You’re right, though. Totally nailed it.) 

[BeeastFarmer]

27 minutes ago, beastfan11 said:

 

(You’re right, though. Totally nailed it.) 

That's rough. 

[CedarPointer]

I think the problem is that there's no indication that there will be any actual improvements to the guest experience next year to go along with the increased prices. Even just publishing an operating calendar, committing to continuing Winterfest, and publishing a menu for their $400 dining plan would go a long way, but I don't think it's surprising that people aren't happy about a place that's gone downhill so much over the last few years demanding more money from them. The slight increase in pass prices isn't going to help with the crowding or clientele issues, and the ruining of the dining plan just makes me think there will be even more reduced staffing and reduced availability for food next year.

[flightoffear1996]

Im one who is willing to pay more for a better experince but if I am paying more I better see ice at the drink stands and all the drink stations open and working.  I have also noticed the parks gardens are very lacking this season and I thought they used to compete with the Cincinnati Zoo pretty well.  Also I would love to see the empty spaces filled.  The old days of thunder area, Vortex plot and hthe concert area.  

[DonHelbig]

2 minutes ago, flightoffear1996 said:

Im one who is willing to pay more for a better experince but if I am paying more I better see ice at the drink stands and all the drink stations open and working.  I have also noticed the parks gardens are very lacking this season and I thought they used to compete with the Cincinnati Zoo pretty well.  Also I would love to see the empty spaces filled.  The old days of thunder area, Vortex plot and hthe concert area.  

You won’t see all the drink stands open and ice because prices increased. But people will renew anyway. And that’s why these issues have and will continue to happen. 

[CedarPointer]

The ice issue will be even worse since they're effectively forcing prestige passholders to buy a drink plan.

[beastfan11]

5 minutes ago, DonHelbig said:

You won’t see all the drink stands open and ice because prices increased. But people will renew anyway. And that’s why these issues have and will continue to happen. 

Pretty bold claim. You could be right or wrong.  How do you know this? Not saying I agree or disagree with you, but if you’re going to say that maybe you should provide some proof given it’s just a definite statement. Aside from your own options. 

[DonHelbig]

44 minutes ago, beastfan11 said:

Pretty bold claim. You could be right or wrong.  How do you know this? Not saying I agree or disagree with you, but if you’re going to say that maybe you should provide some proof given it’s just a definite statement. Aside from your own options. 

 

44 minutes ago, beastfan11 said:

Pretty bold claim. You could be right or wrong.  How do you know this? Not saying I agree or disagree with you, but if you’re going to say that maybe you should provide some proof given it’s just a definite statement. Aside from your own options. 

Circle back with me this time next year and let me know if I was right or I was wrong. I’d love to be wrong. 

[beastfan11]

35 minutes ago, DonHelbig said:

 

Circle back with me this time next year and let me know if I was right or I was wrong. I’d love to be wrong. 

Right, this an opinion. Which you are absolutely entitled to, like everyone else. But to phrase it as fact (based on your own feelings and opinions) is misleading, and is maybe 50/50 at best. You have an equal chance at being right or wrong. No insight there. 

Do you want to circle back with me about the 2026 family thrill coaster?

 

Or about the screen/projection heavy new Phantom Theater that opened this year? 
 

The fact that we can all speculate and share our wishes, opinions, and predictions is what makes this site and the fandom fun. But making baseless claims centered on your own personal rhetoric is just wrong, whether it ultimately comes true or not.

[RollerColt]

I feel weird about all of this. I totally understand the reasoning and justification for raising prices to basically give a better experience for guests. But as a teacher with a young family... it's hard out there right now financially... 

[Losantiville Mining Co.]

I'd like to clarify that I wasn't trying to push back on the new pass prices. It's been a while since I last said it, but I do still think that a lot of people might need to rethink their habit of purchasing a season pass if this higher price is too high for them. It's okay to opt for a few daily tickets instead of a season pass with all of the bells and whistles. There are a lot of passholders that at least make themselves sound like entitled brats — not you, RollerColt, you sound reasonable — and who say they won't renew because of the dining plans and Fast Lane changes. The upped prices might be good for the company in the long run. Maybe if Kings Island's season pass/membership rates fall for 2027 then Six Flags can look closer at The Vortex replacement.

It's been clear to me that John Reilly and his team have been trying to play very carefully with the cards they were given. That $4.9 billion in debt is not going to disappear anytime soon. Three tiers of dining plans and Cedar Point's Fast Lane situation will force guests to be more careful about selecting their home park. Losing money on meal plans? Add options that don't price out the majority of buyers. Cedar Point has extremely high wait times, especially for Fast Lane? Exclude it from other parks All-Season Fast Lane programs and raise the price at Cedar Point (it's a luxury product anyhow). Some of the legacy Six Flags parks still have Gold Passes for under $90. Commenters call it greed without looking at the larger picture. 

The two decisions that I really disagree with are the lack of payment plans for the add-ons and the fact that 2027 add-ons work in 2026. 

 

4 hours ago, BeeastFarmer said:

You have to break a few eggs to make an omelette.

Alternately, some times you have to plunge a toilet to flush a turd.  For too long, alot of management at the company has been turds.  Flush them out. With less passes sold, maybe they will take notice and new blood can reinvorgarate. The problem with a park like KI that is highly penetrated is that people will still come. Nostalgia can be a stronger motivator than price. KI is hurting from too much penetration. 

You have to lose a few passholders to get back to a good balance as well  I'm glad we can at least see the problem here.

 

4 hours ago, beastfan11 said:

More importantly, what’s your favorite seat on Adventure Express? I need some levity and optimism. 

Almost any seat on the right side of the train, though toward the front is always better. Anything that lets me see the switch track at the beginning!

[DonHelbig]

53 minutes ago, beastfan11 said:

Right, this an opinion. Which you are absolutely entitled to, like everyone else. But to phrase it as fact (based on your own feelings and opinions) is misleading, and is maybe 50/50 at best. You have an equal chance at being right or wrong. No insight there. 

Do you want to circle back with me about the 2026 family thrill coaster?

 

Or about the screen/projection heavy new Phantom Theater that opened this year? 
 

The fact that we can all speculate and share our wishes, opinions, and predictions is what makes this site and the fandom fun. But making baseless claims centered on your own personal rhetoric is just wrong, whether it ultimately comes true or not.

Baseless? They haven’t addressed the drink stands closed and no ice issues in three years, so it’s not baseless. 

[brenthodge]

45 minutes ago, DonHelbig said:

Baseless? They haven’t addressed the drink stands closed and no ice issues in three years, so it’s not baseless. 

You can state something as a fact when it is based on years of proven market data. Plus have these people never heard of hyperbole? LOL

[disco2000]

The next few days will be interesting