Six Flags Entertainment Q2 Earnings Call Highlights

Six Flags Entertainment NYSE: FUN reported higher same-park attendance, revenue and adjusted EBITDA in the second quarter of 2026, as the amusement park operator cited growth in season-pass visitation, improved operating discipline and progress at previously underperforming parks.

On a same-park basis, which reflects the parks operated throughout the full second quarter of 2026, attendance rose 4% despite 44 fewer operating days than a year earlier. Net revenue increased more than 2%, while adjusted EBITDA climbed 7%. The company’s active pass base expanded 6% entering the peak summer season.

Chief Executive Officer John Reilly said the company has made progress on strategic priorities established earlier in the year, including greater park-level accountability, more targeted marketing, ride-uptime improvements and disciplined capital allocation. “In the second quarter, stronger local leadership, clearer accountability, focused resources, and improved commercial execution produced higher adjusted EBITDA and better margins” at underperforming parks, Reilly said.

Chief Financial Officer Ash Walia said same-park net revenue increased 2% to approximately $864 million. Attendance increased by roughly 449,000 visits, or 4%, driven primarily by season-pass visitation and commercial initiatives. Per-capita spending declined by less than 1%, which Walia attributed to a greater share of visits from season-pass and membership holders rather than weaker pricing. He said like-for-like pricing increased across admissions products and guest spending remained healthy in food and beverage, extra-charge attractions and other in-park experiences. Same-park adjusted EBITDA increased approximately 7% to $249 million. Walia said the company maintained cost discipline despite a largely fixed or semi-fixed expense structure that includes labor, maintenance, utilities, insurance and overhead.

Excluding the seven parks sold in its portfolio transaction and one park closed after the 2025 season, Six Flags said first-half adjusted EBITDA rose about 63%, or $56 million. Trailing 12-month adjusted EBITDA totaled $801 million, compared with $745 million for full-year 2025. The company ended the quarter with approximately $135 million in cash, total liquidity of about $837 million and net debt of approximately $4.9 billion. Walia said deferred revenue increased on a current-operating-portfolio basis, reflecting membership growth and advance sales.

Reilly said season-pass sales increased during the quarter, membership participation expanded and demand for higher-tier products remained strong. Both single-day tickets and combined season-pass and membership products produced higher average prices, according to the company. Six Flags expanded its membership offering to six additional parks in June. Cross-park visitation also grew as guests used multi-park products to visit more locations. Reilly said passholders visit about four times per year on average, creating repeat opportunities for food, beverages, merchandise, parking, games and premium experiences. The company plans to launch its 2027 passes on Aug. 7 with a best-price guarantee, enhanced benefits and flexible dining-plan options. Reilly said early results at parks where new dining products were tested showed double-digit growth in attachment rates, though he described those returns as early. Management also highlighted potential to build in-park revenue through Fast Lane queue products, refreshed beverage concepts and improved Halloween-event u...