One of North America’s largest regional theme park operators has released its latest financial performance data.
Following a period of structural adjustments and a refined focus on specific operational properties, newly released second-quarter figures from Six Flags Entertainment Corporation provide a detailed look at the current trajectory of the business.
A central factor shaping the latest data is the company’s recent portfolio alteration. Before the start of the 2026 operating season, the operator sold seven parks to EPR Properties, mostly rebranded under the ‘Enchanted Parks’ banner, and discontinued operations at a combined amusement and water park located in Bowie, Maryland.
Analysing the current operating portfolio on a same-park basis, which excludes the eight disposed properties, the operator reported an upward trend in footfall and revenue. Net revenues for these core parks reached $864 million, representing a 2.4% increase, or $20 million, from the second quarter of 2025. This growth was driven primarily by a 4% rise in attendance, totalling 13.1 million visits, alongside continued strength in food and extra-charge spending.
Adjusted EBITDA for the retained properties also increased by 7% to $249 million. The company noted this same-park growth occurred despite the negative impact of an earlier spring break season falling in the first quarter of this year, and a total of 1,615 operating days, which represents a decrease of 44 days compared to the same period last year.
John Reilly, Six Flags President and CEO, outlined the strategic direction. He said: “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. Our more focused operating portfolio generated higher attendance, net revenues and Adjusted EBITDA, demonstrating that our portfolio actions and performance improvement initiatives are delivering improved financial results.”
Reported financials
On a reported basis, which includes the financial data of the eight previously operated parks in the 2025 comparative figures, overall net revenues saw a decrease of 7.0% to $865 million. Total attendance on this basis fell by 7% from 14.2 million to 13.1 million visits, with operating days decreasing by 378 days to 1,615. The company also reported a net loss attributable to Six Flags Entertainment Corporation of $203 million for the quarter, compared to a $100 million loss in the equivalent period last year.
Despite the rise in same-park attendance, same-park per capita spending experienced a slight decline of 1%, dropping by $0.50 to $62.88. The operator stated that paid admission pricing remained stable, but expanded season pass benefits and increased cross-park visitation placed pressure on admissions per capita spending. Conversely, reported per capita spending across the whole business increased by 1% to $62.89.
Pass base expansion
The operator noted a 10% increase in same-park season pass visitation during the quarter. Reilly highlighted the expansion of the active pass base as a leading indicator of demand.
“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 favourably 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. We are also seeing encouraging demand for higher-tier passes and our expanded membership offerings, reflecting the value guests place on greater access and flexibility.”
To further this strategy, the company expanded its membership model to six additional parks in June 2026. Management observed that member retention beyond the initial 12-month term has exceeded prior-year levels at a higher average price, shifting the sales mix toward higher-tier pass products.
Operating costs for the core same-park portfolio increased by just $1 million. Higher maintenance activity, smaller increases in credit card fees, live entertainment costs, and utility expenses were largely offset by lower full-time wage expenses and related benefits. Selling, general, and administrative expenses on a same-park basis increased by $3 million, driven by higher equity compensation, severance costs, consulting, and legal costs, offset by lower advertising spend.
“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.”
Looking at the wider balance sheet, the company reported total liquidity of $837 million, including $703 million available under its revolving credit facility, and cash equivalents of $135 million. Net debt totalled $4.9 billion at the end of the quarter. Total deferred revenue on a same-park basis increased by 2% to $431 million, supported by advance sales and membership growth, as the operator focuses on reducing leverage through the summer season.
