Key Highlights

  • Net revenues fell 11.0% to $1.17 billion, while same-park revenues rose 1.4%.
  • Net loss was $366.1 million, or $3.59 per diluted share, including $687.7 million in Impairment charges.
  • Third-quarter attendance declined 13.8% to 18.2 million visits.
  • Adjusted EBITDA was $493.2 million, down 11.1% on a reported basis and up 1.1% on a same-park basis.

Six Flags Entertainment Corporation (NYSE:FUN), the largest regional amusement park operator in North America, reported third-quarter 2026 results for the period ended September 27, 2026. Net revenues declined 11.0% on a reported basis, though the company's same-park measure, which compares parks operated in both periods, rose 1.4%. The company recorded a large non-cash impairment charge, and it said October attendance was softer than planned.

Reported and same-park measures serve different purposes for an amusement park operator. The reported figure captures every park the company owned in each period, so it moves when parks are sold, closed or added. The same-park figure holds the park base constant, which allows the company to show whether existing parks sold more tickets, food and merchandise than they did a year earlier.

Revenue and Same-Park Performance

Net revenues totaled $1.17 billion for the quarter. The decline on a reported basis reflects changes in the park portfolio, while the same-park figure, which adjusts for those changes, increased 1.4%. The gap between the two measures is the key to reading the quarter, because it separates the effect of park count from the performance of existing parks.

Nine-month net revenues were $2.26 billion, down 7.6% from the prior-year period, while same-park revenues for the nine months were $2.26 billion compared with $2.20 billion a year earlier. The nine-month same-park growth shows that the parks in the comparable base generated higher Revenue over the period.

The operating days figure is a key input into attendance and revenue, because a park that is open fewer days has fewer opportunities to sell tickets and in-park products. The 17.5% drop in operating days explains much of the decline in attendance, and it shows that the company's schedule, as well as demand, affected the quarter's results.

Attendance, Spending and Operating Days

Third-quarter attendance was 18.2 million, down 13.8% from 21.1 million a year earlier. Per Capita spending rose 2.4% to $60.51, which partly offset the decline in visits. Operating days totaled 2,122, compared with 2,573 in the prior-year quarter, a decline of 17.5% that shows the company operated its parks on fewer days.

The combination of lower attendance and higher per capita spending indicates that the company's revenue per visit improved even as fewer guests came through the gates. The release does not specify which pricing or product changes produced the higher per capita figure.

Impairment charges reduce the carrying value of Assets on the Balance Sheet when management concludes that future cash flows may not support their book value. The size of the charge in the quarter, at $687.7 million, dominates the net loss figure. The prior-year quarter's $1.52 billion impairment was larger still, so the company's reported loss narrowed sharply even though both periods included large non-cash items.

Impairment Charges and Net Loss

The company reported a net loss attributable to Six Flags of $366.1 million, or $3.59 per diluted share. That loss included $687.7 million of non-cash impairment charges. The prior-year quarter recorded a loss of $1.19 billion, which included a $1.52 billion non-cash impairment.

Because impairment charges are non-cash, they reduce reported Earnings without affecting current cash flow. The release shows that net cash from Operating Activities for the year to date rose 36.5% to $498.5 million, which is the more relevant measure of cash generation during the period.

A company with $1.06 billion of Liquidity has room to fund operations and Capital spending through a period of lower attendance. The release does not state how the company plans to deploy that liquidity, but the combination of Cash Flow growth and available capacity gives management flexibility as the year ends.

Liquidity and Fourth-Quarter Outlook

Liquidity stood at $1.06 billion at quarter-end. The company said October was softer than planned, citing unfavorable weather on several major weekends and ride closures tied to a safety incident at one of its parks. The company expects about 60 additional operating days in the fourth quarter compared with last year, driven mainly by the return of its Holiday in the Park event.

Adjusted EBITDA for the quarter was $493.2 million, down 11.1% on a reported basis and up 1.1% on a same-park basis. The company's fourth-quarter operating days assumption will be an important Factor in whether the year-end figures track the company's expectations.

Investors will look to the fourth quarter for evidence that the company can recover some of the ground lost during the peak summer season. Because the company has already reported attendance and revenue declines for the year, the operating day plan provides a concrete benchmark for judging how the year closes.

Outlook

Six Flags' third-quarter report pairs a 11% reported revenue decline with a 1.4% same-park increase, a large impairment-driven net loss and a higher year-to-date Operating Cash Flow figure. Fourth-quarter operating days and attendance will indicate whether the company's comparable parks can recover the ground lost in October.