Six Flags Entertainment Corporation(FUN)
$11.19+0.09 (+0.81%)
FUN
Six Flags Entertainment Corporation earnings date
$11.19
At close:+0.09 (+0.81%)
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Six Flags Entertainment Corporation (FUN) Q3 2026 Earnings Report
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FUN Q3 2026 EPS Results
- Actual EPS
- -$3.59
- Consensus EPS
- $1.93
- Beat/Miss
- Missed by -$5.52
- One Year Ago EPS
- -$11.77
FUN Q3 2026 Revenue Results
- Actual Revenue
- $1.17B
- Expected Revenue
- $1.16B
- Beat/Miss
- Beat by +$14.09M
- YoY Revenue Growth
- -10.98%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- Before Open
- Conference Call
- Thursday, November 5, 2026
FUN Upcoming Earnings
Six Flags Entertainment Corporation's next earnings date is estimated for March 4, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
FUN Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive, supported by year-to-date adjusted EBITDA growth of about 11%, approximately 200 basis points of margin expansion, a $300 million improvement in free cash flow, stronger liquidity, improved ride uptime, and growth in the passholder base. However, the fatal Georgia incident, related ride closures, a $688 million impairment charge, softer October attendance, slower October pass sales, and leverage above the long-term target materially tempered the outlook.
Company Guidance
For the fourth quarter, Six Flags now expects to generate approximately $140 million to $150 million of same park adjusted EBITDA, versus $166.9 million last year, and expects same park adjusted EBITDA to grow for the full year compared with last year; October typically brings in 60% to 65% of fourth-quarter revenue, with about 60 more operating days in the quarter compared to last year, while full-year operating days are expected to be approximately 4.87 thousand, 46 more than 2025. The company is on track for $70 million to $80 million of gross savings for the full year, or $36 million to $46 million net, and its long-term goals are adjusted EBITDA margins in the mid-30s and net leverage of about 4x. Active pace is expected to be even, maybe slightly up as we get to the New Year, the Maryland asset sale is still targeted for late 2027, and the company expects sufficient liquidity to fund the approximately $370 million payment for the remaining 6 Flags Over Georgia units if needed in January.
- Year-to-Date Profitability ImprovementThrough the first 9 months on a same-park basis, adjusted EBITDA increased about 11% to $639.5 million, while adjusted EBITDA margin expanded about 200 basis points from 26.3% to 28.3%.
- Third-Quarter Revenue and EBITDA GrowthThird-quarter same-park net revenues grew 1.4% to $1.17 billion, adjusted EBITDA grew 1.1% to $493 million, and the company held its margin at 42%, despite a less favorable July 4 calendar, weather, and wildfire smoke affecting several parks.
- Improved Guest Spending and Attendance QualityTotal attendance was 18.2 million, essentially flat with last year, while paid attendance grew as the company issued fewer complimentary tickets. Per capita spending rose about 1.3% to $60.51, driven by higher merchandise and premium offering spending, including Fastlane.
- Ride Uptime and Guest Engagement ImprovedThird-quarter ride uptime increased to 90.3% from 89.4% last year, and rides per guest increased nearly 3%.
- Passholder and Membership Base ExpansionThe active pass base was up about 7% at the end of September versus the same date last year. Passholders and members represented about 61% of quarterly attendance, and cross-park visits were running about 5 times last year's level.
- Brand Strength and Regional Network BenefitsBrand research showed 96% awareness of 6 Flags, with the company ranking No. 1 in its category in nearly every market where it operates. New regional pass combinations, including Knott's Berry Farm and 6 Flags Magic Mountain, are expanding the network available to guests.
- Cost Savings Offset InflationThe company delivered about $13 million of third-quarter savings, mainly from full-time seasonal labor, park operating costs, and procurement, fully offsetting about $13 million of cost pressures from wages, insurance, and other inflation.
- Full-Year Savings Program ProgressYear-to-date gross savings were about $63 million, or about $36 million net of cost pressures. The company is on track for $70 million to $80 million of gross savings for the full year, or $36 million to $46 million net, and described the savings as an ongoing operating discipline rather than a one-time benefit.
- Free Cash Flow and Operating Cash Flow ImprovementThrough the first 9 months, reported operating cash flow was $498 million, up $133 million from last year. Capital spending was $241 million versus $408 million last year, producing $257 million of free cash flow, an improvement of about $300 million.
- Strong Liquidity and Debt ReductionThe company ended the quarter with $1.06 billion of liquidity, up $298 million from the same time last year and up $223 million from the end of the second quarter, with nothing drawn on its revolver. Debt was reduced by $175 million year to date, net debt declined about $200 million during the quarter to approximately $4.7 billion, and net leverage improved to 5.8x from 6.1x.
- Capacity to Fund Georgia Partnership PurchaseManagement said it has sufficient liquidity to fund the full 6 Flags Over Georgia purchase if needed in January. The amount payable for the remaining partnership units would be approximately $370 million if every partner chose to be paid out, while some partners may roll over their units and defer payment.
- Disciplined Capital AllocationProjects are being prioritized based on expected return on invested capital, with infrastructure, maintenance, safety, and security funded first. Projects moved in the pipeline have not been abandoned and will be reevaluated against the same return thresholds in future years.
- Guest Experience and Park Investment PipelineA growing share of growth capital is being directed toward guest experience investments. Planned or ongoing initiatives include expanded events and entertainment, a major refurbishment at Magic Mountain, and programs at 6 Flags Great Adventure and 6 Flags Great America focused on making the parks more family-friendly and adding comfort, shade, and amenities.
- Operational and Commercial Capability BuildoutThe company is returning experienced park presidents to lead major parks with accountability for guest experience, labor, ride uptime, and park-level profit and loss. It is also strengthening marketing technology, pricing, revenue management, and targeted guest messaging.
- Long-Term Margin and Leverage ObjectivesManagement reiterated long-term goals of adjusted EBITDA margins in the mid-30s and net leverage of about 4x. John Reilly said approximately half of the margin improvement could come from cost work, with revenue improvement expected to provide the remainder.
- Portfolio Optimization OpportunitiesManagement is actively reviewing parks and real estate, including potential sales of noncore assets, to unlock value, reduce debt, enhance liquidity, and redirect resources toward larger or strategically important parks. The Maryland asset sale remains targeted for late 2027, while Richmond bids are being evaluated.
- Safety Review and Safety StandardsFollowing the Georgia incident and the retirement of the X2 roller coaster, the company launched a comprehensive review of its entire ride portfolio led by the chief operating officer and supported and verified by independent third-party engineering inspection specialists. Management stated that every ride is inspected daily before opening and maintained to meet or exceed industry safety guidelines.
- Fourth-Quarter Operating Plan and Full-Year EBITDA GrowthThe company expects approximately 4.87 thousand operating days for the full year, 46 more than in 2025, including about 60 additional fourth-quarter operating days tied mainly to holiday in-park events. Despite fourth-quarter headwinds, management expects same-park adjusted EBITDA to grow for the full year compared with last year.
- Identified Revenue Opportunities for Next YearManagement identified opportunities in Fastlane pricing, reconstituted dining plans, expanded events, entertainment, and targeted marketing. It also said the company can use events and expanded operating hours to address excess capacity throughout the calendar year.
FUN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 04, 2027 | 2026 (Q4) | -0.61- | -0.91 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | 1.93-3.59 | -11.77 | 69.50% (+8.18) | |
| Aug 06, 2026 | 2026 (Q2) | 0.37-1.99 | -0.99 | -101.01% (-1.00) | |
| May 07, 2026 | 2026 (Q1) | -2.92-2.65 | -2.2 | -20.45% (-0.45) | |
| Feb 19, 2026 | 2025 (Q4) | -0.33-0.91 | -2.76 | 67.03% (+1.85) | |
| Nov 07, 2025 | 2025 (Q3) | 2.15-11.77 | 1.1 | -1170.00% (-12.87) | |
| Aug 06, 2025 | 2025 (Q2) | 0.85-0.99 | 1.08 | -191.67% (-2.07) | |
| May 08, 2025 | 2025 (Q1) | -2.21-2.20 | -2.63 | 16.35% (+0.43) | |
| Feb 27, 2025 | 2024 (Q4) | 0.28-2.76 | -0.22 | -1154.55% (-2.54) | |
| Nov 06, 2024 | 2024 (Q3) | 2.961.10 | 4.21 | -73.87% (-3.11) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
