Six Flags Entertainment (FUN) Q1 2026 earnings summary

Executive summary

• Leadership changes included a new interim finance lead, new Chief Marketing Officer, and reintroduction of park presidents at major parks to align with strategic priorities.

• Strategic actions included the sale of seven parks for $331.4 million, closure of the Bowie, Maryland park, and monetization of excess land to sharpen focus on higher-yield properties.

• Net revenues for Q1 2026 rose 12% year-over-year to $225.6 million, driven by a 4% increase in attendance and 6% growth in per capita spending.

• Adjusted EBITDA loss improved by $48 million to $123 million, reflecting higher revenues and disciplined cost management.

• Integration of ticketing platforms, digital enhancements, and operational improvements led to higher conversion rates and increased migration to higher-value Season Pass products.

Financial highlights

• Net revenues: $225.6 million, up 12% year-over-year; attendance increased 4% to 2.9 million; per capita spending up 6% to $69.26.

• Admissions revenue rose to $113.5 million; food, merchandise, and games revenue increased to $78.3 million.

• In-park product per capita spending up 10% to $30.44; admissions per capita up 3% to $38.82.

• Operating costs and expenses decreased by $50.4 million (12%) due to cost efficiencies.

• Adjusted EBITDA loss improved to $123 million from $171 million year-over-year.

Outlook and guidance

• No formal earnings guidance or long-term targets provided; focus remains on execution, demand, spending, cost discipline, and liquidity.

• Capital expenditures expected between $425 million and $450 million in 2026; cash interest $300–$320 million; cash taxes $25–$30 million.

• Early Q2 demand trends are encouraging, with continued growth in pass base and guest engagement.

• Q1 represents only 6%-8% of full-year attendance and revenues; caution advised against extrapolating Q1 results.

• Management expects new attractions and expanded entertainment offerings to drive demand in the core operating season.