Six Flags Entertainment Q3 Earnings Call Highlights

• FUN
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Key Points

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• Third-quarter same-park results edged higher: Revenue rose 1.4% to $1.17 billion and adjusted EBITDA increased 1.1% to $493.2 million. Six Flags expects fourth-quarter adjusted EBITDA to fall year over year to about $140 million–$150 million, largely because October attendance dropped 9% amid bad weather and ride closures, though it still expects full-year same-park EBITDA growth.

• Safety review underway: Following a guest’s death at Six Flags Over Georgia, the company launched a portfolio-wide ride review led by its COO and supported by independent specialists; local authorities and the ride manufacturer are also investigating. Six Flags said it does not expect potential claim payments to materially affect liquidity.

• Passes and guest spending supported operations: The active pass base grew about 7% by the end of September, while per-capita spending rose approximately 1.3% to $60.51. Nine-month same-park adjusted EBITDA increased about 11%, and net leverage improved to 5.8 times from 6.1 times.

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Six Flags Entertainment (NYSE:FUN) reported modest third-quarter revenue and earnings growth on a same-park basis, but forecast a decline in fourth-quarter adjusted earnings after weather and ride closures contributed to a 9% drop in October attendance.

The company also announced a portfolio-wide safety review following the death of a guest at Six Flags Over Georgia. Chief Executive Officer John Reilly said local authorities and the ride manufacturer are investigating the incident, and the company is conducting its own review.

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Third-quarter revenue rose 1.4% to $1.17 billion, while adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, increased 1.1% to $493.2 million. Same-park comparisons exclude seven parks sold in April and a Bowie, Maryland, park that closed after the 2025 season.

October weakness weighs on outlook

Six Flags expects fourth-quarter same-park adjusted EBITDA of approximately $140 million to $150 million, compared with $166.9 million a year earlier. Chief Financial Officer Ash Walia said most of the difference reflects October, which typically generates 60% to 65% of fourth-quarter revenue.

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