Six Flags Highlights Progress in Q3 Earnings

Charlotte (IAAPA NEWS) - Forward momentum, operational enhancements, and opportunities for new growth is the focus of Six Flags as the operator announces results for the third quarter that ended Sept. 27.

“Our third quarter results reflect the progress we are making against our strategic priorities and the underlying strength of our portfolio,” says Six Flags President and Chief Executive Officer John Reilly in a statement released on the morning of Nov. 5.

Results include: 

• Net revenues of $1.17 billion, down 11.0% on a reported basis and up 1.4% on a same-park basis.
• Net loss attributable to Six Flags of $366.1 million, or $3.59 per diluted share, which included $687.7 million of non-cash impairment charges, compared with a loss of $1.19 billion in the prior-year quarter, which included a $1.52 billion non-cash impairment charge.
• Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of $493.2 million, down 11.1% on a reported basis and up 1.1% on a same-park basis.
• Net cash from operating activities year-to-date up 36.5% to $498.5 million.
• Liquidity of $1.06 billion at quarter-end.

Prior-year results include the eight parks that Six Flags sold to EPR Properties ahead of the 2026 operating season and the permanent closure of Six Flags America in Bowie, Maryland. Same-park results exclude those sold and closed parks in order to reflect the performance of the current operating portfolio. The sale of the seven non-core parks created proceeds that went toward debt reduction. On Sept. 27, total debt stood at $4.91 billion (with net debt at $4.66 billion), a decrease of $275.0 million from December 31, 2025. 

“Through the first nine months of the year, we delivered double-digit growth in Adjusted EBITDA on a same-park basis, reflecting the cumulative impact of our efforts to improve execution, strengthen operations and manage costs effectively,” Reilly continues in the statement. 

Other results shared with IAAPA News by Six Flags highlight progress made outside the balance sheet. This includes guest-facing enhancements adding to the overall park experience. 

• First, Reilly has empowered park presidents with greater decision-making authority and clear accountability for safety, the guest experience, labor hours, financial performance, and ride uptime. 
• Overall ride uptime ranked at 90.3% in Q3, with guests riding more in a single visit. Six Flags has placed an emphasis on creating happier guests, sharing with IAAPA News that content guests return and bring friends. The company will focus on building a loyal, recurring guest base and increase lifetime visitation. This includes complementary visits for grandparents this holiday season (details below).
• The company is on track for $70-$80 million gross savings in 2026. Six Flags shared with IAAPA News that each park has built a plan around its market to identify opportunities and invest in capital projects that will produce direct results. 
• Six Flags continues to look at strengthening marketing, pricing, and revenue management, while empowering faster decision making and simplifying the organization. 

“We remain confident in our strategy and the significant opportunity ahead to drive profitable growth and create sustainable long-term value for shareholders,” Reilly continues in the Nov. 5 statement. He’s been at the helm of Six Flags for just 11 months, officially succeeding Richard Zimmerman as president and CEO of Six Flags on Dec. 8, 2025. (In July, Six Flags announced COO Tim Fisher would depart the company by Dec. 15, with Mark Pauls effectively becoming COO on July 15.)

Six Flags continues to pursue season passes and park memberships. As of Sept. 27, the operator’s collective active pass base stood at 7.1 million, up about 469,000 units, or 7.1%, on a same-park basis versus last year. Six Flags revealed passholders and members made up almost 61% of same-park attendance in the third quarter of 2026. 

“We are particularly encouraged by the momentum in our regional pass offerings, which are helping unlock the unique advantages of our multi-park network,” Reilly says in a statement. 

Year-to-date pass and membership sales on a same-park basis rose 134,000 units, or 2.8%, with average price up 2.0%. Pass offerings for 2027 include a Gold Pass that grants admission at a guest’s “home park” and several additional properties in the same region.   

“Guests are increasingly visiting parks beyond their home market, providing early evidence that our strategy is driving incremental visitation, deeper guest engagement and stronger loyalty across the portfolio,” Reilly says. 

Looking ahead, the operator has signaled that October visitation proved softer than expected. With October results now in hand, Six Flags now expects fourth quarter 2026 same-park adjusted EBITDA to be between $140 and $150 million, compared with fourth quarter 2025 same-park adjusted EBITDA of $167 million. 

During the Nov. 5 earnings call, Reilly was asked if Six Flags was looking to devest other properties. His response: “We do believe there is opportunity for further portfolio optimization. And now that the season has passed, those discussions are underway.” Reilly says he will not “quantify” how many properties Six Flags may be looking to sell, but promised specifics “as we go forward.” He commented that Six Flags has worked to strategize and categorize their parks in terms of value. 

Six Flags believes the reduced visitation in October was the result of several factors. First, unfavorable weather impacted several anticipated big attendance weekends early in the month. Second, the impact of a ride-related death at Six Flags Over Georgia and proactive ride closures at other properties out of an abundance of caution are cited for a drop in attendance. 

“Safety remains our highest priority. Following the incident at Six Flags Over Georgia last month, we are cooperating fully with the ongoing investigation,” Reilly says in a statement. 

Six Flags has launched a comprehensive review of ride safety across the company’s entire portfolio. The review is supported by independent third-party engineering and inspection specialists.  

“Our robust safety programs and practices are designed to meet or exceed established industry standards. We will conduct this work thoroughly, looking for opportunities to further strengthen our approach to ride safety,” says Reilly in a statement. 

As the operator looks ahead, Six Flags has several projects in development in the near term, including:

• This weekend, adding a “bonus” weekend to the seasonal operating calendar at Kings Island in Mason, Ohio, on Nov. 7 and Nov. 8. The post-Halloween event will include behind-the-scenes tours, indoor rides with overhead work lights turned on, special merchandise deals ahead of the holidays, and unique menu items.
• Next week, initiating an ambitious widening project of the Cedar Point Causeway that will add: a dynamic fifth lane expected to expediate entry and exit; a pedestrian pathway to be shared by walkers, runners, and cyclists; the burying of overhead utility lines, new streetlights, and widening the high bridge to a 53-foot-span allowing for two-way boat traffic underneath (previously only one watercraft could safely pass at a time, as directed by a traffic signal). The original Cedar Point Causeway was completed in 1957 as a two-lane road crossing Sandusky Bay, effectively connecting the amusement park and Kafralu Island to the mainland. The causeway closes Monday, Nov. 9 at 7 a.m. and is not scheduled to reopen before April 9, 2027.
• In Nov., an announcement in partnership with Vekoma Rides at IAAPA Expo 2026. Six Flags Magic Mountain in Valencia, California, will present new details on Thrill Glider, a suspended roller coaster concept set to capture the sensation of soaring while seated aboard innovative new ride vehicles. See the entire IAAPA Expo press conference schedule here.
• This holiday season, returning seasonal Christmas events to Six Flags Great Adventure in Jackson, New Jersey, and Six Flags Over Georgia in Atlanta. Holiday in the Park will include millions of lights, themed lands, select operating rides, and festive live entertainment. Operating days stretch from late Nov. through early Jan. 2027.  The events will deliver about 60 additional operating days in the fourth quarter versus last year. New in 2026, guests age 65 and older will receive free unlimited admission at their home park during the operator’s holiday events (guests must register online prior to their visit).
• In March, Six Flags expects to complete its corporate relocation from an office park in Charlotte, North Carolina, to Arlington, Texas, just outside of Dallas. The move announced on Aug. 25 represents a homecoming of sorts, as Six Flags returns to Choctaw Stadium (formerly Globe Life Park), a previous base of operation before the Cedar Fair-Six Flags merger on July 1, 2024.
• In 2027, completing construction and certification of major new capital projects at Six Flags Great Adventure with the 382-foot-tall Bakunawa from Mack Rides; the new suspended Thrill Glider roller coaster at Six Flags Magic Mountain (see above); the new Camp Timber Trail family area at Six Flags Great America; opening the WhiteWater-designed Rip Roarin’ Falls flume at Carowinds in Charlotte; and completing Werewolf Gorge, one of the world's longest family launch coasters—made by Vekoma—now under construction at Six Flags Fiesta Texas in San Antonio.