Six Flags Reports $203 Million Second-Quarter Loss, Adjusted EBITDA Rises, Debt Is $5 Billion

Aug. 6, 2026

— Jeff Ward, Lehigh Valley News Briefs

Six Flags, owner of Dorney Park, reported a 2026 second-quarter loss of $203 million today on revenue of $865 million.

Both numbers were worse than a year ago, when the company lost $100 million on revenue of $930 million in the quarter, but Six Flags said the results were “strong” with “higher attendance at the Company’s current operating portfolio.”

Shares in Six Flags (NYSE:FUN) fell in early trading, which can be volatile. The closing price Wednesday was $18.75.

The “current operating portfolio” excludes results from seven parks that were sold and one that was closed since the second quarter of 2025. That leads to two ways of looking at the results. The amusement-park operator reported the usual totals and separate “same-park” numbers that exclude the eight parks sold or closed.

Thus total attendance of 13.1 million visits was a decrease of 7% when all year-ago operations are included, but a gain of 4% when the eight parks are excluded.

Six Flags pointed to quarterly Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) as a bright spot. Adjusted EBITDA on a same-park basis was $249 million, up $16 million, from a year ago. EBITDA is a measure of profitability that excludes the effects of some financing and accounting decisions.

“The improvement demonstrates stronger performance from the current operating portfolio,” according to the Six Flags statement.

Total Adjusted EBITDA was unchanged at $243 million.

Chief Executive John Reilly, who took over in December, said Six Flags is making the right moves after financial difficulties stemming from the 2024 combination of Six Flags and Cedar Fair, the former owner of Dorney Park & Wildwater Kingdom in South Whitehall Township.

“Our more focused operating portfolio generated higher attendance, net revenues and Adjusted EBITDA, demonstrating that our portfolio actions and performance improvement initiatives are delivering improved financial results,” Reilly said in the earnings report.

“Additionally, season pass and membership sales increased and our active pass base expanded during the second quarter, reinforcing our conviction that we are taking the right steps to build a stronger, more predictable business as we enter the most important part of our operating season,” the CEO said.

Debt is down but still a burden on the company. Today’s report shows total debt of $5 billion, down from $5.3 billion a year ago, according to Six Flags’ balance sheet. Second-quarter interest expense was $102 million.

Per-capita spending by park guests was dropped less than 1% on a same-park basis at $62.88, down 50 cents.

“The modest decline in per capita spending on a Same-Park Basis primarily reflected lower admissions per capita spending associated with expanded season pass benefits and increased cross-park visitation, partially offset by continued strength in guest spending on food, extra-charge attractions and other in-park offerings,” according to the earnings statement.

Reilly has made several personnel changes since taking over. So far, the stock has been a laggard, trading between $12.51 and $27.37 in the past 52 weeks.

Six Flags will hold a conference call to discuss results at 8 a.m.

Six Flags Entertainment Corp. operates 21 amusement parks, 14 water parks and nine resort properties in 13 U.S. states, Canada, and Mexico. The company manages an amusement park in Saudi Arabia.

Disclosure: I own shares in Six Flags. Ouch!