Six Flags Q3 revenue falls 11%; same-park sales up 1.4%
The 2026 capital-spending range was reduced to $350 million to $375 million because of large ride-project timing, not maintenance.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Six Flags Entertainment Corporation reported third-quarter 2026 net revenues of $1.17 billion, down 11.0% on a reported basis but up 1.4% on a same-park basis. Same-park results exclude seven parks sold before 2026 operations and a park closed after the 2025 season.
Net loss attributable to Six Flags was $366.1 million, or $3.59 per diluted share, including $687.7 million of non-cash impairment charges; the prior-year quarter’s $1.19 billion loss included $1.52 billion of such charges. Adjusted EBITDA was $493.2 million, down 11.1% reported and up 1.1% same-park. For the first nine months, same-park Adjusted EBITDA rose 10.7% to $639.5 million, and net cash from operating activities rose 36.5% to $498.5 million.
At September 27, 2026, liquidity was $1.06 billion, total debt was $4.91 billion and net debt was $4.66 billion, with no revolver borrowings outstanding. Six Flags expects fourth-quarter same-park Adjusted EBITDA of $140 million to $150 million, versus $167 million in 2025. Its 2026 capital expenditure outlook is $350 million to $375 million, revised from $400 million to $425 million because of the timing of large new ride projects, not maintenance.
3 points · 0 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointQuarterly net loss declined to $366.1 million from $1.19 billion.
- Moderate pointNine-month same-park Adjusted EBITDA rose 10.7% to $639.5 million.
- Moderate pointNine-month operating cash flow increased 36.5% to $498.5 million.
Negative
- Moderate pointReported third-quarter revenue fell 11.0%, and reported Adjusted EBITDA fell 11.1%.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter same-park Adjusted EBITDA outlook is $140–$150 million, versus $167 million in Q4 2025.
Filing Explained
After the Six Flags Over Georgia incident last month, the company said an investigation and a portfolio-wide ride-safety review with independent specialists were underway; it linked October softness partly to related proactive ride closures, while the presentation said all parks remained open.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Third-quarter net revenues, reported: $1.17 billion
Third-quarter net revenues, same-park: $1.17 billion
Net loss attributable to Six Flags: $366.1 million
+5 more
8 metrics
Third-quarter net revenues, reported
$1.17 billion
Down 11.0% from the prior-year quarter
Third-quarter net revenues, same-park
$1.17 billion
Up 1.4% from the prior-year quarter
Net loss attributable to Six Flags
$366.1 million
Third quarter 2026; $3.59 per diluted share
Third-quarter Adjusted EBITDA
$493.2 million
Down 11.1% reported and up 1.1% same-park
Nine-month same-park Adjusted EBITDA
$639.5 million
Up 10.7% from the prior-year period
Nine-month net cash from operating activities
$498.5 million
Up 36.5% from the prior-year period
Liquidity
$1.06 billion
At September 27, 2026
Fourth-quarter same-park Adjusted EBITDA outlook
$140 million to $150 million
Compared with $167 million in Q4 2025
Key Terms
Same-Park Basis, Adjusted EBITDA, Per capita spending, Net debt, +1 more
5 terms
Same-Park Basis financial
"Same-Park Basis compares the performance of the Company’s current operating portfolio"
A same-park basis is a performance measure that compares financial or operating results—like revenue, occupancy, or rent—only for properties that a company owned and operated during both the current and prior reporting periods. It excludes any recently acquired, sold, or closed parks so the comparison reflects organic change rather than portfolio size changes. For investors, it helps isolate underlying trends in how the existing assets are performing, similar to comparing fruit yield from the same trees year to year rather than counting newly planted ones.
Adjusted EBITDA financial
"Adjusted EBITDA represents Modified EBITDA less net income (loss) attributable to non-controlling interests"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Per capita spending financial
"Per capita spending is calculated as revenues generated within the Company’s amusement parks"
Total spending in a defined group divided by the number of people in that group over a set period, giving the average amount each person spends. Think of it like splitting a restaurant bill evenly to see what each guest effectively paid. Investors use it to gauge consumer demand and market strength—rising per capita spending can signal stronger sales and pricing power, while falling figures may warn of weakening revenue prospects.
Net debt financial
"Net debt is long-term debt, including current maturities"
Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.
Net leverage financial
"Net debt divided by trailing twelve-month Same-Park Adjusted EBITDA"
Net leverage measures how many years it would take for a company to pay off its outstanding debt using its annual operating cash flow, after subtracting cash on hand from total debt. Think of it like a household’s mortgage balance minus savings divided by yearly income; a lower number means the company is in a safer position to handle debt, while a higher number signals greater financial risk and potential pressure on profits or growth.
Earnings Snapshot
Net revenues: $1.17 billion · Guidance included
Third quarter ended September 27, 2026
Net revenues
$1.17 billion
Down 11.0% reported; up 1.4% same-park
Net loss attributable to Six Flags
$366.1 million loss
69.2% lower than the prior-year quarter
Adjusted EBITDA
$493.2 million
Down 11.1% reported; up 1.1% same-park
Nine-month net cash from operating activities
$498.5 million
Up 36.5% from the prior-year period
Guidance
Fourth-quarter 2026 same-park Adjusted EBITDA: $140 million to $150 million, compared with $167 million in Q4 2025; 2026 capital expenditures: $350 million to $375 million, revised from $400 million to $425 million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What revenue did FUN report for the third quarter of 2026?
Six Flags reported $1.17 billion in third-quarter net revenues, down 11.0% on a reported basis and up 1.4% on a same-park basis. Same-park comparisons exclude seven parks sold before 2026 operations and the park in Bowie, Maryland, that closed after the 2025 season.
What is FUN’s fourth-quarter 2026 Adjusted EBITDA outlook?
Six Flags expects fourth-quarter 2026 same-park Adjusted EBITDA of $140 million to $150 million, compared with $167 million in the fourth quarter of 2025. The company expects about 60 additional operating days in the fourth quarter versus last year, mainly from the return of Holiday in the Park winter events.
How much of FUN’s revolving credit facility was available at quarter-end?
At September 27, 2026, $792.8 million was available under Six Flags’ revolving credit facility, and no revolver borrowings were outstanding. Total liquidity at quarter-end was $1.06 billion.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 5, 2026
SIX FLAGS ENTERTAINMENT CORPORATION
(Exact name of Registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File No.) | (I.R.S. Employer Identification No.) | ||||||||||||||||||
(Address of principal executive offices) (Zip Code)
(972 ) 595-5000
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 5, 2026, Six Flags Entertainment Corporation issued a news release disclosing 2026 fiscal third-quarter results. A copy of the news release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
This information shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise be subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.
Item 7.01. Regulation FD Disclosure.
On November 5, 2026, Six Flags Entertainment Corporation posted a slide presentation on its investor relations website. The presentation may be used, in whole or in part, or with modifications, in connection with presentations to investors, analysts and others. A copy of the presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K.
This information shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise be subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:
| Exhibit No. | Description | ||||
99.1 | News Release of Six Flags Entertainment Corporation dated November 5, 2026 (furnished herewith) | ||||
99.2 | Third Quarter 2026 Earnings Call Supplemental Presentation dated November 5, 2026 (furnished herewith) | ||||
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document) | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SIX FLAGS ENTERTAINMENT CORPORATION | |||||||||||
| (Registrant) | |||||||||||
| Date: | November 5, 2026 | By: | /s/ Ash Walia | ||||||||
| Ash Walia Chief Financial Officer | |||||||||||
Exhibit 99.1
NEWS RELEASE
| FOR IMMEDIATE RELEASE | Investor Contact: Tom Hennessy, IR@sixflags.com | ||||||||||
| https://investors.sixflags.com | Media Contact: Kristin Fitzgerald, kristin.fitzgerald@sixflags.com | ||||||||||
SIX FLAGS ENTERTAINMENT CORPORATION REPORTS 2026 THIRD QUARTER RESULTS
•Net revenues of $1.17 billion, down 11.0% on a reported basis and up 1.4% on a same-park basis(3)
•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(1) of $493.2 million, down 11.1% on a reported basis and up 1.1% on a same-park basis(3)
•Net cash from operating activities year-to-date up 36.5% to $498.5 million
•Liquidity of $1.06 billion at quarter-end
ARLINGTON, TX (November 5, 2026) -- Six Flags Entertainment Corporation (NYSE: FUN) (the “Company” or “Six Flags”), the largest regional amusement park operator in North America, today announced results for its 2026 third quarter ended September 27, 2026. Prior-year results include eight parks that Six Flags no longer operates in 2026: seven parks sold to EPR Properties prior to the start of 2026 park operations and one park in Bowie, Maryland that closed after the 2025 season. Same-park(3) results exclude those sold and closed parks in order to reflect the performance of the current operating portfolio and are presented as supplemental information alongside reported results.
| Third Quarter | Reported Basis | Same-Park Basis(3) | |||||||||||||||||||||||||||||||||
| ($ in millions, except per share and per capita) | 2026 | 2025 | Change | 2026 | 2025 | Change | |||||||||||||||||||||||||||||
| Net revenues | $ | 1,173.1 | $ | 1,317.8 | (11.0) | % | $ | 1,173.1 | $ | 1,156.6 | 1.4 | % | |||||||||||||||||||||||
| Net loss attributable to Six Flags | $ | (366.1) | $ | (1,187.3) | 69.2 | % | $ | (366.1) | $ | (1,224.7) | 70.1 | % | |||||||||||||||||||||||
| Diluted loss per share | $ | (3.59) | $ | (11.77) | 69.5 | % | $ | (3.59) | $ | (12.14) | 70.4 | % | |||||||||||||||||||||||
Adjusted EBITDA(1) | $ | 493.2 | $ | 554.7 | (11.1) | % | $ | 493.2 | $ | 487.7 | 1.1 | % | |||||||||||||||||||||||
| Attendance (thousands) | 18,195 | 21,109 | (13.8) | % | 18,195 | 18,240 | (0.2) | % | |||||||||||||||||||||||||||
Per capita spending(2) | $ | 60.51 | $ | 59.08 | 2.4 | % | $ | 60.51 | $ | 59.75 | 1.3 | % | |||||||||||||||||||||||
| Operating days | 2,122 | 2,573 | (17.5) | % | 2,122 | 2,068 | 2.6 | % | |||||||||||||||||||||||||||
Six Flags Entertainment Corporation - 1000 Ballpark Way, Suite 400, Arlington, TX 76011 - Phone: 704.414.4700
SIX FLAGS REPORTS 2026 THIRD QUARTER RESULTS
Nov. 5, 2026
Page 2
| Nine Months | Reported Basis | Same-Park Basis(3) | |||||||||||||||||||||||||||||||||
| ($ in millions, except per share and per capita) | 2026 | 2025 | Change | 2026 | 2025 | Change | |||||||||||||||||||||||||||||
| Net revenues | $ | 2,263.6 | $ | 2,450.2 | (7.6) | % | $ | 2,258.4 | $ | 2,196.8 | 2.8 | % | |||||||||||||||||||||||
| Net loss attributable to Six Flags | $ | (837.3) | $ | (1,506.7) | 44.4 | % | $ | (800.8) | $ | (1,491.7) | 46.3 | % | |||||||||||||||||||||||
| Diluted loss per share | $ | (8.23) | $ | (14.99) | 45.1 | % | $ | (7.87) | $ | (14.84) | 47.0 | % | |||||||||||||||||||||||
Adjusted EBITDA(1) | $ | 613.2 | $ | 626.5 | (2.1) | % | $ | 639.5 | $ | 577.7 | 10.7 | % | |||||||||||||||||||||||
| Attendance (thousands) | 34,246 | 38,118 | (10.2) | % | 34,246 | 33,737 | 1.5 | % | |||||||||||||||||||||||||||
Per capita spending(2) | $ | 62.17 | $ | 60.81 | 2.2 | % | $ | 62.13 | $ | 61.54 | 1.0 | % | |||||||||||||||||||||||
| Operating days | 4,106 | 4,959 | (17.2) | % | 4,106 | 4,120 | (0.3) | % | |||||||||||||||||||||||||||
Non-GAAP measures are defined under “Use of Non-GAAP Financial Measures” below and reconciled to the most directly comparable GAAP measures in the tables that follow.
Message from the CEO
“Safety remains our highest priority. Following the incident at Six Flags Over Georgia last month, we are cooperating fully with the ongoing investigation. We have launched a comprehensive review of ride safety across our entire portfolio, 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,” said John Reilly, President and Chief Executive Officer.
Mr. Reilly continued, “Our third quarter results reflect the progress we are making against our strategic priorities and the underlying strength of our portfolio. 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. We are particularly encouraged by the momentum in our regional pass offerings, which are helping unlock the unique advantages of our multi-park network. 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. We remain confident in our strategy and the significant opportunity ahead to drive profitable growth and create sustainable long-term value for shareholders."
Third Quarter 2026 Highlights
•Reported net revenues decreased $144.7 million, or 11.0%, because the prior-year quarter included the eight parks no longer operated. Same-park net revenues increased $16.5 million, or 1.4%, to $1.17 billion. The same-park increase reflected higher per capita spending(2), a $2.4 million increase in out-of-park revenues(2), primarily resorts, and 54 additional operating days, most of which reflected the later timing of Labor Day. These benefits were partly offset by the impact of a 0.2% decrease in attendance on a same-park basis.
Six Flags Entertainment Corporation - 1000 Ballpark Way, Suite 400, Arlington, TX 76011 - Phone: 704.414.4700
SIX FLAGS REPORTS 2026 THIRD QUARTER RESULTS
Nov. 5, 2026
Page 3
•Attendance was 18.2 million in the third quarter of 2026, down 0.2% on a same-park basis compared to the third quarter of 2025. Higher season pass and membership visitation was offset by lower single-day visitation and fewer complimentary tickets. July 4 fell on a Saturday rather than a Friday, and wildfire-related air quality disruptions affected certain parks. Same-park third quarter operating days were 2,122, compared with 2,068.
•Operating costs and expenses for the third quarter of 2026 were $676.8 million, compared with $772.4 million on a reported basis and $676.3 million on a same-park basis in the prior-year quarter. Same-park costs were essentially unchanged (up 0.1%) despite 54 additional operating days. Operating expenses decreased $51.1 million for the quarter on a reported basis, and selling, general and administrative expenses decreased $29.4 million on a reported basis compared to the prior year third quarter. Same-park operating expenses increased $29.4 million on higher full-time wages and benefits, higher operating supplies tied to added operating days and investment in the guest experience, and higher insurance costs related to claims incurred. Same-park selling, general and administrative expenses decreased $27.3 million, primarily on lower full-time wages, including lower equity compensation and severance, and lower technology costs.
•Net loss attributable to Six Flags was $366.1 million, or $3.59 per diluted share, compared with $1.19 billion on a reported basis, or $11.77 per diluted share, in the prior-year quarter, which included a $1.52 billion non-cash impairment charge. The non-cash impairment charges in the current-year quarter totaled $687.7 million.
•Adjusted EBITDA(1) for the third quarter of 2026 was $493.2 million, a decrease of $61.5 million, or 11.1%, on a reported basis and an increase of $5.4 million, or 1.1%, on a same-park basis.
•Same-park per capita spending(2) for the third quarter increased 1.3% to $60.51. Same-park admissions per capita spending(2) rose $0.54, or 1.7%, to $32.07, and same-park in-park product per capita spending(2) rose $0.21, or 0.7%, to $28.44. Realized pricing and fewer complimentary tickets were contributing factors to the same-park increase.
Nine Month 2026 Highlights
•Reported net revenues decreased $186.6 million, or 7.6%, because the prior-year first nine months included the eight parks no longer operated. Same-park net revenues for the first nine months increased $61.6 million, or 2.8%, to $2.26 billion. The same-park increase reflected a 1.5% increase in attendance, higher per capita spending(2), and a $6.0 million increase in out-of-park revenues(2), primarily from one-time revenue events related to international agreements and out-of-park events. There was a 14 operating day decrease on a same-park basis.
Six Flags Entertainment Corporation - 1000 Ballpark Way, Suite 400, Arlington, TX 76011 - Phone: 704.414.4700
SIX FLAGS REPORTS 2026 THIRD QUARTER RESULTS
Nov. 5, 2026
Page 4
•Attendance was 34.2 million for the first nine months of 2026, up 1.5% on a same-park basis compared to the first nine months of 2025. The increase was attributable to higher season pass and membership visitation as a result of a larger active pass base and higher cross park visitation.
•Operating costs and expenses for the first nine months of 2026 decreased $212.0 million, or 11.2%, on a reported basis compared to the first nine months of 2025. On a same-park basis for the first nine months, operating costs and expenses decreased $35.8 million, or 2.1%. Selling, general and administrative expenses decreased $46.0 million for the nine months on a reported basis, and operating expenses decreased $145.1 million on a reported basis compared to the prior nine month period. Same-park selling, general and administrative expenses decreased $41.1 million, primarily on lower full-time wages, including equity compensation, and lower advertising costs. The lower same-park basis selling, general and administrative expenses were somewhat offset by a $4.7 million increase in same-park operating expenses on higher insurance costs, higher costs for operating supplies tied to investment in the guest experience, and increased costs of utilities somewhat offset by less severance costs.
•Net loss attributable to Six Flags was $837.3 million on a reported basis, or $8.23 per diluted share, compared with $1.51 billion, or $14.99 per diluted share, for the first nine months of the prior year, which included a $1.52 billion non-cash impairment charge. The current year included non-cash impairment charges totaling $726.3 million.
•Adjusted EBITDA(1) for the first nine months decreased $13.3 million, or 2.1%, on a reported basis and increased $61.8 million, or 10.7%, on a same-park basis.
•Same-park per capita spending(2) for the first nine months increased 1.0% to $62.13. Same-park admissions per capita spending(2) rose $0.07, or 0.2%, to $33.21, and same-park in-park product per capita spending(2) rose $0.52, or 1.8%, to $28.92.
Season Pass and Membership
•Season passes and memberships are tracked together as the active pass base: the number of passholders and members who can visit the parks at a given time.
•At September 27, 2026, the active pass base was 7.1 million, up about 469,000 units, or 7.1%, on a same-park basis versus last year. Passholders and members made up about 61% of same-park attendance in the third quarter of 2026.
•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%.
•The 2027 pass program launched in early August, two weeks later than last year. 2027 passes are also valid for the rest of the 2026 season, so an early launch lets guests use one pass for most of two seasons, and some skip buying in alternate years. Launching later reduces that overlap and encourages guests to buy
Six Flags Entertainment Corporation - 1000 Ballpark Way, Suite 400, Arlington, TX 76011 - Phone: 704.414.4700
SIX FLAGS REPORTS 2026 THIRD QUARTER RESULTS
Nov. 5, 2026
Page 5
every year. As a result, 2027 sales to date reflect two fewer weeks of selling than last year's program at the same point.
•Passes expire each season, so the base is seasonally lower at the start of the year. Six Flags forecasts to enter 2027 with approximately 3.7 million active passholders and members on a same-park basis, flat to slightly up low single digits versus last year.
Balance Sheet, Liquidity and Capital Allocation
•Net cash from operating activities for the first nine months of 2026 was $498.5 million, an increase of $133.3 million from the prior-year period. Capital expenditures were $241.2 million for the first nine months of 2026, compared with $408.1 million for the prior-year period.
•Cash and cash equivalents were $267.9 million at September 27, 2026. Total liquidity at the end of the third quarter was $1.06 billion, including $792.8 million available under the revolving credit facility, with no revolver borrowings outstanding.
•Total debt was $4.91 billion at September 27, 2026, a decrease of $275.0 million from December 31, 2025. Net debt(4) was $4.66 billion at September 27, 2026.
•Total deferred revenue was $331.3 million at September 27, 2026, a decrease of $34.0 million from September 28, 2025, largely due to the parks no longer operated. At the parks operated in both periods, deferred revenue decreased $14.4 million, or 4.2%, largely due to an increased mix of memberships beyond the initial 12-month commitment period resulting in greater recurring monthly revenue and due to the later launch of 2027 season pass sales, as well as lower sponsorship deferred revenue due to a one-time benefit in the prior year.
•Six Flags now expects 2026 capital expenditures of $350.0 million to $375.0 million, compared with its prior expectation of $400.0 million to $425.0 million. The reduction comes from the timing of large new ride projects, not from maintenance.
Outlook
•October was softer than planned driven by unfavorable weather on several of the biggest weekends early in the month and by the impact of the tragic incident at Six Flags Over Georgia and related proactive ride closures.
•Six Flags currently expects about 60 additional operating days in the fourth quarter versus last year, driven mainly by the return of Holiday in the Park winter events.
Six Flags Entertainment Corporation - 1000 Ballpark Way, Suite 400, Arlington, TX 76011 - Phone: 704.414.4700
SIX FLAGS REPORTS 2026 THIRD QUARTER RESULTS
Nov. 5, 2026
Page 6
•With October results in hand, Six Flags now expects fourth quarter 2026 same-park Adjusted EBITDA(1) to be between $140 and $150 million compared with fourth quarter 2025 same-park Adjusted EBITDA of $167 million.
Conference Call
Six Flags will host a conference call and audio webcast to discuss third quarter 2026 financial results at 8 a.m. ET today, November 5, 2026. A live audio webcast of the call, a supplemental presentation and, shortly after the call, a replay will be available on the Six Flags Investors website at https://investors.sixflags.com under Investor Information / Events & Presentations.
About Six Flags Entertainment Corporation
Six Flags Entertainment Corporation (NYSE: FUN) is the largest regional amusement park operator in North America, with 20 amusement parks, 14 water parks and nine resort properties across 13 U.S. states, Canada, and Mexico. The Company also manages an amusement park in Saudi Arabia. Focused on its purpose of creating FUN, thrills and a lifetime of memories, Six Flags provides immersive entertainment to millions of guests every year with world-class coasters, themed rides, thrilling water parks, resorts and a portfolio of beloved intellectual property such as Looney Tunes®, DC Comics® and PEANUTS®.
Use of Non-GAAP Financial Measures
This release includes measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”): Modified EBITDA and Adjusted EBITDA; per capita spending, admissions per capita spending, in-park product per capita spending, in-park revenues and out-of-park revenues; Same-Park Basis measures; and net debt. Each is presented with, and reconciled in the tables that follow to, the most directly comparable GAAP measure for each period presented. These measures should not be considered in isolation or as substitutes for GAAP measures, and they may not be comparable to similarly titled measures of other companies.
(1) Adjusted EBITDA and Modified EBITDA. Modified EBITDA represents earnings before interest, taxes, depreciation, amortization, other non-cash items and other adjustments as defined in the Company’s credit agreement. Adjusted EBITDA represents Modified EBITDA less net income (loss) attributable to non-controlling interests. The most directly comparable GAAP measure is net income (loss). Management believes these measures are meaningful measures of park-level operating profitability and uses them to measure returns on capital investments, evaluate potential acquisitions, determine awards under incentive compensation plans and calculate compliance with certain loan covenants. Adjusted EBITDA is also widely used by analysts and investors to evaluate operating performance on a consistent basis.
Six Flags Entertainment Corporation - 1000 Ballpark Way, Suite 400, Arlington, TX 76011 - Phone: 704.414.4700
SIX FLAGS REPORTS 2026 THIRD QUARTER RESULTS
Nov. 5, 2026
Page 7
(2) Per capita measures. Per capita spending is calculated as revenues generated within the Company’s amusement parks and separately gated outdoor water parks, along with related parking revenues and online transaction fees charged to customers (in-park revenues), divided by total attendance. Admissions per capita spending is calculated as in-park admissions revenues divided by total attendance. In-park product per capita spending is calculated as all other in-park revenues, including food and beverage, merchandise, games and extra-charge offerings, divided by total attendance. Out-of-park revenues are revenues from resorts, out-of-park food and merchandise locations, sponsorships, international agreements and all other out-of-park operations. The most directly comparable GAAP measure is net revenues. Management uses these measures as major factors in significant operational decisions because they are primary drivers of financial and operational performance, measuring demand, pricing and consumer behavior.
(3) Same-Park Basis. Same-Park Basis compares the performance of the Company’s current operating portfolio and excludes the results of (a) the seven parks sold to EPR Properties prior to the start of 2026 park operations and (b) the combined amusement and water park in Bowie, Maryland, where operations were discontinued after the 2025 season (together, the “parks sold and closed”). Same-Park Basis measures, including net revenues, net income (loss), diluted income (loss) per share, Adjusted EBITDA, operating costs and expenses, attendance and per capita measures, are presented alongside the corresponding reported GAAP measures, and the amounts attributable to the parks sold and closed are shown in the tables that follow. Management believes Same-Park Basis information is meaningful to evaluate operating performance of the parks owned and operated in both periods and uses it for that purpose.
(4) Net debt. Net debt is long-term debt, including current maturities, plus unamortized debt issuance costs and original issue discount, less acquisition fair value layers, less cash and cash equivalents. The most directly comparable GAAP measure is long-term debt, including current maturities. Management and investors use net debt to monitor leverage.
The Company has not provided a reconciliation of forward-looking Adjusted EBITDA to net income (loss), the most directly comparable GAAP measure, because it cannot do so without unreasonable efforts. Net income (loss) depends on items that are inherently uncertain or outside the Company’s control, including non-cash impairment charges, foreign currency gains or losses, and gains or losses on asset sales, the probable significance of which is that net income (loss) could differ materially from Adjusted EBITDA.
Forward-Looking Statements
Some of the statements contained in this news release that are not historical in nature are forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933,
Six Flags Entertainment Corporation - 1000 Ballpark Way, Suite 400, Arlington, TX 76011 - Phone: 704.414.4700
SIX FLAGS REPORTS 2026 THIRD QUARTER RESULTS
Nov. 5, 2026
Page 8
as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements as to the Company's expectations, beliefs, goals and strategies regarding the future. Words such as “anticipate,” “believe,” “create,” “expect,” “future,” “guidance,” "outlook," “intend,” “plan,” “potential,” “seek,” “synergies,” “target,” "objective," “will,” “would,” similar expressions, and variations or negatives of these words identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. These forward-looking statements may involve current plans, estimates, expectations and ambitions that are subject to risks, uncertainties and assumptions that are difficult to predict, may be beyond the Company's control and could cause actual results to differ materially from those described in such statements. Although management believes that the expectations reflected in such forward-looking statements are reasonable, the Company can give no assurance that such expectations will prove to be correct or that the Company's growth and operational strategies will achieve the target results. Important risks and uncertainties that may cause such a difference and could adversely affect attendance at the Company's parks, future financial performance and/or growth strategies, and could cause actual results to differ materially from expectations or otherwise to fluctuate or decrease, include, but are not limited to: failure to realize the expected amount and timing of benefits related to the sale of the amusement and water park located in Bowie, Maryland; adverse weather conditions; general economic, political and market conditions, including global trade; the impacts of pandemics or other public health crises, including the effects of government responses on people and economies; competition for consumer leisure time and spending or other changes in consumer behavior or sentiment for discretionary spending; accidents or other incidents occurring at amusement and water parks; unanticipated construction delays or increases in construction or supply costs; changes in capital investment plans and projects; anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of the Company’s operations; the impact of any potential shareholder activism; failure to attract, motivate and retain qualified domestic and international employees and key personnel; legislative, regulatory and economic developments and changes in laws, regulations, and policies affecting the Company; acts of terrorism or outbreak or escalation of war, hostilities, civil unrest, and other political or security disturbances; and other risks and uncertainties discussed under the heading “Risk Factors” within our Annual Report on Form 10-K and in the other filings the Company makes from time to time with the Securities and Exchange Commission. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this document and are based on information currently and reasonably known to management. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after publication of this news release.
This news release and prior releases are available under the News tab at https://investors.sixflags.com
Six Flags Entertainment Corporation - 1000 Ballpark Way, Suite 400, Arlington, TX 76011 - Phone: 704.414.4700
SIX FLAGS REPORTS 2026 THIRD QUARTER RESULTS
Nov. 5, 2026
Page 9
- more -
(financial tables follow)
Six Flags Entertainment Corporation - 1000 Ballpark Way, Suite 400, Arlington, TX 76011 - Phone: 704.414.4700
SIX FLAGS REPORTS 2026 THIRD QUARTER RESULTS
Nov. 5, 2026
Page 10
SIX FLAGS ENTERTAINMENT CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands)
| Three months ended | Nine months ended | ||||||||||||||||||||||
| September 27, 2026 | September 28, 2025 | September 27, 2026 | September 28, 2025 | ||||||||||||||||||||
| Net revenues: | |||||||||||||||||||||||
| Admissions | $ | 583,520 | $ | 664,647 | $ | 1,138,284 | $ | 1,256,832 | |||||||||||||||
| Food, merchandise and games | 394,013 | 443,126 | 775,462 | 832,129 | |||||||||||||||||||
| Accommodations, extra-charge products and other | 195,545 | 209,980 | 349,878 | 361,239 | |||||||||||||||||||
| 1,173,078 | 1,317,753 | 2,263,624 | 2,450,200 | ||||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Cost of food, merchandise, and games revenues | 96,163 | 111,195 | 192,723 | 213,618 | |||||||||||||||||||
| Operating expenses | 498,202 | 549,340 | 1,203,871 | 1,348,940 | |||||||||||||||||||
| Selling, general and administrative | 82,411 | 111,834 | 286,442 | 332,441 | |||||||||||||||||||
| Depreciation and amortization | 102,486 | 128,053 | 317,610 | 365,011 | |||||||||||||||||||
| Loss on retirement of fixed assets, net | 2,782 | 2,797 | 19,105 | 21,413 | |||||||||||||||||||
| Loss on impairment of fixed assets | 9,029 | — | 9,029 | — | |||||||||||||||||||
| Loss on impairment of goodwill and other intangibles | 678,667 | 1,518,099 | 717,307 | 1,518,099 | |||||||||||||||||||
| Loss on disposal group | 3,189 | — | 41,027 | — | |||||||||||||||||||
| Loss on other assets | — | — | — | 791 | |||||||||||||||||||
| 1,472,929 | 2,421,318 | 2,787,114 | 3,800,313 | ||||||||||||||||||||
| Operating loss | (299,851) | (1,103,565) | (523,490) | (1,350,113) | |||||||||||||||||||
| Interest expense, net | 89,634 | 91,056 | 286,614 | 270,500 | |||||||||||||||||||
| Loss on early debt extinguishment | — | — | 4,053 | — | |||||||||||||||||||
| Other expense (income), net | 2,184 | 5,954 | 14,601 | (15,011) | |||||||||||||||||||
| Loss before taxes | (391,669) | (1,200,575) | (828,758) | (1,605,602) | |||||||||||||||||||
| Benefit for taxes | (50,633) | (38,043) | (41,586) | (148,520) | |||||||||||||||||||
| Net loss | (341,036) | (1,162,532) | (787,172) | (1,457,082) | |||||||||||||||||||
| Net income attributable to non-controlling interests | 25,085 | 24,816 | 50,169 | 49,632 | |||||||||||||||||||
| Net loss attributable to Six Flags Entertainment Corporation | $ | (366,121) | $ | (1,187,348) | $ | (837,341) | $ | (1,506,714) | |||||||||||||||
| Weighted average shares of common stock outstanding | |||||||||||||||||||||||
| Basic | 101,868 | 100,884 | 101,697 | 100,546 | |||||||||||||||||||
| Diluted | 101,868 | 100,884 | 101,697 | 100,546 | |||||||||||||||||||
| Loss attributable to Six Flags Entertainment Corporation per share of common stock outstanding | |||||||||||||||||||||||
| Basic | $ | (3.59) | $ | (11.77) | $ | (8.23) | $ | (14.99) | |||||||||||||||
| Diluted | $ | (3.59) | $ | (11.77) | $ | (8.23) | $ | (14.99) | |||||||||||||||
Six Flags Entertainment Corporation - 1000 Ballpark Way, Suite 400, Arlington, TX 76011 - Phone: 704.414.4700
SIX FLAGS REPORTS 2026 THIRD QUARTER RESULTS
Nov. 5, 2026
Page 11
SIX FLAGS ENTERTAINMENT CORPORATION
UNAUDITED CONSOLIDATED BALANCE SHEET DATA
(In thousands)
| September 27, 2026 | December 31, 2025 | September 28, 2025 | |||||||||||||||
| Cash and cash equivalents | $ | 267,858 | $ | 91,134 | $ | 70,683 | |||||||||||
| Total assets | 6,757,272 | 7,799,202 | 7,889,486 | ||||||||||||||
| Current deferred revenue | $ | 299,197 | $ | 293,061 | $ | 333,096 | |||||||||||
| Non-current deferred revenue | 32,142 | 17,705 | 32,264 | ||||||||||||||
| Total deferred revenue | $ | 331,339 | $ | 310,766 | $ | 365,360 | |||||||||||
| Revolving credit loans | $ | — | $ | 258,386 | $ | 97,361 | |||||||||||
| Term debt, including current maturities | 1,455,973 | 1,460,847 | 1,468,346 | ||||||||||||||
| Notes | 3,450,153 | 3,461,877 | 3,461,264 | ||||||||||||||
| Total long-term debt, including current maturities | $ | 4,906,126 | $ | 5,181,110 | $ | 5,026,971 | |||||||||||
| Equity | $ | (249,588) | $ | 549,757 | $ | 614,314 | |||||||||||
SIX FLAGS ENTERTAINMENT CORPORATION
UNAUDITED CONDENSED STATEMENT OF CASH FLOW DATA
(In thousands)
| Nine months ended | |||||||||||
| September 27, 2026 | September 28, 2025 | ||||||||||
| Net cash from operating activities | $ | 498,451 | $ | 365,140 | |||||||
| Capital expenditures | $ | (241,197) | $ | (408,075) | |||||||
| Proceeds from sale of parks | 257,749 | — | |||||||||
| Net cash from (for) investing activities | $ | 16,552 | $ | (408,075) | |||||||
| Net cash (for) from financing activities | $ | (337,091) | $ | 32,631 | |||||||
SIX FLAGS ENTERTAINMENT CORPORATION
CALCULATION OF NET DEBT
(In thousands)
| September 27, 2026 | |||||
| Long-term debt, including current maturities | $ | 4,906,126 | |||
| Plus: Debt issuance costs and original issue discount | 38,700 | ||||
| Less: Acquisition fair value layers | (21,123) | ||||
| Less: Cash and cash equivalents | (267,858) | ||||
| Net debt | $ | 4,655,845 | |||
Net debt is a non-GAAP financial measures used by investors to monitor leverage. The measures may not be comparable to similarly titled measures of other companies.
Six Flags Entertainment Corporation - 1000 Ballpark Way, Suite 400, Arlington, TX 76011 - Phone: 704.414.4700
SIX FLAGS REPORTS 2026 THIRD QUARTER RESULTS
Nov. 5, 2026
Page 12
SIX FLAGS ENTERTAINMENT CORPORATION
SUPPLEMENTAL QUARTERLY INFORMATION
(In thousands, except per capita and operating day amounts)
| 2025 | 2026 | ||||||||||||||||||||||||||||
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | FY 2025 | Q1 2026 | Q2 2026 | Q3 2026 | ||||||||||||||||||||||
| Net revenues | |||||||||||||||||||||||||||||
| Reported Basis | $ | 202,057 | $ | 930,390 | $ | 1,317,753 | $ | 650,089 | $ | 3,100,289 | $ | 225,627 | $ | 864,919 | $ | 1,173,078 | |||||||||||||
| Parks sold and closed | 6,094 | 86,154 | 161,164 | 36,603 | 290,015 | 4,764 | 458 | — | |||||||||||||||||||||
Same-Park Basis(3) | $ | 195,963 | $ | 844,236 | $ | 1,156,589 | $ | 613,486 | $ | 2,810,274 | $ | 220,863 | $ | 864,461 | $ | 1,173,078 | |||||||||||||
| Net income (loss) attributable to Six Flags | |||||||||||||||||||||||||||||
| Reported Basis | $ | (219,718) | $ | (99,648) | $ | (1,187,348) | $ | (92,384) | $ | (1,599,098) | $ | (268,600) | $ | (202,620) | $ | (366,121) | |||||||||||||
| Parks sold and closed | (39,348) | (13,028) | 37,372 | (19,351) | (34,355) | (28,380) | (8,184) | — | |||||||||||||||||||||
Same-Park Basis(3) | $ | (180,370) | $ | (86,620) | $ | (1,224,720) | $ | (73,033) | $ | (1,564,743) | $ | (240,220) | $ | (194,436) | $ | (366,121) | |||||||||||||
Adjusted EBITDA(1) | |||||||||||||||||||||||||||||
| Reported Basis | $ | (170,790) | $ | 242,618 | $ | 554,688 | $ | 165,494 | $ | 792,010 | $ | (123,039) | $ | 243,073 | $ | 493,169 | |||||||||||||
| Parks sold and closed | (27,753) | 9,575 | 66,961 | (1,392) | 47,391 | (20,498) | (5,843) | — | |||||||||||||||||||||
Same-Park Basis(3) | $ | (143,037) | $ | 233,043 | $ | 487,727 | $ | 166,886 | $ | 744,619 | $ | (102,541) | $ | 248,916 | $ | 493,169 | |||||||||||||
| Attendance (thousands) | |||||||||||||||||||||||||||||
| Reported Basis | 2,818 | 14,191 | 21,109 | 9,270 | 47,388 | 2,923 | 13,128 | 18,195 | |||||||||||||||||||||
| Parks sold and closed | — | 1,512 | 2,869 | 588 | 4,969 | — | — | — | |||||||||||||||||||||
Same-Park Basis(3) | 2,818 | 12,679 | 18,240 | 8,682 | 42,419 | 2,923 | 13,128 | 18,195 | |||||||||||||||||||||
Per capita spending(2) | |||||||||||||||||||||||||||||
| Reported Basis | $ | 65.40 | $ | 62.46 | $ | 59.08 | $ | 66.41 | $ | 61.90 | $ | 69.26 | $ | 62.89 | $ | 60.51 | |||||||||||||
Same-Park Basis(3) | $ | 64.84 | $ | 63.38 | $ | 59.75 | $ | 67.01 | $ | 62.66 | $ | 68.80 | $ | 62.88 | $ | 60.51 | |||||||||||||
Admissions per capita spending(2) | |||||||||||||||||||||||||||||
| Reported Basis | $ | 37.72 | $ | 34.19 | $ | 31.48 | $ | 35.32 | $ | 33.41 | $ | 38.82 | $ | 33.62 | $ | 32.07 | |||||||||||||
Same-Park Basis(3) | $ | 37.34 | $ | 34.52 | $ | 31.53 | $ | 35.43 | $ | 33.61 | $ | 38.47 | $ | 33.61 | $ | 32.07 | |||||||||||||
In-park product per capita spending(2) | |||||||||||||||||||||||||||||
| Reported Basis | $ | 27.68 | $ | 28.27 | $ | 27.60 | $ | 31.10 | $ | 28.49 | $ | 30.44 | $ | 29.27 | $ | 28.44 | |||||||||||||
Same-Park Basis(3) | $ | 27.50 | $ | 28.86 | $ | 28.23 | $ | 31.58 | $ | 29.05 | $ | 30.32 | $ | 29.27 | $ | 28.44 | |||||||||||||
Out-of-park revenues(2) | |||||||||||||||||||||||||||||
| Reported Basis | $ | 23,916 | $ | 71,908 | $ | 108,135 | $ | 51,495 | $ | 255,454 | $ | 28,799 | $ | 64,319 | $ | 101,360 | |||||||||||||
| Parks sold and closed | 4,597 | 5,677 | 9,216 | 3,854 | 23,344 | 3,600 | 388 | — | |||||||||||||||||||||
Same-Park Basis(3) | $ | 19,319 | $ | 66,231 | $ | 98,919 | $ | 47,641 | $ | 232,110 | $ | 25,199 | $ | 63,931 | $ | 101,360 | |||||||||||||
| Operating days | |||||||||||||||||||||||||||||
| Reported Basis | 393 | 1,993 | 2,573 | 779 | 5,738 | 369 | 1,615 | 2,122 | |||||||||||||||||||||
| Parks sold and closed | — | 334 | 505 | 77 | 916 | — | — | — | |||||||||||||||||||||
Same-Park Basis(3) | 393 | 1,659 | 2,068 | 702 | 4,822 | 369 | 1,615 | 2,122 | |||||||||||||||||||||
Same-Park Basis excludes the parks sold and closed; amounts shown for the parks sold and closed are the difference between Reported Basis and Same-Park Basis.
Six Flags Entertainment Corporation - 1000 Ballpark Way, Suite 400, Arlington, TX 76011 - Phone: 704.414.4700
SIX FLAGS REPORTS 2026 THIRD QUARTER RESULTS
Nov. 5, 2026
Page 13
SIX FLAGS ENTERTAINMENT CORPORATION
RECONCILIATION OF MODIFIED EBITDA AND ADJUSTED EBITDA
(In thousands)
| REPORTED BASIS | Three months ended | Nine months ended | Twelve months ended | Trailing twelve months ended (d) | ||||||||||||||||||||||||||||||||||
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | Q3 2025 | Q3 2026 | FY 2025 | Q3 2026 | ||||||||||||||||||||||||||||
| Net loss | $ | (219,718) | $ | (74,832) | $ | (1,162,532) | $ | (92,384) | $ | (268,600) | $ | (177,536) | $ | (341,036) | $ | (1,457,082) | $ | (787,172) | $ | (1,549,466) | $ | (879,556) | ||||||||||||||||
| Interest expense, net | 87,035 | 92,409 | 91,056 | 89,458 | 94,928 | 102,052 | 89,634 | 270,500 | 286,614 | 359,958 | 376,072 | |||||||||||||||||||||||||||
| (Benefit) provision for taxes | (186,760) | 76,283 | (38,043) | (15,460) | (148,363) | 157,410 | (50,633) | (148,520) | (41,586) | (163,980) | (57,046) | |||||||||||||||||||||||||||
| Depreciation and amortization | 102,330 | 134,628 | 128,053 | 121,372 | 107,349 | 107,775 | 102,486 | 365,011 | 317,610 | 486,383 | 438,982 | |||||||||||||||||||||||||||
| EBITDA | (217,113) | 228,488 | (981,466) | 102,986 | (214,686) | 189,701 | (199,549) | (970,091) | (224,534) | (867,105) | (121,548) | |||||||||||||||||||||||||||
| Loss on early debt extinguishment | — | — | — | — | 4,053 | — | — | — | 4,053 | — | 4,053 | |||||||||||||||||||||||||||
| Non-cash foreign currency (gain) loss | (2,214) | (19,986) | 6,625 | (7,008) | 5,139 | 6,655 | 1,019 | (15,575) | 12,813 | (22,583) | 5,805 | |||||||||||||||||||||||||||
| Non-cash equity compensation expense | 17,076 | 8,935 | 14,948 | 23,198 | 3,772 | 19,585 | 8,606 | 40,959 | 31,963 | 64,157 | 55,161 | |||||||||||||||||||||||||||
| Loss on retirement of fixed assets, net | 8,098 | 10,518 | 2,797 | 19,257 | 2,435 | 13,888 | 2,782 | 21,413 | 19,105 | 40,670 | 38,362 | |||||||||||||||||||||||||||
| Loss on impairment of fixed assets | — | — | — | — | — | — | 9,029 | — | 9,029 | — | 9,029 | |||||||||||||||||||||||||||
| Loss on impairment of goodwill and other intangibles | — | — | 1,518,099 | — | 38,640 | — | 678,667 | 1,518,099 | 717,307 | 1,518,099 | 717,307 | |||||||||||||||||||||||||||
| Loss on disposal group | — | — | — | — | 27,971 | 9,867 | 3,189 | — | 41,027 | — | 41,027 | |||||||||||||||||||||||||||
| Loss on other assets | 791 | — | — | — | — | — | — | 791 | — | 791 | — | |||||||||||||||||||||||||||
Costs related to the merger (a) | 15,640 | 11,030 | 10,486 | 11,755 | 4,914 | 3,716 | 2,070 | 37,156 | 10,700 | 48,911 | 22,455 | |||||||||||||||||||||||||||
Severance (b) | 3,377 | 23,823 | 8,592 | 8,772 | 264 | 16,700 | 6,169 | 35,792 | 23,133 | 44,564 | 31,905 | |||||||||||||||||||||||||||
Other (c) | 3,555 | 4,626 | (577) | 6,534 | 4,459 | 8,045 | 6,272 | 7,604 | 18,776 | 14,138 | 25,310 | |||||||||||||||||||||||||||
| Modified EBITDA | (170,790) | 267,434 | 579,504 | 165,494 | (123,039) | 268,157 | 518,254 | 676,148 | 663,372 | 841,642 | 828,866 | |||||||||||||||||||||||||||
| Net income attributable to non-controlling interests | — | 24,816 | 24,816 | — | — | 25,084 | 25,085 | 49,632 | 50,169 | 49,632 | 50,169 | |||||||||||||||||||||||||||
| Adjusted EBITDA | $ | (170,790) | $ | 242,618 | $ | 554,688 | $ | 165,494 | $ | (123,039) | $ | 243,073 | $ | 493,169 | $ | 626,516 | $ | 613,203 | $ | 792,010 | $ | 778,697 | ||||||||||||||||
(a) Consists of integration costs related to the merger between legacy Cedar Fair and legacy Six Flags (the "merger"), including third-party consulting costs, costs to integrate information technology systems, integration team salaries and benefits, retention bonuses, maintenance costs to update Former Six Flags parks to Cedar Fair standards and certain legal costs. These costs are added back to net loss to calculate Modified EBITDA and Adjusted EBITDA as defined in the Company's credit agreement.
(b) Consists of severance and related employer taxes and benefits. Certain employees, including certain executive level employees, were terminated as part of executive leadership transitions, as well as post-merger productivity and efficiency efforts.
(c) Consists of certain costs as defined in the Company's credit agreement. These costs are added back to net loss to calculate Modified EBITDA and Adjusted EBITDA and include certain legal and consulting expenses; certain costs at the sold and closed parks; certain recruiting and relocation costs; cost of goods sold recorded to align inventory standards following the merger; administrative payments related to the Partnership Parks; Mexican VAT taxes on intercompany activity; and contract termination costs. This balance also includes unrealized gains and losses on pension assets and short-term investments.
Six Flags Entertainment Corporation - 1000 Ballpark Way, Suite 400, Arlington, TX 76011 - Phone: 704.414.4700
SIX FLAGS REPORTS 2026 THIRD QUARTER RESULTS
Nov. 5, 2026
Page 14
(d) The amounts in the trailing twelve month column are calculated by adding the results for Q4 2025, Q1 2026, Q2 2026 and Q3 2026.
| SAME PARK BASIS (3) | Three months ended | Nine months ended | Twelve months ended | Trailing twelve months ended (d) | ||||||||||||||||||||||||||||||||||
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | Q3 2025 | Q3 2026 | FY 2025 | Q3 2026 | ||||||||||||||||||||||||||||
| Net loss | $ | (180,369) | $ | (61,804) | $ | (1,199,904) | $ | (73,034) | $ | (240,220) | $ | (169,352) | $ | (341,036) | $ | (1,442,077) | $ | (750,608) | $ | (1,515,111) | $ | (823,642) | ||||||||||||||||
| Interest expense, net | 87,015 | 92,372 | 91,048 | 89,465 | 94,925 | 102,047 | 89,634 | 270,435 | 286,606 | 359,900 | 376,071 | |||||||||||||||||||||||||||
| (Benefit) provision for taxes | (186,760) | 76,283 | (38,048) | (15,461) | (148,363) | 157,410 | (50,633) | (148,525) | (41,586) | (163,986) | (57,047) | |||||||||||||||||||||||||||
| Depreciation and amortization | 92,404 | 117,828 | 107,504 | 106,019 | 101,312 | 107,755 | 102,486 | 317,736 | 311,553 | 423,755 | 417,572 | |||||||||||||||||||||||||||
| EBITDA | (187,710) | 224,679 | (1,039,400) | 106,989 | (192,346) | 197,860 | (199,549) | (1,002,431) | (194,035) | (895,442) | (87,046) | |||||||||||||||||||||||||||
| Loss on early debt extinguishment | — | — | — | — | 4,053 | — | — | — | 4,053 | — | 4,053 | |||||||||||||||||||||||||||
| Non-cash foreign currency (gain) loss | (2,222) | (19,992) | 6,608 | (6,977) | 5,138 | 6,655 | 1,019 | (15,606) | 12,812 | (22,583) | 5,835 | |||||||||||||||||||||||||||
| Non-cash equity compensation expense | 17,076 | 8,935 | 14,948 | 23,198 | 3,772 | 19,585 | 8,606 | 40,959 | 31,963 | 64,157 | 55,161 | |||||||||||||||||||||||||||
| Loss on retirement of fixed assets, net | 7,047 | 9,263 | 3,555 | 18,586 | 2,340 | 13,721 | 2,782 | 19,865 | 18,843 | 38,451 | 37,429 | |||||||||||||||||||||||||||
| Loss on impairment of fixed assets | — | — | — | — | — | — | 9,029 | — | 9,029 | — | 9,029 | |||||||||||||||||||||||||||
| Loss on impairment of goodwill and other intangibles | — | — | 1,510,212 | — | 38,640 | — | 678,667 | 1,510,212 | 717,307 | 1,510,212 | 717,307 | |||||||||||||||||||||||||||
| Loss on disposal group | — | — | — | — | 27,971 | 9,867 | 3,189 | — | 41,027 | — | 41,027 | |||||||||||||||||||||||||||
| Loss on other assets | 791 | — | — | — | — | — | — | 791 | — | 791 | — | |||||||||||||||||||||||||||
Costs related to the merger (a) | 15,592 | 9,908 | 9,679 | 11,626 | 4,914 | 3,716 | 2,070 | 35,179 | 10,700 | 46,805 | 22,326 | |||||||||||||||||||||||||||
Severance (b) | 3,220 | 20,440 | 8,542 | 8,733 | 238 | 16,688 | 6,169 | 32,202 | 23,095 | 40,935 | 31,828 | |||||||||||||||||||||||||||
Other (c) | 3,169 | 4,626 | (1,601) | 4,731 | 2,739 | 5,908 | 6,272 | 6,194 | 14,919 | 10,925 | 19,650 | |||||||||||||||||||||||||||
| Modified EBITDA | (143,037) | 257,859 | 512,543 | 166,886 | (102,541) | 274,000 | 518,254 | 627,365 | 689,713 | 794,251 | 856,599 | |||||||||||||||||||||||||||
| Net income attributable to non-controlling interests | — | 24,816 | 24,816 | — | — | 25,084 | 25,085 | 49,632 | 50,169 | 49,632 | 50,169 | |||||||||||||||||||||||||||
| Adjusted EBITDA | $ | (143,037) | $ | 233,043 | $ | 487,727 | $ | 166,886 | $ | (102,541) | $ | 248,916 | $ | 493,169 | $ | 577,733 | $ | 639,544 | $ | 744,619 | $ | 806,430 | ||||||||||||||||
See footnotes above.
Six Flags Entertainment Corporation - 1000 Ballpark Way, Suite 400, Arlington, TX 76011 - Phone: 704.414.4700
SIX FLAGS REPORTS 2026 THIRD QUARTER RESULTS
Nov. 5, 2026
Page 15
SIX FLAGS ENTERTAINMENT CORPORATION
RECONCILIATION OF IN-PARK AND OUT-OF-PARK REVENUES
(In thousands)
| REPORTED BASIS | Three months ended | Nine months ended | Twelve months ended | ||||||||||||||||||||||||||||||||
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | Q3 2025 | Q3 2026 | FY 2025 | ||||||||||||||||||||||||||
| In-park admissions revenues | 106,311 | 485,177 | 664,480 | 327,371 | 113,441 | 441,313 | 583,558 | 1,255,968 | 1,138,312 | 1,583,339 | |||||||||||||||||||||||||
| In-park product revenues | 78,004 | 401,243 | 582,626 | 288,271 | 88,977 | 384,328 | 517,499 | 1,061,873 | 990,804 | 1,350,144 | |||||||||||||||||||||||||
| In-park revenues | 184,315 | 886,420 | 1,247,106 | 615,642 | 202,418 | 825,641 | 1,101,057 | 2,317,841 | 2,129,116 | 2,933,483 | |||||||||||||||||||||||||
| Out-of-park revenues | 23,916 | 71,908 | 108,135 | 51,495 | 28,799 | 64,319 | 101,360 | 203,959 | 194,478 | 255,454 | |||||||||||||||||||||||||
| Concessionaire remittances | (6,174) | (27,938) | (37,488) | (17,048) | (5,590) | (25,041) | (29,339) | (71,600) | (59,970) | (88,648) | |||||||||||||||||||||||||
| Net revenues | $ | 202,057 | $ | 930,390 | $ | 1,317,753 | $ | 650,089 | $ | 225,627 | $ | 864,919 | $ | 1,173,078 | $ | 2,450,200 | $ | 2,263,624 | $ | 3,100,289 | |||||||||||||||
The difference between in-park admissions revenues and admissions net revenues within the unaudited consolidated statement of operations represents admission to indoor resort waterparks, which are classified as out-of-park revenues, and concessionaire remittances for certain parking arrangements.
| SAME PARK BASIS (3) | Three months ended | Nine months ended | Twelve months ended | ||||||||||||||||||||||||||||||||
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | Q3 2025 | Q3 2026 | FY 2025 | ||||||||||||||||||||||||||
| In-park admissions revenues | 105,232 | 437,662 | 575,036 | 307,636 | 112,440 | 441,251 | 583,558 | 1,117,930 | 1,137,249 | 1,425,566 | |||||||||||||||||||||||||
| In-park product revenues | 77,492 | 365,927 | 514,864 | 274,177 | 88,624 | 384,298 | 517,499 | 958,283 | 990,421 | 1,232,460 | |||||||||||||||||||||||||
| In-park revenues | 182,724 | 803,589 | 1,089,900 | 581,813 | 201,064 | 825,549 | 1,101,057 | 2,076,213 | 2,127,670 | 2,658,026 | |||||||||||||||||||||||||
| Out-of-park revenues | 19,319 | 66,231 | 98,919 | 47,641 | 25,199 | 63,931 | 101,360 | 184,469 | 190,490 | 232,110 | |||||||||||||||||||||||||
| Concessionaire remittances | (6,080) | (25,584) | (32,230) | (15,968) | (5,400) | (25,019) | (29,339) | (63,894) | (59,758) | (79,862) | |||||||||||||||||||||||||
| Net revenues | $ | 195,963 | $ | 844,236 | $ | 1,156,589 | $ | 613,486 | $ | 220,863 | $ | 864,461 | $ | 1,173,078 | $ | 2,196,788 | $ | 2,258,402 | $ | 2,810,274 | |||||||||||||||
See footnotes above.
Six Flags Entertainment Corporation - 1000 Ballpark Way, Suite 400, Arlington, TX 76011 - Phone: 704.414.4700
NYSE: FUN Third Quarter 2026 Earnings Call Supplemental Presentation November 5, 2026 Quarter ended September 27, 2026 Exhibit 99.2
IMPORTANT INFORMATION Forward-looking statements, non-GAAP measures and basis of presentation Forward-Looking Statements. Some of the statements contained in this presentation that are not historical in nature are forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements as to management's expectations, beliefs, goals and strategies regarding the future. Words such as "anticipate," "believe," "create," "expect," "future," "guidance," “outlook,” "intend," "plan," "potential," "seek," "synergies," "target," "objective," "will," "would," similar expressions, and variations or negatives of these words identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. These forward-looking statements may involve current plans, estimates, expectations and ambitions that are subject to risks, uncertainties and assumptions that are difficult to predict, may be beyond the Company's control and could cause actual results to differ materially from those described in such statements. Although management believes that the expectations reflected in such forward-looking statements are reasonable, they can give no assurance that such expectations will prove to be correct, or that the Company's growth and operational strategies will achieve the target results. Important risks and uncertainties that may cause such a difference and could adversely affect attendance at the Company's parks, future financial performance, and/or the Company's growth strategies, and could cause actual results to differ materially from expectations or otherwise to fluctuate or decrease, include, but are not limited to: failure to realize the expected amount and timing of benefits related to the sale of the amusement and water park located in Bowie, Maryland; adverse weather conditions; general economic, political and market conditions, including global trade; the impacts of pandemics or other public health crises, including the effects of government responses on people and economies; competition for consumer leisure time and spending or other changes in consumer behavior or sentiment for discretionary spending; accidents or other incidents occurring at amusement and water parks; unanticipated construction delays or increases in construction or supply costs; changes in capital investment plans and projects; anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of the Company's operations; the impact of any potential shareholder activism; failure to attract, motivate and retain qualified domestic and international employees and key personnel; legislative, regulatory and economic developments and changes in laws, regulations, and policies affecting the Company; acts of terrorism or outbreak or escalation of war, hostilities, civil unrest, and other political or security disturbances; and other risks and uncertainties discussed in the Company's Annual Report on Form 10-K and in the other filings made from time to time with the SEC. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation and are based on information currently and reasonably known to management. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this presentation. Non-GAAP Financial Measures. This presentation includes measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”): Modified EBITDA, Adjusted EBITDA and Adjusted EBITDA margin; Same-Park Basis measures; per capita spending, admissions per capita spending, in-park product per capita spending, in-park revenues and out-of-park revenues; free cash flow; net debt and net leverage. These measures should not be considered in isolation or as substitutes for the most directly comparable GAAP measures, and they may not be comparable to similarly titled measures of other companies. Definitions and reconciliations to the most directly comparable GAAP measures appear in the Appendix and throughout this presentation. Forward-Looking Non-GAAP Measures. We have not provided a reconciliation of forward-looking Adjusted EBITDA to net income, the most directly comparable GAAP measure, because we cannot do so without unreasonable efforts. Net income depends on items that are inherently uncertain or outside our control, including non-cash impairment charges, non-cash foreign currency gains/losses, and gains or losses on asset sales, the probable significance of which is that net income could differ materially from Adjusted EBITDA. Same-Park Basis. Compares the performance of our current operating portfolio and excludes the results of (a) the seven parks sold to EPR Properties prior to the start of 2026 park operations and (b) the combined amusement and water park in Bowie, Maryland, where operations were discontinued after the 2025 season (together, the “parks sold and closed”). Unless otherwise noted, comparisons in this presentation are on a Same-Park Basis. Reconciliations of reported to Same-Park results are included in the Appendix and in our earnings release. Outlook. Fourth quarter and full-year 2026 expectations are management estimates as of the date of this presentation and are forward-looking statements subject to the risks described to the left. 2
OUR PARKS Coast to coast: 34 parks across 13 states, Canada and Mexico Note: Six Flags Investor Relations website (Parks and Overview pages, October 2026); park and resort counts exclude Six Flags Qiddiya City (Saudi Arabia), which the company manages. Guests in 2025 is full- year 2025 attendance on a Same-Park Basis (42.4M), which excludes the parks sold and closed; 2025 attendance on a reported basis was 47.4M. 42M SAME-PARK GUESTS IN 2025 20 AMUSEMENT PARKS 14 WATER PARKS 9 RESORT PROPERTIES 1,780 TOTAL ATTRACTIONS 234 ROLLER COASTERS >265M RIDES TAKEN IN 2025 >1B RIDES TAKEN IN LAST 4 YEARS 3
THIRD QUARTER RESULTS Third quarter revenue and Adjusted EBITDA grew while maintaining a 42% margin Same-Park Basis unless otherwise noted; excludes the seven parks sold prior to the start of 2026 park operations and the park in Bowie, Maryland, closed after the 2025 season (the “parks sold and closed”), from all periods. Reported results equal Same-Park results for the third quarter of 2026; reported Q3 2025 net revenues were $1.32B. Adjusted EBITDA, Adjusted EBITDA margin and per capita spending are non-GAAP measures; see Appendix for definitions and reconciliations. GAAP, AS REPORTED $1.17B Net revenues, down 11.0% ($366M) Net loss attributable to Six Flags ($3.59) Diluted loss per share Includes $688M of non-cash impairment charges related to goodwill, trade names and long-lived assets. No effect on cash, liquidity or Adjusted EBITDA. SAME-PARK, Q3 2026 VS. Q3 2025 NET REVENUES $1.17B +1.4% vs. $1.16B ADJUSTED EBITDA $493M +1.1% vs. $488M ADJ. EBITDA MARGIN 42.04% vs. 42.17% last year PER CAPITA SPENDING $60.51 +1.3%; admissions and in- park spending both higher ATTENDANCE 18.2M Roughly in line; paid attendance up WHAT SHAPED THE QUARTER • 54 more operating days, mainly the later Labor Day • Fewer complimentary tickets issued • ~$13M of cost savings offset ~$13M of cost pressures • Less favorable July 4th calendar • Weather and wildfire smoke at a handful of parks • Seasonal business: we do not over-read any one quarter 4
OVERVIEW Meaningful progress on strategic transformation Same-Park Basis unless otherwise noted; excludes the seven parks sold prior to the start of 2026 park operations and the park in Bowie, Maryland, closed after the 2025 season (the “parks sold and closed”), from all periods. Adjusted EBITDA, Adjusted EBITDA margin, per capita spending, free cash flow and net leverage are non-GAAP measures; see Appendix for definitions and reconciliations. Free cash flow is net cash from operating activities less capital expenditures (reported basis). Outlook figures are management estimates and forward-looking; see Forward-Looking Statements. Safety first Comprehensive review of our entire ride portfolio is underway, verified by independent specialists. All parks remain open.1 A solid third quarter $493M Q3 Adjusted EBITDA, +1.1% • Net revenues +1.4% to $1.17B • Adjusted EBITDA margin almost flat at 42% • Paid attendance and per capita spending up 2 Improving profitability and cash flow +11% Nine-month Adjusted EBITDA • Margin up ~200 bps to 28.3% • Free cash flow of $257M, $300M better than last year • Estimated full year $70–80M of gross savings 3 Flexibility to meet near-term commitments $1.06B Liquidity at 3Q-end; nothing drawn on revolver • Net leverage of 5.8x • Liquidity up $298M vs. this time last year • $275M of debt reduced this year Fourth quarter outlook: October was softer than planned due to weather and the Georgia incident overlapping in the same weeks. We expect Q4 Adjusted EBITDA of ~$140–150M and still expect full-year Adjusted EBITDA to grow versus 2025. 5
PASSES AND MEMBERSHIPS Active pass base up 7.1%; expected to be flat to slightly up entering 2027 Note: The 2027 season pass program launched in early August, two weeks later than last year; 2027 passes also cover the rest of 2026, so an early launch lets some guests skip buying in alternate years. Launching later reduces that overlap and encourages guests to buy every year. Active pass base = season passholders plus members able to visit our parks at a given point in time; as of September 27, 2026 versus the same time in 2025. Year-to-date sales of season passes and memberships (units, sales dollars and average price) versus the same period of 2025. 2027 expectation of approximately 3.7 million active passholders and members, flat to slightly up is a management estimate and forward-looking; see Forward-Looking Statements. ONE METRIC: ACTIVE PASS BASE Passholders and members who can visit our parks at a given point in time. Season pass Covers a single season; guests buy again each year Membership Recurring; stays in the base until cancelled and carries into next season without a new purchase Passholders are our most engaged guests and help smooth weather-driven volatility. ACTIVE PASS BASE +7.1% ~469K more units at end of Sept. PASS + MEMBERSHIP UNITS SOLD, YTD +2.8% +134K units; avg. price +2.0% PASS + MEMBERSHIP SALES DOLLARS, YTD +4.9% Units +2.8% at avg. price +2.0% ENTERING 2027 (EST.) ~3.7M Active passholders and members ACTIVE PASS BASE VS. PRIOR YEAR ~Flat Entering 2026 +~7% End of Q3 2026 Flat to slightly up Entering 2027 (est.) 6
CASH FLOW AND CAPITAL SPENDING Nine-month net cash from operating activities up 37% to $498 million, free cash flow up $300 million from last year $ in millions; reported basis. Free cash flow is a non-GAAP measure (net cash from operating activities less capital expenditures): $498.5M less $241.2M in 9M 2026, versus $365.1M less $408.1M in 9M 2025; this presentation includes a reconciliation. EPR parks sold is the seven parks sold to EPR Properties: their Adjusted EBITDA and capital spending, and costs to sell. Same-park change excludes EPR parks sold cash flow change and the one-time federal income tax refund. Excludes $257.7M of park sale proceeds, reported in investing activities (see Appendix). Totals may not sum due to rounding. Capital spending outlook is forward-looking; see Forward-Looking Statements. FREE CASH FLOW IMPROVEMENT, NINE MONTHS 2026 VS. 2025 2026 CAPITAL SPENDING OUTLOOK $350–375M from $400–425M in August • Every project competes for capital based on its expected return • Certain growth-related projects re-sequenced into future years; near-term focus on guest-facing improvements • Core maintenance, safety and compliance spending remains fully funded, unchanged from prior periods • A more rigorous approach to capital allocation, not a change in our growth strategy or our path to mid-30s margins 7 $ in millions 9M 2026 vs. 9M 2025 Year-over-year free cash flow improvement 300 One-time tax refunds 44 Parks sold to EPR - free cash flow change (YoY) (72) Same-park - free cash flow change (YoY) 328 1 Received one-time income tax refunds totaling $43.5 million in Q3 2026 2 The company incurred the park-opening expenses, the early season capital spend before the transaction closed, the costs to sell the parks, but none of the peak-season cash generation which resulted in a $72 million net impact to free cash flow 3 Same-park free cash flow improvement driven by improved business performance and strategic adjustments to capital spending 1 2 3
Reconciliation of free cash flow, net debt and net leverage $ in millions. Free cash flow on a reported basis; 2025 and the first months of 2026 include the parks sold and closed. Debt is shown at principal. Total debt of $4,923.7M reconciles to long-term debt, including current maturities, of $4,906.1M (carrying value; the most directly comparable GAAP measure) through $38.7M of unamortized debt issuance costs and original issue discount, less $21.1M of acquisition fair value layers. FREE CASH FLOW $ in millions 9M 2026 9M 2025 Net cash from operating activities $498.5 $365.1 Less: capital expenditures (241.2) (408.1) Free cash flow $257.3 $(42.9) NET DEBT AND NET LEVERAGE, SEPT. 27, 2026 $ in millions Maturity Principal Revolving credit facility ($850M; undrawn) — Term loan B (SOFR + 200 bps) May 2031 1,473.7 6.625% senior secured notes May 2032 850.0 Secured debt 2,323.7 6.500% senior notes Oct 2028 300.0 5.250% senior notes Jul 2029 500.0 7.250% senior notes May 2031 800.0 8.625% senior notes Jan 2032 1,000.0 Unsecured debt 2,600.0 Total debt 4,923.7 Less: cash and cash equivalents (267.9) Net debt $4,655.8 TTM Same-Park Adjusted EBITDA $806.4 Net leverage 5.8x 8 FREE CASH FLOW AND DEBT
MODELING ASSUMPTIONS 2026 modeling assumptions $ in millions, except operating days. Q4 2026 estimates equal full-year expectations less nine-month actuals. (1) Includes one-time $43.5M income tax refunds received in Q3; Estimates are forward-looking; see Forward-Looking Statements. Adjusted EBITDA, its margin and net leverage are non-GAAP measures; see Appendix. 9M 2026 actual Q4 2026 (est.) FY 2026 (est.) Notes Adjusted EBITDA (Same-Park) $639.5 $140–150 $780–790 vs. $166.9 in Q4 2025; $744.6 in FY 2025 Capital expenditures $241.2 ~$110–135 $350–375 Revised from $400–425 in August Cash interest $220 $85–95 $305–315 Cash taxes (1) ($33.7) $15–25 ($8.7)–($18.7) Future year run rate of $25-$35M Operating days (Same-Park) 4,106 ~762 ~4,868 Q4: ~60 more than 702 in Q4 2025; FY: 46 more than 4,822 in 2025 Shaded cells are management estimates. 9M Adjusted EBITDA margin 28.3%; TTM Adjusted EBITDA $806.4M; net leverage 5.8x. 9
SUMMARY Meaningful progress on strategic transformation 1 A solid third quarter Grew revenue and Adjusted EBITDA, held margin nearly flat at 42%, grew paid attendance and per capita spending despite challenging weather. 2 Stronger year to date Adjusted EBITDA +11%, margin up ~200 bps, $257M of free cash flow, $70–80M of gross savings estimated, and full-year Adjusted EBITDA growth expected. 3 Sufficient liquidity $1.06B of liquidity at quarter-end and our existing debt agreements also permit us to raise additional debt if needed LONG-TERM GOALS Mid-30s Adjusted EBITDA margin over time ~4x net leverage Long-term goals are forward-looking; see Forward-Looking Statements. Adjusted EBITDA, Adjusted EBITDA margin, per capita spending, free cash flow and net leverage are non-GAAP measures; see Appendix for definitions and reconciliations.
APPENDIX Definitions and non-GAAP reconciliations
APPENDIX Non-GAAP measures and key definitions (1 of 2) Use of non-GAAP measures This presentation includes measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). Each is presented with, and reconciled within this Supplemental Presentation, the most directly comparable GAAP measure for each period presented. These measures should not be considered in isolation or as substitutes for GAAP measures, and they may not be comparable to similarly titled measures of other companies. Adjusted EBITDA and Modified EBITDA Modified EBITDA represents earnings before interest, taxes, depreciation, amortization, other non-cash items and other adjustments as defined in the Company’s credit agreement. Adjusted EBITDA represents Modified EBITDA less net income (loss) attributable to non-controlling interests. The most directly comparable GAAP measure is net income (loss). Management believes these measures are meaningful measures of park-level operating profitability and uses them to measure returns on capital investments, evaluate potential acquisitions, determine awards under incentive compensation plans and calculate compliance with certain loan covenants. Adjusted EBITDA is also widely used by analysts and investors to evaluate operating performance on a consistent basis. Adjusted EBITDA margin Adjusted EBITDA divided by net revenues. Per capita measures Per capita spending is calculated as revenues generated within the Company’s amusement parks and separately gated outdoor water parks, along with related parking revenues and online transaction fees charged to customers (in-park revenues), divided by total attendance. Admissions per capita spending is calculated as in-park admissions revenues divided by total attendance. In-park product per capita spending is calculated as all other in-park revenues, including food and beverage, merchandise, games and extra-charge offerings, divided by total attendance. Out-of-park revenues are revenues from resorts, out-of-park food and merchandise locations, sponsorships, international agreements and all other out-of-park operations. The most directly comparable GAAP measure is net revenues. Management uses these measures as major factors in significant operational decisions because they are primary drivers of financial and operational performance, measuring demand, pricing and consumer behavior. 12
APPENDIX Non-GAAP measures and key definitions (2 of 2) Same-Park Basis Same-Park Basis compares the performance of the Company’s current operating portfolio and excludes the results of (a) the seven parks sold to EPR Properties prior to the start of 2026 park operations and (b) the combined amusement and water park in Bowie, Maryland, where operations were discontinued after the 2025 season (together, the “parks sold and closed”). Same-Park Basis measures, including net revenues, net income (loss), diluted income (loss) per share, Adjusted EBITDA, operating costs and expenses, attendance and per capita measures, are presented alongside the corresponding reported GAAP measures, and the amounts attributable to the parks sold and closed are shown in the tables that follow. Management believes Same-Park Basis information is meaningful to evaluate operating performance of the parks owned and operated in both periods and uses it for that purpose. Net debt Net debt is long-term debt, including current maturities, plus unamortized debt issuance costs and original issue discount, less acquisition fair value layers, less cash and cash equivalents. The most directly comparable GAAP measure is long-term debt, including current maturities. Management and investors use net debt to monitor leverage. Net leverage Net debt divided by trailing twelve-month Same-Park Adjusted EBITDA. Management and investors use net leverage to monitor leverage relative to earnings. Free cash flow Net cash from operating activities less capital expenditures. The most directly comparable GAAP measure is net cash from operating activities. Management and investors use free cash flow to evaluate cash generated by the business after capital investment. Forward-looking Adjusted EBITDA We have not provided a reconciliation of forward-looking Adjusted EBITDA to net income, the most directly comparable GAAP measure, because we cannot do so without unreasonable efforts. Net income depends on items that are inherently uncertain or outside our control, including non-cash impairment charges, non-cash foreign currency gains/losses, and gains or losses on asset sales, the probable significance of which is that net income could differ materially from Adjusted EBITDA. Active pass base Operating metric (not a non-GAAP financial measure): season pass sales combined with active memberships, reflecting how many guests can visit our parks at a point in time. 13
APPENDIX Reconciliation of Net loss to Adjusted EBITDA: Reported Basis $ in thousands. (a) Integration costs related to the merger of legacy Cedar Fair and legacy Six Flags, including consulting, IT integration, integration team, retention, park-standards maintenance and certain legal costs. (b) Severance and related employer taxes and benefits. (c) Certain costs as defined in the credit agreement, including legal and consulting expenses, costs at the parks sold and closed, recruiting and relocation, inventory alignment, Partnership Parks administrative payments, Mexican VAT on intercompany activity, contract termination costs and unrealized pension and short-term investment gains and losses. (d) Q4 2025 + Q1, Q2 and Q3 2026. $ in thousands Q3 2026 Q3 2025 9M 2026 9M 2025 4Q 2025 FY 2025 TTM 9/27/26 (d) Net loss $(341,036) $(1,162,532) $(787,172) $(1,457,082) $(92,384) $(1,549,466) $(879,556) Interest expense, net 89,634 91,056 286,614 270,500 89,458 359,958 376,072 (Benefit) provision for taxes (50,633) (38,043) (41,586) (148,520) (15,460) (163,980) (57,046) Depreciation and amortization 102,486 128,053 317,610 365,011 121,372 486,383 438,982 EBITDA (199,549) (981,466) (224,534) (970,091) 102,986 (867,105) (121,548) Loss on early debt extinguishment — — 4,053 — — — 4,053 Non-cash foreign currency (gain) loss 1,019 6,625 12,813 (15,575) (7,008) (22,583) 5,805 Non-cash equity compensation expense 8,606 14,948 31,963 40,959 23,198 64,157 55,161 Loss on retirement of fixed assets, net 2,782 2,797 19,105 21,413 19,257 40,670 38,362 Loss on impairment of fixed assets 9,029 — 9,029 — — — 9,029 Loss on impairment of goodwill and other intangibles 678,667 1,518,099 717,307 1,518,099 — 1,518,099 717,307 Loss on disposal group 3,189 — 41,027 — — — 41,027 Loss on other assets — — — 791 — 791 — Costs related to the merger (a) 2,070 10,486 10,700 37,156 11,755 48,911 22,455 Severance (b) 6,169 8,592 23,133 35,792 8,772 44,564 31,905 Other (c) 6,272 (577) 18,776 7,604 6,534 14,138 25,310 Modified EBITDA 518,254 579,504 663,372 676,148 165,494 841,642 828,866 Net income attributable to non-controlling interests 25,085 24,816 50,169 49,632 — 49,632 50,169 Adjusted EBITDA $493,169 $554,688 $613,203 $626,516 $165,494 $792,010 $778,697 14
APPENDIX Reconciliation of Net loss to Adjusted EBITDA: Same-Park Basis $ in thousands. (a) Integration costs related to the merger of legacy Cedar Fair and legacy Six Flags, including consulting, IT integration, integration team, retention, park-standards maintenance and certain legal costs. (b) Severance and related employer taxes and benefits. (c) Certain costs as defined in the credit agreement, including legal and consulting expenses, costs at the parks sold and closed, recruiting and relocation, inventory alignment, Partnership Parks administrative payments, Mexican VAT on intercompany activity, contract termination costs and unrealized pension and short-term investment gains and losses. (d) Q4 2025 + Q1, Q2 and Q3 2026. See reconciliation for the parks sold and closed.. $ in thousands Q3 2026 Q3 2025 9M 2026 9M 2025 Q4 2025 FY 2025 TTM 9/27/26 (d) Net loss $(341,036) $(1,199,904) $(750,608) $(1,442,077) $(73,034) $(1,515,111) $(823,642) Interest expense, net 89,634 91,048 286,606 270,435 89,465 359,900 376,071 (Benefit) provision for taxes (50,633) (38,048) (41,586) (148,525) (15,461) (163,986) (57,047) Depreciation and amortization 102,486 107,504 311,553 317,736 106,019 423,755 417,572 EBITDA (199,549) (1,039,400) (194,035) (1,002,431) 106,989 (895,442) (87,046) Loss on early debt extinguishment — — 4,053 — — — 4,053 Non-cash foreign currency (gain) loss 1,019 6,608 12,812 (15,606) (6,977) (22,583) 5,835 Non-cash equity compensation expense 8,606 14,948 31,963 40,959 23,198 64,157 55,161 Loss on retirement of fixed assets, net 2,782 3,555 18,843 19,865 18,586 38,451 37,429 Loss on impairment of fixed assets 9,029 — 9,029 — — — 9,029 Loss on impairment of goodwill and other intangibles 678,667 1,510,212 717,307 1,510,212 — 1,510,212 717,307 Loss on disposal group 3,189 — 41,027 — — — 41,027 Loss on other assets — — — 791 — 791 — Costs related to the merger (a) 2,070 9,679 10,700 35,179 11,626 46,805 22,326 Severance (b) 6,169 8,542 23,095 32,202 8,733 40,935 31,828 Other (c) 6,272 (1,601) 14,919 6,194 4,731 10,925 19,650 Modified EBITDA 518,254 512,543 689,713 627,365 166,886 794,251 856,599 Net income attributable to non-controlling interests 25,085 24,816 50,169 49,632 — 49,632 50,169 Adjusted EBITDA $493,169 $487,727 $639,544 $577,733 $166,886 $744,619 $806,430 15
APPENDIX Reconciliation of Reported Basis to Same-Park Basis $ in thousands, except per capita amounts. Same-Park Basis excludes the parks sold and closed; amounts shown for the parks sold and closed are the difference between Reported Basis and Same-Park Basis. Per capita spending is reconciled on the following slide. $ in thousands, except per capita Q3 2026 Q3 2025 9M 2026 9M 2025 FY 2025 Net revenues Reported Basis $1,173,078 $1,317,753 $2,263,624 $2,450,200 $3,100,289 Parks sold and closed — 161,164 5,222 253,412 290,015 Same-Park Basis $1,173,078 $1,156,589 $2,258,402 $2,196,788 $2,810,274 Net loss attributable to Six Flags Reported Basis $(366,121) $(1,187,348) $(837,341) $(1,506,714) $(1,599,098) Parks sold and closed — 37,372 (36,564) (15,004) (34,355) Same-Park Basis $(366,121) $(1,224,720) $(800,777) $(1,491,710) $(1,564,743) Adjusted EBITDA Reported Basis $493,169 $554,688 $613,203 $626,516 $792,010 Parks sold and closed — 66,961 (26,341) 48,783 47,391 Same-Park Basis $493,169 $487,727 $639,544 $577,733 $744,619 Attendance (thousands) Reported Basis 18,195 21,109 34,246 38,118 47,388 Parks sold and closed — 2,869 — 4,381 4,969 Same-Park Basis 18,195 18,240 34,246 33,737 42,419 Per capita spending Reported Basis $60.51 $59.08 $62.17 $60.81 $61.90 Same-Park Basis $60.51 $59.75 $62.13 $61.54 $62.66 16
APPENDIX Reconciliation of net revenues to in-park revenues and per capita spending $ in thousands, except per capita amounts. Per capita spending = in-park revenues / total attendance; admissions per capita spending = in-park admissions revenues / total attendance; in-park product per capita spending = in-park product revenues / total attendance. The difference between in-park admissions revenues and admissions net revenues in the consolidated statement of operations represents admission to indoor resort waterparks, which are classified as out-of-park revenues, and concessionaire remittances for certain parking arrangements. $ in thousands, except per capita Q3 2026 Q3 2025 9M 2026 9M 2025 FY 2025 Reported Basis In-park admissions revenues 583,558 664,480 1,138,312 1,255,968 1,583,339 In-park product revenues 517,499 582,626 990,804 1,061,873 1,350,144 In-park revenues 1,101,057 1,247,106 2,129,116 2,317,841 2,933,483 Out-of-park revenues 101,360 108,135 194,478 203,959 255,454 Concessionaire remittances (29,339) (37,488) (59,970) (71,600) (88,648) Net revenues $1,173,078 $1,317,753 $2,263,624 $2,450,200 $3,100,289 Attendance (thousands) 18,195 21,109 34,246 38,118 47,388 Per capita spending $60.51 $59.08 $62.17 $60.81 $61.90 Admissions per capita spending $32.07 $31.48 $33.24 $32.95 $33.41 In-park product per capita spending $28.44 $27.60 $28.93 $27.86 $28.49 Same-Park Basis In-park admissions revenues 583,558 575,036 1,137,249 1,117,930 1,425,566 In-park product revenues 517,499 514,864 990,421 958,283 1,232,460 In-park revenues 1,101,057 1,089,900 2,127,670 2,076,213 2,658,026 Out-of-park revenues 101,360 98,919 190,490 184,469 232,110 Concessionaire remittances (29,339) (32,230) (59,758) (63,894) (79,862) Net revenues $1,173,078 $1,156,589 $2,258,402 $2,196,788 $2,810,274 Attendance (thousands) 18,195 18,240 34,246 33,737 42,419 Per capita spending $60.51 $59.75 $62.13 $61.54 $62.66 Admissions per capita spending $32.07 $31.53 $33.21 $33.14 $33.61 In-park product per capita spending $28.44 $28.23 $28.92 $28.40 $29.05 17
APPENDIX Sale of seven parks to EPR Properties SALE PRICE $331.4M Seven parks sold to EPR Properties CASH RECEIVED TO DATE $257.7M Through Sept. 27, 2026; in investing activities HELD IN ESCROW $38.4M Expected to be received by May 2027 EPR PARK SALE $ in millions Amount Sale price 331.4 Working capital / closing adjustments (35.3) Cash received to date (257.7) Amount in escrow (expected receipt by May 2027) 38.4 $ in millions unless noted. Cash received to date is "Proceeds from sale of parks" in the statement of cash flows for the nine months ended September 27, 2026. Closing costs are included in operating cash flows. Proceeds from asset sale are used to reduce debt. 18