Six Flags Misses Q2 Revenue by a Wide Margin, Posts $202.6M Net Loss Amid Park Sales and Impairments
FUN sits 25% above its 52-week low of $12.51 on elevated volume (2.2× avg).
Summary
Six Flags missed Q2 revenue estimates by a wide margin and reported a $202.6M net loss, though same-park Adjusted EBITDA improved and operating cash flow turned positive. The quarter included large impairment and disposal losses, a leadership overhaul, and a $1B debt refinancing.
Key Events · Earnings and Guidance · FUN
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Q2 Revenue Miss
Revenue came in at $864.9M, missing the $933.3M consensus by 7.3%, as a 7.5% drop in reported attendance more than offset a 3.5% rise in same-park attendance.
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$202.6M Net Loss
The net loss attributable to Six Flags widened to $202.6M from $99.6M a year ago, weighed down by a $37.8M loss on the sale of seven parks and $38.6M in trade name impairments.
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Same-Park Adjusted EBITDA Improves
Same-park Adjusted EBITDA rose to $248.9M from $233.0M, reflecting cost cuts and higher in-park spending, though the improvement was overshadowed by one-time charges.
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Park Sales and Impairments
The sale of seven parks to EPR Properties closed, generating $257.9M in proceeds but a $37.8M loss. Impairment charges of $38.6M were taken on the Six Flags and Schlitterbahn trade names.
Analysis · FUN · Trade & Services
A wide revenue miss—$864.9M versus the $933.3M consensus—and a $202.6M net loss underscore the heavy toll of restructuring. The bottom line was dragged down by a $37.8M loss on the sale of seven parks and $38.6M in trade name impairments. While same-park Adjusted EBITDA improved and operating cash flow swung sharply positive, those operational gains were overshadowed by the headline miss and large non-cash charges. The filing also reveals a sweeping leadership overhaul: three senior executives are departing, new C-suite hires are in place, and a $1B high-yield note issuance has pushed leverage higher. The results confirm that the company is deep in a restructuring phase—selling assets, cutting costs, and refinancing debt—but near-term earnings power remains under severe pressure.
At the time of this filing, FUN was trading at $15.66 on NYSE in the Trade & Services sector, with a market capitalization of approximately $1.6B. The 52-week trading range was $12.51 to $27.37. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.