Six Flags Q3 10-Q: $678.7M Impairment Pushes Book Equity Negative
FUN sits 42% above its 52-week low of $6.6 on elevated volume (2.4× avg).
Summary
Six Flags' Q3 10-Q details a $678.7 million non-cash impairment that drove a $366.1 million quarterly loss and negative book equity, even as same-park revenue grew 1.4% and operating cash flow reached $498.5 million for nine months.
Key Events · Earnings and Guidance · FUN
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Q3 Impairment Drives $366M Loss
Six Flags recorded a $678.7 million non-cash impairment of goodwill and trade names in Q3 2026, producing a $366.1 million net loss attributable to the company, or $3.59 per diluted share.
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Book Equity Turns Negative
Total equity fell to negative $249.6 million as of September 27, 2026 from $549.8 million at December 31, 2025, after the impairment and a $837.3 million nine-month net loss.
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Same-Park Revenue Up 1.4%
Same-park net revenues rose 1.4% to $1.17 billion and same-park Adjusted EBITDA rose $5.4 million versus the prior-year quarter, while reported revenue fell 11.0% to $1.17 billion on park sales.
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Cash Builds, Revolver Repaid
Cash and equivalents reached $267.9 million from $91.1 million at year-end, operating cash flow was $498.5 million for nine months, and the revolving credit facility was fully repaid, leaving $792.8 million available.
Analysis · FUN · Trade & Services
The 10-Q puts hard numbers on the quarter the 8-K previewed this morning: a $678.7 million non-cash goodwill and trade-name impairment drove a $366.1 million net loss for the quarter and left total equity at negative $249.6 million. That is an accounting write-down, not cash leaving the business — operating cash flow for the nine months was a healthy $498.5 million and cash rose to $267.9 million. The real story is the gap between the impairment and the operating trend: same-park revenue rose 1.4% to $1.17 billion and same-park Adjusted EBITDA rose $5.4 million, yet management cut Q4 Adjusted EBITDA guidance to $140-150 million. With $4.9 billion of debt and a leverage covenant tested quarterly, the write-down signals the market values these parks well below book.
How filings like this one have moved
In the 30 days to Nov 5, 2026, 43.4% of the 1274 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.16%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, FUN was trading at $9.34 on NYSE in the Trade & Services sector, with a market capitalization of approximately $955.6M. The 52-week trading range was $6.60 to $26.28. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.