Six Flags Q3: Same-Park EBITDA Up 1.1%, Q4 Guidance Cut to $140-150M
FUN sits 30% above its 52-week low of $6.6 on elevated volume (2.6× avg).
Summary
Six Flags posted same-park Q3 revenue and Adjusted EBITDA growth, but guided Q4 Adjusted EBITDA down to $140-150 million from $167 million after a soft October and the fatal Georgia coaster incident. A $687.7 million non-cash impairment drove the $366.1 million net loss.
Key Events · Earnings and Guidance · FUN
-
Q3 Same-Park Results Grow Modestly
Same-park net revenues rose 1.4% to $1.17 billion and same-park Adjusted EBITDA rose 1.1% to $493.2 million, with per capita spending up 1.3% to $60.51.
-
Q4 Guidance Cut on Soft October
Q4 2026 same-park Adjusted EBITDA is guided to $140-150 million versus $167 million in Q4 2025, citing unfavorable weather and the Six Flags Over Georgia incident and related ride closures.
-
$687.7M Non-Cash Impairment Drives Net Loss
The $366.1 million net loss ($3.59 per diluted share) includes $687.7 million of non-cash impairment charges on goodwill, trade names and long-lived assets — no effect on cash, liquidity or Adjusted EBITDA.
-
Capex Outlook Trimmed to $350-375M
2026 capital expenditures are now expected at $350-375 million versus the prior $400-425 million, with core maintenance, safety and compliance spending unchanged.
Analysis · FUN · Trade & Services
Same-park results were solid, with revenue up 1.4% to $1.17 billion and Adjusted EBITDA up 1.1% to $493.2 million. But the reported $366.1 million net loss is dominated by $687.7 million of non-cash impairment charges, not cash burn. The real news is forward-looking: October came in softer than planned on weather and the fatal Georgia coaster incident, so Q4 same-park Adjusted EBITDA is guided to $140-150 million versus $167 million a year ago. Management also trimmed 2026 capex to $350-375 million from $400-425 million, which protects free cash flow while leverage sits at 5.8x. This lands amid activist pressure (Jana Partners urging a sale) and a safety crisis, so the softer Q4 and the safety review are what investors will focus on.
How filings like this one have moved
In the 30 days to Nov 6, 2026, 35.2% of the 2649 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. 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 $8.60 on NYSE in the Trade & Services sector, with a market capitalization of approximately $811.4M. The 52-week trading range was $6.60 to $26.28. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.