Six Flags Entertainment Corporation

What Six Flags does

Six Flags operates amusement parks, water parks and resorts in the United States, Canada and Mexico, and manages a park in Saudi Arabia. It earns money from admissions, season passes and memberships, food, merchandise and guest services. The current company was formed when Cedar Fair and Six Flags combined on July 1, 2024. Its shares trade on the New York Stock Exchange as FUN.

Third-quarter results and comparable parks

Quarterly attendance at the current parks was 18.195 million, compared with 18.240 million a year earlier. The $687.7 million of current-quarter noncash impairment charges compare with $1.518 billion a year earlier. Reported equity was negative $249.6 million at September 27.

Adjusted EBITDA removes interest, taxes, depreciation, amortization and specified items, including impairments, merger costs and severance. In Q2, same-park adjusted EBITDA was $248.9 million versus $233.0 million a year earlier. Q3's increase was smaller, while October weather, the Georgia incident and related ride closures affected the November outlook, according to management.

Cash, investment and debt

For the first nine months of 2026, operating cash flow was $498.5 million, compared with $365.1 million a year earlier. Capital spending fell to $241.2 million from $408.1 million. Reported free cash flow, operating cash after capital spending, was $257.3 million versus negative $42.9 million. Operating cash included $43.5 million in one-time income-tax refunds received in Q3.

September 27 cash was $267.9 million, versus $70.7 million at the comparable prior-year date. Borrowings had a principal amount of $4.924 billion and an accounting carrying value of $4.906 billion. The $850 million revolving credit facility was undrawn, with $792.8 million available after letters of credit. Six Flags was in compliance with its maintenance covenant at that date.

In January 2026, Six Flags issued $1 billion of 8.625% notes due in 2032 and used the proceeds and cash to redeem its two bond series due in 2027.

Earlier plans and the current outlook

The August quarterly report expected 2026 capital spending of $400 million to $425 million. November's budget is $350 million to $375 million, reflecting growth projects moved to future years. Management says core maintenance, safety and compliance spending is unchanged.

The November forecast calls for Q4 same-park adjusted EBITDA of $140 million to $150 million, versus $166.9 million in Q4 2025. The full-year range is $780 million to $790 million, compared with $744.6 million for the current parks in 2025. Expected 2026 cash interest is $305 million to $315 million.

Georgia partnership and park portfolio

Six Flags exercised its Georgia end-of-term option on December 17, 2024. It expects to buy the outside limited-partner interests and certain related general-partner and managing-member interests in January 2027. Its stated estimate for the limited-partner payment is $367.1 million using September inflation data, with further inflation adjustment until the agreement ends. The carrying liability was $358.7 million at September 27. The park is already consolidated in Six Flags' accounts, and the buyout liability sits outside the bond and loan debt figures above.

The seven-park sale to EPR Properties and its operators closed for the U.S. properties on April 6, 2026, and La Ronde in Canada on May 15. The $331.4 million headline price preceded working-capital and closing adjustments. Six Flags recorded $257.7 million of sale cash through September; $38.4 million remained in escrow, expected by May 2027. These proceeds are investing cash flows.

The Bowie, Maryland park stopped operating after the 2025 season. An agreement to sell its property was announced on April 8, 2026, subject to diligence and other closing conditions.

On November 6, Six Flags announced that California's Great America in Santa Clara will have its final season in 2027, from March through September 6. The land lease expires in June 2028, and the company opted not to extend it.