Six Flags Wrote Down Nearly $700 Million and Says More Parks May Go

Six Flags reported third-quarter results on November 5, and the headline was a net loss of $366.1 million, or $3.59 a share. The loss included $687.7 million in non-cash impairments. Net revenue was $1,173.1 million, down 11 percent as reported but up 1.4 percent on a same-park basis, a gap that reflects parks the company has already sold.

Attendance for the quarter, which ended September 27, was 18.2 million, down 13.8 percent as reported and down 0.2 percent at comparable parks. Per-capita spending came in at $60.51, and passholders and members made up about 61 percent of attendance. Adjusted EBITDA was $493.2 million. Net debt stands at roughly $4.66 billion.

CEO John Reilly said discussions about further asset sales are underway, without naming a park. CFO Ash Walia said proceeds would mainly go toward paying down debt. Earlier this year, seven parks were sold to EPR Properties for about $331 million, including Worlds of Fun, Valleyfair and La Ronde.

The company also trimmed 2026 capital spending guidance to $350 million to $375 million from $400 million to $425 million, and guided fourth-quarter same-park adjusted EBITDA to $140 million to $150 million versus $167 million a year earlier. For visitors, the practical question is which parks remain in the chain over time, so annual passholders may want to watch announcements before renewing.

Sources: Six Flags (SEC filing), Disney Fanatic