Six Flags Debt at $4.91 Billion as Fourth-Quarter Profit Forecast Falls
Key Facts
It was not possible to verify a plan to sell additional parks, but Six Flags' third-quarter results show total debt of $4.91 billion as of September 27, 2026, while net debt stood at $4.66 billion. The company said total debt fell $275 million from the end of 2025. That comes as the company cut its fourth-quarter profit forecast after October performance it described as weaker than planned. In its filing with the U.S. Securities and Exchange Commission, it said adjusted EBITDA from continuing parks is expected to reach $140 to $150 million in the fourth quarter. That profit measure was $167 million in the same period of 2025.
For the third quarter, revenue was $1.173 billion, compared with $1.318 billion in the third quarter of the prior year. But on a continuing-parks basis, net revenue rose 1.4% to $1.17 billion, according to the earnings release. The differing trends reflect the comparison between total operations and parks that remained in the same comparable base. Attendance was 18.2 million visitors in the third quarter, down 0.2% on a continuing-parks basis from the same quarter of 2025. The company said net revenue on that basis increased $16.5 million.
Adjusted EBITDA was $493.2 million in the third quarter, down 11.1% on a reported basis, but up 1.1% on a continuing-parks basis. The company attributed the difference to a $61.5 million decline on a reported basis, versus a $5.4 million increase on a continuing-parks basis. Six Flags reported a net loss attributable to the company of $366.1 million, or $3.59 per diluted share. The loss in the same quarter of 2025 was $1.19 billion, or $11.77 per share. That period, however, included a noncash impairment charge of $1.52 billion, according to the earnings release.
Six Flags said October was weaker than planned because of unfavorable weather during several key weekends early in the month. It also said the "tragic incident at Six Flags Over Georgia and precautionary closures of certain rides" contributed to the weaker performance. The company linked these factors to its revision of operating expectations for the remainder of the year, after October results became available. That leaves the fourth quarter facing a lower comparison with adjusted profit recorded in the same period a year earlier. The available information did not provide a new estimate beyond the announced fourth-quarter forecast range.
The company announced definitive agreements on March 5 to sell 7 parks to EPR Properties for $331 million in cash. Six Flags said net proceeds after taxes and transaction expenses would be used to repay debt. The seven parks generated combined net revenue of about $260 million and adjusted EBITDA of about $45 million in 2025, according to the company's disclosure at the time of the announcement. The March deal provides earlier context for the company's debt-related efforts, but does not establish a new plan to sell additional parks. In the stock market, EL7 data showed FUN closing at $10 on November 6.