Six Flags 2Q Miss Seen as More Optical than Operational

Dow Jones
08/07

1423 ET - Mizuho says that if you "look through the noise" Six Flags' 2Q was a "decent print." Analyst Ben Chaiken says attendance was healthy at 3.5% growth on a same-park basis, which is "encouraging in the context of operating days, which were 200bps lower than we were anticipating." While same-park Ebitda of $249 million was a miss, it was "more optical than is appreciated," he says in a note. He chalks it up to "several moving parts" including the sale of seven parks and a closure. "The 'same-store' attendance from the prior year that we (and presumably the broader market)was using, was 520K too high (thus inflating 2Q26 estimates/bar)," Chaiken says. This accounts for the majority of the revenue and Ebitda miss, "with slightly lower per-caps the remaining delta," Chaiken says. Six Flags tumbles 17%.

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