Six Flags Entertainment Corp. (NYSE:FUN) stock traded lower Thursday after the amusement park operator reported second-quarter revenue that missed Wall Street estimates, although its remaining park portfolio delivered higher attendance and adjusted EBITDA following recent asset sales.

According to Bloomberg, Six Flags shares fell after second-quarter attendance dropped to 13.1 million visitors, as the company cited the timing of spring break, fewer operating days and the divestiture of seven non-core parks.

Six Flags Key Metrics

The company reported second-quarter revenue of $864.9 million, below the analyst consensus estimate of $933.3 million.

Net loss attributable to Six Flags widened to $202.6 million from $99.6 million a year earlier. Adjusted EBITDA was $243.1 million, essentially unchanged from the prior-year quarter.

Reported attendance declined 7% to 13.1 million visits from 14.2 million, reflecting the divestiture of seven parks and the closure of another after the 2025 season. Operating days fell to 1,615 from 1,993, while per-capita spending edged up 1% to $62.89 from $62.46.

CEO John Reilly said the company’s streamlined portfolio delivered growth in attendance, revenue and adjusted EBITDA on a same-park basis. He added that stronger season-pass sales and membership growth improved recurring revenue, while the company continues to focus capital on its highest-return parks.

Same-Park Results

Excluding the parks that were sold or closed, same-park revenue increased 2.4% to $864.5 million from $844.2 million, driven by a 4% increase in attendance, including a 10% rise in season-pass visitation.

Same-park adjusted EBITDA rose 7% to $248.9 million from $233.0 million.

Same-park per-capita spending slipped 1% to $62.88 from $63.38 as expanded season-pass benefits and higher cross-park visitation reduced admissions spending. However, guests spent more on food, extra-charge attractions and other in-park offerings.

Reported admissions per-capita spending declined to $33.62 from $34.19, while in-park spending increased to $29.27 from $28.27.

Balance Sheet

Season-to-date pass sales increased 7%, while the active pass base grew 6% on a same-park basis. The company also expanded its membership program to six additional parks during the quarter.

As of June 28, Six Flags had $135 million in cash and cash equivalents and total liquidity of $837 million, including $703 million available under its revolving credit facility. Net debt stood at approximately $4.9 billion, while deferred revenue totaled $431 million.

Six Flags Price Action

FUN Price Action: Six Flags Entertainment shares were trading lower by 7.25% at $17.40 during premarket trading on Thursday, according to Benzinga Pro data.

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