Six Flags Entertainment Corporation

In the first quarter, attendance increased 4%, per capita spending increased 6%, net revenue increased 12%, and adjusted EBITDA improved by $48 million year over year. Management said admissions per capita rose 3% and in-park product per capita spending rose 10%, while operating costs were down meaningfully. The company reiterated that Q1 is seasonally small, representing about 6% to 8% of full-year attendance and revenues, and noted it usually operates at a loss in the quarter because most seasonal parks are closed. No formal earnings guidance or long-term targets were provided. For the year, management said CapEx is expected to be $425 million to $450 million, cash interest $300 million to $320 million, and cash taxes about $25 million to $30 million before considering a significant income tax refund. They also said another 16 operating days will be removed in Q2 and 60 days added in the balance of the year, for a net addition of 20 days to the calendar.

John Reilly framed the quarter as evidence that the operating model is improving, pointing to higher attendance, better spending, and disciplined cost actions. He emphasized strategic initiatives such as revenue management, pricing improvements, the regional pass rollout, reintroducing park presidents, and reallocating capital to the highest-return parks. His tone was confident but measured, repeatedly noting that the season is still early and that management is focused on execution rather than giving hard forecasts.

Dave Hoffman highlighted the reported quarter with 4% higher attendance, 6% higher per-capita spending, 12% higher net revenue, and a $48 million adjusted EBITDA improvement. He said results reflected pricing and product structure changes, improved marketing and messaging, strong in-park operations, and better cost control. On balance sheet and capital allocation, he said the company strengthened liquidity through refinancing and extending maturities, and reiterated full-year expectations for $425 million to $450 million of CapEx, $300 million to $320 million of cash interest, and $25 million to $30 million of cash taxes before a potential tax refund. He also cautioned that Q1 is not a good proxy for the full year because of seasonality and timing effects.

Analysts pressed management on operating days, cost savings, the impact of Easter timing, and how much of the cost benefit could persist. John said operating days are managed market by market; Dave said the plan is to remove another 16 days in Q2 and add 60 days later in the year, for a net gain of 20 days. On margins, John said the company finished 2025 at a 27% EBITDA margin and is not satisfied with that level, while outlining procurement, automation, and organizational changes as levers for improvement. Analysts also asked about the slimmed-down park portfolio; management said the company sold six closed U.S. parks and expects Montreal to close in Q2, but has no other 2026 closure plans and sees the remaining portfolio as the focus.