Six Flags Entertainment Corporation · NYSE:FUN
Six Flags Entertainment — Six Flags Entertainment Corporation/NEW — Q3 2026 Earnings Presentation
18 slides from Six Flags Entertainment's earnings presentation, Nov 5, 2026
Slide 1: Third Quarter 2026 Earnings Call Supplemental Presentation
NYSE: FUN Third Quarter 2026 Earnings Call Supplemental Presentation November 5, 2026 Quarter ended September 27, 2026 Exhibit 99.2
Slide 2: Important Information
IMPORTANT INFORMATION Forward-looking statements, non-GAAP measures and basis of presentation Forward-Looking Statements. Some of the statements contained in this presentation that are not historical in nature are forward-looking statements within the meaning of the federal securities laws, includin
Slide 3: Our Parks
OUR PARKS Coast to coast: 34 parks across 13 states, Canada and Mexico Note: Six Flags Investor Relations website (Parks and Overview pages, October 2026); park and resort counts exclude Six Flags Qiddiya City (Saudi Arabia), which the company manages. Guests in 2025 is full- year 2025 attendance on
Slide 4: Third Quarter Results
THIRD QUARTER RESULTS Third quarter revenue and Adjusted EBITDA grew while maintaining a 42% margin Same-Park Basis unless otherwise noted; excludes the seven parks sold prior to the start of 2026 park operations and the park in Bowie, Maryland, closed after the 2025 season (the “parks sold and clos
Slide 5: Overview: Meaningful progress on strategic transformation
OVERVIEW Meaningful progress on strategic transformation Same-Park Basis unless otherwise noted; excludes the seven parks sold prior to the start of 2026 park operations and the park in Bowie, Maryland, closed after the 2025 season (the “parks sold and closed”), from all periods. Adjusted EBITDA, Ad
Slide 6: Passes and Memberships
PASSES AND MEMBERSHIPS Active pass base up 7.1%; expected to be flat to slightly up entering 2027 Note: The 2027 season pass program launched in early August, two weeks later than last year; 2027 passes also cover the rest of 2026, so an early launch lets some guests skip buying in alternate years.
Slide 7: Cash Flow and Capital Spending
CASH FLOW AND CAPITAL SPENDING Nine-month net cash from operating activities up 37% to $498 million, free cash flow up $300 million from last year $ in millions; reported basis. Free cash flow is a non-GAAP measure (net cash from operating activities less capital expenditures): $498.5M less $241.2M
Slide 8: Reconciliation of free cash flow, net debt and net leverage
Reconciliation of free cash flow, net debt and net leverage $ in millions. Free cash flow on a reported basis; 2025 and the first months of 2026 include the parks sold and closed. Debt is shown at principal. Total debt of $4,923.7M reconciles to long-term debt, including current maturities, of $4,90
Slide 9: 2026 Modeling Assumptions
MODELING ASSUMPTIONS 2026 modeling assumptions $ in millions, except operating days. Q4 2026 estimates equal full-year expectations less nine-month actuals. (1) Includes one-time $43.5M income tax refunds received in Q3; Estimates are forward-looking; see Forward-Looking Statements. Adjusted EBITDA,
Slide 10: Summary: Meaningful progress on strategic transformation
SUMMARY Meaningful progress on strategic transformation 1 A solid third quarter Grew revenue and Adjusted EBITDA, held margin nearly flat at 42%, grew paid attendance and per capita spending despite challenging weather. 2 Stronger year to date Adjusted EBITDA +11%, margin up ~200 bps, $257M of free
Slide 11: Definitions and non-GAAP reconciliations
APPENDIX Definitions and non-GAAP reconciliations
Slide 12: Non-GAAP measures and key definitions (1 of 2)
APPENDIX Non-GAAP measures and key definitions (1 of 2) Use of non-GAAP measures This presentation includes measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). Each is presented with, and reconciled within this Supplemental Presentation, the mo
Slide 13: Non-GAAP measures and key definitions (2 of 2)
APPENDIX Non-GAAP measures and key definitions (2 of 2) Same-Park Basis Same-Park Basis compares the performance of the Company’s current operating portfolio and excludes the results of (a) the seven parks sold to EPR Properties prior to the start of 2026 park operations and (b) the combined amuseme
Slide 14: Reconciliation of Net loss to Adjusted EBITDA: Reported Basis
APPENDIX Reconciliation of Net loss to Adjusted EBITDA: Reported Basis $ in thousands. (a) Integration costs related to the merger of legacy Cedar Fair and legacy Six Flags, including consulting, IT integration, integration team, retention, park-standards maintenance and certain legal costs. (b) Sev
Slide 15: Reconciliation of Net loss to Adjusted EBITDA: Same-Park Basis
APPENDIX Reconciliation of Net loss to Adjusted EBITDA: Same-Park Basis $ in thousands. (a) Integration costs related to the merger of legacy Cedar Fair and legacy Six Flags, including consulting, IT integration, integration team, retention, park-standards maintenance and certain legal costs. (b) Se
Slide 16: Reconciliation of Reported Basis to Same-Park Basis
APPENDIX Reconciliation of Reported Basis to Same-Park Basis $ in thousands, except per capita amounts. Same-Park Basis excludes the parks sold and closed; amounts shown for the parks sold and closed are the difference between Reported Basis and Same-Park Basis. Per capita spending is reconciled on
Slide 17: Reconciliation of net revenues to in-park revenues and per capita spending
APPENDIX Reconciliation of net revenues to in-park revenues and per capita spending $ in thousands, except per capita amounts. Per capita spending = in-park revenues / total attendance; admissions per capita spending = in-park admissions revenues / total attendance; in-park product per capita spendi
Slide 18: Sale of seven parks to EPR Properties
APPENDIX Sale of seven parks to EPR Properties SALE PRICE $331.4M Seven parks sold to EPR Properties CASH RECEIVED TO DATE $257.7M Through Sept. 27, 2026; in investing activities HELD IN ESCROW $38.4M Expected to be received by May 2027 EPR PARK SALE $ in millions Amount Sale price 331.4 Working cap
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