FUN earnings analysis
What we found in FUN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Six Flags Entertainment Corporation experienced a strong revenue increase in Q1 2026, with reported net revenues of $225.6 million, up 11.7% from $202.1 million in the prior year. However, net loss widened to $268.6 million, compared to a loss of $219.7 million a year prior, reflecting challenges despite higher attendance and per capita spending. Management remains optimistic about Q2, citing increased attendance and engagement from new offerings.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Q1 2026 net revenues increased by 11.7% to $225.6 million, compared to $202.1 million in Q1 2025.
- Improved Attendance and Spending
- Attendance rose by 3.7% to 2.9 million guests, with per capita spending rising 5.9% to $69.26.
- Reduced Operating Costs
- Operating costs decreased by $50.4 million, a 12.2% decline year-over-year, showcasing improved cost management.
- Impairment Losses Recorded
- The company recorded a goodwill impairment of $38.6 million for Q1 2026 due to lower forecasts.
- Positive Q2 Outlook
- Management anticipates increased guest engagement and profitability driven by season pass initiatives and successful attendance trends.
- Cash Flow Improvement
- Despite a negative operating cash flow of $83.2 million, net cash increased by $25.4 million, showing improved liquidity.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Widened Net Loss
- Net loss widened to $268.6 million in Q1 2026 from $219.7 million a year prior, indicating ongoing financial challenges.
- Seasonal Operating Conditions
- With only 7% of net revenues from Q1, the company faces risks from seasonal fluctuations affecting future earnings.
- Increased Operating Days Risk
- Operating days decreased to 369 from 393 in the prior year due to the removal of winter events, limiting attendance opportunities.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-2.65
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads about the same as the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
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