v3.26.1
Segments
 6 Months Ended
Jun. 28, 2026
Segment Reporting [Abstract]  
Segments Segments:
The Company generates revenues from sales of (1) admission to amusement parks and water parks, (2) food, merchandise and games both inside and outside the parks, and (3) accommodations, extra-charge products, and other revenue sources. The Company's principal costs and expenses, which include salaries and wages, operating and maintenance supplies, insurance, advertising, utilities and lease payments, are relatively fixed for a typical operating season and do not vary significantly with attendance.

Management reviews operating results, evaluates performance and makes operating decisions, including allocating resources, on a park-by-park basis. Discrete financial information and operating results are prepared at the individual park level for use by the CEO, who is the Chief Operating Decision Maker ("CODM"). All of the parks provide similar products and services through a similar process to the same class of customer utilizing a consistent method. In addition, the parks share common economic characteristics, in that they show similar long-term growth trends in key industry metrics such as attendance, per capita spending, net revenue, operating margin and operating profit. Based on these factors, the Company has combined its operating segments, which consist of each of the parks' locations, and operates within a single reportable segment of amusement and water parks with accompanying resort facilities.

Adjusted EBITDA is the measure of segment profit or loss used by the CODM to assess park-level operating profitability and to determine resource allocation, including the allocation of capital expenditures. The CODM's analysis includes comparisons to prior period results and budgeted and forecasted results. Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, other non-cash items, and adjustments as defined in the Company's 2024 Credit Agreement, as amended, less net income attributable to non-controlling interests. The table below provides a summary of significant expense categories regularly provided to the CODM reconciled to Adjusted EBITDA, as well as a reconciliation of Adjusted EBITDA to loss before taxes, for the periods presented. The CODM does not review segment assets at a different asset level or category than those disclosed within the unaudited consolidated balance sheets.
Three months endedSix months ended
(In thousands)June 28, 2026June 29, 2025June 28, 2026June 29, 2025
Net revenues$864,919 $930,390 $1,090,546 $1,132,447 
Significant expense categories
Cost of food, merchandise and games revenues75,275 80,822 96,566 101,319 
Other revenue driven costs (1)26,202 28,959 35,728 38,576 
Labor (2)267,500 300,855 424,174 472,844 
Other segment expenses (3)252,869 277,136 414,044 447,880 
Adjusted EBITDA243,073 242,618 120,034 71,828 
Add: Net income attributable to non-controlling interests25,084 24,816 25,084 24,816 
Subtract:
Depreciation and amortization107,775 134,628 215,124 236,958 
Loss on retirement of fixed assets, net13,888 10,518 16,323 18,616 
Loss on impairment of goodwill and other intangibles— — 38,640 — 
Loss on disposal group9,867 — 37,838 — 
Loss on other assets— — — 791 
Interest expense, net102,052 92,409 196,980 179,444 
Loss on early debt extinguishment— — 4,053 — 
Non-cash foreign currency loss (gain)6,655 (19,986)11,794 (22,200)
Non-cash equity compensation expense19,585 8,935 23,357 26,011 
Costs related to the Mergers (4)
3,716 11,030 8,630 26,670 
Severance (5)
16,700 23,823 16,964 27,200 
Other (6)
8,045 4,626 12,504 8,181 
(Loss) income before taxes$(20,126)$1,451 $(437,089)$(405,027)
(1)Consists of credit card fees, royalties and other revenue processing costs driven by sales volume.
(2)Consists of wages, benefits and employer taxes on an Adjusted EBITDA basis.
(3)Consists of all other expenses on an Adjusted EBITDA basis, including the cost of operating and maintenance supplies, insurance, advertising, utilities and lease payments, as well as net income attributable to non-controlling interests.
(4)Consists of integration costs related to the Mergers, including third-party consulting costs, costs to integrate information technology systems, integration team salaries and benefits, retention bonuses, maintenance costs to update Former Six Flags parks to Cedar Fair standards and certain legal costs. These costs are added back to net loss to calculate Adjusted EBITDA as defined in the Company's credit agreement.
(5)Consists of severance and related employer taxes and benefits. Certain employees, including certain executive level employees, were terminated as part of executive leadership transitions, as well as post-merger productivity and efficiency efforts.
(6)Consists of certain costs as defined in the Company's credit agreement. These costs are added back to net loss to calculate Adjusted EBITDA and include certain legal and consulting expenses; certain costs at the non-operational parks (as defined in Management's Discussion and Analysis); certain recruiting and relocation costs; cost of goods sold recorded to align inventory standards following the Mergers; Mexican VAT taxes on intercompany activity; and contract termination costs. This balance also includes unrealized gains and losses on pension assets and short-term investments.

All of the Company's parks are located in the United States with the exception of two parks in Mexico and one park in Canada (following the sale of the Company's second Canadian park; see Note 4). The Company also recognizes revenue and expense related to the development of Six Flags-branded parks outside of North America. These management fees are disclosed as "Domestic" within the below tables.

As of June 28, 2026, December 31, 2025 and June 29, 2025, long-lived assets (which consists of property and equipment, goodwill, intangible assets and right-of-use assets) by domestic and foreign properties was as follows.
(In thousands)June 28, 2026December 31, 2025June 29, 2025
Domestic$6,024,595 $6,402,553 $7,949,896 
Foreign837,840 901,365 973,113 
Total$6,862,435 $7,303,918 $8,923,009 

For the three and six months ended June 28, 2026 and June 29, 2025, net revenues and loss before taxes by domestic and foreign properties were as follows:
Three months endedSix months ended
(In thousands)June 28, 2026June 29, 2025June 28, 2026June 29, 2025
Net revenues
Domestic$792,680 $856,953 $992,988 $1,038,694 
Foreign72,239 73,437 97,558 93,753 
Total$864,919 $930,390 $1,090,546 $1,132,447 
(Loss) income before taxes
Domestic$(27,304)$(14,203)$(406,745)$(406,144)
Foreign7,178 15,654 (30,344)1,117 
Total$(20,126)$1,451 $(437,089)$(405,027)