Six Flags Entertainment Corporation (NYSE:FUN) reported its first-quarter earnings on Thursday, surpassing analyst expectations on the top line.

The amusement park giant posted net revenues of $225.6 million, an increase from $202.06 million the prior year. Wall Street analysts estimated revenue at $207.75 million.

The stock surged over 10%, as high short interest—exceeding 23% of the float—likely acted as a catalyst, amplifying buying pressure and accelerating the rally.

Spending Gains Drive Revenue Beat

The company saw a 6% rise in per capita spending, reaching $69.26. Management attributed this growth to effective ticket pricing and higher food and beverage sales. Total attendance also grew by 4% to 2.9 million visits. These gains occurred despite operating days decreasing to 369 from 393 in the prior-year period.

Bottom Line Pressures Persist

The quarterly net loss attributable to Six Flags totaled $269 million. This is wider than the $220 million loss reported a year ago. However, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) showed signs of recovery. Adjusted EBITDA loss narrowed to $123 million, reflecting a $48 million year-over-year improvement.

Liquidity and Debt Profile

As of March 29, Six Flags reported total liquidity of $462 million. Deferred revenues rose 2% to $381 million, fueled by strong season pass and membership sales. Net debt currently stands at $5.27 billion.

Net debt totaled $5.27 billion, calculated as total debt of $5.39 billion (before debt issuance costs and acquisition fair value layers) less cash and cash equivalents of $117 million.

CEO Highlights “Encouraging” Trends

CEO John Reilly expressed confidence in the company’s strategic trajectory.

“We delivered meaningful year-over-year improvement in the first quarter, driven by higher attendance, increased guest spending, and disciplined execution,” Reilly stated. He added, “Although it is still early in the season, demand trends in the second quarter are encouraging.”

Leadership Changes At Six Flags

Six Flags announced several executive leadership changes. Amy Martin Ziegenfuss will join as chief marketing officer and Christopher Bennett as chief legal and compliance officer, both effective June 3, 2026.

Ziegenfuss previously served as CMO at Carnival Cruise Line, while Bennett is currently a partner at Dentons. The company also said CFO Brian Witherow will step down effective May 8, with Chief Accounting Officer Dave Hoffman serving as interim finance lead until a successor is named.

CEO Reilly said the leadership changes are intended to strengthen the company’s marketing, legal and commercial capabilities as it focuses on profitability and long-term growth.

Six Flags Price Action

FUN Price Action: Six Flags Entertainment shares were up 15.54% at $22.75 during premarket trading on Thursday, according to Benzinga Pro data.

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