Six Flags Entertainment Corp. (NYSE: FUN) saw its stock slide Thursday after the amusement park operator's second-quarter revenue came in below Wall Street's expectations. But dig a little deeper, and there's a more nuanced story: the parks the company kept are doing better than the headline numbers suggest.

According to Bloomberg, the stock dropped after attendance fell to 13.1 million visitors in the quarter. The company pointed to the timing of spring break, fewer operating days, and the sale of seven non-core parks as the main culprits.

The Numbers That Matter

Revenue for the quarter was $864.9 million, missing the analyst consensus of $933.3 million. The net loss attributable to Six Flags widened to $202.6 million from $99.6 million a year earlier. Adjusted EBITDA came in at $243.1 million, essentially flat year-over-year.

Reported attendance declined 7% to 13.1 million visits from 14.2 million, reflecting the divestitures and the closure of another park after the 2025 season. Operating days fell to 1,615 from 1,993. On a brighter note, per-capita spending ticked up 1% to $62.89 from $62.46.

CEO John Reilly said the streamlined portfolio delivered growth in attendance, revenue, and adjusted EBITDA on a same-park basis. He also highlighted stronger season-pass sales and membership growth as drivers of recurring revenue, while the company continues to focus capital on its highest-return parks.

Same-Park Results: The Real Story

Excluding the parks that were sold or closed, same-park revenue increased 2.4% to $864.5 million from $844.2 million. Attendance rose 4%, including a 10% jump in season-pass visitation. Same-park adjusted EBITDA climbed 7% to $248.9 million from $233.0 million.

Same-park per-capita spending slipped 1% to $62.88 from $63.38, as expanded season-pass benefits and higher cross-park visitation reduced admissions spending. But guests spent more on food, extra-charge attractions, and other in-park offerings. Reported admissions per-capita spending fell to $33.62 from $34.19, while in-park spending rose to $29.27 from $28.27.

Balance Sheet and Liquidity

Season-to-date pass sales increased 7%, and the active pass base grew 6% on a same-park basis. The company also expanded its membership program to six additional parks during the quarter.

As of June 28, Six Flags had $135 million in cash and cash equivalents, with total liquidity of $837 million, including $703 million available under its revolving credit facility. Net debt stood at approximately $4.9 billion, and deferred revenue totaled $431 million.

Price Action

Six Flags Entertainment shares were trading lower by 7.25% at $17.40 during premarket trading on Thursday, according to market data.