Six Flags Q2 FY2026 Earnings Call

Good morning, and welcome to Six Flags Entertainment Corporation's second quarter 2026 earnings conference call. I'm Michael Russell, Six Flags Head of Investor Relations. On the call today with me are John Reilly, President and Chief Executive Officer, and Ash Walia, Chief Financial Officer. Before we begin, I would like to remind everyone that certain statements made during this call may be forward-looking statements. These are subject to risks and uncertainties that could cause actual results to differ…

Thank you, Michael, and good morning, everyone. Thank you for joining us. In the second quarter, we made meaningful progress against the strategic priorities we established at the beginning of the year, improving our operating performance through the first half. Before reviewing those results, I want to clarify the basis of comparison we will use today. As defined in our earnings release, same-park basis refers to the parks we operated during the full second quarter of 2026. Unless otherwise noted, our…

Thank you, John, and good morning, everyone. It's a pleasure to be with you, and I look forward to meeting many of you in the quarters ahead. Before discussing the quarter in more detail, I'd like to address our year-over-year comparisons. As noted in our earnings release, reported second quarter 2025 results included eight parks that are no longer part of our operating portfolio. Those parks contributed approximately $86 million of revenue in last year's second quarter. My remarks will focus primarily on our…

Thanks, Ash. Let me turn to our outlook. Excluding the seven parks sold in the portfolio transaction and the park we closed following the 2025 operating season, trailing 12-month adjusted EBITDA was $801 million, compared with $745 million for the full year 2025. Building on that progress, we expect adjusted EBITDA to continue to grow year-over-year in the second half of 2026. That expectation incorporates two headwinds…