2Q26 Preview: Key debates for FUN and PRKS into earnings

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2Q26 Preview: Key debates for FUN and PRKS into earnings

Equity Research

26 July 2026 | 11:39PM EDT

AMERICAS AMUSEMENT PARKS

Ahead of the 2Q26 earnings season, we take a fresh look at the key debates for the Lizzie Dove

+1(212)902-0097 | lizzie.dove@gs.com

regional theme park industry. Goldman Sachs & Co. LLC

Joey Gaebler

n FUN. We lower our adjusted EBITDA estimate for 2026 to $836mn to account for +1(212)902-4695 |

joseph.gaebler@gs.com

weaker-than-expected 2Q and 3QTD attendance trends. With attendance down Goldman Sachs & Co. LLC

-9% and adjusted EBITDA down ~30% last year in 2Q25, we were optimistic that Ryan Davis

+1(212)357-5252 |

the combination of easy comps and greenshoots from new initiatives would lead ryan.m.davis@gs.com Goldman Sachs & Co. LLC

to a meaningful recapture of the lost visitation from last year. However, though Nina Flinn

June trends did accelerate (though still a ~LSD decline on a 2 year stack basis on +1(212)902-7295 | nina.flinn@gs.com Goldman Sachs & Co. LLC

our numbers), FUN has since given all of this back in 3QTD, with attendance

trends tracking down -4.8% in the first 3 weeks of the quarter. We therefore

lower our 3Q estimates and ultimately see downside to consensus estimates.

n PRKS. We expect a solid 2Q (we model adjusted EBITDA of $200mn) but believe

we may get a more muted update on 3QTD trends, after foot traffic trends for

PRKS are tracking down ~-5.6% QTD, and CMCSA highlighted weakness in the

Orlando market on its recent earnings. That being said, PRKS has some strategic

opportunities (land sales and/or international licensing deals) which could

provide some upside and explain the move in the stock over the last few months,

given we otherwise see some downside to 3Q attendance estimates.

Six Flags (FUN, Neutral)