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ProFrac Holding Corp. Reports First Quarter 2026 Results

WILLOW PARK, Texas–(BUSINESS WIRE)–
ProFrac Holding Corp. (NASDAQ: ACDC) (“ProFrac”, or the “Company”) today announced financial and operational results for its 2026 first quarter ended March 31, 2026.

First Quarter 2026 Results

• Total revenue was $450 million compared to fourth quarter revenue of $437 million

• Net loss was $81 million compared to net loss of $141 million in the fourth quarter

• Adjusted EBITDA¹ was $54 million compared to $61 million in the fourth quarter; 12% of revenue in the first quarter compared to 14% of revenue in the fourth quarter

• Net cash provided by operating activities was $9 million compared to $50 million in the fourth quarter

• Capital expenditures totaled $41 million compared to $37 million in the fourth quarter

• Free cash flow² negative $25 million compared to $14 million in the fourth quarter

“Our first quarter 2026 results exceeded expectations despite weather-related disruptions early in the period, which reduced Adjusted EBITDA by approximately $9 million,” stated Executive Chairman, Matt Wilks. “While the quarter got off to a slow start, market dynamics shifted meaningfully beginning in late February-early March, with improving operator sentiment and accelerating activity levels. Our Stimulation Services team delivered record efficiency levels in March. This demonstrates the strength of our operational execution and allowed us to exit the quarter with continued momentum. Given the inflection in utilization, strong efficiencies and limited available capacity, we are in active dialogues with operators regarding balanced pricing following a persistent period of declines.”

“We are also pleased to report strong progress on our business optimization program. On a year-over-year basis and including capital expenditure reduction in the fourth quarter of 2025, we have achieved the majority of our $100 million annualized savings target. Alongside these efforts, our continued focus on technology differentiation further strengthens our value proposition for customers.”

“Geopolitical events continue to influence the broader energy landscape,” continued Mr. Wilks. “The conflict in the Middle East has created supply disruptions that we believe extend beyond near-term dislocations. Energy infrastructure for both crude oil and LNG have been severely impacted further exacerbating dislocations in the physical markets. These dynamics, coupled with the prolonged nature of the conflict in Iran and shuttering of the Strait of Hormuz, are catalyzing a global shift in sentiment in favor of energy security. We believe this will disproportionately benefit North America. At the same time, industry activity has been running below levels needed to maintain flat shale production. As operator activity continues to accelerate, we see an increasingly constructive supply-demand backdrop for services in North America, especially as we enter the second half of 2026,” concluded Mr. Wilks.

Outlook

In Stimulation Services, ProFrac expects second quarter 2026 results to be stronger than first quarter 2026 performance, as improving operator sentiment has driven an increase in activity levels. The Company’s hydraulic fracturing calendar has continued to tighten from first quarter levels.

In Proppant Production, the Company remains focused on operational execution, cost efficiency, and reliability across its proppant assets. While industry completion activity is expected to increase, due to operational issues and unplanned downtime, the Company expects sequentially lower volumes in second quarter of 2026.

Business Segment Information

The Stimulation Services segment generated revenues of $407 million in the first quarter, which resulted in $32 million of Adjusted EBITDA and a margin of 8%.

The Proppant Production segment generated revenues of $120 million in the first quarter, which resulted in $7 million of Adjusted EBITDA and a margin of 6%. Approximately 88% of the Proppant Production segment’s first quarter 2026 revenue was intercompany.

The Manufacturing segment generated revenues of $48 million in the first quarter, which resulted in $7 million of Adjusted EBITDA and a margin of 15%. Approximately 86% of the Manufacturing segment’s first quarter 2026 revenue was intercompany.

Flotek Industries, Inc. (“Flotek”) generated revenues of $72 million in the first quarter, which resulted in $11 million of Adjusted EBITDA and a margin of 15%. Approximately 75% of Flotek’s first quarter 2026 revenue was intercompany.

Other Business Activities generated revenues of $3 million in the first quarter, which resulted in $(0.1) million of Adjusted EBITDA and a margin of (3)%.

Capital Expenditures and Capital Allocation

Cash capital expenditures totaled $41 million in the first quarter, up from $37 million reported in fourth quarter 2025.

For full year 2026, ProFrac maintains its expectation that capital expenditures will be in the range of $155 million to $185 million, which includes Flotek’s current capital expenditure plan. Excluding Flotek, the Company expects capital expenditures to be in a range of $145 million to $175 million for 2026.

Balance Sheet and Liquidity

Total principal debt outstanding as of March 31, 2026 was approximately $1.09 billion; net debt³ outstanding was approximately $1.05 billion.

Total cash and cash equivalents as of March 31, 2026 was approximately $34 million, of which approximately $6 million was related to Flotek and not accessible by the Company.

As of March 31, 2026 the Company had approximately $108 million of liquidity, including approximately $28 million of cash and cash equivalents, excluding Flotek, and $80 million of availability under its asset-based credit facility.

Footnotes

(1)	Adjusted EBITDA is a financial measure not presented in accordance with generally accepted accounting principles (“GAAP”) (a “Non-GAAP Financial Measure”). Please see “Non-GAAP Financial Measures” at the end of this news release.
(2)	Free Cash Flow is a Non-GAAP Financial Measure. Please see “Non-GAAP Financial Measures” at the end of this news release.
(3)	Net Debt is a Non-GAAP Financial Measure. Please see “Non-GAAP Financial Measures” at the end of this news release.

Conference Call

ProFrac has scheduled a conference call on Thursday, May 7, 2026, at 11:00 a.m. Eastern / 10:00 a.m. Central. To register for and access the event, please click here. An archive of the webcast will be available shortly after the call’s conclusion on the IR Calendar section of ProFrac’s investor relations website for 90 days.

About ProFrac Holding Corp.

ProFrac Holding Corp. is a technology-focused, vertically integrated, innovation-driven energy services holding company providing hydraulic fracturing, proppant production, other completion services and other complementary products and services including distributed power generation to leading upstream oil and natural gas companies engaged in the exploration and production (“E&P”) of North American unconventional oil and natural gas resources throughout the United States. ProFrac operates in four business segments: Stimulation Services, Proppant Production, Manufacturing, and Flotek. For more information, please visit ProFrac’s website at www.PFHoldingsCorp.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this press release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be accompanied by words such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “momentum,” or similar words. Forward-looking statements relate to future events or the Company’s future financial or operating performance. These forward-looking statements include, among other things, statements regarding: the Company’s strategies and plans for growth; the Company’s positioning, resources, capabilities, and expectations for future performance; customer, market and industry demand and expectations; customer contracts, activity, relations, or pricing; fleet deployment levels; the Company’s expectations about price fluctuations, global activity, market reactions and macroeconomic conditions impacting the industry; competitive conditions in the industry; success of the Company’s ongoing strategic initiatives; the Company’s intention to increase the number of fully integrated fleets; the Company’s currently expected guidance regarding its 2026 financial and operational results; the Company’s ability to earn its targeted rates of return; the Company’s ability to achieve or realize benefits from its asset optimization program; pricing of the Company’s services in light of the prevailing market conditions; the Company’s currently expected guidance regarding its planned capital expenditures; statements regarding the Company’s liquidity and debt obligations; the Company’s anticipated timing for operationalizing and amount of contribution from its fleets and its sand mines; the amount of capital that may be available to the Company in future periods; any financial or other information based upon or otherwise incorporating judgments or estimates relating to future performance, events or expectations; any estimates and forecasts of financial and other performance metrics; and the Company’s outlook and financial and other guidance. Such forward-looking statements are based upon assumptions made by the Company as of the date hereof and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the ability to achieve the anticipated benefits of the Company’s acquisitions, mining operations, and vertical integration strategy, including risks and costs relating to integrating acquired assets and personnel; risks that the Company’s actions intended to achieve its 2026 financial and operational guidance will be insufficient to achieve that guidance, either alone or in combination with external market, industry or other factors; the failure to operationalize or utilize to the extent anticipated the Company’s fleets and sand mines in a timely manner or at all; the Company’s ability to deploy capital in a manner that furthers the Company’s growth strategy, as well as the Company’s general ability to execute its business plans; the risk that the Company may need more capital than it currently projects or that capital expenditures could increase beyond current expectations; risks regarding the ability to access to additional capital on acceptable terms or at all; industry conditions, including fluctuations in supply, demand and prices for the Company’s products and services and for oil and natural gas; global and regional economic and financial conditions, including as they may be affected by hostilities in the Middle East and in Ukraine, as well as the instability in Venezuela; the effectiveness of the Company’s risk management strategies; and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s filings with the Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www.sec.gov.

Forward-looking statements are also subject to the risks and other issues described below under “Non-GAAP Financial Measures,” which could cause actual results to differ materially from current expectations included in the Company’s forward-looking statements included in this press release. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved, in whole or part, or that any of the contemplated results of such forward-looking statements will be realized, including without limitation any expectations about the Company’s operational and financial performance or achievements through and including 2026. There may be additional risks about which the Company is presently unaware or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. The reader should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, it expressly disclaims any duty to update these forward-looking statements, except as otherwise required by law.

Non-GAAP Financial Measures

Adjusted EBITDA, Free Cash Flow and Net Debt are non-GAAP financial measures and should not be considered as a substitute for net income (loss), net cash from operating activities, or GAAP measurements of debt, respectively, or any other performance measure derived in accordance with GAAP or as an alternative to net cash provided by operating activities as a measure of our profitability or liquidity. Adjusted EBITDA, Free Cash Flow and Net Debt are supplemental measures utilized by our management and other users of our financial statements such as investors, commercial banks, research analysts and others, to assess our financial performance. We believe Adjusted EBITDA is an important supplemental measure because it allows us to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization) and items outside the control of our management team (such as income tax rates). We believe Free Cash Flow is an important supplemental liquidity measure of the cash that is available (if any), after purchases of property and equipment, for operational expenses, investment in our business, and to make acquisitions, and Free Cash Flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash in excess of our capital investments in property and equipment. We believe Net Debt is an important supplemental measure of indebtedness for management and investors because it provides a more complete understanding of our leverage position and borrowing capacity after factoring in cash and cash equivalents.

We define Adjusted EBITDA as our net income (loss), before (i) interest expense, net, (ii) income taxes, (iii) depreciation, depletion and amortization, (iv) loss or gain on disposal of assets, net, (v) stock-based compensation, and (vi) other charges, such as certain credit losses, gain or loss on extinguishment of debt, unrealized loss or gain on investments, acquisition and integration expenses, litigation expenses and accruals for legal contingencies, acquisition earnout adjustments, severance charges, goodwill impairments, gains on insurance recoveries, transaction costs, third-party supply commitment charges, lease termination costs, and impairments of long-lived assets. We define Free Cash Flow as net cash provided by or (used in) operating activities less investment in property, plant and equipment plus proceeds from sale of assets.

Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income (loss). Adjusted EBITDA has important limitations as an analytical tool because it excludes some but not all items that affect the most directly comparable GAAP financial measure. Because Adjusted EBITDA may be defined differently by other companies in our industry, our definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

Net cash provided by operating activities is the GAAP measure most directly comparable to Free Cash Flow. Free Cash Flow should not be considered as an alternative to net cash provided by operating activities. Free Cash Flow has important limitations as an analytical tool including that Free Cash Flow does not reflect the cash requirements necessary to service our indebtedness and Free Cash Flow is not a reliable measure for actual cash available to the Company at any one time. Because Free Cash Flow may be defined differently by other companies in our industry, our definition of this Non-GAAP Financial Measure may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

Net Debt is defined as total debt plus unamortized debt discounts, premiums, and issuance costs less cash and cash equivalents. Total debt is the GAAP measure most directly comparable to Net Debt. Net Debt should not be considered as an alternative to total debt. Net Debt has important limitations as a measure of indebtedness because it does not represent the total amount of indebtedness of the Company.

The presentation of Non-GAAP Financial Measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. The following tables present a reconciliation of the Non-GAAP Financial Measures of Adjusted EBITDA, Free Cash Flow and Net Debt to the most directly comparable GAAP financial measure for the periods indicated.

– Tables to Follow –

ProFrac Holding Corp.

Austin Harbour – Chief Financial Officer

Michael Messina – Vice President of Finance

[email protected]

ICR, Inc.

[email protected]

Source: ProFrac Holding Corp.

ProFrac Holding Corp. (NasdaqGS: ACDC)

Consolidated Balance Sheets

		March 31,				December 31,
(In millions)		2026				2025
ASSETS
Current assets:
Cash and cash equivalents		$	33.5			$	22.9
Accounts receivable, net			318.8				266.8
Accounts receivable — related party, net			5.6				19.9
Inventories			159.3				151.3
Prepaid expenses and other current assets			17.2				22.6
Total current assets			534.4				483.5
Property, plant, and equipment, net			1,413.4				1,464.3
Operating lease right-of-use assets, net			140.2				154.3
Goodwill			290.2				290.2
Intangible assets, net			102.8				111.8
Deferred tax assets			27.6				29.0
Other assets			42.0				40.0
Total assets		$	2,550.6			$	2,573.1
LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	296.2			$	257.1
Accounts payable — related party			53.1				42.2
Accrued expenses			70.6				74.0
Current portion of long-term debt			151.2				144.7
Current portion of long-term debt— related party			5.0				5.0
Current portion of operating lease liabilities			42.9				44.8
Other current liabilities			31.8				28.8
Other current liabilities — related party			0.6				0.8
Total current liabilities			651.4				597.4
Long-term debt			866.7				832.7
Long-term debt — related party			41.7				42.9
Operating lease liabilities			103.1				115.5
Deferred tax liabilities			11.8				11.8
Tax receivable agreement liability			82.0				82.0
Other liabilities			9.1				10.1
Total liabilities			1,765.8				1,692.4
Mezzanine equity:
Series A preferred stock			70.2				68.8
Stockholders’ equity:
Class A common stock			1.8				1.8
Additional paid-in capital			1,310.5				1,325.9
Accumulated deficit			(695.1	)			(610.2	)
Total stockholders’ equity attributable to ProFrac Holding Corp.			617.2				717.5
Noncontrolling interests			97.4				94.4
Total stockholders’ equity			714.6				811.9
Total liabilities, mezzanine equity, and stockholders’ equity		$	2,550.6			$	2,573.1

ProFrac Holding Corp. (NasdaqGS: ACDC)

Consolidated Statements of Operations

		Three Months Ended
		Mar. 31,				Dec. 31,				Mar. 31,
(In millions)		2026				2025				2025
Total revenues		$	449.6			$	436.5			$	600.3
Operating costs and expenses:
Cost of revenues, exclusive of depreciation, depletion and amortization			354.4				336.4				419.4
Selling, general, and administrative			43.6				42.5				53.6
Depreciation, depletion and amortization			97.1				102.6				106.0
Impairment of long-lived assets and goodwill			—				52.6				—
Acquisition and integration costs			—				—				0.1
Other operating expense, net			0.9				7.4				5.2
Total operating costs and expenses			496.0				541.5				584.3
Operating income (loss)			(46.4	)			(105.0	)			16.0
Other income (expense):
Interest expense, net			(32.8	)			(33.3	)			(35.9	)
Other income, net			—				0.4				4.8
Loss before income taxes			(79.2	)			(137.9	)			(15.1	)
Income tax expense			(1.6	)			(2.6	)			(0.3	)
Net loss			(80.8	)			(140.5	)			(15.4	)
Less: net income attributable to noncontrolling interests			(2.7	)			(2.1	)			(2.1	)
Net loss attributable to ProFrac Holding Corp.		$	(83.5	)		$	(142.6	)		$	(17.5	)
Net loss attributable to Class A common shareholders		$	(84.9	)		$	(144.0	)		$	(18.8	)

ProFrac Holding Corp. (NasdaqGS: ACDC)

Consolidated Statements of Cash Flows

		Three Months Ended
		Mar. 31,				Dec. 31,				Mar. 31,
(In millions)		2026				2025				2025
Cash flows from operating activities:
Net loss		$	(80.8	)		$	(140.5	)		$	(15.4	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization			97.1			$	102.6				106.0
Amortization of acquired unfavorable contracts			—				—				(5.7	)
Stock-based compensation			0.9				2.7				1.1
Loss (gain) on disposal of assets, net			(2.0	)			4.0				3.4
Amortization of debt issuance costs			2.8				2.8				3.0
Gain on investments, net			—				—				(3.7	)
Provision for credit losses, net of recoveries			—				0.9				—
Impairment of long-lived assets and goodwill			—				52.6				—
Deferred tax expense			1.4				2.4				—
Other non-cash items, net			—				0.8				0.2
Changes in operating assets and liabilities			(10.1	)			21.2				(50.2	)
Net cash provided by operating activities			9.3				49.5				38.7
Cash flows from investing activities:
Investment in property, plant & equipment			(40.7	)			(36.6	)			(52.5	)
Proceeds from sale of assets			6.2				0.9				0.2
Other			—				—				0.6
Net cash used in investing activities			(34.5	)			(35.7	)			(51.7	)
Cash flows from financing activities:
Proceeds from issuance of long-term debt			25.0				80.0				—
Repayments of long-term debt			(35.3	)			(32.4	)			(42.5	)
Borrowings from revolving credit agreements			416.5				411.6				419.1
Repayments of revolving credit agreements			(368.7	)			(505.9	)			(361.1	)
Payment of debt issuance costs			(1.3	)			(1.2	)			—
Cash settlement of vested stock awards			—				—				(1.0	)
Tax withholding related to net share settlement of noncontrolling interest equity awards			(0.5	)			(1.6	)			—
Proceeds from issuance of common stock			—				0.6				—
Other			0.1				—				(0.3	)
Net cash provided by (used in) financing activities			35.8				(48.9	)			14.2
Net increase (decrease) in cash, cash equivalents, and restricted cash			10.6				(35.1	)			1.2
Cash, cash equivalents, and restricted cash beginning of period			22.9				58.0				14.8
Cash, cash equivalents, and restricted cash end of period		$	33.5			$	22.9			$	16.0

ProFrac Holding Corp. (NasdaqGS: ACDC)

Reconciliation of Net Income (Loss) to Adjusted EBITDA

		Three Months Ended
		Mar. 31,				Dec. 31,				Mar. 31,
(In millions)		2026				2025				2025
Net loss		$	(80.8	)		$	(140.5	)		$	(15.4	)
Interest expense, net			32.8				33.3				35.9
Depreciation, depletion and amortization			97.1				102.6				106.0
Income tax expense			1.6				2.6				0.3
Loss (gain) on disposal of assets, net			(2.0	)			4.0				3.4
Provision for credit losses, net of recoveries			—				0.9				—
Stock-based compensation			2.4				3.1				1.1
Lease termination			0.2				0.3				—
Transaction costs			0.3				(0.3	)			0.2
Acquisition and integration costs			—				—				0.1
Impairment of long-lived assets and goodwill			—				52.6				—
Inventory write-down			—				0.8				—
Litigation expenses			2.4				1.7				1.6
Gain on investments, net			—				—				(3.7	)
Adjusted EBITDA		$	54.0			$	61.1			$	129.5

ProFrac Holding Corp. (NasdaqGS: ACDC)

Segment Information

		Three Months Ended
		Mar. 31,				Dec. 31,				Mar. 31,
(In millions)		2026				2025				2025
Revenues
Stimulation services		$	407.0			$	383.5			$	524.5
Proppant production			119.6				114.8				67.3
Manufacturing			48.4				42.6				65.8
Flotek			72.3				69.6				56.8
Other			2.9				3.3				5.4
Total segments			650.2				613.8				719.8
Eliminations			(200.6	)			(177.3	)			(119.5	)
Total revenues		$	449.6			$	436.5			$	600.3
Adjusted EBITDA
Stimulation services		$	32.0			$	33.2			$	104.6
Proppant production			6.5				16.0				18.3
Manufacturing			6.8				3.6				4.0
Flotek			11.3				10.1				8.0
Other			(0.1	)			(0.2	)			(0.3	)
Total segments			56.5				62.7				134.6
Eliminations			(2.5	)			(1.6	)			(5.1	)
Total adjusted EBITDA		$	54.0			$	61.1			$	129.5

ProFrac Holding Corp. (NasdaqGS: ACDC)

Net Debt

		March 31,				December 31,
(In millions)		2026				2025
Current portion of long-term debt		$	151.2			$	144.7
Current portion of long-term debt— related party			5.0				5.0
Long-term debt			866.7				832.7
Long-term debt — related party			41.7				42.9
Total debt			1,064.6				1,025.3
Plus: unamortized debt discounts, premiums, and issuance costs			21.0				22.8
Total principal amount of debt			1,085.6				1,048.1
Less: cash and cash equivalents			(33.5	)			(22.9	)
Net debt		$	1,052.1			$	1,025.2

ProFrac Holding Corp. (NasdaqGS: ACDC)

Free Cash Flow

		Three Months Ended
		Mar. 31,				Dec. 31,
(In millions)		2026				2025
Net cash provided by operating activities		$	9.3			$	49.5
Investment in property, plant & equipment			(40.7	)			(36.6	)
Proceeds from sale of assets			6.2				0.9
Free cash flow		$	(25.2	)		$	13.8

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507203142/en/

ProFrac Holding Corp.

Austin Harbour – Chief Financial Officer

Michael Messina – SVP of Finance

[email protected]

ICR, Inc.

[email protected]

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Energy Other Energy Oil/Gas

MEDIA:

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Six Flags Announces Leadership Transitions

• Amy Martin Ziegenfuss and Christopher Bennett to be Appointed Chief Marketing Officer and Chief Legal and Compliance Officer, Respectively, Effective June 3, 2026
• Brian Witherow to Step Down as Chief Financial Officer, Effective May 8, 2026; Dave Hoffman to Serve as Interim Finance Lead Until Successor is Named

CHARLOTTE, N.C.–(BUSINESS WIRE)–
Six Flags Entertainment Corporation (NYSE: FUN) (“Six Flags” or the “Company”), North America’s largest regional amusement park operator, today announced several leadership updates designed to strengthen the Company’s commercial, marketing, legal and finance capabilities as it continues to advance its integration and value-creation priorities.

Amy Martin Ziegenfuss will join Six Flags as Chief Marketing Officer and Christopher Bennett will join as Chief Legal and Compliance Officer, each effective on June 3, 2026. Ziegenfuss will succeed Christian Dieckmann who departed the Company effective May 2, 2026. Bennett will succeed Brian Nurse who will depart the Company effective May 8, 2026.

In addition, Brian Witherow will step down as Chief Financial Officer, effective May 8, 2026. The Company has advanced its CFO succession process with several excellent candidates and will provide an update when the process underway is complete. Dave Hoffman, Six Flags’ Chief Accounting Officer, will serve as Interim Finance Lead during the transition.

Amy Martin Ziegenfuss is a senior marketing executive with deep experience across travel, hospitality and experiential consumer businesses. She will join Six Flags from Carnival Cruise Line, where she served as Chief Marketing Officer and modernized the company’s marketing organization through data-driven segmentation and measurement capabilities. Previously, she was SVP of Global Enterprise & Brand Marketing at Hilton, where she advanced enterprise-wide marketing strategy and brand consistency across the company’s global portfolio, contributing to a significant increase in bookings and more efficient media investments.

Christopher Bennett, a partner at the international law firm Dentons, has more than twenty-five years of legal experience in the hospitality and leisure industries. Bennett’s career includes 16 years leading the legal department of Interstate Hotels & Resorts, which was a NYSE public company for 12 years, where he was Chief Administrative Officer, General Counsel, and Secretary. Bennett was also General Counsel and Secretary of MeriStar Hospitality, a NYSE public hotel real estate investment trust. While at Interstate and MeriStar, Bennett managed more than $2 billion of public and private debt transactions, more than 30 US and international joint ventures, an IPO and numerous public and private M&A transactions. Throughout his career, Bennett has managed more than $5 billion in real estate transactions and negotiated hospitality transactions across more than 40 countries in 6 continents.

Given the central role that brand strength, consumer insights, digital engagement and targeted demand generation play in Six Flags’ long-term growth strategy, the Company is separating the responsibilities of the Chief Commercial Officer into two focused roles: Chief Marketing Officer and SVP, Commercial. Ziegenfuss will assume the responsibilities of Chief Marketing Officer, and Chris Meyering, current VP, Revenue Management at Six Flags, has been promoted to the role of SVP, Commercial, effective June 3, 2026. Meyering has served in various operations management roles at Six Flags since 2021. He joined Six Flags from The Walt Disney Company, where he served as Commercial Strategy Manager, Commercial Integration & Franchise Management.

“As we enter the next chapter for Six Flags, now is the right time to bring in new leadership with relevant skills and fresh perspectives to advance our key priorities,” said Six Flags President and CEO John Reilly. “Amy and Christopher are recognized leaders who bring considerable experience in marketing, hospitality, legal affairs, governance and complex consumer-facing businesses. Chris Meyering has helped successfully implement key commercial initiatives during his time at Six Flags, and we are confident he will continue to make valuable contributions in his new role. Their expertise will augment our leadership team’s capabilities as we continue to improve profitability, strengthen the Company’s balance sheet and focus resources on the highest-return opportunities across our irreplaceable portfolio.”

Reilly continued, “Marketing is central to how we attract guests, deepen engagement, grow season pass and membership participation and build stronger relationships with consumers across our parks. Amy’s experience leading data-driven marketing organizations at major travel and hospitality brands is highly relevant to Six Flags as we sharpen our commercial strategy and build on the momentum underway entering the 2026 summer season.”

“I also want to thank Brian Witherow, Christian Dieckmann and Brian Nurse for their service and many contributions to Six Flags. They played key roles in helping the Company navigate a transformative period following the merger with Cedar Fair, and we wish them the best in their next chapters,” Reilly concluded.

First Quarter 2026 Results

In a separate news release issued today, Six Flags announced its first quarter financial results for 2026. The Company’s earnings conference call will take place today, May 7, 2026, at 8:00 a.m. ET, and a live webcast of the call will be available on the Six Flags Investors website at https://investors.sixflags.com under the tabs Investor Information / Events & Presentations.

About Amy Martin Ziegenfuss

Amy Martin Ziegenfuss was most recently Chief Marketing Officer of Carnival Cruise Line, where she led the modernization of the company’s marketing organization and implemented data-driven strategies to strengthen customer engagement and insight. She previously served as SVP of Global Enterprise & Brand Marketing at Hilton, leading enterprise and brand portfolio marketing and supporting the launch of several new hotel brands. Earlier in her career, she held marketing roles at Choice Hotels International in the U.S. and Europe. She earned a B.A. in communications from Hood College and an MBA from George Washington University.

About Christopher Bennett

Christopher Bennett is currently a partner in Dentons’ Hospitality and Leisure practice, providing counsel to global and U.S.-focused hospitality brands, management companies, and hotel and resort owners and developers. Prior to Dentons, Bennett served as Chief Diversity & Inclusion Officer and Vice Chair of Eckert Seamans Cherin & Mellott’s hospitality and gaming group. He previously spent sixteen years at Interstate Hotels & Resorts, Inc., where he held a variety of roles, including Chief Administrative Officer, General Counsel and Secretary, overseeing all legal, human resources, international and public relations affairs. He is a Certified Public Accountant and earned a B.S. in accounting and finance from Virginia Tech and a JD from the University of Virginia.

About Six Flags Entertainment Corporation

Six Flags Entertainment Corporation (NYSE: FUN) is North America’s largest regional amusement-resort operator with 21 amusement parks, 14 water parks and eight resort properties across 13 states in the U.S., Canada and Mexico. Focused on its purpose of making people happy, Six Flags provides fun, immersive and memorable experiences to millions of guests every year with world-class coasters, themed rides, thrilling water parks, resorts and a portfolio of beloved intellectual property such as Looney Tunes^®, DC Comics^® and PEANUTS^®.

Forward-Looking Statements

Some of the statements contained in this news release that are not historical in nature are forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements as to our expectations, beliefs, goals and strategies regarding the future. Words such as “anticipate,” “believe,” “create,” “expect,” “future,” “guidance,” “intend,” “plan,” “potential,” “seek,” “synergies,” “target,” “will,” “would,” similar expressions, and variations or negatives of these words identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. These forward-looking statements may involve current plans, estimates, expectations and ambitions that are subject to risks, uncertainties and assumptions that are difficult to predict, may be beyond our control and could cause actual results to differ materially from those described in such statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct, that our growth and operational strategies will achieve the target results. Important risks and uncertainties that may cause such a difference and could adversely affect attendance at our parks, our future financial performance, and/or our growth strategies, and could cause actual results to differ materially from our expectations or otherwise to fluctuate or decrease, include, but are not limited to: failure to realize the anticipated benefits of the Merger, including difficulty in integrating the businesses of legacy Six Flags and legacy Cedar Fair; failure to realize the expected amount and timing of cost savings and operating synergies related to the Merger; failure to realize the expected amount and timing of benefits related to the sale of parks and undeveloped land; adverse weather conditions; general economic, political and market conditions, including global trade; the impacts of pandemics or other public health crises, including the effects of government responses on people and economies; competition for consumer leisure time and spending or other changes in consumer behavior or sentiment for discretionary spending; unanticipated construction delays or increases in construction or supply costs; changes in capital investment plans and projects; anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of the Company’s operations; the impact of any potential shareholder activism; failure to attract, motivate and retain qualified domestic and international employees and key personnel; legislative, regulatory and economic developments and changes in laws, regulations, and policies affecting the Company; acts of terrorism or outbreak or escalation of war, hostilities, civil unrest, and other political or security disturbances; and other risks and uncertainties we discuss under the heading “Risk Factors” within our Annual Report on Form 10-K and in the other filings we make from time to time with the Securities and Exchange Commission. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this document and are based on information currently and reasonably known to us. We do not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after publication of this news release.

This news release and prior releases are available under the News tab at https://investors.sixflags.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507306628/en/

Investor Contact: Michael Russell, [email protected]

Media Contact: Kristin Fitzgerald, [email protected]

https://investors.sixflags.com

KEYWORDS: North Carolina Ohio United States North America

INDUSTRY KEYWORDS: Retail Theme Parks General Entertainment Lodging Destinations Women Travel Teens Parenting Men Children Specialty Family Vacation Entertainment Consumer

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GEN Restaurant Group brings its proven in-store demo model and restaurant-trained workforce to Costco warehouse locations across the country this summer

Six Flags Entertainment Corporation Reports 2026 First Quarter Results

• Season off to solid start with year-to-date attendance through the end of April up 4% on a same-park basis⁽⁴⁾
• Active pass base up 6% through the end of April on a same-park basis

CHARLOTTE, N.C.–(BUSINESS WIRE)–
Six Flags Entertainment Corporation (NYSE: FUN), the largest regional amusement park operator in North America, today announced its results for the first quarter ended March 29, 2026.

First Quarter 2026 Results

As compared to the first quarter of 2025:

• Net revenues increased 12% to $225.6 million.

• Attendance increased 4% to 2.9 million visits.

• Per capita spending⁽¹⁾ increased 6% to $69.26, reflecting effective ticket pricing initiatives, improved ticket mix, and higher guest spending on food and beverage.

• Net loss attributable to Six Flags Entertainment Corporation totaled $269 million, as compared to a loss of $220 million.

• Adjusted EBITDA⁽²⁾loss for the quarter was $123 million, a $48 million improvement from $171 million.

• Operating days totaled 369, a decrease from 393 operating days.

CEO Commentary

“We delivered meaningful year-over-year improvement in the first quarter driven by higher attendance, increased guest spending, and disciplined execution,” said John Reilly, Six Flags President and CEO. “Despite the seasonally low first quarter operating profile of our business, these results demonstrate the resiliency of our operating model and the progress we are making executing against our strategic priorities. Although it is still early in the season, demand trends in the second quarter are encouraging. We are seeing positive early response to changes in our season pass and membership offerings, including expanded regional access to more parks on certain products, which we believe are supporting increased guest engagement and a more favorable product mix.”

Reilly continued, “Our objective for 2026 is to capitalize on our learnings and the improvements we have implemented over the past year to build on our momentum and progress. We have positioned our parks well to capture peak season demand through new entertainment offerings and a relentless focus on operational excellence to improve the guest experience. We remain mindful of broader macroeconomic factors, the narrow operating windows that shape our business, weather and holiday timing variability, and the potential for a more promotional environment in season pass and membership sales to create pressure on admissions yield and mix. We also recognize that rebuilding and sustaining the active pass base will remain important as we move through the balance of the selling season.

Reilly concluded, “Even with the encouraging start to the year, our most important operating periods are ahead. We are excited to build on our momentum, particularly as we enter the 2026 summer season.”

Summarized First Quarter Results

Please note: Six Flags typically operates at a Net Loss and Adjusted EBITDA loss in the first quarter because most of its seasonal parks are closed.

During the first quarter of 2026, the Company entertained approximately 2.9 million guests, and generated net revenues of $225.6 million, a net loss of $268.6 million, and an Adjusted EBITDA loss of $123.0 million. Attendance for the first quarter increased by approximately 105,000 guests, or 4%, compared to the first quarter of 2025, despite 24 fewer operating days. The decrease in operating days was driven in large part by the removal of four winter holiday events in 2025, which resulted in 15 fewer days in early January of 2026 compared to January of 2025. Excluding the contribution of the incremental days in January of 2025, attendance in the first quarter of 2026 would have been up 7% compared to the prior year quarter. In year-over-year comparisons, 2026 first quarter attendance benefited from favorable operating conditions, particularly on the West Coast, a larger active pass base, the earlier timing of this year’s Easter and Spring Break holidays, and the earlier timing of the Knott’s Berry Farm Boysenberry Festival.

The $23.6 million increase in net revenues, compared with the first quarter of 2025, was the result of solid growth in attendance, as well as improved per capita spending and higher out-of-park revenues. The increase in per capita spending reflects a 3% increase in admissions per capita spending and a 10% improvement in in-park product per capita spending. The increase in admissions per capita spending in the quarter reflects the positive impact of changes in pricing and product structure, as well as a favorable shift in ticket sales to higher priced products. The Company also saw encouraging early response to updates in its pass and membership offerings, which contributed to a more favorable season pass product mix during the quarter. The increase in in-park product per capita spending was driven by higher guest spending on food and beverage items and merchandise during the first quarter this year. The higher guest spending in these areas reflects the success of the Company’s continued investments to expand and upgrade its food and beverage offerings and its retail centers across the parks.

Operating costs and expenses in the first quarter of 2026 decreased $50.4 million, or 12%, compared to the first quarter last year, reflecting an increased focus on delivering more cost efficiencies. A $32.6 million decrease in first quarter operating expenses was driven by planned reductions in full-time wages (down $15.2 million), maintenance costs (down $9.5 million), and operating supplies (down $8.2 million). A $17.5 million decrease in first quarter SG&A expenses was driven primarily by planned reductions in full-time headcount and wages.

Balance Sheet and Liquidity Highlights

As of Mar. 29, 2026, the Company reported the following:

Deferred revenues, including amounts classified as held for sale, totaled $381 million compared with $374 million on Mar. 30, 2025. The 2% increase in deferred revenues was largely attributable to higher season pass and membership sales, as well as higher advanced single day sales and increased deposits on group events and catering.

Total Liquidity was $462 million, including cash and available borrowings under the Company’s revolving credit facility, compared to total liquidity of $241 million as of Mar. 30, 2025.

Net debt⁽³⁾ 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.

April Update

Results through the end of April, which normalizes for the timing shift between years of the Easter and Spring Break holidays, were solid. Through May 3, 2026, the Company entertained 5.7 million guests over 694 operating days on a year-to-date basis. This represents a 4% increase in attendance on a same-park basis compared to 5.4 million guests entertained over 722 operating days during the comparable year-to-date period in 2025.

During the month of April, sales of season passes and memberships were also solid and in line with expectations. The Company was encouraged by early response to enhancements in its pass and membership offerings, including expanded benefits and access to more parks for certain products. As of May 3, 2026, the Company’s active pass base totaled approximately 5 million units, up 6% on a same-park basis compared to the same time last year.

Leadership Transition

In a separate news release issued today, Six Flags announced the appointment of Amy Martin Ziegenfuss as Chief Marketing Officer and Christopher Bennett as Chief Legal and Compliance Officer, effective by June 3, 2026, and the appointment of Dave Hoffman as interim finance lead. The full release can be found on the Six Flags Investors website at https://investors.sixflags.com under the tabs News / Press Releases.

Conference Call

As previously announced, Six Flags Entertainment Corporation will host a conference call with analysts starting at 8 a.m. ET today, May 7, 2026, to discuss its recent financial results. Participants on the call will include Six Flags President and CEO John Reilly, Brian Witherow, and Chief Accounting Officer Dave Hoffman.

Investors and all other interested parties can access a live, listen-only audio webcast of the call on the Six Flags Investors website at https://investors.sixflags.com under the tabs Investor Information / Events & Presentations. Those unable to listen to the live webcast can access a recorded version of the call on the Six Flags Investors website at https://investors.sixflags.com under Investor Information / Events and Presentations, shortly after the live call’s conclusion.

A digital recording of the conference call will be available for replay by phone starting at approximately 1 p.m. ET on Thursday May 7, 2026, until 11:59 p.m. ET on Wednesday May 14, 2026. To access the phone replay in North America please dial (800) 770-2030; from international locations please dial +1 (609) 800-9909, followed by Conference ID 3720518.

About Six Flags Entertainment Corporation

Six Flags Entertainment Corporation (NYSE: FUN) is North America’s largest regional amusement-resort operator with 21 amusement parks, 14 water parks and eight resort properties across 13 states in the U.S., Canada and Mexico. Focused on its purpose of making people happy, Six Flags provides fun, immersive and memorable experiences to millions of guests every year with world-class coasters, themed rides, thrilling water parks, resorts and a portfolio of beloved intellectual property such as Looney Tunes^®, DC Comics^® and PEANUTS^®.

Footnotes:

(1)		Per capita spending, admissions per capita spending, in-park product per capita spending, and out-of-park revenues are non-GAAP financial measures. See the attached reconciliation table and related footnote for the calculation of these metrics. These metrics are used by management as major factors in significant operational decisions as they are primary drivers of financial and operational performance, measuring demand, pricing, and consumer behavior.
(2)		Adjusted EBITDA is not a measurement computed in accordance with GAAP. Management believes Adjusted EBITDA is a meaningful measure of park-level operating profitability and uses it for measuring returns on capital investments, evaluating potential acquisitions, determining awards under incentive compensation plans, and calculating compliance with certain loan covenants. For additional information regarding Adjusted EBITDA, including how the Company defines and uses this measure, see the attached reconciliation table and related footnotes.
(3)		Net debt is a non-GAAP financial measure. See the attached reconciliation table and related footnote for the calculation of net debt. Net debt is used by the Company and investors to monitor leverage, and management believes it is meaningful for this purpose.
(4)		Same-park basis excludes the combined contributions of the following parks: Worlds of Fun, Michigan’s Adventure, Valleyfair, Six Flags Great Escape, Schlitterbahn Waterpark Galveston, Six Flags St. Louis, Six Flags La Ronde and the former combination amusement and water park located in Bowie, Maryland. See the attached tables for additional information.

Forward-Looking Statements

Some of the statements contained in this news release that are not historical in nature are forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements as to our expectations, beliefs, goals and strategies regarding the future. Words such as “anticipate,” “believe,” “create,” “expect,” “future,” “guidance,” “intend,” “plan,” “potential,” “seek,” “synergies,” “target,” “will,” “would,” similar expressions, and variations or negatives of these words identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. These forward-looking statements may involve current plans, estimates, expectations and ambitions that are subject to risks, uncertainties and assumptions that are difficult to predict, may be beyond our control and could cause actual results to differ materially from those described in such statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct, that our growth and operational strategies will achieve the target results. Important risks and uncertainties that may cause such a difference and could adversely affect attendance at our parks, our future financial performance, and/or our growth strategies, and could cause actual results to differ materially from our expectations or otherwise to fluctuate or decrease, include, but are not limited to: failure to realize the anticipated benefits of the Merger, including difficulty in integrating the businesses of legacy Six Flags and legacy Cedar Fair; failure to realize the expected amount and timing of cost savings and operating synergies related to the Merger; failure to realize the expected amount and timing of benefits related to the sale of parks and undeveloped land; adverse weather conditions; general economic, political and market conditions, including global trade; the impacts of pandemics or other public health crises, including the effects of government responses on people and economies; competition for consumer leisure time and spending or other changes in consumer behavior or sentiment for discretionary spending; unanticipated construction delays or increases in construction or supply costs; changes in capital investment plans and projects; anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of the Company’s operations; the impact of any potential shareholder activism; failure to attract, motivate and retain qualified domestic and international employees and key personnel; legislative, regulatory and economic developments and changes in laws, regulations, and policies affecting the Company; acts of terrorism or outbreak or escalation of war, hostilities, civil unrest, and other political or security disturbances; and other risks and uncertainties we discuss under the heading “Risk Factors” within our Annual Report on Form 10-K and in the other filings we make from time to time with the Securities and Exchange Commission. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this document and are based on information currently and reasonably known to us. We do not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after publication of this news release.

This news release and prior releases are available under the News tab at https://investors.sixflags.com

(financial tables follow)

SIX FLAGS ENTERTAINMENT CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands)
		Three months ended
		March 29, 2026				March 30, 2025
Net revenues:
Admissions		$	113,500			$	106,761
Food, merchandise and games			78,264				65,848
Accommodations, extra-charge products and other			33,863				29,448
			225,627				202,057
Costs and expenses:
Cost of food, merchandise, and games revenues			21,287				21,601
Operating expenses			266,893				299,479
Selling, general and administrative			73,295				90,785
Depreciation and amortization			107,349				102,330
Loss on retirement of fixed assets, net			2,435				8,098
Loss on impairment of goodwill and other intangibles			38,640				—
Loss on disposal group			27,971				—
Loss on other assets			—				791
			537,870				523,084
Operating loss			(312,243	)			(321,027	)
Interest expense, net			94,928				87,035
Loss on early debt extinguishment			4,053				—
Other expense (income), net			5,739				(1,584	)
Loss before taxes			(416,963	)			(406,478	)
Benefit for taxes			(148,363	)			(186,760	)
Net loss			(268,600	)			(219,718	)
Net loss attributable to non-controlling interests			—				—
Net loss attributable to Six Flags Entertainment Corporation		$	(268,600	)		$	(219,718	)

SIX FLAGS ENTERTAINMENT CORPORATION
UNAUDITED CONSOLIDATED BALANCE SHEET DATA
(In thousands)
	March 29, 2026			March 30, 2025
Cash and cash equivalents	$	116,510		$	61,512
Total assets	$	7,708,879		$	9,163,917
Long-term debt, including current maturities:
Revolving credit loans	$	444,566		$	609,003
Term debt		1,461,737			978,527
Notes		3,449,224			3,660,036
	$	5,355,527		$	5,247,566
Equity	$	279,226		$	1,833,780

SIX FLAGS ENTERTAINMENT CORPORATION
RECONCILIATION OF MODIFIED EBITDA AND ADJUSTED EBITDA
(In thousands)
		Three months ended
		March 29, 2026				March 30, 2025
Net loss		$	(268,600	)		$	(219,718	)
Interest expense, net			94,928				87,035
Benefit for taxes			(148,363	)			(186,760	)
Depreciation and amortization			107,349				102,330
EBITDA			(214,686	)			(217,113	)
Loss on early debt extinguishment			4,053				—
Non-cash foreign currency loss (gain)			5,139				(2,214	)
Non-cash equity compensation expense			3,772				17,076
Loss on retirement of fixed assets, net			2,435				8,098
Loss on impairment of goodwill and other intangibles			38,640				—
Loss on disposal group			27,971				—
Loss on other assets			—				791
Costs related to the merger (1)			4,914				15,640
Other (2)			4,723				6,932
Modified EBITDA (3)			(123,039	)			(170,790	)
Net income attributable to non-controlling interests			—				—
Adjusted EBITDA (3)		$	(123,039	)		$	(170,790	)

(1)		Consists of integration costs related to the merger, 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 Modified EBITDA and Adjusted EBITDA as defined in the Company’s credit agreement.
(2)		Consists of certain costs as defined in the Company’s credit agreement. These costs are added back to net loss to calculate Modified EBITDA and Adjusted EBITDA and include certain legal and consulting expenses; severance costs; cost of goods sold recorded to align inventory standards following the Mergers; certain costs at a combined amusement and water park located in Bowie, Maryland since its closure; 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.
(3)		Modified EBITDA represents earnings before interest, taxes, depreciation, amortization, other non-cash items, and adjustments as defined in the Company’s credit agreement. Adjusted EBITDA represents Modified EBITDA less net loss attributable to non-controlling interests. Management includes both measures to disclose the effect of non-controlling interests. Management believes Modified EBITDA and Adjusted EBITDA are meaningful measures of park-level operating profitability, and uses them for measuring returns on capital investments, evaluating potential acquisitions, determining awards under incentive compensation plans, and calculating compliance with certain loan covenants. Adjusted EBITDA is widely used by analysts, investors and comparable companies in the industry to evaluate operating performance on a consistent basis, as well as more easily compare results with those of other companies in the industry. Modified EBITDA and Adjusted EBITDA are provided as supplemental measures of the Company’s operating results and are not intended to be a substitute for operating income, net income or cash flows from operating activities as defined under generally accepted accounting principles. In addition, Modified EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies.

SIX FLAGS ENTERTAINMENT CORPORATION
CALCULATION OF NET DEBT
(In thousands)
	March 29, 2026
Long-term debt, including current maturities	$	5,355,527
Plus: Debt issuance costs and original issue discount		55,675
Less: Acquisition fair value layers		(22,822	)
Less: Cash and cash equivalents		(116,510	)
Net debt (1)	$	5,271,870

(1)

Net debt is a non-GAAP financial measure used by investors to monitor leverage. The measure may not be comparable to similarly titled measures of other companies.

SIX FLAGS ENTERTAINMENT CORPORATION
KEY OPERATIONAL MEASURES
(In thousands, except per capita and operating day amounts)
		Three months ended
		March 29, 2026			March 30, 2025
Attendance			2,923			2,818
Per capita spending (1)		$	69.26		$	65.40
Admissions per capita spending (1)		$	38.82		$	37.72
In-park product per capita spending (1)		$	30.44		$	27.68
Out-of-park revenues (1)		$	28,799		$	23,916
Operating days			369			393

(1)		Per capita spending is calculated as revenues generated within the Company’s amusement parks and separately gated outdoor water parks along with related parking revenues and online transaction fees charged to customers (in-park revenues), divided by total attendance. Admissions per capita spending is calculated as revenues generated for admission to the Company’s amusement parks and separately gated water parks along with related parking revenues and online transaction fees charged to customers (in-park admissions revenues) divided by total attendance. In-park product per capita spending is calculated as all other revenues generated within the Company’s amusement parks and separately gated water parks, including food and beverage, merchandise, games and extra-charge offerings (in-park product revenues) divided by total attendance. Out-of-park revenues are defined as revenues from resorts, out-of-park food and merchandise locations, sponsorships, international agreements and all other out-of-park operations. Beginning in the fourth quarter of 2025, the Company renamed in-park per capita spending to per capita spending and renamed per capita spending on in-park products to in-park product per capita spending. The methodology for calculating these metrics remains unchanged, and therefore any previously reported metrics that are renamed to corresponding metrics remain unchanged.
		In-park revenues, per capita spending, in-park admissions revenues, admissions per capita spending, in-park product revenues, in-park product per capita spending, and out-of-park revenues are non-GAAP measures. These metrics are used by management as major factors in significant operational decisions as they are primary drivers of financial and operational performance, measuring demand, pricing, and consumer behavior. A reconciliation of in-park revenues, including in-park admissions revenues and in-park product revenues, and out-of-park revenues to net revenues for the periods presented is in the table below.

		Three months ended
		March 29, 2026				March 30, 2025
In-park admissions revenues			113,441				106,311
In-park product revenues			88,977				78,004
In-park revenues			202,418				184,315
Out-of-park revenues			28,799				23,916
Concessionaire remittances			(5,590	)			(6,174	)
Net revenues		$	225,627			$	202,057

SIX FLAGS ENTERTAINMENT CORPORATION

SELECTED 2025 QUARTERLY AND ANNUAL FINANCIAL AND OTHER DATA

FOR THE CONSOLIDATED COMPANY AND FOR SPECIFIED PARKS

WITH RELATED RECONCILIATION OF ADJUSTED EBITDA

(In millions, except operating days)

The below table includes selected quarterly and annual financial and other data for fiscal 2025: (1) for the consolidated company (or the “Consolidated Company”); and (2) on a combined basis, for Worlds of Fun, Michigan’s Adventure, Valleyfair, Six Flags Great Escape, Schlitterbahn Waterpark Galveston, Six Flags St. Louis, Six Flags La Ronde and the former combination amusement and water park located in Bowie, Maryland (together, the “Specified Parks”). In March 2026, the Company entered into definitive agreements to sell these parks to EPR Properties with the exception of the former combination amusement park and water park located in Bowie, Maryland. For that Bowie, Maryland property, the Company closed the park following the end of the 2025 operating season and announced it had entered into a purchase agreement to sell the property in April 2026.

	Three months ended																Twelve months ended
	March 30, 2025				June 29, 2025				September 28, 2025				December 31, 2025				December 31, 2025
Consolidated Company Data
Attendance		3				14				21				9				47
Net revenue	$	202			$	930			$	1,318			$	650			$	3,100
Net (loss) income	$	(220	)		$	(75	)		$	(1,163	)		$	(91	)		$	(1,549	)
Adjusted EBITDA	$	(171	)		$	243			$	555			$	165			$	792
Operating days		393				1,993				2,573				779				5,738
Specified Parks Data
Attendance		—				1				3				1				5
Net revenue	$	6			$	86			$	161			$	37			$	290
Net (loss) income	$	(39	)		$	(13	)		$	37			$	(19	)		$	(34	)
Adjusted EBITDA	$	(28	)		$	9			$	67			$	(1	)		$	47
Operating days		—				334				505				77				916

As disclosed above, Modified EBITDA represents earnings before interest, taxes, depreciation, amortization, other non-cash items, and adjustments as defined in the Company’s credit agreement. Adjusted EBITDA represents Modified EBITDA less net loss attributable to non-controlling interests. Management believes Modified EBITDA and Adjusted EBITDA are meaningful measures of park-level operating profitability, and uses them for measuring returns on capital investments, evaluating potential acquisitions, determining awards under incentive compensation plans, and calculating compliance with certain loan covenants. Adjusted EBITDA is widely used by analysts, investors and comparable companies in the industry to evaluate operating performance on a consistent basis, as well as more easily compare results with those of other companies in the industry. Modified EBITDA and Adjusted EBITDA are provided as supplemental measures of the Company’s operating results and are not intended to be a substitute for operating income, net income or cash flows from operating activities as defined under generally accepted accounting principles. In addition, Modified EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies.

SIX FLAGS ENTERTAINMENT CORPORATION

SELECTED 2025 QUARTERLY AND ANNUAL FINANCIAL AND OTHER DATA

FOR THE CONSOLIDATED COMPANY AND FOR SPECIFIED PARKS

WITH RELATED RECONCILIATION OF ADJUSTED EBITDA – CONTINUED

(In millions)

The below table reconciles Adjusted EBITDA to Net (Loss) Income for the Consolidated Company and for the Specified Parks for fiscal year 2025 and for each fiscal quarter of 2025.

	Three months ended																Twelve months ended
	March 30, 2025				June 29, 2025				September 28, 2025				December 31, 2025				December 31, 2025
Consolidated Company Reconciliation
Net loss	$	(220	)		$	(75	)		$	(1,163	)		$	(91	)		$	(1,549	)
Interest expense, net		87				92				91				90				360
(Benefit) provision for taxes		(187	)			76				(38	)			(15	)			(164	)
Depreciation and amortization		102				135				128				121				486
EBITDA		(218	)			228				(982	)			105				(867	)
Non-cash foreign currency (gain) loss		(2	)			(20	)			7				(8	)			(23	)
Non-cash equity compensation expense		17				9				15				23				64
Loss on retirement of fixed assets, net		8				11				3				19				41
Loss on impairment of goodwill and other intangibles		—				—				1,518				—				1,518
Loss on other assets		1				—				—				—				1
Costs related to the merger (1)		16				11				10				12				49
Other (2)		7				29				9				14				59
Modified EBITDA		(171	)			268				580				165				842
Net income attributable to non-controlling interests		—				25				25				—				50
Adjusted EBITDA	$	(171	)		$	243			$	555			$	165			$	792
Specified Parks Reconciliation
Net (loss) income	$	(39	)		$	(13	)		$	37			$	(19	)		$	(34	)
Depreciation and amortization		10				17				21				15				63
EBITDA		(29	)			4				58				(4	)			29
Loss on retirement of fixed assets, net		1				1				(1	)			1				2
Loss on impairment of goodwill and other intangibles		—				—				8				—				8
Costs related to the merger (1)		—				1				1				—				2
Other (2)		—				3				1				2				6
Modified EBITDA		(28	)			9				67				(1	)			47
Net income attributable to non-controlling interests		—				—				—				—				—
Adjusted EBITDA	$	(28	)		$	9			$	67			$	(1	)		$	47

(1)		Consists of third-party legal and consulting transaction costs, as well as integration costs related to the merger. Integration costs include third-party consulting costs, costs to integrate information technology systems, integration team salaries and benefits, retention bonuses, maintenance costs to update legacy Six Flags parks to legacy Cedar Fair standards and certain legal costs. These costs are added back to net (loss) income to calculate Modified EBITDA and Adjusted EBITDA as defined in the Company’s credit agreement.
(2)		Consists of certain costs as defined in the Company’s credit agreement. These costs are added back to net (loss) income to calculate Modified EBITDA and Adjusted EBITDA and include severance and related employer taxes and benefits; certain legal and consulting expenses; enacted cost savings initiatives related to overhead and administrative costs incurred by legacy Six Flags, specifically for insurance premiums, legal costs and information technology costs; run-rate costs at the combination amusement and water park located in Bowie, Maryland since its closure; repairs for unusual weather events; Mexican VAT taxes on intercompany activity; cost of goods sold recorded to align inventory standards following the merger; administrative payments related to the Partnership Parks; and contract termination costs. This balance also includes unrealized gains and losses on pension assets and short-term investments.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507943727/en/

Investor Contact: Michael Russell, [email protected]

https://investors.sixflags.com

Media Contact: Kristin Fitzgerald, [email protected]

KEYWORDS: North Carolina United States North America

INDUSTRY KEYWORDS: Theme Parks General Entertainment Entertainment

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Ooma Launches Small Business Spotlight Award to Recognize the Entrepreneurs Powering Local Communities

SUNNYVALE, Calif.–(BUSINESS WIRE)–
In recognition of National Small Business Month, which celebrates the critical role small businesses play in driving the U.S. economy and supporting local communities, Ooma, Inc., a provider of advanced communications services for businesses and consumers, today announced the launch of its inaugural Ooma Small Business Spotlight Award, a new program designed to recognize and elevate the stories of small businesses across the country.

At a time when many small businesses are navigating increased competition and pressure to operate more efficiently, they continue to power local communities—and are increasingly turning to modern tools and technology like Ooma Office to operate more efficiently, better serve customers and compete in a rapidly evolving marketplace.

“Small businesses don’t just keep the economy moving — they shape the character of our communities,” said Jim Gustke, senior vice president at Ooma. “Every day, we see founders doing more with less — finding smarter ways to connect with customers, streamlining operations and building something meaningful in their communities. This program is about giving those businesses the visibility they’ve earned and the platform to inspire others.”

One example is Ooma customer Ronnette Meyers, founder of JLAN Solutions and the Washington, D.C. Small Business Person of the Year, who built her business from the ground up after identifying a gap in federal contracting. Today, her company is a recognized name in government contracting, known for delivering reliable, results-driven outcomes.

“This recognition felt like confirmation that the sacrifices and late nights—and the faith I put into building this business—were worth it,” said Meyers. “I hope my story encourages other entrepreneurs to know that with persistence and the right support, success is possible.”

The Ooma Small Business Spotlight Award is open to Ooma Office customers nationwide, with nominations accepted from May 1 through May 31, 2026. Eligible Ooma Office customers may nominate their own business.

Submissions will be evaluated across five criteria: business story and purpose, innovation and creativity, growth and achievement, community impact, and customer care.

One Grand Prize winner will receive:

• One year of free Ooma Office service

• A professionally produced video spotlight

• A digital award badge for use across marketing channels

• Feature placement in Ooma marketing and communications

In addition to the Grand Prize, a selection of standout businesses will be featured throughout the campaign across Ooma’s digital channels, highlighting a range of small business stories and perspectives.

To enter, eligible businesses must be active Ooma Office customers in good standing and submit a 250–400-word application, along with a business photo (and optional short video).

Winners will be announced on June 15, 2026.

More information and submission details can be found at http://www.ooma.com/smb-award.

About Ooma

Ooma (NYSE: OOMA) delivers phone, messaging, video and advanced communications services that are easy to implement and provide great value. Founded in 2003, the company offers Ooma Office for small to medium-sized businesses seeking enterprise-grade features designed for their needs; Ooma AirDial for any business looking to replace aging and increasingly expensive copper phone lines; Ooma 2600Hz for businesses that provide their own communications solutions built on an outsourced underlying platform; and Ooma Telo for residential consumers who value a landline experience at a more affordable price point. Ooma’s award-winning solutions power more than 2 million users today. Learn more at www.ooma.com in the United States or www.ooma.ca in Canada.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507500513/en/

Media

Jim Gustke, Senior Vice President, Marketing

Ooma, Inc.

email: [email protected]

Investors

Matthew S. Robison

Director of IR and Corporate Development

Ooma, Inc.

email: [email protected]

phone: (650) 300-1480

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Technology Mobile/Wireless Carriers and Services Telecommunications Professional Services Small Business Networks Internet VoIP

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Northern Trust Supports Launch of Europe’s First Autocallable ETF on Waystone’s ETF ICAV platform

ETF Servicing Solutions Support Launch of Calamos Investments’ Strategy for European Investors

DUBLIN–(BUSINESS WIRE)–
Northern Trust (Nasdaq: NTRS) today announced it has supported the launch of a new exchange‑traded fund (ETF) on the Waystone ETF ICAV, Waystone’s Irish‑domiciled white‑label multi‑manager ETF platform.

The launch of the Calamos Autocallable Income UCITS sub fund introduces U.S. asset manager Calamos Investments (Calamos) onto the platform and marks the first autocallable ETF in Europe.¹ Calamos is headquartered in Naperville, Illinois, and has $47.2 billion in assets under management (as of 31 March 2026).

This derivatives‑based, synthetic investment strategy seeks to deliver returns that reflect the performance of a benchmark index designed to track a diversified portfolio of synthetic autocallable notes. The strategy provides equity-linked exposure with the potential for regular coupon income while incorporating predefined downside thresholds. Autocallables are market-linked investments which offer regular coupons and return principal at maturity, contingent on the performance of an underlying equity index.

Waystone is a leading asset-servicing solutions provider of institutional governance, administration, risk and compliance services to the global asset management industry. The new fund, listed on the Xetra and London Stock Exchanges, is being supported through Northern Trust’s servicing relationship with the Waystone ETF ICAV – to which it provides fund administration, depositary and custody services. This relationship has provided Calamos with an established and efficient route to market in Europe.

“We congratulate Calamos and Waystone on the launch of this new fund and are delighted to have supported its speed-to-market within the UCITS framework,” said Melíosa O’Caoimh, Ireland Country Head, Northern Trust. “Our ETF servicing capabilities and technology support the full lifecycle of products and fund structures – helping managers bring innovation to market, to efficiently scale and operate their funds, and capitalize on growing industry-wide interest in use of these products to reach investors.”

Paul Heffernan, CEO of Waystone ETFs, said: “Partnering with Calamos and Northern Trust on the first UCITS autocallable fund is a strong example of how managers are approaching growth today. Through our white label ETF platform, we enable firms to bring innovative strategies to market efficiently while expanding into new regions with the right governance, ETF capital markets, operating model and distribution in place. The ability to list widely across Europe and Latin America from launch highlights how important it is to have the right infrastructure behind you. As demand for more sophisticated, globally distributed products continues to grow, this is exactly where we support our clients.”

Northern Trust’s Global Fund Services provides a complete suite of asset servicing solutions including fund administration, global custody, investment operations outsourcing and data solutions – supporting a range of complex investment strategies across the full spectrum of asset classes.

¹Autocallable ETF lined up by Calamos in Europe first

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking services to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2026, Northern Trust had assets under custody/administration of US$18.6 trillion, and assets under management of US$1.8 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507298676/en/

Media Contacts

Europe, Middle East, Africa & Asia-Pacific:

Camilla Greene

+44 (0) 20 7982 2176

[email protected]

Simon Ansell

+ 44 (0) 20 7982 1016

[email protected]

US & Canada:

John O’Connell

+1 312 444 2388

John_O’[email protected]

KEYWORDS: Europe Ireland United Kingdom

INDUSTRY KEYWORDS: Personal Finance Finance Banking Professional Services Asset Management

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