Six Flags (FUN) & United Parks (PRKS): Theme Parks – Generally In-Line 3Q but Unfavorable Macro for 2027

Citi's report on US Leisure theme parks covers Six Flags Entertainment (FUN) and United Parks & Resorts (PRKS). Based on recent foot traffic, weather, and pricing analysis, 3Q generally came in as anticipated. Industry footfall data suggest a 12% decline as-reported and a 3% decline same-store, with FUN down 15% Y/Y (-2% same-store) and PRKS down 4%. Both companies faced unfavorable 3Q weather (higher rainfall and temperatures), though PRKS had somewhat easier comparisons versus 3Q25, and October forecasts point to beneficial weather for the Halloween season. For FUN, 3Q EBITDA is unchanged at $495M (slightly above the Street's $491M), FY26 unchanged at $788M, but 2027 EBITDA is trimmed from $885M to $855M with the target price cut from $17 to $13. For PRKS, 3Q EBITDA is cut $10M to $202M versus the Street's $208M, and 2027 EBITDA is lowered from $629M to $596M with the target price cut from $49 to $34. Given mounting inflationary pressure from gas prices and interest rates weighing on