Six Flags Entertainment Corporation

Latest Results (04.04.2026):

Six Flags Entertainment Corporation's 2025 fourth-quarter (Q4 2025) results: net revenues were $650 million, attendance was 9.3 million, per capita spending rose to $66.41, Adjusted EBITDA was $165 million, and the company reported a net loss attributable to Six Flags of $92 million. The release also included full-year 2025 results (net revenues $3.10 billion; attendance 47.4 million) and noted a $1.5 billion non‑cash goodwill and intangibles impairment that contributed to a $1.60 billion full‑year net loss.

Revenue snapshot

Q4 2025 net revenues: $650M, down 5% vs Q4 2024; on a per‑operating‑day basis net revenues were up 7% year‑over‑year.

Attendance and operating days

Q4 2025 attendance: 9.3M guests (down 13% or ~1.4M vs Q4 2024). Operating days: 779 (down 11% vs 878), including 15 weather‑related closures and 66 fewer days from eliminating winter holiday events at four parks; attendance per operating day was down ~2%.

Guest spending trends

Per capita spending in Q4 2025 was $66.41 (up 8% YoY). Admissions per capita: $35.32 (up 5%); in‑park product per capita: $31.10 (up 11%). Out‑of‑park revenues were $51.5M (up 8%).

Profitability and EBITDA

Q4 2025 net loss attributable to Six Flags: $92M (net loss per diluted share $0.91) vs a $264M loss in Q4 2024. Operating loss was $25M (vs $51M operating income a year ago). Adjusted EBITDA for the quarter was $165M, down $43M YoY.

Full‑year 2025 highlights

Full‑year net revenues: $3.10B; attendance: 47.4M; per capita spending: $61.90; Adjusted EBITDA: $792M. Full‑year net loss attributable to Six Flags: $1.60B, reflecting a $1.5B non‑cash impairment of goodwill and other intangibles.

Costs, margin drivers and one‑offs

Q4 operating costs and expenses were $534M (up $11M YoY). SG&A increased $18M driven by wage/equity compensation and severance; depreciation & amortization rose to $121M (up $15M), and the company recorded a $19M loss on retirement of fixed assets in the quarter.

Balance sheet and liquidity

As of Dec. 31, 2025: cash and cash equivalents $91.1M; total liquidity $623M (cash + available revolver); total debt ~$5.20B; net debt $5.11B; total assets $7.80B; equity $549.8M.

Management actions and outlook

CEO John Reilly noted continued investments in park infrastructure, attractions, F&B and tech, a focus on revenue management and execution, and a priority on strengthening the balance sheet. Management completed a refinancing of 2027 notes in early January and reiterated intent to use free cash flow to pay down debt and reduce leverage as performance improves.