Six Flags Entertainment Corporation Reports Mixed 2025 Financial Results

In the fourth quarter of 2025, Six Flags reported net revenues of $650 million, a decline of 5% or $37 million from the same period in 2024. However, on a per operating day basis, net revenues rose by 7%. This mixed performance can be attributed to a significant drop in guest attendance, which totaled 9.3 million, down 13% from the previous year, equating to approximately 1.4 million fewer visitors.

Despite the drop in attendance, per capita spending saw an increase, reaching $66.41, which is an 8% rise compared to the fourth quarter of 2024. This increase was influenced by higher spending in both admissions and in-park products, reflecting successful pricing and promotional strategies.

The company reported a net loss attributable to Six Flags of $92 million, a significant improvement from a loss of $264 million in the fourth quarter of 2024. Adjusted EBITDA for the quarter was $165 million, down from $209 million the previous year, reflecting the adverse effects of reduced attendance and increased SG&A expenses.

Operating days during this period totaled 779, a decrease of 11% compared to 878 days in the fourth quarter of 2024, due in part to weather-related closures and the elimination of winter holiday events at several parks.

For the full year 2025, Six Flags reported net revenues of $3.10 billion, with total attendance reaching 47.4 million guests. Per capita spending for the year averaged $61.90, demonstrating a slight increase from $61.31 in 2024.

However, the company faced a substantial net loss of $1.60 billion for the year, largely due to a $1.5 billion non-cash impairment charge related to goodwill and other intangibles. Adjusted EBITDA for the year was reported at $792 million.

John Reilly, President and CEO of Six Flags, acknowledged that the 2025 results did not meet expectations but emphasized the progress made in strengthening the company's foundation. He stated, “Over that time, we made significant investments to improve our park infrastructures, added exciting new attractions to our parks, upgraded our technology systems, and enhanced our food and beverage offerings.”

Looking ahead to 2026, Reilly outlined plans for continued investment in family-oriented attractions, food and beverage facilities, and record-breaking roller coasters. He also mentioned efforts to refine revenue management and marketing strategies, aiming to restore sustainable profitable growth.

As of December 31, 2025, Six Flags reported total liquidity of $623 million, including cash and available borrowing capacity. The company’s net debt stood at $5.11 billion, reflecting ongoing efforts to manage financial leverage and enhance the balance sheet.

Reilly highlighted the successful refinancing of the company’s 2027 notes as a significant step towards strengthening the balance sheet and indicated a commitment to using cash flow for debt reduction.

The press release from Six Flags Entertainment Corporation paints a picture of a company navigating through a challenging year marked by decreased attendance and financial losses. However, the strategic investments and initiatives outlined by leadership suggest a focus on recovery and growth as they look to the future. Investors and analysts will be keen to observe how these plans unfold in the coming year, particularly as the company continues to enhance its offerings and financial stability.