Six Flags reported a challenging 2025, with results falling short of expectations due to decreased attendance and higher operating costs. Despite these headwinds, the company made significant investments in park infrastructure and attractions, and is focused on strengthening its balance sheet through debt reduction and disciplined capital allocation to restore profitable and sustainable growth.
Per capita spending increased 8% to $66.41 in Q4 2025 compared to Q4 2024.
positiveAdmissions per capita spending increased 5% and in-park product per capita spending increased 11% in Q4 2025 compared to Q4 2024.
positiveOut-of-park revenues increased 8% to $51 million in Q4 2025 compared to Q4 2024, driven by higher sponsorship revenue.
positiveDeferred revenues increased slightly to $311 million as of December 31, 2025, compared to $308 million on December 31, 2024.
neutralNet revenues for Q4 2025 totaled $650 million, a decrease of 5% ($37 million) compared to Q4 2024.
negativeAttendance decreased 13% (1.4 million visitors) to 9.3 million guests in Q4 2025 compared to Q4 2024.
negativeAdjusted EBITDA decreased by $43 million to $165 million in Q4 2025 compared to $209 million in Q4 2024.
negativeOperating loss for Q4 2025 was $25 million, compared to an operating income of $51 million in Q4 2024.
negativeNet loss attributable to Six Flags Entertainment Corporation was $92 million in Q4 2025, compared to a net loss of $264 million in Q4 2024.
negativeFull-year net loss attributable to Six Flags Entertainment Corporation totaled $1.60 billion, reflecting a $1.5 billion non-cash impairment charge on goodwill and other intangibles.
negativeOperating days decreased by 11% to 779 in Q4 2025 compared to 878 in Q4 2024, partly due to the elimination of winter holiday events.
attentionCost of goods sold as a percentage of food, merchandise, and games revenue increased 10 basis points year over year in Q4 2025 due to menu mix and inventory write-offs.
attentionDepreciation and amortization expense increased by $15 million in Q4 2025 compared to Q4 2024.
attentionNet interest expense increased by $11 million in Q4 2025 compared to Q4 2024.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
While 2025 results fell short of our expectations, the work completed over the past year has strengthened the foundation of our enterprise.
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.
We are equally focused on strengthening our balance sheet. The successful refinancing of our 2027 notes in early January was the first significant step in that direction.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.