Six Flags Entertainment Corporation reported fourth‑quarter 2025 revenue of $650 million, a 5% decline from the $687 million earned in the same period a year earlier. Net loss for the quarter was $92 million, or $0.91 per diluted share, compared with a $264 million loss ($2.76 per share) in Q4 2024. Adjusted EBITDA fell to $165 million from $208 million in the prior year, reflecting higher operating‑day costs and one‑time charges tied to the merger integration. Attendance dropped 13% to 9.3 million guests, while per‑capita spending rose 8% to $66.41 and operating days fell 11% to 779 from 878 in Q4 2024.
The full‑year 2025 results show net revenues of $3.10 billion, a decline from the $3.19 billion reported in 2024. Net loss for the year was $1.60 billion, largely driven by a $1.5 billion non‑cash impairment charge on goodwill and other intangibles. Adjusted EBITDA for the year was $792 million, down from $1.02 billion in 2024. Attendance for the year fell 12% to 37.5 million guests, while per‑capita spending increased 6% to $68.12.
Six Flags’ earnings per share missed analyst expectations by $0.62, a 214% miss relative to the consensus estimate of $-0.29. Revenue, however, beat the consensus estimate of $609–$616 million by roughly $35–$41 million, a 5.5–6.7% beat. The revenue beat was driven by pricing power and a higher mix of premium attractions, while the EPS miss was largely attributable to the large impairment charge and integration‑related one‑time expenses that eroded profitability.
"While 2025 results fell short of our expectations, the work completed over the past year has strengthened the foundation of our enterprise," said John Reilly, President and CEO. "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 – and in 2026, we will continue to invest heavily in an exciting slate of family‑oriented attractions, food and beverage facility upgrades, and record‑breaking roller coasters." Reilly added, "The revenue engine is intact. This is not a broken model, but one that requires sharper execution, clearer focus, and tighter alignment between commercial strategy and operations. The opportunity is to run this portfolio with greater consistency, more disciplined decision‑making, and a refined playbook to convert demand into durable earnings."
The results highlight several headwinds: declining attendance, the elimination of winter holiday events, higher SG&A expenses, and the $1.5 billion impairment charge. Tailwinds include higher per‑capita spending, increased revenue per operating day, and continued investment in park infrastructure and attractions. Six Flags’ net debt stood at $5.11 billion as of December 31 2025, underscoring the company’s high leverage and the importance of managing interest expense while pursuing growth initiatives.
Overall, the company’s earnings miss reflects the short‑term impact of integration costs and impairment, while the revenue beat and per‑capita spending growth signal underlying demand resilience. Management’s focus on infrastructure upgrades and new attractions suggests a long‑term strategy to rebuild attendance and improve margins. Investors will likely view the results as a transitional period, with the company positioned to return to profitability as integration costs recede and new attractions drive higher attendance and spending.
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