Six Flags Reports Mixed 2025 Results: Revenue Down, Per-Capita Spending Up

Event summary

  • 2025 Q4 revenue down 5% YoY to $650M, but per-capita spending up 8% to $66.41.
  • Attendance dropped 13% YoY to 9.3M guests, partly due to fewer operating days and canceled holiday events.
  • Full-year net loss of $1.6B, including a $1.5B non-cash impairment charge on goodwill.
  • Adjusted EBITDA fell 21% YoY in Q4 to $165M, reflecting higher SG&A expenses.
  • CEO John Reilly emphasizes infrastructure investments and debt reduction as key priorities.

The big picture

Six Flags' mixed 2025 results reflect broader challenges in the regional amusement park sector, including weather disruptions and shifting consumer behavior. The company's focus on infrastructure upgrades and debt reduction aligns with industry trends toward operational resilience and financial discipline. With 26 amusement parks and 15 water parks across North America, Six Flags remains a key player, but its ability to sustain growth will depend on execution in 2026.

What we're watching

Revenue Recovery
Whether Six Flags can reverse attendance declines through new attractions and marketing refinements.
Debt Reduction
The pace at which Six Flags can reduce leverage following its recent refinancing.
Operational Efficiency
How SG&A expense management will impact profitability in 2026.