Six Flags Entertainment Corporation has reported 2025 fourth‑quarter net revenues of 650 million dollars, down 5 percent year on year, with attendance falling 13 percent to 9.3 million but per‑capita spending rising 8 percent to 66.41 dollars. Adjusted EBITDA for the quarter came in at 165 million dollars, compared with 209 million dollars in the prior‑year period, as lower volumes and higher SG&A weighed on margins. For the full year, Six Flags generated 3.10 billion dollars of net revenues on attendance of 47.4 million guests, with per‑capita spend of 61.90 dollars. The company posted a net loss of 1.60 billion dollars, driven largely by a 1.5‑billion‑dollar non‑cash impairment on goodwill and other intangibles.
Management describes 2025 as a reset year spent upgrading park infrastructure, adding new attractions and improving technology, food and beverage, while refining revenue management and marketing. Fourth‑quarter results were affected by fewer operating days, including more weather‑related closures and the removal of winter holiday events at four parks, alongside a smaller active season‑pass base. The strategy now is to convert the higher per‑capita spending into sustainable growth by tightening execution and aligning capital with the most productive parks in the Six Flags portfolio.
On the balance sheet, Six Flags ended 2025 with total liquidity of 623 million dollars and net debt of roughly 5.11 billion dollars, supported by 311 million dollars of deferred revenue from advance ticket and group sales. In January 2026, the company priced 1.0 billion dollars of 8.625 percent senior notes due 2032 to refinance its 2027 notes, a move framed as strengthening the capital structure and supporting a multi‑year capex cycle focused on record‑breaking coasters, family attractions and in‑park upgrades. The Six Flags 2025 results highlight both the resilience of regional parks in driving spend per guest and the importance of balance‑sheet flexibility as operators commit to larger pipeline investments over the next several seasons.
Image: Six Flags
