Six Flags (NYSE: FUN) grows 2025 revenue but books $1.6B loss
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Six Flags Entertainment Corporation reported 2025 fourth-quarter and full-year results. Fourth-quarter net revenues were $650 million, down 5% from 2024, as attendance fell 13% to 9.3 million guests, partly from canceled winter events and more weather closures. Per capita spending rose 8% to $66.41, reflecting higher pricing and stronger in-park spending.
Fourth-quarter net loss narrowed to $92 million from $264 million, while Adjusted EBITDA declined to $165 million from $209 million on lower volumes and higher SG&A. For 2025, net revenues reached $3.10 billion, but net loss attributable to the company was $1.60 billion, driven by a $1.5 billion non-cash impairment of goodwill and intangibles. Full-year Adjusted EBITDA was $792 million. As of December 31, 2025, total liquidity was $623 million and net debt was $5.11 billion. Management highlighted ongoing park investments, recent refinancing of 2027 notes, and a focus on reducing leverage.
Positive
- None.
Negative
- Large impairment-driven loss: 2025 net loss attributable to Six Flags Entertainment Corporation was $1.599 billion, mainly due to a $1.518 billion non-cash impairment of goodwill and other intangibles, a sharp deterioration from the $231 million loss in 2024.
- High leverage and interest burden: Net debt totaled $5.112 billion at December 31, 2025, while 2025 net interest expense reached $359.958 million, creating a significant fixed financial burden alongside reduced operating profitability.
Insights
Impairment-driven loss and high leverage offset revenue growth.
Six Flags delivered
Full-year net loss attributable to the company reached
Leverage is elevated: net debt totaled
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 19, 2026
SIX FLAGS ENTERTAINMENT CORPORATION
(Exact name of Registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File No.) | (I.R.S. Employer Identification No.) | ||||||||||||||||||
(Address of principal executive offices) (Zip Code)
(704 ) 414-4700
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On February 19, 2026, Six Flags Entertainment Corporation issued a news release disclosing 2025 fiscal fourth-quarter results. A copy of the news release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
This information shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise be subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:
| Exhibit No. | Description | ||||
99.1 | News Release of Six Flags Entertainment Corporation dated February 19, 2026 (furnished herewith) | ||||
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document) | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SIX FLAGS ENTERTAINMENT CORPORATION | |||||||||||
| (Registrant) | |||||||||||
| Date: | February 19, 2026 | By: | /s/ Brian C. Witherow | ||||||||
| Brian C. Witherow Chief Financial Officer | |||||||||||
Exhibit 99.1
NEWS RELEASE
| FOR IMMEDIATE RELEASE | Investor Contact: Michael Russell, 419.627.2233 | ||||||||||
| https://investors.sixflags.com | Media Contact: Gary Rhodes, 704.249.6119 | ||||||||||
SIX FLAGS ENTERTAINMENT CORPORATION REPORTS 2025 FOURTH QUARTER AND FULL YEAR RESULTS
CHARLOTTE, N.C. (Feb. 19, 2026) -- Six Flags Entertainment Corporation (NYSE: FUN) (the “Company”, “Six Flags”, or the “Combined Company”), the largest regional amusement park operator in North America, today announced results for its 2025 fourth quarter and full year ended Dec. 31, 2025.
2025 Fourth-Quarter Results
• Net revenues totaled $650 million, down $37 million or 5% compared with the fourth quarter of 2024 -- on a per operating day basis, net revenues were up 7% compared with the fourth quarter of 2024.
• Attendance totaled 9.3 million guests, down 13% or approximately 1.4 million visitors compared with the fourth quarter of 2024 -- on a per operating day basis attendance was down 2% compared with the fourth quarter of 2024.
•Per capita spending(2) was $66.41, up 8% compared with the fourth quarter of 2024.
•Net loss attributable to Six Flags Entertainment Corporation was $92 million compared with a loss of $264 million for the fourth quarter of 2024.
•Adjusted EBITDA(1) totaled $165 million compared with Adjusted EBITDA of $209 million in the fourth quarter of 2024.
•Operating days totaled 779, down 11%, compared with 878 days in the fourth quarter of 2024.
2025 Full-Year Results
• Net revenues totaled $3.10 billion.
• Attendance totaled 47.4 million guests.
•Per capita spending(2) was $61.90.
•Net loss attributable to Six Flags Entertainment Corporation totaled $1.60 billion, which reflects a $1.5 billion non-cash impairment charge on goodwill and other intangibles.
•Adjusted EBITDA(1) totaled $792 million.
•Operating days totaled 5,738.
Six Flags Entertainment Corporation - 8701 Red Oak Boulevard, Charlotte, NC 28217 - Phone: 704.414.4700
SIX FLAGS REPORTS 2025 FOURTH QUARTER AND FULL YEAR RESULTS
Feb. 19, 2026
Page 2
CEO Commentary
“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. At the same time, we are refining our approach to revenue management and marketing, and we are implementing clearer lines of accountability across the organization. With a portfolio that includes the most iconic regional theme parks located in some of the largest and fastest-growing markets in North America, combined with a sharper focus on execution, we are confident that our efforts will restore profitable growth that is sustainable over time.”
“We are equally focused on strengthening our balance sheet,” added Reilly. “The successful refinancing of our 2027 notes in early January was the first significant step in that direction and as performance improves our intent remains clear – use the cash-generating strength of our business combined with a disciplined capital allocation approach to pay down debt and reduce leverage as quickly as possible. Reducing leverage and restoring financial flexibility are essential to creating sustainable shareholder value,” concluded Reilly.
Financial Results for the Fourth Quarter
Operating days – During the fourth quarter of 2025, operating days totaled 779, which reflected 15 closed days due to weather. This compares with 878 operating days in the fourth quarter of 2024, which included 3 closed days due to weather. The remaining variance reflects 66 fewer operating days due to the elimination of winter holiday events at four parks, as well as the impact of normal calendar differences.
Net revenues – For the quarter ended Dec. 31, 2025, net revenues totaled $650 million, down $37 million (5%) versus the fourth quarter of 2024 ($687 million). The decrease in revenues reflected:
• Attendance – down 13% (1.4 million visits) to 9.3 million guests, driven in large part by the loss of approximately 425,000 visits due to the cancellation of winter holiday events at four parks in 2025, more weather-driven closed days, and the impact of a smaller active season pass base in 2025 compared to 2024.
•Per capita spending – up 8% ($66.41 vs. $61.60 in Q4 2024), including admissions per capita spending(2) of $35.32 (up 5% from Q4 2024) and in-park product per capita spending(2) of $31.10 (up 11% from Q4 2024). The increase in admissions per capita spending reflects the positive impact of pricing and promotional changes, as well as the impact of attendance mix. The increase in in-park product per capita spending was driven by higher guest spending on food and beverage, merchandise, and extra-charge products during the quarter. The higher guest spending in these areas reflects the success of continued investments to
Six Flags Entertainment Corporation - 8701 Red Oak Boulevard, Charlotte, NC 28217 - Phone: 704.414.4700
SIX FLAGS REPORTS 2025 FOURTH QUARTER AND FULL YEAR RESULTS
Feb. 19, 2026
Page 3
expand and upgrade food and beverage offerings across the parks and higher demand for compelling premium experiences such as Fast Lane and Flash Pass.
•Out-of-park revenues – up 8% ($4 million) to $51 million, driven primarily by higher sponsorship revenue in Q4 2025.
Operating costs and expenses – In the fourth quarter of 2025, operating costs and expenses totaled $534 million, up $11 million compared to the fourth quarter of 2024. The increase in operating costs and expenses was driven by:
• Operating expenses – down $5 million from prior year due to reductions in seasonal labor costs (down $8 million) and operating supplies (down $2 million), offset by higher property taxes and utility costs (collectively up $5 million).
•SG&A expenses – up $18 million due to a $20 million increase in wage costs, including $12 million of equity compensation and $5 million of severance expense, and a $6 million increase in technology costs, offset in part by a $6 million decrease in professional service fees and a planned reduction of $3 million in advertising costs during the quarter.
•Cost of goods sold – down $2 million in the quarter due to the decline in attendance. Cost of goods sold as a percentage of food, merchandise, and games revenue for the fourth quarter increased 10 basis points year over year due to menu mix and the write-off of older inventory.
Depreciation and amortization – During the fourth quarter of 2025, depreciation and amortization expense totaled $121 million, representing an increase of $15 million compared with the fourth quarter of 2024. The increase was due to the impact of purchase price adjustments for legacy Six Flags property and equipment during the fourth quarter of 2024 and the impact of a change in interim depreciation method for legacy Cedar Fair. During the fourth quarter of 2025, the Company also recognized a $19 million loss on retirement of fixed assets in the normal course of business, including the sunset of website and mobile app assets related to legacy Six Flags. By comparison, the Company recognized a $7 million loss on the retirement of fixed assets during the fourth quarter of 2024.
Operating income/loss – Following the items above, operating loss for the three months ended Dec. 31, 2025, totaled $25 million, compared with operating income of $51 million for the three months ended Dec. 31, 2024.
Net interest expense – For the fourth quarter of 2025, net interest expense totaled $89 million, up $11 million compared to the prior year fourth quarter. The increase was primarily the result of $8 million in interest accretion related to the Six Flags Over Georgia call option liability exercised in December 2024 and incremental term loan borrowings in 2025.
Taxes – During the three months ended Dec. 31, 2025, the Company recorded a benefit for income taxes of $15 million, compared with a $210 million provision for income taxes recorded during the three months ended Dec.
Six Flags Entertainment Corporation - 8701 Red Oak Boulevard, Charlotte, NC 28217 - Phone: 704.414.4700
SIX FLAGS REPORTS 2025 FOURTH QUARTER AND FULL YEAR RESULTS
Feb. 19, 2026
Page 4
31, 2024. The change in the provision for income taxes was primarily attributable to tax expense associated with the change in tax status of a lower-tier partnership in the three months ended Dec. 31, 2024.
Net loss – After the items discussed above and income attributable to non-controlling interests, net loss attributable to the Company for the fourth quarter of 2025, totaled $92 million, or a net loss of $0.91 per diluted share, compared with a net loss attributable to the Company of $264 million, or $2.76 per diluted share, for the fourth quarter of 2024.
Adjusted EBITDA – Management believes Adjusted EBITDA is a meaningful measure of park-level operating results. For the three months ended Dec. 31, 2025, Adjusted EBITDA totaled $165 million, representing a $43 million decline compared to Adjusted EBITDA for the three months ended Dec. 31, 2024. The variance in Adjusted EBITDA reflects the impact on fourth quarter net revenues of a 13% decrease in attendance, as well as higher SG&A expense during the period.
Balance Sheet and Liquidity Highlights
As of Dec. 31, 2025, the Company reported the following:
Deferred revenues, including both current and non-current, totaled $311 million compared with $308 million on Dec. 31, 2024. The $3 million increase in deferred revenues was primarily attributable to higher advanced single-day ticket sales and increased deposits on group events and catering.
Total Liquidity was $623 million, including cash and available borrowings under the Company’s revolving credit facility.
Net debt(3) totaled $5.11 billion, calculated as total debt of $5.20 billion (before debt issuance costs and acquisition fair value layers) less cash and cash equivalents of $91 million.
Conference Call
As previously announced, Six Flags Entertainment Corporation will host a conference call with analysts starting at 8 a.m. ET today, Feb. 19, 2026, to discuss its recent financial results and the Company's business outlook. Participants on the call will include Six Flags President and CEO John Reilly and CFO Brian Witherow.
Investors and all other interested parties can access a live, listen-only audio webcast of the call on the Six Flags Investors website at https://investors.sixflags.com under the tabs Investor Information / Events & Presentations. Those unable to listen to the live webcast can access a recorded version of the call on the Six Flags Investors website at https://investors.sixflags.com under Investor Information / Events and Presentations, shortly after the live call’s conclusion.
A digital recording of the conference call will be available for replay by phone starting at approximately 1 p.m. ET on Thursday Feb. 19, 2026, until 11:59 p.m. ET on Thursday Feb. 26, 2026. To access the phone replay in North
Six Flags Entertainment Corporation - 8701 Red Oak Boulevard, Charlotte, NC 28217 - Phone: 704.414.4700
SIX FLAGS REPORTS 2025 FOURTH QUARTER AND FULL YEAR RESULTS
Feb. 19, 2026
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America please dial (800) 770-2030; from international locations please dial +1 (609) 800-9909, followed by Conference ID 3720518.
About Six Flags Entertainment Corporation
Six Flags Entertainment Corporation (NYSE: FUN) is North America’s largest regional amusement-resort operator with 26 amusement parks, 15 water parks and nine resort properties across 16 states in the U.S., Canada and Mexico. The Company also manages an amusement park in Saudi Arabia. Focused on its purpose of making people happy, Six Flags provides fun, immersive and memorable experiences to millions of guests every year with world-class coasters, themed rides, thrilling water parks, resorts and a portfolio of beloved intellectual property such as Looney Tunes®, DC Comics® and PEANUTS®.
Footnotes:
(1) Adjusted EBITDA is not a measurement computed in accordance with GAAP. Management believes this is a meaningful measure of park-level operating profitability and uses it for measuring returns on capital investments, evaluating potential acquisitions, determining awards under incentive compensation plans, and calculating compliance with certain loan covenants. For additional information regarding Adjusted EBITDA, including how the Company defines and uses this measure, see the attached reconciliation table and related footnotes.
(2) Per capita spending, admissions per capita spending, in-park product per capita spending, and out-of-park revenues are non-GAAP financial measures. See the attached reconciliation table and related footnote for the calculation of these metrics. These metrics are used by management as major factors in significant operational decisions as they are primary drivers of financial and operational performance, measuring demand, pricing, and consumer behavior. Beginning in the fourth quarter of 2025, we renamed in-park per capita spending to per capita spending, and we renamed per capita spending on in-park products to in-park product per capita spending. The methodology for calculating these metrics remains unchanged, and therefore any previously reported metrics that are renamed to corresponding metrics remain unchanged.
(3) Net debt is a non-GAAP financial measure. See the attached reconciliation table and related footnote for the calculation of net debt. Net debt is used by the Company and investors to monitor leverage, and management believes it is meaningful for this purpose.
Forward-Looking Statements
Some of the statements contained in this news release that are not historical in nature are forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements as to our expectations, beliefs, goals and strategies regarding the future. Words such as “anticipate,” “believe,” “create,” “expect,” “future,” “guidance,” “intend,” “plan,” “potential,” “seek,” “synergies,” “target,” “objective,” “will,” “would,” similar expressions, and variations or negatives of these words identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. These forward-looking statements may involve current plans, estimates, expectations and ambitions that are subject to risks, uncertainties and assumptions that are difficult to predict, may be beyond our control and could cause actual results to differ materially from those described in such statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will
Six Flags Entertainment Corporation - 8701 Red Oak Boulevard, Charlotte, NC 28217 - Phone: 704.414.4700
SIX FLAGS REPORTS 2025 FOURTH QUARTER AND FULL YEAR RESULTS
Feb. 19, 2026
Page 6
prove to be correct, or that our growth and operational strategies will achieve the target results. Important risks and uncertainties that may cause such a difference and could adversely affect attendance at our parks, our future financial performance, and/or our growth strategies, and could cause actual results to differ materially from our expectations or otherwise to fluctuate or decrease, include, but are not limited to: failure to realize the anticipated benefits of the merger, including difficulty in integrating the businesses of legacy Six Flags and legacy Cedar Fair; failure to realize the expected amount and timing of cost savings and operating synergies related to the merger; adverse weather conditions; general economic, political and market conditions, including global trade; the impacts of pandemics or other public health crises, including the effects of government responses on people and economies; competition for consumer leisure time and spending or other changes in consumer behavior or sentiment for discretionary spending; unanticipated construction delays or increases in construction or supply costs; changes in capital investment plans and projects; anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of our operations; the impact of any potential shareholder activism; failure to attract, motivate and retain qualified domestic and international employees and key personnel; legislative, regulatory and economic developments and changes in laws, regulations, and policies affecting us; acts of terrorism or outbreak of war, hostilities, civil unrest, and other political or security disturbances; and other risks and uncertainties we discuss under the heading “Risk Factors” within our Annual Report on Form 10-K and in the other filings we make from time to time with the Securities and Exchange Commission. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this document and are based on information currently and reasonably known to us. We do not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after publication of this news release.
This news release and prior releases are available under the News tab at https://investors.sixflags.com
- more -
(financial tables follow)
Six Flags Entertainment Corporation - 8701 Red Oak Boulevard, Charlotte, NC 28217 - Phone: 704.414.4700
SIX FLAGS REPORTS 2025 FOURTH QUARTER AND FULL YEAR RESULTS
Feb. 19, 2026
Page 7
SIX FLAGS ENTERTAINMENT CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands)
| Quarters ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net revenues: | |||||||||||||||||||||||
| Admissions | $ | 327,449 | $ | 360,557 | $ | 1,584,281 | $ | 1,403,932 | |||||||||||||||
| Food, merchandise and games | 205,670 | 212,512 | 1,037,799 | 898,175 | |||||||||||||||||||
| Accommodations, extra-charge products and other | 116,970 | 114,241 | 478,209 | 406,819 | |||||||||||||||||||
| 650,089 | 687,310 | 3,100,289 | 2,708,926 | ||||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Cost of food, merchandise and games revenues | 56,086 | 57,797 | 269,704 | 232,556 | |||||||||||||||||||
| Operating expenses | 371,316 | 376,902 | 1,720,256 | 1,376,061 | |||||||||||||||||||
| Selling, general and administrative | 106,952 | 88,646 | 439,393 | 411,164 | |||||||||||||||||||
| Depreciation and amortization | 121,372 | 106,226 | 486,383 | 318,113 | |||||||||||||||||||
| Loss on retirement of fixed assets, net | 19,257 | 6,658 | 40,670 | 18,064 | |||||||||||||||||||
| Loss on impairment of goodwill and other intangibles | — | — | 1,518,099 | 42,462 | |||||||||||||||||||
| Loss on other assets | — | — | 791 | — | |||||||||||||||||||
| 674,983 | 636,229 | 4,475,296 | 2,398,420 | ||||||||||||||||||||
| Operating (loss) income | (24,894) | 51,081 | (1,375,007) | 310,506 | |||||||||||||||||||
| Interest expense, net | 89,458 | 78,867 | 359,958 | 234,770 | |||||||||||||||||||
| Loss on early debt extinguishment | — | — | — | 7,974 | |||||||||||||||||||
| Other (income) expense, net | (6,508) | 26,722 | (21,519) | 33,584 | |||||||||||||||||||
| (Loss) income before taxes | (107,844) | (54,508) | (1,713,446) | 34,178 | |||||||||||||||||||
| (Benefit) provision for taxes | (15,460) | 209,708 | (163,980) | 240,843 | |||||||||||||||||||
| Net (loss) income | (92,384) | (264,216) | (1,549,466) | (206,665) | |||||||||||||||||||
| Net (loss) income attributable to non-controlling interests | — | — | 49,632 | 24,499 | |||||||||||||||||||
| Net (loss) income attributable to Six Flags Entertainment Corporation | $ | (92,384) | $ | (264,216) | $ | (1,599,098) | $ | (231,164) | |||||||||||||||
Net (loss) income margin (1) | -14.2 | % | -38.4 | % | -50.0 | % | -7.6 | % | |||||||||||||||
(1) Net (loss) income margin is calculated as net income divided by net revenues.
SIX FLAGS ENTERTAINMENT CORPORATION
CONSOLIDATED BALANCE SHEET DATA
(In thousands)
| December 31, 2025 | December 31, 2024 | ||||||||||
| Cash and cash equivalents | $ | 91,134 | $ | 83,174 | |||||||
| Total assets | $ | 7,799,202 | $ | 9,130,516 | |||||||
| Long-term debt, including current maturities: | |||||||||||
| Revolving credit loans | $ | 258,386 | $ | 296,953 | |||||||
| Term debt | 1,460,847 | 976,712 | |||||||||
| Notes | 3,461,877 | 3,659,407 | |||||||||
| $ | 5,181,110 | $ | 4,933,072 | ||||||||
| Equity | $ | 549,757 | $ | 2,041,863 | |||||||
Six Flags Entertainment Corporation - 8701 Red Oak Boulevard, Charlotte, NC 28217 - Phone: 704.414.4700
SIX FLAGS REPORTS 2025 FOURTH QUARTER AND FULL YEAR RESULTS
Feb. 19, 2026
Page 8
SIX FLAGS ENTERTAINMENT CORPORATION
RECONCILIATION OF MODIFIED EBITDA, ADJUSTED EBITDA AND MODIFIED EBITDA MARGIN
(In thousands)
| Quarters Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
| (In thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Net loss | $ | (92,384) | $ | (264,216) | $ | (1,549,466) | $ | (206,665) | |||||||||||||||
| Interest expense, net | 89,458 | 78,867 | 359,958 | 234,770 | |||||||||||||||||||
| (Benefit) provision for taxes | (15,460) | 209,708 | (163,980) | 240,843 | |||||||||||||||||||
| Depreciation and amortization | 121,372 | 106,226 | 486,383 | 318,113 | |||||||||||||||||||
| EBITDA | 102,986 | 130,585 | (867,105) | 587,061 | |||||||||||||||||||
| Loss on early debt extinguishment | — | — | — | 7,974 | |||||||||||||||||||
| Non-cash foreign currency (gain) loss | (7,008) | 24,677 | (22,583) | 30,557 | |||||||||||||||||||
| Non-cash equity compensation expense | 23,198 | 10,259 | 64,157 | 63,809 | |||||||||||||||||||
| Loss on retirement of fixed assets, net | 19,257 | 6,658 | 40,670 | 18,064 | |||||||||||||||||||
| Loss on impairment of goodwill and other intangibles | — | — | 1,518,099 | 42,462 | |||||||||||||||||||
| Loss on other assets | — | — | 791 | — | |||||||||||||||||||
Costs related to the merger (1) | 11,755 | 23,726 | 48,911 | 118,336 | |||||||||||||||||||
| Severance (2) | 8,772 | 721 | 44,564 | 1,397 | |||||||||||||||||||
| Self-insurance adjustment (3) | — | — | — | 14,865 | |||||||||||||||||||
Other (4) | 6,534 | 12,348 | 14,138 | 15,265 | |||||||||||||||||||
| Modified EBITDA (5) | 165,494 | 208,974 | 841,642 | 899,790 | |||||||||||||||||||
| Net income attributable to non-controlling interests | — | — | 49,632 | 24,499 | |||||||||||||||||||
| Adjusted EBITDA (5) | $ | 165,494 | $ | 208,974 | $ | 792,010 | $ | 875,291 | |||||||||||||||
Modified EBITDA margin (6) | 25.5 | % | 30.4 | % | 27.1 | % | 33.2 | % | |||||||||||||||
(1) Consists of third-party legal and consulting transaction costs, as well as integration costs related to the merger. Integration costs include third-party consulting costs, costs to integrate information technology systems, integration team salaries and benefits, retention bonuses, maintenance costs to update legacy Six Flags parks to legacy Cedar Fair standards and certain legal costs. These costs are added back to net (loss) income to calculate Modified EBITDA and Adjusted EBITDA as defined in the Company's credit agreement.
(2) Consists of severance and related employer taxes and benefits. During 2025, certain employees, including certain executive level employees, were terminated as part of recent post-merger productivity and efficiency efforts.
(3) During the third quarter of 2024, an actuarial analysis of legacy Cedar Fair's self-insurance reserves resulted in a change in estimate that increased incurred but not reported reserves by $14.9 million. The increase was driven by an observed pattern of increasing litigation and settlement costs.
(4) Consists of certain costs as defined in the Company's credit agreement. These costs are added back to net (loss) income to calculate Modified EBITDA and Adjusted EBITDA and include certain legal and consulting expenses; enacted cost savings initiatives related to overhead and administrative costs incurred by legacy Six Flags, specifically for insurance premiums, legal costs and information technology costs; run-rate costs at a combination amusement and water park located in Bowie, Maryland since its closure; repairs for unusual weather events; Mexican VAT taxes on intercompany activity; cost of goods sold recorded to align inventory standards following the merger; administrative payments related to the Partnership Parks; and contract termination costs. This balance also includes unrealized gains and losses on pension assets and short-term investments.
(5) Modified EBITDA represents earnings before interest, taxes, depreciation, amortization, other non-cash items, and adjustments as defined in the Company's credit agreement. Adjusted EBITDA represents Modified EBITDA less net (loss) income attributable to non-controlling interests. Management includes both measures to disclose the effect of non-controlling interests. Prior to the merger, legacy Cedar Fair did not have net income attributable to non-controlling interests. Management believes Modified EBITDA and Adjusted EBITDA are meaningful measures of park-level operating profitability, and uses them for measuring returns on capital investments, evaluating potential acquisitions, determining awards under incentive compensation plans, and calculating compliance with certain loan covenants. Adjusted EBITDA is widely used by analysts, investors and comparable companies in the industry to evaluate operating performance on a consistent basis, as well as more easily compare results with those of other companies in the industry. Modified EBITDA and Adjusted EBITDA are provided as supplemental measures of the Company's operating results and are not intended to be a substitute for operating income, net income or cash flows from operating activities as defined under generally accepted accounting principles. In addition, Modified EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies.
(6) Modified EBITDA margin (Modified EBITDA divided by net revenues) is not a measurement computed in accordance with GAAP and may not be comparable to similarly titled measures of other companies. Modified EBITDA margin is provided because management believes the measure provides a meaningful metric of operating profitability. Modified EBITDA margin has been disclosed as opposed
Six Flags Entertainment Corporation - 8701 Red Oak Boulevard, Charlotte, NC 28217 - Phone: 704.414.4700
SIX FLAGS REPORTS 2025 FOURTH QUARTER AND FULL YEAR RESULTS
Feb. 19, 2026
Page 9
to Adjusted EBITDA margin because management believes Modified EBITDA margin more accurately reflects the park-level operations of the Company as it does not give effect to distributions to non-controlling interests.
SIX FLAGS ENTERTAINMENT CORPORATION
CALCULATION OF NET DEBT
(In thousands)
| December 31, 2025 | |||||
| Long-term debt, including current maturities | $ | 5,181,110 | |||
| Plus: Debt issuance costs and original issue discount | 43,336 | ||||
| Less: Acquisition fair value layers | (21,225) | ||||
| Less: Cash and cash equivalents | (91,134) | ||||
Net Debt (1) | $ | 5,112,087 | |||
(1) Net Debt is a non-GAAP financial measure used by investors to monitor leverage. The measure may not be comparable to similarly titled measures of other companies.
SIX FLAGS ENTERTAINMENT CORPORATION
KEY OPERATIONAL MEASURES
(In thousands, except per capita and operating day amounts)
| Quarters Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Attendance | 9,270 | 10,694 | 47,388 | 41,649 | |||||||||||||||||||
Per capita spending (1) | $ | 66.41 | $ | 61.60 | $ | 61.90 | $ | 61.31 | |||||||||||||||
| Admissions per capita spending (1) | $ | 35.32 | $ | 33.70 | $ | 33.41 | $ | 33.70 | |||||||||||||||
| In-park product per capita spending (1) | $ | 31.10 | $ | 27.90 | $ | 28.49 | $ | 27.61 | |||||||||||||||
Out-of-park revenues (1) | $ | 51,494 | $ | 47,792 | $ | 255,454 | $ | 232,415 | |||||||||||||||
| Operating days | 779 | 878 | 5,738 | 4,369 | |||||||||||||||||||
(1) Per capita spending is calculated as revenues generated within the Company's amusement parks and separately gated outdoor water parks along with related parking revenues and online transaction fees charged to customers (in-park revenues), divided by total attendance. Admissions per capita spending is calculated as revenues generated for admission to the Company's amusement parks and separately gated water parks along with related parking revenues and online transaction fees charged to customers (in-park admissions revenues) divided by total attendance. In-park product per capita spending is calculated as all other revenues generated within the Company's amusement parks and separately gated water parks, including food and beverage, merchandise, games and extra-charge offerings (in-park product revenues) divided by total attendance. Out-of-park revenues are defined as revenues from resorts, out-of-park food and merchandise locations, sponsorships, international agreements and all other out-of-park operations.
In-park revenues, per capita spending, in-park admissions revenues, admissions per capita spending, in-park product revenues, in-park product per capita spending, and out-of-park revenues are non-GAAP measures. These metrics are used by management as major factors in significant operational decisions as they are primary drivers of financial and operational performance, measuring demand, pricing, and consumer behavior. A reconciliation of in-park revenues, including in-park admissions revenues and in-park product revenues, and out-of-park revenues to net revenues for the periods presented is in the table below.
| Quarters Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
| (In thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| In-park admissions revenues | $ | 327,371 | $ | 360,389 | $ | 1,583,339 | $ | 1,403,561 | |||||||||||||||
| In-park product revenues | 288,271 | 298,331 | 1,350,144 | 1,149,925 | |||||||||||||||||||
| In-park revenues | 615,642 | 658,720 | 2,933,483 | 2,553,486 | |||||||||||||||||||
| Out-of-park revenues | 51,494 | 47,792 | 255,454 | 232,415 | |||||||||||||||||||
| Concessionaire remittances | (17,047) | (19,202) | (88,648) | (76,975) | |||||||||||||||||||
| Net revenues | $ | 650,089 | $ | 687,310 | $ | 3,100,289 | $ | 2,708,926 | |||||||||||||||
Six Flags Entertainment Corporation - 8701 Red Oak Boulevard, Charlotte, NC 28217 - Phone: 704.414.4700
FAQ
How did Six Flags Entertainment Corporation (FUN) perform in Q4 2025?
Six Flags’ Q4 2025 net revenues were $650 million, down 5% year over year. Attendance fell 13% to 9.3 million guests, while per capita spending rose 8% to $66.41. The company posted a net loss of $92 million but generated Adjusted EBITDA of $165 million.
What were Six Flags Entertainment Corporation’s full-year 2025 financial results?
For 2025, Six Flags reported net revenues of $3.10 billion. Net loss attributable to the company was $1.599 billion, driven by a $1.518 billion non-cash impairment. Adjusted EBITDA totaled $792 million, reflecting the combined impact of merger-related items, higher costs, and softer operating margins.
Why did Six Flags Entertainment Corporation report a large loss in 2025?
The 2025 loss mainly reflects a $1.518 billion non-cash impairment. This impairment of goodwill and other intangibles drove net loss attributable to Six Flags Entertainment Corporation to $1.599 billion, despite $3.10 billion in net revenues and $792 million in Adjusted EBITDA for the year.
How leveraged is Six Flags Entertainment Corporation after its 2025 results?
Six Flags ended 2025 with net debt of $5.112 billion. Total debt was $5.181 billion and cash was $91 million. Equity stood at $549.757 million. Net interest expense reached $359.958 million, underscoring a meaningful ongoing financing cost burden.
What trends did Six Flags Entertainment Corporation see in attendance and spending in 2025?
Attendance and spending moved in opposite directions in 2025. Fourth-quarter attendance declined 13% to 9.3 million guests, partly from event cancellations and weather, while per capita spending increased 8% to $66.41, supported by pricing, upgraded food and beverage, and premium in-park offerings.
What liquidity position did Six Flags Entertainment Corporation report at December 31, 2025?
Six Flags reported total liquidity of $623 million at year-end 2025. This figure includes cash and available borrowings under its revolving credit facility. Management highlighted refinancing of 2027 notes and plans to use the business’s cash generation to reduce debt and leverage over time.
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Six Flags Entertainment Corporation