Six Flags Entertainment
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Six Flags Entertainment (FUN) investor relations material

Six Flags Entertainment Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary19 Feb, 2026

Executive summary

  • New CEO prioritizes operational discipline, guest experience, and financial reliability, with a focus on leveraging scale, localizing strategies, and unlocking value through better execution and efficiency.

  • Early signs of improvement in guest KPIs and operational throughput, with a strong commitment to margin expansion and accountability.

  • CEO highlighted investments in park infrastructure, new attractions, and technology, emphasizing family-oriented offerings and operational execution for 2026.

  • Net revenues for Q4 2025 were $650 million, down 5% year-over-year, with per operating day revenues up 7%.

  • Q4 net loss was $92 million, a significant improvement from a $264 million loss in Q4 2024; full-year net loss was $1.60 billion, including a $1.5 billion non-cash impairment charge.

Financial highlights

  • Q4 Adjusted EBITDA reached $165 million on 9.3 million guests and $650 million in revenue, in the middle of guidance.

  • Full year net revenues were $3.1 billion, Adjusted EBITDA $792 million, with 47.4 million guests and per capita spending of $61.90.

  • Per capita spending increased year-over-year, with Q4 per capita at $66.41, driven by higher admissions and in-park spending.

  • Attendance and operating days declined due to weather and removal of winter holiday events, impacting results by about 425,000 visits and 15 closed days in Q4.

  • Out-of-park revenues in Q4 increased 8% to $51 million, primarily from higher sponsorship revenue.

Outlook and guidance

  • No formal guidance issued for 2026 due to early tenure of new CEO and seasonality, but internal plans target improved revenue and cash flow over 2025.

  • Early 2026 indicators show increased deferred revenues and strong season pass sales, especially for new regional pass products.

  • Management plans continued investment in attractions, food and beverage upgrades, and record-breaking roller coasters in 2026.

  • Operating days expected to rise slightly (up to 1%), with CapEx planned at $400–$425 million and interest expense at $135–$145 million.

  • Focus on market-specific strategies, margin expansion, and disciplined capital allocation.

Reduced operating days: What was the net impact?
What is the plan to reduce the $5.11B net debt?
How will per capita spending growth be sustained?
What specific throughput improvements are planned?
Prioritize CapEx vs. debt reduction targets
Detail localized marketing and pricing strategy
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Frequently asked questions

Six Flags Entertainment Corporation owns and operates regional theme and waterparks under the Six Flags name. The Company's business is organized into two segments: Marine Parks and Theme Parks. As of December 31, 2016, the Company owned and operated 12 amusement parks in North America (the United States (U.S.), Canada, Mexico and New Zealand). As of December 31, 2016, the Marine Park operations consisted of 6 parks located in Texas, South Carolina and Alabama; 33 waterpark locations in 8 states; operated an additional 12 central distribution centers used to lease space to third parties that operate separate waterpark facilities; sponsored 3 conservation/education centers located at 5 of its park locations in California, Texas and Oklahoma. Six Flags Entertainment Corporation is headquartered in Arlington, Texas.

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