Six Flags Entertainment (FUN) Q4 2025 earnings summary

Executive summary

• New CEO emphasizes operational discipline, guest experience, and financial reliability, leveraging industry experience to drive turnaround and growth.

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

• Focus on unlocking value through better execution, local market strategies, and empowering frontline teams to innovate and improve efficiency.

• Leadership is committed to transparent communication, rapid decision-making, and building credibility through consistent results.

Financial highlights

• Q4 Adjusted EBITDA reached $165 million on 9.3 million guests and $650 million in revenue, within guidance range.

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

• 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.

• Per capita guest spending increased year-over-year, driven by higher admissions and in-park purchases; Q4 per capita spending rose 8% to $66.41.

• Attendance was negatively impacted by the elimination of winter holiday events, resulting in a 425,000 visit headwind and a 13% year-over-year decline in Q4.

Outlook and guidance

• No formal guidance issued for 2026 due to early tenure of new CEO and nascent signs of growth.

• Internal plans target improved revenue and cash flow versus 2025, with a focus on operational consistency and margin expansion.

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

• CapEx planned at $400–$425 million for 2026, down from $475 million in 2025; interest expense forecasted at $135–$145 million.

• Operating days expected to increase slightly in 2026, with potential for additional winter holiday events.