Six Flags Entertainment (FUN) Q4 2025 earnings summary

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.