CHARLOTTE, N.C. – Six Flags Entertainment Corporation, the parent of Dorney Park and Wild Water Kingdom, and the largest regional amusement park operator in North America, reported some pretty dismal results for its fourth quarter. Earnings per share missed by a wide margin and attendance was down 13%. However, revenue was higher than expected and the company’s stock rose more than 9% by 2 p.m.

Six Flags management attributed challenges primarily to weather and operational inefficiencies.

Some industry experts, however, say that Six Flags’ strategy of luring parkgoers with inexpensive season passes is compromising the company’s ability to make fresh investments in the parks while a heavy debt load hangs over the company.

In Thursday’s earnings presentation, the new CEO, John Reilly, took an upbeat tone. He told analysts on the earnings call, ”Theme parks are in my blood and I’m very proud of the work I’ve done at each career stop to deliver exceptional experiences for our guests…there are more than 200 million people living within easy driving distance to our parks, providing a huge opportunity to increase our penetration and to grow attendance over time.”

He continued, “I’m not here to spend time on the past. I’m here to build a disciplined operating culture that consistently delivers reliable, fun, and memorable guest experiences, as well as dependable financial outcomes, and to earn credibility with our guests and investors quarter by quarter.”

Reilly refused to provide guidance to the analysts, saying that because he had been with the company just two months, that was not enough time to form clear opinions about the company’s future results.

Six Flags Fourth Quarter Results.xlsxFinancial Results for the Fourth Quarter

During the fourth quarter of 2025, Six Flags reported, 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.

For the quarter ended Dec. 31, 2025, Six Flags reported net revenues totaled $650 million, down $37 million (5%) versus the fourth quarter of 2024 ($687 million). The company explained 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 of $35.32 (up 5% from Q4 2024) and in-park product per capita spending 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 beverages, merchandise, and extra-charge products during the quarter. The company claimed the higher guest spending in these areas reflects the success of continued investments to expand and upgrade food and beverage offerings across the parks and higher demand for compelling premium experiences such as Fast Lane and Flash Pass

Six Flags noted 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 (Selling, General and Administrative) 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 were 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, the company noted, 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.

Operating income/loss

Six Flags reported 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.

For the fourth quarter of 2025, the company said 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 a Six Flags Over Georgia call option liability exercised in December 2024 and incremental term loan borrowings in 2025.

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.

Six Flags noted for the three months ended Dec. 31, 2025, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) totaled $165 million, representing a $43 million decline compared to adjusted EBITDA for the three months ended Dec. 31, 2024.

CEO Commentary

In a statement, Reilly commented, “While 2025 results fell short of our expectations, the work completed over the past year has strengthened the foundation of our enterprise. 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, Reilly said Six Flags is refining its approach to revenue management and marketing, and it is implementing clearer lines of accountability across the organization. He continued, “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.”

Reilly emphasized the company is equally focused on strengthening its balance sheet. “The successful refinancing of our 2027 notes in early January was the first significant step in that direction,” Reilly noted, “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.”

About Six Flags Entertainment Corporation

Six Flags Entertainment Corporation (NYSE: FUN) is North America’s largest regional amusement-resort operator with 27 amusement parks, 15 water parks and nine resort properties across 17 states in the U.S., Canada and Mexico.