Six Flags Entertainment Corporation: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 19 February 2026: press release. The quarter’s numbers.

Read the filing

Key takeaways

• Quarterly revenue down 5%, per day up 7%: Net revenues were $650 million, down $37 million from $687 million a year earlier. Per operating day, net revenues rose 7%. Source
• Attendance down 13% to 9.3 million: Attendance was 9.3 million guests, about 1.4 million fewer visits. Per operating day, attendance fell 2%. Source
• Full-year loss reflects impairment charge: Full-year net revenues were $3.10 billion. The net loss attributable to the company was $1.60 billion, including a $1.5 billion non-cash impairment. Source
• Adjusted EBITDA down $43 million: Adjusted EBITDA was $165 million against $209 million a year earlier. Management attributed the decline to the attendance drop and higher SG&A. Source
• Per capita spending rose 8%: Admissions per capita was $35.32, up 5%, on pricing and promotional changes. In-park product per capita was $31.10, up 11%. Source
• Net debt at $5.11 billion: Net debt was $5.11 billion, which is total debt of $5.20 billion less cash of $91 million. The prior-quarter figure was $4.98 billion. Source
• Heavy investment in parks and technology: Management said the company made significant investments in park infrastructure, new attractions, technology systems and food and beverage offerings over the past year. Source

“we are confident that our efforts will restore profitable growth that is sustainable over time.”

John Reilly, President and CEO

What changed from last quarter

• New: John Reilly is listed as President and CEO. The prior-quarter release named Richard Zimmerman in that role. Source
• New: The company refinanced its 2027 notes in early January, which management called the first significant step toward reducing debt. Source
• Ended: Winter holiday events at four parks were eliminated, leaving 66 fewer operating days than the prior-year quarter. Source
• New: The in-park per capita spending metric was renamed per capita spending; the methodology is unchanged. Source

Results and growth drivers

• Quarterly revenue down 5%, per day up 7%: Net revenues were $650 million, down $37 million from $687 million a year earlier. Per operating day, net revenues rose 7%. Source
• Attendance down 13% to 9.3 million: Attendance was 9.3 million guests, about 1.4 million fewer visits. Per operating day, attendance fell 2%. Source
• Full-year loss reflects impairment charge: Full-year net revenues were $3.10 billion. The net loss attributable to the company was $1.60 billion, including a $1.5 billion non-cash impairment. Source
• Quarterly net loss per diluted share: The quarterly net loss attributable to the company was $92 million, or $0.91 per diluted share, against $2.76 per diluted share a year earlier. Source
• Adjusted EBITDA down $43 million: Adjusted EBITDA was $165 million against $209 million a year earlier. Management attributed the decline to the attendance drop and higher SG&A. Source

Attendance, spending and operating days

• Winter events and weather cut visits: Management cited about 425,000 lost visits from cancelled winter holiday events, more weather-driven closed days, and a smaller active season pass base. Source
• Per capita spending rose 8%: Admissions per capita was $35.32, up 5%, on pricing and promotional changes. In-park product per capita was $31.10, up 11%. Source
• Premium experiences drew higher demand: Management linked higher in-park product spend to demand for premium experiences, citing Fast Lane and Flash Pass. Source
• Out-of-park revenue up 8%: Out-of-park revenues rose $4 million to $51 million, driven mainly by higher sponsorship revenue in the quarter. Source
• Operating days down 11%: The company operated 779 days against 878 a year earlier, with the reduction tied to weather closures and the ended winter events. Source

““We are equally focused on strengthening our balance sheet,” added Reilly.”

John Reilly, President and CEO

Costs, margins and impairment

• Operating expenses down $5 million: Operating expenses fell on lower seasonal labor, down $8 million, and operating supplies, down $2 million. Source
• SG&A up on wages and technology: SG&A rose $18 million. Wage costs rose $20 million, including $12 million of equity compensation and $5 million of severance. Technology costs rose $6 million. Source
• Depreciation up $15 million: Depreciation and amortization was $121 million. The increase reflects prior-year purchase price adjustments and a change in interim depreciation method for legacy Cedar Fair. Source
• Operating loss against prior-year income: The operating loss was $25 million, after a $19 million loss on retirement of fixed assets, against operating income of $51 million a year earlier. Source
• Cost of goods rate up 10 basis points: Cost of goods sold as a share of food, merchandise and games revenue rose 10 basis points, on menu mix and a write-off of older inventory. Source

Balance sheet, debt and liquidity

• Net debt at $5.11 billion: Net debt was $5.11 billion, which is total debt of $5.20 billion less cash of $91 million. The prior-quarter figure was $4.98 billion. Source
• Liquidity of $623 million: Total liquidity was $623 million, including cash and available borrowings under the revolving credit facility. Source
• Deferred revenue up $3 million: Deferred revenues totaled $311 million, up $3 million, mainly from higher advance single-day ticket sales and larger group and catering deposits. Source

“Reducing leverage and restoring financial flexibility are essential to creating sustainable shareholder value,”

John Reilly, President and CEO

Investment in parks and food

• Heavy investment in parks and technology: Management said the company made significant investments in park infrastructure, new attractions, technology systems and food and beverage offerings over the past year. Source

Organization, merger costs and severance

• Revenue management and accountability refined: Management said it is refining its approach to revenue management and marketing and implementing clearer lines of accountability across the organization. Source
• Merger costs continued in quarter: Merger costs were $11.8 million in the quarter against $23.7 million a year earlier. Costs cover transaction and integration work. Source
• Post-merger severance for executives: Severance was $8.8 million in the quarter. The company said certain employees, including executive level employees, were terminated in post-merger productivity efforts. Source

Coming up, as management said on 19 February 2026

• Continued investment through 2026: Management said it will keep investing heavily in 2026 in family attractions, food and beverage upgrades and new roller coasters. Source
• Debt reduction as the stated aim: Management intends to use cash generation and disciplined capital allocation to pay down debt and reduce leverage as quickly as possible. Source

Figures management reported

Risks management discussed

• External: Weather closed 15 operating days in the quarter, compared with 3 closed days in the prior-year quarter. Source
• Demand: Management cited a smaller active season pass base in 2025 as a reason attendance fell compared with 2024. Source
• Financial: Net debt is $5.11 billion, which management is seeking to reduce through debt paydown. Source
• Financial: Property taxes and utility costs rose $5 million in the quarter, partly offsetting lower operating expenses. Source

Earlier plans management reported on

• Missed: Management said 2025 results fell short of its expectations, while citing work completed over the year. Source
• Not stated: Management described a $3 million reduction in advertising costs during the quarter as planned. Source

Other quarters

• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q3 FY2025 earnings call
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.