Six Flags Entertainment (FUN) FY2025 results: revenue $3.1 billion, up 14.4% on the year
Six Flags Entertainment Corporation (FUN) reported revenue of $3.1 billion for fiscal 2025, the year ended 31 December 2025, up 14.4% on the year before. Net income was -$1.6 billion, and diluted earnings per share $-15.89. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
- 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%.
- 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%.
- 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.
- 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.
- 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%.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 3,100 | 2,709 | 1,799 | +14.4% | |
| Cost of revenue | 270 | 233 | 160 | +16.0% | |
| Gross profit | 2,831 | 2,476 | 1,639 | +14.3% | |
| Gross margin | 91.3% | 91.4% | 91.1% | ||
| Selling, general and administrative | 439 | 411 | 207 | +6.9% | |
| Operating income | -1,375 | 311 | 306 | ||
| Operating margin | -44.4% | 11.5% | 17.0% | ||
| Interest expense | 360 | 235 | n/a | +53.3% | |
| Pre-tax income | -1,713 | 34.2 | 173 | ||
| Income tax | -164 | 241 | 48.0 | ||
| Effective tax rate | n/a | 704.7% | 27.8% | ||
| Net income | -1,599 | -231 | 125 | ||
| Net margin | -51.6% | -8.5% | 6.9% | ||
| Diluted EPS | -$15.89 | -$3.22 | $2.42 |
$ million except per share.
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 327 | 373 | 326 | -12.3% | |
| Capital expenditure | 480 | 321 | 220 | +49.5% | |
| Free cash flow | -152 | 52.6 | 105 | ||
| Free cash flow margin | -4.9% | 1.9% | 5.9% | ||
| Cash from investing | -480 | -473 | -220 | ||
| Cash from financing | 155 | 118 | -143 | +31.7% | |
| Depreciation and amortisation | 486 | 318 | 158 | +52.9% | |
| Share-based compensation | 63.5 | 63.6 | 22.6 | -0.1% | |
| Diluted shares, weighted | 101m | 75m | 52m | +33.8% | |
| Shares outstanding at period end | 102m | 100m | 84m | +1.3% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 550 | 2,042 | -898 | -73.1% | |
| Redeemable equity | 235 | 242 | 0.0 | -2.8% | |
| Short-term borrowings | n/a | n/a | 180 | ||
| Debt | 5,166 | 4,933 | 2,275 | +4.7% | |
| Operating lease liabilities | 219 | 229 | 72.0 | -4.4% | |
| Finance lease liabilities | 0.3 | 1.4 | 0.0 | -78.0% | |
| Other liabilities | 1,629 | 1,683 | 611 | -3.2% | |
| Total liabilities and equity | 7,799 | 9,131 | 2,241 | -14.6% | |
| Fixed assets | n/a | n/a | 1,635 | ||
| Goodwill | 2,072 | 3,297 | 265 | -37.2% | |
| Intangible assets | 722 | 898 | 49.1 | -19.5% | |
| Cash and equivalents | 91.1 | 83.2 | 65.5 | +9.6% | |
| Receivables | 160 | 125 | 79.5 | +28.4% | |
| Inventory | 68.5 | 71.1 | 41.0 | -3.6% | |
| Other assets | 4,685 | 4,657 | 105 | +0.6% | |
| Total assets | 7,799 | 9,131 | 2,241 | -14.6% |
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.