Six Flags posts $1.6 billion loss for 2025
Posted
From the press release:
2025 Fourth-Quarter Results
- Net revenues totaled $650 million, down $37 million or 5% compared with the fourth quarter of 2024 -- on a per operating day basis, net revenues were up 7% compared with the fourth quarter of 2024.
- Attendance totaled 9.3 million guests, down 13% or approximately 1.4 million visitors compared with the fourth quarter of 2024 -- on a per operating day basis attendance was down 2% compared with the fourth quarter of 2024.
- Per capita spending(2) was $66.41, up 8% compared with the fourth quarter of 2024.
- Net loss attributable to Six Flags Entertainment Corporation was $92 million compared with a loss of $264 million for the fourth quarter of 2024.
- Adjusted EBITDA(1) totaled $165 million compared with Adjusted EBITDA of $209 million in the fourth quarter of 2024.
- Operating days totaled 779, down 11%, compared with 878 days in the fourth quarter of 2024.
2025 Full-Year Results
- Net revenues totaled $3.10 billion.
- Attendance totaled 47.4 million guests.
- Per capita spending(2) was $61.90.
- Net loss attributable to Six Flags Entertainment Corporation totaled $1.60 billion, which reflects a $1.5 billion non-cash impairment charge on goodwill and other intangibles.
- Adjusted EBITDA(1) totaled $792 million.
- Operating days totaled 5,738.
if there’s a population of folks who won’t buy a pass for the next season November current year to December next year) if you fail to have a meaningful winter event
Wonder how many people fall into this camp. I wouldn't expect there are many people who buy a season pass but only go to winter events. Would expect those people (at least most of them) are buying single day tickets. And if there were people who purchased season tickets at winter events (for that winter season and full next season) and who went to the parks during the summer and Halloween events, but didn't buy a season pass this year (because winter events were canceled), how do the parks know they won't buy passes for this season when the parks open? Park has more info than we do so it may be more people than I would expect fit in those buckets. Look at how many people are buying up season long Fast Lane passes. :)
There is a good chance that without that refinancing finalized, advisors or internals were saying “you can’t spend a dime more than essentials (see Capex deferrals) until we get that new money”.
They had $1 billion of debt maturing in April 2027. Not sure how much canceling winter events could have moved the needle had they been unable to refinance.
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