Six Flags Entertainment Corporation【FUN】株式ニュース

Six Flags Entertainment Corporation Reports 2026 First Quarter ResultsMay 7, 2026 5:00 AM
Business Wire Season off to solid start with year-to-date attendance through the end of April up 4% on a same-park basis(4) Active pass base up 6% through the end of April on a same-park basis Six Flags Entertainment Corporation (NYSE: FUN), the largest regional amusement park operator in North America, today announced its results for the first quarter ended March 29, 2026. First Quarter 2026 Results As compared to the first quarter of 2025: Net revenues increased 12% to $225.6 million. Attendance increased 4% to 2.9 million visits. Per capita spending(1) increased 6% to $69.26, reflecting effective ticket pricing initiatives, improved ticket mix, and higher guest spending on food and beverage. Net loss attributable to Six Flags Entertainment Corporation totaled $269 million, as compared to a loss of $220 million. Adjusted EBITDA(2) loss for the quarter was $123 million, a $48 million improvement from $171 million. Operating days totaled 369, a decrease from 393 operating days. CEO Commentary “We delivered meaningful year-over-year improvement in the first quarter driven by higher attendance, increased guest spending, and disciplined execution,” said John Reilly, Six Flags President and CEO. “Despite the seasonally low first quarter operating profile of our business, these results demonstrate the resiliency of our operating model and the progress we are making executing against our strategic priorities. Although it is still early in the season, demand trends in the second quarter are encouraging. We are seeing positive early response to changes in our season pass and membership offerings, including expanded regional access to more parks on certain products, which we believe are supporting increased guest engagement and a more favorable product mix.” Reilly continued, “Our objective for 2026 is to capitalize on our learnings and the improvements we have implemented over the past year to build on our momentum and progress. We have positioned our parks well to capture peak season demand through new entertainment offerings and a relentless focus on operational excellence to improve the guest experience. We remain mindful of broader macroeconomic factors, the narrow operating windows that shape our business, weather and holiday timing variability, and the potential for a more promotional environment in season pass and membership sales to create pressure on admissions yield and mix. We also recognize that rebuilding and sustaining the active pass base will remain important as we move through the balance of the selling season. Reilly concluded, “Even with the encouraging start to the year, our most important operating periods are ahead. We are excited to build on our momentum, particularly as we enter the 2026 summer season.” Summarized First Quarter Results Please note: Six Flags typically operates at a Net Loss and Adjusted EBITDA loss in the first quarter because most of its seasonal parks are closed. During the first quarter of 2026, the Company entertained approximately 2.9 million guests, and generated net revenues of $225.6 million, a net loss of $268.6 million, and an Adjusted EBITDA loss of $123.0 million. Attendance for the first quarter increased by approximately 105,000 guests, or 4%, compared to the first quarter of 2025, despite 24 fewer operating days. The decrease in operating days was driven in large part by the removal of four winter holiday events in 2025, which resulted in 15 fewer days in early January of 2026 compared to January of 2025. Excluding the contribution of the incremental days in January of 2025, attendance in the first quarter of 2026 would have been up 7% compared to the prior year quarter. In year-over-year comparisons, 2026 first quarter attendance benefited from favorable operating conditions, particularly on the West Coast, a larger active pass base, the earlier timing of this year’s Easter and Spring Break holidays, and the earlier timing of the Knott’s Berry Farm Boysenberry Festival. The $23.6 million increase in net revenues, compared with the first quarter of 2025, was the result of solid growth in attendance, as well as improved per capita spending and higher out-of-park revenues. The increase in per capita spending reflects a 3% increase in admissions per capita spending and a 10% improvement in in-park product per capita spending. The increase in admissions per capita spending in the quarter reflects the positive impact of changes in pricing and product structure, as well as a favorable shift in ticket sales to higher priced products. The Company also saw encouraging early response to updates in its pass and membership offerings, which contributed to a more favorable season pass product mix during the quarter. The increase in in-park product per capita spending was driven by higher guest spending on food and beverage items and merchandise during the first quarter this year. The higher guest spending in these areas reflects the success of the Company’s continued investments to expand and upgrade its food and beverage offerings and its retail centers across the parks. Operating costs and expenses in the first quarter of 2026 decreased $50.4 million, or 12%, compared to the first quarter last year, reflecting an increased focus on delivering more cost efficiencies. A $32.6 million decrease in first quarter operating expenses was driven by planned reductions in full-time wages (down $15.2 million), maintenance costs (down $9.5 million), and operating supplies (down $8.2 million). A $17.5 million decrease in first quarter SG&A expenses was driven primarily by planned reductions in full-time headcount and wages. Balance Sheet and Liquidity Highlights As of Mar. 29, 2026, the Company reported the following: Deferred revenues, including amounts classified as held for sale, totaled $381 million compared with $374 million on Mar. 30, 2025. The 2% increase in deferred revenues was largely attributable to higher season pass and membership sales, as well as higher advanced single day sales and increased deposits on group events and catering. Total Liquidity was $462 million, including cash and available borrowings under the Company’s revolving credit facility, compared to total liquidity of $241 million as of Mar. 30, 2025. Net debt(3) totaled $5.27 billion, calculated as total debt of $5.39 billion (before debt issuance costs and acquisition fair value layers) less cash and cash equivalents of $117 million. April Update Results through the end of April, which normalizes for the timing shift between years of the Easter and Spring Break holidays, were solid. Through May 3, 2026, the Company entertained 5.7 million guests over 694 operating days on a year-to-date basis. This represents a 4% increase in attendance on a same-park basis compared to 5.4 million guests entertained over 722 operating days during the comparable year-to-date period in 2025. During the month of April, sales of season passes and memberships were also solid and in line with expectations. The Company was encouraged by early response to enhancements in its pass and membership offerings, including expanded benefits and access to more parks for certain products. As of May 3, 2026, the Company’s active pass base totaled approximately 5 million units, up 6% on a same-park basis compared to the same time last year. Leadership Transition In a separate news release issued today, Six Flags announced the appointment of Amy Martin Ziegenfuss as Chief Marketing Officer and Christopher Bennett as Chief Legal and Compliance Officer, effective by June 3, 2026, and the appointment of Dave Hoffman as interim finance lead. The full release can be found on the Six Flags Investors website at https://investors.sixflags.com under the tabs News / Press Releases. Conference Call As previously announced, Six Flags Entertainment Corporation will host a conference call with analysts starting at 8 a.m. ET today, May 7, 2026, to discuss its recent financial results. Participants on the call will include Six Flags President and CEO John Reilly, Brian Witherow, and Chief Accounting Officer Dave Hoffman. Investors and all other interested parties can access a live, listen-only audio webcast of the call on the Six Flags Investors website at https://investors.sixflags.com under the tabs Investor Information / Events & Presentations. Those unable to listen to the live webcast can access a recorded version of the call on the Six Flags Investors website at https://investors.sixflags.com under Investor Information / Events and Presentations, shortly after the live call’s conclusion. A digital recording of the conference call will be available for replay by phone starting at approximately 1 p.m. ET on Thursday May 7, 2026, until 11:59 p.m. ET on Wednesday May 14, 2026. To access the phone replay in North America please dial (800) 770-2030; from international locations please dial +1 (609) 800-9909, followed by Conference ID 3720518. About Six Flags Entertainment Corporation Six Flags Entertainment Corporation (NYSE: FUN) is North America’s largest regional amusement-resort operator with 21 amusement parks, 14 water parks and eight resort properties across 13 states in the U.S., Canada and Mexico. Focused on its purpose of making people happy, Six Flags provides fun, immersive and memorable experiences to millions of guests every year with world-class coasters, themed rides, thrilling water parks, resorts and a portfolio of beloved intellectual property such as Looney Tunes®, DC Comics® and PEANUTS®. Footnotes: (1) Per capita spending, admissions per capita spending, in-park product per capita spending, and out-of-park revenues are non-GAAP financial measures. See the attached reconciliation table and related footnote for the calculation of these metrics. These metrics are used by management as major factors in significant operational decisions as they are primary drivers of financial and operational performance, measuring demand, pricing, and consumer behavior. (2) Adjusted EBITDA is not a measurement computed in accordance with GAAP. Management believes Adjusted EBITDA is a meaningful measure of park-level operating profitability and uses it for measuring returns on capital investments, evaluating potential acquisitions, determining awards under incentive compensation plans, and calculating compliance with certain loan covenants. For additional information regarding Adjusted EBITDA, including how the Company defines and uses this measure, see the attached reconciliation table and related footnotes. (3) Net debt is a non-GAAP financial measure. See the attached reconciliation table and related footnote for the calculation of net debt. Net debt is used by the Company and investors to monitor leverage, and management believes it is meaningful for this purpose. (4) Same-park basis excludes the combined contributions of the following parks: Worlds of Fun, Michigan's Adventure, Valleyfair, Six Flags Great Escape, Schlitterbahn Waterpark Galveston, Six Flags St. Louis, Six Flags La Ronde and the former combination amusement and water park located in Bowie, Maryland. See the attached tables for additional information. Forward-Looking Statements Some of the statements contained in this news release that are not historical in nature are forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements as to our expectations, beliefs, goals and strategies regarding the future. Words such as “anticipate,” “believe,” “create,” “expect,” “future,” “guidance,” “intend,” “plan,” “potential,” “seek,” “synergies,” “target,” “will,” “would,” similar expressions, and variations or negatives of these words identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. These forward-looking statements may involve current plans, estimates, expectations and ambitions that are subject to risks, uncertainties and assumptions that are difficult to predict, may be beyond our control and could cause actual results to differ materially from those described in such statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct, that our growth and operational strategies will achieve the target results. Important risks and uncertainties that may cause such a difference and could adversely affect attendance at our parks, our future financial performance, and/or our growth strategies, and could cause actual results to differ materially from our expectations or otherwise to fluctuate or decrease, include, but are not limited to: failure to realize the anticipated benefits of the Merger, including difficulty in integrating the businesses of legacy Six Flags and legacy Cedar Fair; failure to realize the expected amount and timing of cost savings and operating synergies related to the Merger; failure to realize the expected amount and timing of benefits related to the sale of parks and undeveloped land; adverse weather conditions; general economic, political and market conditions, including global trade; the impacts of pandemics or other public health crises, including the effects of government responses on people and economies; competition for consumer leisure time and spending or other changes in consumer behavior or sentiment for discretionary spending; unanticipated construction delays or increases in construction or supply costs; changes in capital investment plans and projects; anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of the Company’s operations; the impact of any potential shareholder activism; failure to attract, motivate and retain qualified domestic and international employees and key personnel; legislative, regulatory and economic developments and changes in laws, regulations, and policies affecting the Company; acts of terrorism or outbreak or escalation of war, hostilities, civil unrest, and other political or security disturbances; and other risks and uncertainties we discuss under the heading “Risk Factors” within our Annual Report on Form 10-K and in the other filings we make from time to time with the Securities and Exchange Commission. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this document and are based on information currently and reasonably known to us. We do not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after publication of this news release. This news release and prior releases are available under the News tab at https://investors.sixflags.com (financial tables follow) SIX FLAGS ENTERTAINMENT CORPORATION UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands) Three months ended March 29, 2026 March 30, 2025 Net revenues: Admissions $ 113,500 $ 106,761 Food, merchandise and games 78,264 65,848 Accommodations, extra-charge products and other 33,863 29,448 225,627 202,057 Costs and expenses: Cost of food, merchandise, and games revenues 21,287 21,601 Operating expenses 266,893 299,479 Selling, general and administrative 73,295 90,785 Depreciation and amortization 107,349 102,330 Loss on retirement of fixed assets, net 2,435 8,098 Loss on impairment of goodwill and other intangibles 38,640 — Loss on disposal group 27,971 — Loss on other assets — 791 537,870 523,084 Operating loss (312,243 ) (321,027 ) Interest expense, net 94,928 87,035 Loss on early debt extinguishment 4,053 — Other expense (income), net 5,739 (1,584 ) Loss before taxes (416,963 ) (406,478 ) Benefit for taxes (148,363 ) (186,760 ) Net loss (268,600 ) (219,718 ) Net loss attributable to non-controlling interests — — Net loss attributable to Six Flags Entertainment Corporation $ (268,600 ) $ (219,718 ) SIX FLAGS ENTERTAINMENT CORPORATION UNAUDITED CONSOLIDATED BALANCE SHEET DATA (In thousands) March 29, 2026 March 30, 2025 Cash and cash equivalents $ 116,510 $ 61,512 Total assets $ 7,708,879 $ 9,163,917 Long-term debt, including current maturities: Revolving credit loans $ 444,566 $ 609,003 Term debt 1,461,737 978,527 Notes 3,449,224 3,660,036 $ 5,355,527 $ 5,247,566 Equity $ 279,226 $ 1,833,780 SIX FLAGS ENTERTAINMENT CORPORATION RECONCILIATION OF MODIFIED EBITDA AND ADJUSTED EBITDA (In thousands) Three months ended March 29, 2026 March 30, 2025 Net loss $ (268,600 ) $ (219,718 ) Interest expense, net 94,928 87,035 Benefit for taxes (148,363 ) (186,760 ) Depreciation and amortization 107,349 102,330 EBITDA (214,686 ) (217,113 ) Loss on early debt extinguishment 4,053 — Non-cash foreign currency loss (gain) 5,139 (2,214 ) Non-cash equity compensation expense 3,772 17,076 Loss on retirement of fixed assets, net 2,435 8,098 Loss on impairment of goodwill and other intangibles 38,640 — Loss on disposal group 27,971 — Loss on other assets — 791 Costs related to the merger (1) 4,914 15,640 Other (2) 4,723 6,932 Modified EBITDA (3) (123,039 ) (170,790 ) Net income attributable to non-controlling interests — — Adjusted EBITDA (3) $ (123,039 ) $ (170,790 ) (1) Consists of integration costs related to the merger, including third-party consulting costs, costs to integrate information technology systems, integration team salaries and benefits, retention bonuses, maintenance costs to update Former Six Flags parks to Cedar Fair standards and certain legal costs. These costs are added back to net loss to calculate Modified EBITDA and Adjusted EBITDA as defined in the Company's credit agreement. (2) Consists of certain costs as defined in the Company's credit agreement. These costs are added back to net loss to calculate Modified EBITDA and Adjusted EBITDA and include certain legal and consulting expenses; severance costs; cost of goods sold recorded to align inventory standards following the Mergers; certain costs at a combined amusement and water park located in Bowie, Maryland since its closure; Mexican VAT taxes on intercompany activity; and contract termination costs. This balance also includes unrealized gains and losses on pension assets and short-term investments. (3) Modified EBITDA represents earnings before interest, taxes, depreciation, amortization, other non-cash items, and adjustments as defined in the Company's credit agreement. Adjusted EBITDA represents Modified EBITDA less net loss attributable to non-controlling interests. Management includes both measures to disclose the effect of non-controlling interests. Management believes Modified EBITDA and Adjusted EBITDA are meaningful measures of park-level operating profitability, and uses them for measuring returns on capital investments, evaluating potential acquisitions, determining awards under incentive compensation plans, and calculating compliance with certain loan covenants. Adjusted EBITDA is widely used by analysts, investors and comparable companies in the industry to evaluate operating performance on a consistent basis, as well as more easily compare results with those of other companies in the industry. Modified EBITDA and Adjusted EBITDA are provided as supplemental measures of the Company's operating results and are not intended to be a substitute for operating income, net income or cash flows from operating activities as defined under generally accepted accounting principles. In addition, Modified EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies. SIX FLAGS ENTERTAINMENT CORPORATION CALCULATION OF NET DEBT (In thousands) March 29, 2026 Long-term debt, including current maturities $ 5,355,527 Plus: Debt issuance costs and original issue discount 55,675 Less: Acquisition fair value layers (22,822 ) Less: Cash and cash equivalents (116,510 ) Net debt (1) $ 5,271,870 (1) Net debt is a non-GAAP financial measure used by investors to monitor leverage. The measure may not be comparable to similarly titled measures of other companies. SIX FLAGS ENTERTAINMENT CORPORATION KEY OPERATIONAL MEASURES (In thousands, except per capita and operating day amounts) Three months ended March 29, 2026 March 30, 2025 Attendance 2,923 2,818 Per capita spending (1) $ 69.26 $ 65.40 Admissions per capita spending (1) $ 38.82 $ 37.72 In-park product per capita spending (1) $ 30.44 $ 27.68 Out-of-park revenues (1) $ 28,799 $ 23,916 Operating days 369 393 (1) Per capita spending is calculated as revenues generated within the Company's amusement parks and separately gated outdoor water parks along with related parking revenues and online transaction fees charged to customers (in-park revenues), divided by total attendance. Admissions per capita spending is calculated as revenues generated for admission to the Company's amusement parks and separately gated water parks along with related parking revenues and online transaction fees charged to customers (in-park admissions revenues) divided by total attendance. In-park product per capita spending is calculated as all other revenues generated within the Company's amusement parks and separately gated water parks, including food and beverage, merchandise, games and extra-charge offerings (in-park product revenues) divided by total attendance. Out-of-park revenues are defined as revenues from resorts, out-of-park food and merchandise locations, sponsorships, international agreements and all other out-of-park operations. Beginning in the fourth quarter of 2025, the Company renamed in-park per capita spending to per capita spending and renamed per capita spending on in-park products to in-park product per capita spending. The methodology for calculating these metrics remains unchanged, and therefore any previously reported metrics that are renamed to corresponding metrics remain unchanged. In-park revenues, per capita spending, in-park admissions revenues, admissions per capita spending, in-park product revenues, in-park product per capita spending, and out-of-park revenues are non-GAAP measures. These metrics are used by management as major factors in significant operational decisions as they are primary drivers of financial and operational performance, measuring demand, pricing, and consumer behavior. A reconciliation of in-park revenues, including in-park admissions revenues and in-park product revenues, and out-of-park revenues to net revenues for the periods presented is in the table below. Three months ended March 29, 2026 March 30, 2025 In-park admissions revenues 113,441 106,311 In-park product revenues 88,977 78,004 In-park revenues 202,418 184,315 Out-of-park revenues 28,799 23,916 Concessionaire remittances (5,590 ) (6,174 ) Net revenues $ 225,627 $ 202,057 SIX FLAGS ENTERTAINMENT CORPORATION
SELECTED 2025 QUARTERLY AND ANNUAL FINANCIAL AND OTHER DATA
FOR THE CONSOLIDATED COMPANY AND FOR SPECIFIED PARKS
WITH RELATED RECONCILIATION OF ADJUSTED EBITDA (In millions, except operating days) The below table includes selected quarterly and annual financial and other data for fiscal 2025: (1) for the consolidated company (or the "Consolidated Company"); and (2) on a combined basis, for Worlds of Fun, Michigan's Adventure, Valleyfair, Six Flags Great Escape, Schlitterbahn Waterpark Galveston, Six Flags St. Louis, Six Flags La Ronde and the former combination amusement and water park located in Bowie, Maryland (together, the "Specified Parks"). In March 2026, the Company entered into definitive agreements to sell these parks to EPR Properties with the exception of the former combination amusement park and water park located in Bowie, Maryland. For that Bowie, Maryland property, the Company closed the park following the end of the 2025 operating season and announced it had entered into a purchase agreement to sell the property in April 2026. Three months ended Twelve months ended March 30, 2025 June 29, 2025 September 28, 2025 December 31, 2025 December 31, 2025 Consolidated Company Data Attendance 3 14 21 9 47 Net revenue $ 202 $ 930 $ 1,318 $ 650 $ 3,100 Net (loss) income $ (220 ) $ (75 ) $ (1,163 ) $ (91 ) $ (1,549 ) Adjusted EBITDA $ (171 ) $ 243 $ 555 $ 165 $ 792 Operating days 393 1,993 2,573 779 5,738 Specified Parks Data Attendance — 1 3 1 5 Net revenue $ 6 $ 86 $ 161 $ 37 $ 290 Net (loss) income $ (39 ) $ (13 ) $ 37 $ (19 ) $ (34 ) Adjusted EBITDA $ (28 ) $ 9 $ 67 $ (1 ) $ 47 Operating days — 334 505 77 916 As disclosed above, Modified EBITDA represents earnings before interest, taxes, depreciation, amortization, other non-cash items, and adjustments as defined in the Company's credit agreement. Adjusted EBITDA represents Modified EBITDA less net loss attributable to non-controlling interests. Management believes Modified EBITDA and Adjusted EBITDA are meaningful measures of park-level operating profitability, and uses them for measuring returns on capital investments, evaluating potential acquisitions, determining awards under incentive compensation plans, and calculating compliance with certain loan covenants. Adjusted EBITDA is widely used by analysts, investors and comparable companies in the industry to evaluate operating performance on a consistent basis, as well as more easily compare results with those of other companies in the industry. Modified EBITDA and Adjusted EBITDA are provided as supplemental measures of the Company's operating results and are not intended to be a substitute for operating income, net income or cash flows from operating activities as defined under generally accepted accounting principles. In addition, Modified EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies. SIX FLAGS ENTERTAINMENT CORPORATION
SELECTED 2025 QUARTERLY AND ANNUAL FINANCIAL AND OTHER DATA
FOR THE CONSOLIDATED COMPANY AND FOR SPECIFIED PARKS
WITH RELATED RECONCILIATION OF ADJUSTED EBITDA - CONTINUED (In millions) The below table reconciles Adjusted EBITDA to Net (Loss) Income for the Consolidated Company and for the Specified Parks for fiscal year 2025 and for each fiscal quarter of 2025. Three months ended Twelve months ended March 30, 2025 June 29, 2025 September 28, 2025 December 31, 2025 December 31, 2025 Consolidated Company Reconciliation Net loss $ (220 ) $ (75 ) $ (1,163 ) $ (91 ) $ (1,549 ) Interest expense, net 87 92 91 90 360 (Benefit) provision for taxes (187 ) 76 (38 ) (15 ) (164 ) Depreciation and amortization 102 135 128 121 486 EBITDA (218 ) 228 (982 ) 105 (867 ) Non-cash foreign currency (gain) loss (2 ) (20 ) 7 (8 ) (23 ) Non-cash equity compensation expense 17 9 15 23 64 Loss on retirement of fixed assets, net 8 11 3 19 41 Loss on impairment of goodwill and other intangibles — — 1,518 — 1,518 Loss on other assets 1 — — — 1 Costs related to the merger (1) 16 11 10 12 49 Other (2) 7 29 9 14 59 Modified EBITDA (171 ) 268 580 165 842 Net income attributable to non-controlling interests — 25 25 — 50 Adjusted EBITDA $ (171 ) $ 243 $ 555 $ 165 $ 792 Specified Parks Reconciliation Net (loss) income $ (39 ) $ (13 ) $ 37 $ (19 ) $ (34 ) Depreciation and amortization 10 17 21 15 63 EBITDA (29 ) 4 58 (4 ) 29 Loss on retirement of fixed assets, net 1 1 (1 ) 1 2 Loss on impairment of goodwill and other intangibles — — 8 — 8 Costs related to the merger (1) — 1 1 — 2 Other (2) — 3 1 2 6 Modified EBITDA (28 ) 9 67 (1 ) 47 Net income attributable to non-controlling interests — — — — — Adjusted EBITDA $ (28 ) $ 9 $ 67 $ (1 ) $ 47 (1) Consists of third-party legal and consulting transaction costs, as well as integration costs related to the merger. Integration costs include third-party consulting costs, costs to integrate information technology systems, integration team salaries and benefits, retention bonuses, maintenance costs to update legacy Six Flags parks to legacy Cedar Fair standards and certain legal costs. These costs are added back to net (loss) income to calculate Modified EBITDA and Adjusted EBITDA as defined in the Company's credit agreement. (2) Consists of certain costs as defined in the Company's credit agreement. These costs are added back to net (loss) income to calculate Modified EBITDA and Adjusted EBITDA and include severance and related employer taxes and benefits; certain legal and consulting expenses; enacted cost savings initiatives related to overhead and administrative costs incurred by legacy Six Flags, specifically for insurance premiums, legal costs and information technology costs; run-rate costs at the combination amusement and water park located in Bowie, Maryland since its closure; repairs for unusual weather events; Mexican VAT taxes on intercompany activity; cost of goods sold recorded to align inventory standards following the merger; administrative payments related to the Partnership Parks; and contract termination costs. This balance also includes unrealized gains and losses on pension assets and short-term investments. View source version on businesswire.com: https://www.businesswire.com/news/home/20260507943727/en/ Investor Contact: Michael Russell, IR@sixflags.com
https://investors.sixflags.com Media Contact: Kristin Fitzgerald, kristin.fitzgerald@sixflags.com Original: Six Flags Entertainment Corporation Reports 2026 First Quarter Results

Six Flags Entertainment Corporation Reports 2025 Fourth Quarter and Full Year ResultsFebruary 19, 2026 6:00 AM
Business Wire
Six Flags Entertainment Corporation (NYSE: FUN) (the “Company”, “Six Flags”, or the “Combined Company”), the largest regional amusement park operator in North America, today announced results for its 2025 fourth quarter and full year ended Dec. 31, 2025.

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.

CEO Commentary

“While 2025 results fell short of our expectations, the work completed over the past year has strengthened the foundation of our enterprise,” said John Reilly, President and CEO. “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, we are refining our approach to revenue management and marketing, and we are implementing clearer lines of accountability across the organization. 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.”

“We are equally focused on strengthening our balance sheet,” added Reilly. “The successful refinancing of our 2027 notes in early January was the first significant step in that direction 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. Reducing leverage and restoring financial flexibility are essential to creating sustainable shareholder value,” concluded Reilly.

Financial Results for the Fourth Quarter

Operating days – During the fourth quarter of 2025, 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.

Net revenues – For the quarter ended Dec. 31, 2025, net revenues totaled $650 million, down $37 million (5%) versus the fourth quarter of 2024 ($687 million). 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(2) of $35.32 (up 5% from Q4 2024) and in-park product per capita spending(2) 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 beverage, merchandise, and extra-charge products during the quarter. 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.

Out-of-park revenues – up 8% ($4 million) to $51 million, driven primarily by higher sponsorship revenue in Q4 2025.

Operating costs and expenses – 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 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 – 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, 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. By comparison, the Company recognized a $7 million loss on the retirement of fixed assets during the fourth quarter of 2024.

Operating income/loss – Following the items above, 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.

Net interest expense – For the fourth quarter of 2025, 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 the Six Flags Over Georgia call option liability exercised in December 2024 and incremental term loan borrowings in 2025.

Taxes – During the three months ended Dec. 31, 2025, the Company recorded a benefit for income taxes of $15 million, compared with a $210 million provision for income taxes recorded during the three months ended Dec. 31, 2024. The change in the provision for income taxes was primarily attributable to tax expense associated with the change in tax status of a lower-tier partnership in the three months ended Dec. 31, 2024.

Net loss – After the items discussed above and income attributable to non-controlling interests, 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.

Adjusted EBITDA – Management believes Adjusted EBITDA is a meaningful measure of park-level operating results. For the three months ended Dec. 31, 2025, Adjusted EBITDA totaled $165 million, representing a $43 million decline compared to Adjusted EBITDA for the three months ended Dec. 31, 2024. The variance in Adjusted EBITDA reflects the impact on fourth quarter net revenues of a 13% decrease in attendance, as well as higher SG&A expense during the period.

Balance Sheet and Liquidity Highlights

As of Dec. 31, 2025, the Company reported the following:

Deferred revenues, including both current and non-current, totaled $311 million compared with $308 million on Dec. 31, 2024. The $3 million increase in deferred revenues was primarily attributable to higher advanced single-day ticket sales and increased deposits on group events and catering.

Total Liquidity was $623 million, including cash and available borrowings under the Company’s revolving credit facility.

Net debt(3) totaled $5.11 billion, calculated as total debt of $5.20 billion (before debt issuance costs and acquisition fair value layers) less cash and cash equivalents of $91 million.

Conference Call

As previously announced, Six Flags Entertainment Corporation will host a conference call with analysts starting at 8 a.m. ET today, Feb. 19, 2026, to discuss its recent financial results and the Company's business outlook. Participants on the call will include Six Flags President and CEO John Reilly and CFO Brian Witherow.

Investors and all other interested parties can access a live, listen-only audio webcast of the call on the Six Flags Investors website at https://investors.sixflags.com under the tabs Investor Information / Events & Presentations. Those unable to listen to the live webcast can access a recorded version of the call on the Six Flags Investors website at https://investors.sixflags.com under Investor Information / Events and Presentations, shortly after the live call’s conclusion.

A digital recording of the conference call will be available for replay by phone starting at approximately 1 p.m. ET on Thursday Feb. 19, 2026, until 11:59 p.m. ET on Thursday Feb. 26, 2026. To access the phone replay in North America please dial (800) 770-2030; from international locations please dial +1 (609) 800-9909, followed by Conference ID 3720518.

About Six Flags Entertainment Corporation

Six Flags Entertainment Corporation (NYSE: FUN) is North America’s largest regional amusement-resort operator with 26 amusement parks, 15 water parks and nine resort properties across 16 states in the U.S., Canada and Mexico. The Company also manages an amusement park in Saudi Arabia. Focused on its purpose of making people happy, Six Flags provides fun, immersive and memorable experiences to millions of guests every year with world-class coasters, themed rides, thrilling water parks, resorts and a portfolio of beloved intellectual property such as Looney Tunes®, DC Comics® and PEANUTS®.

Footnotes:

(1)

Adjusted EBITDA is not a measurement computed in accordance with GAAP. Management believes this is a meaningful measure of park-level operating profitability and uses it for measuring returns on capital investments, evaluating potential acquisitions, determining awards under incentive compensation plans, and calculating compliance with certain loan covenants. For additional information regarding Adjusted EBITDA, including how the Company defines and uses this measure, see the attached reconciliation table and related footnotes.

(2)

Per capita spending, admissions per capita spending, in-park product per capita spending, and out-of-park revenues are non-GAAP financial measures. See the attached reconciliation table and related footnote for the calculation of these metrics. These metrics are used by management as major factors in significant operational decisions as they are primary drivers of financial and operational performance, measuring demand, pricing, and consumer behavior. Beginning in the fourth quarter of 2025, we renamed in-park per capita spending to per capita spending, and we renamed per capita spending on in-park products to in-park product per capita spending. The methodology for calculating these metrics remains unchanged, and therefore any previously reported metrics that are renamed to corresponding metrics remain unchanged.

(3)

Net debt is a non-GAAP financial measure. See the attached reconciliation table and related footnote for the calculation of net debt. Net debt is used by the Company and investors to monitor leverage, and management believes it is meaningful for this purpose.

Forward-Looking Statements

Some of the statements contained in this news release that are not historical in nature are forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements as to our expectations, beliefs, goals and strategies regarding the future. Words such as “anticipate,” “believe,” “create,” “expect,” “future,” “guidance,” “intend,” “plan,” “potential,” “seek,” “synergies,” “target,” “objective,” “will,” “would,” similar expressions, and variations or negatives of these words identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. These forward-looking statements may involve current plans, estimates, expectations and ambitions that are subject to risks, uncertainties and assumptions that are difficult to predict, may be beyond our control and could cause actual results to differ materially from those described in such statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct, or that our growth and operational strategies will achieve the target results. Important risks and uncertainties that may cause such a difference and could adversely affect attendance at our parks, our future financial performance, and/or our growth strategies, and could cause actual results to differ materially from our expectations or otherwise to fluctuate or decrease, include, but are not limited to: failure to realize the anticipated benefits of the merger, including difficulty in integrating the businesses of legacy Six Flags and legacy Cedar Fair; failure to realize the expected amount and timing of cost savings and operating synergies related to the merger; adverse weather conditions; general economic, political and market conditions, including global trade; the impacts of pandemics or other public health crises, including the effects of government responses on people and economies; competition for consumer leisure time and spending or other changes in consumer behavior or sentiment for discretionary spending; unanticipated construction delays or increases in construction or supply costs; changes in capital investment plans and projects; anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of our operations; the impact of any potential shareholder activism; failure to attract, motivate and retain qualified domestic and international employees and key personnel; legislative, regulatory and economic developments and changes in laws, regulations, and policies affecting us; acts of terrorism or outbreak of war, hostilities, civil unrest, and other political or security disturbances; and other risks and uncertainties we discuss under the heading “Risk Factors” within our Annual Report on Form 10-K and in the other filings we make from time to time with the Securities and Exchange Commission. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this document and are based on information currently and reasonably known to us. We do not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after publication of this news release.

This news release and prior releases are available under the News tab at https://investors.sixflags.com

(financial tables follow)

SIX FLAGS ENTERTAINMENT CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands)

Quarters ended December 31,

Years Ended December 31,

2025

2024

2025

2024

Net revenues:

Admissions

$

327,449

$

360,557

$

1,584,281

$

1,403,932

Food, merchandise and games

205,670

212,512

1,037,799

898,175

Accommodations, extra-charge products and other

116,970

114,241

478,209

406,819

650,089

687,310

3,100,289

2,708,926

Costs and expenses:

Cost of food, merchandise and games revenues

56,086

57,797

269,704

232,556

Operating expenses

371,316

376,902

1,720,256

1,376,061

Selling, general and administrative

106,952

88,646

439,393

411,164

Depreciation and amortization

121,372

106,226

486,383

318,113

Loss on retirement of fixed assets, net

19,257

6,658

40,670

18,064

Loss on impairment of goodwill and other intangibles

—

—

1,518,099

42,462

Loss on other assets

—

—

791

—

674,983

636,229

4,475,296

2,398,420

Operating (loss) income

(24,894

)

51,081

(1,375,007

)

310,506

Interest expense, net

89,458

78,867

359,958

234,770

Loss on early debt extinguishment

—

—

—

7,974

Other (income) expense, net

(6,508

)

26,722

(21,519

)

33,584

(Loss) income before taxes

(107,844

)

(54,508

)

(1,713,446

)

34,178

(Benefit) provision for taxes

(15,460

)

209,708

(163,980

)

240,843

Net (loss) income

(92,384

)

(264,216

)

(1,549,466

)

(206,665

)

Net (loss) income attributable to non-controlling interests

—

—

49,632

24,499

Net (loss) income attributable to Six Flags Entertainment Corporation

$

(92,384

)

$

(264,216

)

$

(1,599,098

)

$

(231,164

)

Net (loss) income margin (1)

-14.2

%

-38.4

%

-50.0

%

-7.6

%

(1) Net (loss) income margin is calculated as net income divided by net revenues.

SIX FLAGS ENTERTAINMENT CORPORATION

CONSOLIDATED BALANCE SHEET DATA

(In thousands)

December 31, 2025

December 31, 2024

Cash and cash equivalents

$

91,134

$

83,174

Total assets

$

7,799,202

$

9,130,516

Long-term debt, including current maturities:

Revolving credit loans

$

258,386

$

296,953

Term debt

1,460,847

976,712

Notes

3,461,877

3,659,407

$

5,181,110

$

4,933,072

Equity

$

549,757

$

2,041,863

SIX FLAGS ENTERTAINMENT CORPORATION

RECONCILIATION OF MODIFIED EBITDA, ADJUSTED EBITDA AND MODIFIED EBITDA MARGIN

(In thousands)

Quarters Ended December 31,

Years Ended December 31,

(In thousands)

2025

2024

2025

2024

Net loss

$

(92,384

)

$

(264,216

)

$

(1,549,466

)

$

(206,665

)

Interest expense, net

89,458

78,867

359,958

234,770

(Benefit) provision for taxes

(15,460

)

209,708

(163,980

)

240,843

Depreciation and amortization

121,372

106,226

486,383

318,113

EBITDA

102,986

130,585

(867,105

)

587,061

Loss on early debt extinguishment

—

—

—

7,974

Non-cash foreign currency (gain) loss

(7,008

)

24,677

(22,583

)

30,557

Non-cash equity compensation expense

23,198

10,259

64,157

63,809

Loss on retirement of fixed assets, net

19,257

6,658

40,670

18,064

Loss on impairment of goodwill and other intangibles

—

—

1,518,099

42,462

Loss on other assets

—

791

—

Costs related to the merger (1)

11,755

23,726

48,911

118,336

Severance (2)

8,772

721

44,564

1,397

Self-insurance adjustment (3)

—

—

14,865

Other (4)

6,534

12,348

14,138

15,265

Modified EBITDA (5)

165,494

208,974

841,642

899,790

Net income attributable to non-controlling interests

—

—

49,632

24,499

Adjusted EBITDA (5)

$

165,494

$

208,974

$

792,010

$

875,291

Modified EBITDA margin (6)

25.5

%

30.4

%

27.1

%

33.2

%

(1)

Consists of third-party legal and consulting transaction costs, as well as integration costs related to the merger. Integration costs include third-party consulting costs, costs to integrate information technology systems, integration team salaries and benefits, retention bonuses, maintenance costs to update legacy Six Flags parks to legacy Cedar Fair standards and certain legal costs. These costs are added back to net (loss) income to calculate Modified EBITDA and Adjusted EBITDA as defined in the Company's credit agreement.

(2)

Consists of severance and related employer taxes and benefits. During 2025, certain employees, including certain executive level employees, were terminated as part of recent post-merger productivity and efficiency efforts.

(3)

During the third quarter of 2024, an actuarial analysis of legacy Cedar Fair's self-insurance reserves resulted in a change in estimate that increased incurred but not reported reserves by $14.9 million. The increase was driven by an observed pattern of increasing litigation and settlement costs.

(4)

Consists of certain costs as defined in the Company's credit agreement. These costs are added back to net (loss) income to calculate Modified EBITDA and Adjusted EBITDA and include certain legal and consulting expenses; enacted cost savings initiatives related to overhead and administrative costs incurred by legacy Six Flags, specifically for insurance premiums, legal costs and information technology costs; run-rate costs at a combination amusement and water park located in Bowie, Maryland since its closure; repairs for unusual weather events; Mexican VAT taxes on intercompany activity; cost of goods sold recorded to align inventory standards following the merger; administrative payments related to the Partnership Parks; and contract termination costs. This balance also includes unrealized gains and losses on pension assets and short-term investments.

(5)

Modified EBITDA represents earnings before interest, taxes, depreciation, amortization, other non-cash items, and adjustments as defined in the Company's credit agreement. Adjusted EBITDA represents Modified EBITDA less net (loss) income attributable to non-controlling interests. Management includes both measures to disclose the effect of non-controlling interests. Prior to the merger, legacy Cedar Fair did not have net income attributable to non-controlling interests. Management believes Modified EBITDA and Adjusted EBITDA are meaningful measures of park-level operating profitability, and uses them for measuring returns on capital investments, evaluating potential acquisitions, determining awards under incentive compensation plans, and calculating compliance with certain loan covenants. Adjusted EBITDA is widely used by analysts, investors and comparable companies in the industry to evaluate operating performance on a consistent basis, as well as more easily compare results with those of other companies in the industry. Modified EBITDA and Adjusted EBITDA are provided as supplemental measures of the Company's operating results and are not intended to be a substitute for operating income, net income or cash flows from operating activities as defined under generally accepted accounting principles. In addition, Modified EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies.

(6)

Modified EBITDA margin (Modified EBITDA divided by net revenues) is not a measurement computed in accordance with GAAP and may not be comparable to similarly titled measures of other companies. Modified EBITDA margin is provided because management believes the measure provides a meaningful metric of operating profitability. Modified EBITDA margin has been disclosed as opposed to Adjusted EBITDA margin because management believes Modified EBITDA margin more accurately reflects the park-level operations of the Company as it does not give effect to distributions to non-controlling interests.

SIX FLAGS ENTERTAINMENT CORPORATION

CALCULATION OF NET DEBT

(In thousands)

December 31,

2025

Long-term debt, including current maturities

$

5,181,110

Plus: Debt issuance costs and original issue discount

43,336

Less: Acquisition fair value layers

(21,225

)

Less: Cash and cash equivalents

(91,134

)

Net Debt (1)

$

5,112,087

(1)

Net Debt is a non-GAAP financial measure used by investors to monitor leverage. The measure may not be comparable to similarly titled measures of other companies.

SIX FLAGS ENTERTAINMENT CORPORATION

KEY OPERATIONAL MEASURES

(In thousands, except per capita and operating day amounts)

Quarters Ended December 31,

Years Ended December 31,

2025

2024

2025

2024

Attendance

9,270

10,694

47,388

41,649

Per capita spending (1)

$

66.41

$

61.60

$

61.90

$

61.31

Admissions per capita spending (1)

$

35.32

$

33.70

$

33.41

$

33.70

In-park product per capita spending (1)

$

31.10

$

27.90

$

28.49

$

27.61

Out-of-park revenues (1)

$

51,494

$

47,792

$

255,454

$

232,415

Operating days

779

878

5,738

4,369

(1)

Per capita spending is calculated as revenues generated within the Company's amusement parks and separately gated outdoor water parks along with related parking revenues and online transaction fees charged to customers (in-park revenues), divided by total attendance. Admissions per capita spending is calculated as revenues generated for admission to the Company's amusement parks and separately gated water parks along with related parking revenues and online transaction fees charged to customers (in-park admissions revenues) divided by total attendance. In-park product per capita spending is calculated as all other revenues generated within the Company's amusement parks and separately gated water parks, including food and beverage, merchandise, games and extra-charge offerings (in-park product revenues) divided by total attendance. Out-of-park revenues are defined as revenues from resorts, out-of-park food and merchandise locations, sponsorships, international agreements and all other out-of-park operations.

In-park revenues, per capita spending, in-park admissions revenues, admissions per capita spending, in-park product revenues, in-park product per capita spending, and out-of-park revenues are non-GAAP measures. These metrics are used by management as major factors in significant operational decisions as they are primary drivers of financial and operational performance, measuring demand, pricing, and consumer behavior. A reconciliation of in-park revenues, including in-park admissions revenues and in-park product revenues, and out-of-park revenues to net revenues for the periods presented is in the table below.

Quarters Ended December 31,

Years Ended December 31,

(In thousands)

2025

2024

2025

2024

In-park admissions revenues

$

327,371

$

360,389

$

1,583,339

$

1,403,561

In-park product revenues

288,271

298,331

1,350,144

1,149,925

In-park revenues

615,642

658,720

2,933,483

2,553,486

Out-of-park revenues

51,494

47,792

255,454

232,415

Concessionaire remittances

(17,047

)

(19,202

)

(88,648

)

(76,975

)

Net revenues

$

650,089

$

687,310

$

3,100,289

$

2,708,926

View source version on businesswire.com: https://www.businesswire.com/news/home/20260219434003/en/
Investor Contact: Michael Russell, 419.627.2233

Media Contact: Gary Rhodes, 704.249.6119

https://investors.sixflags.com

Original: Six Flags Entertainment Corporation Reports 2025 Fourth Quarter and Full Year Results