FUN Q4 2025 Earnings

Call Details

• Call Title: Six Flags Entertainment Q4 2025 Earnings Call
• Date: February 19, 2026 at 3:00 PM UTC
• Management Team:
  • Brian (Chief Financial Officer)
  • John (Chief Executive Officer)
  • Michael Russell (Corporate Director of Investor Relations)

Call Summary

Financial Performance

• Six Flags reported Q4 adjusted EBITDA of $165M on attendance of 9.3M guests and revenues of $650M, each figure presented on a non-GAAP basis.
• Full-year 2025 results included net revenues of $3.1B, adjusted EBITDA of $792M, 47.4M guests, and per capita spending of $61.90.
• Fourth quarter results were impacted by operating days of 779 versus 878 in the prior-year quarter and by weather that produced 15 park-closure days versus three the prior year.
• Eliminating winter holiday events at four parks created an approximate attendance headwind of 425,000 visits in Q4 2025.
• Deferred revenues were up approximately 1% at year end, driven by higher advanced single-day ticket sales and increased group deposits.
• The company completed an oversubscribed refinancing of April 2027 notes in early January to extend maturities and increase covenant cushion.

Guidance

• The company is not issuing formal public guidance for 2026 because senior leadership is early in tenure and considers it premature to commit to external guidance.
• Internal plans for 2026 are built around improving revenue and cash flow relative to 2025, but no formal numeric guidance was provided.
• Operating days for 2026 are expected to be up slightly, potentially as much as 1% versus 2025 on a pro forma basis excluding the sunset Bowie, Maryland park, subject to change.
• CapEx for calendar 2026 is expected to be in the $400M to $425M range versus approximately $475M cash spend in 2025.
• Interest expense for 2026 is expected in the $135M to $145M range.
• Decisions to add back winter holiday events or other operating-day changes will be made in the coming weeks and could change the operating-days outlook.