Why is Six Flags losing visitors despite new CEO and park upgrades?
Six Flags Entertainment Corp. reported 2025 earnings and revenue that were slightly ahead of analyst estimates as the amusement park operator works to rebound from lackluster attendance. Adjusted earnings less interest, tax, depreciation and amortization reached $792 million for 2025, according to a statement Thursday, above the $786 million consensus and matching the company’s own lowered guidance.
In its third-quarter earnings report, Six Flags had forecast $780 million to $805 million, down from its original guidance of $1.08 billion to $1.12 billion given last February. No guidance was given for 2026. The Charlotte, North Carolina-based company also reported revenue of $3.1 billion for 2025, slightly higher than analyst estimates of $3.06 billion. “While 2025 results fell short of our expectations, the work completed over the past year has strengthened the foundation of our enterprise,” Chief Executive Officer John Reilly said in the statement. “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.” The results are the first for Reilly as Six Flags’ CEO after the former SeaWorld Parks & Entertainment Inc. chief operating officer took over from Richard Zimmerman in December. Six Flags has struggled to reduce its elevated debt burden after its 2024 merger with Cedar Fair failed to boost earnings. The company sold a $1 billion junk bond in January. Attendance contracted in the fourth quarter for the first time since 2023, falling to 9.3 million park visitors. That translates to $327 million in admissions revenue, a 9% drop from a year earlier. The company’s observed sales recognized in the quarter ended in December fell 12% from a year earlier, according to data compiled by Bloomberg Second Measure. That’s especially stark given the fourth quarter in 2024 saw a 70% year-on-year jump in observed sales. The stock had lost 65% in the last 12 months as of Wednesday’s close. The report follows Walt Disney Co.’s quarterly results, which saw record sales at its theme park division but gave a tepid forecast for growth in the quarter ending March 28 due to demand headwinds from international tourists at domestic parks. Disney’s shares fell as much as 8% on the report, the biggest intraday decline since November. United Parks & Resorts Inc. is set to report quarterly results on Feb. 26. Forgash writes for Bloomberg.
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