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Six Flags Q4 results - "This is not a broken model"

New CEO reaffirms mission to turn the theme park business around

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Six Flags Entertainment Corporation has announced results for its 2025 fourth quarter and full year ended 31 December 2025, holding a quarterly earnings call on 19 February, presented by John Reilly, who took over the role of president and CEO from Richard Zimmerman in December.

Net revenues for Q4 2025 amounted to $650 million, a decrease of $37 million, or 5%, from the fourth quarter of 2024.


Attendance totalled 9.3 million guests, a decline of approximately 1.4 million or 13% compared to the fourth quarter of 2024.

Despite these declines, per capita spending was $66.41, an 8% increase from the fourth quarter of 2024.

Six Flags will continue to "invest heavily" in parks

“While 2025 results fell short of our expectations, the work completed over the past year has strengthened the foundation of our enterprise,” said Reilly.

“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."

six flags over texas tormenta New record-breaking dive coaster Tormenta at Six Flags Over Texas

"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.”

A positive mindset

The new CEO also stressed that "This is not a broken model." He affirmed his commitment to reviving the business by listening to employees and providing a more consistent guest experience.

“I’ve often been tasked with turning around under-performing assets. This role is personal for me. Theme parks are in my blood.”

“When you come to our parks, your entertainment experience on each visit should meet or exceed your expectations. We want you back, so we plan to earn your trust to ensure that happens.

“The issues are not systemic,” he added. “The issues are market by market, park by park.”

Reilly has over thirty years of experience in the amusement sector, with expertise in operations management and expansion. Most recently, he was the CEO of Palace Entertainment U.S. and Group COO at Parques Reunidos, enhancing guest satisfaction and profitability across the US, Australia, and Europe.

Previously, he served as interim CEO and COO of SeaWorld Parks and Entertainment, contributing to EBITDA growth and increasing shareholder value.

Rethinking holiday events

Also during the call, Brian Witherow, CFO, commented on the cancellation of holiday 2025 events:

“In hindsight, that decision did not optimize profits at every park the way we needed it to. Those events can be meaningful demand-drivers, and removing them created a self-inflicted headwind in terms of both attendance and operating leverage.”

RWS Kings Dominion Winterfest

He added: “We’re taking that learning directly into our planning for 2026, and we will rethink the winter holiday strategy with a tighter, returns-driven approach, market by market, rather than applying a broad brush.”

Four winter events were cancelled for the season, including WinterFest at California’s Great America and at Kings Dominion, as well as the Holiday in the Park events at Six Flags Great Adventure and Six Flags Over Georgia near Atlanta.

Cedar Fair and Six Flags completed a merger in July 2024, forming the largest operator of amusement parks in North America.

In November 2025, the company announced the closure of Six Flags America in Maryland. Since then, Six Flags Entertainment Corporation has said it is looking at "underperforming" parks and plans to sell or close more in the future.

In October 2025, NFL star Travis Kelce joined an activist investor in an attempt to revive Six Flags, saying:

"I am a lifelong Six Flags fan and grew up going to these parks with my family and friends. The chance to help make Six Flags special for the next generation is one I couldn’t pass up.”