Six Flags’ 2025 Results: Attendance Down, Per-Cap Spending Up

[DonHelbig]

Six Flags Entertainment Corporation closed out 2025 with mixed results, posting $3.10 billion in full-year revenue while grappling with lower attendance, higher operating costs and a significant non-cash impairment charge tied to goodwill and other intangible assets.

https://themeparksbydon.com/six-flags-2025-earnings-q4-results-attendance-spending/

[disco2000]

Could this mean talk of Winterfest leaving KI stops and perhaps a return to some version at KD and other parks that had these types of events removed?

“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. 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.”

[DonHelbig]

10 minutes ago, disco2000 said:

Could this mean talk of Winterfest leaving KI stops and perhaps a return to some version at KD and other parks that had these types of events removed?

“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. 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.”

I hope the winter events are brought back at KD, SFOG, SFGAd.

[CoasterJack]

Overall after listening to the earnings call, I think John seems to understand that each park is unique, and it's a good sign that he's been traveling to each park to hear from leadership, instead of commanding a "this is what we should do response", he seems to be taking his time to truly understand what makes each park and market unique. Though also found it interesting that they declinded to comment at this time on the Enchanted Parks filing.

[DonHelbig]

30 minutes ago, CoasterJack said:

Overall after listening to the earnings call, I think John seems to understand that each park is unique, and it's a good sign that he's been traveling to each park to hear from leadership, instead of commanding a "this is what we should do response", he seems to be taking his time to truly understand what makes each park and market unique. Though also found it interesting that they declinded to comment at this time on the Enchanted Parks filing.

I was optimistic about him being named CEO, and remain so after listening to the earnings call and talking with people that know him. 

[Losantiville Mining Co.]

It feels like this new leadership team might be recognizing the strengths of these parks instead of flatly looking at the cost of running everything. They also seem to finally recognize that the Six Flags of 2026 can be a different company from the two legacy corporations that formed it. Let's hope that they can continue whatever good momentum they're getting into.

Attendance being down seems about right considering some parks cancelled their holiday events. Spending being up also sounds right with all of the fixes they're trying to accomplish. 

As for Reilly declining to comment on the Enchanted Parks filings, I'm not putting much stock into whatever that could mean. Is it a sign that there are active negotiations or that nothing is happening? Ask me again in July and maybe we'll have a better answer.