Six Flags
FUN NYSE Leisure Facilities Financials FY2016–FY2025
Six Flags' revenue rose 14.4% to $3.1 billion in fiscal 2025. Its operating margin was −44.4%, down from 11.5% a year earlier. Free cash flow was −$152 million, against $53 million a year earlier. The diluted share count rose 33.8%.
About these figures. Write-downs in 2025 made Six Flags' EBITDA negative, so net debt to EBITDA is left blank that year. Earnings per share for 2023 is per Cedar Fair partnership unit (each unit became one Six Flags share in the merger); Cedar Fair's per-unit figures for earlier years aren't in the SEC's structured data.
What Six Flags does
Six Flags runs amusement parks, water parks and resorts. It says it is North America's largest regional amusement park operator, with 26 amusement parks, 15 separately gated water parks and nine resort properties. Of its 41 amusement and water parks, 37 are in the United States, two are in Mexico and two are in Canada. They include Cedar Point, Knott's Berry Farm, Kings Island, Canada's Wonderland and parks branded Six Flags or Hurricane Harbor. Its most important customers are families and young people ages 12 through 24.
Six Flags makes money from park admissions, from food, merchandise and games, from places to stay and from other extra-charge products. The business is seasonal: approximately 70% of its 2025 attendance and revenue came in the second and third quarters. It also manages Six Flags Qiddiya City in Saudi Arabia for fees, without having to invest capital in the park. It holds licenses to use certain Warner Bros. and DC Comics animated characters and the Peanuts characters in its parks. It competes for people's spending with other amusement parks and with other entertainment, such as movies, sporting events, restaurants and vacation travel.
The company brings together the former Cedar Fair and Six Flags businesses, which merged. As of December 31, 2025, it employed approximately 4,225 full-time employees, a reduction of approximately 15% from the combined number a year earlier after post-merger efficiency efforts. In 2025 it also employed approximately 91,000 seasonal and part-time employees, many of them high school and college students.
- Legal name
- Six Flags Entertainment Corporation/NEW
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001999001-26-000048
0001999001
Revenue and margins
Six Flags had $3.1B of revenue in fiscal 2025, up 14.5% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was −$152M in fiscal 2025, −4.9% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Six Flags returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 33.8%.
Value Six Flags yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$5.1B and divides by 100.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Balance sheet
Cash, debt and the ratios that show how comfortably Six Flags can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $61.1M | $101M | $65.5M | $83.2M | $91.1M |
| Debt incl. finance leases | $2.5B | $2.3B | $2.3B | $4.7B | $5.2B |
| Net debt / EBITDA | 8.3x | 3.2x | 4.8x | 7.4x | — |
| Debt / equity | — | — | — | 2.3x | 9.4x |
| Interest coverage | 0.8x | 3.4x | 2.2x | 1.3x | −4.1x |
| Current ratio | 0.7x | 0.6x | 0.5x | 0.4x | 0.7x |
| Quick ratio | 0.6x | 0.5x | 0.4x | 0.4x | 0.6x |
| Total assets | $2.3B | $2.2B | $2.2B | $9.1B | $7.8B |
| Total liabilities | $3.0B | $2.8B | $2.8B | $7.1B | $7.2B |
| Shareholders' equity | −$699M | −$592M | −$583M | $2.0B | $550M |
| Net debt (− = net cash) | $2.5B | $2.2B | $2.2B | $4.6B | $5.1B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$6.4M
4 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 12, 2026 | John T ReillyPresident & CEO, Director | Bought plan | 15,713 | $15.80 | $0.2M | Form 4 |
| Jun 15, 2026 | Rehan JafferDirector | Bought | 125,000 | $23.41 | $2.9M | Form 4 |
| Jun 12, 2026 | Rehan JafferDirector | Bought | 125,000 | $23.69 | $3.0M | Form 4 |
| May 21, 2026 | Marilyn G SpiegelDirector | Bought | 2,500 | $19.10 | $0.0M | Form 4 |
| May 12, 2026 | Marilyn G SpiegelDirector | Bought | 2,500 | $19.13 | $0.0M | Form 4 |
| May 12, 2026 | Richard M HaddrillExecutive Chair, Director | Bought | 10,000 | $19.08 | $0.2M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✓ |
| Current ratio rose | ✕ | ✕ | ✓ |
| Share count didn't rise | — | ✕ | ✕ |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | ✓ | ✓ | ✕ |
| F-score | — / 9 | 5 / 9 | 4 / 9 |
| Accruals ratio | −9.0% | −10.6% | −22.8% |
| Altman Z'' | — | 0.09 | −2.02 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Six Flags FUN | $689M | 14.5% | −44.4% | −4.9% | −17.7% | — | 4 | |
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10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.3B | $1.3B | $1.3B | $1.5B | $182M | $1.3B | $1.8B | $1.8B | $2.7B | $3.1B |
| Gross profit | — | — | — | — | — | — | $1.7B | $1.6B | $2.5B | $2.8B |
| Operating income | $317M | $295M | $291M | $309M | −$572M | $148M | $520M | $306M | $311M | −$1.4B |
| Interest expense | $83.9M | $85.6M | $85.7M | $100M | $151M | $184M | $152M | $142M | $247M | $335M |
| Pretax income | $249M | $217M | $161M | $215M | −$728M | −$28.5M | $372M | $173M | $34.2M | −$1.7B |
| Income tax | $71.4M | $1.1M | $34.7M | $42.8M | −$138M | $20.0M | $64.0M | $48.0M | $241M | −$164M |
| Net income | $178M | $216M | $127M | $172M | −$590M | −$48.5M | $308M | $125M | −$231M | −$1.6B |
| Diluted EPS | — | — | — | — | — | — | — | $2.42 | −$3.22 | −$15.89 |
| Diluted shares | — | — | — | — | — | — | — | 0.05B | 0.08B | 0.10B |
| Cash flow | ||||||||||
| Cash from operations | $358M | $331M | $351M | $403M | −$417M | $201M | $408M | $326M | $373M | $328M |
| Capital expenditure | $161M | $188M | $190M | $331M | $129M | $59.2M | $183M | $220M | $321M | $480M |
| Free cash flow | $198M | $143M | $161M | $72.4M | −$546M | $142M | $224M | $105M | $52.6M | −$152M |
| Depreciation and amortization | $132M | $153M | $156M | $171M | $158M | $149M | $153M | $158M | $318M | $486M |
| Stock-based compensation | $11.9M | $13.4M | $11.2M | $11.9M | −$0.2M | $15.4M | $20.6M | $22.6M | $63.6M | $63.5M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $270M | $0.0M | $0.0M | $0.0M | $0.0M | $152M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $187M | $74.5M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $187M | $74.5M | $0.0M | $0.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $123M | $166M | $105M | $182M | $377M | $61.1M | $101M | $65.5M | $83.2M | $91.1M |
| Total debt | $1.5B | $1.7B | $1.7B | $2.1B | $3.0B | $2.5B | $2.3B | $2.3B | $4.7B | $5.2B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $2.5M | $0.9M |
| Current assets | $196M | $247M | $200M | $294M | $555M | $264M | $244M | $209M | $400M | $473M |
| Current liabilities | $243M | $226M | $235M | $324M | $300M | $382M | $397M | $403M | $927M | $685M |
| Inventory | $26.3M | $29.7M | $30.8M | $32.9M | $47.5M | $32.1M | $45.3M | $41.0M | $71.1M | $68.5M |
| Property and equipment, net | $1.5B | $1.6B | $1.6B | $1.8B | $1.8B | $1.7B | $1.6B | $1.6B | $4.3B | $4.3B |
| Total assets | $2.0B | $2.1B | $2.0B | $2.6B | $2.7B | $2.3B | $2.2B | $2.2B | $9.1B | $7.8B |
| Total liabilities | $2.0B | $2.1B | $2.0B | $2.6B | $3.4B | $3.0B | $2.8B | $2.8B | $7.1B | $7.2B |
| Shareholders' equity | $60.5M | $82.9M | $32.4M | −$10.0M | −$666M | −$699M | −$592M | −$583M | $2.0B | $550M |
| Margins | ||||||||||
| Gross margin | — | — | — | — | — | — | 91.0% | 91.1% | 91.4% | 91.3% |
| Operating margin | 24.6% | 22.3% | 21.5% | 21.0% | −315.1% | 11.1% | 28.6% | 17.0% | 11.5% | −44.4% |
| EBITDA margin | 34.8% | 33.9% | 33.1% | 32.5% | −228.3% | 22.2% | 37.0% | 25.8% | 23.2% | −28.7% |
| Net margin | 13.8% | 16.3% | 9.4% | 11.7% | −325.1% | −3.6% | 16.9% | 6.9% | −8.5% | −51.6% |
| FCF margin | 15.3% | 10.8% | 11.9% | 4.9% | −300.5% | 10.6% | 12.3% | 5.9% | 1.9% | −4.9% |
| Returns | ||||||||||
| Return on capital | 15.8% | 20.2% | 14.8% | 14.0% | −23.4% | 6.4% | 25.8% | 13.8% | 3.7% | −17.7% |
| Return on capital employed | 18.1% | 16.5% | 16.0% | 15.3% | −24.6% | 6.9% | 27.6% | 16.7% | 6.2% | −18.0% |
| Return on equity | — | — | — | — | — | — | — | — | −31.7% | −123.4% |
| Return on assets | 9.0% | 10.7% | 6.2% | 7.5% | −22.4% | −1.9% | 13.5% | 5.6% | −4.1% | −18.9% |
| Growth | ||||||||||
| Revenue growth | 4.3% | 2.6% | 2.0% | 9.4% | −87.7% | 637.1% | 35.8% | −1.0% | 50.6% | 14.5% |
| Net income growth | 58.3% | 21.3% | −41.2% | 36.1% | −442.4% | — | — | −59.5% | −285.6% | — |
| EPS growth | — | — | — | — | — | — | — | — | −233.1% | — |
| FCF growth | 16.2% | −27.7% | 12.5% | −55.0% | −853.8% | — | 57.9% | −53.1% | −50.0% | −389.4% |
| Share count change | — | — | — | — | — | — | — | — | 46.1% | 33.8% |
| Financial health | ||||||||||
| Net debt / EBITDA | 3.2x | 3.3x | 3.5x | 4.1x | — | 8.3x | 3.2x | 4.8x | 7.4x | — |
| Debt / equity | — | — | — | — | — | — | — | — | 2.3x | 9.4x |
| Interest coverage | 3.8x | 3.5x | 3.4x | 3.1x | −3.8x | 0.8x | 3.4x | 2.2x | 1.3x | −4.1x |
| Current ratio | 0.8x | 1.1x | 0.9x | 0.9x | 1.9x | 0.7x | 0.6x | 0.5x | 0.4x | 0.7x |
| Quick ratio | 0.7x | 1.0x | 0.7x | 0.8x | 1.7x | 0.6x | 0.5x | 0.4x | 0.4x | 0.6x |
| Capital allocation | ||||||||||
| Capex / revenue | 12.5% | 14.2% | 14.1% | 22.4% | 71.1% | 4.4% | 10.1% | 12.3% | 11.8% | 15.5% |
| Stock comp / revenue | 0.9% | 1.0% | 0.8% | 0.8% | −0.1% | 1.2% | 1.1% | 1.3% | 2.4% | 2.1% |
| Payouts / FCF | 0.0% | 0.0% | 0.0% | 0.0% | — | 0.0% | 83.5% | 70.8% | 0.0% | — |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | — | — | — | — | — | — | 5.0 | 4.0 |
| Altman Z'' | — | — | — | — | — | — | — | — | 0.1 | −2.0 |
| Accruals ratio | −9.2% | −5.7% | −11.0% | −10.0% | −6.6% | −10.0% | −4.4% | −9.0% | −10.6% | −22.8% |
Source: SEC EDGAR XBRL filings (CIK 0001999001). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.