Six Flags Struggles to Regain Visitor Levels Despite Upgrades

New CEO John Reilly aims to turn around declining attendance and revenue at the theme park operator.

Published on Feb. 24, 2026

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Six Flags Entertainment Corp. reported 2025 earnings and revenue that were slightly ahead of analyst estimates, but the amusement park operator continues to struggle with declining attendance and revenue. Despite investments to improve park infrastructure, add new attractions, upgrade technology, and enhance food and beverage offerings under new CEO John Reilly, Six Flags saw a 9% drop in fourth-quarter attendance and a 12% decline in observed sales compared to the prior year.

Why it matters

Six Flags' struggles highlight the challenges facing the theme park industry as it seeks to recover from the impacts of the COVID-19 pandemic. The company's inability to boost attendance and revenue despite facility upgrades raises questions about broader consumer trends and preferences that may be shifting away from traditional amusement parks.

The details

Six Flags reported adjusted EBITDA of $792 million for 2025, slightly above analyst estimates but down from its original guidance. Revenue for the year came in at $3.1 billion, also slightly higher than expected. However, the company saw a 9% drop in fourth-quarter attendance to 9.3 million park visitors, translating to a 9% decline in admissions revenue to $327 million. Observed sales in the fourth quarter fell 12% year-over-year, in contrast to a 70% jump in the prior-year period.

  • Six Flags reported its 2025 earnings and revenue results on February 19, 2026.
  • The company's fourth-quarter results, which showed declining attendance and revenue, were for the period ending in December 2025.

The players

Six Flags Entertainment Corp.

An American amusement park corporation that owns and operates 27 theme parks and water parks across the United States, Mexico, and Canada.

John Reilly

The new CEO of Six Flags Entertainment Corp., who took over from Richard Zimmerman in December 2025.

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What they’re saying

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

— John Reilly, CEO, Six Flags Entertainment Corp. (latimes.com)

What’s next

Six Flags has not provided guidance for 2026, leaving investors uncertain about the company's plans to address the ongoing attendance and revenue challenges.

The takeaway

Six Flags' struggles to regain visitor levels despite facility upgrades and a new CEO suggest broader shifts in consumer preferences that the theme park industry may need to adapt to in order to remain relevant and successful.