Six Flags runs 27 theme and water parks across the US, Canada, and Mexico, selling day tickets, season passes, and on-site stays—think Disney World but with more roller coasters and fewer princesses.
Money comes from park admissions, food, and merchandise, with annual revenue of USD 3.10B in 2025. Gross margin was 20.13% that year, but net margin was -51.58%, meaning heavy losses—the business is seasonal and capital-intensive, not a steady cash cow.
The parks own exclusive licenses for DC Comics, Looney Tunes, and PEANUTS characters, which competitors like Cedar Fair and Herschend Family Entertainment can't easily replicate. Moat level: solid—these IP contracts and the sheer scale of 27 locations create d
Key events, in time order
Q2 revenue $865M (-7% YoY), EBITDA $243M miss, net loss -$203M
Director Rehan Jaffer purchased $5.89M, first buy in 1,301 days; stock up 42% in prior 3 months
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