Six Flags Entertainment Corporation reported a net loss of $1.60 billion for the year ended December 31, 2025, a significant increase from the $231.2 million net loss in 2024. The company recorded a cumulative $1.52 billion impairment charge in the third quarter of 2025, primarily related to goodwill and trade names of Former Six Flags and Schlitterbahn reporting units, due to underperforming revenue and earnings and a sustained decline in share price. Net revenues increased by 14.4% to $3.10 billion in 2025, compared to $2.71 billion in 2024, largely due to the full-year inclusion of Former Six Flags operations post-merger. Attendance rose by 13.8% to 47.39 million visits in 2025, but a 2.1 million-visit decline was observed in the latter half of the year, attributed to inclement weather and fewer operating days. Per capita spending increased by 1.0% to $61.90, driven by higher in-park product spending, partially offset by lower admissions per capita due to a higher mix of season pass visitation. Adjusted EBITDA decreased by $83.3 million to $792.0 million in 2025, with the Modified EBITDA margin falling 610 basis points to 27.1%. Selim Bassoul's employment as Executive Chair of the Board was terminated effective December 31, 2025, with severance benefits including a $7.75 million payment and vesting of 261,000 performance stock units. John Reilly was appointed President and Chief Executive Officer in December 2025, with an annual base salary of $1.1 million and significant equity awards. The company closed its amusement and water park in Bowie, Maryland, at the end of the 2025 operating season, marketing the property for redevelopment as part of portfolio optimization. Six Flags elected not to purchase the outstanding limited partnership interests in Six Flags Over Texas in December 2025, but will acquire Six Flags Over Georgia and White Water Atlanta in January 2027. Several executives, including Brian Witherow, Tim Fisher, Brian Nurse, Christian Dieckmann, David Hoffman, and Ty Tastepe, received retention bonuses totaling $3.44 million, payable July 1, 2026. The company issued $1.0 billion of 8.625% senior unsecured notes due 2032 in January 2026, using the proceeds to redeem existing 2027 senior notes. Six Flags is facing multiple legal proceedings, including a federal securities class action and shareholder derivative complaints related to the 2024 merger, and ADA class actions concerning accessibility policies.