Financial research concept

Theme Park Adjusted EBITDA

measures the issuer's non-GAAP earnings metric derived from Modified EBITDA after the effect of net income attributable to non-controlling interests.

By Lee BaileyPublished Sep 25, 2026

Research context

See what supports this page, how current it is, and where comparable or historical context is available.

Research date: Sep 25, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
Operating-model context: 17 connected conceptsPart of the reviewed Theme Park Economics; issuer definitions remain distinct where disclosed.
Company examples: 1 reviewed companyRelationships reflect supported examples, not a normalized cross-company KPI ranking.

Adjusted EBITDA was about 25.6% of reconstructed net revenue
That ratio is not the reported Modified EBITDA margin
Adjusted EBITDA is not GAAP operating income or cash flow
Part of the Theme Park Economics
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Theme Park Adjusted EBITDA measures Six Flags' issuer-defined non-GAAP earnings metric derived from its Modified EBITDA framework.

Six Flags reported $792.010 million of Adjusted EBITDA in fiscal 2025.

Adjusted EBITDA was about 25.6% of reconstructed net revenue

Six Flags' operating-revenue bridge gives approximately $3.100 billion of net revenue after adding in-park and out-of-park revenue and subtracting concessionaire remittances.

Dividing $792.010 million by roughly $3.100 billion gives about 25.6% as a scale comparison.

That ratio is not the reported Modified EBITDA margin

Six Flags separately reported a 27.1% Modified EBITDA margin.

Use Theme Park Modified EBITDA Margin to preserve the distinction between the Modified EBITDA numerator and Adjusted EBITDA.

Adjusted EBITDA is not GAAP operating income or cash flow

The measure includes issuer-defined adjustments and should not be treated as a standardized peer profitability metric.

Primary source: Six Flags 2025 Form 10-K.

Part of the Theme Park Economics

Connect attendance, guest monetization, in-park and out-of-park revenue, operating calendars, seasonal concentration, portfolio footprint, reinvestment needs, and issuer-defined park-level profitability across a regional theme-park operator.

Browse the full operating model in Company Analysis →

Where this concept fits

Portfolio scale, reinvestment, and profitabilityCurrent relationship
Amusement parks, separately gated water parks, and resort properties describe the physical portfolio, the stated maintenance and infrastructure capex floor frames recurring reinvestment needs, and Adjusted EBITDA plus Modified EBITDA margin show issuer-defined non-GAAP profitability after the portfolio is operated.
Theme Park Adjusted EBITDACurrent conceptTheme Park Amusement Park Count Theme Park Maintenance and Infrastructure Capex Floor Theme Park Modified EBITDA Margin Theme Park Resort Property Count Theme Park Separately Gated Water Park Count
Attendance, calendar, and seasonal demand
Attendance measures guest visits, operating days frame the calendar available to generate those visits, and peak-season mix shows how heavily annual demand and revenue concentrate in the second and third quarters. These are related demand and calendar measures, not interchangeable counts.
Theme Park Attendance Theme Park Operating Days Theme Park Peak-Season Attendance and Revenue Mix
Guest monetization and revenue mix
Admissions and in-park product per-capita spending split guest monetization into entry-related and ancillary components, while in-park admissions, in-park product, total in-park, out-of-park revenue, and concessionaire remittances bridge those operating measures toward reported revenue.
Theme Park Admissions Per Capita Spending Theme Park Concessionaire Remittances Theme Park In-Park Admissions Revenue Theme Park In-Park Product Per Capita Spending Theme Park In-Park Product Revenue Theme Park In-Park Revenue Theme Park Out-of-Park Revenue Theme Park Per Capita Spending

See It in Company Research

These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.

FUNOpen operating-model research →17 of 17 reviewed concepts in Theme Park EconomicsPortfolio scale, reinvestment, and profitability6 of 6 bridge concepts supportedContinue through this bridge:Theme Park Amusement Park Count Theme Park Maintenance and Infrastructure Capex Floor Theme Park Modified EBITDA Margin Theme Park Resort Property Count Theme Park Separately Gated Water Park Count

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Compare Adjusted EBITDA with reconstructed net revenue and the separate Modified EBITDA margin framework.

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