Financial research concept

Theme Park Maintenance and Infrastructure Capex Floor

measures management's stated expected minimum annual maintenance and infrastructure capital-expenditure requirement.

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.

The stated floor was about 15.8% to 18.9% of Adjusted EBITDA
The midpoint was about $137.5 million
The floor is not total growth capex
Part of the Theme Park Economics
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Theme Park Maintenance and Infrastructure Capex Floor measures management's stated minimum annual reinvestment requirement for maintenance and infrastructure.

Six Flags reported approximately $125 million to $150 million annually for this measure in its fiscal 2025 disclosures.

The stated floor was about 15.8% to 18.9% of Adjusted EBITDA

Six Flags reported $792.010 million of Adjusted EBITDA.

Dividing the $125 million to $150 million range by $792.010 million gives approximately 15.8% to 18.9%.

The midpoint was about $137.5 million

That midpoint is useful as a scale check for recurring infrastructure needs, but it is not management's forecast of exact annual spending.

Use Theme Park Adjusted EBITDA to compare the reinvestment floor with issuer-defined earnings capacity.

The floor is not total growth capex

New attractions, resort expansion, transformational projects, and project timing can push actual capital spending above the stated maintenance and infrastructure requirement.

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 EBITDA Theme Park Amusement Park CountTheme Park Maintenance and Infrastructure Capex FloorCurrent conceptTheme 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 Adjusted EBITDA Theme Park Amusement Park Count Theme Park Modified EBITDA Margin Theme Park Resort Property Count Theme Park Separately Gated Water Park Count

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Compare public companies

Compare the recurring maintenance floor with Adjusted EBITDA scale while keeping it separate from total growth capex.

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