Financial research concept

Theme Park Modified EBITDA Margin

measures Modified EBITDA as a percentage of net revenue under the issuer's credit-agreement-defined non-GAAP framework.

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 revenue bridge implies roughly $840 million of Modified EBITDA
Modified EBITDA and Adjusted EBITDA are not interchangeable
This is not a standardized GAAP margin
Part of the Theme Park Economics
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Theme Park Modified EBITDA Margin measures Modified EBITDA as a percentage of net revenue under Six Flags' credit-agreement-defined non-GAAP framework.

Six Flags reported 27.1% Modified EBITDA margin in fiscal 2025.

The revenue bridge implies roughly $840 million of Modified EBITDA

In-park revenue of $2.933 billion plus $255.454 million of out-of-park revenue less $88.648 million of concessionaire remittances reconstructs approximately $3.100 billion of net revenue.

Applying 27.1% to that amount implies roughly $840 million of Modified EBITDA.

Modified EBITDA and Adjusted EBITDA are not interchangeable

Six Flags separately reported $792.010 million of Adjusted EBITDA.

The difference between the implied Modified EBITDA scale and reported Adjusted EBITDA shows why the two issuer-defined metrics should remain separate.

Use Theme Park Adjusted EBITDA for the distinct Adjusted EBITDA measure.

This is not a standardized GAAP margin

The numerator follows Six Flags' credit-agreement definitions and adjustments.

Peer theme-park margins may use different exclusions and therefore are not directly comparable.

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 Count Theme Park Maintenance and Infrastructure Capex FloorTheme Park Modified EBITDA MarginCurrent conceptTheme 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 Maintenance and Infrastructure Capex Floor Theme Park Resort Property Count Theme Park Separately Gated Water Park Count

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Compare the 27.1% Modified EBITDA margin with reconstructed net revenue and distinct Adjusted EBITDA.

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