Six Flags’ 2025 Collapse: Stock Plunges 70% and Parks Close as Disney Sets Record Park Profits

Overview

• Six Flags shares fell about 70% this year to roughly $14 after trading above $55 following the 2024 merger.
• The combined company reported roughly $5 billion in debt as Q3 revenue slipped 2% to $1.32 billion and full‑year adjusted EBITDA guidance was cut to $780–$805 million from $1.08–$1.12 billion.
• Six Flags America and Hurricane Harbor in Bowie, Maryland, closed at season’s end in November, and California’s Great America is slated to shut by 2027 due largely to real‑estate value.
• Attendance gains lagged expanded operating days as extreme weather wiped out a large share of peak weekends, exposing the limits of regional, drive‑in demand.
• Leadership turbulence and investor pressure intensified with CEO Richard Zimmerman set to depart at year‑end and JANA Partners taking about a 9% stake, while Disney’s Experiences segment posted roughly $10 billion in operating income driven by higher per‑capita spending, strong Disneyland Paris results, and the Disney Treasure cruise launch.