Six Flags Entertainment Corporation ( FUN ) stock rose Thursday after revenue topped expectations despite a wider-than-expected quarterly loss.

The theme park operator reported declining attendance but stronger per-capita spending as it continues investing in new attractions.

The firm reported a fourth-quarter adjusted loss of 91 cents per share, wider than the Street’s expected loss of 22 cents per share.

Quarterly Metrics

Quarterly sales of $650.089 million (down 5% year over year) outpaced the Street view of $603.053 million.

Attendance totaled 9.3 million guests, down 13% or about 1.4 million from the fourth quarter of 2024. On a per-operating-day basis, attendance fell 2% year over year.

Per capita spending rose 8% to $66.41, comprising $35.32 from admissions and $31.10 from in-park purchases.

The uptick in admissions spending per guest was attributed to pricing actions, promotional initiatives, and shifts in attendance mix.

Meanwhile, higher in-park spending was fueled by increased outlays on food and beverages, merchandise, and add-on offerings.

This growth reflects ongoing investments to enhance dining options across the parks and strong demand for premium experiences such as Fast Lane and Flash Pass.

Out-of-park revenues were up 8% to $51 million, driven primarily by higher sponsorship revenue in the fourth quarter of 2025.

Operating loss totaled $25 million for the three months ended Dec. 31, 2025, compared with operating income of $51 million a year earlier.

“We made significant investments to improve our park infrastructures, added exciting new attractions to our parks, upgraded our technology systems, and enhanced our food and beverage offerings – and in 2026, we will continue to invest heavily in an exciting slate of family-oriented attractions, food and beverage facility upgrades, and record-breaking roller coasters,” said John Reilly, President and CEO.

On the earnings call, Reilly pointed to the strength of the company’s asset base and long-term earnings outlook, noting that demand fundamentals remain intact and that the greatest opportunity to unlock value lies in improved operational execution. He also underscored efforts to identify and expand successful innovations across its portfolio of parks.

Adjusted EBITDA totaled $165 million compared with Adjusted EBITDA of $209 million in the fourth quarter of 2024.

The company exited the quarter with cash and equivalents worth $91.134 million.

Operating days totaled 779, down 11% from 878 in the fourth quarter of 2024 due to weather.

Elevated Short Interest

The company has a short float of 23.57 million shares, representing 27.57% of its publicly traded float, indicating a high level of short interest among investors betting against the stock.

FUN Price Action: Six Flags Entertainment ( FUN ) shares were up 5.76% at $17.15 at the time of publication on Thursday, according to Benzinga Pro data.

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