What Six Flags Entertainment Corp. told the SEC could break it.

Six Flags' results are concentrated in a short outdoor operating season and are directly weather-dependent: roughly 70% of 2025 annual attendance and revenue occurred in the second and third quarters, with the major portion between Memorial Day and Labor Day. Attendance depends on weather, so adverse weather, heat waves, storms or unseasonable conditions during the peak summer window — increasingly likely under climate change — can disproportionately reduce a year's revenue with little ability to recover it. A quantified weather/seasonal physical-risk concentration.

“In 2025, approximately 70% of annual attendance and revenue occurred during the second and third quarters.”

Six Flags acquires rides, attractions, inventory and supplies from foreign countries, many of which require specialized manufacturing. It states that changes in import tariffs and trade policies have already resulted in, and may continue to result in, increased costs, and that potential market disruptions could leave it unable to acquire certain goods timely or at all. Because new rides are large, lumpy capital purchases from overseas makers, tariff increases raise capex and could delay attractions that drive attendance. A realized trade-policy/tariff exposure on imported capital equipment.

“The Company acquires rides, attractions, inventory, and supplies from foreign countries, of which many rides and attractions require specialized manufacturing. Changes in import tariffs and trade policies have resulted and may continue to result in increased costs.”

Six Flags' core capital assets — rides and attractions — require specialized manufacturing supplied by a limited number of (often foreign) makers. If a third-party supplier's financial condition deteriorates, it goes out of business, or goods flow is disrupted (including by tariffs/trade policy), the Company may be unable to obtain replacement parts to keep rides operating, lose the benefit of manufacturer warranties/indemnities, or incur greater maintenance/repair/replacement/insurance costs. A specialized-supplier / sole-source dependence on the ride-manufacturing supply chain (suppliers unnamed in the filing, so a risk rather than a named edge).

“if third party suppliers' financial condition deteriorates, they go out of business or there is a disruption to the flow of goods due to tariffs or trade policies, the Company may not be able to obtain the full benefit of manufacturer warranties or indemnities typically contained in its contracts or may need to incur greater costs for the maintenance, repair, replacement or insurance of these assets.”