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Six Flags Entertainment (FUN) investor relations material
Six Flags Entertainment Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 performance was led by the largest and most profitable parks, with overall attendance up 1% year-over-year to 21.1 million guests, but revenues declined 2% due to a sharp drop in September demand.
Outperforming parks, typically the largest, benefited from consistent investment and showed resilience, while underperforming parks lagged but showed improvement in leading indicators.
Integration efforts advanced, including a unified website and ticketing system, enhancing operational efficiency.
Engagement with activist investors, including a group led by Jana Partners and Travis Kelce, generated significant consumer and market interest.
Foundational investments and merger integration costs were made to drive long-term EBITDA growth, despite challenging conditions.
Financial highlights
Q3 modified EBITDA: ~$580 million; adjusted EBITDA: ~$550 million, flat year-over-year; Q3 revenues: $1.32 billion, down 2% year-over-year; attendance: 21.1 million, up 1%.
In-park per capita spending declined 4% to $59.08.
Operating costs and expenses decreased 14% to $772 million.
September attendance declined 5% year-over-year, causing a 5% drop in net revenues for the month.
Full-year adjusted EBITDA guidance revised to $780–$805 million.
Outlook and guidance
Updated full-year adjusted EBITDA guidance reflects a more disciplined and realistic assessment of business conditions.
November and December attendance expected to be flat to down mid-single digits year-over-year, with each 1% shift impacting EBITDA by ~$3 million.
2026 CAPEX expected at ~$400 million, with no major changes in allocation.
Focus for 2026: leveraging learnings from 2025, refining marketing, and phasing pricing/promotions more precisely.
Strategy for 2026 will focus on reassessing pricing, optimizing expenses, and prioritizing parks with the highest EBITDA potential.
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