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Six Flags Entertainment
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.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Q3 2025 net revenues were $1.32 billion, down 2% year-over-year, with attendance up 1% to 21.1 million guests, but in-park per capita spending fell 4% to $59.08.
Net loss was $1.2 billion, driven by a $1.5 billion non-cash impairment charge on goodwill and intangibles, compared to net income of $111 million in Q3 2024.
Adjusted EBITDA for Q3 2025 was $555 million, down $3 million year-over-year, while Modified EBITDA was $580 million, down 1% year-over-year.
Outperforming parks, representing 70% of park-level EBITDA, saw strong results and margin improvement, while underperforming parks lagged but showed operational improvements.
Integration efforts, including a unified website and ticketing system, and engagement with activist investors like JANA Partners and Travis Kelce, are ongoing.
Financial highlights
Q3 adjusted EBITDA was $555 million, flat to slightly down year-over-year; revenue was $1.32 billion, down 2% from the prior year.
Attendance in Q3 was 21.1 million, up 1% year-over-year; September attendance declined 5%, impacting net revenues.
In-park per capita spending declined 4% to $59.08; out-of-park revenues rose 6% to $108 million, mainly from sponsorships.
Operating costs and expenses decreased by $122 million year-over-year, with lower wages, insurance, and SG&A expenses.
Net debt stood at $4.98 billion as of September 28, 2025.
Outlook and guidance
Full-year 2025 Adjusted EBITDA is projected between $780 million and $805 million.
November and December attendance expected to be flat to down mid-single digits year-over-year, with each 1% shift equating to ~$3 million in EBITDA.
2026 CapEx remains projected at $400 million, with a $100 million reduction from prior plans due to project delays.
2026 strategy focuses on refining marketing, pacing product changes, leveraging new technology, and prioritizing high-EBITDA parks.
2026 season pass sales as of early November 2025 were up 3% in dollar terms, with a 5% higher average price but 3% fewer units sold.
What's the timeline for non-core park divestment?
How will 2025 marketing missteps be corrected?
How will Travis Kelce's brand be leveraged for 2026?
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Next Six Flags Entertainment earnings date
Q4 202519 Feb, 2026
Six Flags Entertainment
Next Six Flags Entertainment earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
Six Flags Entertainment Corporation owns and operates regional theme and waterparks under the Six Flags name. The Company's business is organized into two segments: Marine Parks and Theme Parks. As of December 31, 2016, the Company owned and operated 12 amusement parks in North America (the United States (U.S.), Canada, Mexico and New Zealand). As of December 31, 2016, the Marine Park operations consisted of 6 parks located in Texas, South Carolina and Alabama; 33 waterpark locations in 8 states; operated an additional 12 central distribution centers used to lease space to third parties that operate separate waterpark facilities; sponsored 3 conservation/education centers located at 5 of its park locations in California, Texas and Oklahoma. Six Flags Entertainment Corporation is headquartered in Arlington, Texas.
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