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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.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Q3 2025 net revenues were $1.32 billion, down 2% year-over-year, with flat adjusted EBITDA and a 1% increase in attendance to 21.1 million guests; net loss was $1.2 billion due to a $1.5 billion non-cash impairment charge.
Outperforming parks, representing about 70% of park-level EBITDA, delivered strong results and higher margins, while underperforming parks lagged but showed improvement in guest satisfaction and operational metrics.
Strategic focus is on optimizing the park portfolio, with ongoing evaluation of underperforming parks for potential divestiture or turnaround and continued integration efforts, including a unified website and ticketing system.
Engagement with activist investors, including JANA Partners and Travis Kelce, has increased brand visibility and generated significant consumer and shareholder interest.
Foundational investments and merger-related costs weighed on margins but are expected to drive long-term EBITDA growth, especially at larger parks.
Financial highlights
Q3 adjusted EBITDA was $555 million, down $3 million year-over-year; modified EBITDA was $580 million, down 1% year-over-year.
In-park per capita spending declined 4% to $59.08, with admissions per capita at $31.48 (down 8%) and in-park product spending at $27.60 (up 2%).
Operating costs and expenses decreased 14% to $772 million, mainly due to lower labor, insurance, and SG&A expenses.
Net debt stood at $4.98 billion as of September 28, 2025; total liquidity was $763 million.
October attendance was 5.8 million, down 11% from 2024 but up 7% compared to 2022.
Outlook and guidance
Full-year 2025 adjusted EBITDA guidance is $780–$805 million, reflecting a cautious outlook.
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 season pass sales are up 3% in dollar terms, with a 5% higher average price but 3% fewer units sold.
CapEx for 2026 remains projected at $400 million, with a $100 million reduction from prior plans due to project delays.
Strategic focus for 2026 includes refining marketing, reassessing pricing, optimizing expenses, and leveraging new technology platforms.
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
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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