Falcon's Beyond Global (FBYD) Q4 2025 earnings summary

Executive summary

• Q4 2025 consolidated revenue reached $6.6 million, with full-year revenue at $14.9 million, driven by the new Attractions segment and joint venture management fees.

• Net loss for Q4 2025 was $0.3 million, a significant improvement from $11.9 million loss in Q4 2024; full-year 2025 net income was $6.3 million, mainly due to gains from the sale of PDP's Tenerife property.

• Adjusted EBITDA for Q4 2025 was $0.2 million, reversing a $12.0 million loss in Q4 2024; full-year Adjusted EBITDA loss was $17.3 million, reflecting investments in Attractions and equity method losses.

Financial highlights

• FCG (unconsolidated) Q4 2025 revenue grew 53.5% year-over-year to $14.4 million, with $3.7 million operating income.

• PDP (unconsolidated) Q4 2025 revenue was $2.1 million, with a net loss of $0.2 million due to seasonality.

• Full-year FCG revenue was $38.7 million (down $14.5 million year-over-year), with a net loss of $0.8 million.

• Full-year PDP revenue was $31.4 million, with $64.8 million net income, including a $60 million gain from the Tenerife sale.

Segment performance

• Falcon's Attractions contributed significantly to revenue growth and operating profit in 2025.

• FCG maintained a contracted pipeline of $41.6 million at year-end 2025.

• PDP's performance is highly seasonal, with losses in Q4 due to winter closure of Mallorca property.