Six Flags Entertainment (FUN) Q1 2025 earnings summary

Executive summary

• The merger of Cedar Fair and Six Flags was completed on July 1, 2024, creating North America's largest regional amusement park operator with 42 parks and 9 resorts for 2025, now operating as Six Flags Entertainment Corporation under ticker "FUN".

• Integration is progressing well, with strong market response to new rides, improved guest satisfaction, and significant cost savings initiatives underway.

• Q1 2025 reflects the first full quarter post-merger, with net revenues rising to $202 million, driven by the addition of legacy Six Flags operations, but net loss widened to $220 million, including $134 million from legacy Six Flags.

• Attendance increased to 2.8 million, with 1.6 million from legacy Six Flags parks, and April 2025 saw a 1% year-over-year attendance increase and 6% growth in season pass sales.

• Confidence in the 2025 operating plan is supported by solid April results, positive trends in season pass sales, and strong demand for new attractions.

Financial highlights

• Net revenues for Q1 2025 were $202.1 million, up 98.8% year-over-year, with attendance increasing by 1.5 million visits to 2.8 million and in-park per capita spending rising 5.5% to $65.40.

• Net loss attributable to Six Flags Entertainment Corporation was $219.7 million ($2.20 per share) for Q1 2025, compared to $133.5 million ($2.63 per share) in Q1 2024.

• Adjusted EBITDA loss for Q1 2025 was $170.8 million, an increase of $73.6 million year-over-year, with $61.7 million of the loss from Former Six Flags operations.

• Q1 CapEx was $140 million, in line with the full-year plan of $475–$500 million.

• $15 million in non-recurring merger integration costs and $5 million in adjusted EBITDA add-backs were incurred in Q1.

Outlook and guidance

• Full-year 2025 adjusted EBITDA guidance is maintained at $1.08–$1.12 billion.

• Project Accelerate strategy targets revenue growth, cost synergies, and $1.0 billion in capital expenditures over 2025–2026.

• Operating costs and expenses are expected to be more than 3% lower than 2024 actuals, inclusive of merger synergies, with an additional $60 million in cost savings targeted by end of 2026.

• Management expects to recover attendance lost to timing shifts as operating calendars expand in Q2 and Q3.

• Sufficient liquidity to meet obligations through at least Q1 2026.