Six Flags Entertainment (FUN) Q2 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 resorts for the 2025 season; Cedar Fair is the accounting acquirer and the company now operates as a single segment.

• CEO Richard Zimmerman will step down by end of 2025, remaining as a director, with a planned leadership transition.

• Early 2025 faced significant macroeconomic and weather-related headwinds, leading to lower attendance and season pass sales, but July marked a turning point with normalized weather and a surge in demand, especially at parks with new attractions.

• The company posted a net loss of $319.4 million for the first half of 2025, driven by higher costs, integration expenses, and increased interest.

• All parks are managed as a single segment, with Adjusted EBITDA as the key profitability metric.

Financial highlights

• Net revenues for the six months ended June 29, 2025, were $1.13 billion, up 68.2% year-over-year, driven by the merger; Q2 2025 revenues were $930 million, with $389 million from legacy Six Flags.

• Adjusted EBITDA for Q2 2025 was $243 million, up from $205 million in Q2 2024, but for the first half was $71.8 million, down from $108.3 million year-over-year.

• Net loss attributable to the company for Q2 2025 was $100 million, including a $126 million loss from legacy Six Flags operations.

• Attendance for the six months ended June 29, 2025, was 17.0 million, up 70.4% year-over-year, but Q2 attendance was down 9% year-over-year at 14.2 million.

• In-park per capita spending for Q2 was $62.46, up from $60.95 in Q2 2024.

Outlook and guidance

• Full-year 2025 Adjusted EBITDA guidance revised to $860–$910 million, reflecting weather disruptions and a smaller active pass base.

• Capital expenditures for 2025 are expected at $475–$500 million, with 2026 capex projected at $400 million.

• Cash interest payments for 2025 are projected at $315–$325 million, and cash tax payments at $35–$45 million.

• Second half 2025 attendance expected to be flat year-over-year, with in-park per capita spending projected to decline 3% and full-year operating costs targeted to decrease by 3%.

• No dividend declared; focus remains on debt reduction and reinvestment.