Six Flags Entertainment (FUN) Q3 2025 earnings summary

Executive summary

• Q3 2025 net revenues were $1.32 billion, down 2% year-over-year, with attendance up 1% to 21.1 million, but per capita spending fell 4% to $59.08.

• The merger of Cedar Fair and Former Six Flags created North America's largest regional amusement park operator, now managing 41 parks and 9 resorts.

• Net loss attributable to the company was $1.2 billion in Q3 2025, driven by a $1.5 billion non-cash impairment charge on goodwill and intangibles.

• Outperforming parks, representing 70% of park-level EBITDA, performed strongly and are on track for record or near-record results, while underperforming parks lagged but showed operational improvements.

• Integration efforts, including a unified website and ticketing system, are progressing, with ongoing engagement from activist investors such as JANA Partners and Travis Kelce.

Financial highlights

• Adjusted EBITDA for Q3 2025 was $555 million, down $3 million year-over-year; net revenues were $1.32 billion, and net loss was $1.19 billion due to impairment charges.

• For the nine months ended September 28, 2025, net revenues increased 21.2% to $2.45 billion, driven by the merger.

• Attendance for the nine months rose to 38.1 million, up 23.1% year-over-year, primarily due to the merger.

• Operating costs and expenses decreased by $122 million year-over-year in Q3, driven by lower wages, insurance, and SG&A.

• Out-of-park revenues rose 6% to $108 million, mainly from increased sponsorship activity.

Outlook and guidance

• Full-year 2025 Adjusted EBITDA is projected between $780 million and $805 million.

• Capital expenditures for 2025 are expected to total $510–$520 million, with major investments in new rides and park upgrades.

• October 2025 attendance was down 11% year-over-year but up 7% compared to October 2023 for the combined legacy companies.

• 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.

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