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 guests, but in-park per capita spending fell 4% to $59.08.

• Net loss was $1.2 billion, driven by a $1.5 billion non-cash impairment charge on goodwill and intangibles, compared to net income of $111 million in Q3 2024.

• Adjusted EBITDA for Q3 2025 was $555 million, down $3 million year-over-year, while Modified EBITDA was $580 million, down 1% year-over-year.

• Outperforming parks, representing 70% of park-level EBITDA, saw strong results and margin improvement, while underperforming parks lagged but showed operational improvements.

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

Financial highlights

• Q3 adjusted EBITDA was $555 million, flat to slightly down year-over-year; revenue was $1.32 billion, down 2% from the prior year.

• Attendance in Q3 was 21.1 million, up 1% year-over-year; September attendance declined 5%, impacting net revenues.

• In-park per capita spending declined 4% to $59.08; out-of-park revenues rose 6% to $108 million, mainly from sponsorships.

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

• Net debt stood at $4.98 billion as of September 28, 2025.

Outlook and guidance

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

• 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 CapEx remains projected at $400 million, with a $100 million reduction from prior plans due to project delays.

• 2026 strategy focuses on refining marketing, pacing product changes, leveraging new technology, and prioritizing high-EBITDA parks.

• 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.