Six Flags Entertainment (FUN) Q4 2024 earnings summary

Executive summary

• Completed merger of legacy Cedar Fair and Six Flags on July 1, 2024, forming the new Six Flags Entertainment Corporation; legacy Cedar Fair is the accounting acquirer.

• Delivered record October performance and strong Q4 results, capturing nearly half of targeted merger-related cost synergies.

• Early 2025 trends show a 2% increase in attendance and 3% rise in season pass sales, indicating robust demand.

• Integration efforts post-merger are progressing well, with a focus on guest satisfaction and operational efficiency.

• Net loss attributable to the Combined Company was $264 million, with a negative net income margin of 38.4%.

Financial highlights

• Q4 net revenues reached $687 million on 10.7 million visits; $324 million and 5 million visits from Legacy Six Flags.

• Adjusted EBITDA for Q4 increased $120 million year-over-year to $209 million; Modified EBITDA margin improved 650 basis points to 30.4%.

• In-park per capita spending rose 3% to $61.60, driven by both Legacy Six Flags and Cedar Fair parks.

• Out-of-park revenues for Q4 totaled $48 million.

• Operating income for Q4 2024 was $51 million, up from $29 million in Q4 2023.

Outlook and guidance

• Targeting 2025 Adjusted EBITDA of $1.08–$1.12 billion, reflecting step-function growth for the expanded portfolio.

• Expecting $475–$500 million in capital expenditures for 2025.

• Projecting 5,852 total operating days in 2025, similar to 2024.

• Anticipates realizing an additional $70 million in cost synergies in 2025, targeting a 4% reduction in operating costs.

• Strategic initiatives include new rides and attractions at 11 of 14 largest locations.