Six Flags Entertainment Corporation

Latest Results (20.11.2025):

Six Flags Entertainment Corporation's 2025 third quarter results (quarter ended Sept. 28, 2025) show mixed operational performance: attendance and Adjusted EBITDA were roughly steady year-over-year, but the company reported a large non-cash goodwill and intangible impairment that drove a substantial GAAP net loss. The Company also provided an October update through Nov. 2, 2025 and said it is updating its full-year Adjusted EBITDA guidance.

Revenue and attendance

Net revenues were $1.32 billion, down $31 million (2%) versus Q3 2024. Attendance rose 1% to 21.1 million guests. Operating days were 2,573 vs. 2,585 in Q3 2024.

GAAP net loss and impairment

Net loss attributable to Six Flags Entertainment Corporation totaled $1.2 billion (loss per diluted share $11.77). This reflects a $1.5 billion non-cash impairment charge to goodwill and other intangibles recorded in Q3 2025.

Adjusted EBITDA

Adjusted EBITDA was $555 million, down $3 million versus Q3 2024. The company noted the impairment is non-cash and does not affect cash flow or Adjusted EBITDA.

Per-capita and mix trends

In-park per capita spending declined 4% to $59.08. Admissions per capita fell 8% to $31.48 (due to promotions and a shift toward season-pass visitors), while per-capita spend on in-park products rose 2% to $27.60. Out-of-park revenues increased 6% to $108 million, helped by higher sponsorship activity.

Costs, SG&A and depreciation

Operating costs and expenses fell to $772 million, down $122 million year-over-year. SG&A declined $97 million (including $56 million less in merger-related costs and $20 million lower equity comp). Depreciation & amortization was $128 million, down $17 million.

Operating income, interest and taxes

Operating loss was $1.1 billion in Q3 2025 versus operating income of $263 million in Q3 2024 (impairment-driven). Net interest expense was $91 million (up $9 million). The quarter included a $38 million income tax benefit versus a $43 million provision in prior-year Q3.

Management commentary and strategic notes

Management cited softer September trends, higher earlier-year advertising, and targeted investments to improve guest satisfaction. The company plans to prioritize higher-return park investments and is engaged with a shareholder group led by JANA Partners (including Travis Kelce) on value-enhancing initiatives and potential branding collaboration.

Outlook and updates

Six Flags provided a fourth-quarter performance update through Nov. 2, 2025 and stated it is updating its previously provided full-year Adjusted EBITDA guidance (no updated guidance figure was included in the provided excerpt).