Six Flags Entertainment Corporation: Q3 FY2025 earnings call

What management said about Q3 FY2025, from the documents filed with the SEC on 7 November 2025: press release. Guidance figures: 1 lowered. The quarter’s numbers.

Read the filing

Key takeaways

• Revenue fell 2% on lower spending: Net revenues were $1.32 billion, down $31 million from the third quarter of 2024, as attendance rose 1% while in-park per capita spending fell 4% to $59.08. Source
• Admissions per capita fell on promotions: Admissions per capita spending was $31.48, down 8%, which management linked to promotional offers and a mix shift toward season pass visits with fewer single-day visitors. Source
• Impairment of $1.5 billion: The impairment followed an internal assessment triggered by performance below expectations and a sustained lower share price; it does not affect cash flow or Adjusted EBITDA. Source
• October attendance down 11%: Attendance over the five weeks to Nov. 2 was 5.8 million, down 11% from a year earlier, when October attendance rose about 20% on exceptional weather. Source
• 2026 season pass sales up 3%: Sales of 2026 season passes as of Nov. 2 were up about 3%, reflecting a 5% higher average price, partly offset by 3% fewer units sold. Source
• Net debt of $4.98 billion: Net debt was $4.98 billion, calculated from total debt of $5.03 billion before issuance costs and fair value layers, less $71 million of cash. Source
• JANA-led group takes significant stake: A group led by JANA Partners, including Travis Kelce, acquired a significant stake, and the company said it is in active discussions about enhancing shareholder value. Source

“Our efforts to stimulate demand did not achieve the desired returns and our decision to shift to more advertising spend earlier in the year”

Six Flags President and CEO Richard Zimmerman

Guidance

What changed from last quarter

• Guidance lowered: Full-year 2025 Adjusted EBITDA guidance was reset to $780 million to $805 million from the prior $860 million to $910 million range.
• New: A group led by JANA Partners, including NFL player Travis Kelce, acquired a significant stake in the company. Source
• New: The company is in discussions with Kelce's team on a broader branding relationship. Source
• New: The company recorded a $1.5 billion non-cash impairment on goodwill and other intangibles in the quarter. Source

Third quarter results and drivers

• Revenue fell 2% on lower spending: Net revenues were $1.32 billion, down $31 million from the third quarter of 2024, as attendance rose 1% while in-park per capita spending fell 4% to $59.08. Source
• Adjusted EBITDA down $3 million: Management attributed the entire Adjusted EBITDA decline of $3 million, to $555 million, to lower revenue from in-park per capita spending, partly offset by lower operating expenses. Source
• Out-of-park sponsorship lifted revenue: Out-of-park revenues rose 6% to $108 million, mainly from higher sponsorship activity in the quarter. Source
• Net loss from impairment charge: Net loss attributable to the company was $1.2 billion, or $11.77 per diluted share, compared with net income of $111 million, or $1.10 per diluted share, a year earlier. Source
• Interest expense rose $9 million: Net interest expense was $91 million, up $9 million, mainly from accretion on the Six Flags Over Georgia call option liability. Source
• Tax benefit versus prior provision: The company recorded a $38 million tax benefit, compared with a $43 million provision a year earlier, which management linked to forecasted pre-tax book income. Source

Attendance, pricing and per capita spending

• Admissions per capita fell on promotions: Admissions per capita spending was $31.48, down 8%, which management linked to promotional offers and a mix shift toward season pass visits with fewer single-day visitors. Source
• In-park products spending rose 2%: Per capita spending on in-park products was $27.60, up 2%, which management tied to upgraded food and beverage offerings and demand for premium experiences. Source
• Attendance up 138,000 visits: Attendance reached 21.1 million guests, up 1%, with the gain concentrated in parks that account for most park-level Modified EBITDA. Source

“We are very pleased that our largest and most established parks have continued to perform well during this challenging year,”

Six Flags President and CEO Richard Zimmerman

Costs, margins and impairment

• Operating costs down $122 million: Operating costs and expenses totaled $772 million, down $122 million from the third quarter of 2024, with lower operating expenses and lower SG&A. Source
• Advertising and wages cut SG&A: Excluding merger costs and equity compensation, SG&A fell on a planned $26 million advertising reduction and $6 million lower full-time wages. Source
• Impairment of $1.5 billion: The impairment followed an internal assessment triggered by performance below expectations and a sustained lower share price; it does not affect cash flow or Adjusted EBITDA. Source
• Insurance and wages cut operating expense: Operating expenses fell $26 million, with lower wages and lower insurance costs, partly offset by higher utility and maintenance costs. Source
• Depreciation down $17 million: Depreciation and amortization was $128 million, down $17 million, reflecting a higher 2024 fair value for legacy Six Flags assets and a change in interim depreciation method. Source
• Severance from executive terminations: Severance was $8.6 million in the quarter, following terminations of employees, including certain executives, in recent reorganization efforts. Source

October trends and season pass sales

• October attendance down 11%: Attendance over the five weeks to Nov. 2 was 5.8 million, down 11% from a year earlier, when October attendance rose about 20% on exceptional weather. Source
• Two-year comparison up 7%: October attendance was up 7% against combined legacy company attendance for the same period in 2023, which management said gives a more relevant view of growth. Source
• 2026 season pass sales up 3%: Sales of 2026 season passes as of Nov. 2 were up about 3%, reflecting a 5% higher average price, partly offset by 3% fewer units sold. Source
• Operating days nearly unchanged: Operating days totaled 2,573 against 2,585 a year earlier, which management attributed to calendar differences and removal of lower-volume days at certain parks. Source

“We are disciplined in our approach to capital allocation and prepared to prioritize investments in our highest return properties moving forward.”

Six Flags President and CEO Richard Zimmerman

Balance sheet and liquidity

• Net debt of $4.98 billion: Net debt was $4.98 billion, calculated from total debt of $5.03 billion before issuance costs and fair value layers, less $71 million of cash. Source
• Deferred revenues up $6 million: Deferred revenues were $365 million, up $6 million, mainly from higher sales of 2026 season-long products, partly offset by timing of sponsorship billings. Source
• Total liquidity of $763 million: Total liquidity was $763 million, counting cash and available borrowings under the revolving credit facility. Source

Shareholder engagement and brand partnership

• JANA-led group takes significant stake: A group led by JANA Partners, including Travis Kelce, acquired a significant stake, and the company said it is in active discussions about enhancing shareholder value. Source
• Kelce branding relationship under discussion: The company is working with Kelce's team on a broader branding relationship, drawing on his long history with the parks. Source
• Talks on shareholder value ongoing: Management said it has been in active conversations with the JANA-led group about the shared goal of enhancing shareholder value. Source

Strategy, portfolio and integration

• Capital directed to highest-return parks: Management said capital allocation is disciplined and that investments will be prioritized toward the company's highest return properties going forward. Source
• Largest parks carry 70% of EBITDA: The largest and most established parks represent about 70% of park-level Modified EBITDA for the first nine months and have continued to perform well this year. Source
• Several parks near record results: Several parks in this group are on pace to deliver record or near-record results in 2025, which management linked to past investments in rides and facilities. Source
• Integration and marketing work continues: Management said teams remain focused on integration initiatives, sharper marketing messaging and a better guest experience across the portfolio. Source

Coming up, as management said on 7 November 2025

• Q4 expectations to close year: The 2025 Adjusted EBITDA range reflects expectations for the last two months of the year, following year-to-date results and October preliminary results. Source
• Brand partnership talks ongoing: Discussions with Kelce's team on a broader branding relationship are underway, with no date given. Source
• Shareholder group talks continue: The company said it has been in active conversations with the JANA-led group on enhancing shareholder value. Source

Figures management reported

Risks management discussed

• Demand: October attendance fell 11% over the five weeks to Nov. 2, compared with a year earlier that benefited from exceptional weather. Source
• Demand: Promotional offers and a shift in mix toward season pass visits reduced admissions per capita spending by 8% in the quarter. Source
• Financial: Net debt stood at $4.98 billion against total debt of $5.03 billion, with cash of $71 million. Source
• Financial: The $1.5 billion impairment resulted from an internal assessment after performance fell short of expectations and the share price stayed low. Source

Earlier plans management reported on

• Not stated: Management said it intends to ensure the company returns to EBITDA growth across its portfolio. Source
• On track: In the prior release, management said realization of merger-related cost synergies was on track.

Other quarters

• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.