FUN Q3 2025 Earnings

Call Details

• Call Title: Six Flags Entertainment Q3 2025 Earnings Call
• Date: November 7, 2025 at 1:00 PM UTC
• Management Team:
  • Michael Russell (Corporate Director of Investor Relations)
  • Richard Zimmerman (Chief Executive Officer)
  • Brian Witherow (Chief Financial Officer)

Call Summary

Financial Performance

• Six Flags reported third quarter attendance of 21.1 million guests and revenues of $1.32B.
• The company reported modified EBITDA of approximately $580M and adjusted EBITDA of approximately $550M, with slides referencing $555M; adjusted EBITDA was described as essentially flat year over year.
• Third quarter attendance was up 1% year over year while revenues were down 2% year over year.
• Combined July and August attendance increased approximately 2% (roughly 300,000 visits) while September attendance declined approximately 5% (roughly 160,000 visits).
• Management attributed a roughly $20M negative impact to third quarter EBITDA from the September shortfall and the decision to maintain reinvestment levels in select parks.
• Preliminary October five-week results through November 2 reported 5.8 million guests, which management said was an 11% decline versus October 2024 but a 7% increase versus October 2023.

Guidance

• Company revised full year adjusted EBITDA guidance to a range of $780M to $805M.
• For the last two months of the year management assumed attendance ranging from flat to down mid-single digits on an apples-to-apples operating days basis.
• Management quantified that each one-percentage-point shift in attendance over that two-month window equates to approximately $3M in EBITDA.
• Management stated the company currently sits at approximately 3x secured leverage and noted a covenant step-down to 5x at year end, and said liquidity is adequate for near-term obligations.
• No multi-year revenue or EBITDA guidance for 2026 was provided on the call.
• Management described November and December as smaller months with higher predictability than October when describing near-term outlook assumptions.