On May 8, 2025, Six Flags Entertainment Corporation (NYSE: FUN), North America's largest regional amusement park operator, released its financial results for the first quarter ending March 30, 2025. The report highlights the complexities faced by the newly formed Combined Company following its merger with Cedar Fair, which was completed on July 1, 2024.

In light of the ongoing integration of operations and the seasonal nature of its business, Six Flags reported a net loss of $220 million for the quarter, with adjusted EBITDA registering a loss of $171 million. Despite these figures, the company has maintained its full-year adjusted EBITDA guidance, emphasizing confidence in the long-term prospects of the combined entity.

2. Key Financial Highlights

First Quarter Results

Net Revenues: $202 million, with $111 million attributed to legacy Six Flags operations.

Net Loss: Totaled $220 million, including a $134 million loss from legacy Six Flags.

Adjusted EBITDA Loss: $171 million; $62 million of this loss came from legacy Six Flags operations.

Attendance: 2.8 million guests, with 1.6 million at legacy Six Flags parks.

In-Park Per Capita Spending: $65.40.

Out-of-Park Revenues: $24 million, including $5 million from legacy Six Flags.

April 2025 Performance

In a preliminary update for the five-week period ending May 4, 2025:

Net Revenues: Approximately $192 million, split between $97 million from legacy Six Flags and $95 million from Cedar Fair.

Attendance: Remained steady at 2.8 million, showing a slight increase of over 1% compared to the same period in 2024.

In-Park Per Capita Spending: Increased to $66.34.

Season Pass Sales: Rose by 6%, equating to approximately 41,000 additional units sold.

3. CEO Insights on the Quarter

CEO Richard Zimmerman attributed the mixed results to several factors including calendar timing shifts, weather variability, and economic uncertainties. He stated, “We remain focused on what we can control – integrating the combined company, optimizing our cost structure, and enhancing the guest experience across our properties.” He also noted that the first quarter was adversely impacted by the timing of Easter and other seasonal events, which will likely rebound as the company expands its operating calendars into the summer months.

4. Detailed Financial Analysis

Operating Days and Attendance

The first quarter saw an increase in operating days to 393, compared to 117 during the same period in 2024. This increase was largely due to the merger but still reflected the seasonal closure of many parks during the early months of the year.

Revenue Breakdown

The increase in net revenues by $100 million year-over-year was attributed to:

An increase in attendance by 1.5 million visits.

A rise in in-park per capita spending by 6%, driven primarily by legacy Six Flags parks.

However, some of this growth was offset by a decline in revenues at legacy Cedar Fair parks, largely due to the rescheduling of key events like the Boysenberry Festival.

Cost Dynamics

Operating costs totaled $412 million, reflecting a significant increase driven by new operating expenses from legacy Six Flags operations. Key components included:

Operating Expenses: Up $143 million.

SG&A Expenses: Increased by $44 million due to merger-related costs.

Depreciation and Amortization: Rose to $102 million, primarily from the merger.

Net Debt and Liquidity Position

As of March 30, 2025, Six Flags reported:

Total Liquidity: $241 million, comprising cash and available credit.

Net Debt: $5.21 billion, reflecting the acquisition debt from the merger.

5. Future Outlook

Looking ahead, Zimmerman expressed optimism about maintaining the full-year adjusted EBITDA guidance for 2025. He highlighted ongoing efforts to optimize operational efficiency and drive profitability while navigating a challenging economic landscape. "We believe we are well-positioned to survive and thrive despite external headwinds," he stated.

The company plans to leverage its recently expanded portfolio and strategic initiatives to attract guests as it heads into the peak summer season.

6. Upcoming Events

Investors and analysts will have the opportunity to gain deeper insights into Six Flags' strategy and performance during an upcoming Investor Day presentation scheduled for May 20, 2025. This will be followed by a conference call today at 10 a.m. ET to discuss the quarterly results in further detail.

As Six Flags continues to integrate its operations post-merger, stakeholders will be keenly watching how the company adapts to market challenges and capitalizes on new growth opportunities in the amusement park sector.

Original press release