Six Flags Entertainment Corporation Reports 2025 Third Quarter Results and Provides October Update

Core Insights - Six Flags Entertainment Corporation reported a net loss of $1.2 billion for Q3 2025, primarily due to a $1.5 billion non-cash impairment charge on goodwill and other intangibles, compared to a net income of $111 million in Q3 2024 [5][13][8] - The company experienced a 2% decline in net revenues, totaling $1.32 billion, down from $1.35 billion in the same quarter last year [5][7] - Attendance increased by 1% to 21.1 million guests, reflecting strong performance in key parks, which represent approximately 70% of park-level Modified EBITDA [5][12][4] Financial Performance - Adjusted EBITDA for Q3 2025 was $555 million, a slight decrease of $3 million compared to Q3 2024 [5][14] - Operating costs and expenses decreased by $122 million to $772 million, driven by lower depreciation and amortization expenses [7][8] - The company recognized a $1.5 billion impairment charge, significantly impacting the operating loss, which totaled $1.1 billion for the quarter [9][8] Attendance and Revenue Metrics - Total operating days were 2,573, slightly down from 2,585 days in Q3 2024 [5][6] - In-park per capita spending decreased by 4% to $59.08, with admissions per capita spending down 8% to $31.48 [12][5] - Out-of-park revenues increased by 6% to $108 million, attributed to higher sponsorship activity [12][5] October Update - Preliminary attendance for the five-week period ending November 2, 2025, was 5.8 million guests, an 11% decrease compared to the same period last year [16] - Sales of 2026 season passes increased by approximately 3% compared to the previous year, reflecting a 5% rise in average season pass price [17] Balance Sheet and Liquidity - As of September 28, 2025, total liquidity was reported at $763 million, including cash and available borrowings [18] - Net debt stood at $4.98 billion, calculated as total debt of $5.03 billion minus cash and cash equivalents of $71 million [19][36] Updated Fiscal Outlook - The company anticipates full-year 2025 Adjusted EBITDA in the range of $780 million to $805 million based on year-to-date results and preliminary October data [20]