Six Flags 2025 Q3 Earnings Significant Net Loss Amid Revenue Decline

Six Flags (FUN) reported fiscal 2025 Q3 earnings on Nov 7, 2025, with results falling well below expectations. The company swung to a net loss of $11.77 per share, marking a 1160.4% deterioration from a $1.11 profit in 2024 Q3. Revenue declined 2.3% to $1.32 billion, and the company revised its full-year adjusted EBITDA guidance downward to $780–805 million.

Revenue

Total revenue for the quarter declined to $1.32 billion, a 2.3% drop compared to $1.35 billion in the prior-year period. The decline was driven by weaker attendance in September and reduced in-park spending, despite a 1% increase in total guests to 21.1 million. Admissions revenue fell 7.3% year-over-year to $664.65 million, while food, merchandise, and games revenue rose 1.5% to $443.13 million.

Earnings/Net Income

The company reported a net loss of $1.16 billion in Q3 2025, reflecting a 958.2% decline from a $135.47 million profit in 2024 Q3. The loss included a $1.5 billion non-cash impairment charge on goodwill and intangibles. This marks the 20th consecutive year of losses for the same quarter, underscoring persistent unprofitability. The EPS of -$11.77 represents a catastrophic 639.9% negative surprise versus the anticipated $2.18, signaling severe financial strain.

Post-Earnings Price Action Review

Following the earnings report, Six Flags’ stock experienced sharp declines, with a 4.8% drop on the latest trading day, a 21.54% weekly slump, and a 16.95% month-to-date slide. The stock’s post-merger peak of $55 in July 2024 plummeted to as low as $20 by November 2025, a 64% decline. Analysts attribute the sell-off to weak attendance, underwhelming revenue, and the massive impairment charge. The stock’s performance has been further pressured by ongoing class action lawsuits alleging material misrepresentations in the 2024 merger with Cedar Fair.

CEO Commentary

CEO Richard Zimmerman acknowledged the quarter’s shortcomings, citing flat EBITDA and softer September demand. He emphasized progress in integration efforts and strategic shifts, including asset divestitures and partnerships with JANA Partners and Travis Kelce to enhance brand relevance. Zimmerman expressed cautious optimism about 2026, highlighting a “data-driven and market-specific strategy” focused on operational reliability and guest experience.

Guidance

The company updated its 2025 adjusted EBITDA guidance to $780–805 million, reflecting Q3 results and October attendance trends. For 2026, management plans to refine marketing, prioritize high-return investments in core parks, and complete integration initiatives. Long-term goals include optimized capital allocation and pricing precision to drive demand.

Additional News

Recent developments include multiple class action lawsuits alleging securities fraud related to the 2024 merger with Cedar Fair. Plaintiffs claim the registration statement omitted chronic underinvestment and operational challenges at Legacy Six Flags. Additionally, the company faces pressure from activist investor JANA Partners, including NFL star Travis Kelce, to explore brand partnerships. A $1.5 billion impairment charge on goodwill and intangibles further highlighted financial vulnerabilities, prompting analysts to lower price targets.

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