What is the revenue and EPS growth rate for Six Flags year over year?

What is Six Flags's gross profit margin?

What were the key takeaways from Six Flags’s earnings call?

What is Six Flags's latest dividend and current dividend yield?

What guidance did Six Flags's management provide for the next earnings period?

What were the key takeaways from Six Flags's earnings call?

What factors drove the changes in Six Flags's revenue and profit?

What is the market's earnings forecast for Six Flags next quarter?

- **Q3 EBITDA Flat**: $580M modified EBITDA vs. $555M last year, driven by 70% of EBITDA from top parks. Full-year guidance revised to $780M-$805M.
- **Underperforming Parks Strategy**: 30% of parks require reinvestment or divestment; 2026 focus on data-driven decisions and asset monetization.
- **External Momentum**: JANA Partners and Travis Kelce engagement boosted brand visibility, with stock price impact.
- **Cost Control**: 5% OpEx decline, offset by attendance headwinds. 2026 to prioritize high ROI investments and CRM integration.

**【CEO Summary Section】**
Richard Zimmerman highlighted Q3 2025 challenges, including a 5% September attendance decline and flat EBITDA, despite July/August growth. He emphasized the brand's resilience and strategic focus on high-performing parks, while acknowledging the need for disciplined investment in underperforming locations. The CEO also noted constructive engagement with JANA Partners and Travis Kelce, signaling renewed brand momentum.

**【CFO Financial Commentary】**
Brian Witherow reported $580M modified EBITDA (vs. $555M last year) and $550M adjusted EBITDA, driven by 70% of EBITDA from top parks. Underperforming parks saw a 5% attendance decline, with EBITDA impacted by $20M from September underperformance. The company revised full-year guidance to $780M-$805M EBITDA, citing weather, marketing pullback, and cost increases. Strategic initiatives included reallocating ad spend and optimizing OpEx for 2026.

**【Q&A Highlights】**
1. **Park Performance Segmentation**: 70% of EBITDA from top parks; underperforming parks require targeted reinvestment or divestment. No specific park names disclosed.
2. **EBITDA Delta ($300M)**: Primarily driven by attendance declines (weather, macro headwinds) and cost increases. October 2025 attendance down 11% vs. 2024, but +7% vs. 2023.
3. **Non-Core Park Strategy**: Parks with <low single-digit EBITDA may be divested. 2026 focus on data-driven decisions, with 4 winter events closed to reduce operating days.
4. **Season Pass Dynamics**: 2025 pricing harmonization led to soft sales; 2026 strategy to balance value perception and revenue growth.
5. **CapEx Outlook**: $400M for 2026, prioritizing high-potential parks and CRM/ERP integration. No immediate plans to reduce CapEx beyond previously announced $100M pullback.
6. **External Engagement**: JANA Partners' influence and Travis Kelce's brand partnership seen as positive for consumer engagement and stock price.


Six Flags Entertainment Corporation (FUN) Q3 2025 Earnings Call Transcript

- **CEO Transition**: Richard Zimmerman to retire by end-2025, with succession process underway, while maintaining focus on 2025 recovery and 2026 season setup.
- **Q2 Challenges**: Extreme weather (49 park closures) and macroeconomic uncertainty drove Q2 adjusted EBITDA miss, with full-year guidance cut to $860M-$910M.
- **July Recovery**: Strong July performance (+4% attendance over last 4 weeks) driven by weather normalization and strategic initiatives like $19M advertising pull-forward.
- **Cost Savings**: Targeting $90M second-half cost reduction (2/3 permanent), with $25M expense timing shift and cumulative $120M synergies vs. 2024.
- **Strategic Moves**: 2026 season pass sales up 700,000 units in July, Canada's Wonderland AlpenFury coaster driving +20% attendance, and $400M 2026 CapEx cut to prioritize cash flow.

**【CEO Summary Section】**
- CEO Richard Zimmerman announced his planned retirement by end-2025, emphasizing the company's successful merger with Cedar Fair and its long-term potential. He highlighted Q2 challenges from extreme weather (49 park closures) and macroeconomic uncertainty, but noted a strong July rebound (+4% attendance over last 4 weeks). Zimmerman emphasized strategic initiatives like pulling forward $19M in advertising and $6M in maintenance costs to stimulate demand, and launching a reimagined 2026 season pass program with expanded all-park access benefits.
- Zimmerman outlined cost-saving measures, including $20M annualized FTE reductions and IT system harmonization, targeting a 3% full-year operating expense reduction. He expressed confidence in the second half, citing 15 key parks generating +5% attendance over last 4 weeks and 700,000 new 2026 season pass sales in July (halving the Q2 deficit).

**【CFO Financial Commentary】**
- Q2 adjusted EBITDA fell below plan due to weather and macro headwinds, with full-year guidance revised to $860M-$910M (vs. prior $1.08B-$1.12B). CFO Brian Witherow highlighted:
  - $90M second-half cost reduction target (2/3 permanent savings)
  - $25M expense timing shift (e.g., $19M advertising, $6M maintenance)
  - 2026 season pass sales up 700,000 units in July
  - Canada's Wonderland AlpenFury coaster driving +20% attendance and +100,000 pass sales
- Balance sheet updates: $500M term loan refinancing, $107M cash, $5.3B gross debt (6.2x EBITDA), targeting sub-4x leverage through organic growth and asset sales (e.g., Kings Dominion land, Six Flags America park closure).

**【Q&A Highlights】**
- **Macro vs. Weather Impact**: CEO clarified macro pressures were weather-related, not consumer spending (guests spent when visiting, with legacy Cedar Fair parks seeing +4% admissions and +3% in-park spending). CFO noted lower-income consumers were more value-conscious but overall demand remained strong when weather permitted.
- **Cost Synergies**: CFO detailed $120M cumulative cost savings (vs. 2024), with 2025 target of $90M second-half savings. $25M of Q2 costs were shifted from H2, leaving $65M permanent savings for 2026.
- **CapEx Reduction**: 2026 CapEx cut to $400M (from $475M-$500M) to prioritize cash flow, while maintaining key investments like Canada's Wonderland coaster.
- **Pass Program Success**: 2026 season pass sales up 700,000 units in July, reducing Q2 deficit by 50%. Canada's Wonderland saw +20% attendance and +20% Fast Lane sales post-coaster launch.
- **Debt Reduction**: CFO emphasized asset sales (e.g., Kings Dominion land) to accelerate deleveraging, with $1B bond maturity in 2027.


Six Flags Entertainment Corporation (FUN) Q2 2025 Earnings Call Transcript

- **Cost Efficiency Drive**: 3%+ operating expense reduction in 2025, with $60M+ incremental savings by 2026. 
- **Asset Optimization**: Maryland park closures to simplify portfolio, with land sales potentially generating $200M+ proceeds. 
- **Resilient Demand**: E-commerce sales up 1% YoY, food & beverage revenue surging 10% in renovated locations. 
- **Strong Liquidity**: $62M cash and $179M credit facility available, supporting $475-500M capital spend. 
- **Tariff Resilience**: 50% labor-based cost structure limits tariff impact, with mitigation strategies in place. 


**【CEO Summary Section】**
- Six Flags reported a 3% reduction in operating costs and expenses for 2025, driven by $120 million in merger-related synergies and a 10% reduction in full-time headcount through corporate restructuring. 
- The company expects to achieve an additional $60 million in cost savings by 2026, targeting a 40% margin by 2028. 
- Plans to close Six Flags America and Hurricane Harbor in Maryland after the 2025 season to simplify operations and focus on high-margin parks. 
- Food and beverage revenue is up 10% in 11 renovated locations, with transaction values increasing 50% in some parks. 
- Season pass sales in April were 2% below prior year, but May-June sales represent 40% of annual revenue. 

**【CFO Financial Commentary】**
- Q1 2025 operating loss was in line with expectations, with 5.5% of annual attendance and 6% of revenue tracked in the quarter. 
- Adjusted EBITDA guidance remains $1.08-1.12 billion, supported by 37 incremental operating days in May-June. 
- Capital expenditures for 2025 are $475-500 million, with 30% allocated to discretionary infrastructure projects. 
- Liquidity remains strong with $62 million cash and $179 million available on the revolving credit facility. 
- Tariffs are expected to have minimal impact, as labor costs represent 50% of the cost structure. 

**【Q&A Highlights】**
- **Cost Savings Execution**: 3%+ operating expense reduction excludes inflation, with $60 million of incremental savings identified post-merger. 
- **Asset Sales Potential**: Proceeds from Maryland park land sales could exceed $200 million, supporting debt reduction. 
- **Demand Resilience**: E-commerce sales up 1% YoY with mid-single-digit price increases, despite macroeconomic concerns. 
- **Tariff Mitigation**: Supply chain strategies include material substitutions and pricing adjustments to offset impacts. 
- **2025 Outlook**: Second and third quarters represent 95% of annual EBITDA, with May-June bookings up 10% YoY. 


Six Flags Entertainment (FUN)-8 May 25-2025 Q1 Earnings call transcript

- **Record Q4 Growth**: $687M net revenues, 10.7M visits, and 650 bps EBITDA margin expansion highlight strong execution post-merger. 
- **$50M Synergies Delivered**: 2024 cost savings exceeded targets, with 2025 plan for $70M further reductions. 
- **2025 EBITDA Target**: $1.08B-$1.12B driven by 11 park capital investments and 3% season pass unit growth. 
- **Key Risks**: FX pressure ($7-8M), Southern California wildfire demand impact, and weather volatility. 
- **Free Cash Flow Focus**: Tight cash management and CapEx moderation to accelerate free cash flow growth.

**【CEO Summary Section】**
- **Record Fourth Quarter Performance**: Delivered $687 million in net revenues and 10.7 million visits, with legacy Six Flags operations contributing $324 million in net revenues and 5 million visits. 
- **Cost Synergies Achieved**: Realized $50 million in gross cost synergies in 2024, with $34 million from labor and operating efficiencies, $8 million from supply chain economies, and $8 million from overhead cost eliminations. 
- **2025 Guidance**: Targeted adjusted EBITDA of $1.08 billion to $1.12 billion, driven by $70 million in planned cost savings and strategic capital investments in 11 of 14 largest parks. 
- **Wildfire Impact**: No direct impact on Southern California parks, but monitoring potential demand headwinds. 

**【CFO Financial Commentary】**
- **Fourth Quarter Metrics**: 
  - Modified EBITDA margin improved 650 basis points to 30.4%, with 410 bps from legacy Six Flags and 240 bps from legacy Cedar Fair. 
  - In-park per capita spending rose 3% to $61.60, driven by legacy Six Flags operations and higher food/beverage sales. 
  - Operating expenses decreased 13% at legacy Cedar Fair parks due to fiscal calendar shift. 
- **Balance Sheet**: $83 million cash, $5 billion gross debt, and $578 million liquidity. 
- **2025 Outlook**: Anticipates $7 million to $8 million FX pressure on EBITDA, with annualized cash interest of $305-$315 million and taxes of $105-$115 million. 

**【Q&A Highlights】**
- **2025 Attendance Drivers**: Capital investments in 11 parks (e.g., Cedar Point tilt coaster, Six Flags New England straddle coaster) expected to boost attendance and per capita spending. 
- **Season Pass Sales**: 3% unit growth in first two months of 2025, with legacy Six Flags parks leading recovery. 
- **Cost Management**: 2025 cost savings split into $20M org restructuring, $30M vendor rationalization, and $20M process/tech integration. 
- **Wildfire Risk**: No material impact to date, but monitoring demand trends in Southern California. 
- **Currency Risks**: Assumes stable exchange rates, with sensitivity to CAD/MXN volatility.

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