8-K: Six Flags Entertainment Reports 2025 First Quarter Results; Attendance Up 1% in April Despite Weather Challenges

Six Flags Entertainment Corporation announced its 2025 first-quarter results, showing increased revenues and attendance due to the merger with Cedar Fair, but also a net loss and Adjusted EBITDA loss impacted by the timing of events and integration costs.

Summary

• Six Flags Entertainment Corporation reported its first-quarter results for 2025, which includes the impact of the merger with Cedar Fair.
• Net revenues for the quarter totaled $202 million, with $111 million coming from legacy Six Flags operations.
• The company reported a net loss of $220 million, including a $134 million loss from legacy Six Flags.
• Adjusted EBITDA loss for the quarter was $171 million, with $62 million from legacy Six Flags.
• Attendance reached 2.8 million guests, with 1.6 million attending legacy Six Flags parks.
• In-park per capita spending was $65.40.
• Out-of-park revenues totaled $24 million, with $5 million from legacy Six Flags.
• Preliminary net revenues for the five-week period ended May 4, 2025, were approximately $192 million.
• Attendance for the same five-week period was up slightly more than 1% compared to the combined attendance of legacy Cedar Fair and Six Flags in 2024.
• Season pass sales were up 6% for the five-week period ended May 4, 2025.
• The company is maintaining its full-year Adjusted EBITDA guidance range for 2025.

Sentiment

Score: 5

Explanation: The sentiment is neutral. While revenues and attendance increased due to the merger, the company reported a significant net loss and Adjusted EBITDA loss. Management expresses confidence in future performance, but the current results are mixed.

Positives

• Net revenues increased by $100 million to $202 million compared to the first quarter of 2024.
• Attendance increased by 1.5 million visits, including 1.6 million from legacy Six Flags parks.
• In-park per capita spending increased by $3.43, or 6%.
• Out-of-park revenues increased by $3 million.
• Season pass sales are up 6%.

Negatives

• The company reported a net loss of $220 million.
• Adjusted EBITDA loss totaled $171 million.
• Operating costs and expenses increased by $197 million to $412 million.
• Operating loss totaled $321 million.
• Net interest expense increased by $53 million to $87 million.

Risks

• Failure to realize the anticipated benefits of the Merger, including difficulty in integrating the businesses of legacy Six Flags and legacy Cedar Fair.
• Failure to realize the expected amount and timing of cost savings and operating synergies related to the Merger.
• General economic, political and market conditions.
• The impacts of pandemics or other public health crises, including the effects of government responses on people and economies.
• Adverse weather conditions.
• Competition for consumer leisure time and spending or other changes in consumer behavior or sentiment for discretionary spending.
• Unanticipated construction delays or increases in construction or supply costs.
• Changes in capital investment plans and projects.
• Legislative, regulatory and economic developments and changes in laws, regulations, and policies affecting the Combined Company.
• Acts of terrorism or outbreak of war, hostilities, civil unrest, and other political or security disturbances.

Future Outlook

Six Flags is maintaining its full-year Adjusted EBITDA guidance range for 2025 and plans to drive growth through its capital program and cost optimization efforts.

Management Comments

• While our start to 2025 was largely shaped by calendar timing shifts, weather variability, and near-term economic uncertainty, these are precisely the types of challenges our merger positioned us to more effectively navigate, said Six Flags CEO Richard Zimmerman.
• We remain focused on what we can control integrating the combined company, optimizing our cost structure, driving demand by enhancing the guest experience across our properties, and laying the foundation for future growth and long-term value creation.
• We have a long track record of navigating uncertain macro environments, and we believe we are well positioned to survive and thrive despite external headwinds.

Industry Context

The merger between Six Flags and Cedar Fair aims to create a stronger, more diversified amusement park operator capable of navigating economic uncertainties and enhancing the guest experience. The report highlights the initial financial impacts of this merger, including increased revenues and attendance, but also significant integration costs and losses.

Comparison to Industry Standards

• Comparing Six Flags' Q1 performance to other major amusement park operators like Disney or Universal is difficult due to the regional focus and seasonality of Six Flags' business.
• However, the reported in-park per capita spending of $65.40 can be benchmarked against regional competitors to assess pricing strategies and guest spending habits.
• Cedar Fair's historical performance can be used as a benchmark to evaluate the integration and synergy realization from the merger.

Stakeholder Impact

• Shareholders will be concerned about the net loss and Adjusted EBITDA loss, but may be encouraged by the increased revenues and attendance.
• Employees may experience changes due to the integration of the two companies.
• Customers can expect enhanced guest experiences as the company invests in its parks.
• Suppliers may see increased business opportunities as the combined company grows.

Next Steps

• Six Flags management will deliver an Investor Day presentation on May 20, 2025.
• The company will continue to focus on integrating the combined company, optimizing its cost structure, and enhancing the guest experience.

Key Dates

Keywords

Six Flags, Cedar Fair, Merger, Entertainment, Amusement Parks, Financial Results, Attendance, Revenue, EBITDA, Net Loss