Six Flags Entertainment Earnings Call Transcripts
Fiscal Year 2026
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Attendance grew 4% and net revenue rose 2% year-over-year on a same-park basis, with adjusted EBITDA up 7% in Q2 and 63% for the first half. Strategic focus on guest experience, expanded pass programs, and disciplined capital allocation is driving improved margins and long-term growth.
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The meeting confirmed the election of three directors, reappointment of Deloitte & Touche as auditors, and approval of executive compensation. Board changes and post-merger integration were highlighted, with voting outcomes to be reported via Form 8-K.
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Q1 saw double-digit revenue growth, higher attendance, and improved guest spending, driven by new pass offerings, cost discipline, and operational enhancements. Strategic asset sales and leadership changes sharpened focus on high-return parks, with CapEx and cash flow redirected accordingly.
Fiscal Year 2025
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Q4 and full-year results showed strong per capita spending but lower attendance due to event cuts, with Adjusted EBITDA at $165M for Q4 and $792M for the year. Leadership is focused on operational discipline, tailored local strategies, and margin expansion, with CapEx and deleveraging as capital priorities.
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Q3 results were mixed, with flat adjusted EBITDA and a 2% revenue decline year-over-year, driven by strong summer attendance offset by a September downturn. The company revised full-year EBITDA guidance to $780–$805 million and is focusing on optimizing its park portfolio, advancing integration, and refining its strategy for 2026.
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Leadership transition and merger integration defined the quarter, with severe weather and macro headwinds driving a sharp attendance and EBITDA decline in early 2025. July saw a strong rebound, and cost synergies plus asset sales are expected to support deleveraging and future growth.
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The company targets 58 million attendance and $3.8 billion revenue by 2028, driven by season pass growth, operational efficiencies, and strategic capital investments. Cost savings, technology upgrades, and portfolio optimization support a 40% EBITDA margin and leverage below four times.
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Merger integration is progressing, with cost synergies and operational efficiencies driving a 3%+ reduction in operating expenses for 2025. Despite Q1 losses due to seasonality and weather, strong demand, robust season pass sales, and asset sales support confidence in full-year EBITDA guidance of $1.08–$1.12 billion.
Fiscal Year 2024
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Record Q4 results and strong October performance were driven by merger synergies, higher attendance, and increased guest spending. 2025 guidance targets $1.08–$1.12 billion Adjusted EBITDA, with major new attractions and continued cost savings expected to fuel growth.
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Q3 2024 saw strong attendance and revenue growth, driven by robust Halloween events and early season pass sales, despite weather disruptions. Integration post-merger is on track, with cost synergies and disciplined capital investment supporting long-term growth targets, including $800M+ free cash flow by 2027.
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Legacy Cedar Fair delivered record Q2 results, while Six Flags saw modest declines in revenue and attendance. The newly merged company is focused on driving attendance, harmonizing best practices, and realizing $40M-$50M in synergies by year-end, despite weather-related headwinds.