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Sep 28, 2025
Cedar Fair Q3 2025 Earnings Report
Six Flags reported a significant net loss in Q3 2025 due to a large non-cash impairment, despite steady operational performance and flat EBITDA.
Key Takeaways
In Q3 2025, Six Flags faced a $1.2 billion net loss primarily due to a $1.5 billion goodwill and intangibles impairment charge, although Adjusted EBITDA remained nearly flat and attendance improved slightly. The company saw strength in out-of-park revenues and ongoing strategic integration efforts.
Reported $1.2 billion net loss due to a $1.5 billion non-cash impairment charge
Attendance grew to 21.1 million, up 1% year-over-year
In-park per capita spending declined 4% due to increased promotions and shift in mix
Adjusted EPS excludes $15.05 per share non-cash impairment charge
Revenue by Segment
Forward Guidance
Six Flags revised its full-year 2025 Adjusted EBITDA guidance downward to a range of $780M–$805M, reflecting slower September performance and lower per capita spending trends.
Positive Outlook
- Largest and most established parks continue to perform well
- Attendance for the quarter increased 1%
- Out-of-park revenues rose 6% year-over-year
- Deferred revenues increased year-over-year
- Season pass sales for 2026 up 3% in dollar terms
Challenges Ahead
- Q3 saw a $1.5B impairment on goodwill and intangibles
- In-park per capita spending declined 4%
- Admissions per capita fell 8% due to promotional activity
- October attendance down 11% year-over-year
- Q3 Adjusted EBITDA decreased slightly by $3 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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