Six Flags, Owner of Dorney, Reports Weak 2Q Results, Blames Pass Sales, Weather; Shares Fall, CEO Zimmerman to Leave By End of Year

— Updates share decline —

Aug. 6, 2025

— Jeff Ward, Lehigh Valley News Briefs

Shares of Six Flags Entertainment, owner of Dorney Park, plummeted after the company reported disappointing second-quarter results.

The stock (NYSE:FUN) in the operator of amusement parks fell 23% to $23.59 as of 3 p.m.

“The start of the 2025 season, including our second quarter results reported today, fell significantly short of our expectations, a disappointing outcome” after the combination of Six Flags and Cedar Fair in 2024, Six Flags Chief Executive Richard Zimmerman said in the earnings report.

The Charlotte, North Carolina-based company (NYSE:FUN) blamed “rain, extreme temperatures, and severe storms. These conditions impacted park operations, guest visitation, and season pass sales during the critical months of May and June.”

No specific mention was made of South Whitehall Township-based Dorney Park & Wildwater Kingdom in the earnings report.

Zimmerman will be leaving the company at the end of this year. The company is looking for a new leader.

 “As CEO, Richard has successfully led Six Flags through a period of significant evolution,” Selim Bassoul, executive chairman of the board, said in a statement. Zimmerman has been in the industry for 38 years.

Zimmerman said the company saw improvement in the third quarter.

The second-quarter numbers: $930 million in revenue, but a loss of $100 million or 99 cents per share.

Here is a link to the earnings report, and below is a partial cut-and-paste version. See the link to Six Flags’ website for all the numbers.

Six Flags Entertainment Corporation Reports 2025 Second Quarter Results, Provides July Performance Update, and Updates Full-Year Guidance

August 06, 2025

• July demand accelerated as weather normalized and visitation urgency intensified
• Realization of merger-related cost synergies remains on-track
• Targeting year-over-year cost reductions of $90 million for the second half of 2025
• Evaluating divestiture of non-core assets to accelerate deleveraging

CHARLOTTE, N.C.–(BUSINESS WIRE)– Six Flags Entertainment Corporation (NYSE: FUN) (the “Company”, “Six Flags”, or the “Combined Company”), the largest regional amusement park operator in North America, today announced results for its 2025 second quarter ended June 29, 2025. The Company is also providing a performance update for the 5-week period ended Aug. 3, 2025, and revising its full-year outlook.

Second Quarter 2025 Results

• Net revenues totaled $930 million, $389 million of which relates to the legacy Six Flags operations added in the merger.
• Net loss attributable to Six Flags Entertainment Corporation was $100 million, which included a net loss of $126 million from legacy Six Flags operations added in the merger.
• Adjusted EBITDA⁽¹⁾ for the quarter totaled $243 million, $62 million of which relates to the legacy Six Flags operations added in the merger.
• Attendance totaled 14.2 million guests, 6.3 million of whom attended legacy Six Flags parks added in the merger. Combined attendance of 14.2 million guests was down 9% or 1.4 million visits compared to the second quarter last year.
• In-park per capita spending⁽²⁾ was $62.46, including admissions per capita spending ⁽²⁾ of $34.19 and per capita spending on in-park products ⁽²⁾ of $28.27.
• Out-of-park revenues⁽²⁾ totaled $72 million, $15 million of which relates to legacy Six Flags operations added in the merger.
• The active pass base(which reflects total outstanding and active season passes and memberships), totaled approximately 6.7 million units as of June 29, 2025, down approximately 579,000 units or 8% compared to combined active pass base for legacy Cedar Fair and legacy Six Flags at the end of the second quarter last year.

July 2025 Results

• Preliminary consolidated net revenues for the five-week period ended Aug. 3, 2025, are estimated to be in the $680 to $685 million range, down approximately 3% compared to the same 5-week period in 2024.
• Attendance for the 5-week period ended Aug. 3, 2025, totaled 11 million guests, up 1% or approximately 128,000 visits compared with attendance for the same 5-week period in 2024.
• Preliminary in-park per capita spending for the five-week period ended Aug. 3, 2025, is estimated to be down approximately 4% compared to the same five-week period in 2024.
• The active pass base as of Aug. 3, 2025, totaled approximately 7.4 million units, down approximately 206,000 units or 3% compared to active pass base as of Aug. 4, 2024.

Weather Impact

Six Flags’ second quarter results were adversely affected by unfavorable weather across most of the Company’s key markets, including prolonged periods of rain, extreme temperatures, and severe storms. These conditions impacted park operations, guest visitation, and season pass sales during the critical months of May and June. Weather conditions were particularly disruptive during the final six weeks of the quarter. Over that six-week period combined attendance was down 12% compared to the same timeframe last year. By comparison, combined attendance over the first seven weeks of the quarter was flat compared to the prior year.

Overall, 379 days out of a planned 2,042 total operating days in the second quarter were weather impacted days, including 49 days in which certain parks were forced to close entirely. Of the weather impacted days, approximately 60% occurred on the typically higher attendance days of Friday, Saturday, and Sunday.

Management Commentary

“The start of the 2025 season, including our second quarter results reported today, fell significantly short of our expectations, a disappointing outcome given the solid progress we achieved post-merger with smart, early-stage initiatives coupled with a very compelling capital program designed to kickstart the 2025 season and perpetuate the momentum we had created over the second half of 2024,” said Six Flags CEO Richard Zimmerman. “The decrease in attendance in the quarter reflects a drop in single-day ticket sales, fewer sales of season passes and memberships, and lower renewal rates on season passes. Our sales cycle was negatively impacted by exogenous events such as poor weather and a challenged consumer across most of our North American markets. On the cost front, even a pull forward of marketing and maintenance expenses into the second quarter failed to produce a meaningful change in near-term demand as we sought to offset the impact of macro challenges we were facing in real time.

“We believe the early-season headwinds were transient and, therefore, will lean into the strength and resiliency of our business model over the second half,” continued Zimmerman. “That includes being focused on our priorities of growing Adjusted EBITDA, reducing net leverage, and successfully completing our integration efforts.”

Zimmerman noted a stark improvement in performance as the company kicked off the third quarter. “As weather normalized in July demand for our parks has measurably improved, which we believe underscores the long-term effectiveness of our 2025 capital program and other strategic initiatives. Over the past four weeks, combined attendance was up more than 300,000 visits or 4% on a year-over-year basis, highlighted by an increase of more than 290,000 visits or 5% at our 15 largest locations. In addition to improving attendance trends, the recent launch of our 2026 season pass sales program has produced solid early results reflective of pent-up consumer demand. These strong performance metrics are consistent with our expectations that as weather normalizes and visitation urgency increases in the second half of the year, demand will continue to accelerate.”

Updated Fiscal 2025 Outlook

Six Flags is revising its 2025 outlook to account for several factors, including the Company’s first half results, a smaller season pass base heading into the second half of the year, and the risk of ongoing economic volatility on the consumer. For the full year, the Company now expects to generate Adjusted EBITDA⁽¹⁾ between $860 and $910 million. The midpoint of this range assumes that attendance over the second half of the year will be flat compared to the prior year, including the loss of 500,000 visits associated with the removal of winter events at four parks this year; that in-park per capita spending will be down 3%, reflecting the impact of promotional offers and attendance mix; and that operating costs and expenses (excluding cost of goods sold and all Adjusted EBITDA addbacks) over the second half of the year will be down $90 million compared to the second half of 2024. The Company notes that the smaller 2025 season pass base will continue to represent a headwind on demand, potentially limiting attendance upside until later in the year as the 2026 season pass program ramps up. Similar to first half performance, second half results are subject to macro factors affecting demand and consumer behavior. The midpoint of the range also reflects that weather conditions over the balance of the year are comparable to the prior year, and that current macroeconomic conditions maintain. A 100-basis-point decline in second half attendance, or approximately 300,000 visits, could result in a $10-15 million decline in Adjusted EBITDA based on historical results.

“We are meaningfully advancing our merger-related integration efforts and remain committed to deleveraging the Company by driving Adjusted EBITDA growth,” added Zimmerman. “To accelerate the process of deleveraging and improving financial flexibility, we are continuing to explore the potential sale of excess land and other non-core assets. In the near term, we are committed to delivering on our merger-related cost synergy goals. Of the $90 million second-half cost reduction target, approximately one-third reflects expenses that were shifted into the first half of the year, and two-thirds reflects the net benefit of permanent cost savings.”

Six Flags indicated it intends to reassess its long-term guidance following the release of its full-year 2025 financial results but is not updating or reaffirming that guidance at this time.

Financial Results for the Second Quarter

The reported results from Mar. 31, 2025, through June 29, 2025, reflect the financial results for the Combined Company, and include only legacy Cedar Fair’s results (before giving effect to the merger) for the second quarter ended June 30, 2024.

Operating days – During the second quarter of 2025, operating days totaled 1,993 days (net of 49 closed days) compared with 789 operating days (net of 14 closed days) in the second quarter of 2024.

• The increase in operating days versus the second quarter of 2024 reflects an additional 1,238 operating days at the legacy Six Flags parks resulting from the merger. This represented 37 more days than the legacy Six Flags parks had in the second quarter of 2024.
• The legacy Cedar Fair parks had 34 fewer operating days in the second quarter of 2025 compared to the second quarter of 2024.

Net revenues – For the second quarter ended June 29, 2025, net revenues increased $359 million to $930 million, compared to net revenues of $572 million for the second quarter ended June 30, 2024. The increase in net revenues reflects the impact of a 5.6-million-visit increase in attendance, a $1.51, or 2%, increase in in-park per capita spending, and an $11 million increase in out-of-park revenues.

• The increase in net revenues included $389 million in net revenues contributed by the legacy Six Flags operations in the three months ended June 29, 2025.
• The revenue contribution from legacy Six Flags was offset by $30 million in lower net revenues at legacy Cedar Fair operations during the second quarter of 2025 compared to the prior-year period.
• The decrease in legacy Cedar Fair net revenues in the second quarter was primarily attributable to a 700,000-visit or 8% decrease in attendance.
• Attendance – The 5.6 million-visit increase in attendance included 6.3-million visits from the legacy Six Flags parks during the second quarter of 2025, offset by the 700,000 fewer visits at the legacy Cedar Fair parks. The legacy Cedar Fair attendance was adversely affected by unfavorable weather patterns, particularly in the Midwest, and fewer operating days in the period due to the removal of lower-volume, lower-margin operating days.
• In-park per capita spending – The $1.51 increase in in-park per capita spending included the impact of a $0.48 decrease of in-park per capita spending due to the inclusion of the legacy Six Flags parks, offset by a $2.00 increase in in-park per capita spending at the legacy Cedar Fair parks.
  • Admissions per capita spending at the legacy Cedar Fair parks was up 4%, reflecting the impact of planned increases to season pass and single-day ticket pricing.
  • Per capita spending on in-park products, including food and beverage, merchandise, games, and extra-charge offerings at the legacy Cedar Fair parks was up 3%, driven by higher guest spending on food and beverage, extra-charge products, and merchandise during the quarter.
• Out-of-park revenues – The $11 million increase in out-of-park spending was the result of $15 million contributed by legacy Six Flags operations, offset by a $4 million decrease in second quarter out-of-park revenues from legacy Cedar Fair operations. The decrease in out-of-park revenues at the legacy Cedar Fair parks was driven by a decline in revenues from the Cedar Point resort properties, which were impacted by the inclement weather during the period.

Operating costs and expenses – In the second quarter of 2025, operating costs and expenses totaled $711 million, an increase of $324 million compared to the second quarter of 2024, and included increases in operating expenses (up $233 million), SG&A expenses (up $63 million), and cost of goods sold (up $28 million), which were primarily the result of legacy Six Flags operations during the period.

• Operating expenses – The $233 million increase in operating expenses included $238 million of operating expenses related to legacy Six Flags operations, offset by a $6 million or 2% net decrease in legacy Cedar Fair operating expenses primarily related to lower maintenance costs and seasonal labor hours. Decreases in full-time headcount at the legacy Cedar Fair parks resulting from recent reorganization efforts were offset by related severance expense in the period.
• SG&A expenses – The $63 million increase in SG&A expenses included $45 million of expenses related to legacy Six Flags operations, and a $19 million increase in SG&A expenses at legacy Cedar Fair. The increase in SG&A expenses at legacy Cedar Fair was driven primarily by $11 million of higher severance costs related to the recent reorganization efforts and an $8 million increase in advertising expense as the Company shifted media spend into the second quarter from the second half of the year.
• Cost of goods sold – The $28 million increase in cost of goods sold was entirely related to the inclusion of $31 million of cost of goods sold from legacy Six Flags operations. Cost of goods sold as a percentage of food, merchandise and games revenue decreased by 30 basis points (bps), due to the inclusion of legacy Six Flags operations in the current period’s results.

Depreciation and amortization – During the second quarter ended June 29, 2025, depreciation and amortization expense totaled $135 million, an increase of $78 million compared with the three months ended June 30, 2024. The increase reflected $93 million of depreciation expense attributable to the merger, offset by a change in interim depreciation methodology for legacy Cedar Fair. During the second quarter, the Company also recognized an $11 million loss on retirement of fixed assets in the normal course of business, including $7 million of retirements at the legacy Six Flags parks.

Operating income – Following the items above, operating income for the three months ended June 29, 2025, totaled $74 million, including a $26 million operating loss from the legacy Six Flags operations during the three-month period. This compares with operating income of $123 million at legacy Cedar Fair for the three months ended June 30, 2024.

Net interest expense – For the second quarter, net interest expense totaled $92 million, an increase of $53 million compared to the prior-year second quarter. The increase reflects $48 million of interest incurred on debt acquired in the merger, incremental revolver borrowings in 2025, and the impact of refinancing events during 2024.

Taxes – During the three months ended June 29, 2025, the Company recorded a provision for taxes of $76 million, compared to a provision for taxes of $20 million for the second quarter of 2024. The increase in provision for income taxes was primarily attributable to a change in forecasted pre-tax book income, the effects of the non-controlling interest distribution, accretion on the Six Flags Over Georgia call option liability, and non-deductible executive compensation.

Net loss – After the items noted above and income attributable to non-controlling interests, a net loss attributable to the Company for the three months ended June 29, 2025, totaled $100 million, or $0.99 per diluted share of common stock, which compares with net income of $56 million, or $1.08 per diluted limited partner unit, for the three months ended June 30, 2024. The second quarter net loss included $126 million of net loss related to legacy Six Flags operations during the three-month period.

Adjusted EBITDA – Management believes Adjusted EBITDA is a meaningful measure of park-level operating results. For the three months ended June 29, 2025, Adjusted EBITDA totaled $243 million compared with $205 million for the second quarter of 2024. See the attached table for a reconciliation of net income (loss) to Adjusted EBITDA.

• The increase in Adjusted EBITDA included $62 million from legacy Six Flags operations during the three-month period, and a $25 million decrease from legacy Cedar Fair operations.
• Legacy Cedar Fair’s Adjusted EBITDA decline in the second quarter was entirely due to the decreases in attendance and revenues, which reflect fewer operating days in the period, a smaller season pass base, and the impact of the inclement weather on demand.

July Update

The preliminary results for the five-week periods ended Aug. 3, 2025, and Aug. 4, 2024, each reflect the financial results for the Combined Company. Operating days for the comparable five-week periods in 2025 and 2024 totaled 1,428 days and 1,419 days, respectively.

Based on preliminary operating results, net revenues for the five-week period ended Aug. 3, 2025, are estimated to be in the $680 to $685 million range, representing a decrease of approximately 3% from the same five-week period in 2024. The July revenues reflect a 1% increase in attendance and a 4% decrease in in-park per capita spending. On the strength of improving weather conditions, a compelling lineup of new rides and attractions, and pent-up consumer demand, the Company entertained 11 million guests during the current five-week period.

The Company also noted that initial sales of 2026 season passes, which launched several weeks earlier this year than last year in order to take advantage of anticipated pent-up market demand, have been strong. Based on the early success of the launch, the Company has increased its active pass base by approximately 710,000 units since the end of the second quarter, reducing its year-over-year shortfall to approximately 206,000 units.

Balance Sheet and Liquidity Highlights

As of June 29, 2025, the Company reported the following:

Deferred revenues of $461 million, compared with $289 million of deferred revenues on June 30, 2024.

• The $172 million increase in deferred revenues includes $181 million of deferred revenues at the legacy Six Flags parks as of June 29, 2025, offset somewhat by an $8 million or 3% decrease in deferred revenues at the legacy Cedar Fair parks.
• The decrease in deferred revenues at the legacy Cedar Fair parks was primarily attributable to the decline in sales of season passes and related all-season products.

Total liquidity as of June 29, 2025, was $540 million, including cash on hand and available borrowings under the Company’s revolving credit facility.

Net debt⁽³⁾ as of June 29, 2025, totaled $5.2 billion, calculated as total debt of $5.31 billion (before debt issuance costs and acquisition fair value layers) less cash and cash equivalents of $107 million.

Conference Call

As previously announced, Six Flags Entertainment Corporation will host a conference call with analysts starting at 10 a.m. ET today, Aug. 6, 2025, to discuss its recent financial results and the Company’s business outlook. Participants on the call will include Six Flags President and CEO Richard Zimmerman and Executive Vice President and CFO Brian Witherow.

Investors and all other interested parties can access a live, listen-only audio webcast of the call on the Six Flags Investors website at https://investors.sixflags.com under the tabs Investor Information / Events & Presentations. Those unable to listen to the live webcast can access a recorded version of the call on the Six Flags Investors website at https://investors.sixflags.com under Investor Information / Events and Presentations, shortly after the live call’s conclusion.

A digital recording of the conference call will be available for replay by phone starting at approximately 1 p.m. ET on Wednesday August 6, 2025, until 11:59 p.m. ET on Wednesday August 13, 2025. To access the phone replay in North America please dial (800) 770-2030; from international locations please dial +1 (609) 800-9909, followed by Conference ID 3720518.

About Six Flags Entertainment Corporation

Six Flags Entertainment Corporation (NYSE: FUN) is North America’s largest regional amusement-resort operator with 27 amusement parks, 15 water parks and nine resort properties across 17 states in the U.S., Canada and Mexico. Focused on its purpose of making people happy, Six Flags provides fun, immersive and memorable experiences to millions of guests every year with world-class coasters, themed rides, thrilling water parks, resorts and a portfolio of beloved intellectual property such as Looney Tunes®, DC Comics® and PEANUTS®.