Six Flags Entertainment Corporation/NEW

For the period ended Jun 29, 2025. Filed Aug 6, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 29, 2025 · Filed Aug 6, 2025

FUN$10.16-5.6%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 1. Financial Statements

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

	June 29, 2025	December 31, 2024	June 30, 2024
ASSETS
Current assets:
Cash and cash equivalents	$107,386	$83,174	$52,858
Receivables	220,378	164,861	114,554
Inventories	99,142	71,104	58,166
Other current assets	86,429	80,731	45,815
	513,335	399,870	271,393
Property and equipment, gross	7,235,644	6,916,761	4,097,010
Accumulated depreciation	(2,831,658)	(2,619,806)	(2,407,981)
Property and equipment, net	4,403,986	4,296,955	1,689,029
Goodwill	3,399,090	3,296,523	262,592
Other intangibles, net	898,393	897,834	48,581
Right-of-use assets	221,540	227,284	75,175
Other assets	16,571	12,050	1,060
	$9,452,915	$9,130,516	$2,347,830
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$15,038	$210,000	$10,000
Accounts payable	160,935	107,056	84,130
Deferred revenue	453,446	302,326	281,795
Accrued interest	52,224	54,342	28,501
Accrued taxes	43,301	41,021	21,322
Accrued salaries, wages and benefits	73,609	51,030	35,081
Self-insurance reserves	37,992	36,630	28,039
Other accrued liabilities	155,440	124,272	51,001
	991,985	926,677	539,869
Deferred tax liabilities	494,399	542,583	65,382
Lease liabilities	229,222	230,443	66,871
NCI call option liability	306,764	290,390	—
Other liabilities	135,304	133,672	8,996
Long-term debt:
Revolving credit loans	356,650	296,953	88,000
Term debt	1,455,837	966,712	972,819
Notes	3,460,656	3,459,407	1,287,971
	5,273,143	4,723,072	2,348,790
Commitments and contingencies (Note 1)
Redeemable non-controlling interests	247,297	241,816
Equity:
Former Cedar Fair, L.P. Partners’ Deficit:
Special L.P. interests	—	—	5,290
General partner	—	—	(7)
Limited partners, 51,243 units outstanding as of June 30, 2024	—	—	(702,046)
Six Flags Entertainment Corporation Shareholders' Equity:
Common stock, 101,254 and 100,350 shares outstanding as of June 29, 2025 and December 31, 2024, respectively	1,013	1,004	—
Additional paid-in-capital	2,214,168	2,207,410	—
Accumulated deficit	(483,637)	(164,271)	—
Accumulated other comprehensive income (loss)	43,257	(2,280)	14,685
	1,774,801	2,041,863	(682,078)
	$9,452,915	$9,130,516	$2,347,830

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(In thousands, except per share and per unit amounts)

	Three months ended		Six months ended
	June 29, 2025	June 30, 2024	June 29, 2025	June 30, 2024
Net revenues:
Admissions	$485,424	$279,307	$592,185	$326,691
Food, merchandise and games	323,155	210,024	389,003	248,882
Accommodations, extra-charge products and other	121,811	82,285	151,259	97,658
	930,390	571,616	1,132,447	673,231
Costs and expenses:
Cost of food, merchandise, and games revenues	80,822	53,258	102,423	64,869
Operating expenses	500,121	267,431	799,600	424,127
Selling, general and administrative	129,822	66,592	220,607	113,258
Depreciation and amortization	134,628	57,015	236,958	67,327
Loss on retirement of fixed assets, net	10,518	4,121	18,616	6,735
Loss on other assets	—	—	791	—
	855,911	448,417	1,378,995	676,316
Operating income (loss)	74,479	123,199	(246,548)	(3,085)
Interest expense, net	92,409	39,825	179,444	74,161
Loss on early debt extinguishment	—	5,911	—	5,911
Other (income) expense, net	(19,381)	1,700	(20,965)	6,963
Income (loss) before taxes	1,451	75,763	(405,027)	(90,120)
Provision (benefit) for taxes	76,283	20,210	(110,477)	(12,206)
Net income (loss)	(74,832)	55,553	(294,550)	(77,914)
Net income (loss) attributable to non-controlling interests	24,816	—	24,816	—
Net income (loss) attributable to Six Flags Entertainment Corporation	$(99,648)	$55,553	$(319,366)	$(77,914)
Net income (loss)	$(74,832)	$55,553	$(294,550)	$(77,914)
Other comprehensive income (loss), (net of tax):
Foreign currency translation	36,090	(328)	45,128	(16)
Defined benefit retirement plan	233	—	409	—
Other comprehensive income (loss), (net of tax)	36,323	(328)	45,537	(16)
Comprehensive income (loss)	(38,509)	55,225	(249,013)	(77,930)
Comprehensive income (loss) attributable to non-controlling interests	24,816	—	24,816	—
Comprehensive income (loss) attributable to Six Flags Entertainment Corporation	$(63,325)	$55,225	$(273,829)	$(77,930)
Weighted average shares of common stock / LP units outstanding (See Note 10)
Basic	100,652	50,766	100,376	50,717
Diluted	100,652	51,395	100,376	50,717
Income (loss) attributable to Six Flags Entertainment Corporation per share of common stock / LP unit outstanding (See Note 10)
Net income (loss) per share of common stock / LP unit - basic	$(0.99)	$1.09	$(3.18)	$(1.54)
Net income (loss) per share of common stock / LP unit - diluted	$(0.99)	$1.08	$(3.18)	$(1.54)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In thousands, except per unit amounts)

For the three months ended	Shares of Common Stock Outstanding	Limited Partnership Units Outstanding	Common Stock	Additional Paid-in-Capital	Accumulated Deficit	Limited Partners’ Deficit	General Partner’s Deficit	Special L.P. Interests	Accumulated Other Comprehensive Income (Loss)	Total Equity
Balance as of March 31, 2024	—	51,252	$—	$—	$—	$(751,215)	$(7)	$5,290	$15,013	$(730,919)
Net income attributable to Six Flags Entertainment Corporation	—	—	—	—	—	55,553	—	—	—	55,553
Partnership distribution declared ($0.300 per unit)	—	—	—	—	—	(15,451)	—	—	—	(15,451)
Equity-based compensation	—	(9)	—	—	—	9,099	—	—	—	9,099
Tax effect of units involved in treasury unit transactions	—	—	—	—	—	(32)	—	—	—	(32)
Foreign currency translation adjustment, net of tax $298	—	—	—	—	—	—	—	—	(328)	(328)
Balance as of June 30, 2024	—	51,243	$—	$—	$—	$(702,046)	$(7)	$5,290	$14,685	$(682,078)
Balance as of March 30, 2025	101,074	—	$1,010	$2,209,825	$(383,989)	$—	$—	$—	$6,934	$1,833,780
Net loss attributable to Six Flags Entertainment Corporation	—	—	—	—	(99,648)	—	—	—	—	(99,648)
Equity-based compensation	180	—	3	4,343	—	—	—	—	—	4,346
Foreign currency translation adjustment	—	—	—	—	—	—	—	—	36,090	36,090
Defined benefit retirement plan	—	—	—	—	—	—	—	—	233	233
Balance as of June 29, 2025	101,254	—	$1,013	$2,214,168	$(483,637)	$—	$—	$—	$43,257	$1,774,801

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In thousands, except per unit amounts)

For the six months ended	Shares of Common Stock Outstanding	Limited Partnership Units Outstanding	Common Stock	Additional Paid-in-Capital	Accumulated Deficit	Limited Partners’ Deficit	General Partner’s Deficit	Special L.P. Interests	Accumulated Other Comprehensive Income (Loss)	Total Equity
Balance as of December 31, 2023	—	51,013	$—	$—	$—	$(602,947)	$(6)	$5,290	$14,701	$(582,962)
Net loss attributable to Six Flags Entertainment Corporation	—	—	—	—	—	(77,913)	(1)	—	—	(77,914)
Partnership distribution declared ($0.600 per unit)	—	—	—	—	—	(30,764)	—	—	—	(30,764)
Equity-based compensation	—	230	—	—	—	9,730	—	—	—	9,730
Tax effect of units involved in treasury unit transactions	—	—	—	—	—	(152)	—	—	—	(152)
Foreign currency translation adjustment, net of tax $1,130	—	—	—	—	—	—	—	—	(16)	(16)
Balance as of June 30, 2024	—	51,243	$—	$—	$—	$(702,046)	$(7)	$5,290	$14,685	$(682,078)
Balance as of December 31, 2024	100,350	—	$1,004	$2,207,410	$(164,271)	$—	$—	$—	$(2,280)	$2,041,863
Net loss attributable to Six Flags Entertainment Corporation	—	—	—	—	(319,366)	—	—	—	—	(319,366)
Equity-based compensation	904	—	9	6,758	—	—	—	—	—	6,767
Foreign currency translation adjustment	—	—	—	—	—	—	—	—	45,128	45,128
Defined benefit retirement plan, net of tax $(58)	—	—	—	—	—	—	—	—	409	409
Balance as of June 29, 2025	101,254	—	$1,013	$2,214,168	$(483,637)	$—	$—	$—	$43,257	$1,774,801

The accompanying Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Six months ended
	June 29, 2025	June 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$(294,550)	$(77,914)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization	236,958	67,327
Loss on early debt extinguishment	—	5,911
Non-cash foreign currency (gain) loss on USD notes	(17,472)	6,869
Non-cash equity based compensation expense	26,011	14,419
Deferred income tax (benefit) expense	(124,323)	3,186
Interest accretion on NCI call option liability	17,633	—
Other non-cash expenses	8,669	7,051
Changes in assets and liabilities:
(Increase) decrease in receivables	(55,372)	(35,311)
(Increase) decrease in inventories	(29,342)	(17,528)
(Increase) decrease in other assets	(13,675)	(20,757)
Increase (decrease) in accounts payable	54,659	35,121
Increase (decrease) in deferred revenue	150,464	97,865
Increase (decrease) in accrued interest	(2,165)	(4,051)
Increase (decrease) in accrued taxes	10,216	(23,633)
Increase (decrease) in accrued salaries, wages and benefits	22,061	(2,244)
Increase (decrease) in other liabilities	19,172	12,316
Net cash from operating activities	8,944	68,627
CASH FLOWS FOR INVESTING ACTIVITIES
Capital expenditures	(308,079)	(117,968)
Net cash for investing activities	(308,079)	(117,968)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings on revolving credit loans	57,134	88,000
Term debt borrowings	500,000	1,000,000
Term debt payments	(2,500)	—
Note payments	(200,000)	(1,000,000)
Distributions paid to partners	—	(30,764)
Payment of debt issuance costs	(3,852)	(14,983)
Payments related to tax withholding for equity compensation	(19,312)	(4,689)
Purchase of redeemable non-controlling interests	(7,794)	—
Other	66	(152)
Net cash from financing activities	323,742	37,412
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(395)	(701)
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the period	24,212	(12,630)
Balance, beginning of period	83,174	65,488
Balance, end of period	$107,386	$52,858
SUPPLEMENTAL INFORMATION
Cash payments for interest	$159,888	$76,622
Interest capitalized	6,456	2,126
Net cash payments for income taxes	11,052	13,534
Capital expenditures in accounts payable	33,874	24,902

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.