Six Flags Entertainment Corporation/NEW
For the period ended Sep 28, 2025. Filed Nov 7, 2025.
View on SEC.govAbout 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.
Sep 28, 2025 · Filed Nov 7, 2025
FUN$10.16-5.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Financial Statements
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
| September 28, 2025 | December 31, 2024 | September 29, 2024 | |
|---|---|---|---|
| ASSETS | |||
| Current assets: | |||
| Cash and cash equivalents | $70,683 | $83,174 | $89,705 |
| Receivables | 280,878 | 164,861 | 201,653 |
| Inventories | 84,921 | 71,104 | 89,842 |
| Other current assets | 64,137 | 80,731 | 75,761 |
| 500,619 | 399,870 | 456,961 | |
| Property and equipment, gross | 7,318,003 | 6,916,761 | 7,526,470 |
| Accumulated depreciation | (2,953,376) | (2,619,806) | (2,547,454) |
| Property and equipment, net | 4,364,627 | 4,296,955 | 4,979,016 |
| Goodwill | 2,064,541 | 3,296,523 | 2,786,109 |
| Other intangibles, net | 722,314 | 897,834 | 898,662 |
| Right-of-use assets | 215,095 | 227,284 | 236,286 |
| Other assets | 22,290 | 12,050 | 12,192 |
| $7,889,486 | $9,130,516 | $9,369,226 | |
| LIABILITIES AND EQUITY | |||
| Current liabilities: | |||
| Current maturities of long-term debt | $15,038 | $210,000 | $210,000 |
| Accounts payable | 117,552 | 107,056 | 120,351 |
| Deferred revenue | 333,096 | 302,326 | 330,945 |
| Accrued interest | 93,805 | 54,342 | 95,367 |
| Accrued taxes | 44,236 | 41,021 | 74,368 |
| Accrued salaries, wages and benefits | 47,400 | 51,030 | 49,890 |
| Self-insurance reserves | 56,908 | 36,630 | 124,618 |
| Other accrued liabilities | 152,301 | 124,272 | 135,072 |
| 860,336 | 926,677 | 1,140,611 | |
| Deferred tax liabilities | 456,507 | 542,583 | 476,292 |
| Lease liabilities | 214,185 | 230,443 | 236,810 |
| NCI call option liability | 316,370 | 290,390 | — |
| Other liabilities | 168,544 | 133,672 | 53,743 |
| Long-term debt: | |||
| Revolving credit loans | 97,361 | 296,953 | 139,080 |
| Term debt | 1,453,308 | 966,712 | 976,622 |
| Notes | 3,461,264 | 3,459,407 | 3,458,805 |
| 5,011,933 | 4,723,072 | 4,574,507 | |
| Commitments and contingencies (Note 1) | |||
| Redeemable non-controlling interests | 247,297 | 241,816 | 545,685 |
| Equity: | |||
| Common stock, 101,259, 100,350 and 100,275 shares outstanding as of September 28, 2025, December 31, 2024 and September 29, 2024, respectively | 1,013 | 1,004 | 1,003 |
| Additional paid-in-capital | 2,226,836 | 2,207,410 | 2,215,647 |
| Retained (deficit) earnings | (1,670,985) | (164,271) | 110,966 |
| Accumulated other comprehensive income (loss) | 57,450 | (2,280) | 13,962 |
| 614,314 | 2,041,863 | 2,341,578 | |
| $7,889,486 | $9,130,516 | $9,369,226 | |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
(In thousands, except per share amounts)
| Three months ended | Nine months ended | |||
|---|---|---|---|---|
| September 28, 2025 | September 29, 2024 | September 28, 2025 | September 29, 2024 | |
| Net revenues: | ||||
| Admissions | $664,647 | $716,684 | $1,256,832 | $1,043,375 |
| Food, merchandise and games | 443,126 | 436,781 | 832,129 | 685,663 |
| Accommodations, extra-charge products and other | 209,980 | 194,920 | 361,239 | 292,578 |
| 1,317,753 | 1,348,385 | 2,450,200 | 2,021,616 | |
| Costs and expenses: | ||||
| Cost of food, merchandise, and games revenues | 111,195 | 109,890 | 213,618 | 174,759 |
| Operating expenses | 549,340 | 575,032 | 1,348,940 | 999,159 |
| Selling, general and administrative | 111,834 | 209,260 | 332,441 | 322,518 |
| Depreciation and amortization | 128,053 | 144,560 | 365,011 | 211,887 |
| Loss on retirement of fixed assets, net | 2,797 | 4,671 | 21,413 | 11,406 |
| Loss on impairment of goodwill and other intangibles | 1,518,099 | 42,462 | 1,518,099 | 42,462 |
| Loss on other assets | — | — | 791 | — |
| 2,421,318 | 1,085,875 | 3,800,313 | 1,762,191 | |
| Operating (loss) income | (1,103,565) | 262,510 | (1,350,113) | 259,425 |
| Interest expense, net | 91,056 | 81,742 | 270,500 | 155,903 |
| Loss on early debt extinguishment | — | 2,063 | — | 7,974 |
| Other expense (income), net | 5,954 | (101) | (15,011) | 6,862 |
| (Loss) income before taxes | (1,200,575) | 178,806 | (1,605,602) | 88,686 |
| (Benefit) provision for taxes | (38,043) | 43,341 | (148,520) | 31,135 |
| Net (loss) income | (1,162,532) | 135,465 | (1,457,082) | 57,551 |
| Net (loss) income attributable to non-controlling interests | 24,816 | 24,499 | 49,632 | 24,499 |
| Net (loss) income attributable to Six Flags Entertainment Corporation | $(1,187,348) | $110,966 | $(1,506,714) | $33,052 |
| Net (loss) income | $(1,162,532) | $135,465 | $(1,457,082) | $57,551 |
| Other comprehensive income (loss), (net of tax): | ||||
| Foreign currency translation | 14,602 | (1,060) | 59,730 | (1,076) |
| Defined benefit retirement plan | (409) | 337 | — | 337 |
| Other comprehensive income (loss), (net of tax) | 14,193 | (723) | 59,730 | (739) |
| Comprehensive (loss) income | (1,148,339) | 134,742 | (1,397,352) | 56,812 |
| Comprehensive (loss) income attributable to non-controlling interests | 24,816 | 24,499 | 49,632 | 24,499 |
| Comprehensive (loss) income attributable to Six Flags Entertainment Corporation | $(1,173,155) | $110,243 | $(1,446,984) | $32,313 |
| Weighted average shares of common stock / LP units outstanding (See Note 10) | ||||
| Basic | 100,884 | 99,741 | 100,546 | 67,072 |
| Diluted | 100,884 | 100,988 | 100,546 | 67,999 |
| (Loss) income attributable to Six Flags Entertainment Corporation per share of common stock / LP unit outstanding (See Note 10) | ||||
| Basic | $(11.77) | $1.11 | $(14.99) | $0.49 |
| Diluted | $(11.77) | $1.10 | $(14.99) | $0.49 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
| For the three months ended | Shares of Common Stock Outstanding | Limited Partnership Units Outstanding | Common Stock | Additional Paid-in-Capital | Retained (Deficit) Earnings | Limited Partners’ Deficit | General Partner’s Deficit | Special L.P. Interests | Accumulated Other Comprehensive Income (Loss) | Total Equity |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance as of June 30, 2024 | — | 51,243 | $— | $— | $— | $(702,046) | $(7) | $5,290 | $14,685 | $(682,078) |
| Net income attributable to Six Flags Entertainment Corporation | — | — | — | — | 110,966 | — | — | — | — | 110,966 |
| Equity-based compensation | 40 | 7 | — | 35,439 | — | — | — | — | — | 35,439 |
| Foreign currency translation adjustment, net of tax $(143) | — | — | — | — | — | — | — | — | (1,060) | (1,060) |
| Defined benefit retirement plan, net of tax $(113) | — | — | — | — | — | — | — | — | 337 | 337 |
| Effect of Mergers | 48,922 | — | 489 | 2,550,736 | — | — | — | — | — | 2,551,225 |
| LP conversion to corporation | 51,313 | (51,250) | 514 | (370,528) | — | 702,046 | 7 | (5,290) | — | 326,749 |
| Balance as of September 29, 2024 | 100,275 | — | $1,003 | $2,215,647 | $110,966 | $— | $— | $— | $13,962 | $2,341,578 |
| Balance as of June 29, 2025 | 101,254 | — | $1,013 | $2,214,168 | $(483,637) | $— | $— | $— | $43,257 | $1,774,801 |
| Net loss attributable to Six Flags Entertainment Corporation | — | — | — | — | (1,187,348) | — | — | — | — | (1,187,348) |
| Equity-based compensation | 5 | — | — | 12,668 | — | — | — | — | — | 12,668 |
| Foreign currency translation adjustment | — | — | — | — | — | — | — | — | 14,602 | 14,602 |
| Defined benefit retirement plan | — | — | — | — | — | — | — | — | (409) | (409) |
| Balance as of September 28, 2025 | 101,259 | — | $1,013 | $2,226,836 | $(1,670,985) | $— | $— | $— | $57,450 | $614,314 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands, except per unit amounts)
| For the nine months ended | Shares of Common Stock Outstanding | Limited Partnership Units Outstanding | Common Stock | Additional Paid-in-Capital | Retained (Deficit) Earnings | 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 income attributable to Six Flags Entertainment Corporation | — | — | — | — | 110,966 | (77,913) | (1) | — | — | 33,052 |
| Partnership distribution declared ($0.600 per unit) | — | — | — | — | — | (30,764) | — | — | — | (30,764) |
| Equity-based compensation | 40 | 237 | — | 35,439 | — | 9,730 | — | — | — | 45,169 |
| Tax effect of units involved in treasury unit transactions | — | — | — | — | — | (152) | — | — | — | (152) |
| Foreign currency translation adjustment, net of tax $987 | — | — | — | — | — | — | — | — | (1,076) | (1,076) |
| Defined benefit retirement plan, net of tax $(113) | — | — | — | — | — | — | — | — | 337 | 337 |
| Effect of Mergers | 48,922 | — | 489 | 2,550,736 | — | — | — | — | — | 2,551,225 |
| LP conversion to corporation | 51,313 | (51,250) | 514 | (370,528) | — | 702,046 | 7 | (5,290) | — | 326,749 |
| Balance as of September 29, 2024 | 100,275 | — | $1,003 | $2,215,647 | $110,966 | $— | $— | $— | $13,962 | $2,341,578 |
| 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 | — | — | — | — | (1,506,714) | — | — | — | — | (1,506,714) |
| Equity-based compensation | 909 | — | 9 | 19,426 | — | — | — | — | — | 19,435 |
| Foreign currency translation adjustment | — | — | — | — | — | — | — | — | 59,730 | 59,730 |
| Balance as of September 28, 2025 | 101,259 | — | $1,013 | $2,226,836 | $(1,670,985) | $— | $— | $— | $57,450 | $614,314 |
The accompanying Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine months ended | ||
|---|---|---|
| September 28, 2025 | September 29, 2024 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net (loss) income | $(1,457,082) | $57,551 |
| Adjustments to reconcile net (loss) income to net cash from operating activities: | ||
| Depreciation and amortization | 365,011 | 211,887 |
| Loss on early debt extinguishment | — | 7,974 |
| Loss on impairment of goodwill and other intangibles | 1,518,099 | 42,462 |
| Non-cash foreign currency (gain) loss on USD notes | (10,452) | 5,821 |
| Non-cash equity based compensation expense | 40,962 | 53,362 |
| Deferred income tax (benefit) expense | (163,683) | (9,201) |
| Interest accretion on NCI call option liability | 27,239 | — |
| Other non-cash expenses | 11,009 | 12,859 |
| Changes in assets and liabilities: | ||
| (Increase) decrease in receivables | (115,356) | (38,124) |
| (Increase) decrease in inventories | (12,760) | (8,557) |
| (Increase) decrease in other assets | (5,907) | 8,522 |
| Increase (decrease) in accounts payable | 24,227 | 4,918 |
| Increase (decrease) in deferred revenue | 54,716 | (37,251) |
| Increase (decrease) in accrued interest | 39,434 | 39,353 |
| Increase (decrease) in accrued taxes | 11,607 | 13,988 |
| Increase (decrease) in accrued salaries, wages and benefits | (4,238) | (6,381) |
| Increase (decrease) in self-insurance reserves | 26,763 | 18,207 |
| Increase (decrease) in other liabilities | 15,551 | 28,593 |
| Net cash from operating activities | 365,140 | 405,983 |
| CASH FLOWS FOR INVESTING ACTIVITIES | ||
| Capital expenditures | (408,075) | (227,620) |
| Acquisitions, net of cash acquired | — | (151,085) |
| Net cash for investing activities | (408,075) | (378,705) |
| CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||
| Net borrowings on revolving credit loans | (203,000) | 156,000 |
| Term debt borrowings | 500,000 | 1,000,000 |
| Term debt payments | (6,259) | — |
| Note payments | (200,000) | (1,056,867) |
| Distributions paid to partners | — | (30,764) |
| Payment of debt issuance costs | (3,986) | (34,679) |
| Payments related to tax withholding for equity compensation | (21,596) | (4,689) |
| Purchase of redeemable non-controlling interests | (7,794) | — |
| Distributions to non-controlling interests | (24,816) | (24,499) |
| Other | 82 | (5,668) |
| Net cash from (for) financing activities | 32,631 | (1,166) |
| EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (2,187) | (1,895) |
| CASH AND CASH EQUIVALENTS | ||
| Net (decrease) increase for the period | (12,491) | 24,217 |
| Balance, beginning of period | 83,174 | 65,488 |
| Balance, end of period | $70,683 | $89,705 |
| SUPPLEMENTAL INFORMATION | ||
| Cash payments for interest | $206,628 | $155,294 |
| Interest capitalized | 7,976 | 3,399 |
| Net cash payments for income taxes | 35,650 | 30,672 |
| Capital expenditures in accounts payable | 19,883 | 17,809 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.