Six Flags sees FY25 adjusted EBITDA $860M-$910M

Six Flags (FUN) 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 between $860M-$910M. 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 over the second half of the year will be down $90M 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 $10M-$15M 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 CEO Richard 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 $90M 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.”