Cedar Fair, L.P. (FUN): Business Model Canvas [Dec-2025 Updated]

You're looking at the new behemoth in regional amusement parks, the combined Six Flags Entertainment Corporation, still trading under the familiar FUN ticker after that big July 2024 merger. Honestly, dissecting the business model of this 41-park operator-which just clocked in about $3.13 Billion in trailing twelve-month revenue as of late 2025-is crucial for any serious investor right now. I've spent two decades analyzing these capital-intensive plays, and what you'll see below breaks down exactly how they plan to manage that massive seasonal workforce and service the debt while keeping thrill-seekers coming back for the next big coaster launch. Let's dive into the nine blocks that define this new entity's strategy.

Cedar Fair, L.P. (FUN) - Canvas Business Model: Key Partnerships

You're looking at the Key Partnerships for the newly formed Six Flags Entertainment Corporation, which absorbed Cedar Fair, L.P. following the merger in July 2024. The integration of operations means leveraging the IP and vendor relationships from both legacy companies, which is critical as the company works toward its anticipated pro-forma enterprise value of approximately $8 billion post-merger. Here's a breakdown of the key external relationships as of late 2025.

Licensing agreements for major IP like DC Comics and Looney Tunes

The intellectual property (IP) portfolio is a mix of legacy assets from both Six Flags and Cedar Fair. Six Flags brought a heavy emphasis on licensed IP, including agreements with Warner Bros. and DC Comics, alongside various horror properties for Fright Fest events. Cedar Fair's focus was more concentrated, particularly on the Peanuts characters.

The Peanuts relationship, which dates back to 1983 with Camp Snoopy at Knott's Berry Farm, was extended by the combined company through 2030, cementing the characters' presence across select legacy Cedar Fair parks. This agreement covers in-park entertainment, food and beverage, and retail operations. The commitment to this IP is visible in the 2025 plans, such as the debut of new rides like Snoopy's Racing Railway and Charlie Brown's River Raft Blast at Carowinds.

Strategic vendors for high-cost ride manufacturing and maintenance

Managing the fleet of attractions across the combined 41 or 42 parks requires deep relationships with ride manufacturers and maintenance specialists. To maintain operational standards and comply with state regulations, third-party qualified inspectors are used for ride maintenance and operation inspections across the parks. Furthermore, specific parks, like Valleyfair, Worlds of Fun, Schlitterbahn Waterpark New Braunfels, Schlitterbahn Waterpark Galveston, and Carowinds, contract with third parties to inspect rides and submit reports to state agencies in Minnesota, Missouri, Texas, and South Carolina, respectively.

The post-merger environment has seen cost-saving initiatives impact vendor relationships, evidenced by the early 2025 closure and removal of the Time Warp roller coaster at Canada's Wonderland and the Nighthawk coaster at Carowinds. This suggests a review of long-term, high-cost ride maintenance contracts.

Local and regional tourism boards for co-marketing efforts

The combined Six Flags Entertainment Corporation engages with destination marketing organizations (DMOs) to drive attendance from key feeder markets. While specific 2025 co-marketing spend figures aren't public, the strategy involves leveraging the expanded geographic footprint. For context on regional tourism impact, Experience Kissimmee reported $81.6 million in Tourist Development Tax collections in 2023, showing the potential scale of local tourism economies the company operates within. The company's marketing efforts are geared toward attracting thrill seekers, explorers, and families in major domestic markets like New York, Chicago, Boston, Philadelphia, and Atlanta, plus international travelers from Germany, the UK, and Canada.

Third-party food and beverage operators in select parks

The integration of Six Flags' operations brought in established F&B partnerships. A key example is the relationship with The ICEE Company, which is designated as the exclusive frozen beverage partner for Six Flags Entertainment Corporation. This is an extended multi-year agreement covering ICEE, SLUSH PUPPiE, and Parrot-Ice treats across the parks. The company also noted that new leadership was hired to help in certain aspects of each theme park, including dining, following the merger.

Real estate developers for adjacent land development projects

Real estate strategy involves managing the underlying land assets. A significant prior transaction involved the sale of the land beneath California's Great America to Prologis in 2022, with a contractual agreement to close the park by 2033 at the latest. This divestiture of owned land for a lease-back or management structure is a key financial strategy to unlock capital, especially relevant given the merger's pro-forma enterprise value of $8 billion.

The partnership structure with real estate developers for adjacent land development is less detailed in public filings for 2025, but the Prologis deal sets a precedent for monetizing non-core assets. For example, Genesis Land Development, while operating in Calgary and Airdrie, illustrates the type of local developer engagement that can occur for mixed-use or adjacent property planning.

Here's a quick look at the known real estate transaction:

• Partner: Prologis
• Asset: Land beneath California's Great America
• Transaction Year: 2022 (Pre-merger)
• Park Closure Target: By 2033 at the latest

Finance: draft 13-week cash view by Friday.

Cedar Fair, L.P. (FUN) - Canvas Business Model: Key Activities

The Key Activities for Six Flags Entertainment Corporation, the successor entity retaining the FUN ticker following the merger, center on high-volume asset management, aggressive capital deployment, and maximizing the value of integrated seasonal programming. You're looking at the core functions that drive the combined entity's performance in late 2025.

Operating and Maintaining the Park Portfolio

The primary activity is the day-to-day management of the expanded park system. While the prompt mentions 41 parks, the combined entity operates a portfolio of 42 amusement, water, and animal parks spanning the United States, Canada, and Mexico, following the July 2024 merger. The operational focus includes maintaining the physical assets, which involves managing the safety and guest experience across this vast network. The company's 2025 Adjusted EBITDA guidance was set between $1.08-$1.12 billion.

Developing and Launching New, High-Capital Attractions

Capital investment is a critical activity to drive attendance, which accounts for 85% of annual revenue. For the 2025 operating season, the company is executing significant capital projects. This includes the debut of seven new roller coasters across the portfolio. The overall investment strategy for 2025 involved over $1 billion in upgrades across 11 major parks. For example, Carowinds unveiled two new family-friendly attractions, and Canada's Wonderland introduced the AlpenFury launch coaster.

Executing Seasonal Events

Executing themed seasonal events is vital for extending the operating calendar and driving incremental revenue. Events like Fright Fest, Halloween Haunt, and WinterFest are key components. At Cedar Point, HalloWeekends 2025 ran on select nights from September 11 through November 2, 2025. A significant operational shift for 2025 was the introduction of an upcharge for indoor haunted mazes at legacy Cedar Fair parks, with costs starting at $10 per person and surging up to $30 on peak nights. A premium experience, The Conjuring: Beyond Fear, started at $15 per person.

Integrating Operations for Synergy Realization

A core activity post-merger is realizing the expected financial benefits. The total anticipated annual synergies target is $200 million. This is broken down into $120 million from cost savings and $80 million from revenue enhancements. As of Q1 2025, the company reported achieving $120 million in cost synergies six months ahead of schedule. The integration also involves streamlining operations, with a projected 3% reduction in operating costs year-over-year.

Managing a Massive Seasonal Workforce

Managing the human capital required to run the parks is a massive undertaking. While the required figure is over 93,000 employees, the latest available data for legacy Cedar Fair in 2022 showed 48,800 seasonal employees. For the 2025 season, Cedar Point alone planned to hire 7,000 seasonal associates. Starting hourly pay for associates aged 16 and older at Cedar Point for 2025 ranged from $13 to $17, based on experience and position. Some legacy employees saw their pay roll back to a $15 per hour base hourly pay for 2025.

Here are the key operational metrics for the combined entity as of late 2025:

The company's Trailing Twelve Months (TTM) revenue as of 2025 was reported at $3.13 Billion USD.

Cedar Fair, L.P. (FUN) - Canvas Business Model: Key Resources

You're looking at the core assets underpinning the combined amusement park operator as of late 2025. This isn't just about rides; it's about the tangible and intangible things that make the business run and generate revenue.

Portfolio of Properties and Real Estate Holdings

The physical footprint is massive, comprising the assets from both the former Cedar Fair and Six Flags entities following the July 2024 merger. The combined company operates a portfolio of 41 properties throughout North America, which includes 9 resort properties. This scale is a primary barrier to entry for competitors.

The real estate itself represents significant stored value and future optionality. For instance, the pre-merger Cedar Fair acquired the Sawmill Creek Resort in Huron, Ohio, in July 2019 for $13.5 million. Furthermore, the company controls approximately 40 acres of vacant land adjacent to a secondary access route for Cedar Point, which serves about 250 private residences. This land bank supports potential future park or resort expansion.

The portfolio includes several parks recognized as the largest or most significant in the combined chain:

Intellectual Property (IP) Rights

The value of licensed characters is tied to their ability to theme areas and drive merchandise sales. The situation for legacy Cedar Fair parks is dynamic post-merger:

• PEANUTS: The North American exclusive use license for PEANUTS characters throughout attractions, retail, and lodging operations for legacy Cedar Fair parks was set to expire on December 31, 2025. An option existed to extend this to 2030. Knott's Berry Farm, with its historical connection to the IP dating back to 1983, is anticipated to be the likely exception to any broader transition away from the characters.
• Looney Tunes and DC Comics: The merged company holds licenses for these Warner Bros. properties through 2053, offering a long-term, cost-effective theming solution for many parks.

Proprietary Season Pass and Loyalty Program Customer Data

The extensive customer data captured through season passes and memberships is a critical intangible asset, providing direct marketing channels and insight into high-frequency visitors. The post-merger structure in 2025 includes tiered access, which segments this valuable customer base. For example, the All Parks Passport add-on, allowing access to all legacy Cedar Fair and Six Flags parks, was priced starting at $99 for the add-on itself in 2025.

The top-tier Prestige Pass, which includes benefits like preferred parking and 1 skip-the-line pass per visit at the six parks offering it, had installment pricing that could total between $314 and $475 depending on the home park and included add-ons.

Here's a look at the structure for the 2025 season, which informs the data capture strategy:

The data collected from these high-value, recurring customers-including purchase history, frequency of visits, and preferred add-on utilization-is central to forecasting and targeted upselling efforts for the 2026 season.

Cedar Fair, L.P. (FUN) - Canvas Business Model: Value Propositions

You're looking at the core offerings that Cedar Fair, L.P. is pushing to the market as of late 2025, following the integration with the Six Flags portfolio. The numbers show a clear focus on maximizing pass utilization across a much larger footprint.

Unrivaled collection of world-class roller coasters for thrill-seekers

The combined entity now boasts an offering that includes 288 roller coasters spanning 133 miles of track across the entire network. For example, one of the flagship parks, Canada's Wonderland, features 18 roller coasters as of 2025. This sheer volume of top-tier rides is a primary draw for the most dedicated thrill enthusiasts.

Regional, family-friendly entertainment with high-quality themed areas

Beyond the biggest thrills, the portfolio offers extensive family appeal, including 282 family rides and 970 water slides across the combined park system. The company's TTM revenue as of mid-2025 stood at $3.13 Billion USD, indicating strong overall guest spending supporting these diverse offerings.

All Parks Season Pass access to 42 properties for maximum value

The All Park Passport, an add-on to the 2025 Gold or Prestige season passes, grants access to a combined portfolio of 42 amusement and water parks stretching from Mexico to Canada. This value proposition was heavily promoted, with the active pass base as of August 3, 2025, totaling approximately 7.4 million units. The goal is to drive visitation across the entire network, though management noted that some seasonal events, like certain Halloween offerings, were canceled in 2025 because they were low margin financially.

Immersive, limited-time seasonal festivals and events

Cedar Fair, L.P. continues to use special events to drive repeat visits outside of the peak summer season, a strategy that has historically been key to growing the season pass base. The company reported Q2 2025 revenue of $930.39M, a 62.8% year-over-year increase, showing demand for the overall experience package.

On-site lodging and resort amenities for multi-day visits

To capture the full guest spend, on-site accommodations are a key component. As of the end of 2023, the company operated resort accommodations totaling more than 2,300 rooms and over 600 luxury RV sites. This amenity base supports multi-day trips, which are crucial for maximizing out-of-park revenues.

Here's a quick look at the scale of the combined ride assets available to the highest-tier passholders:

The financial performance reflects this scale, with Adjusted EBITDA for Q2 2025 reaching $243 million. The value proposition is anchored in this massive, integrated asset base.

• All Park Passport includes admission and parking at all 42 parks starting January 6, 2025.
• Prestige Pass holders receive chain-specific benefits like a skip-the-line pass on every visit.
• The active pass base as of August 3, 2025, was down about 3% year-over-year, showing a slight contraction in the core membership base.
• Resort properties contribute to out-of-park revenues, which were a record $213 million in 2023.

Cedar Fair, L.P. (FUN) - Canvas Business Model: Customer Relationships

You're looking at how Cedar Fair, L.P. connects with the millions of guests who walk through its gates, especially now that the company operates 42 parks following the July 2024 merger. The relationship is a blend of high-tech automation and direct, on-the-ground interactions.

Automated, high-volume transaction processing via mobile app and online

The digital front door is critical; after all, 60% of site traffic comes from mobile devices. Cedar Fair, L.P. uses intelligent mobile apps to handle core transactions, letting guests store their season pass, check real-time wait times, and view show schedules. The goal is to create a unified customer profile across responsive websites and these connected apps to facilitate cross-channel personalization. The sheer volume of digital interaction is massive, with the average American checking their phone about 262 times per day, and the company needs its digital tools to keep pace with that expectation for instant access.

Dedicated loyalty programs for season pass holders (e.g., exclusive access)

The Pass Perks loyalty program is the core mechanism for rewarding repeat visits. Gold or Prestige Passholders are automatically enrolled, and rewards are earned simply by visiting the park, though communications are delivered via email, making sure your email is linked to your Season Pass number a key step. The value proposition of these passes is clear in the pricing structure for the 2025 season, which shows the commitment to driving high-value, recurring customers.

Here's a look at some of the 2025 Season Pass pricing structures for a legacy Cedar Fair park, which includes the All Park Passport add-on for broader access:

Direct, transactional relationships at the point of sale (in-park spending)

The in-park experience is where the direct, transactional relationship is forged, covering everything from admission to a hot dog and a souvenir. For the first nine months of 2025, Cedar Fair, L.P. hosted 21.1 million guests, a 1% increase year-over-year. However, the yield on that volume showed some pressure; in-park per capita spending fell 4% to $59.08 in Q3 2025. The Trailing Twelve Month (TTM) revenue as of November 2025 reached approximately $3.13 Billion USD. The Q2 2025 GAAP Earnings Per Share (EPS) came in at $0.99. This segment is about monetizing the visit, and the current numbers suggest a need to reignite spending per guest.

Community engagement through local sponsorships and charity events

Cedar Fair, L.P. supports its local communities, which is a key part of maintaining goodwill and local operating licenses. While specific 2025 dollar amounts for local sponsorships aren't publicly itemized in the latest reports, the company's overall strategy is backed by a planned combined capital investment of approximately $1.0 billion during 2025 and 2026 for new marketable rides and attractions to enhance the guest journey.

Digital communication for personalized offers and attendance incentives

The company uses its digital infrastructure to push personalized offers, aiming to incentivize attendance and spending. The Pass Perks program relies on email communication to deliver these rewards, which are surprises based on park visits. The technology stack is designed to deliver the right message, at the right time, in the right channel, which is essential for driving incremental visits outside of peak times. The focus is on using customer data to deepen engagement, much like how 21% of Millennials open an app 50+ times daily, indicating a high potential for frequent, small-scale interaction.

• The mobile app can walk you through the park, showing you where to go instantly.
• The platform supports dynamic messaging to communicate the latest promotions.
• The company is focused on leveraging customer data for cross-channel personalization.
• Out-of-park revenues, like resort bookings and digital sales, rose by a healthy 6% year-over-year to $108 million in the quarter ending Q3 2025.

Cedar Fair, L.P. (FUN) - Canvas Business Model: Channels

You're looking at the channels for the combined Six Flags Entertainment Corporation and Cedar Fair, L.P. entity as of late 2025. The market is watching how this massive portfolio of approximately 40 parks monetizes its reach, and the channels are where the rubber meets the road for ticket and in-park spend.

Direct-to-consumer online sales for tickets and season passes

The digital storefront is crucial for locking in attendance early, especially with season passes. As of August 3, 2025, the active pass base totaled approximately 7.4 million units, which was down about 3% compared to the same date in 2024. The company reported over 700,000 season passes renewed so far in 2025. While the overall retail sector saw 21% of purchases expected online in 2025, the specific percentage of Cedar Fair, L.P.'s admissions revenue derived from its direct e-commerce platform isn't explicitly broken out in the latest reports, but it's a core component of the overall revenue model.

Park gates and on-site ticket booths for day-of-visit sales

Day-of-visit sales at the park gates remain a significant, though perhaps less predictable, source of admissions revenue. The overall revenue model is dual-pronged, focusing on getting guests through the gates. The combined company entertained 17.8 million guests over a nine-week period ending August 31, 2025. For that same nine-week period, admissions per capita spending saw a 7% decline, which management attributed partly to incremental promotions designed to drive volume.

Mobile application for in-park purchases, digital passes, and wait times

The mobile application serves as the primary in-park digital touchpoint, connecting to customer profiles and personalization efforts. While the company has invested in intelligent mobile apps since 2015, specific revenue generated directly through the app for in-park purchases isn't isolated in the recent financial filings. However, the broader ancillary spending category-which includes in-park purchases-is a key focus. Out-of-park revenues, which include merchandise and food, rose 6% year-over-year to $108 million in the third quarter of 2025. The overall in-park per capita spending for Q3 2025 was $59.08.

Group sales team for corporate, school, and large-party bookings

Group sales are a dedicated channel for driving volume, though specific revenue figures for this segment are not separately reported in the latest summaries. The overall attendance growth in the second half of the season was supported by a 172,000 visit increase over a four-week period ending August 31, 2025, compared to 2024. This volume driver is where group bookings, corporate events, and large-party ticket sales fit into the overall admissions strategy.

Select third-party travel and ticket resellers

Third-party resellers act as an extension of the primary sales channels, distributing tickets and passes through established travel and ticketing networks. The company's revenue model is amplified by the addition of the Six Flags portfolio, which also utilizes these external channels. The overall TTM revenue for the combined entity as of November 2025 was approximately $3.16 billion.

Here's a snapshot of the latest available financial context relevant to these sales channels:

The company is clearly focused on driving volume, as seen by the 27% jump in attendance for legacy Cedar Fair parks in Q1 2024, which was partially offset by lower per-person spending. The Q2 2025 revenue was $930.39 million, marking a 62.8% year-over-year increase.

Finance: draft 13-week cash view by Friday.

Cedar Fair, L.P. (FUN) - Canvas Business Model: Customer Segments

You're looking at the customer base for Cedar Fair, L.P. following the big merger, so the segments are now broader, covering the combined 27 amusement parks, 15 water parks, and nine resort properties. This is a much larger pool of guests to draw from.

Here's a quick look at the financial scale we are talking about as of mid-2025. The company reported a Q2 2025 revenue of $930.39 million, which was a 62.8% year-over-year increase. Still, the Q2 revenue missed analyst estimates by $51.65 million.

The local and regional families are the bread and butter, the folks who drive consistent, high-frequency visits. For the legacy Cedar Fair parks, Q1 2024 attendance was 1.3 million guests, showing that even in the slower quarter, there's a base of local traffic. This segment is highly sensitive to the perceived value of a day trip ticket versus other local entertainment options.

For the thrill-seeking teens and young adults, the focus is on premium add-ons. In-park per capita spending for legacy Cedar Fair parks in Q1 2024 was $60.53, though this dipped 6% that quarter. These guests are often the first to adopt premium offerings like Fast Lane, which is tied to the higher-tier passes.

Season pass holders who visit parks 10+ times per year are crucial for early-year cash flow. Sales of season passes were up 8% through the end of Q1 2024 compared to the prior year. For the 2025 season, the All Park Passport add-on, which grants admission to all combined parks, is priced around $184 to $195 when added to a base pass. Honestly, that's a key metric for understanding the value proposition for your most loyal customers.

Tourists and travelers are targeted through the expanded park footprint and the All Park Passport. The total attendance for legacy Cedar Fair parks in 2023 was 26.7 million guests. The combined entity now offers access to 42 parks across the U.S., Canada, and Mexico starting January 6, 2025, which definitely broadens the destination appeal.

Corporate and school groups utilize group sales packages, which contribute to out-of-park revenues. Out-of-park revenues for legacy Cedar Fair in Q2 2024 totaled a record $73 million, a 17% increase year-over-year. These sales are important for filling capacity on shoulder days.

• The base Gold Pass with the All Park Passport add-on cost about $200 for the 2024 season.
• The 2025 Prestige Pass add-on for the combined chain ranges from about $314 to $474 depending on the home park.
• The company is focused on yield management, driving a 10% increase in per capita food and beverage spending in some locations.

Finance: draft 13-week cash view by Friday.

Cedar Fair, L.P. (FUN) - Canvas Business Model: Cost Structure

You're looking at the cost side of the combined Cedar Fair, L.P. and Six Flags entity, which is a massive, capital-intensive operation. Honestly, the structure is dominated by costs that don't change much whether you have a record crowd or a rainy week.

High fixed costs are the bedrock here. A significant portion of expenses for full-time employees, maintenance, utilities, advertising, and insurance doesn't move much with attendance levels, as noted in the 2024 10-K filings. This high fixed cost nature means that if attendance misses expectations, margins, profitability, and cash flows can drop sharply. For context, the TTM Revenue as of November 2025 was reported at $3.16 Billion.

The need for constant reinvestment drives significant capital expenditure (CapEx). Management is targeting approximately $1.0 billion in combined capital expenditures across 2025 and 2026 to support growth and synergy realization. More specifically, the Combined Company expected its capital expenditures for the 2025 fiscal year to fall between $475 million and $500 million. These funds are earmarked for new high-thrill roller coasters at parks like Cedar Point and Six Flags Great America, plus water park renovations and F&B facility upgrades across the portfolio.

Variable costs scale with guest volume, primarily through the cost of goods sold (F&B, merchandise) and seasonal labor. While specific 2025 variable cost percentages aren't public yet, we see the trend: in Q3 2025, the combined entity reported in-park per capita spending of $59.08, which is a key input for COGS. For comparison, legacy Cedar Fair saw in-park per capita spending of $60.53 in Q1 2024, which was offset by a 6% decrease in that metric.

Debt servicing is a major, non-negotiable outflow, especially after the July 2024 merger. The combined entity's total debt stood at approximately $5.51 Billion USD as of June 2025. The outline point references the pre-merger structure, where Net debt on March 31, 2024, totaled $2.42 billion. The expected cash interest payments for the Combined Company in 2025 are projected to range from $305 million to $315 million. You need to look at the expected 2025 cash obligations to understand the servicing pressure.

The sheer scale of the geographically dispersed park portfolio dictates high operating expenses. Post-merger, the entity manages 51 properties, including 27 amusement parks, 15 water parks, and associated resorts. The operating loss for legacy Cedar Fair in Q1 2024 was $126 million, and interest expense for that quarter alone was $35 million. The company is managing a complex integration across this footprint, which includes ongoing costs for a large, distributed full-time employee base and property insurance.

• Legacy Cedar Fair portfolio size (pre-merger): 13 properties (amusement parks, water parks, resorts).
• Combined entity portfolio size (post-merger): 51 properties.
• Q1 2024 Operating Loss: $126 million.
• Q1 2024 Interest Expense: $35 million.
• Combined Entity Total Debt (June 2025): $5.51 Billion.

Cedar Fair, L.P. (FUN) - Canvas Business Model: Revenue Streams

You're looking at the core ways Cedar Fair, L.P. converts its theme park and resort operations into actual cash flow as of late 2025. The business model is fundamentally about monetizing guest experiences across multiple touchpoints, which is why you see revenue segmented so clearly.

The total Trailing Twelve Month (TTM) Revenue as of late 2025 is approximately $3.13 Billion. This figure reflects the combined operations following the merger, showing significant scale compared to prior years.

Park Admission

This is the entry point for the majority of revenue, driven by daily ticket sales and, critically, season pass holders. The value of these multi-visit products is captured upfront, which helps smooth out seasonal attendance volatility.

• Season pass sales pacing up mid single digits as of early 2024, with average pricing trending up mid single digits.
• Attendance in Q3 2025 reached 21.1 million guests, a modest 1% increase year-over-year for that quarter.

In-Park Spending

Once guests are inside, the focus shifts to maximizing per capita spending across food, beverage, merchandise, and games. This stream is highly sensitive to guest satisfaction and operational execution during peak periods.

Here's a look at the per-guest spending metrics we have for the most recent reported quarter:

The drop in per capita spending in Q3 2025 suggests some headwinds in monetizing the attendance base that quarter, even with a slight attendance increase.

Out-of-Park Revenue

This category captures revenue generated outside the core ride and show experience, including hotel stays, parking, and other ancillary services. It's a vital component for capturing the full guest spend, especially for destination visitors.

Out-of-park revenues showed strength in the third quarter of 2025:

• Out-of-park revenues rose 6% year-over-year in Q3 2025.
• Out-of-park revenues totaled $108 million in Q3 2025.

Deferred Revenue

This is cash received for products or services that will be delivered in a future accounting period, primarily season passes sold before the parks officially open for the full season. It's a key indicator of future revenue visibility and consumer commitment.

The upfront cash flow from season pass sales provides important working capital. For example, the deferred revenue balance at the end of Q1 2024 totaled $233 million, reflecting strong advance sales at that time.

To give you a more current view post-merger, the combined company reported deferred revenues of $374 million as of March 30, 2025, showing a substantial increase from the $233 million at the end of Q1 2024, largely due to incorporating the legacy Six Flags pass base.

Here's a snapshot of recent revenue performance for context:

Finance: draft 13-week cash view by Friday.