At a glance
Six Flags Entertainment Corporation is worth $771.5M. Revenue grew 14.4% to $3.10B in fiscal 2025, at a loss; over 3 years it has grown 19.5% a year. It pays no dividend; it spent $74.5M buying back its shares over FY2022–FY2025. The stock returned −71.0% over the past year with dividends reinvested and −29.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 74.7% in the 2020 crash (S&P 500: 33.7%) and 37.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 23 months and 21 months after the lows.
The business in plain English
Six Flags Entertainment is North America's largest regional amusement park operator, created when Six Flags and Cedar Fair merged on July 1, 2024. Its annual report for the year ended December 31, 2025 lists 26 amusement parks, 15 separately gated water parks (with their own admission) and nine resort properties. Of the 41 parks, 37 are in the United States, two in Mexico and two in Canada.
Revenue comes from guests, chiefly families and young people aged 12 to 24, who typically travel shorter distances than visitors to big destination parks. In 2025, revenue was $3.10 billion: admissions supplied 51%, food, merchandise and games 34%, and accommodations, extra-charge items and other sources 15%. About 90% came from the United States and 10% from abroad. The company owns the Six Flags, Cedar Point, Knott's Berry Farm and Kings Island names and licenses Warner Bros., DC Comics and Peanuts characters.
The business is highly seasonal. About 70% of 2025 attendance and revenue came in the second and third quarters, peaking in July and August. Parks need steady reinvestment: the company expects minimum maintenance and infrastructure spending of about $125 million to $150 million a year. It also earns fees for managing Six Flags Qiddiya City in Saudi Arabia, without putting in its own capital.
Price history
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FUN -71.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Admissions | $1.58B | 51.1% |
| Food, merchandise and games | $1.04B | 33.5% |
| Accommodations, extra-charge products and other | $478.2M | 15.4% |
By geography
| United States | $2.77B | 89.5% |
| Foreign | $325.9M | 10.5% |
Latest results
- In Q2 FY2026 (ended Jun 28, 2026), revenue was $864.9M, down 7% from a year earlier, and net income was $-202.6M.
- For fiscal 2025, revenue was $3.10B (+14.4% year over year; +19.5% a year from FY2022 to FY2025) with a -51.6% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | +19.5% good |
|---|---|
| Operating margin | -44.4% weak |
| Free cash flow margin | -4.9% weak |
| Return on equity (FY2025) | -290.9% weak |
| Return on assets (FY2025) | -20.5% weak |
| Net cash (cash minus debt) | $-4.84B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2022 | $1.82B | $307.7M | $224.3M |
| FY2023 | $1.80B | $124.6M | $105.3M |
| FY2024 | $2.71B | $-231.2M | $52.6M |
| FY2025 | $3.10B | $-1.60B | $-152.2M |
Valuation snapshot
| Market value | $771.5M |
|---|---|
| P/E ratio | — |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Six Flags Entertainment’s market value went from $4.83B at the end of 2024 to $771.5M on Oct 28, 2026, down 84%; since the end of 2025 it is down 50%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $771.5M | -50.4% |
| 2025 | $1.56B | -67.8% |
| 2024 | $4.83B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FUN price data to Oct 28, 2026 | -50.8% | -71.0% | -38.7% | -29.0% | -15.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -50.9% |
| 2025 | -68.2% |
| 2024 | +26.3% |
| 2023 | -0.9% |
| 2022 | -16.2% |
| 2021 | +27.3% |
| 2020 | -27.4% |
| 2019 | +25.7% |
| 2018 | -22.6% |
| 2017 | +6.5% |
| 2016 | +21.7% |
| 2015 | +23.4% |
| 2014 | +2.0% |
| 2013 | +57.5% |
| 2012 | +64.2% |
| 2011 | +48.5% |
| 2010 | +35.1% |
| 2009 | +2.1% |
| 2008 | -34.9% |
| 2007 | -18.6% |
| 2006 | +4.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 69.5% over that stretch · deepest drop along the way 73.3%, back to its old high 26.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 65.3% over that stretch · deepest drop along the way 74.7%, back to its old high 22.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21.2% over that stretch · deepest drop along the way 37.4%, back to its old high 20.7 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 6 open-market purchases ($6.4M) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 12, 2026 | Rehan Jaffer Director | buy | $3.0M |
| Jun 15, 2026 | Rehan Jaffer Director | buy | $2.9M |
| Aug 12, 2026 | John T Reilly President & CEO, Director | buy (plan) | $248K |
| May 12, 2026 | Richard M Haddrill Executive Chair, Director | buy | $191K |
| May 12, 2026 | Marilyn G Spiegel Director | buy | $48K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.4% | Jun 30, 2026 |
| Darlington Partners Capital Management, LP | 7.5% | Jun 30, 2026 |
| Morgan Stanley | 5.4% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.11% | Mar 31, 2026 |
ETFs with the most weight in FUN
| PSCD Invesco S&P SmallCap Consumer Discretionary ETF | 2.03% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 0.69% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.6% |
| QSML WisdomTree U.S. SmallCap Quality Growth Fund | 0.49% |
| OASC OneAscent Small Cap Core ETF | 0.42% |
| QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF | 0.34% |
| VIOO Vanguard S&P Small-Cap 600 ETF | 0.31% |
| XJR iShares ESG Select Screened S&P Small-Cap ETF | 0.27% |
What could go wrong
- Merger savings may fall short. Six Flags and Cedar Fair combined on July 1, 2024. Integrating systems, staff and parks is complex, and expected cost savings may come late or not at all, while capital spending could run higher than planned.
- Heavy debt, thin equity cushion. As of June 28, 2026, debt was $4.97 billion against $134.5 million of cash and $114.7 million of shareholders' equity. Rising rates lift interest on variable-rate debt, and loan terms limit flexibility.
- A short, weather-sensitive season. About 70% of 2025 attendance and revenue came in the second and third quarters, peaking in July and August. Because most parks have short seasons, bad weather in that window hits results hard.
- Character licenses and a lease could end. Warner Bros., DC Comics and Peanuts character licenses carry fees and let the owners end them in some cases. The landlord at California's Great America can end that park's lease with two years' notice.
- High fixed costs magnify attendance dips. Parks cost much the same to run whether crowds are big or small, so weaker leisure spending hits profit hard. Revenue fell 7% from a year earlier in the quarter ended June 28, 2026.
- Ride accidents and closures hurt attendance. An accident or incident at any park, major ride downtime or an unplanned closure can reduce attendance and revenue. Insurance may not cover every loss, and its cost may rise.
Recent events
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Executive or board change
- Executive or board change; Investor presentation or announcement
- Shareholder vote results
- Major agreement signed; Executive or board change
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Investor presentation or announcement; Other company announcement
For income and retirement investors
Six Flags does not pay a dividend; its yield was 0% as of October 28, 2026. That means no streak of increases, no payout to measure and no income to spend: any return must come from the share price. The annual report calls future dividends uncertain, and in 2025 the company lost $1.60 billion and had negative free cash flow (cash left after capital spending) of $152 million. Buybacks totaled $74.5 million in 2023, with none recorded in 2024 or 2025.
The stock has fallen hard in downturns: 73% in the 2008 financial crisis, taking about 26 months to recover; 75% in the 2020 COVID crash, recovering in about 23 months; and 37% in the 2022 market slump, recovering in about 21 months. Those declines predate the July 2024 merger that formed this company. As of October 28, 2026, it was down 71% over one year. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Six Flags make money?
Mostly from tickets and what guests spend on food and extras. In 2025, admissions brought in 51% of its $3.10 billion revenue, food, merchandise and games 34%, and accommodations, extra-charge items and other sources 15%. Its 41 amusement and water parks span the United States, Canada and Mexico, with the US supplying about 90% of revenue. It also earns fees for managing Six Flags Qiddiya City in Saudi Arabia, which requires no capital investment from the company.
Does Six Flags pay a dividend?
No. Six Flags Entertainment does not pay a dividend, and its yield was 0% as of October 28, 2026. The company's annual report calls the declaration and size of any future dividends uncertain. It lost $1.60 billion in 2025, had negative free cash flow (cash left after capital spending) of $152 million and carried $4.97 billion of debt as of June 28, 2026. Any return for shareholders depends on the share price.
How much debt does Six Flags have?
About $4.97 billion as of June 28, 2026, against $134.5 million of cash and investments. Shareholders' equity, the cushion of assets over liabilities, was just $114.7 million on $7.44 billion of total assets. By comparison, the company's stock market value was about $771 million as of October 28, 2026. The annual report warns that this debt could limit its ability to raise capital, and that variable-rate borrowings raise interest costs when rates climb.
How much has Six Flags stock fallen?
Sharply. As of October 28, 2026, FUN shares were down 71% over one year and 51% for 2026 through that date, after a 68% drop in 2025. Over three years the total loss was 77%, and the deepest fall from a high to a later low in that period was 88%. During that period, the company reported a $1.60 billion net loss for 2025 and a 7% revenue decline in the quarter ended June 28, 2026.
Are Six Flags and Cedar Fair the same company?
Yes, since July 1, 2024, when the original Six Flags and Cedar Fair completed their merger. The combined Six Flags Entertainment Corporation trades on the NYSE under the symbol FUN and owns the Six Flags name along with regional brands such as Cedar Point, Knott's Berry Farm, Kings Island and Canada's Wonderland. Its annual report warns that integrating the two businesses is complex and that expected cost savings may take longer than planned or never fully arrive.