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CLOSED · 05:30 ET
Market ClerkRecap
Sat Oct 31 · markets closed3 signals on Oct 30129 insider buys this week · $10BCIRO short report next: Nov 15The week ahead

FUN

Six Flags Entertainment Corporation/NEW
NYSE · CONSUMER DISCRETIONARY · SERVICES-AMUSEMENT & RECREATION SERVICES
7.48
−0.20 −2.60%
USD · close Oct 30
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Work order
36
FLAG · shorts 36
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
0 / 15
none of the tracked funds disclose it
Calls on record
0
nobody we score has called it yet
MKT CAP $765.3MP/E —DIV YIELD —FCF YIELD 19.62%REV TTM $3.1B −3.5%NET INCOME −$1.8BNET DEBT $4.8B52W 6.77 – 24.94SEC XBRL · TTM TO Invalid Date

How FUN rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
18%
of sentences unchanged
Added
196
new sentences
Dropped
173
sentences removed
Length
+701
words, now 8,975

New in FY2025

  • Risks Related to the Integration of the Combined Company The Company may be unable to integrate the businesses of Former Six Flags and Former Cedar Fair successfully or realize the anticipated benefits of the Mergers.
  • On July 1, 2024, Former Six Flags and Former Cedar Fair consummated the Mergers.
  • Potential difficulties that the Company has encountered, and may continue to encounter as part of the ongoing integration process include the following: • the inability to successfully combine the businesses of Former Six Flags and Former Cedar Fair in a manner that permits the Company to achieve, on a timely basis, or at all, the enhanced growth opportunities and cost savings and other benefits anticipated to result from the Mergers; • complexities associated with managing the combined businesses, including difficulty addressing possible differences in operational philosophies and the challenge of integrating complex systems, technology, networks and other assets of each of the companies in a seamless manner that minimizes any adverse impact on guests, employees, suppliers, concessionaires, other third-party business partners and other constituencies; • difficulties in achieving anticipated cost savings, synergies, business opportunities and growth prospects from combining the businesses of Former Six Flags and Former Cedar Fair in the highly competitive out-of-home entertainment industry; • difficulties in the integration of strategy, operations, standards, systems, controls, procedures and/or personnel; • difficulties in managing the expanded operations of a larger and more complex company, including continuing to retain and attract guests to the Company’s amusement and water parks; • the disruption of, or the loss of momentum in, ongoing businesses; • the assumption of contractual obligations with less favorable or more restrictive terms; • higher capital expenditures than anticipated, which could result in the Company's need to raise additional capital for its operations; and • potential unknown liabilities and unforeseen increased expenses resulting from the Mergers.
  • Any of these ongoing issues could adversely affect the Company’s ability to maintain relationships with guests, employees, suppliers, concessionaires, vendors, other third-party business partners and other constituencies or achieve the anticipated benefits of the Mergers, or could adversely affect the Company’s results of operation or cash flows, decrease or delay any accretive effect of the transactions and negatively impact the price of the Company’s common stock.
  • Further, many of the aforementioned issues are outside of the Company’s control and any of them could result in increased costs, decreases in the amount of expected revenues and diversion of management’s time and energy, which could materially impact the business, financial condition or results of operations of the Company.
  • In addition, even if the operations of the businesses of Former Six Flags and Former Cedar Fair are integrated successfully, the Company may not realize the full benefits of the Mergers, including the targeted cost savings, workforce efficiencies, scale, or sales and growth opportunities.
  • Even if the Company is able to complete the integration of the two previous companies successfully, the anticipated benefits of the Mergers, including the expected synergies, may not be realized fully or at all and may take longer to realize than expected.
  • If the Company is not able to realize the anticipated benefits and synergies expected from the Mergers within the anticipated timeframe or at all, it could adversely affect the Company’s earnings or otherwise adversely affect its business and financial results.
  • Due to the Mergers, the Company’s future ability to use net operating losses ("NOLs") to offset future taxable income may be restricted and these NOLs could expire or otherwise be unavailable.
  • As a result of the Mergers, the Company’s ability to use NOLs to offset future taxable income may be restricted and these NOLs could expire or otherwise be unavailable.
  • Following the Mergers, the Company’s ability to use NOLs may be subject to further limitations, and the Company may not be able to fully use these NOLs to offset future taxable income.
  • Uncertain or deteriorating economic conditions, including during inflationary and recessionary periods, may adversely impact attendance figures and guest spending patterns at the Company's parks (the "parks") as uncertain economic conditions affect guests’ levels of discretionary spending.
  • Periods of inflation or economic downturn could also impact the Company's ability to obtain supplies and services and increase its operating costs.
  • Increasing tariffs and continuing trade disruptions also increase the Company's overall costs and expenses on park and ride maintenance, and decrease the amount of discretionary spending of the Company's customers.
  • In addition, the existence of unfavorable general economic conditions may also hinder the ability of those with which the Company does business, including vendors, concessionaires, customers, manufacturers of rides and other third parties, to satisfy their obligations.
  • Changes in exchange rates for foreign currencies could also reduce international demand for the Company's products, increase its labor and supply costs in non-U.S. markets, reduce the U.S. dollar value of revenue earned in other markets, and expose the Company to translation risk associated with converting foreign subsidiary financial statements to the Company's currency.
  • A significant portion of the Company's expenses are relatively fixed because the costs for full-time employees, maintenance, insurance, advertising, utilities and lease payments do not vary significantly with attendance.
  • If cost-cutting efforts are insufficient or are impractical, the Company could experience a material decline in margins, profitability and cash flows.
  • Bad or extreme weather conditions can adversely impact attendance at the parks and hinder operations, which in turn would reduce revenues.
  • Because most of the attractions at the parks are outdoors, attendance at the parks can be adversely affected by continuous bad or extreme weather and by forecasts of bad or mixed weather conditions, particularly during weekends, holidays or other peak periods, which would negatively affect attendance and revenues at the Company's parks.
  • In recent years, including during 2025, attendance at the Company's parks was negatively impacted by significantly worse than expected weather conditions, including severe thunderstorms, heavy winds, wildfires, and excessive heat.
  • Adverse weather events have also, and could in the future, cause the Company to incur significant costs to repair or replace rides or facilities and/or cause extended closure times if rides or facilities have to be replaced.
  • Insurance coverage may not be adequate to cover all possible losses that the Company could suffer, and insurance costs may increase.
  • Although the Company carries liability insurance to cover possible incidents, coverage may not be adequate to cover liabilities, the Company may not be able to obtain coverage at commercially reasonable rates, and the Company may not be able to obtain adequate coverage should a catastrophic incident occur at its parks or at other parks.
  • Several factors have increased, and may continue to increase, the Company's self-insurance costs, such as conditions of the insurance market, the availability of insurance, occurrence of exceptionally high verdicts or settlements that could have resulted in such verdicts, and/or changes in applicable regulations.
  • The safety of guests and employees is one of the Company's top priorities.
  • Consumer behavior and preferences changed in response to the COVID-19 pandemic.
  • As a result, the Company could experience damage to its brand and reputation due to actual or perceived health risks associated with the parks or the amusement park industry which could have a similar material adverse effect on attendance, per capita spending and revenue.
  • The Company may also experience operational risks, including limitations on its ability to recruit and train employees in sufficient numbers to fully staff the parks as a result of changing risk tolerances.
  • Because amusement and water parks and complementary resort facilities are the primary sources of net income and operating cash flows, any future mandated or voluntary closures or other operating restrictions related to a future pandemic could adversely impact the Company's business and financial results.
  • The parks are geographically located primarily throughout North America.
  • The duration and severity of a pandemic and the related restrictions at any one location could result in a potentially disproportionate amount of risk if concentrated amongst the Company's largest properties.
  • A large portion of the Company's sales are processed online and utilize third party technology platforms.
  • Increased dependence on these technology platforms, including these platforms' usage of artificial intelligence, may adversely impact sales, and therefore revenues, if key systems are disrupted for an extended period of time.
  • Information and artificial intelligence technology systems continue to evolve and, in order to remain competitive, the Company must implement new technologies and systems in a timely and efficient manner.
  • The development and maintenance of these technologies may require significant investment and may present new or enhanced risks, and we may not achieve the anticipated benefits from such new developments or upgrades.
  • Impairments to the Company’s goodwill or other indefinite-lived intangible assets could negatively affect its net income and earnings per share.
  • As of December 31, 2025, the Company had goodwill of approximately $2.1 billion.
  • Goodwill and indefinite-lived intangible assets are tested for impairment annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable.
  • The Company has recorded goodwill impairment charges in the past, including during the third quarter of 2025, and such charges negatively affected its net income and earnings per share (see Note 5 to the accompanying consolidated financial statements).

and 156 more.

Gone since FY2024

  • Risks Related to the Integration of the Combined Company The Combined Company may be unable to integrate the businesses of Former Six Flags and Former Cedar Fair successfully or realize the anticipated benefits of the Mergers.
  • On July 1, 2024, the previously announced Mergers between Former Six Flags and Former Cedar Fair as contemplated by the Merger Agreement were completed.
  • Potential difficulties that the Combined Company may encounter as part of the integration process include the following: • the inability to successfully combine the businesses of Former Six Flags and Former Cedar Fair in a manner that permits the Combined Company to achieve, on a timely basis, or at all, the enhanced growth opportunities and cost savings and other benefits anticipated to result from the Mergers; • complexities associated with managing the combined businesses, including difficulty addressing possible differences in operational philosophies and the challenge of integrating complex systems, technology, networks and other assets of each of the companies in a seamless manner that minimizes any adverse impact on guests, employees, suppliers, concessionaires, other third-party business partners and other constituencies; • difficulties in achieving anticipated cost savings, synergies, business opportunities and growth prospects from combining the businesses of Former Six Flags and Former Cedar Fair in the highly competitive out-of-home entertainment industry; • difficulties in the integration of operations, standards, systems, controls, procedures and/or personnel; • difficulties in managing the expanded operations of a larger and more complex company, including continuing to retain and attract guests to the Combined Company’s amusement and water parks; • the disruption of, or the loss of momentum in, ongoing businesses; • the assumption of contractual obligations with less favorable or more restrictive terms; and • potential unknown liabilities and unforeseen increased expenses resulting from the Mergers.
  • Any of these issues could adversely affect the Combined Company’s ability to maintain relationships with guests, employees, suppliers, concessionaires, vendors, other third-party business partners and other constituencies or achieve the anticipated benefits of the Mergers, or could adversely affect the Combined Company’s results of operation or cash flows, decrease or delay any accretive effect of the transactions and negatively impact the price of the Combined Company’s common stock.
  • T able of Contents Further, many of the aforementioned issues are outside of the Combined Company’s control and any of them could result in increased costs, decreases in the amount of expected revenues and diversion of management’s time and energy, which could materially impact the business, financial condition or results of operations of the Combined Company.
  • In addition, even if the operations of the businesses of Former Six Flags and Former Cedar Fair are integrated successfully, the Combined Company may not realize the full benefits of the Mergers, including the targeted cost savings, workforce efficiencies, scale, or sales and growth opportunities.
  • Even if the Combined Company is able to integrate the two previous companies successfully, the anticipated benefits of the Mergers, including the expected synergies, may not be realized fully or at all and may take longer to realize than expected.
  • If the Combined Company is not able to realize the anticipated benefits and synergies expected from the Mergers within the anticipated timeframe or at all, it could adversely affect the Combined Company’s earnings or otherwise adversely affect its business and financial results.
  • Due to the Mergers, the Combined Company’s future ability to use net operating losses ("NOLs") to offset future taxable income may be restricted and these net operating losses could expire or otherwise be unavailable.
  • As a result of the Mergers, the Combined Company’s ability to use NOLs to offset future taxable income may be restricted and these NOLs could expire or otherwise be unavailable.
  • Following the Mergers, the Combined Company’s ability to use NOLs may be subject to further limitations, and the Combined Company may not be able to fully use these NOLs to offset future taxable income.
  • Uncertain or deteriorating economic conditions, including during inflationary and recessionary periods, may adversely impact attendance figures and guest spending patterns at the Combined Company's parks (the "parks") as uncertain economic conditions affect guests’ levels of discretionary spending.
  • Periods of inflation or economic downturn could also impact the Combined Company's ability to obtain supplies and services and increase its operating costs.
  • Changes in import tariffs and trade policies may result in increased costs and potential market disruptions.
  • In addition, the existence of unfavorable general economic conditions may also hinder the ability of those with which the Combined Company does business, including vendors, concessionaires, customers, manufacturers of rides and other third parties, to satisfy their obligations.
  • Changes in exchange rates for foreign currencies could also reduce international demand for the Combined Company's products, increase its labor and supply costs in non-U.S. markets, reduce the U.S. dollar value of revenue earned in other markets, and expose the Combined Company to translation risk associated with converting foreign subsidiary financial statements to the Combined Company's currency.
  • A significant portion of the Combined Company's expenses are relatively fixed because the costs for full-time employees, maintenance, utilities, advertising and insurance do not vary significantly with attendance.
  • If cost-cutting efforts are insufficient or are impractical, the Combined Company could experience a material decline in margins, profitability and cash flows.
  • Bad or extreme weather conditions can adversely impact attendance at the parks, which in turn would reduce revenues.
  • Because most of the attractions at the parks are outdoors, attendance at the parks can be adversely affected by continuous bad or extreme weather and by forecasts of bad or mixed weather conditions, which would negatively affect revenues.
  • T able of Contents Insurance coverage may not be adequate to cover all possible losses that the Combined Company could suffer, and insurance costs may increase.
  • Although the Combined Company carries liability insurance to cover possible incidents, coverage may not be adequate to cover liabilities, the Combined Company may not be able to obtain coverage at commercially reasonable rates, and the Combined Company may not be able to obtain adequate coverage should a catastrophic incident occur at its parks or at other parks.
  • The safety of guests and employees is one of the Combined Company's top priorities.
  • Consumer behavior and preferences changed in response to the effects of the COVID-19 pandemic, including impacts on discretionary consumer spending due to economic uncertainty and changing risk tolerances of employees and guests regarding health matters.
  • Future significant volatility or reductions in demand for, or interest in, the parks could materially adversely impact attendance, in-park per capita spending and revenue.
  • In addition, the Combined Company could experience damage to its brand and reputation due to actual or perceived health risks associated with the parks or the amusement park industry which could have a similar material adverse effect on attendance, in-park per capita spending and revenue.
  • The Combined Company may also experience operational risks, including limitations on its ability to recruit and train employees in sufficient numbers to fully staff the parks as a result of changing risk tolerances.
  • Because amusement and water parks and complementary resort facilities are the primary sources of net income and operating cash flows, any future mandated or voluntary closures or other operating restrictions related to a future pandemic could adversely impact the Combined Company's business and financial results.
  • The parks are geographically located throughout North America.
  • The duration and severity of a pandemic and the related restrictions at any one location could result in a potentially disproportionate amount of risk if concentrated amongst the Combined Company's largest properties.
  • A large portion of the Combined Company's sales are processed online and utilize third party technology platforms.
  • Increased dependence on these technology platforms may adversely impact sales, and therefore revenues, if key systems are disrupted for an extended period of time.
  • Information technology systems continue to evolve and, in order to remain competitive, the Combined Company must implement new technologies and systems in a timely and efficient manner.
  • The development and maintenance of these technologies may require significant investment and may not achieve the anticipated benefits from such new developments or upgrades.
  • Risks Related to Strategy The Combined Company's growth strategy may not achieve the anticipated results.
  • The Combined Company's future success will depend on its ability to grow the business.
  • The Combined Company grows the business through acquisitions and capital investments to improve its parks through new rides and attractions, as well as in-park product offerings and product offerings outside of the parks.
  • As a result, the Combined T able of Contents Company may not be able to recover the costs incurred in developing new projects and initiatives, or to realize their intended or projected benefits, which could have a material adverse effect on its business, financial condition or results of operations.
  • The Combined Company competes for discretionary spending and discretionary free time with many other entertainment alternatives and is subject to factors that generally affect the recreation and leisure industry, including general economic conditions.
  • The business is also subject to factors that generally affect the recreation and leisure industries and are not within the Combined Company's control.

and 133 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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