FUNHIGH SIGNALFINANCIAL10-K

Six Flags completed its merger of equals with Cedar Fair in July 2024, creating a combined entity with substantially higher revenue but experiencing a dramatic decline in stockholders' equity.

The merger integration appears complete with the combined entity now operating 41 parks versus 42 previously, suggesting some consolidation occurred. The substantial decrease in stockholders' equity alongside lower operating cash flow indicates the merger may have involved significant accounting adjustments or restructuring costs that investors should monitor closely.

Comparing 2026-02-26 vs 2025-03-03View on EDGAR →
FINANCIAL ANALYSIS

The combined entity shows mixed financial results with revenue growing to $3.1B from $2.7B, reflecting the benefits of the merger combination. However, stockholders' equity fell dramatically from $2.0B to $549.8M, while operating cash flow declined to $327.5M from $373.4M, suggesting the merger involved substantial balance sheet restructuring. The company maintained a solid asset base of $7.8B with improved current assets of $472.9M, though the significant equity reduction warrants careful monitoring of the post-merger capital structure.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
-73.1%
$2.0B→$549.8M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Current Liabilities
Balance Sheet
-26.1%
$926.7M→$685.1M

Current liabilities reduced — improved short-term financial position and working capital health.

Current Assets
Balance Sheet
+18.3%
$399.9M→$472.9M

Current assets grew 18.3% — improving short-term liquidity or inventory/receivables build.

Total Assets
Balance Sheet
-14.6%
$9.1B→$7.8B

Total assets contracted 14.6% — asset sales, write-downs, or balance sheet optimization underway.

Revenue
P&L
+14.4%
$2.7B→$3.1B

Revenue growing 14.4% — solid top-line momentum, watch margins for quality of growth.

Operating Cash Flow
Cash Flow
-12.3%
$373.4M→$327.5M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-03-03
ADDED
Accordingly, financial results and disclosures as of December 31, 2025, as of December 31, 2024, and for the year ended December 31, 2025 reflect the Combined Company's operations.
Financial results and disclosures for the year ended December 31, 2024 include only Cedar Fair's results before giving effect to the Mergers through June 30, 2024 and include Combined Company results from July 1, 2024 through December 31, 2024.
Financial results and disclosures for the year ended December 31, 2023 include only Cedar Fair's results before giving effect to the Mergers.
Of the 41 amusement and water parks, 37 are located in the United States, two are located in Mexico and two are located in Canada.
In 2025, approximately 70% of annual attendance and revenue occurred during the second and third quarters.
parks are located in geographically diverse markets across the country and serve each of the top 10 designated market areas, as determined by a survey of radio markets published by The Nielsen Company in fall 2025.
Carolina Charlotte (20) Greensboro (48) Greenville (53) Kings Dominion (6) 2006 Doswell, Virginia Richmond (52) Norfolk (46) Baltimore (23) Washington, D.C.
* Based on a fall 2025 survey of radio market population with designated market areas published by The Nielsen Company.
(4) In June 2022, Former Cedar Fair sold the land at California's Great America.
In December 2024, the Company elected to purchase all of the outstanding limited partnership interests in Six Flags Over Georgia and White Water Atlanta, which purchase is expected to be completed in January 2027.
REMOVED
The aggregate market value of common stock of Former Six Flags (as defined below) held by non-affiliates based on the closing price of such common stock on June 28, 2024 of $33.14 per share was approximately $ 2,366,835,569 .
************ Page 1 of 82 pages T able of Contents EXPLANATORY NOTE On July 1, 2024 (the Closing Date ), Six Flags Entertainment Corporation (formerly known as CopperSteel HoldCo, Inc.) (the Combined Company ) completed the previously announced merger of equals transaction contemplated by the Agreement and Plan of Merger, dated as of November 2, 2023 (the Merger Agreement ), by and among the Combined Company (then, CopperSteel HoldCo, Inc.), Cedar Fair, L.P.
Accordingly, financial results and disclosures referring to periods prior to the Closing Date include only Cedar Fair's results before giving effect to the Mergers, including the financial results and disclosures as of December 31, 2023 and for the years ended December 31, 2023 and December 31, 2022.
Accordingly, financial results and disclosures for the year ended December 31, 2024 reflect combined operations for only July 1, 2024, through December 31, 2024, and include only Cedar Fair's results before giving effect to the Mergers for the first six months of 2024.
T able of Contents SIX FLAGS ENTERTAINMENT CORPORATION 2024 FORM 10-K CONTENTS PART I PAGE Item 1.
Of the 42 amusement and water parks, 38 are located in the United States, two are located in Mexico and two are located in Canada.
In a typical year at Former Six Flags and Cedar Fair, approximately 70% of annual attendance and revenue occurred during the second and third quarters of each year.
parks serve each of the top 10 designated market areas, as determined by a survey of television households within designated market areas published by A.C.
Carolina Charlotte (20) Greensboro (47) Greenville (57) Kings Dominion (6) 2006 Doswell, Virginia Richmond (51) Norfolk (46) Baltimore (22) Washington, D.C.
(8) Kings Island 2006 Mason, Ohio Cincinnati (33) Columbus (37) Louisville (58) Indianapolis (38) Schlitterbahn Waterpark and Resort New Braunfels (7) 2019 New Braunfels, Texas San Antonio (25) Austin (28) Schlitterbahn Waterpark Galveston 2019 Galveston, Texas Houston (6) Frontier City Six Flags Hurricane Harbor Oklahoma City 2024 Oklahoma City, Oklahoma Oklahoma City (49) La Ronde 2024 Montreal, Quebec, Canada N/A Six Flags America 2024 Bowie, Maryland Washington, D.C.
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