Cedar Fair LP
NYSE:FUN

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Cedar Fair LP
NYSE:FUN
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Price: 15.94 USD 4.25% Market Closed
Market Cap: 1.6B USD

Cedar Fair LP
Investor Relations

In the heart of the amusement and entertainment industry, Cedar Fair LP stands as a compelling narrative of thrilling rides, family experiences, and strategic operations. Founded in 1983, this publicly traded partnership boasts a portfolio of some of North America's most famous amusement and water parks, including renowned names like Cedar Point in Ohio and Knott's Berry Farm in California. The company masterfully combines an extensive array of roller coasters, live entertainment, and themed attractions to draw millions of visitors annually. These destinations serve as leisure meccas, melding the nostalgia of classic amusement park experiences with cutting-edge attractions that cater to evolving consumer preferences and enhance repeat visitation.

Cedar Fair's revenue model is robust, dual-pronged, and intricately designed to maximize both entry fees and ancillary spending. The bulk of its income stems from admissions, an area the company continually innovates through dynamic pricing strategies, season passes, and promotional events, ensuring a steady stream of foot traffic. Beyond the entrance gates, Cedar Fair leverages its vibrant environments through food and beverage sales, merchandise, and premium experiences such as Fast Lane access, VIP experiences, and special events. An integrated hospitality segment—featuring on-site accommodations at select parks—further enriches the visitor experience and creates additional revenue streams. The company's financial health and growth are fortified through strategic capital investments in new attractions, which ensure its parks remain pivotal in the competitive landscape of leisure and entertainment.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Nov 7, 2025
AI Summary
Q3 2025

Guidance Cut: Six Flags lowered its full-year 2025 adjusted EBITDA outlook to $780–805 million, down significantly from its initial guidance of $1.1 billion.

Attendance Weakness: Attendance growth was only 1% in Q3, with a notable 5% drop in September and an 11% decline in October versus last year’s unusually strong month.

Revenue Down: Q3 revenue declined 2% year-over-year despite flat EBITDA, as September softness offset strong July/August momentum.

Outperformers vs Underperformers: 70% of property-level EBITDA came from outperforming parks, while underperformers dragged results and some will likely be sold or reclassified as non-core.

Operational Adjustments: Management said some 2025 investments in underperforming parks have yet to pay off, and future spending will be more targeted.

Brand & Strategy: The partnership with JANA Partners (including Travis Kelce) has increased public interest, which management aims to leverage for 2026.

Cost Actions & Integration: Integration efforts are yielding benefits with a unified website and ticketing system, while CapEx for 2026 remains at $400 million, but with a sharper focus on high-return projects.

Key Financials
Adjusted EBITDA
$550 million (Q3); $780–805 million (FY 2025 guidance)
Modified EBITDA
$580 million (Q3)
Revenue
$1.32 billion (Q3)
Attendance
21.1 million guests (Q3); 5.8 million guests (Oct 5-week period)
Outperforming Parks Attendance
5% increase (Q3)
Underperforming Parks Attendance
5% decline (Q3)
EBITDA Margin (Outperforming Park Example)
47% (up from 43%)
EBITDA Margin (Underperforming Park Example)
29% (down from 44%)
CapEx
$400 million (2026 expected)
Secured Leverage Ratio
Approximately 3x (current)
Other Earnings Calls

Management

Mr. Richard A. Zimmerman
President, CEO & Director
No Bio Available
Mr. Brian C. Witherow
Chief Financial Officer
No Bio Available
Mr. Tim V. Fisher
Chief Operating Officer
No Bio Available
Mr. Brian M. Nurse
Chief Legal & Compliance Officer and Corporate Secretary
No Bio Available
Ms. Monica R. Sauls
Chief HR, People & Culture Officer
No Bio Available
Mr. Selim A. Bassoul
Executive Chairman
No Bio Available
Mr. David R. Hoffman
Chief Accounting Officer
No Bio Available
Mr. Ty Tastepe
Chief Digital & Technology Officer
No Bio Available
Mr. Michael Russell
Corporate Director of Investor Relations
No Bio Available
Mr. Scott Tanner
Corporate Vice President of Sales - Cedar Fair Management Co.
No Bio Available

Contacts

Address
OHIO
Sandusky
1 Cedar Point Dr
Contacts
+14196260830.0
www.cedarfair.com