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1. Composite Trajectory Verdict

All three financial statements carry roughly equal weight for assessing FUN because the business is capital-intensive with high fixed costs, seasonal cash flows, and substantial debt leverage, making profitability, liquidity, and solvency interdependent.

Composite Trajectory: Insufficient Data

The merger closed July 1, 2024, so the only full year of combined GAAP results is 2025; 2024 includes only six months of Former Six Flags operations and 2023 reflects only Former Cedar Fair. The filing explicitly states the periods are not directly comparable (10-K, MD&A Results of Operations). Quarterly filings (10-Qs) were listed but not provided in the document set, so no comparable quarterly series exists. Without at least two comparable periods of the same type, a GAAP‑based trajectory cannot be determined for any statement.

2. Red Flags

• Goodwill and intangible asset impairment of $1.518 billion in 2025 versus $42.5 million in 2024 (10-K, Consolidated Statements of Operations)
• GAAP net loss widened to $1.549 billion in 2025 from $206.7 million in 2024 (10-K, Consolidated Statements of Operations)
• Operating loss of $1.375 billion in 2025 versus operating income of $310.5 million in 2024 (10-K, Consolidated Statements of Operations)
• Modified EBITDA margin (non‑GAAP) fell from 33.2% to 27.1% (10-K, MD&A Modified EBITDA table)
• Net cash from operating activities declined to $327.5 million in 2025 from $373.4 million in 2024 (10-K, Consolidated Statements of Cash Flows)
• Total equity dropped from $2.042 billion to $549.8 million (10-K, Consolidated Balance Sheets)
• Long‑term debt increased from $4.723 billion to $5.166 billion (10-K, Consolidated Balance Sheets)
• Pro forma Total Indebtedness to Consolidated Cash Flow Ratio and Net Total Leverage Ratio exceeded 5.50× as of Dec 31, 2025, restricting restricted payments (10-K, MD&A Contractual Obligations)
• Revolving credit facility subject to a maximum Net First Lien Leverage Ratio covenant of 5.0× tested quarterly (10-K, MD&A Contractual Obligations)
• Put option redemption value for SFOG limited partnership units of $278.3 million as of Dec 31, 2025 (10-K, Note 7)
• Announced closure of Bowie, Maryland park (10-K, Note 4)
• $40 million litigation settlement receivable and matching reserve recorded (10-K, Note 1)
• New securities class action and derivative lawsuits filed in November 2025 (10-K, Note 1)

3. Earnings Assessment (Income Statement)

Earnings Trajectory: Insufficient Data

Overall Assessment: Only one full year of combined GAAP results (2025) is available; 2024 includes only six months of Former Six Flags operations and 2023 reflects only Former Cedar Fair, making YoY comparisons not meaningful per the filing's own disclosure (10-K, MD&A Results of Operations). The 2025 GAAP net loss was $1.549 billion, operating loss $1.375 billion, and revenue $3.100 billion (10-K, Consolidated Statements of Operations). Non‑GAAP Modified EBITDA was $841.6 million with a 27.1% margin (10-K, MD&A Modified EBITDA table). Without a comparable prior full‑year combined period, a GAAP earnings trend cannot be determined.

4. Cash Generation Assessment (Statement of Cash Flows)

Cash Trajectory: Insufficient Data

Overall Assessment: Only one full year of combined cash flow data (2025) is available; 2024 includes only six months of Former Six Flags cash flows. Net cash from operating activities was $327.5 million in 2025 versus $373.4 million in 2024 (10-K, Consolidated Statements of Cash Flows), but the periods are not comparable. Capital expenditures were $479.7 million in 2025 (10-K, Consolidated Statements of Cash Flows). Net cash from financing activities was $155.4 million in 2025 (10-K, Consolidated Statements of Cash Flows). Without a comparable prior full‑year combined period, a cash flow trend cannot be determined.

5. Balance Sheet Assessment

Balance Sheet Trajectory: Insufficient Data

Overall Assessment: Only two year‑end balance sheets for the combined company exist (Dec 31, 2025 and Dec 31, 2024), but the 2024 balance sheet reflects the merger closing date (July 1, 2024) and only six months of combined operations, limiting comparability. Total assets declined from $9.131 billion to $7.799 billion (10-K, Consolidated Balance Sheets), largely due to a $1.225 billion reduction in goodwill from impairment (10-K, Note 5). Total equity fell from $2.042 billion to $549.8 million (10-K, Consolidated Balance Sheets). Long‑term debt increased from $4.723 billion to $5.166 billion (10-K, Consolidated Balance Sheets). The NCI call option liability for SFOG increased from $290.4 million to $323.9 million (10-K, Note 7). Without a prior full‑year combined balance sheet, a trend cannot be established.

6. Data Gaps

• Comparable full‑year combined GAAP results for 2024 (would require a 10‑K with a full year of combined operations, but the merger closed July 1, 2024)
• Quarterly GAAP results for 2025 and 2026 (the listed 10‑Qs for Q2 2025, Q3 2025, Q1 2026, and Q2 2026 were not provided in the filing set)
• Pro forma combined full‑year 2024 GAAP‑like figures (only unaudited pro forma provided, which is non‑GAAP)
• Same‑store attendance and per capita spending trends excluding merger impact (not disclosed in provided filings)
• Segment‑level operating performance (company operates as a single segment)
• Free cash flow (operating cash flow minus capex) for comparable periods
• Detailed debt maturity schedule beyond 2026 (only 2026 cash interest and capex guidance provided)
• Covenant compliance metrics (Net First Lien Leverage Ratio) for each quarter of 2025 and 2026 (not disclosed in provided filings)