Six Flags Entertainment Corporation SEC Filings

Six Flags Entertainment Corporation director Daniel J. Hanrahan reported settling deferred stock units into common stock and receiving cash on the same day. On December 31, 2025, 7,162 deferred stock units, each economically equivalent to one common share, were converted into 7,162 shares of common stock and then disposed of for cash at $15.34 per share. Following these transactions, the reporting person directly owned 57,688 shares of common stock and held no remaining deferred stock units.

Six Flags Entertainment Corporation/NEW director reports deferred stock settlement and share sale. On December 24, 2025, director Louis Carr exercised 3,581 deferred stock units into common stock and then disposed of 3,581 common shares at $14.35 per share. Each deferred share was the economic equivalent of one common share and was settled for cash based on the closing price of the Company’s common stock on that date. Following these transactions, Carr directly beneficially owned 15,245 common shares, with no deferred stock units remaining.

Six Flags Entertainment Corporation reported that Louis Carr has resigned from its Board of Directors, effective December 24, 2025. The company stated that his resignation is not due to any disagreement with the Board, the company, or management regarding operations, policies, or practices. After his departure, the Board will have 12 directors, and, as of January 1, 2026, following the previously announced departures of Selim Bassoul and Daniel Hanrahan, the Board will be reduced to 10 directors. This reflects a planned transition in board composition rather than a dispute-driven change.

Six Flags Entertainment Corporation reported an equity award to its President & CEO and Director, John Reilly. On 12/08/2025, he received 159,847 shares of common stock in the form of restricted stock units (RSUs) at a price of $0 per share, bringing his directly held beneficial ownership reported here to 159,847 shares.

The RSUs were granted under the company’s 2024 Omnibus Incentive Plan. Each RSU represents a contingent right to receive one share of common stock and will vest in three equal annual installments on each of the first three anniversaries of the grant date, conditioned on Mr. Reilly’s continued service.

Six Flags Entertainment Corporation reported an initial insider ownership filing for John Reilly, who serves as both a Director and the company’s President & CEO. The event date for this status is December 8, 2025. According to the disclosure, no securities are beneficially owned by John Reilly, so both the non-derivative and derivative ownership tables show no holdings.

Six Flags Entertainment Corporation reported an insider equity transaction by its President & CEO and director following his departure from the company. On December 5, 2025, the executive had 114,531 shares of common stock withheld to cover taxes tied to accelerated vesting of previously reported restricted stock awards, and later in the day held 602,697 shares directly. He also received 298,190 shares at no cost upon accelerated vesting and settlement of previously unreported performance stock units, increasing his direct holdings to 900,887 shares. A further 130,310 shares were then withheld for tax on that PSU vesting, leaving the executive with 770,577 directly owned shares of Six Flags common stock.

Six Flags Entertainment Corporation (FUN) announced that John Reilly will become President and Chief Executive Officer and join the Board as a Class III director effective December 8, 2025, succeeding Richard Zimmerman, who will leave his roles the same day. Reilly’s three-year employment agreement includes an initial annual base salary of $1,100,000, an annual bonus target of 150% of salary with a maximum of 300%, an annual equity grant starting in 2026 targeted at $5,625,000, and a day-one equity grant of $7,500,000 in restricted stock units and performance stock units vesting on the third anniversary, subject to continued service and performance goals.

If he is terminated without Cause or resigns for Good Reason, Reilly is eligible for cash severance equal to two times salary plus target bonus, certain bonus payments, medical coverage support for 18 months, and accelerated vesting of equity scheduled to vest within 18 months, with broader vesting if such a termination occurs within 12 months after a Change in Control. The company also approved retention bonuses payable on July 1, 2026 for six senior executives ranging from $450,000 to $750,000, and temporarily increased their cash severance to two times salary and target incentives for specified terminations between July 1, 2026 and June 30, 2027.

Six Flags Entertainment Corporation (FUN) reported a challenging quarter while integrating its merger with Cedar Fair. Cedar Fair is the accounting acquirer, and the combined company now trades under “FUN.”

For the three months ended September 28, 2025, net revenues were $1,317.8 million versus $1,348.4 million a year ago. The quarter included $1,518.1 million of non-cash impairments across several Six Flags parks and trade names, driving an operating loss of $1,103.6 million and a net loss of $1,187.3 million (diluted EPS $(11.77)). For the nine months, operating cash flow was $365.1 million and capital expenditures were $408.1 million.

Balance sheet highlights show total notes and loans of $5,050.7 million (gross). The company added a $500 million term loan on June 27, 2025, redeemed the remaining $200 million of 2025 Six Notes, and ended the quarter with $112.0 million drawn on its revolver and $692.2 million of revolver availability. Current deferred revenue was $333.1 million. The company plans to close Six Flags America after the 2025 season. A $40.0 million securities class action settlement was approved in January 2025 and fully funded by insurance. Shares outstanding were 101,474,349 as of October 31, 2025.

Morgan Stanley filed a Schedule 13G disclosing a passive stake in Six Flags Entertainment Corporation. The firm reported beneficial ownership of 5,695,414 shares, representing 5.6% of the company’s common stock as of the event date 09/30/2025. It reported shared voting power over 5,630,442 shares and shared dispositive power over 5,695,414 shares.

Separately, Morgan Stanley Capital Services LLC reported beneficial ownership of 5,489,443 shares, or 5.4%, with shared voting and shared dispositive power over the same 5,489,443 shares. The filing states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.