FBYDWNasdaqServices-Miscellaneous Amusement & RecreationUS GAAP · USD

Falcon's Beyond Global, Inc.

Falcon's Beyond Global, Inc. creates and commercializes immersive entertainment experiences across theme park design, location-based attractions, branded content, and related technology. The company operates through creative, destination, and brand-focused divisions that combine master planning, software, media, licensing, and experiential operations.

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Revenue14.9m USD
+120.8 %y/y
Operating profit (EBIT)-13.4m USD
+15.5 %y/y
EBIT margin-90.0%
+145.2 ppy/y
Net income6.3m USD
−95.8 %y/y
Free cash flow-24.8m USD
−97.1 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

-60-40-20020m USD2022: 16 m USD2022: EBIT -17 m USD20222023: 18 m USD2023: EBIT -57 m USD20232024: 6.7 m USD2024: EBIT -16 m USD20242025: 15 m USD2025: EBIT -13 m USD202515-13
RevenueOperating profit (EBIT)
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Business

Share of revenue
Falcon's Creative Group45 %

Designs master plans, attractions, content, interactives, and software for entertainment venues.

Falcon's Beyond Destinations20 %

Develops and operates location-based entertainment, dining, and retail experiences using owned and licensed IP.

Falcon's Beyond Brands25 %

Commercializes brands through ride and technology sales, media, licensing, merchandising, and gaming.

Corporate and unallocated revenue10 %

Includes unallocated corporate revenue and other non-segment items reflected in consolidated results.

Products

Reported · share of revenue
80.9%19.1%FY2025100 %
  • Services80.9 %
  • Products19.1 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

The company sells to theme park developers, resort operators, joint venture partners, and other entertainment venue owners that need concept design, attractions, and operating expertise. It also monetizes intellectual property through licensing, media, and branded experiences for consumers reached indirectly through venue operators and partners. Demand is driven by customers seeking differentiated destinations, new attractions, and branded entertainment content that can be deployed across physical and digital formats.

Theme park and resort developers

Buy master planning, attraction design, and experiential concepts to build or refresh destinations.

Joint venture and strategic partners

Provide capital, sites, and operating infrastructure for destination projects and asset-efficient expansion.

Attraction and venue operators

Purchase ride technology, service, and content to improve guest experience and uptime.

IP owners and entertainment brands

Use Falcon's to extend brands into licensing, media, merchandising, and gaming.

Strategy

Falcon's Beyond is pursuing an asset-efficient model that relies on partners, joint ventures, and third-party infrastructure rather than heavy owned-asset development. Management is also trying to grow through new product offerings, brand commercialization, and selective monetization of non-core assets to fund working capital and expansion. The strategy is intended to reduce capital intensity, but it increases dependence on financing, partner execution, and successful project repositioning.

Expand the asset-efficient destination modelMedium term

Reduces capital intensity while allowing the company to pursue more projects through partners.

Scale Falcon's Beyond BrandsMedium term

Brand, media, and licensing activities can extend monetization beyond single projects.

Secure liquidity and financingShort term

The company has a working capital deficiency and needs funding to continue operations and expansion.

Geography

The company is headquartered in the United States and reports in U.S. dollars, but its business is tied to international destination projects and partnerships. Recent disclosures reference operations and joint ventures in Spain and the Dominican Republic, with strategic exposure to resort and theme park markets outside the U.S. Geography matters because project execution, permits, and partner relationships are local, while capital needs and liquidity are managed at the corporate level.

Risks

The company faces significant liquidity and going-concern risk because it does not currently have enough cash to cover near-term liabilities and operating needs. It is also exposed to project execution, partner, and impairment risk, since destination development depends on third-party infrastructure, joint ventures, and long-dated assumptions about asset values and cash flows. Industry risks such as permitting delays, construction overruns, labor shortages, and demand volatility can quickly affect results in experiential entertainment.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Going-concern and liquidity shortfall1Dependence on external financing2Joint venture and partner execution risk3Impairment of equity method investments and intangibles4Project development and permitting delays5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Going-concern and liquidity shortfallImpact: CriticalLikelihood: Medium

    The company disclosed insufficient cash to pay all liabilities and fund ongoing operations over the next twelve months.

    Exposure: Working capital deficiency and maturing debt

  2. Dependence on external financingImpact: HighLikelihood: High

    Growth and working capital are funded by debt, equity raises, and distributions from investments.

    Exposure: Capital markets access and stockholder support

  3. Joint venture and partner execution riskImpact: HighLikelihood: High

    The asset-efficient model relies on Meliá, Raging Power, and other partners for infrastructure and operations.

    Exposure: PDP and other destination partnerships

  4. Impairment of equity method investments and intangiblesImpact: HighLikelihood: High

    Valuations depend on long-term cash flow assumptions and can trigger material non-cash charges.

    ExposurePDP investmentGoodwillLong-lived assets
  5. Project development and permitting delaysImpact: MediumLikelihood: High

    Theme park and resort projects require zoning, permits, labor, and supply-chain coordination.

    Exposure: New attractions and destination repositioning

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Accounting

Judgemental items
Impairment of equity method investments

PDP and other investments require judgment on long-term cash flows and can create large non-cash charges.

Impact: Can materially affect operating results and equity carrying values

Fair value of warrant and earnout liabilities

Changes in valuation assumptions can create large gains or losses unrelated to operations.

Impact: Can distort net income period to period

Revenue recognition on project and service contracts

Design, build, and attraction service work may be recognized over time or at milestones.

Impact: Affects quarterly revenue timing and comparability

Going-concern assessment and debt maturity classification

Liquidity pressure and near-term maturities influence whether liabilities are current and whether disclosures are required.

Impact: Affects balance sheet presentation and investor perception of solvency

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Last updated: 24/09/2026

Falcon's Beyond Global, Inc. (FBYDW) Revenue, Earnings & Financials 2025 – Clarifo