Falcon's Beyond Global (NASDAQ: FBYD) is a themed entertainment company that develops, designs, and operates location-based entertainment attractions and destinations. Revenue comes from three streams: project-based services (master planning, design, media production, and turnkey attraction contracts), recurring shared services and destination operations fees, and product sales from attraction systems. The company is organized into three divisions: Falcon's Creative Group (FCG), a partially deconsolidated design and production studio 75% owned by Falcon's Opco and 25% owned by Qiddiya Investment Company; Falcon's Beyond Brands (FBB), which houses IP development, licensing, and the Falcon's Attractions engineering unit acquired from OES in May 2025; and Falcon's Beyond Destinations (FBD), which owns and operates physical parks and hospitality assets. Total revenue for FY2025 was $14.9 million, up from $6.7 million in FY2024, per the 10-K filed March 30, 2026. The company became publicly traded on October 6, 2023 via a business combination with FAST Acquisition Corp. II.

Revenue model

Revenue is earned through contracts transferred over time (shared services, destination operations services, and attraction services) and at a point in time (product sales). FY2025 revenue breakdown: shared services $6.5M, attraction services $4.9M, destination operations services $0.6M, and product sales $2.8M, totaling $14.9M. Additional income comes from equity-method investments, including a $30.0M gain on sale from the Tenerife asset within the PDP joint venture in FY2025.

Products and services

Master planning and design services for themed attractions; media production contracts; turnkey attraction systems and engineering (Falcon's Attractions, integrated following the OES acquisition in May 2025); shared back-office and operational services to joint ventures; operation of physical entertainment destinations including Katmandu Park in Mallorca, Spain and Katmandu Park in Punta Cana, Dominican Republic; the Sol Katmandu Resort hotel; and proprietary original entertainment IP brands including The Hidden Realms of Katmandu, Cadim and the Monster Wave, Voyages Beyond, ResQ, and Curiosity Playground.

Customers and end markets

Customers include owners and operators of theme parks, resorts, and location-based entertainment venues contracting FCG for design and production services, as well as joint venture partners such as Qiddiya Investment Company (QIC) and Meliá Hotels International through the Producciones de Parques (PDP) joint venture. End markets are travel, tourism, leisure, and entertainment. Demand is subject to seasonal variation, with FBD revenues concentrated in the second and third quarters; Mallorca operations run on a 230-to-245-day season.

Value-chain role

Falcon's Beyond sits across multiple roles: upstream creative and engineering design through FCG and Falcon's Attractions; IP creation and licensing through FBB; and downstream asset ownership and operations through FBD. The company both sells services to third-party venue operators and operates its own destination assets, creating a vertically integrated position within the themed entertainment value chain.

Geographic exposure

Operations include Katmandu Park and Sol Katmandu Resort in Mallorca, Spain; Katmandu Park in Punta Cana, Dominican Republic; and a prior Tenerife asset sold during FY2025. The company has a partnership with Qiddiya Investment Company, an affiliate of a Saudi Arabia-linked entity, for FCG. Corporate headquarters is in the United States.

Source: SEC 10-K, filed 2026-03-30

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