10-Q · April 28, 2026
Caesars reported Q1 2026 net revenues of $2,870.0 million, up $76 million or 2.7% year-over-year, driven by higher casino revenues and consolidation of Caesars Windsor. Consolidated Adjusted EBITDA was $887 million (vs.…
Earnings analysis · 10-Q
CZR earnings analysis
Filed July 28, 2026 · Our reading of the company's report
The latest report
Caesars delivered Q2 revenue of $2.993 billion, up 3.0% year over year and above consensus, but reported a diluted GAAP loss of $0.30 per share versus a $0.39 loss a year earlier. Regional growth of 9.4% and positive…
Read full summary
Caesars delivered Q2 revenue of $2.993 billion, up 3.0% year over year and above consensus, but reported a diluted GAAP loss of $0.30 per share versus a $0.39 loss a year earlier. Regional growth of 9.4% and positive six-month free cash flow of $340 million offset a 3.5% Las Vegas revenue decline and a 2.2-point contraction in consolidated Adjusted EBITDA margin to 30.7%. The pending Fertitta merger dominates the risk profile, with up to a $200 million termination fee and no standalone earnings or revenue outlook provided.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.3
What stood out
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Revenue grew 3% and exceeded $2.99B
Q2 revenue rose 3.0% year over year to $2.993 billion and increased 4.3% from $2.870 billion in Q1 2026. Casino revenue increased $91 million, or 5.5%, to $1.759 billion.
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Regional segment drove consolidated growth
Regional revenue increased $135 million, or 9.4%, to $1.570 billion, while Adjusted EBITDA rose $49 million, or 11.2%, to $488 million. Growth reflected Caesars Windsor consolidation, northern Nevada visitation and capital investments in Lake Tahoe and New Orleans.
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Digital iGaming metrics improved
Caesars Digital revenue increased 2.3% to $351 million, supported by a 2.7% increase in iGaming handle to $4.831 billion and a 0.3-point increase in iGaming hold to 3.9%.
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Cash generation remained positive
Six-month operating cash flow was $675 million, nearly flat with $680 million a year earlier; less $335 million of capex, this implies $340 million of free cash flow. Capex represented 5.7% of $5.863 billion of six-month revenue.
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Liquidity remained substantial
Cash and cash equivalents were $965 million at June 30, 2026, and total reported cash plus available revolving capacity was $2.928 billion. The company reported compliance with all applicable financial covenants.
What to watch
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Las Vegas weakness compressed profitability
Las Vegas revenue declined $37 million, or 3.5%, to $1.017 billion, and Adjusted EBITDA fell $59 million, or 12.6%, to $410 million. Table-games hold dropped 4.5 points to 16.6%, alongside lower leisure visitation and hotel occupancy.
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Merger failure could trigger $200M fee
The updated merger risks state that failure to close could require Caesars to pay Fertitta Gaming a termination fee of up to $200 million under certain circumstances. The merger closing deadline is May 27, 2027, with potential extensions to August 27, 2027 and November 27, 2027.
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Merger pendency adds cost and disruption risk
The filing added risks that merger pendency can disrupt customers, suppliers and employee retention while limiting business actions. Caesars recorded $10 million of pending-merger transaction costs during both the three- and six-month periods ended June 30, 2026.
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Closing conditions coincide with high leverage
The updated merger disclosure highlights financing, regulatory and stockholder-approval conditions. Variable-rate borrowings totaled $6.0 billion, or approximately 51% of consolidated long-term debt, exposing the company to financing and rate-related pressure during the transaction period.
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Margin pressure offset revenue growth
Consolidated Adjusted EBITDA decreased $35 million, or 3.7%, to $920 million and its margin contracted 2.2 points to 30.7%. Digital Adjusted EBITDA fell $12 million, or 15.0%, to $68 million as gaming-tax rates increased and sports-betting hold declined 0.5 point to 8.4%.
Management's outlook
No earnings or revenue guidance was provided, amid the pending Fertitta Entertainment merger. Management quantified remaining 2026 capital expenditures at $310 million to $390 million, after $335 million spent in the first six months, and expects current liquidity and operating cash flow to fund operations, capital needs and debt service for at least the next 12 months.
Earlier filings 4
10-K · February 17, 2026
Caesars positions itself as a geographically diversified gaming and hospitality operator combining brick‑and‑mortar casinos (slots, table games) with a growing digital platform (Caesars Sportsbook, iGaming) and a…
10-Q · October 28, 2025
Caesars reported Q3 net revenues of $2,869 million, essentially flat with Q3 2024 ($2,874 million) while operating income declined to $513 million from $644 million a year ago, compressing operating margin to ~17.9%.…
10-Q · July 29, 2025
Caesars reported Q2 net revenues of $2,907 million, up $77 million versus 2Q24 and up versus the prior quarter, with operating income of $526 million (18.1% operating margin). The company generated stronger operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.