10-K · March 16, 2026
Full House Resorts (FLL) reports modest top-line growth in FY2025 (≈$302.0M vs $292.0M in FY2024) and a material improvement in free cash flow (from -$38.0M in 2024 to -$2.0M in 2025). The company continues to execute…
Earnings analysis · 10-Q
FLL earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Full House Resorts reported Q1 2026 revenues of $74.4 million, slightly missing expectations of $76.9 million, but improved EPS to -$0.23 from -$0.27 last year, indicating a positive trend despite a nominal revenue…
Read full summary
Full House Resorts reported Q1 2026 revenues of $74.4 million, slightly missing expectations of $76.9 million, but improved EPS to -$0.23 from -$0.27 last year, indicating a positive trend despite a nominal revenue decline. Adjusted EBITDA surged by 14.7% to $13.2 million, largely driven by operational improvements at key casinos amid ongoing construction efforts for the permanent American Place facility.
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.
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
- $-0.23
- Operating margin
- 3.2%
- Segment
- Midwest & South
- Segment
- West
- Segment
- Contracted Sports Wagering
What stood out
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Revenue Performance
Revenue reached $74.4M, only down 0.8% from $75.1M in the prior year.
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Improved EPS
Diluted EPS of -$0.23 improved from -$0.27 year-over-year.
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Record Adjusted EBITDA
Adjusted EBITDA increased by 14.7% to $13.2 million, up from $11.5 million.
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Growth in Midwest & South Segment
Midwest & South segment revenues increased by 3.8% to $59.4 million.
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Reduced Operating Expenses
Operating expenses dropped by 3.0%, helping to boost operating income by 218.4%.
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Strong Slot Revenue Growth
Slot revenue rose by 8.5% to $46.2 million, contributing to overall revenue stability.
What to watch
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Operating Loss Still Present
Net loss for the quarter was $8.15 million, though improved from $9.77 million year-on-year.
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Segment Revenue Declines in West
West segment revenues fell by 13.0% to $13.6 million, impacted by the sale of Stockman's Casino.
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Exposure to Regulatory Delays
Potential delays in the development of the permanent American Place facility could impact future revenues.
Management's outlook
Outlook noted regulatory uncertainties regarding the permanent American Place facility construction.
Earlier filings 4
10-K · March 11, 2025
Full House Resorts emphasizes growth through regional property development (notably the permanent American Place project projected for 2027) and incremental revenue from newly opened Chamonix (phased opening completed…
10-Q · August 8, 2022
For Q2 2022, Full House Resorts, Inc. reported revenues of $44.4 million, down 6% from Q2 2021's $47.4 million. Operating income decreased by 32% to $8.2 million, while the net loss was $4.4 million, leading to a…
10-Q · November 12, 2021
Full House Resorts reported Q3 revenue of $47,238,000 (three months ended September 30, 2021), up from $41,956,000 in Q3 2020, with operating income rising to $11,119,000 from $10,409,000. Diluted EPS declined to $0.13…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.