10-K · February 19, 2026
GLPI is a gaming-focused UPREIT that owns interests in 69 gaming and related facilities (100% occupied as of December 31, 2025) and grows via acquisitions, development fundings and contractual lease escalators. The…
Earnings analysis · 10-Q
GLPI earnings analysis
Filed April 23, 2026 · Our reading of the company's report
The latest report
GLPI reported total revenues of $420.0 million and income from operations of $333.3 million for Q1 2026, compared with $395.2 million and $258.8 million in Q1 2025, respectively. Management highlights a $24.8 million…
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GLPI reported total revenues of $420.0 million and income from operations of $333.3 million for Q1 2026, compared with $395.2 million and $258.8 million in Q1 2025, respectively. Management highlights a $24.8 million increase in total income from real estate and continues to carry sizable funding commitments (e.g., $940.0 million for Bally’s Chicago with $299.6 million funded). The company remains highly leveraged with total indebtedness of $8,159.9 million at March 31, 2026 and flags geopolitical/interest-rate risk as an updated risk factor.
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
- Operating margin
- 79.36%
What stood out
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Revenue increased YoY
Total revenues rose to $420.0 million for the three months ended March 31, 2026, up $24.8 million from $395.2 million in the prior-year period.
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Operating income expanded materially
Income from operations increased to $333.3 million for Q1 2026 versus $258.8 million in Q1 2025, a lift of $74.5 million.
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Meaningful funded development exposure
The Company reports a $940.0 million maximum commitment for Bally’s Chicago with $299.6 million funded at March 31, 2026.
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Significant liquidity commitments across projects
Other stated commitments include $467.0 million for Live! Virginia (with $27.0 million funded) and a potential $175.0 million transaction at the former Tropicana Las Vegas (with $48.5 million funded).
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No share repurchases this quarter
The Company disclosed it "did not repurchase any shares of common stock" during the three months ended March 31, 2026.
What to watch
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Updated geopolitical / interest-rate risk
The filing states geopolitical events (including conflicts in the Middle East) have contributed to increased volatility in U.S. Treasury yields and inflation, which could increase borrowing costs and reduce tenant cash flows (filing notes indebtedness of $8,159.9 million at March 31, 2026).
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High leverage
Total indebtedness was $8,159.9 million at March 31, 2026, including $7,150.0 million of fixed-rate senior unsecured notes and $1,009.8 million of variable-rate obligations.
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Variable-rate exposure and refinancing risk
The Company has $1,009.8 million of variable-rate debt (notional/fair value $1,009,793 thousand) and warns rising rates could increase interest expense and refinancing costs.
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Tenant performance could curb rent growth
MD&A warns elevated inflation or weaker discretionary spending may reduce tenant cash flows and "could impair our tenants’ ability to satisfy their obligations," potentially limiting rent escalations tied to coverage ratios and percentage rent components.
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Material funding commitments create execution risk
GLPI has sizable commitments (e.g., $940.0 million for Bally’s Chicago and $225.0 million anticipated funding for PENN’s Aurora relocation) that the tenant may decline or that could increase GLPI’s funded exposure if drawn.
Management's outlook
The MD&A contains forward-looking language but no explicit numeric consolidated revenue or EPS guidance. Management discloses specific expected funding events (e.g., PENN "anticipates funding $225 million" for Aurora on or about June 24, 2026 at a 7.75% capitalization rate) and lists funding commitments (e.g., $940.0 million maximum for Bally’s Chicago with $299.6 million funded), but provides no company-level revenue or EPS outlook in this 10-Q.
Earlier filings 4
10-Q · October 30, 2025
GLPI reported Q3 2025 total income from real estate of $397.61M and GAAP diluted EPS of $0.85, with income from operations rising to $337.16M (an operating margin of ~84.8%). The quarter shows revenue and…
10-Q · July 24, 2025
GLPI reported Q2 total income from real estate of $394,876,000, up $14,250,000 (+3.7%) versus Q2 2024; however, operating income fell to $242,064,000 (down $51,365,000, -17.5%) and diluted EPS declined to $0.54 from…
10-Q · October 24, 2024
GLPI reported Q3 total income from real estate of $385,341,000, up $25,781,000 (≈7.2%) versus $359,560,000 in Q3 2023, while diluted EPS declined to $0.67 from $0.70. Operating income rose modestly to $271,444,000 but…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.