10-K · February 26, 2026
PENN presents a diversified omni-channel gaming business with 42 gaming and racing properties across 19 states and digital operations in 22 sportsbook jurisdictions and 5 iCasino jurisdictions as of December 31, 2025.…
Earnings analysis · 10-Q
PENN earnings analysis
Filed April 29, 2026 · Our reading of the company's report
The latest report
PENN Entertainment, Inc. reported Q1 revenue of $1.7791 billion, surpassing the consensus estimate by 1.7%, and achieved GAAP EPS of $0.11, exceeding expectations. The company's Consolidated Adjusted EBITDA rose…
Read full summary
PENN Entertainment, Inc. reported Q1 revenue of $1.7791 billion, surpassing the consensus estimate by 1.7%, and achieved GAAP EPS of $0.11, exceeding expectations. The company's Consolidated Adjusted EBITDA rose significantly to $265.8 million, highlighting an improvement from $173.3 million year-over-year. Management noted increasing consumer visits and spend rates as key drivers for growth across most retail segments despite some headwinds in the South segment due to competition and weather issues.
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.
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
- $0.11
What stood out
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Revenue Growth
Total revenue increased by 6.4% to $1.7791 billion compared to $1.6725 billion in Q1 2025.
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Strong EPS Surprise
GAAP EPS was $0.11, outperforming estimates of $0.03 by 266.67%.
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Rising Adjusted EBITDA
Consolidated Adjusted EBITDA rose to $265.8 million from $173.3 million YoY.
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Segment Performance Improvement
Retail segments contributed positively with significant growth in the Midwest and West segments, showing resilience despite challenges in the South.
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Increase in Gaming Revenue
Gaming revenue grew by $36.1 million to $1.3344 billion, reflecting a 2.8% increase.
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Inventory and Liquidity Strength
Liquidity remains robust at $1.7 billion, enhanced by $708 million cash holdings.
What to watch
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Increased Competition
The South segment faced ongoing challenges due to heightened competition and visitation decline.
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Weather Impact
Adverse weather conditions negatively affected revenue stability in the Northeast.
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High Interest Expense
The company's gross outstanding debt of $1.4 billion exposes it to risks from fluctuating interest rates.
Management's outlook
Management noted potential for future growth but provided no formal numerical guidance.
Earlier filings 4
10-Q · November 6, 2025
PENN reported Q3 revenues of $1,717.3 million (up from $1,639.2 million a year ago) but recorded a substantial impairment and posted a GAAP net loss attributable to PENN of $864.6 million, or a diluted loss per share of…
10-Q · May 12, 2025
PENN reported total revenues of $1,672.5 million in Q1 2025, up from $1,606.9 million in Q1 2024, and generated net income of $111.5 million (diluted EPS $0.68) versus a net loss of $(114.9) million (diluted loss…
10-Q · August 8, 2024
PENN reported Q2 revenue of $1,663.0 million, roughly flat versus prior-year Q2 ($1,674.8 million) but down slightly by $11.8 million. Operating income contracted to $74.5 million from $205.5 million a year ago, driving…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.