Caesars Entertainment, Inc.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 17 February 2026: press release. The quarter’s numbers.

Key takeaways

Quarterly net loss widened: GAAP net loss attributable to Caesars was $250 million against net income of $11 million a year earlier. Management attributed the decrease mainly to prior-year gains on asset sales over $350 million. Source
Same-store Adjusted EBITDA up 2.2%: Same-store Adjusted EBITDA was $901 million against $882 million. Management said consolidated growth was driven by Caesars Digital, stable Regional results and sequential improvement in Las Vegas. Source
Caesars Digital set quarterly record: Caesars Digital Adjusted EBITDA was $85 million against $20 million. Management said this was a new quarterly record for the segment; Digital net revenues rose 38.7% to $419 million. Source
Las Vegas EBITDA declined: Las Vegas Adjusted EBITDA was $447 million against $478 million on a same-store basis, down 6.5%. Net revenues fell 3.4% to $1,040 million. Source
Total debt outstanding fell slightly: Total outstanding indebtedness was $11,905 million at December 31, 2025, against $12,294 million a year earlier. Net debt was $11,018 million against $11,428 million. Source
Buybacks reached 14.7 million shares: Management said it continued to repurchase shares opportunistically in the quarter, bringing aggregate repurchases since mid-2024 to 14.7 million shares for $420 million. Source
Digital growth expected again in 2026: Management expects another year of growth in Caesars Digital net revenue and Adjusted EBITDA in 2026. The prior release gave no 2026 view. Source

“Fourth quarter consolidated same-store Adjusted EBITDA grew year over year driven by Caesars Digital which set a new quarterly record of $85 million, stable results in our Regional segment and a quarterly sequential improvement in operating trends in Las Vegas.”
Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc.

What changed from last quarter

New guidance: The prior release gave no 2026 view. This release gives qualitative 2026 expectations for Caesars Digital growth, free cash flow, capex and cash interest. Source
New: 2026 free cash flow is to pay down debt and opportunistically repurchase shares. The prior release described a balanced approach across debt reduction and share buybacks. Source

Fourth quarter and full year results

Net revenues rose 4.4% in quarter: Quarterly net revenues were $2.9 billion against $2.8 billion, up 4.4% on a same-store basis after removing LINQ Promenade results from the prior year. Source
Quarterly net loss widened: GAAP net loss attributable to Caesars was $250 million against net income of $11 million a year earlier. Management attributed the decrease mainly to prior-year gains on asset sales over $350 million. Source
Same-store Adjusted EBITDA up 2.2%: Same-store Adjusted EBITDA was $901 million against $882 million. Management said consolidated growth was driven by Caesars Digital, stable Regional results and sequential improvement in Las Vegas. Source
Full-year same-store EBITDA eased: Full-year same-store Adjusted EBITDA was $3.6 billion against $3.7 billion. Full-year GAAP net loss was $502 million against $278 million. Source

Segment results and trends

Caesars Digital set quarterly record: Caesars Digital Adjusted EBITDA was $85 million against $20 million. Management said this was a new quarterly record for the segment; Digital net revenues rose 38.7% to $419 million. Source
Digital full-year EBITDA more than doubled: Full-year Caesars Digital Adjusted EBITDA rose 101.7% to $236 million, and full-year Digital net revenues rose 21.1% to $1,408 million. Source
Las Vegas EBITDA declined: Las Vegas Adjusted EBITDA was $447 million against $478 million on a same-store basis, down 6.5%. Net revenues fell 3.4% to $1,040 million. Source
Las Vegas trends improved sequentially: Management cited a quarterly sequential improvement in Las Vegas operating trends. Las Vegas Adjusted EBITDA was $379 million in the third quarter, per the prior release. Source
Regional revenue up, EBITDA slightly down: Regional net revenues rose 4.0% to $1,397 million, while Regional Adjusted EBITDA was $404 million against $410 million, down 1.5%. Management described Regional results as stable. Source

“As we look ahead to 2026, the brick-and-mortar operating environment remains stable, and we are expecting another year of strong Net Revenue and Adjusted EBITDA growth in our Caesars Digital segment.”
Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc.

Demand and operating environment

Casino revenue increased in quarter: Casino revenues were $1,713 million against $1,576 million in the quarter, and $6,617 million against $6,267 million for the year. Source
Hotel revenue fell, other rose: Hotel revenues were $469 million against $494 million in the quarter, and $1,945 million against $2,016 million for the year. Other revenues rose to $319 million from $308 million. Source
Brick-and-mortar environment called stable: Management described the brick-and-mortar operating environment as stable heading into 2026. Source

Costs, impairments and interest

Interest expense eased slightly: Net interest expense was $575 million against $586 million in the quarter, and $2,304 million against $2,366 million for the year. Full-year loss on debt extinguishment was $4 million against $89 million. Source
Regional impairments drove full-year charges: Full-year impairment charges were $182 million against $302 million. Management said they include impairments within the Regional segment; fourth-quarter impairments were $182 million against $184 million. Source
Transaction costs swung from prior-year gain: Fourth-quarter transaction and other costs, net were $12 million, against a $345 million net benefit in the prior-year quarter, when gains on asset sales were recorded. Source
Operating income declined: Operating income was $331 million against $669 million in the quarter, and $1,858 million against $2,304 million for the year. Total operating expenses were $2,585 million against $2,130 million. Source

“When combined with lower capex and cash interest expense, 2026 is forecasted to deliver strong free cash flow that we expect to use to pay down debt and opportunistically repurchase our common stock.”
Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc.

Debt and liquidity

Total debt outstanding fell slightly: Total outstanding indebtedness was $11,905 million at December 31, 2025, against $12,294 million a year earlier. Net debt was $11,018 million against $11,428 million. Source
Cash and borrowing capacity totalled $2.8 billion: Cash and cash equivalents were $887 million, excluding $97 million of restricted cash. Cash on hand and borrowing capacity totalled $2,833 million, including $2,075 million of revolver capacity. Source
Notes fell while bank debt rose: Notes outstanding fell to $5,800 million from $6,346 million, while bank debt and loans rose to $6,063 million from $5,904 million. Source

Share repurchases and share count

Buybacks reached 14.7 million shares: Management said it continued to repurchase shares opportunistically in the quarter, bringing aggregate repurchases since mid-2024 to 14.7 million shares for $420 million. Source
Weighted share count fell: Weighted average diluted shares were 203 million in the quarter against 213 million, and 208 million for the year against 215 million. Source
Diluted loss per share widened: Diluted loss per share was $1.23 for the quarter against diluted earnings of $0.05 a year earlier. Full-year diluted loss per share was $2.42 against $1.29. Source

Divestitures and prior-year gains

LINQ Promenade divested: Prior-year figures were adjusted to remove LINQ Promenade results before its divestiture, including the associated gain on sale, so the periods compare on a same-store basis. Source
WSOP and LINQ gains in prior year: Prior-year figures include a $317 million gain on the WSOP trademark sale in Caesars Digital and a $34 million gain on the LINQ Promenade sale in Las Vegas. Source

Looking ahead to 2026

Digital growth expected again in 2026: Management expects another year of growth in Caesars Digital net revenue and Adjusted EBITDA in 2026. The prior release gave no 2026 view. Source
Capex to step down after projects: Management said capital expenditures will step down as the large growth projects in Virginia and New Orleans are complete. Source
Lower cash interest expected: Management said it is positioned to benefit from decreasing cash interest expense as it moves into 2026. Source
Free cash flow for debt and buybacks: Management forecasts 2026 free cash flow, helped by lower capex and cash interest, to pay down debt and opportunistically repurchase common stock. Source

Coming up, as management said on 17 February 2026

Supplemental slides before the call: Supplemental slides were to be posted on the investor relations website before the call start time. Source

Earlier plans management reported on

Not stated: The prior release anticipated fourth-quarter improvement in Las Vegas, continued Digital momentum and stable Regional trends. This release reports Digital's record and Las Vegas sequential improvement.
Not stated: The prior release expected a balanced approach to free cash flow across debt reduction and share buybacks. This release describes 2026 free cash flow used for debt paydown and opportunistic repurchases.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Caesars Entertainment, Inc. Reports Fourth Quarter and Full Year 2025 Results

LAS VEGAS and RENO, Nev. (February 17, 2026) - Caesars Entertainment, Inc., (NASDAQ: CZR) (“Caesars,” “CZR,” “CEI” or “the Company”) today reported operating results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter Results:

GAAP net revenues of $2.9 billion versus $2.8 billion for the comparable prior-year period.
GAAP net loss of $250 million compared to net income of $11 million for the comparable prior-year period, with the decrease primarily driven by gains on asset sales in the prior year period of over $350 million.
Same-store Adjusted EBITDA of $901 million versus $882 million for the comparable prior-year period.
Caesars Digital Adjusted EBITDA of $85 million versus $20 million for the comparable prior-year period.

Full Year Results:

GAAP net revenues of $11.5 billion versus $11.2 billion for the comparable prior-year period.
GAAP net loss of $502 million compared to net loss of $278 million for the comparable prior-year period, with the decrease primarily driven by gains on asset sales in the prior year period of over $350 million.
Same-store Adjusted EBITDA of $3.6 billion versus $3.7 billion for the comparable prior-year period.
Caesars Digital Adjusted EBITDA of $236 million versus $117 million for the comparable prior-year period.

Tom Reeg, Chief Executive Officer of Caesars Entertainment, Inc., commented, “Fourth quarter consolidated same-store Adjusted EBITDA grew year over year driven by Caesars Digital which set a new quarterly record of $85 million, stable results in our Regional segment and a quarterly sequential improvement in operating trends in Las Vegas. As we look ahead to 2026, the brick-and-mortar operating environment remains stable, and we are expecting another year of strong Net Revenue and Adjusted EBITDA growth in our Caesars Digital segment. When combined with lower capex and cash interest expense, 2026 is forecasted to deliver strong free cash flow that we expect to use to pay down debt and opportunistically repurchase our common stock.”

Fourth Quarter and Full Year 2025 Financial Results Summary and Segment Information

The following tables present actual 2025 and 2024 results as well as adjustments to net revenues, net income (loss) and Adjusted EBITDA for the effects of our completed divestiture in order to reflect amounts on a same-store basis:

	Three Months Ended December 31,
Net Revenues
(In millions)		2025		2024	2024 Adj.	Adj. 2024 Total	% Change
Las Vegas	$1,040		$1,083		$(6)	$1,077	(3.4)%
Regional	1,397		1,343		-	1,343	4.0%
Caesars Digital	419		302		-	302	38.7%
Managed and Branded	65		68		-	68	(4.4)%
Corporate and Other	(5)		3		-	3		*
Caesars	$2,916		$2,799		$(6)	$2,793	4.4%

	Years Ended December 31,
Net Revenues
(In millions)		2025		2024	2024 Adj.	Adj. 2024 Total	% Change
Las Vegas	$4,049		$4,274		$(25)	$4,249	(4.7)%
Regional	5,756		5,539		-	5,539	3.9%
Caesars Digital	1,408		1,163		-	1,163	21.1%
Managed and Branded	279		274		-	274	1.8%
Corporate and Other	(6)		(5)		-	(5)	(20.0)%
Caesars	$11,486		$11,245		$(25)	$11,220	2.4%

	Three Months Ended December 31,
Net Income (Loss) Attributable to Caesars
(In millions)		2025		2024	2024 Adj.	Adj. 2024 Total	% Change
Las Vegas	$182		$228		$(37)	$191	(4.7)%
Regional	(210)		(133)		-	(133)	(57.9)%
Caesars Digital	39		288		-	288	(86.5)%
Managed and Branded	16		17		-	17	(5.9)%
Corporate and Other	(277)		(389)		-	(389)	28.8%
Caesars	$(250)		$11		$(37)	$(26)		*

	Years Ended December 31,
Net Income (Loss) Attributable to Caesars
(In millions)		2025		2024	2024 Adj.	Adj. 2024 Total	% Change
Las Vegas	$703		$924		$(50)	$874	(19.6)%
Regional	(145)		(18)		-	(18)		*
Caesars Digital	57		269		-	269	(78.8)%
Managed and Branded	68		71		-	71	(4.2)%
Corporate and Other	(1,185)		(1,524)		-	(1,524)	22.2%
Caesars	$(502)		$(278)		$(50)	$(328)	(53.0)%

	Three Months Ended December 31,
Adjusted EBITDA
(In millions)		2025		2024	2024 Adj.	Adj. 2024 Total	% Change
Las Vegas	$447		$481		$(3)	$478	(6.5)%
Regional	404		410		-	410	(1.5)%
Caesars Digital	85		20		-	20		*
Managed and Branded	16		17		-	17	(5.9)%
Corporate and Other	(51)		(43)		-	(43)	(18.6)%
Caesars	$901		$885		$(3)	$882	2.2%

	Years Ended December 31,
Adjusted EBITDA
(In millions)		2025		2024	2024 Adj.	Adj. 2024 Total	% Change
Las Vegas	$1,728		$1,907		$(16)	$1,891	(8.6)%
Regional	1,789		1,810		-	1,810	(1.2)%
Caesars Digital	236		117		-	117	101.7%
Managed and Branded	67		71		-	71	(5.6)%
Corporate and Other	(196)		(166)		-	(166)	(18.1)%
Caesars	$3,624		$3,739		$(16)	$3,723	(2.7)%

* Not meaningful

Adjustment for pre-disposition results of operations reflecting the subtraction of results of operations for the LINQ Promenade prior to divestiture, including the associated gain on sale, for the relevant periods. Such figures are based on unaudited internal financial statements and have not been reviewed by the Company’s auditors for the periods presented. The additional financial information is included to enable the comparison of current results with results of prior periods.

Includes a gain on the sale of the WSOP Trademark of $317 million in the Caesars Digital segment and a gain on the sale of the LINQ Promenade of $34 million in the Las Vegas segment.

Adjusted EBITDA is not a GAAP measurement and is presented solely as a supplemental disclosure because the Company believes it is a widely used measure of operating performance in the gaming industry. See “Reconciliation of GAAP Measures to Non-GAAP Measures” below for a definition of Adjusted EBITDA and a quantitative reconciliation of Adjusted EBITDA to net income (loss) attributable to Caesars, which the Company believes is the most comparable financial measure calculated in accordance with GAAP.

Balance Sheet and Liquidity

As of December 31, 2025, Caesars had $11.9 billion in aggregate principal amount of debt outstanding. Total cash and cash equivalents were $887 million, excluding restricted cash of $97 million.

(In millions)	December 31, 2025	December 31, 2024
Cash and cash equivalents	$887	$866
Bank debt and loans	$6,063	$5,904
Notes	5,800	6,346
Other long-term debt	42	44
Total outstanding indebtedness	$11,905	$12,294
Net debt	$11,018	$11,428

Net debt is a non-GAAP measurement and is presented solely as a supplemental disclosure because the Company believes it is helpful in understanding our financial position. Net debt is equal to total outstanding indebtedness less cash and cash equivalents.

As of December 31, 2025, our cash on hand and borrowing capacity was as follows:

(In millions)	December 31, 2025
Cash and cash equivalents	$887
Revolver capacity	2,075
Revolver capacity committed to letters of credit	(83)
Revolver capacity committed as regulatory requirement	(46)
Total	$2,833

Revolver capacity includes $2.1 billion under our CEI Revolving Credit Facility, maturing in January 2028, and $25 million under the CVA Revolving Credit Facility, maturing on April 26, 2029, less $40 million reserved for specific purposes.

“During the fourth quarter, we continued to opportunistically repurchase our common stock bringing aggregate share repurchases to 14.7 million shares for $420 million since we began our repurchase activity in the middle of 2024. As we move into 2026, we are positioned to benefit from decreasing cash interest expense and our capital expenditures will step down due to the completion of our large growth projects in Virginia and New Orleans,” said Bret Yunker, Chief Financial Officer.

Non-GAAP Measures

Adjusted EBITDA (described below), a non-GAAP financial measure, has been presented as a supplemental disclosure because it is a widely used measure of performance and basis for valuation of companies in our industry and we believe that this non-GAAP supplemental information will be helpful in understanding our ongoing operating results. Management has historically used Adjusted EBITDA when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a full understanding of our core operating results and as a means to evaluate period-to-period results. Adjusted EBITDA represents net income (loss) before interest income and interest expense, net of interest capitalized, (benefit) provision for income taxes, depreciation and amortization, stock-based compensation expense, (gain) loss on extinguishment of debt, impairment charges, other (income) loss, net income (loss) attributable to noncontrolling interests, transaction costs associated with our acquisitions, developments and divestitures, and non-cash changes in equity method investments. Adjusted EBITDA also excludes the expense associated with certain of our leases as these transactions were accounted for as financing obligations and the associated expense is included in interest expense. Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with accounting principles generally accepted in the United States (“GAAP”). Adjusted EBITDA is unaudited and should not be considered an alternative to, or more meaningful than, net income (loss) as an indicator of our operating performance. Uses of cash flows that are not reflected in Adjusted EBITDA include capital expenditures, interest payments, income taxes, debt principal repayments, distributions to our noncontrolling interest owners and payments under our leases with affiliates of VICI and GLPI, which can be significant. As a result, Adjusted EBITDA should not be considered as a measure of our liquidity. The reconciliation of Adjusted EBITDA to net income (loss) attributable to Caesars is attached at the end of this press release.

Net debt (defined above), a non-GAAP measure, has been presented as a supplemental disclosure because we believe it is helpful in understanding our financial condition. The reconciliation of net debt to total outstanding indebtedness is set forth above.

Other companies that provide similar non-GAAP measures may calculate them differently than we do, and the definitions may not be the same as the definitions used in any of our debt agreements.

Conference Call Information

The Company will host a conference call to discuss the Company’s results on February 17, 2026 at 2 p.m. Pacific Time. Participants may register for the call approximately 15 minutes before the call start time by visiting the following website at https://register-conf.media-server.com/register/BI8bf56565835247dababf2173a327bf61.

Once registered, participants will receive an email with dial-in number and unique PIN number to access the live event. The call will also be accessible on the Investor Relations section of Caesars Entertainment’s website at https://investor.caesars.com.

In addition, supplemental slides will be posted prior to the call start time on the Investor Relations website at https://investor.caesars.com.

About Caesars Entertainment, Inc.

Caesars Entertainment, Inc. (NASDAQ: CZR) is the largest casino-entertainment company in the US and one of the world’s most diversified casino-entertainment providers. Since its beginning in Reno, NV, in 1937, Caesars Entertainment, Inc. has grown through development of new resorts, expansions and acquisitions. Caesars Entertainment, Inc.’s resorts operate primarily under the Caesars®, Harrah’s®, Horseshoe®, and Eldorado® brand names. Caesars Entertainment, Inc. offers diversified gaming, entertainment and hospitality amenities, one-of-a-kind destinations, and a full suite of mobile and online gaming and sports betting experiences. All tied to its industry-leading Caesars Rewards loyalty program, the company focuses on building value with its guests through a unique combination of impeccable service, operational excellence and technology leadership. Caesars is committed to its employees, suppliers, communities and the environment through its PEOPLE PLANET PLAY framework. To review our latest CSR report, please visit www.caesars.com/corporate-social-responsibility/csr-reports. Know When To Stop Before You Start.® Gambling Problem? Call 1-800-522-4700. For more information, please visit www.caesars.com/corporate. If you think you or someone you care about may have a gambling problem, call 1-877-770-STOP (1-877-770-7867).

Forward-Looking Statements

Forward-looking statements notice

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding our strategies, objectives and plans for future development or acquisitions of properties or operations, as well as expectations, future operating results and other information that is not historical information. When used in this press release, the terms or phrases such as “anticipates,” “believes,” “projects,” “plans,” “intends,” “expects,” “might,” “may,” “estimates,” “could,” “should,” “would,” “will likely continue,” and variations of such words or similar expressions are intended to identify forward-looking statements. Although our expectations, beliefs and projections are expressed in good faith and with what we believe is a reasonable basis, there can be no assurance that these expectations, beliefs and projections will be realized. There are a number of risks and uncertainties that could cause our actual results to differ materially from those expressed in the forward-looking statements which are included elsewhere in this press release. These risks and uncertainties include, but are not limited to: (a) the impact on our business, financial results and liquidity of economic trends, inflation, public health emergencies, terrorist attacks and other acts of war or hostility, work stoppages and other labor problems, or other economic and market conditions, including reductions in discretionary consumer spending as a result of downturns in the economy and other factors outside our control; (b) the impact of future cybersecurity breaches on our business, financial conditions and results of operations; (c) our ability to successfully operate our digital betting and iGaming platform and expand its user base; (d) risks associated with our leverage and our ability to reduce our leverage; (e) the effects of competition, including new competition in certain of our markets, on our business and results of operations; and (f) additional factors discussed in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K as filed with the Securities and Exchange Commission. Other unknown or unpredictable factors may also cause actual results to differ materially from those projected by the forward-looking statements.

In light of these and other risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur. These forward-looking statements speak only as of the date of this press release, even if subsequently made available on our website or otherwise, and we do not intend to update publicly any forward-looking statement to reflect events or circumstances that occur after the date on which the statement is made, except as may be required by law.

We periodically provide other information for investors on our Investor Relations website, https://investor.caesars.com. We intend to use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor our website, in addition to following the Company's press releases, SEC filings and public conference calls and webcasts.

Source: Caesars Entertainment, Inc.; CZR

Investor Relations: Brian Agnew, bagnew@caesars.com; Charise Crumbley, ccrumbley@caesars.com, 800-318-0047

Media Relations: Kate Whiteley, kwhiteley@caesars.com

CAESARS ENTERTAINMENT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three Months Ended December 31,				Years Ended December 31,
(In millions, except per share data)		2025		2024		2025		2024
NET REVENUES:
Casino	$1,713		$1,576		$6,617		$6,267
Food and beverage	415		421		1,714		1,716
Hotel	469		494		1,945		2,016
Other	319		308		1,210		1,246
Net revenues	2,916		2,799		11,486		11,245
OPERATING EXPENSES:
Casino	945		873		3,602		3,370
Food and beverage	279		273		1,106		1,073
Hotel	153		152		615		580
Other	106		98		420		396
General and administrative	483		477		1,926		1,920
Corporate	81		73		322		307
Impairment charges	182		184		182		302
Depreciation and amortization	344		345		1,417		1,324
Transaction and other costs, net	12		(345)		38		(331)
Total operating expenses	2,585		2,130		9,628		8,941
Operating income	331		669		1,858		2,304
OTHER EXPENSE:
Interest expense, net	(575)		(586)		(2,304)		(2,366)
Loss on extinguishment of debt	-		(38)		(4)		(89)
Other income (loss)	(1)		(2)		2		27
Total other expense	(576)		(626)		(2,306)		(2,428)
Income (loss) before income taxes	(245)		43		(448)		(124)
Benefit (provision) for income taxes	10		(19)		11		(87)
Net income (loss)	(235)		24		(437)		(211)
Net income attributable to noncontrolling interests	(15)		(13)		(65)		(67)
Net income (loss) attributable to Caesars	$(250)		$11		$(502)		$(278)
Net income (loss) attributable to Caesars per share - basic and diluted:
Basic income (loss) per share	$(1.23)		$0.05		$(2.42)		$(1.29)
Diluted income (loss) per share	$(1.23)		$0.05		$(2.42)		$(1.29)
Weighted average basic shares outstanding	203		212		208		215
Weighted average diluted shares outstanding	203		213		208		215

CAESARS ENTERTAINMENT, INC.

RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO CAESARS TO ADJUSTED EBITDA

(UNAUDITED)

	Three Months Ended December 31,				Years Ended December 31,
(In millions)		2025		2024		2025		2024
Net income (loss) attributable to Caesars	$(250)		$11		$(502)		$(278)
Net income attributable to noncontrolling interests	15		13		65		67
(Benefit) provision for income taxes	(10)		19		(11)		87
Other (income) loss	1		2		(2)		(27)
Loss on extinguishment of debt	-		38		4		89
Interest expense, net	575		586		2,304		2,366
Impairment charges	182		184		182		302
Depreciation and amortization	344		345		1,417		1,324
Transaction costs and other, net	21		(334)		72		(285)
Stock-based compensation expense	23		21		95		94
Adjusted EBITDA	901		885		3,624		3,739
Pre-disposition EBITDA, net	-		(3)		-		(16)
Total Adjusted EBITDA	$901		$882		$3,624		$3,723

Other income for the year ended December 31, 2024 primarily represents a change in estimate of our disputed claims liability.

Impairment charges for the year ended December 31, 2025 include impairments within our Regional segment. Impairment charges for the year ended December 31, 2024 include impairments within our Regional and Las Vegas segments.

Transaction costs and other, net primarily includes non-cash losses on the write down and disposal of assets, certain non-recurring litigation reserves, non-recurring asset recoveries, gains from the sales of the WSOP trademark and the LINQ Promenade, professional services for transaction and integration costs, various contract exit or termination costs, pre-opening costs in connection with new property openings and expansion projects at existing properties, and non-cash changes in equity method investments.

Adjustment for pre-disposition results of operations reflecting the subtraction of results of operations for the LINQ Promenade prior to divestiture, for the relevant periods. Such figures are based on unaudited internal financial statements and have not been reviewed by the Company’s auditors for the periods presented. The additional financial information is included to enable the comparison of current results with results of prior periods.