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Penn Entertainment (PENN) FY2025 results: revenue $7.0 billion, up 5.8% on the year

Penn Entertainment, Inc. (PENN) reported revenue of $7.0 billion for fiscal 2025, the year ended 31 December 2025, up 5.8% on the year before. Net income was -$843 million, and diluted earnings per share $-5.83. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue
$7.0 billion
+5.8% on the year
FY2018FY2025
Operating margin
-9.7%
1.1% a year earlier
FY2018FY2025
Net income
-$843 million
FY2018FY2025
Diluted EPS
-$5.83
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 4 new.

  • Revenue rose and net loss narrowed: The company reported fourth-quarter revenues of $1,806.2 million against $1,669.0 million a year earlier, a net loss of $73.4 million against $133.8 million, and consolidated adjusted EBITDA of $225.8 million against $165.2 million.
  • Retail margin eased to 32.3%: Retail property revenues were $1.4 billion, segment adjusted EBITDAR $456.4 million and margin 32.3%, against $465.8 million and 32.8% in the third quarter.
  • December weather cut retail results: Management said December weather reduced segment adjusted EBITDAR by about $7.0 million, and that core trends were otherwise stable across the portfolio.
  • Interactive loss narrowed to $39.9m: The Interactive segment reported revenues of $398.7 million, including a $182.7 million tax gross-up, and an adjusted EBITDA loss of $39.9 million.
  • Interactive revenue up 52%: Revenue excluding the tax gross-up grew 52% year over year, led by iCasino growth of 40% and online sportsbook growth of 73%.
Read the Q4 FY2025 earnings call summary

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue6,9616,5786,363+5.8%
Operating income-67472.5-690
Operating margin-9.7%1.1%-10.8%
Interest expense448487470-8.1%
Pre-tax income-821-341-500
Income tax24.6-28.0-8.2
Net income-843-312-490
Net margin-12.1%-4.7%-7.7%
Diluted EPS-$5.83-$2.05-$3.22
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow508359456+41.4%
Capital expenditure648483360+34.2%
Free cash flow-140-12395.9
Free cash flow margin-2.0%-1.9%1.5%
Cash from investing-351-541-743
Cash from financing-166-186-263
Depreciation and amortisation447434435+3.1%
Share-based compensation60.952.985.9+15.1%
Buybacks3540.0150
Diluted shares, weighted145m152m152m-4.9%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity1,8342,8633,202-35.9%
Non-controlling interest-6.5-4.3-2.5
Debt2,9042,7972,798+3.8%
Operating lease liabilities3,5923,6543,944-1.7%
Finance lease liabilities2,0172,0622,062-2.2%
Other liabilities3,9273,8894,060+1.0%
Total liabilities and equity14,26815,26216,064-6.5%
Fixed assets3,7173,7053,514+0.3%
Goodwill1,7872,5632,695-30.3%
Intangible assets1,4051,5301,618-8.2%
Cash and equivalents6877071,072-2.8%
Receivables254257319-1.0%
Other assets6,4196,5006,846-1.3%
Total assets14,26815,26216,064-6.5%

10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.