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%.
$ 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
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
508
359
456
+41.4%
Capital expenditure
648
483
360
+34.2%
Free cash flow
-140
-123
95.9
Free cash flow margin
-2.0%
-1.9%
1.5%
Cash from investing
-351
-541
-743
Cash from financing
-166
-186
-263
Depreciation and amortisation
447
434
435
+3.1%
Share-based compensation
60.9
52.9
85.9
+15.1%
Buybacks
354
0.0
150
Diluted shares, weighted
145m
152m
152m
-4.9%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,834
2,863
3,202
-35.9%
Non-controlling interest
-6.5
-4.3
-2.5
Debt
2,904
2,797
2,798
+3.8%
Operating lease liabilities
3,592
3,654
3,944
-1.7%
Finance lease liabilities
2,017
2,062
2,062
-2.2%
Other liabilities
3,927
3,889
4,060
+1.0%
Total liabilities and equity
14,268
15,262
16,064
-6.5%
Fixed assets
3,717
3,705
3,514
+0.3%
Goodwill
1,787
2,563
2,695
-30.3%
Intangible assets
1,405
1,530
1,618
-8.2%
Cash and equivalents
687
707
1,072
-2.8%
Receivables
254
257
319
-1.0%
Other assets
6,419
6,500
6,846
-1.3%
Total assets
14,268
15,262
16,064
-6.5%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.