Penn Entertainment (PENN) Q3 FY2026 earnings: revenue $1.8 billion, up 7.1% on the year

Penn Entertainment, Inc. (PENN) reported revenue of $1.8 billion for Q3 FY2026, the quarter ended 30 September 2026, up 7.1% on the same quarter a year earlier. Net income was $33 million, and diluted earnings per share $0.24. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2026.

Revenue

$1.8 billion

+7.1% on the year · -0.9% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

6.9%

-45.2% a year earlier

Q4 FY2024Q3 FY2026

Net income

$33 million

-0.3% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.24

0.0% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Revenue and Adjusted EBITDA grew: Revenue was $1,840.0 million against $1,717.3 million a year earlier. Consolidated Adjusted EBITDA was $284.0 million against $194.9 million.
Retail revenue and EBITDAR rose: Retail revenues were about $1.5 billion, with Segment Adjusted EBITDAR of $501.8 million. The Retail segment margin was 33.7%, and the company reported record third quarter Retail revenue.
Retail margin up third quarter running: Management said Retail Segment Adjusted EBITDAR margins improved year-over-year for the third consecutive quarter.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	1,840	1,857	1,717	-0.9%	+7.1%
Operating income	127	132	-776	-3.3%
Operating margin	6.9%	7.1%	-45.2%
Interest expense	106	108	110	-1.9%	-4.0%
Pre-tax income	34.3	39.7	-860	-13.6%
Income tax	1.7	7.1	5.3	-76.1%	-67.9%
Effective tax rate	5.0%	17.9%	n/a
Net income	33.0	33.1	-865	-0.3%
Net margin	1.8%	1.8%	-50.3%
Diluted EPS	$0.24	$0.24	-$6.03	0.0%

$ million except per share.

Free 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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	263	241	181	+9.4%	+45.6%
Capital expenditure	59.2	97.4	173	-39.2%	-65.7%
Free cash flow	204	143	8.2	+42.4%	+2,389.0%
Free cash flow margin	11.1%	7.7%	0.5%
Cash from investing	-60.8	112	-30.8
Cash from financing	-45.6	-179	-157
Depreciation and amortisation	124	118	114	+5.1%	+8.4%
Share-based compensation	15.6	17.4	16.8	-10.3%	-7.1%
Buybacks	0.0	0.0	154
Diluted shares, weighted	135m	137m	144m	-1.2%	-5.6%
Shares outstanding at period end	134m	134m	133m	+0.1%	+0.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	1,905	1,861	1,959	+2.4%	-2.7%
Non-controlling interest	-7.9	-7.5	-6.0
Debt	2,807	2,815	2,853	-0.3%	-1.6%
Operating lease liabilities	3,376	3,484	3,534	-3.1%	-4.5%
Finance lease liabilities	1,994	2,008	2,028	-0.7%	-1.7%
Other liabilities	3,921	3,909	3,942	+0.3%	-0.5%
Total liabilities and equity	13,995	14,069	14,310	-0.5%	-2.2%
Fixed assets	3,442	3,492	3,778	-1.4%	-8.9%
Goodwill	1,764	1,766	1,785	-0.1%	-1.1%
Intangible assets	1,376	1,390	1,506	-1.1%	-8.7%
Cash and equivalents	1,045	887	660	+17.8%	+58.3%
Receivables	240	246	231	-2.2%	+4.1%
Other assets	6,128	6,288	6,351	-2.6%	-3.5%
Total assets	13,995	14,069	14,310	-0.5%	-2.2%

Questions

What was Penn Entertainment's revenue in Q3 FY2026?

Penn Entertainment (PENN) reported revenue of $1.8 billion for Q3 FY2026, the quarter ended 30 September 2026, up 7.1% on the same quarter a year earlier.

How much did Penn Entertainment earn in Q3 FY2026?

Net income for Q3 FY2026 was $33 million, and diluted earnings per share $0.24.

When did Penn Entertainment report Q3 FY2026 results?

Penn Entertainment filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 5 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,572	1,564	1,627	1,625	1,586	1,673	1,675	1,619	1,395	1,607	1,663	1,639	1,669	1,672	1,765	1,717	1,806	1,779	1,857	1,840
Operating income	226	292	302	137	243	199	206	-786	-308	-21.4	74.5	67.5	-48.1	42.8	77.5	-776	-17.5	97.1	132	127
Operating margin	14%	19%	19%	8%	15%	12%	12%	-49%	-22%	-1%	4%	4%	-3%	3%	4%	-45%	-1%	5%	7%	7%
Interest expense	145	162	195	199	204	114	117	119	120	121	122	123	121	120	108	110	109	108	108	106
Pre-tax income	53.3	99.2	82.4	-58.8	52.5	682	113	-887	-408	-128	-30.3	-34.7	-149	159	-11.9	-860	-108	5.9	39.7	34.3
Tax rate	16%	48%	68%	n/a	60%	25%	31%	n/a	n/a	n/a	n/a	n/a	n/a	30%	n/a	n/a	n/a	147%	18%	5%
Net income	45.0	51.7	26.1	124	20.8	514	78.4	-725	-358	-115	-26.8	-36.7	-133	112	-17.4	-865	-72.9	-2.3	33.1	33.0
Net margin	3%	3%	2%	8%	1%	31%	5%	-45%	-26%	-7%	-2%	-2%	-8%	7%	-1%	-50%	-4%	-0%	2%	2%
Diluted EPS	$0.24	$0.29	$0.15	$0.72	$0.13	$3.05	$0.48	-$4.80	-$2.37	-$0.76	-$0.18	-$0.24	-$0.88	$0.68	-$0.12	-$6.03	-$0.55	-$0.02	$0.24	$0.24
Operating cash flow	117	225	212	324	118	148	176	217	-84.8	-68.7	150	175	103	41.9	178	181	107	122	241	263
Capital expenditure	106	65.6	60.0	64.0	73.8	63.2	69.6	75.0	152	41.4	88.2	132	221	125	159	173	190	94.6	97.4	59.2
Free cash flow	10.8	159	152	260	44.4	84.5	106	142	-237	-110	62.2	42.6	-118	-83.3	18.8	8.2	-83.2	27.8	143	204
Buybacks	0.0	175	167	168	91.0	50.0	99.8	0.0	0.0	0.0	0.0	0.0	0.0	25.0	90.3	154	85.0	0.0	0.0	0.0
Shares outstanding	168m	167m	159m	155m	153m	154m	151m	152m	152m	152m	153m	153m	153m	151m	146m	133m	134m	134m	134m	134m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 5 November 2026: the filing.