Earnings summaries and quarterly performance for PENN Entertainment.
Executive leadership at PENN Entertainment.
Board of directors at PENN Entertainment.
Research analysts who have asked questions during PENN Entertainment earnings calls.
Barry Jonas
Truist Securities
6 questions for PENN
Also covers: BALY, BRSL, BYD +17 more
Brandt Montour
Barclays PLC
6 questions for PENN
Also covers: BALY, BYD, CCL +23 more
CB
Chad Beynon
Macquarie
6 questions for PENN
Also covers: ACEL, AGS, AMC +31 more
JB
Jordan Bender
JMP Securities
6 questions for PENN
Also covers: AMC, BALY, BRAG +14 more
SK
Shaun Kelley
Bank of America Merrill Lynch
6 questions for PENN
Also covers: BYD, CHDN, CHH +17 more
JS
Joseph Stauff
Susquehanna Financial Group, LLLP
5 questions for PENN
Also covers: BYD, CHDN, DKNG +9 more
CS
Carlo Santarelli
Deutsche Bank
3 questions for PENN
Also covers: BYD, CZR, DKNG +6 more
DP
Daniel Politzer
Wells Fargo
3 questions for PENN
Also covers: BYD, CCL, CHDN +20 more
DK
David Katz
Jefferies Financial Group Inc.
3 questions for PENN
Also covers: AGS, BALY, BYD +36 more
Jeffrey Stantial
Stifel Financial Corp.
3 questions for PENN
Also covers: AGS, BALY, BRAG +10 more
RS
Ryan Sigdahl
Craig-Hallum Capital Group
3 questions for PENN
Also covers: ABG, CDRO, CNTY +21 more
Stephen Grambling
Morgan Stanley
3 questions for PENN
Also covers: BC, BYD, CHH +23 more
BC
Benjamin Chaiken
Mizuho Financial Group, Inc.
2 questions for PENN
Also covers: BYD, CCL, CHDN +14 more
Bernard McTernan
Needham & Company
2 questions for PENN
Also covers: APP, BBBY, BYON +17 more
DP
Daniel Politzer
JPMorgan Chase & Co.
2 questions for PENN
Also covers: BYD, CHDN, CHH +4 more
JS
Jeff Stantial
Stifel
2 questions for PENN
Also covers: BRSL, CDRO, CHDN +1 more
John DeCree
CBRE
2 questions for PENN
Also covers: BYD, CZR, FLL +10 more
JS
Joe Stauff
Susquehanna
1 question for PENN
Also covers: BRSL, CHDN, DKNG +4 more
JG
Joseph Greff
JPMorgan Chase & Co.
1 question for PENN
Also covers: BYD, CHH, CZR +10 more
Recent press releases and 8-K filings for PENN.
PENN Entertainment Reports Q4 2025 Results and Provides Strong 2026 Outlook
PENN
Guidance Update
Revenue Acceleration/Inflection
Share Buyback
- PENN Entertainment anticipates 20% Adjusted EBITDAR growth in 2026 and expects its interactive segment to achieve break-even Adjusted EBITDA for the full year, marking a $268 million year-over-year improvement.
- The company projects generating more than $3 per share of free cash flow in 2026 and aims to reduce lease-adjusted net leverage by more than one turn.
- Strategic initiatives include over $10 million in annualized run rate expense savings from corporate restructuring and a $20 million reduction in recurring maintenance CapEx. Interactive segment marketing expenses are expected to be $150 million lower in 2026 compared to 2025.
- PENN repurchased $354 million in shares in 2025, representing approximately 14% of its outstanding shares, and plans to open two more retail growth projects by the end of Q2 2026, which are expected to yield 15%+ cash-on-cash returns.
1 day ago
PENN Entertainment Reports Q4 2025 Results and Provides Optimistic 2026 Outlook
PENN
Earnings
Guidance Update
Revenue Acceleration/Inflection
- PENN Entertainment reported Q4 2025 retail revenues of $1.4 billion and adjusted EBITDAR of $456.4 million. The interactive segment generated $398.7 million in revenue and an adjusted EBITDA loss of $39.9 million for the quarter, but achieved positive adjusted EBITDA in December.
- For 2026, the company forecasts retail net revenues between $5.7 billion and $5.85 billion and retail adjusted EBITDAR between $1.86 billion and $1.98 billion. The interactive segment is expected to reach break-even adjusted EBITDA for the full year, representing a $268 million year-over-year improvement, with revenues of approximately $1.6 billion.
- PENN anticipates generating more than $3 per share of free cash flow in 2026 and aims to reduce its lease-adjusted net leverage by more than 1 turn.
- Strategic initiatives include a projected $150 million reduction in interactive marketing expenses compared to 2025, a $20 million reduction in recurring maintenance CapEx, and over $10 million in annualized run rate expense savings from corporate restructuring. The company also repurchased $354 million in shares in 2025.
1 day ago
PENN Entertainment Achieves Positive Interactive Adjusted EBITDA in December and Forecasts 20% Segment Adjusted EBITDAR Growth for 2026
PENN
Earnings
Guidance Update
Revenue Acceleration/Inflection
- PENN Entertainment reported Q4 2025 retail revenues of $1.4 billion and adjusted EBITDAR of $456.4 million. The interactive segment generated revenues of $398.7 million and achieved positive adjusted EBITDA in December, driven by iCasino momentum and cost management.
- For 2026, the company forecasts 20% year-over-year segment adjusted EBITDAR growth and expects its interactive segment to reach break-even adjusted EBITDA for the full year, marking a $268 million year-over-year improvement.
- PENN anticipates generating more than $3 per share of free cash flow in 2026 and aims to reduce lease-adjusted net leverage by more than 1 turn.
- The company plans to reduce interactive marketing expenses by approximately $150 million in 2026 compared to 2025 and expects to save over $10 million in annualized run rate expenses from corporate restructuring.
- Total CapEx for 2026 is projected at $445 million, with $225 million allocated to project CapEx and $220 million to maintenance CapEx.
1 day ago
PENN Entertainment Reports Q4 2025 Results and Provides 2026 Guidance
PENN
Earnings
Guidance Update
New Projects/Investments
- PENN Entertainment reported Q4 2025 Interactive Adjusted Revenue of $216.0 million, a 51.9% increase year-over-year, and achieved positive adjusted EBITDA in December 2025 following the rebranding of its U.S. online sportsbook to theScore Bet.
- The company projects its Interactive segment to achieve break-even adjusted EBITDA in 2026, representing an improvement of over $268 million year-over-year.
- For the Retail segment, Q4 2025 Total Retail Revenue was $1,412.6 million, up 1.3% year-over-year, and the segment is expected to drive +3% adjusted EBITDAR growth year-over-year in 2026.
- PENN anticipates significant cash flow generation in 2026, expecting 20% year-over-year segment adjusted EBITDAR growth, and plans to de-lever lease adjusted net leverage by more than 1 turn while opportunistically returning capital to shareholders.
1 day ago
PENN Entertainment Reports Q4 2025 Results and Provides 2026 Outlook
PENN
Earnings
Guidance Update
Revenue Acceleration/Inflection
- PENN Entertainment, Inc. reported Q4 2025 revenues of $1,806.2 million, a net loss of $(73.4) million, and Consolidated Adjusted EBITDA of $225.8 million. The diluted loss per common share was $(0.55), while Adjusted EPS was $0.07 for the quarter ended December 31, 2025.
- The Interactive segment generated revenues of $398.7 million and an Adjusted EBITDA loss of $(39.9) million in Q4 2025. Revenue growth for the Interactive segment, excluding tax gross-up, was 52% year-over-year, driven by 40% iCasino growth and 73% online sportsbook growth. The U.S. online sportsbook was successfully rebranded to theScore Bet®.
- For 2026, PENN expects 20% year-over-year segment adjusted EBITDAR growth and anticipates the Interactive segment to achieve break-even adjusted EBITDA. The company also identified over $10.0 million in annualized run-rate cost savings in corporate overhead.
- PENN aims to de-lever year-over-year, reducing lease adjusted net leverage by more than 1 turn and traditional net leverage by more than 2 turns, and plans to opportunistically return capital to shareholders. As of December 31, 2025, total liquidity was $1.1 billion, with traditional net debt at $2.2 billion.
1 day ago
PENN Entertainment Reports Fourth Quarter 2025 Results and Provides 2026 Outlook
PENN
Earnings
Guidance Update
New Projects/Investments
- PENN Entertainment reported total revenues of $1.81 billion and Consolidated Adjusted EBITDA of $225.8 million for the fourth quarter ended December 31, 2025.
- The retail portfolio delivered a solid quarter with Segment Adjusted EBITDAR of $456.4 million , despite a $7.0 million negative impact from weather events.
- The Interactive segment reported revenues of $398.7 million for Q4 2025 and achieved positive adjusted EBITDA in December , driven by iCasino momentum, disciplined cost management, and strong online sports betting hold rates.
- For 2026, the company expects year-over-year segment adjusted EBITDAR growth of 20% and anticipates the Interactive segment to achieve break-even adjusted EBITDA.
- PENN plans to de-lever year-over-year, reducing lease adjusted net leverage by more than 1 turn and traditional net leverage by more than 2 turns, and intends to opportunistically return capital to shareholders.
1 day ago
PENN Entertainment Announces New Corporate Organizational Structure
PENN
Management Change
Layoffs
New Projects/Investments
- PENN Entertainment has implemented a new corporate organizational structure effective immediately, designed to achieve greater operational efficiencies, deepen customer engagement, maximize free cash flow, and drive shareholder value.
- As part of this realignment, Todd George, Executive Vice President, Operations, and Rich Primus, Senior Vice President, Chief Information Officer, will step down, and their positions will be eliminated.
- Aaron LaBerge, Chief Technology Officer and Head of Interactive, will assume responsibility for PENN's enterprise IT functions, unifying the company's technology platforms under a single leadership structure.
- PENN has commenced a search for a digital Chief Operating Officer to oversee the day-to-day operations of the Interactive segment.
- The company plans to provide an update on anticipated annualized cost savings and improved free cash flow generation related to the new structure when it reports its fourth quarter 2025 financial results in February 2026.
Jan 5, 2026, 9:15 PM
United States Online Gambling Market Projected to Reach $52.6 Billion by 2033
PENN
Revenue Acceleration/Inflection
New Projects/Investments
- The United States Online Gambling Market is anticipated to grow substantially, increasing from US$ 28.69 billion in 2024 to US$ 52.60 billion in 2033.
- This growth is expected to be driven by a Compound Annual Growth Rate (CAGR) of 6.97% between 2025 and 2033, primarily fueled by growing legalization and regulatory support at the state level, advancements in technology, and the expanding popularity of sports betting.
- Key challenges for the industry include regulatory fragmentation across states and increasing concerns regarding problem gambling and addiction.
- As of January 2025, Penn Entertainment and ESPN expanded ESPN BET to 10 additional retail locations, bringing their total to 19 physical sportsbook facilities in six states.
Nov 28, 2025, 11:09 AM
PENN Entertainment Receives Stifel Upgrade to Buy Rating
PENN
Earnings
New Projects/Investments
- Stifel upgraded Penn Entertainment's stock rating to 'Buy' from 'Hold' and raised its price target to $21, citing the company's brick-and-mortar business as a competitive advantage and its strategic pivot to an iCasino-led digital strategy.
- The upgrade follows Penn's termination of its sports betting agreement with ESPN and Stifel's optimism regarding the company’s fiscal 2026 profitability targets and upcoming catalysts like the Joliet casino project.
- Penn reported mixed third-quarter 2025 financials, with revenue of $1.4 billion meeting expectations but an EPS loss of -$0.22 being wider than forecasted, and an EBITDA loss of $76.6 million in the Interactive segment.
- Penn's land-based casinos, which represent 85% of total sales in 2024, provide a strong foundation, with the company operating 43 properties across 20 states.
Nov 8, 2025, 12:12 AM
Penn Entertainment Ends ESPN Bet Partnership
PENN
New Projects/Investments
Demand Weakening
Guidance Update
- Penn Entertainment and ESPN have agreed to end their exclusive U.S. online sports betting partnership early.
- The ESPN Bet sportsbook will shut down on December 1, 2025, due to its failure to capture significant market share, holding only about 3% compared to a target of 20%.
- Penn will rebrand its U.S. sportsbook as theScore Bet, aligning with its existing Canadian brand, and focus on integrating sportsbook offerings with its Hollywood-branded iCasino to improve profitability.
- The partnership involved $150 million in annual payments and $500 million in stock warrants to ESPN, with Penn CEO Jay Snowden citing the inability to reach market share goals and the decision to terminate to avoid further losses.
- ESPN will retain vested stock warrants but relinquish unvested and performance warrants, and plans to shift to a content partnership with DraftKings.
Nov 7, 2025, 12:27 AM
Quarterly earnings call transcripts for PENN Entertainment.
Ask Fintool AI Agent
Get instant answers from SEC filings, earnings calls & more