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Gambling & casinos · Consumer Cyclical · Fiscal year ends Dec 31
Caesars Entertainment reported revenue of $11.5B in the fiscal year ended Dec 2025, up 2.1% from the year before. Operating income was $1.9B, an operating margin of 16.2%, and net income was −$502M. Operating cash flow of $1.3B less capital expenditure of $805M left free cash flow of $497M. Net debt was $10.9B.
Ranks among the 8 gambling & casinos companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 9,570 | 10,821 | 11,528 | 11,245 | 11,486 |
| Operating income | 1,460 | 1,739 | 2,472 | 2,304 | 1,858 |
| Interest expense | 2,320 | 2,303 | 2,394 | 2,438 | 2,329 |
| Pre-tax income | −1,269 | −565 | −60.0 | −124 | −448 |
| Income tax | −283 | −41.0 | −888 | 87.0 | −11.0 |
| Net income | −1,019 | −899 | 786 | −278 | −502 |
| Diluted EPS | −4.83 | −4.19 | 3.64 | −1.29 | −2.42 |
| Diluted shares | 211 | 214 | 216 | 215 | 208 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,070 | 1,038 | 1,005 | 866 | 887 |
| Receivables | 472 | 611 | 608 | 470 | 476 |
| Inventory | 42.0 | 59.0 | 46.0 | 45.0 | 43.0 |
| Current assets | 5,964 | 2,102 | 2,045 | 1,747 | 1,803 |
| Net PP&E | 14,601 | 14,598 | 14,756 | 14,812 | 14,358 |
| Goodwill | 11,076 | 11,004 | 10,990 | 10,601 | 10,441 |
| Total assets | 38,031 | 33,527 | 33,366 | 32,590 | 31,639 |
| Payables | 254 | 314 | 408 | 296 | 297 |
| Deferred revenue | 614 | 747 | 749 | 592 | 546 |
| Current liabilities | 5,297 | 2,668 | 2,690 | 2,272 | 2,253 |
| Short-term debt | 70.0 | 108 | 65.0 | 109 | 114 |
| Long-term debt | 13,722 | 12,659 | 12,224 | 12,033 | 11,670 |
| Total liabilities | 33,490 | 29,776 | 28,646 | 28,214 | 27,953 |
| Shareholders' equity | 4,480 | 3,713 | 4,552 | 4,157 | 3,504 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,199 | 993 | 1,809 | 1,075 | 1,302 |
| Capital expenditure | 520 | 952 | 1,264 | 1,296 | 805 |
| Free cash flow | 679 | 41.0 | 545 | −221 | 497 |
| Depreciation & amortisation | 1,126 | 1,205 | 1,261 | 1,324 | 1,417 |
| Stock-based compensation | 82.0 | 101 | 104 | 94.0 | 95.0 |
| Share buybacks | – | 0.0 | 0.0 | 191 | 229 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.1% | 6.5% | −2.5% | 2.1% |
| Operating income growth (YoY) | – | 19.1% | 42.2% | −6.8% | −19.4% |
| EPS growth (YoY) | – | – | – | −135.4% | – |
| Operating margin | 15.3% | 16.1% | 21.4% | 20.5% | 16.2% |
| Net margin | −10.6% | −8.3% | 6.8% | −2.5% | −4.4% |
| Return on equityBlank when equity is negative | −22.7% | −24.2% | 17.3% | −6.7% | −14.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.5% | 5.6% | 8.1% | 7.6% | 6.3% |
| Free cash flow margin | 7.1% | 0.4% | 4.7% | −2.0% | 4.3% |
| Cash conversion (CFO ÷ net income) | −1.18x | −1.10x | 2.30x | −3.87x | −2.59x |
| Receivable days | 18 | 21 | 19 | 15 | 15 |
| Interest cover | 0.63x | 0.76x | 1.03x | 0.95x | 0.80x |
| Debt ÷ equity | 3.08x | 3.44x | 2.70x | 2.92x | 3.36x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 12,722 | 11,729 | 11,284 | 11,276 | 10,897 |
| Current ratio | 1.13x | 0.79x | 0.76x | 0.77x | 0.80x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.