Gaming & Leisure Properties
GLPI · NasdaqReal Estate Investment Trusts · Fiscal year ends Dec 7
Gaming & Leisure Properties reported revenue of $1.6B in the fiscal year ended Dec 2025, up 4.1% from the year before. Operating income was $1.2B, an operating margin of 75.3%, and net income was $825M. Net debt was $7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $110M | $0 | $0 | $1.5B | $1.6B |
| Cost of revenue | $53M | $0 | $0 | – | – |
| Gross profit | $57M | $0 | $0 | – | – |
| Operating income | $842M | $1B | $1.1B | $1.1B | $1.2B |
| Interest expense | $283M | $309M | $323M | $367M | $374M |
| Pre-tax income | $562M | $720M | $757M | $810M | $853M |
| Income tax | $28M | $17M | $2M | $2M | $2M |
| Net income | $534M | $685M | $734M | $785M | $825M |
| Diluted EPS | 2.26 | 2.70 | 2.77 | 2.87 | 2.95 |
| Diluted shares | 236M | 254M | 265M | 274M | 280M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $725M | $239M | $684M | $463M | $224M |
| Net PP&E | $13M | – | – | – | – |
| Total assets | $10.7B | $10.9B | $11.8B | $13.1B | $12.9B |
| Deferred revenue | $329M | $325M | $285M | $229M | $206M |
| Long-term debt | $6.6B | $6.1B | $6.6B | $7.7B | $7.2B |
| Total liabilities | $7.3B | $6.8B | $7.3B | $8.4B | $7.9B |
| Shareholders' equity | $3.4B | $4.1B | $4.2B | $4.3B | $4.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $804M | $920M | $1B | $1.1B | $1.1B |
| Capital expenditure | $14M | – | – | – | – |
| Free cash flow | $790M | – | – | – | – |
| Depreciation & amortisation | $252M | $255M | $276M | $273M | $283M |
| Stock-based compensation | $17M | $20M | $23M | $24M | $21M |
| Dividends paid | $634M | $771M | $834M | $831M | $872M |
| Dividend per share | 2.86 | 2.85 | 3.15 | 3.04 | 3.10 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −100.0% | – | – | 4.1% |
| Operating income growth (YoY) | – | 22.4% | 3.8% | 5.8% | 6.3% |
| EPS growth (YoY) | – | 19.5% | 2.6% | 3.6% | 2.8% |
| Gross margin | 51.6% | – | – | – | – |
| Operating margin | 767.4% | – | – | 73.8% | 75.3% |
| Net margin | 486.9% | – | – | 51.2% | 51.7% |
| Return on equityBlank when equity is negative | 15.8% | 16.6% | 17.7% | 18.4% | 17.8% |
| Free cash flow margin | 720.1% | – | – | – | – |
| Cash conversion (CFO ÷ net income) | 1.51x | 1.34x | 1.37x | 1.37x | 1.37x |
| Interest cover | 2.97x | 3.33x | 3.30x | 3.08x | 3.21x |
| Debt ÷ equity | 1.93x | 1.49x | 1.59x | 1.81x | 1.56x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $5.8B | $5.9B | $5.9B | $7.3B | $7B |
Recent filings
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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.