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Gambling & casinos · Consumer Cyclical · Fiscal year ends Dec 31
PENN Entertainment reported revenue of $7B in the fiscal year ended Dec 2025, up 5.8% from the year before. Operating income was −$674M, an operating margin of −9.7%, and net income was −$843M. Operating cash flow of $508M less capital expenditure of $648M left free cash flow of −$140M. Net debt was $2.2B.
Ranks among the 9 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 | 5,905 | 6,402 | 6,363 | 6,578 | 6,961 |
| Operating income | 1,060 | 974 | −690 | 72.5 | −674 |
| Interest expense | 567 | 760 | 470 | 487 | 448 |
| Pre-tax income | 539 | 175 | −500 | −341 | −821 |
| Income tax | 119 | −46.4 | −8.2 | −28.0 | 24.6 |
| Net income | 421 | 222 | −490 | −312 | −843 |
| Diluted EPS | 2.48 | 1.29 | −3.22 | −2.05 | −5.83 |
| Diluted shares | 176 | 177 | 152 | 152 | 145 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,864 | 1,624 | 1,072 | 707 | 687 |
| Receivables | 195 | 247 | 319 | 257 | 254 |
| Inventory | – | 11.1 | – | – | – |
| Current assets | 2,224 | 2,013 | 1,659 | 1,154 | 1,166 |
| Net PP&E | 4,582 | 4,516 | 3,514 | 3,705 | 3,717 |
| Goodwill | 2,823 | 2,690 | 2,695 | 2,563 | 1,787 |
| Total assets | 16,872 | 17,502 | 16,064 | 15,262 | 14,269 |
| Payables | 53.3 | 40.1 | 36.6 | 50.8 | 54.2 |
| Current liabilities | 1,133 | 1,159 | 1,490 | 1,415 | 1,476 |
| Short-term debt | 99.5 | 56.2 | 47.6 | 38.2 | 38.2 |
| Long-term debt | 2,637 | 2,721 | 2,718 | 2,733 | 2,849 |
| Total liabilities | 12,775 | 13,906 | 12,865 | 12,403 | 12,441 |
| Shareholders' equity | 4,098 | 3,598 | 3,202 | 2,863 | 1,834 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 896 | 878 | 456 | 359 | 508 |
| Capital expenditure | 244 | 263 | 360 | 483 | 648 |
| Free cash flow | 652 | 615 | 95.9 | −123 | −140 |
| Depreciation & amortisation | 345 | 568 | 435 | 434 | 447 |
| Stock-based compensation | 35.1 | 58.1 | 85.9 | 52.9 | 60.9 |
| Acquisitions | 878 | 0.0 | 315 | 0.0 | 0.0 |
| Share buybacks | 0.0 | 601 | 150 | 0.0 | 354 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 8.4% | −0.6% | 3.4% | 5.8% |
| Operating income growth (YoY) | – | −8.1% | −170.9% | – | −1029.1% |
| EPS growth (YoY) | – | −48.0% | −349.6% | – | – |
| Operating margin | 17.9% | 15.2% | −10.8% | 1.1% | −9.7% |
| Net margin | 7.1% | 3.5% | −7.7% | −4.7% | −12.1% |
| Return on equityBlank when equity is negative | 10.3% | 6.2% | −15.3% | −10.9% | −46.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.7% | 6.0% | −4.7% | 0.5% | −5.3% |
| Free cash flow margin | 11.0% | 9.6% | 1.5% | −1.9% | −2.0% |
| Cash conversion (CFO ÷ net income) | 2.13x | 3.95x | −0.93x | −1.15x | −0.60x |
| Receivable days | 12 | 14 | 18 | 14 | 13 |
| Interest cover | 1.87x | 1.28x | −1.47x | 0.15x | −1.50x |
| Debt ÷ equity | 0.67x | 0.77x | 0.86x | 0.97x | 1.57x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 873 | 1,154 | 1,694 | 2,064 | 2,201 |
| Current ratio | 1.96x | 1.74x | 1.11x | 0.82x | 0.79x |
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.