Caesars Entertainment, Inc. (CZR) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.13	-$0.19	-246.2%	—	$3B	—
Q1 26	-$0.13	-$0.4	-207.7%	—	$2.9B	—
Q4 25	-$0.22	-$0.27	-22.7%	—	$2.9B	—
Q3 25	$0.08	-$0.26	-425.0%	—	$2.9B	—
Q2 25	$0.09	-$0.2	-322.2%	—	$2.9B	—
Q1 25	-$0.18	-$0.48	-166.7%	—	$2.8B	—
Q4 24	-$0.12	-$0.24	-100.0%	—	$2.8B	—
Q3 24	$0.21	-$0.04	-119.0%	—	$2.9B	—
Q2 24	$0.07	$0.12	+71.4%	—	$2.8B	—
Q1 24	-$0.06	-$0.44	-633.3%	—	$2.7B	—
Q4 23	$0.05	-$0.34	-780.0%	—	$2.8B	—
Q3 23	$0.27	$0.34	+25.9%	—	$3B	—
Q2 23	$0.29	$4.26	+1369.0%	—	$2.9B	—
Q1 23	-$0.01	-$0.63	-6200.0%	—	$2.8B	—
Q4 22	-$0.17	-$0.2	-17.6%	—	$2.8B	—
Q3 22	$0.14	$0.24	+71.4%	—	$2.9B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$2.42	—	—	$11.5B	—
FY24	—	-$1.29	—	—	$11.2B	—
FY23	—	$3.65	—	—	$11.5B	—
FY22	—	-$4.19	—	—	$10.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$900.5M	$1.5B	$2.1B	$2.5B	$3.6B	$9.6B	$10.8B	$11.5B	$11.2B	$11.5B
YoY change	+25.1%	+64.4%	+38.8%	+23%	+43.5%	+163.8%	+13.1%	+6.53%	-2.45%	+2.14%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	900.5M	1.5B	2.1B	2.5B	3.6B	9.6B	10.8B	11.5B	11.2B	11.5B
Cost of revenue	546.8M	813.7M	1.1B	1.3B	1.8B	4.6B	5.4B	5.4B	5.4B	5.7B
Gross profit	353.7M	667.1M	925M	1.2B	1.8B	4.9B	5.4B	6.1B	5.8B	5.7B
Gross margin	39.3%	45.1%	45%	49%	49.1%	51.4%	50.1%	53.2%	51.8%	50%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	171.6M	324.2M	381M	503M	902M	1.8B	2.1B	2B	1.9B	1.9B
Operating expenses	191.5M	354.9M	427M	569M	1.1B	2.1B	2.4B	2.3B	2.2B	2.2B
Operating income	98.7M	206.3M	341M	448M	102M	1.7B	1.9B	2.6B	2.3B	2.1B
Operating margin	11%	13.9%	16.6%	17.7%	2.81%	17.8%	17.2%	22.2%	20.2%	18.1%
Non-operating income, net	-10.2M	-149.9M	-34M	-37M	-506M	-680M	-161M	-272M	-33M	-222M
Pretax income	37.6M	-43.4M	135M	125M	-1.6B	-1.3B	-565M	-60M	-124M	-448M
Income tax	13.1M	-116.8M	40M	44M	132M	-283M	-41M	-888M	87M	-11M
Net income	24.5M	73.4M	95M	81M	-1.8B	-1B	-910M	828M	-211M	-437M
Net margin	2.72%	4.96%	4.62%	3.2%	-48.5%	-10.6%	-8.41%	7.18%	-1.88%	-3.8%
EBITDA	162.2M	311.8M	495M	679M	861M	2.6B	3.1B	3.8B	3.6B	3.5B
EPS	0.53	1.1	1.23	1.04	-13.5	-4.83	-4.19	3.65	-1.29	-2.42
Diluted EPS	0.52	1.09	1.22	1.03	-13.5	-4.83	-4.19	3.64	-1.29	-2.42

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3B	2.8B	2.7B	2.8B	2.9B	2.8B	2.8B	2.9B	2.9B	2.9B	2.9B	3B
Cost of revenue	1.4B	1.4B	1.3B	1.3B	1.4B	1.4B	1.4B	1.4B	1.5B	1.5B	1.4B	1.5B
Gross profit	1.6B	1.4B	1.4B	1.5B	1.5B	1.4B	1.4B	1.5B	1.4B	1.4B	1.4B	1.5B
Gross margin	54.5%	51.1%	50.9%	53.3%	52.9%	50.1%	50.5%	51.1%	49.3%	49.1%	50.3%	50.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	528M	476M	500M	465M	478M	477M	483M	477M	483M	483M	504M	521M
Operating expenses	602M	543M	578M	545M	554M	550M	565M	561M	558M	564M	592M	615M
Operating income	711M	582M	491M	637M	639M	508M	490M	560M	503M	525M	504M	529M
Operating margin	23.7%	20.6%	17.9%	22.5%	22.2%	18.1%	17.5%	19.3%	17.5%	18%	17.6%	17.7%
Non-operating income, net	9M	-41M	-28M	-135M	9M	121M	-3M	-33M	9M	-195M	-6M	-9M
Pretax income	139M	-40M	-127M	-92M	52M	43M	-87M	-52M	-64M	-245M	-71M	-53M
Income tax	47M	16M	15M	10M	43M	19M	11M	13M	-25M	-10M	12M	-12M
Net income	92M	-56M	-142M	-102M	9M	24M	-98M	-65M	-39M	-235M	-83M	-41M
Net margin	3.07%	-1.98%	-5.18%	-3.6%	0.31%	0.86%	-3.51%	-2.24%	-1.36%	-8.06%	-2.89%	-1.37%
EBITDA	1B	907M	846M	964M	971M	856M	852M	932M	863M	870M	851M	894M
EPS	0.34	-0.34	-0.73	-0.56	-0.04	0.05	-0.54	-0.39	-0.27	-1.23	-0.48	-0.3
Diluted EPS	0.34	-0.34	-0.73	-0.56	-0.04	0.05	-0.54	-0.39	-0.27	-1.23	-0.48	-0.3

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	797.2M	—	—	4.6B	—	—	8.9B	10.1B	7.2B	4.9B	6B
Enterprise value	1.5B	—	—	8.1B	—	—	33.3B	34.1B	31.4B	28.9B	31.2B
Shares outstanding	47M	67.1M	77.5M	77.7M	130M	211M	214M	215M	215M	208M	208M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	32.5	—	—	57.2	—	—	—	12.2	—	—	10.4
P/S	0.89	—	—	1.83	—	—	0.82	0.87	0.64	0.42	0.52
P/B	2.67	—	—	4.15	—	—	2.37	2.14	1.64	1.32	1.79
EV/EBITDA	9.48	—	—	12	—	—	10.7	8.9	8.63	8.21	9.01
EV/Sales	1.71	—	—	3.22	—	—	3.08	2.96	2.79	2.51	2.68
Earnings yield	3.08%	—	—	1.75%	—	—	—	8.21%	—	—	9.59%
FCF yield	6.55%	—	—	3.07%	—	—	0.13%	5.11%	-3.28%	10.1%	12.6%
PEG	—	—	—	—	—	—	—	—	—	—	-0.45

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	39.3%	45.1%	45%	49%	49.1%	51.4%	50.1%	53.2%	51.8%	50%	50.1%
Operating margin	11%	13.9%	16.6%	17.7%	2.81%	17.8%	17.2%	22.2%	20.2%	18.1%	17.7%
Net margin	2.72%	4.96%	4.62%	3.2%	-48.5%	-10.6%	-8.41%	7.18%	-1.88%	-3.8%	-3.99%
ROE	8.22%	7.79%	9.23%	7.25%	-34.9%	-22.4%	-24.3%	17.5%	-4.82%	-11.9%	-10.4%
ROA	1.9%	2.07%	1.61%	1.44%	-4.83%	-2.67%	-2.71%	2.48%	-0.65%	-1.38%	4.01%
ROIC	6.2%	6.92%	4.8%	6.29%	0.34%	5.74%	6.61%	8.87%	7.96%	7.5%	7.51%
Return on tangible assets	13.2%	125.2%	8.11%	5.07%	-21.7%	-16.8%	-43.5%	35.4%	-6.76%	-15.7%	-13.5%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1	1.12	1.43	0.88	2.41	1.13	0.79	0.76	0.77	0.8	0.85
Quick ratio	0.89	1.05	1.37	0.85	2.4	1.12	0.77	0.74	0.75	0.78	0.83
Debt / equity	2.68	2.33	4.1	3.35	5.26	5.78	6.78	5.31	5.73	6.76	7.3
Debt / assets	0.62	0.62	0.71	0.66	0.73	0.69	0.76	0.75	0.77	0.79	0.78
Net debt / EBITDA	4.56	6.54	8.03	5.15	28.7	9.51	7.81	6.27	6.65	6.83	6.87
Interest coverage	1.74	0.57	1.78	1.44	-0.34	0.45	0.75	0.97	0.95	0.81	0.81
Effective tax rate	34.8%	0%	29.6%	35.2%	0%	0%	0%	0%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	19.1	22.1	26.5	32.5	27.9	45.4	50.6	53.6	52.3	55.2	56.8
EPS (basic)	0.53	1.1	1.23	1.04	-13.5	-4.83	-4.19	3.65	-1.29	-2.42	-2.42
EPS (diluted)	0.52	1.09	1.22	1.03	-13.5	-4.83	-4.19	3.64	-1.29	-2.42	-2.27
Book value per share	6.35	14	13.3	14.4	38.7	21.5	17.5	22	20.4	17.7	16.5
FCF per share	1.11	0.7	2.27	1.83	-6.01	1.61	0.06	2.4	-1.1	2.37	2.97
Cash per share	1.3	2.27	3.2	3.1	13.7	5.07	4.85	4.67	4.03	4.26	4.74
Capex per share	0.88	1.24	1.9	2.2	1.26	2.46	4.45	5.88	3.45	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	4.62%	5.61%	7.15%	6.76%	4.52%	5.43%	8.8%	11%	6.6%	—	—
Capex / operating cash flow	43.2%	155.5%	48.3%	48.6%	-19.7%	76.7%	118.4%	89.2%	73.2%	—	—
Payout ratio	0%	—	—	—	—	—	—	—	—	—	0%
Dividend yield	0%	—	—	—	—	—	—	—	—	—	—

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3B	$2.8B	$2.7B	$2.8B	$2.9B	$2.8B	$2.8B	$2.9B	$2.9B	$2.9B	$2.9B	$3B
YoY change	+3.71%	+0.14%	-3.11%	-1.7%	-4.01%	-0.92%	+1.9%	+2.72%	-0.17%	+4.18%	+2.72%	+2.96%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	61M	152.2M	247.7M	240.6M	1.8B	1.1B	1B	1B	866M	887M
Receivables	14.7M	45.8M	60.2M	54M	342M	472M	611M	608M	470M	476M
Inventory	11.1M	16.9M	20.6M	18M	44M	42M	59M	46M	45M	43M
Total current assets	101.8M	251M	573.2M	605M	6.1B	6B	2.1B	2B	1.7B	1.8B
Property, plant & equipment	1.7M	334.1M	849.9M	830M	3.1B	2.8B	2.1B	1.2B	-54M	-937M
Goodwill & intangibles	1.1B	3.5B	4.7B	4B	28.3B	32B	31.4B	31B	29.5B	28.9B
Total assets	1.3B	3.5B	5.9B	5.6B	36.4B	38B	33.5B	33.4B	32.6B	31.6B
Accounts payable	21.6M	34.8M	58.5M	62M	167M	254M	314M	408M	296M	297M
Short-term debt	4.5M	615K	462K	266M	120M	119M	158M	88M	130M	134M
Total current liabilities	102M	223.8M	402.2M	688M	2.5B	5.3B	2.7B	2.7B	2.3B	2.3B
Long-term debt	795.9M	2.2B	4.2B	3.5B	26.4B	26.1B	25.3B	25B	24.9B	24.8B
Total liabilities	995.6M	2.6B	4.9B	4.5B	31.4B	33.5B	29.8B	28.6B	28.2B	28B
Shareholders' equity	298.5M	941.6M	1B	1.1B	5B	4.5B	3.8B	4.7B	4.4B	3.7B
Total debt	800.4M	2.2B	4.2B	3.7B	26.5B	26.3B	25.4B	25.1B	25.1B	24.9B
Net debt	739.4M	2.1B	4B	3.5B	24.7B	25.2B	24.4B	24.1B	24.2B	24B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	841M	1B	726M	830M	802M	866M	884M	982M	836M	887M	867M	965M
Receivables	555M	608M	551M	546M	469M	470M	440M	487M	426M	476M	441M	485M
Inventory	45M	46M	44M	45M	43M	45M	43M	44M	41M	43M	47M	49M
Total current assets	1.9B	2B	1.7B	1.8B	1.9B	1.7B	1.8B	1.9B	1.7B	1.8B	1.8B	2B
Property, plant & equipment	1.3B	1.2B	1.2B	1.1B	967M	-54M	-269M	-462M	-710M	-937M	-1B	-1.2B
Goodwill & intangibles	31.3B	31B	31B	30.7B	30.3B	29.5B	29.4B	29.3B	29.3B	28.9B	28.8B	28.8B
Total assets	33.2B	33.4B	33.1B	33.1B	33B	32.6B	32.4B	32.5B	31.9B	31.6B	31.7B	31.7B
Accounts payable	371M	408M	439M	436M	268M	296M	246M	263M	253M	297M	258M	290M
Short-term debt	65M	88M	94M	100M	102M	130M	110M	110M	114M	134M	114M	114M
Total current liabilities	2.6B	2.7B	2.5B	2.6B	2.3B	2.3B	2.1B	2.3B	2.2B	2.3B	2.1B	2.3B
Long-term debt	25B	25B	25B	25B	25.3B	24.9B	25B	25.1B	24.7B	24.8B	24.8B	24.7B
Total liabilities	28.5B	28.6B	28.5B	28.6B	28.6B	28.2B	28.1B	28.4B	27.9B	28B	28.1B	28.2B
Shareholders' equity	4.7B	4.7B	4.6B	4.5B	4.4B	4.4B	4.3B	4.1B	4B	3.7B	3.6B	3.6B
Total debt	25B	25.1B	25.1B	25.1B	25.4B	25.1B	25.1B	25.2B	24.9B	24.9B	24.9B	24.9B
Net debt	24.2B	24.1B	24.3B	24.3B	24.6B	24.2B	24.2B	24.2B	24B	24B	24.1B	23.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	24.5M	73.4M	95M	81M	-1.8B	-1B	-910M	828M	-211M	-437M
Depreciation & amortization	63.4M	105.9M	157M	222M	583M	1.1B	1.2B	1.3B	1.3B	1.4B
Stock-based compensation	3.3M	6.3M	13M	20M	79M	82M	101M	104M	94M	95M
Change in working capital	-9.6M	-26.5M	-2.7M	14M	-89M	361M	-231M	-99M	-462M	-152M
Operating cash flow	96.4M	53.4M	304.3M	352M	-832M	678M	804M	1.4B	1B	1.3B
Capital expenditure	-41.6M	-83M	-147M	-171M	-164M	-520M	-952M	-1.3B	-742M	—
Investing cash flow	-36.9M	-1.4B	-1.3B	369M	-6.1B	-1.1B	-757M	-1.2B	-728M	-3M
Dividends paid	0	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	-9M	0	0	0	0	-66M	-191M	-229M
Financing cash flow	-138.6M	1.3B	1B	-712M	10.6B	-1.1B	-1.3B	-713M	-498M	-763M
Net change in cash	-79.1M	-4.2M	72.3M	9M	3.7B	-1.6B	-1.2B	-522M	-212M	536M
Free cash flow	52.2M	46.7M	176M	142M	-781M	340M	12M	515M	-236M	493M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	92M	-56M	-142M	-102M	9M	24M	-98M	-65M	-39M	-235M	-83M	-41M
Depreciation & amortization	320M	318M	327M	326M	326M	345M	357M	364M	352M	344M	347M	355M
Stock-based compensation	26M	22M	25M	24M	24M	21M	26M	24M	22M	23M	24M	23M
Change in working capital	-239M	80M	-203M	11M	-204M	-66M	-93M	117M	-57M	-61M	-109M	126M
Operating cash flow	310M	369M	49M	320M	234M	411M	252M	506M	318M	304M	204M	471M
Capital expenditure	-322M	-369M	-264M	-329M	-424M	275M	-223M	-227M	—	—	—	—
Investing cash flow	-322M	-375M	-264M	-329M	-411M	275M	-229M	-229M	-3M	10M	2M	-98M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	-141M	-50M	—	—	-79M	-50M	—	—
Financing cash flow	-257M	61M	-94M	-32M	122M	-494M	-19M	-57M	-483M	-104M	-25M	-146M
Net change in cash	-269M	55M	-309M	-41M	-55M	192M	4M	220M	-168M	210M	181M	227M
Free cash flow	11M	139M	-184M	125M	-207M	30M	-5M	232M	122M	144M	-6M	346M

Caesars Entertainment, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement