Gaming and Leisure Properties, Inc. (GLPI) 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	$0.8	$0.8	0.0%	—	$430.5M	—
Q1 26	$0.77	$0.79	+2.6%	—	$420M	—
Q4 25	$0.76	$0.94	+23.7%	—	$407M	—
Q3 25	$0.77	$0.86	+11.7%	—	$397.6M	—
Q2 25	$0.78	$0.54	-30.8%	—	—	—
Q1 25	$0.77	$0.58	-24.7%	—	—	—
Q4 24	$0.73	$0.79	+8.2%	—	—	—
Q3 24	$0.74	$0.67	-9.5%	—	—	—
Q2 24	$0.73	$0.77	+5.5%	—	—	—
Q1 24	$0.72	$0.64	-11.1%	—	—	—
Q4 23	$0.71	$0.78	+9.9%	—	$369M	—
Q3 23	$0.69	$0.7	+1.4%	—	—	—
Q2 23	$0.7	$0.59	-15.7%	—	$356.6M	—
Q1 23	$0.69	$0.7	+1.4%	—	$355.2M	—
Q4 22	$0.64	$0.75	+17.2%	—	$336.4M	—
Q3 22	$0.62	$0.65	+4.8%	—	$333.8M	—

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	—	$2.95	—	—	$1.6B	—
FY24	—	$2.87	—	—	$1.5B	—
FY23	—	$2.78	—	—	$1.4B	—
FY22	—	$2.71	—	—	$1.3B

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	$828.3M	$971.3M	$1.1B	$1.2B	$1.2B	$1.2B	$1.3B	$1.4B	$1.5B	$1.6B
YoY change	+44%	+17.3%	+8.69%	+9.26%	-0.03%	+5.48%	+7.84%	+9.81%	+6.33%	+4.13%

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	828.3M	971.3M	1.1B	1.2B	1.2B	1.2B	1.3B	1.4B	1.5B	1.6B
Cost of revenue	166.7M	189.2M	194.2M	117.1M	85.7M	90.4M	52.3M	45.9M	47.7M	55.4M
Gross profit	661.5M	782.1M	861.5M	1B	1.1B	1.1B	1.3B	1.4B	1.5B	1.5B
Gross margin	79.9%	80.5%	81.6%	89.8%	92.6%	92.6%	96%	96.8%	96.9%	96.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	71.4M	63.2M	70.8M	65.4M	68.6M	61.2M	51.3M	56.5M	59.6M	57.2M
Operating expenses	71.4M	63.2M	70.8M	78.4M	68.6M	69.5M	51.3M	56.5M	59.6M	57.2M
Operating income	480.6M	605.5M	653.6M	717.5M	767.9M	820M	962.4M	1.1B	1.1B	1.2B
Operating margin	58%	62.3%	61.9%	62.2%	66.6%	67.4%	73.4%	74.2%	73.6%	75.7%
Non-operating income, net	—	—	-63.2M	-21.1M	23.3M	25.3M	65.3M	-534K	3.8M	-10M
Pretax income	296.9M	390.4M	344.5M	395.6M	509.6M	562.4M	720.3M	757.4M	809.8M	852.6M
Income tax	7.5M	9.8M	5M	4.8M	3.9M	28.3M	17.1M	2M	2.1M	2.2M
Net income	289.3M	380.6M	339.5M	390.9M	505.7M	534.1M	703.3M	755.4M	807.6M	850.4M
Net margin	34.9%	39.2%	32.2%	33.9%	43.9%	43.9%	53.6%	52.4%	52.7%	53.3%
EBITDA	598.5M	731.3M	803.8M	977.2M	1B	1.1B	1.2B	1.4B	1.4B	1.5B
EPS	1.62	1.8	1.59	1.82	2.31	2.27	2.71	2.78	2.87	2.95
Diluted EPS	1.6	1.79	1.58	1.81	2.3	2.26	2.7	2.77	2.87	2.95

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	—	369M	—	—	—	—	—	—	397.6M	407M	420M	430.5M
Cost of revenue	—	11.8M	—	—	—	—	—	—	13.8M	14.1M	13.8M	14.1M
Gross profit	—	357.2M	—	—	—	—	—	—	383.8M	392.9M	406.2M	416.4M
Gross margin	—	96.8%	—	—	—	—	—	—	96.5%	96.5%	96.7%	96.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	13.8M	—	—	—	—	—	—	16.6M	6M	17.9M	13.2M
Operating expenses	—	13.8M	—	—	—	—	—	—	16.6M	6M	17.9M	13.2M
Operating income	—	295.3M	—	—	—	—	—	—	337.2M	369.7M	333.3M	333.6M
Operating margin	—	80%	—	—	—	—	—	—	84.8%	90.8%	79.4%	77.5%
Non-operating income, net	—	0	—	—	—	—	—	—	-3.8M	-6.3M	-268K	-1.2M
Pretax income	—	218.2M	—	—	—	—	—	—	249M	275.9M	240M	235.5M
Income tax	—	957K	—	—	—	—	—	—	560K	560K	560K	601K
Net income	—	217.3M	—	—	—	—	—	—	248.5M	275.4M	239.4M	234.9M
Net margin	—	58.9%	—	—	—	—	—	—	62.5%	67.6%	57%	54.6%
EBITDA	—	370.1M	—	—	—	—	—	—	418.6M	443.2M	405.4M	408.3M
EPS	0.7	—	0.64	0.77	0.67	0.79	0.6	0.55	0.85	0.94	0.82	0.8
Diluted EPS	0.7	—	0.64	0.77	0.67	0.79	0.6	0.54	0.85	0.94	0.82	0.8

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	—	—	6.6B	8.9B	9.2B	11.4B	13.2B	13B	13.2B	12.5B	11.6B
Enterprise value	—	—	12.8B	14.8B	14.7B	17.5B	19.3B	19.2B	20.2B	19.8B	19.7B
Shares outstanding	178.6M	211.4M	213.5M	214.8M	218.9M	235.3M	252.7M	264.1M	273.5M	279.7M	279.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	19.5	22.7	18.3	21.4	18.7	17.3	16.3	14.7	11.3
P/S	—	—	6.27	7.69	8.01	9.41	10	9.05	8.6	7.84	6.98
P/B	—	—	2.92	4.27	3.45	3.38	3.2	2.89	2.84	2.5	2.25
EV/EBITDA	—	—	16	15.2	14.5	16.3	15.8	14.2	14	13	12
EV/Sales	—	—	12.2	12.8	12.7	14.4	14.7	13.3	13.2	12.4	11.9
Earnings yield	—	—	5.13%	4.41%	5.48%	4.67%	5.34%	5.8%	6.13%	6.8%	8.86%
FCF yield	—	—	9.83%	8.43%	4.6%	6.88%	6.81%	7.38%	7.84%	6.6%	4.38%
PEG	—	—	—	—	—	—	—	—	—	—	0.25

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	79.9%	80.5%	81.6%	89.8%	92.6%	92.6%	96%	96.8%	96.9%	96.5%	96.7%
Operating margin	58%	62.3%	61.9%	62.2%	66.6%	67.4%	73.4%	74.2%	73.6%	75.7%	77.5%
Net margin	34.9%	39.2%	32.2%	33.9%	43.9%	43.9%	53.6%	52.4%	52.7%	53.3%	58.5%
ROE	11.9%	15.5%	15%	18.8%	18.9%	15.8%	17.1%	16.8%	17.4%	17%	19.4%
ROA	3.93%	5.25%	3.96%	4.63%	5.6%	5%	6.43%	6.4%	6.06%	6.59%	6.42%
ROIC	6.48%	8.59%	7.58%	8.84%	9.41%	8.24%	9.17%	9.96%	9.64%	9.8%	10.2%
Return on tangible assets	4.81%	6.57%	4.73%	5.53%	6.48%	5.71%	7.31%	7.17%	6.94%	7.56%	7.98%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	11.1	8.4	0.86	0.81	1.33	4.25	5.1	7.18	10.9	9.21	24.3
Quick ratio	11.1	8.4	0.86	0.81	1.33	4.25	5.1	7.18	10.9	9.21	9.43
Debt / equity	1.98	1.81	2.76	2.88	2.21	2	1.55	1.53	1.73	1.5	1.56
Debt / assets	0.66	0.61	0.73	0.71	0.65	0.64	0.58	0.58	0.6	0.58	0.59
Net debt / EBITDA	8.01	6.04	7.75	6.08	5.36	5.66	5.03	4.56	4.85	4.79	4.81
Interest coverage	2.6	2.8	2.39	2.31	2.81	2.99	3.33	3.34	3.21	3.28	3.61
Effective tax rate	2.54%	2.51%	1.44%	1.2%	0.76%	5.04%	2.37%	0.26%	0.26%	0.26%	0.23%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	4.64	4.59	4.94	5.37	5.27	5.17	5.19	5.45	5.6	5.7	5.83
EPS (basic)	1.62	1.8	1.59	1.82	2.31	2.27	2.71	2.78	2.87	2.95	2.95
EPS (diluted)	1.6	1.79	1.58	1.81	2.3	2.26	2.7	2.77	2.87	2.95	3.42
Book value per share	13.6	11.6	10.6	9.66	12.2	14.4	16.3	17.1	17	17.9	17.1
FCF per share	2.86	2.82	3.04	3.48	1.94	3.35	3.55	3.64	3.78	2.95	2.2
Cash per share	0.2	0.14	0.12	0.12	2.22	3.08	0.95	2.59	3.74	0.8	1.1
Capex per share	0.01	0	0.02	0	0	0.01	0.59	0	—	1.09	1.98

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.14%	0.1%	0.3%	0.02%	0%	0.17%	11.3%	0%	—	19.1%	34.2%
Capex / operating cash flow	0.23%	0.15%	0.56%	0.03%	0%	0.25%	15.4%	0%	—	27%	47.1%
Payout ratio	148.1%	139.1%	162.1%	150.7%	45.6%	118.7%	109.6%	110.4%	102.9%	102.5%	92.4%
Dividend yield	—	—	8.32%	6.65%	2.5%	5.54%	5.86%	6.4%	6.31%	6.98%	8.49%

Yield

8.49%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.82

ex-dividend Sep 11, 2026

Payout ratio

92%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 11, 2026	$0.82
Jun 12, 2026	$0.82
Mar 13, 2026	$0.78
Dec 5, 2025	$0.78
Sep 12, 2025	$0.78

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	—	$369M	—	—	—	—	—	—	$397.6M	$407M	$420M	$430.5M
YoY change	—	+9.7%	—	—	—	—	—	—	—	—	—	—

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	36.6M	29.1M	25.8M	26.8M	486.5M	724.6M	239.1M	684M	1B	224.3M
Receivables	2.7B	2.6B	0	—	0	1.2B	1.9B	2B	2.3B	2.6B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	2.8B	2.7B	373.4M	334.7M	547.9M	2B	2.1B	2.7B	3.8B	3B
Property, plant & equipment	2.1M	-8M	-15.9M	161.2M	114.6M	196.1M	181.2M	196.3M	244.6M	242.1M
Goodwill & intangibles	1.4B	1.5B	1.4B	1.4B	1.2B	1.3B	1.3B	1.3B	1.7B	1.7B
Total assets	7.4B	7.2B	8.6B	8.4B	9B	10.7B	10.9B	11.8B	13.3B	12.9B
Accounts payable	1.1M	715K	2.5M	1M	375K	63.5M	6.6M	7M	5.8M	6.6M
Short-term debt	165M	—	402M	46M	—	—	—	—	—	—
Total current liabilities	250.7M	320.1M	431.9M	411.2M	412.1M	471.2M	420.4M	382.5M	347.2M	328.9M
Long-term debt	4.7B	4.4B	5.9B	5.9B	5.9B	6.8B	6.4B	6.9B	8B	7.5B
Total liabilities	4.9B	4.8B	6.3B	6.4B	6.4B	7.3B	6.8B	7.3B	8.7B	7.9B
Shareholders' equity	2.4B	2.5B	2.3B	2.1B	2.7B	3.4B	4.1B	4.5B	4.6B	5B
Total debt	4.8B	4.4B	6.3B	6B	5.9B	6.8B	6.4B	6.9B	8B	7.5B
Net debt	4.8B	4.4B	6.2B	5.9B	5.4B	6.1B	6.1B	6.2B	7.6B	7.3B

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	81.1M	684M	554.8M	442.3M	1B	1B	168.9M	604.2M	751.7M	224.3M	274.5M	319M
Receivables	—	2B	—	—	—	2.3B	2.3B	2.3B	2.3B	2.6B	2.6B	2.6B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	2.1B	2.7B	2.8B	2.8B	3.5B	3.8B	2.6B	3B	3.2B	3B	3.1B	3.2B
Property, plant & equipment	196.7M	196.3M	195.9M	195.4M	195.9M	244.6M	243.9M	243.3M	242.7M	242.1M	241.3M	240.3M
Goodwill & intangibles	1.3B	1.3B	1.3B	1.3B	1.3B	1.7B	1.7B	1.7B	1.7B	1.7B	1.7B	1.6B
Total assets	11.2B	11.8B	11.8B	11.8B	12.7B	13.3B	12.1B	12.5B	12.8B	12.9B	13.8B	14.2B
Accounts payable	14.4M	7M	4.7M	4.5M	5.5M	5.8M	4.6M	5.6M	6.7M	6.6M	6.9M	8.1M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	396.5M	382.5M	362.9M	343.3M	344.7M	347.2M	300M	317.1M	278.2M	328.9M	297.4M	337.3M
Long-term debt	6.5B	6.9B	6.9B	6.9B	7.7B	8B	7.2B	7.2B	7.5B	7.5B	8.4B	8.4B
Total liabilities	6.9B	7.3B	7.3B	7.3B	8.1B	8.7B	7.5B	7.6B	7.8B	7.9B	8.7B	8.8B
Shareholders' equity	4.3B	4.5B	4.5B	4.5B	4.6B	4.6B	4.6B	4.9B	5B	5B	5B	5.4B
Total debt	6.5B	6.9B	6.9B	6.9B	7.7B	8B	7.2B	7.2B	7.5B	7.5B	8.4B	8.4B
Net debt	6.4B	6.2B	6.7B	6.8B	7.2B	7.6B	7B	6.6B	6.8B	7.3B	8.1B	8.1B

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	289.3M	380.6M	339.5M	390.9M	505.7M	534.1M	703.3M	755.4M	807.6M	850.4M
Depreciation & amortization	115.7M	123.8M	148.4M	259M	243M	252M	254.5M	276.4M	273.4M	282.9M
Stock-based compensation	18.3M	15.6M	11.2M	16.2M	20M	16.8M	20.4M	22.9M	24.3M	21.2M
Change in working capital	4.3M	11.3M	496K	-6.5M	5.8M	7M	5K	-1.7M	-4.5M	-12.5M
Operating cash flow	499.9M	609.8M	573.1M	704.8M	452.5M	821.2M	965M	1B	1B	1.1B
Capital expenditure	1.1M	934K	3.2M	200K	15K	2.1M	148.7M	0	—	-304.4M
Investing cash flow	52.8M	87.2M	-262M	200K	15K	-527.2M	19.7M	-140.2M	-925.4M	-23.9M
Dividends paid	-428.4M	-529.4M	-550.4M	-589.1M	-230.5M	-633.9M	-770.9M	-834M	-830.7M	-871.9M
Share repurchases	—	—	—	-255K	—	—	—	—	—	—
Financing cash flow	2.6B	-606.9M	852.1M	-746.4M	63.2M	443.1M	-1.1B	86.4M	336.5M	-1B
Net change in cash	3.1B	90.1M	1.2B	-41.4M	515.7M	737.1M	-66.5M	946.5M	427.8M	61.9M
Free cash flow	510.9M	595.5M	650.1M	747.3M	424.5M	787.6M	896.1M	961.9M	1B	825M

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	189.3M	217.3M	179.5M	214.4M	190.1M	223.6M	170.4M	156.2M	248.5M	275.4M	239.4M	234.9M
Depreciation & amortization	69.5M	69M	68.6M	68.5M	68M	68.2M	69.3M	73.5M	71.7M	68.4M	69.3M	70.9M
Stock-based compensation	5.1M	4.9M	8.1M	5.4M	5.5M	5.3M	8.9M	6.2M	1.6M	4.6M	8.1M	4.6M
Change in working capital	623K	-1.4M	2.8M	-4.8M	-16.1M	13.5M	3.5M	-8.9M	-5.4M	-1.8M	-913K	3K
Operating cash flow	252.4M	272.7M	236M	259.3M	231.4M	290M	250.9M	293.4M	240.3M	343.2M	270.2M	349.6M
Capital expenditure	0	0	—	—	—	—	125K	-21.2M	-23.4M	-247M	-111.5M	-184.8M
Investing cash flow	-100.2M	0	-448.3M	-147.4M	-279.8M	-1.4M	546.9M	-28.7M	-36.9M	-492.2M	-165.5M	-183.9M
Dividends paid	-192.3M	-197.6M	-206.6M	-206.6M	-208.8M	-208.8M	-209.1M	-220.9M	-220.9M	-220.9M	-221.1M	-238.6M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	7.9M	355.4M	-281.9M	-212.8M	701.6M	129.6M	-1.1B	175.6M	74.1M	-213M	633.6M	-246.7M
Net change in cash	160M	628.1M	-494.2M	-100.8M	653.3M	418.1M	-282.4M	440.3M	277.6M	-362M	738.3M	-81M
Free cash flow	240.6M	255.1M	257.8M	244.6M	262.1M	268.7M	239.6M	272.2M	217M	96.3M	158.8M	155.8M

Gaming and Leisure Properties, 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

Dividend per share

Recent payouts

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