PENN Entertainment, Inc. (PENN) 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	$0.26	$0.44	+69.2%	—	$1.9B	—
Q1 26	-$0.01	$0.11	+1200.0%	—	$1.8B	—
Q4 25	-$0.16	$0.07	+143.8%	—	$1.8B	—
Q3 25	-$0.03	-$0.22	-633.3%	—	$1.7B	—
Q2 25	$0.01	$0.1	+900.0%	—	$1.8B	—
Q1 25	-$0.13	-$0.25	-92.3%	—	$1.7B	—
Q4 24	-$0.37	-$0.44	-18.9%	—	$1.7B	—
Q3 24	-$0.22	-$0.25	-13.6%	—	$1.6B	—
Q2 24	-$0.25	-$0.18	+28.0%	—	$1.7B	—
Q1 24	-$0.52	-$0.79	-51.9%	—	$1.6B	—
Q4 23	-$0.46	-$1.75	-280.4%	—	$1.4B	—
Q3 23	$0.35	$1.21	+245.7%	—	$1.6B	—
Q2 23	$0.39	$0.41	+5.1%	—	$1.7B	—
Q1 23	$0.38	$0.44	+15.8%	—	$1.7B	—
Q4 22	$0.36	$0.17	-52.8%	—	$1.6B	—
Q3 22	$0.49	$1.32	+169.4%	—	$1.6B	—

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	—	-$5.83	—	—	$7B	—
FY24	—	-$2.05	—	—	$6.6B	—
FY23	—	-$3.22	—	—	$6.4B	—
FY22	—	$1.37	—	—	$6.4B

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	$3B	$3.1B	$3.6B	$5.3B	$3.6B	$5.9B	$6.4B	$6.4B	$6.6B	$7B
YoY change	+6.91%	+3.74%	+14%	+47.8%	-32.5%	+65%	+8.41%	-0.61%	+3.38%	+5.82%

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	3B	3.1B	3.6B	5.3B	3.6B	5.9B	6.4B	6.4B	6.6B	7B
Cost of revenue	1.8B	1.8B	2B	3B	1.9B	3.1B	3.6B	4B	4.4B	4.6B
Gross profit	1.3B	1.3B	1.5B	2.3B	1.7B	2.8B	2.8B	2.4B	2.2B	2.4B
Gross margin	42.1%	42.4%	42.9%	44.3%	47.8%	46.7%	43.3%	37.1%	32.9%	33.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	462.3M	514.5M	618.9M	1.2B	1.1B	1.4B	1.1B	1.6B	1.6B	1.6B
Operating expenses	462.3M	604.3M	601.9M	1.2B	1.1B	1.4B	1.1B	1.6B	1.6B	1.6B
Operating income	543M	463.7M	669M	745M	213.2M	1.1B	1.1B	363.6M	161.6M	271.7M
Operating margin	17.9%	14.7%	18.6%	14.1%	5.96%	17.9%	17.1%	5.71%	2.46%	3.9%
Non-operating income, net	12.7M	-25.6M	-40.7M	-124.7M	-504.2M	41.2M	-177M	-438.8M	-56M	-911.4M
Pretax income	120.6M	-25.1M	89.9M	86.1M	-834.2M	539.1M	175.3M	-499.6M	-341.3M	-820.7M
Income tax	11.3M	-498.5M	-3.6M	43M	-165.1M	118.6M	-46.4M	-8.2M	-28M	24.6M
Net income	109.3M	473.4M	93.5M	43.1M	-669.1M	420.5M	221.7M	-491.4M	-313.3M	-845.3M
Net margin	3.6%	15%	2.61%	0.81%	-18.7%	7.12%	3.46%	-7.72%	-4.76%	-12.1%
EBITDA	851.1M	750.8M	954.2M	1.2B	701.2M	1.4B	1.6B	869.8M	652.2M	985.8M
EPS	1.21	5.53	0.96	0.38	-5	2.64	1.37	-3.22	-2.05	-5.83
Diluted EPS	1.19	5.39	0.93	0.37	-5	2.48	1.29	-3.22	-2.05	-5.83

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	1.6B	1.4B	1.6B	1.7B	1.6B	1.7B	1.7B	1.8B	1.7B	1.8B	1.8B	1.9B
Cost of revenue	970.4M	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.2B	1.1B	1.2B	1.1B	1.2B
Gross profit	649M	317.2M	476.2M	572.3M	568.7M	546.4M	553.8M	613.3M	580.7M	604.6M	641.8M	690.5M
Gross margin	40.1%	22.7%	29.6%	34.4%	34.7%	32.7%	33.1%	34.7%	33.8%	33.5%	36.1%	37.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	406.4M	383.8M	388.9M	388.7M	392.5M	398.3M	403M	410.3M	417.9M	402.6M	427.7M	441M
Operating expenses	406.4M	383.8M	388.9M	388.7M	392.5M	398.3M	403M	410.3M	417.9M	402.6M	427.7M	441M
Operating income	136.8M	-177.8M	-21.4M	74.5M	67.5M	41M	42.8M	92.5M	48.6M	87.8M	97.1M	131.7M
Operating margin	8.45%	-12.7%	-1.33%	4.48%	4.12%	2.46%	2.56%	5.24%	2.83%	4.86%	5.46%	7.09%
Non-operating income, net	-916.3M	-121.3M	5.9M	8.8M	9.9M	-80.6M	8.9M	-10.6M	-813.5M	-96.2M	7.9M	6.9M
Pretax income	-886.8M	-407.9M	-127.5M	-30.3M	-34.7M	-148.8M	159.2M	-11.9M	-859.8M	-108.2M	5.9M	39.7M
Income tax	-161.7M	-49.1M	-12.6M	-3.2M	2.8M	-15M	47.7M	6.4M	5.3M	-34.8M	8.7M	7.1M
Net income	-725.1M	-358.8M	-114.9M	-27.1M	-37.5M	-133.8M	111.5M	-18.3M	-865.1M	-73.4M	-2.8M	32.6M
Net margin	-44.8%	-25.7%	-7.15%	-1.63%	-2.29%	-8.02%	6.67%	-1.04%	-50.4%	-4.06%	-0.16%	1.76%
EBITDA	259.7M	-47.5M	100.3M	198.2M	192.4M	161.3M	378M	221.3M	173.3M	213.2M	223.9M	260.2M
EPS	-4.8	-2.37	-0.76	-0.18	-0.24	-0.88	0.73	-0.12	-6.03	-0.55	-0.02	0.25
Diluted EPS	-4.8	-2.37	-0.76	-0.18	-0.24	-0.88	0.68	-0.12	-6.03	-0.55	-0.02	0.24

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	1.1B	2.8B	1.8B	—	—	—	4.8B	4B	3B	2.1B	2B
Enterprise value	5.8B	7.4B	10.9B	—	—	—	16.1B	14.4B	13.6B	12.7B	12.2B
Shares outstanding	82.9M	90.9M	97.1M	115.7M	134M	158.7M	161.2M	152.1M	152.1M	144.6M	144.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	10.5	6.01	19.6	—	—	—	21.6	—	—	—	4.34
P/S	0.38	0.9	0.51	—	—	—	0.75	0.62	0.46	0.31	0.29
P/B	-2.1	-38.9	2.5	—	—	—	1.33	1.24	1.05	1.17	1.07
EV/EBITDA	6.87	9.8	11.4	—	—	—	9.86	16.6	20.8	12.9	13.9
EV/Sales	1.93	2.34	3.04	—	—	—	2.51	2.27	2.06	1.83	1.7
Earnings yield	9.56%	16.6%	5.11%	—	—	—	4.63%	—	—	—	23%
FCF yield	26.7%	13.2%	9.77%	—	—	—	12.7%	1.87%	-6.01%	-8.31%	-2.66%
PEG	—	—	—	—	—	—	—	—	—	—	-0.01

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	42.1%	42.4%	42.9%	44.3%	47.8%	46.7%	43.3%	37.1%	32.9%	33.8%	37.2%
Operating margin	17.9%	14.7%	18.6%	14.1%	5.96%	17.9%	17.1%	5.71%	2.46%	3.9%	7.93%
Net margin	3.6%	15%	2.61%	0.81%	-18.7%	7.12%	3.46%	-7.72%	-4.76%	-12.1%	-12.7%
ROE	-20.1%	-647.2%	12.8%	2.33%	-25.2%	10.3%	6.16%	-15.4%	-11%	-46.3%	-37.6%
ROA	2.2%	9.04%	0.85%	0.3%	-4.56%	2.49%	1.27%	-3.06%	-2.05%	-5.92%	1.75%
ROIC	11.8%	10.4%	6.82%	2.93%	1.78%	5.97%	7.34%	2.66%	1.21%	2.19%	3.04%
Return on tangible assets	5.15%	19.9%	1.95%	0.57%	-7.17%	5.62%	2.56%	-6.61%	-4.43%	-10.7%	-11.7%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.74	0.76	0.92	0.71	2.42	1.96	1.74	1.11	0.82	0.79	0.89
Quick ratio	0.74	0.76	0.92	0.71	2.42	1.96	1.74	1.11	0.82	0.79	0.89
Debt / equity	-9.07	-65.5	13.1	6.12	4.2	2.83	3.59	3.61	3.94	6.17	5.97
Debt / assets	0.99	0.91	0.87	0.8	0.76	0.69	0.74	0.72	0.74	0.79	0.79
Net debt / EBITDA	5.52	6.01	9.52	9.01	13.3	6.73	6.92	12	16.2	10.7	11.7
Interest coverage	1.26	0.95	1.17	1.16	-0.53	1.96	1.23	-0.08	0.27	-1.02	-1.3
Effective tax rate	9.37%	0%	0%	49.9%	0%	22%	0%	0%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	36.6	34.6	36.9	45.8	26.7	37.2	39.7	41.8	43.2	48.1	52.6
EPS (basic)	1.21	5.53	0.96	0.38	-5	2.64	1.37	-3.22	-2.05	-5.83	-5.83
EPS (diluted)	1.19	5.39	0.93	0.37	-5	2.48	1.29	-3.22	-2.05	-5.83	-6.23
Book value per share	-6.55	-0.81	7.53	16	19.8	25.8	22.3	21	18.8	12.6	14.6
FCF per share	3.68	4.15	1.84	4.34	1.47	3.96	3.76	0.49	-1.19	-1.23	0.42
Cash per share	2.77	3.06	4.94	3.78	13.8	11.7	10.1	7.05	4.65	4.75	6.97
Capex per share	0.18	0.01	0	0.01	0.12	0.01	0.03	0	0.03	4.48	4.05

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.5%	0.02%	0.01%	0.01%	0.45%	0.03%	0.08%	0.01%	0.06%	9.3%	7.75%
Capex / operating cash flow	3.77%	0.17%	0.12%	0.11%	-12.3%	0.19%	0.73%	-0.6%	1.76%	127.4%	85.2%
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%
Dividend yield	—	—	—	—	—	—	—	—	—	—	8.13%

Yield

8.13%

trailing twelve months

Frequency

Monthly

Last dividend

$0.62

ex-dividend Jun 14, 2017

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

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

Recent payouts

Ex-dividend	Amount
Jun 14, 2017	$0.62
Mar 9, 2017	$0.62
Jun 11, 2014	$0.00
Jun 5, 2014	$0.00
May 20, 2014	$0.00
May 16, 2014	$0.00
Apr 2, 2014	$0.00

Split history

Date	Ratio
Nov 4, 2013	4423:1000
Mar 8, 2005	2:1
Jun 26, 2002	2:1
Dec 23, 1996

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	$1.6B	$1.4B	$1.6B	$1.7B	$1.6B	$1.7B	$1.7B	$1.8B	$1.7B	$1.8B	$1.8B	$1.9B
YoY change	-0.34%	-12%	-3.97%	-0.7%	+1.22%	+19.6%	+4.08%	+6.13%	+4.76%	+8.22%	+6.37%	+5.24%

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	229.5M	278M	479.6M	437.4M	1.9B	1.9B	1.6B	1.1B	706.6M	686.6M
Receivables	61.9M	62.8M	38.1M	39.4M	23.7M	32.8M	93.3M	131.5M	99.6M	94.1M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	399.3M	401M	677.6M	642.8M	2.1B	2.2B	2B	1.7B	1.2B	1.2B
Property, plant & equipment	197.2M	69.1M	2.7B	5.9B	5.5B	5.5B	6.7B	7.9B	7.8B	7.7B
Goodwill & intangibles	2.9B	2.9B	6.2B	6.6B	5.3B	9.4B	8.9B	8.6B	8.2B	6.4B
Total assets	5B	5.2B	11B	14.2B	14.7B	16.9B	17.5B	16.1B	15.3B	14.3B
Accounts payable	35.1M	26M	30.5M	40.3M	33.2M	53.3M	40.1M	36.6M	50.8M	54.2M
Short-term debt	142.2M	91.9M	129.9M	234M	251.7M	281.4M	313.9M	431.5M	457M	515.7M
Total current liabilities	536.3M	530M	738.4M	905.6M	860M	1.1B	1.2B	1.5B	1.4B	1.5B
Long-term debt	4.8B	4.7B	9.4B	11.1B	10.9B	11.3B	12.6B	11.1B	10.8B	10.8B
Total liabilities	5.5B	5.3B	10.2B	12.3B	12B	12.8B	13.9B	12.9B	12.4B	12.4B
Shareholders' equity	-543.3M	-73.1M	731.2M	1.9B	2.7B	4.1B	3.6B	3.2B	2.9B	1.8B
Total debt	4.9B	4.8B	9.6B	11.3B	11.2B	11.6B	12.9B	11.5B	11.2B	11.3B
Net debt	4.7B	4.5B	9.1B	10.9B	9.3B	9.7B	11.3B	10.5B	10.5B	10.6B

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	1.3B	1.1B	903.6M	877.6M	834M	706.6M	591.6M	671.6M	660.1M	686.6M	708M	887.2M
Receivables	252.8M	131.5M	282.3M	251.9M	239.7M	99.6M	253.3M	252.1M	231M	94.1M	241M	245.9M
Inventory	11.4M	—	—	—	—	—	—	—	—	—	—	—
Total current assets	1.8B	1.7B	1.4B	1.3B	1.3B	1.2B	1B	1.1B	1.1B	1.2B	1.2B	1.3B
Property, plant & equipment	9.7B	7.9B	9.7B	9.7B	9.6B	7.8B	9.7B	9.6B	9.6B	7.7B	9.5B	9.3B
Goodwill & intangibles	8.8B	8.6B	8.5B	8.5B	8.6B	8.2B	8.2B	8.3B	6.6B	6.4B	6.4B	6.3B
Total assets	16.2B	16.1B	15.6B	15.5B	15.5B	15.3B	15.1B	15.2B	14.3B	14.3B	14.1B	14.1B
Accounts payable	44.5M	36.6M	38.2M	46.1M	66.7M	50.8M	65.6M	64.8M	69.7M	54.2M	71M	62.4M
Short-term debt	418.5M	431.5M	434.3M	444M	449M	457M	468.2M	478.3M	505.1M	515.7M	521.3M	554.3M
Total current liabilities	1.3B	1.5B	1.3B	1.3B	1.4B	1.4B	1.4B	1.4B	1.4B	1.5B	1.4B	1.5B
Long-term debt	11.1B	11.1B	11B	11B	10.9B	10.8B	10.5B	10.6B	10.7B	10.8B	10.7B	10.5B
Total liabilities	12.7B	12.9B	12.5B	12.5B	12.5B	12.4B	12.1B	12.2B	12.4B	12.4B	12.3B	12.2B
Shareholders' equity	3.5B	3.2B	3.1B	3.1B	3.1B	2.9B	3B	3B	2B	1.8B	1.8B	1.9B
Total debt	11.5B	11.5B	11.5B	11.4B	11.3B	11.2B	11B	11.1B	11.2B	11.3B	11.2B	11.1B
Net debt	10.2B	10.5B	10.5B	10.5B	10.5B	10.5B	10.4B	10.4B	10.5B	10.6B	10.5B	10.2B

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	109.3M	473.4M	93.5M	43.1M	-669.1M	420.5M	221.7M	-491.4M	-313.3M	-845.3M
Depreciation & amortization	271.2M	267.1M	269M	414.2M	366.7M	344.5M	567.5M	435.1M	433.6M	446.9M
Stock-based compensation	6.9M	7.8M	12M	14.9M	14.5M	35.1M	58.1M	85.9M	52.9M	60.9M
Change in working capital	-3.1M	59.5M	-16.5M	-69.6M	-146.9M	-195.5M	-154.7M	-350.2M	-275.8M	-393.4M
Operating cash flow	401.5M	290.1M	322.7M	538.8M	-130.5M	770.9M	668.4M	-83.7M	227.6M	508.2M
Capital expenditure	15.1M	-487K	400K	600K	16.1M	1.5M	4.9M	500K	4M	-647.7M
Investing cash flow	20.6M	-121.2M	-1.2B	-405.2M	-91.9M	-953.5M	13.8M	-360.7M	-600K	-593.4M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	-24.8M	-50M	-24.9M	0	0	-601.1M	-149.8M	0	-578.2M
Financing cash flow	-352M	-217.7M	1.3B	-508.3M	567.4M	329.1M	-859.9M	-267.9M	-188M	-165.6M
Net change in cash	70.1M	-48.8M	340.6M	-374.7M	345M	146.5M	-177.7M	-712.3M	39M	-250.8M
Free cash flow	305M	376.9M	178.6M	501.6M	197M	627.8M	605.8M	74M	-181.3M	-177.2M

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	-725.1M	-358.8M	-114.9M	-27.1M	-37.5M	-133.8M	111.5M	-18.3M	-865.1M	-73.4M	-2.8M	32.6M
Depreciation & amortization	105.8M	111.2M	108.7M	109.1M	108.7M	107.1M	108M	110.5M	114.2M	114.2M	117M	117.8M
Stock-based compensation	35.2M	14.5M	11.9M	14.2M	12.9M	13.9M	15.6M	16.1M	16.8M	12.4M	14.1M	17.4M
Change in working capital	-133.5M	-66.3M	-35.4M	-91.8M	-37M	-86.7M	-36.4M	-110.7M	-51.2M	-139.3M	-64.2M	-123M
Operating cash flow	-738.3M	-238.8M	-6.6M	126M	141.7M	-24.2M	99.8M	178.2M	180.9M	107.2M	122.4M	240.7M
Capital expenditure	100K	300K	—	—	300K	200K	—	-159.4M	-172.7M	-190.4M	-94.6M	-97.4M
Investing cash flow	-42.7M	-7.6M	-5.9M	3.1M	-5.8M	1M	-10.7M	-134.3M	-151.6M	-171.6M	-84.7M	-83.7M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	0	0	0	0	-25M	-90.3M	-154.1M	-308.8M	0	0
Financing cash flow	-44.4M	-8.3M	-50.6M	-79.7M	-47.7M	-11.7M	-16.2M	44.5M	-157.3M	-36.6M	-7M	-179.1M
Net change in cash	-825.4M	-254.7M	-63.1M	49.4M	88.2M	-34.9M	72.9M	88.4M	-128M	-101M	30.7M	-22.1M
Free cash flow	136.6M	-241.8M	-110.1M	45M	10.4M	-126.6M	-83.3M	-1.3M	-1M	-91.6M	27.8M	122.8M

PENN 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

Dividend per share

Recent payouts

Split history

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