Caesars Entertainment (CZR) Financials

$27.76 -0.34 (-1.21%)

Closing price 05/6/2026 04:00 PM Eastern

Extended Trading

$27.70 -0.06 (-0.20%)

As of 05/6/2026 07:55 PM Eastern

Annual Income Statements for Caesars Entertainment

This table shows Caesars Entertainment's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	114	25	73	95	81	-1,757	-1,019	-899	786	-278	-502
Consolidated Net Income / (Loss)	114	25	73	95	81	-1,758	-1,016	-910	828	-211	-437
Net Income / (Loss) Continuing Operations	114	25	73	95	81	-1,738	-986	-524	828	-211	-437
Total Pre-Tax Income	45	38	-43	135	125	-1,606	-1,269	-565	-60	-124	-448
Total Operating Income	69	89	95	310	410	-383	1,460	1,739	2,472	2,304	1,858
Total Gross Profit	298	354	719	964	1,285	1,922	4,923	5,420	6,133	5,826	5,743
Total Revenue	720	900	1,501	2,056	2,528	3,628	9,570	10,821	11,528	11,245	11,486
Operating Revenue	758	900	1,501	2,056	2,528	3,628	9,570	10,821	11,528	11,245	11,486
Total Cost of Revenue	421	547	782	1,092	1,243	1,706	4,647	5,401	5,395	5,419	5,743
Operating Cost of Revenue	421	547	782	1,092	1,243	1,706	4,647	5,401	5,395	5,419	5,743
Total Operating Expenses	229	265	624	654	875	2,305	3,463	3,681	3,661	3,522	3,885
Selling, General & Admin Expense	113	151	272	444	606	1,367	2,091	2,354	2,318	2,227	2,248
Depreciation Expense	57	63	106	157	222	583	1,126	1,205	1,261	1,324	1,417
Other Operating Expenses / (Income)	25	-	32	39	46	140	144	14	-13	-331	38
Impairment Charge	-	-	38	14	1.00	215	102	108	95	302	182
Total Other Income / (Expense), net	-24	-51	-139	-175	-285	-1,223	-2,729	-2,304	-2,532	-2,428	-2,306
Interest Expense	63	51	138	172	294	197	236	85	200	89	4.00
Interest & Investment Income	3.46	-	-0.37	-	-	-1,202	-2,295	-2,265	-2,342	-2,366	-2,304
Other Income / (Expense), net	36	-	0.00	-3.00	9.00	176	-198	46	10	27	2.00
Income Tax Expense	-70	13	-117	40	44	132	-283	-41	-888	87	-11
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	0.00	0.00	-1.00	3.00	-11	42	67	65
Basic Earnings per Share	$2.45	$0.52	$1.09	$1.23	$1.04	($13.50)	($4.83)	($4.19)	$3.65	($1.29)	($2.42)
Weighted Average Basic Shares Outstanding	46.55M	47.03M	67.13M	77M	78M	130M	211M	214M	215M	215M	208M
Diluted Earnings per Share	$2.43	$0.51	$1.08	$1.22	$1.03	($13.50)	($4.83)	($4.19)	$3.64	($1.29)	($2.42)
Weighted Average Diluted Shares Outstanding	47.01M	47.70M	68.10M	78M	79M	130M	211M	214M	216M	215M	208M
Weighted Average Basic & Diluted Shares Outstanding	46.60M	46.80M	67.13M	77.43M	77.80M	208.28M	214.12M	215.18M	216.30M	212.01M	203.52M

This table shows Caesars Entertainment's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	74	-72	-158	-122	-9.00	11	-115	-82	-55	-250	-98
Consolidated Net Income / (Loss)	92	-56	-142	-102	9.00	24	-98	-65	-39	-235	-83
Net Income / (Loss) Continuing Operations	92	-56	-142	-102	9.00	24	-98	-65	-39	-235	-83
Total Pre-Tax Income	139	-40	-127	-92	52	43	-87	-52	-64	-245	-71
Total Operating Income	724	536	485	506	644	669	488	526	513	331	500
Total Gross Profit	1,633	1,443	1,396	1,508	1,519	1,403	1,412	1,485	1,413	1,433	1,443
Total Revenue	2,994	2,825	2,742	2,830	2,874	2,799	2,794	2,907	2,869	2,916	2,870
Operating Revenue	2,994	2,825	2,742	2,830	2,874	2,799	2,794	2,907	2,869	2,916	2,870
Total Cost of Revenue	1,361	1,382	1,346	1,322	1,355	1,396	1,382	1,422	1,456	1,483	1,427
Operating Cost of Revenue	1,361	1,382	1,346	1,322	1,355	1,396	1,382	1,422	1,456	1,483	1,427
Total Operating Expenses	909	907	911	1,002	875	734	924	959	900	1,102	943
Selling, General & Admin Expense	602	543	578	545	554	550	565	561	558	564	592
Depreciation Expense	320	318	327	326	326	345	357	364	352	344	347
Other Operating Expenses / (Income)	-13	-49	6.00	13	-5.00	-345	2.00	34	-10	12	4.00
Total Other Income / (Expense), net	-585	-576	-612	-598	-592	-626	-575	-578	-577	-576	-571
Interest & Investment Income	-581	-581	-590	-594	-596	-586	-574	-579	-576	-575	-569
Other Income / (Expense), net	-1.00	5.00	26	-1.00	4.00	-2.00	-1.00	1.00	3.00	-1.00	-2.00
Income Tax Expense	47	16	15	10	43	19	11	13	-25	-10	12
Net Income / (Loss) Attributable to Noncontrolling Interest	18	16	16	20	18	13	17	17	16	15	15
Basic Earnings per Share	$0.34	($0.33)	($0.73)	($0.56)	($0.04)	$0.04	($0.54)	($0.39)	($0.27)	($1.22)	($0.48)
Weighted Average Basic Shares Outstanding	215M	215M	216M	216M	215M	215M	212M	209M	207M	208M	204M
Diluted Earnings per Share	$0.34	($0.33)	($0.73)	($0.56)	($0.04)	$0.04	($0.54)	($0.39)	($0.27)	($1.22)	($0.48)
Weighted Average Diluted Shares Outstanding	216M	216M	216M	216M	215M	215M	212M	209M	207M	208M	204M
Weighted Average Basic & Diluted Shares Outstanding	215.71M	216.30M	216.42M	216.34M	212.48M	212.01M	207.97M	207.99M	204.11M	203.52M	203.68M

This table details how cash moves in and out of Caesars Entertainment's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-9.33	-20	84	99	-30	4,063	-2,259	-718	-160	-127	-32
Net Cash From Operating Activities	92	95	130	323	313	-561	1,199	993	1,809	1,075	1,302
Net Cash From Continuing Operating Activities	57	95	130	323	313	-561	1,199	993	1,809	1,075	1,302
Net Income / (Loss) Continuing Operations	114	25	73	95	81	-1,758	-1,016	-910	828	-211	-437
Consolidated Net Income / (Loss)	114	25	73	95	81	-1,758	-1,016	-910	828	-211	-437
Depreciation Expense	57	63	106	157	222	583	1,126	1,205	1,261	1,324	1,417
Amortization Expense	-4.37	3.52	6.29	9.00	21	170	386	351	251	205	202
Non-Cash Adjustments To Reconcile Net Income	0.06	4.55	84	32	-26	359	692	634	417	145	332
Changes in Operating Assets and Liabilities, net	-74	-0.67	-140	30	15	85	11	-287	-948	-388	-212
Net Cash From Investing Activities	-159	-42	-1,397	-1,268	369	-6,100	-1,448	-768	-1,256	-704	-571
Net Cash From Continuing Investing Activities	-159	-42	-1,397	-1,268	369	-6,100	-1,448	-768	-1,256	-704	-571
Purchase of Property, Plant & Equipment	-37	-43	-83	-147	-171	-164	-520	-952	-1,264	-1,296	-805
Acquisitions	-1.01	-	-1,314	-1.00	-1.00	-6,350	-1,937	-11	-33	-15	-10
Sale of Property, Plant & Equipment	0.15	1.56	0.14	-	-	-	-	39	-	-	218
Sale and/or Maturity of Investments	-	-	0.00	0.00	5.00	25	239	126	4.00	14	8.00
Other Investing Activities, net	-121	-0.19	-	-1,113	0.00	23	44	30	36	39	18
Net Cash From Financing Activities	1,713	-74	1,351	1,044	-712	10,641	-1,141	-1,282	-713	-498	-763
Net Cash From Continuing Financing Activities	93	-74	1,351	1,044	-712	10,641	-1,141	-1,282	-713	-498	-763
Repayment of Debt	-149	-146	-1,201	-96	-737	-5,001	-2,400	-2,750	-6,185	-7,791	-1,969
Repurchase of Common Equity	-	-	0.00	-9.00	-	-	-	0.00	0.00	-191	-229
Payment of Dividends	-	-	-	-	0.00	0.00	-2.00	-3.00	-3.00	-16	-102
Issuance of Debt	1,862	73	2,560	1,161	33	9,765	1,308	1,500	5,460	7,525	1,580
Issuance of Common Equity	-	-	-	0.00	0.00	2,718	3.00	1.00	116	0.00	0.00
Other Financing Activities, net	-	-0.36	-8.47	-12	-8.00	3,159	-50	-30	-101	-25	-43
Cash Interest Paid	78	48	85	166	277	892	1,923	2,010	2,132	2,376	2,162
Cash Income Taxes Paid	1.20	-1.66	0.25	-4.00	51	-7.00	9.00	22	26	48	81

This table details how cash moves in and out of Caesars Entertainment's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-312	128	-278	94	-33	90	-7.00	77	-147	45	-10
Net Cash From Operating Activities	348	508	80	454	232	309	218	462	318	304	204
Net Cash From Continuing Operating Activities	348	508	80	454	232	309	218	462	318	304	204
Net Income / (Loss) Continuing Operations	92	-56	-142	-102	9.00	24	-98	-65	-39	-235	-83
Consolidated Net Income / (Loss)	92	-56	-142	-102	9.00	24	-98	-65	-39	-235	-83
Depreciation Expense	320	318	327	326	326	345	357	364	352	344	347
Amortization Expense	65	51	52	50	47	56	50	51	50	51	49
Non-Cash Adjustments To Reconcile Net Income	40	74	58	158	20	-91	40	38	39	215	34
Changes in Operating Assets and Liabilities, net	-169	121	-215	22	-170	-25	-131	74	-84	-71	-143
Net Cash From Investing Activities	-337	-375	-264	-328	-387	275	-206	-228	18	-155	-189
Net Cash From Continuing Investing Activities	-337	-375	-264	-328	-387	275	-206	-228	18	-155	-189
Purchase of Property, Plant & Equipment	-322	-369	-264	-329	-424	-279	-223	-230	-195	-157	-168
Acquisitions	-15	-3.00	-	-	-15	-	0.00	-	-	-9.00	-42
Sale of Property, Plant & Equipment	-	-	-	-	-	554	0.00	-	214	1.00	19
Other Investing Activities, net	-	-4.00	0.00	-	39	-	17	-2.00	-3.00	6.00	2.00
Net Cash From Financing Activities	-323	-5.00	-94	-32	122	-494	-19	-157	-483	-104	-25
Net Cash From Continuing Financing Activities	-323	-5.00	-94	-32	122	-494	-19	-157	-483	-104	-25
Repayment of Debt	-726	-176	-4,905	-583	-427	-1,876	-307	-305	-964	-393	-463
Payment of Dividends	-	-2.00	0.00	-	-2.00	-	-10	-20	-46	-26	-16
Issuance of Debt	460	160	4,825	570	695	1,435	315	275	615	375	475
Other Financing Activities, net	-80	-3.00	-14	-5.00	-3.00	-3.00	-17	-7.00	-9.00	-10	-21
Cash Interest Paid	667	424	657	528	684	507	546	531	584	501	558
Cash Income Taxes Paid	12	3.00	3.00	17	17	11	0.00	58	3.00	20	3.00

This table presents Caesars Entertainment's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,325	1,294	3,546	5,911	5,641	36,385	38,031	33,527	33,366	32,590	31,639
Total Current Assets	116	102	251	573	605	6,063	5,964	2,102	2,045	1,747	1,803
Cash & Equivalents	78	61	135	231	206	1,776	1,070	1,038	1,005	866	887
Restricted Cash	5.27	2.41	3.27	25	4.00	2,021	319	131	122	95	85
Accounts Receivable	9.98	15	46	60	58	386	472	611	608	470	476
Inventories, net	12	11	17	21	18	44	42	59	46	45	43
Prepaid Expenses	11	12	28	48	66	253	290	263	264	271	312
Plant, Property, & Equipment, net	625	612	1,503	2,883	2,615	0.00	0.00	0.00	0.00	0.00	14,358
Total Noncurrent Assets	583	580	1,793	2,456	2,421	30,322	32,067	31,425	31,321	30,843	15,478
Long-Term Investments	1.29	-	-	1.89	136	173	158	94	157	131	133
Goodwill	67	67	747	1,008	910	9,864	11,076	11,004	10,990	10,601	10,441
Intangible Assets	492	487	997	1,362	1,111	4,283	4,920	4,714	4,523	4,133	3,985
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	0.00	47	62	67
Other Noncurrent Operating Assets	23	26	49	83	264	16,002	15,913	15,613	15,604	15,916	852
Total Liabilities & Shareholders' Equity	1,325	1,294	3,546	5,911	5,641	36,385	38,031	33,527	33,366	32,590	31,639
Total Liabilities	1,054	996	2,605	4,882	4,524	31,351	33,490	29,776	28,646	28,214	27,953
Total Current Liabilities	106	102	224	402	688	2,513	5,297	2,668	2,690	2,272	2,253
Short-Term Debt	4.52	4.55	0.62	0.46	246	67	70	108	65	109	114
Accounts Payable	17	22	35	59	62	167	254	314	408	296	297
Accrued Expenses	51	46	66	103	307	1,263	1,973	1,928	1,848	1,625	1,618
Other Current Nonoperating Liabilities	15	15	26	53	73	1,016	3,000	318	369	242	224
Total Noncurrent Liabilities	949	894	2,381	4,480	3,836	28,838	28,193	27,108	25,956	25,942	25,700
Long-Term Debt	862	796	2,190	3,261	2,325	14,073	13,722	12,659	12,224	12,033	11,670
Noncurrent Deferred & Payable Income Tax Liabilities	79	90	163	200	197	1,166	1,111	987	102	130	58
Other Noncurrent Operating Liabilities	8.12	7.29	29	59	343	13,599	13,360	13,462	13,630	13,779	13,972
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	271	298	942	1,029	1,117	5,034	4,541	3,751	4,720	4,376	3,686
Total Preferred & Common Equity	271	298	942	1,029	1,117	5,016	4,480	3,713	4,552	4,157	3,504
Total Common Equity	271	298	942	1,029	1,117	5,016	4,480	3,713	4,552	4,157	3,504
Other Equity Adjustments	-	-	-	-	-	-	-	-23	-	-	3,504
Noncontrolling Interest	-	-	-	-	0.00	18	61	38	168	219	182

This table presents Caesars Entertainment's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	33,478	33,229	33,366	33,059	33,084	32,969	32,590	32,398	32,478	31,900	31,664
Total Current Assets	2,127	1,860	2,045	1,737	1,823	1,900	1,747	1,786	1,928	1,732	1,800
Cash & Equivalents	1,122	841	1,005	726	830	802	866	884	982	836	867
Restricted Cash	126	130	122	126	111	101	95	102	85	87	92
Accounts Receivable	526	555	608	551	546	469	470	440	487	426	441
Inventories, net	53	45	46	44	45	43	45	43	44	41	47
Prepaid Expenses	300	289	264	290	291	485	271	317	330	342	353
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	14,666	14,646	14,496	14,233
Total Noncurrent Assets	31,351	31,369	31,321	31,322	31,261	31,069	30,843	15,946	15,904	15,672	15,631
Long-Term Investments	91	91	157	157	157	131	131	109	111	114	126
Goodwill	11,004	11,004	10,990	10,990	10,949	10,949	10,601	10,601	10,601	10,601	10,441
Intangible Assets	4,661	4,640	4,523	4,487	4,403	4,211	4,133	4,100	4,068	4,036	3,942
Noncurrent Deferred & Refundable Income Taxes	46	50	47	48	54	56	62	65	68	69	66
Other Noncurrent Operating Assets	15,549	15,584	15,604	15,640	15,698	15,722	15,916	1,071	1,056	852	1,056
Total Liabilities & Shareholders' Equity	33,478	33,229	33,366	33,059	33,084	32,969	32,590	32,398	32,478	31,900	31,664
Total Liabilities	28,811	28,487	28,646	28,471	28,589	28,585	28,214	28,119	28,359	27,925	28,067
Total Current Liabilities	2,717	2,561	2,690	2,535	2,611	2,267	2,272	2,138	2,339	2,225	2,118
Short-Term Debt	68	65	65	94	100	102	109	110	110	114	114
Accounts Payable	299	371	408	439	436	268	296	246	263	253	258
Accrued Expenses	1,981	1,879	1,848	1,729	1,763	1,702	1,625	1,548	1,723	1,665	1,551
Other Current Nonoperating Liabilities	369	246	369	273	312	195	242	234	243	193	195
Total Noncurrent Liabilities	26,094	25,926	25,956	25,936	25,978	26,318	25,942	25,981	26,020	25,700	25,949
Long-Term Debt	12,480	12,230	12,224	12,171	12,162	12,434	12,033	12,046	12,023	11,681	11,688
Noncurrent Deferred & Payable Income Tax Liabilities	68	99	102	112	115	141	130	126	90	80	69
Other Noncurrent Operating Liabilities	13,546	13,597	13,630	13,653	13,701	13,743	13,779	13,809	13,907	13,939	14,192
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,667	4,742	4,720	4,588	4,495	4,384	4,376	4,279	4,119	3,975	3,597
Total Preferred & Common Equity	4,545	4,604	4,552	4,404	4,305	4,178	4,157	4,053	3,896	3,782	3,416
Total Common Equity	4,545	4,604	4,552	4,404	4,305	4,178	4,157	4,053	3,896	3,782	3,416
Other Equity Adjustments	4,545	4,604	-	4,404	4,305	4,178	-	4,053	3,896	3,782	3,416
Noncontrolling Interest	122	138	168	184	190	206	219	226	223	193	181

This table displays calculated financial ratios and metrics derived from Caesars Entertainment's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	98.93%	25.10%	66.67%	0.00%	22.96%	43.51%	163.78%	13.07%	6.53%	-2.45%	2.14%
EBITDA Growth	274.73%	-0.97%	33.20%	128.11%	39.96%	-17.52%	408.06%	20.44%	19.55%	-3.36%	-9.87%
EBIT Growth	572.26%	-15.23%	7.30%	222.56%	36.48%	-149.40%	709.66%	41.44%	39.05%	-6.08%	-20.21%
NOPAT Growth	1,600.65%	-67.29%	15.23%	228.70%	21.79%	-200.91%	481.20%	19.11%	42.15%	-6.80%	-19.36%
Net Income Growth	897.26%	-78.52%	199.18%	0.00%	-14.74%	-2,270.37%	42.21%	10.43%	190.99%	-125.48%	-107.11%
EPS Growth	606.25%	-79.01%	111.76%	0.00%	-15.57%	-1,410.68%	64.22%	13.25%	186.87%	-135.44%	-87.60%
Operating Cash Flow Growth	192.08%	3.31%	36.19%	0.00%	-3.10%	-279.23%	313.73%	-17.18%	82.18%	-40.57%	21.12%
Free Cash Flow Firm Growth	92.83%	262.85%	-2,620.46%	270.78%	-220.10%	-178.54%	96.70%	566.10%	-27.11%	68.58%	16.72%
Invested Capital Growth	26.38%	-1.59%	185.88%	-100.00%	0.00%	254.15%	9.41%	-2.76%	3.35%	-2.65%	-6.89%
Revenue Q/Q Growth	3.16%	3.19%	18.65%	-58.54%	-2.87%	37.68%	-7.59%	22.98%	0.03%	-0.23%	1.03%
EBITDA Q/Q Growth	39.83%	0.72%	22.42%	19.82%	-0.21%	388.39%	65.32%	0.94%	1.50%	4.27%	-8.97%
EBIT Q/Q Growth	66.45%	-0.32%	22.10%	21.33%	-4.40%	22.45%	118.72%	-15.64%	2.48%	5.71%	-15.34%
NOPAT Q/Q Growth	301.74%	-64.31%	22.10%	-41.56%	-8.66%	-39.39%	13.35%	26.66%	1.98%	6.13%	-15.39%
Net Income Q/Q Growth	1,778.17%	-81.70%	593.34%	-48.45%	-13.66%	-44.79%	10.88%	22.95%	14.68%	27.49%	-145.51%
EPS Q/Q Growth	1,072.00%	-82.04%	500.00%	-52.71%	-14.17%	-38.32%	0.00%	0.00%	10.64%	22.29%	-108.62%
Operating Cash Flow Q/Q Growth	191.01%	-33.79%	37.08%	0.40%	425.59%	-279.23%	313.73%	-40.47%	-0.88%	-15.62%	-0.38%
Free Cash Flow Firm Q/Q Growth	0.00%	4,203.89%	-10.87%	697.76%	-2,572.95%	10.19%	-205.84%	-19.38%	-10.27%	22.84%	-11.61%
Invested Capital Q/Q Growth	20.34%	0.30%	7.14%	-100.00%	-0.40%	-8.24%	-5.62%	-1.88%	-0.78%	-2.57%	-2.26%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	41.44%	39.28%	47.93%	46.89%	50.83%	52.98%	51.44%	50.09%	53.20%	51.81%	50.00%
EBITDA Margin	21.84%	17.29%	13.82%	23.01%	26.19%	15.05%	28.99%	30.88%	34.65%	34.33%	30.29%
Operating Margin	9.59%	9.85%	6.34%	15.08%	16.22%	-10.56%	15.26%	16.07%	21.44%	20.49%	16.18%
EBIT Margin	14.54%	9.85%	6.34%	14.93%	16.57%	-5.71%	13.19%	16.50%	21.53%	20.73%	16.19%
Profit (Net Income) Margin	15.86%	2.72%	4.89%	4.62%	3.20%	-48.46%	-10.62%	-8.41%	7.18%	-1.88%	-3.80%
Tax Burden Percent	256.00%	65.18%	-169.12%	70.37%	64.80%	109.46%	80.06%	161.06%	-1,380.00%	170.16%	97.54%
Interest Burden Percent	42.63%	42.42%	-45.59%	43.97%	29.83%	775.85%	-100.55%	-31.65%	-2.42%	-5.32%	-24.09%
Effective Tax Rate	-156.00%	34.82%	0.00%	29.63%	35.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	18.50%	5.46%	3.29%	14.53%	12.86%	-2.86%	6.67%	7.71%	10.93%	10.16%	8.60%
ROIC Less NNEP Spread (ROIC-NNEP)	10.09%	1.16%	3.77%	2.58%	0.61%	-26.47%	-12.67%	-10.56%	3.15%	-5.94%	-7.06%
Return on Net Nonoperating Assets (RNNOA)	35.58%	3.16%	8.55%	5.64%	1.65%	-54.30%	-27.89%	-29.66%	8.62%	-14.79%	-19.44%
Return on Equity (ROE)	54.08%	8.62%	11.84%	20.18%	14.50%	-57.16%	-21.22%	-21.95%	19.55%	-4.64%	-10.84%
Cash Return on Invested Capital (CROIC)	-4.81%	7.07%	-93.05%	214.53%	-187.14%	-114.78%	-2.32%	10.51%	7.64%	12.84%	15.73%
Operating Return on Assets (OROA)	8.38%	6.77%	3.93%	17.31%	14.86%	-0.99%	3.39%	4.99%	7.42%	7.07%	5.79%
Return on Assets (ROA)	9.15%	1.87%	3.03%	5.36%	2.87%	-8.37%	-2.73%	-2.54%	2.48%	-0.64%	-1.36%
Return on Common Equity (ROCE)	54.06%	8.62%	11.84%	20.18%	14.50%	-56.99%	-21.05%	-21.69%	19.07%	-4.44%	-10.30%
Return on Equity Simple (ROE_SIMPLE)	42.19%	8.22%	7.79%	0.00%	7.25%	-35.05%	-22.68%	-24.51%	18.19%	-5.08%	0.00%
Net Operating Profit after Tax (NOPAT)	177	58	67	218	266	-268	1,022	1,217	1,730	1,613	1,301
NOPAT Margin	24.56%	6.42%	4.44%	10.61%	10.51%	-7.39%	10.68%	11.25%	15.01%	14.34%	11.32%
Net Nonoperating Expense Percent (NNEP)	8.41%	4.30%	-0.48%	11.95%	12.25%	23.61%	19.34%	18.26%	7.78%	16.09%	15.66%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	7.37%	10.17%	9.76%	8.41%
Cost of Revenue to Revenue	58.56%	60.72%	52.07%	53.11%	49.17%	47.02%	48.56%	49.91%	46.80%	48.19%	50.00%
SG&A Expenses to Revenue	15.75%	16.72%	18.11%	21.60%	23.97%	37.68%	21.85%	21.75%	20.11%	19.80%	19.57%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	31.85%	29.42%	41.59%	31.81%	34.61%	63.53%	36.19%	34.02%	31.76%	31.32%	33.82%
Earnings before Interest and Taxes (EBIT)	105	89	95	307	419	-207	1,262	1,785	2,482	2,331	1,860
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	157	156	207	473	662	546	2,774	3,341	3,994	3,860	3,479
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.89	2.68	2.70	0.00	4.15	3.08	4.46	2.40	2.22	1.73	1.44
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.71	0.89	1.70	1.36	1.83	4.26	2.09	0.82	0.88	0.64	0.44
Price to Earnings (P/E)	4.47	32.55	34.71	29.50	57.26	0.00	0.00	0.00	12.83	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	22.35%	3.07%	2.88%	3.39%	1.75%	0.00%	0.00%	0.00%	7.79%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.21	1.46	1.53	0.00	1.90	1.75	2.02	1.31	1.32	1.18	1.09
Enterprise Value to Revenue (EV/Rev)	1.80	1.71	3.05	1.36	3.10	7.07	3.38	1.89	1.84	1.64	1.38
Enterprise Value to EBITDA (EV/EBITDA)	8.22	9.86	22.09	5.92	11.83	46.99	11.64	6.13	5.32	4.78	4.57
Enterprise Value to EBIT (EV/EBIT)	12.35	17.31	48.14	9.13	18.70	0.00	25.59	11.47	8.57	7.92	8.55
Enterprise Value to NOPAT (EV/NOPAT)	7.31	26.56	68.77	12.85	29.49	0.00	31.61	16.81	12.29	11.45	12.22
Enterprise Value to Operating Cash Flow (EV/OCF)	14.00	16.10	35.27	8.68	25.03	0.00	26.94	20.61	11.75	17.17	12.21
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	20.53	0.00	0.87	0.00	0.00	0.00	12.34	17.58	9.05	6.68
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.20	2.68	2.33	0.00	3.17	2.81	3.04	3.40	2.60	2.77	3.20
Long-Term Debt to Equity	3.18	2.67	2.33	0.00	2.95	2.80	3.02	3.37	2.59	2.75	3.17
Financial Leverage	3.53	2.72	2.27	2.19	2.70	2.05	2.20	2.81	2.74	2.49	2.75
Leverage Ratio	5.91	4.60	3.90	3.77	5.05	6.83	7.77	8.63	7.90	7.25	7.97
Compound Leverage Factor	2.52	1.95	-1.78	1.66	1.51	53.01	-7.82	-2.73	-0.19	-0.39	-1.92
Debt to Total Capital	76.19%	72.84%	69.93%	0.00%	76.02%	73.75%	75.23%	77.29%	72.25%	73.51%	76.17%
Short-Term Debt to Total Capital	0.40%	0.41%	0.02%	0.00%	5.28%	0.35%	0.38%	0.65%	0.38%	0.66%	0.74%
Long-Term Debt to Total Capital	75.79%	72.43%	69.91%	0.00%	70.74%	73.40%	74.85%	76.64%	71.87%	72.85%	75.44%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.09%	0.33%	0.23%	0.99%	1.33%	1.18%
Common Equity to Total Capital	23.81%	27.16%	30.07%	0.00%	23.98%	26.16%	24.44%	22.48%	26.76%	25.17%	22.65%
Debt to EBITDA	5.51	5.14	10.56	0.00	5.35	25.90	4.97	3.82	3.08	3.15	3.39
Net Debt to EBITDA	4.97	4.73	9.81	0.00	4.83	18.63	4.41	3.44	2.76	2.86	3.07
Long-Term Debt to EBITDA	5.48	5.11	10.56	0.00	4.98	25.77	4.95	3.79	3.06	3.12	3.35
Debt to NOPAT	4.90	13.84	32.87	0.00	13.33	-52.74	13.50	10.49	7.10	7.53	9.06
Net Debt to NOPAT	4.42	12.75	30.54	0.00	12.03	-37.93	11.98	9.45	6.36	6.85	8.21
Long-Term Debt to NOPAT	4.87	13.77	32.86	0.00	12.41	-52.49	13.43	10.40	7.06	7.46	8.97
Altman Z-Score	1.21	1.54	1.18	0.00	1.38	0.44	0.65	0.52	0.67	0.59	0.50
Noncontrolling Interest Sharing Ratio	0.02%	0.00%	0.00%	0.00%	0.00%	0.29%	0.83%	1.19%	2.43%	4.25%	4.97%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.10	1.00	1.12	0.00	0.88	2.41	1.13	0.79	0.76	0.77	0.80
Quick Ratio	0.83	0.74	0.89	0.00	0.38	0.86	0.29	0.62	0.60	0.59	0.61
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-46	75	-1,885	3,220	-3,867	-10,772	-356	1,659	1,209	2,039	2,380
Operating Cash Flow to CapEx	252.16%	229.19%	156.44%	219.73%	183.04%	-342.07%	230.58%	108.76%	143.23%	144.88%	221.81%
Free Cash Flow to Firm to Interest Expense	-0.72	1.46	-13.64	18.72	-13.15	-54.68	-1.51	19.52	6.05	22.91	594.90
Operating Cash Flow to Interest Expense	1.45	1.87	0.94	1.88	1.06	-2.85	5.08	11.68	9.05	12.08	325.50
Operating Cash Flow Less CapEx to Interest Expense	0.88	1.05	0.34	1.02	0.48	-3.68	2.88	0.94	2.73	3.74	178.75
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.58	0.69	0.62	1.16	0.90	0.17	0.26	0.30	0.34	0.34	0.36
Accounts Receivable Turnover	82.47	72.99	49.42	0.00	0.00	16.34	22.31	19.98	18.91	20.86	24.28
Inventory Turnover	44.42	47.97	55.97	0.00	0.00	55.03	108.07	106.95	102.76	119.10	130.52
Fixed Asset Turnover	1.33	1.46	1.42	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	29.04	28.35	27.74	0.00	0.00	14.90	22.08	19.02	14.94	15.39	19.37
Days Sales Outstanding (DSO)	4.43	5.00	7.39	0.00	0.00	22.33	16.36	18.27	19.30	17.50	15.03
Days Inventory Outstanding (DIO)	8.22	7.61	6.52	0.00	0.00	6.63	3.38	3.41	3.55	3.06	2.80
Days Payable Outstanding (DPO)	12.57	12.88	13.16	0.00	0.00	24.50	16.53	19.19	24.42	23.71	18.84
Cash Conversion Cycle (CCC)	0.07	-0.27	0.75	0.00	0.00	4.47	3.21	2.49	-1.57	-3.15	-1.02
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,067	1,050	3,002	0.00	4,133	14,637	16,015	15,573	16,094	15,668	14,589
Invested Capital Turnover	0.75	0.85	0.74	1.37	1.22	0.39	0.62	0.69	0.73	0.71	0.76
Increase / (Decrease) in Invested Capital	223	-17	1,952	-3,002	4,133	10,504	1,378	-442	521	-426	-1,079
Enterprise Value (EV)	1,292	1,535	4,581	2,802	7,834	25,657	32,300	20,468	21,261	18,460	15,894
Market Capitalization	511	798	2,547	2,802	4,638	15,469	19,994	8,926	10,088	7,191	5,033
Book Value per Share	$5.83	$6.34	$12.26	$0.00	$14.36	$24.08	$20.96	$17.30	$21.10	$19.56	$17.17
Tangible Book Value per Share	($6.21)	($5.43)	($10.44)	$0.00	($11.62)	($43.84)	($53.87)	($55.95)	($50.81)	($49.78)	($53.51)
Total Capital	1,137	1,099	3,132	0.00	4,659	19,174	18,333	16,518	17,009	16,518	15,470
Total Debt	866	800	2,190	0.00	3,542	14,140	13,792	12,767	12,289	12,142	11,784
Total Long-Term Debt	862	796	2,190	0.00	3,296	14,073	13,722	12,659	12,224	12,033	11,670
Net Debt	781	737	2,035	0.00	3,196	10,170	12,245	11,504	11,005	11,050	10,679
Capital Expenditures (CapEx)	37	42	83	147	171	164	520	913	1,263	742	587
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-69	-59	-128	0.00	-47	-180	-652	-1,627	-1,707	-1,377	-1,308
Debt-free Net Working Capital (DFNWC)	15	4.26	28	0.00	163	3,617	737	-458	-580	-416	-336
Net Working Capital (NWC)	10	-0.29	27	0.00	-83	3,550	667	-566	-645	-525	-450
Net Nonoperating Expense (NNE)	63	33	-6.76	123	185	1,490	2,038	2,127	902	1,824	1,738
Net Nonoperating Obligations (NNO)	796	752	2,060	0.00	3,016	9,603	11,474	11,822	11,374	11,292	10,903
Total Depreciation and Amortization (D&A)	53	67	112	166	243	753	1,512	1,556	1,512	1,529	1,619
Debt-free, Cash-free Net Working Capital to Revenue	-9.52%	-6.57%	-8.50%	0.00%	-1.86%	-4.96%	-6.81%	-15.04%	-14.81%	-12.25%	-11.39%
Debt-free Net Working Capital to Revenue	2.08%	0.47%	1.86%	0.00%	6.45%	99.70%	7.70%	-4.23%	-5.03%	-3.70%	-2.93%
Net Working Capital to Revenue	1.45%	-0.03%	1.82%	0.00%	-3.28%	97.85%	6.97%	-5.23%	-5.60%	-4.67%	-3.92%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.45	$0.53	$1.10	$1.23	$0.00	($13.50)	($4.83)	($4.19)	$3.65	($1.29)	($2.42)
Adjusted Weighted Average Basic Shares Outstanding	46.55M	47.03M	67.13M	77.46M	0.00	130M	211M	214M	215M	215M	208M
Adjusted Diluted Earnings per Share	$2.43	$0.52	$1.09	$1.22	$0.00	($13.50)	($4.83)	($4.19)	$3.64	($1.29)	($2.42)
Adjusted Weighted Average Diluted Shares Outstanding	47.01M	47.70M	68.10M	78.28M	0.00	130M	211M	214M	216M	215M	208M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	46.85M	47.12M	77.24M	77.43M	0.00	208.28M	214.12M	215.18M	216.30M	212.01M	203.52M
Normalized Net Operating Profit after Tax (NOPAT)	50	64	158	228	266	-118	1,093	1,293	1,797	1,824	1,428
Normalized NOPAT Margin	6.95%	7.15%	10.55%	11.09%	10.54%	-3.24%	11.43%	11.95%	15.59%	16.22%	12.43%
Pre Tax Income Margin	6.20%	4.18%	-2.89%	6.57%	4.94%	-44.27%	-13.26%	-5.22%	-0.52%	-1.10%	-3.90%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.65	1.74	0.69	1.78	1.43	-1.05	5.35	21.00	12.41	26.19	465.00
NOPAT to Interest Expense	2.78	1.13	0.48	1.27	0.90	-1.36	4.33	14.32	8.65	18.12	325.15
EBIT Less CapEx to Interest Expense	1.07	0.92	0.09	0.93	0.84	-1.88	3.14	10.26	6.10	17.85	318.25
NOPAT Less CapEx to Interest Expense	2.21	0.32	-0.12	0.41	0.32	-2.19	2.13	3.58	2.34	9.78	178.40
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.20%	-0.33%	0.36%	-7.58%	-23.34%
Augmented Payout Ratio	0.00%	0.00%	0.00%	9.47%	0.00%	0.00%	-0.20%	-0.33%	0.36%	-98.10%	-75.74%

This table displays calculated financial ratios and metrics derived from Caesars Entertainment's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	203,521,021.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	203,521,021.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.48
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.71%	0.14%	-3.11%	-1.70%	-4.01%	-0.92%	1.90%	2.72%	-0.17%	4.18%	2.72%
EBITDA Growth	4.43%	6.93%	-8.81%	-11.90%	-7.85%	17.36%	0.45%	6.92%	-10.09%	-32.12%	0.00%
EBIT Growth	9.05%	12.47%	-15.68%	-17.48%	-10.37%	23.29%	-4.70%	4.36%	-20.37%	-50.52%	2.26%
NOPAT Growth	-16.31%	9.84%	-19.57%	-98.37%	-76.74%	-0.48%	0.62%	3.95%	222.17%	-37.95%	2.46%
Net Income Growth	73.58%	65.43%	-4.41%	-110.99%	-90.22%	142.86%	30.99%	36.27%	-533.33%	-1,079.17%	15.31%
EPS Growth	41.67%	51.47%	-15.87%	-113.15%	-111.76%	112.12%	26.03%	30.36%	-575.00%	-3,150.00%	11.11%
Operating Cash Flow Growth	-1.42%	-3.05%	-54.02%	-41.72%	-33.33%	-39.17%	172.50%	1.76%	37.07%	-1.62%	-6.42%
Free Cash Flow Firm Growth	-92.20%	-118.61%	-115.83%	-97.07%	93.14%	648.28%	783.09%	62.72%	502.12%	63.96%	59.96%
Invested Capital Growth	2.20%	3.35%	3.00%	-1.69%	-0.86%	-2.65%	-3.37%	-4.09%	-7.18%	-6.89%	-6.84%
Revenue Q/Q Growth	3.99%	-5.64%	-2.94%	3.21%	1.55%	-2.61%	-0.18%	4.04%	-1.31%	1.64%	-1.58%
EBITDA Q/Q Growth	10.80%	-17.87%	-2.20%	-1.01%	15.89%	4.60%	-16.29%	5.37%	-2.55%	-21.02%	23.31%
EBIT Q/Q Growth	18.14%	-25.17%	-5.55%	-1.17%	28.32%	2.93%	-26.99%	8.21%	-2.09%	-36.05%	50.91%
NOPAT Q/Q Growth	-97.80%	-21.70%	-9.51%	4.33%	-68.53%	235.00%	-8.52%	7.79%	-2.47%	-35.48%	51.06%
Net Income Q/Q Growth	-90.09%	-160.87%	-153.57%	28.17%	108.82%	166.67%	-508.33%	33.67%	40.00%	-502.56%	64.68%
EPS Q/Q Growth	-92.02%	-197.06%	-121.21%	23.29%	92.86%	200.00%	-1,450.00%	27.78%	30.77%	-351.85%	60.66%
Operating Cash Flow Q/Q Growth	-55.33%	45.98%	-84.25%	467.50%	-48.90%	33.19%	-29.45%	111.93%	-31.17%	-4.40%	-32.89%
Free Cash Flow Firm Q/Q Growth	-99.39%	-211.99%	11.18%	585.10%	-59.97%	217.90%	10.66%	15.56%	48.12%	-13.43%	7.96%
Invested Capital Q/Q Growth	-0.15%	-0.78%	0.14%	-0.91%	0.69%	-2.57%	-0.60%	-1.65%	-2.55%	-2.26%	-0.55%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	54.54%	51.08%	50.91%	53.29%	52.85%	50.13%	50.54%	51.08%	49.25%	49.14%	50.28%
EBITDA Margin	37.01%	32.21%	32.46%	31.13%	35.53%	38.16%	32.00%	32.40%	32.00%	24.86%	31.15%
Operating Margin	24.18%	18.97%	17.69%	17.88%	22.41%	23.90%	17.47%	18.09%	17.88%	11.35%	17.42%
EBIT Margin	24.15%	19.15%	18.64%	17.84%	22.55%	23.83%	17.43%	18.13%	17.99%	11.32%	17.35%
Profit (Net Income) Margin	3.07%	-1.98%	-5.18%	-3.60%	0.31%	0.86%	-3.51%	-2.24%	-1.36%	-8.06%	-2.89%
Tax Burden Percent	66.19%	140.00%	111.81%	110.87%	17.31%	55.81%	112.64%	125.00%	60.94%	95.92%	116.90%
Interest Burden Percent	19.23%	-7.39%	-24.85%	-18.22%	8.02%	6.45%	-17.86%	-9.87%	-12.40%	-74.24%	-14.26%
Effective Tax Rate	33.81%	0.00%	0.00%	0.00%	82.69%	44.19%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	11.49%	9.67%	8.92%	8.85%	2.71%	9.45%	8.72%	9.21%	9.18%	6.03%	9.37%
ROIC Less NNEP Spread (ROIC-NNEP)	8.19%	5.95%	4.83%	4.89%	1.82%	6.36%	4.86%	5.39%	5.66%	1.83%	5.47%
Return on Net Nonoperating Assets (RNNOA)	22.26%	16.30%	13.82%	12.31%	4.63%	15.86%	12.52%	14.18%	15.34%	5.03%	15.44%
Return on Equity (ROE)	33.76%	25.97%	22.74%	21.16%	7.33%	25.30%	21.24%	23.39%	24.52%	11.06%	24.81%
Cash Return on Invested Capital (CROIC)	8.40%	7.64%	7.42%	11.48%	10.28%	12.84%	13.62%	14.59%	17.37%	15.73%	15.78%
Operating Return on Assets (OROA)	8.33%	6.60%	6.42%	6.11%	7.68%	8.13%	6.02%	6.29%	6.30%	4.05%	6.26%
Return on Assets (ROA)	1.06%	-0.68%	-1.78%	-1.23%	0.11%	0.29%	-1.21%	-0.78%	-0.48%	-2.88%	-1.04%
Return on Common Equity (ROCE)	33.01%	25.34%	12.18%	20.44%	7.06%	24.23%	20.26%	22.27%	23.35%	10.51%	23.53%
Return on Equity Simple (ROE_SIMPLE)	15.68%	0.00%	18.66%	-4.83%	-6.97%	0.00%	-4.12%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	479	375	340	354	111	373	342	368	359	232	350
NOPAT Margin	16.01%	13.28%	12.38%	12.52%	3.88%	13.34%	12.23%	12.67%	12.52%	7.95%	12.20%
Net Nonoperating Expense Percent (NNEP)	3.30%	3.72%	4.09%	3.96%	0.88%	3.08%	3.85%	3.82%	3.52%	4.21%	3.90%
Return On Investment Capital (ROIC_SIMPLE)	-	2.21%	-	-	-	2.26%	2.08%	2.27%	2.28%	1.50%	2.27%
Cost of Revenue to Revenue	45.46%	48.92%	49.09%	46.71%	47.15%	49.88%	49.46%	48.92%	50.75%	50.86%	49.72%
SG&A Expenses to Revenue	20.11%	19.22%	21.08%	19.26%	19.28%	19.65%	20.22%	19.30%	19.45%	19.34%	20.63%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	30.36%	32.11%	33.22%	35.41%	30.45%	26.22%	33.07%	32.99%	31.37%	37.79%	32.86%
Earnings before Interest and Taxes (EBIT)	723	541	511	505	648	667	487	527	516	330	498
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,108	910	890	881	1,021	1,068	894	942	918	725	894
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.17	2.22	2.14	1.99	2.15	1.73	1.33	1.57	1.54	1.44	1.66
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.87	0.88	0.82	0.75	0.80	0.64	0.48	0.54	0.51	0.44	0.49
Price to Earnings (P/E)	14.05	12.83	12.32	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	7.12%	7.79%	8.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.32	1.32	1.29	1.25	1.29	1.18	1.07	1.13	1.12	1.09	1.14
Enterprise Value to Revenue (EV/Rev)	1.85	1.84	1.82	1.75	1.84	1.64	1.48	1.52	1.47	1.38	1.43
Enterprise Value to EBITDA (EV/EBITDA)	5.42	5.32	5.34	5.25	5.59	4.78	4.31	4.40	4.39	4.57	4.77
Enterprise Value to EBIT (EV/EBIT)	8.81	8.57	8.74	8.73	9.38	7.92	7.22	7.42	7.63	8.55	8.86
Enterprise Value to NOPAT (EV/NOPAT)	12.58	12.29	12.65	12.63	13.61	11.45	10.32	10.61	10.91	12.22	12.67
Enterprise Value to Operating Cash Flow (EV/OCF)	11.70	11.75	12.16	14.32	16.24	17.17	13.74	14.16	12.83	12.21	12.88
Enterprise Value to Free Cash Flow (EV/FCFF)	15.84	17.58	17.69	10.76	12.47	9.05	7.72	7.57	6.23	6.68	6.99
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.59	2.60	2.67	2.73	2.86	2.77	2.84	2.95	2.97	3.20	3.28
Long-Term Debt to Equity	2.58	2.59	2.65	2.71	2.84	2.75	2.82	2.92	2.94	3.17	3.25
Financial Leverage	2.72	2.74	2.86	2.52	2.54	2.49	2.57	2.63	2.71	2.75	2.82
Leverage Ratio	7.74	7.90	8.08	7.27	7.25	7.25	7.38	7.61	7.76	7.97	8.13
Compound Leverage Factor	1.49	-0.58	-2.01	-1.32	0.58	0.47	-1.32	-0.75	-0.96	-5.91	-1.16
Debt to Total Capital	72.17%	72.25%	72.78%	73.18%	74.09%	73.51%	73.96%	74.66%	74.79%	76.17%	76.64%
Short-Term Debt to Total Capital	0.38%	0.38%	0.56%	0.60%	0.60%	0.66%	0.67%	0.68%	0.72%	0.74%	0.74%
Long-Term Debt to Total Capital	71.78%	71.87%	72.22%	72.58%	73.49%	72.85%	73.29%	73.98%	74.07%	75.44%	75.90%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.81%	0.99%	1.09%	1.13%	1.22%	1.33%	1.38%	1.37%	1.22%	1.18%	1.18%
Common Equity to Total Capital	27.02%	26.76%	26.13%	25.69%	24.69%	25.17%	24.66%	23.97%	23.98%	22.65%	22.18%
Debt to EBITDA	3.12	3.08	3.14	3.24	3.39	3.15	3.15	3.09	3.09	3.39	3.39
Net Debt to EBITDA	2.85	2.76	2.88	2.95	3.11	2.86	2.86	2.79	2.81	3.07	3.08
Long-Term Debt to EBITDA	3.11	3.06	3.11	3.21	3.36	3.12	3.12	3.06	3.06	3.35	3.36
Debt to NOPAT	7.25	7.10	7.44	7.78	8.25	7.53	7.53	7.45	7.67	9.06	9.02
Net Debt to NOPAT	6.62	6.36	6.83	7.09	7.57	6.85	6.85	6.73	7.00	8.21	8.19
Long-Term Debt to NOPAT	7.21	7.06	7.39	7.72	8.18	7.46	7.46	7.38	7.60	8.97	8.93
Altman Z-Score	0.60	0.48	0.57	0.55	0.58	0.43	0.50	0.52	0.52	0.34	0.53
Noncontrolling Interest Sharing Ratio	2.22%	2.43%	46.44%	3.41%	3.77%	4.25%	4.62%	4.79%	4.77%	4.97%	5.17%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.73	0.76	0.69	0.70	0.84	0.77	0.84	0.82	0.78	0.80	0.85
Quick Ratio	0.55	0.60	0.50	0.53	0.56	0.59	0.62	0.63	0.57	0.61	0.62
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	130	-146	-130	628	251	799	885	1,022	1,514	1,311	1,415
Operating Cash Flow to CapEx	108.07%	137.67%	30.30%	137.99%	54.72%	0.00%	97.76%	200.87%	0.00%	194.87%	136.91%
Free Cash Flow to Firm to Interest Expense	43.40	0.00	-2.70	209.40	0.00	21.04	0.00	0.00	378.53	0.00	0.00
Operating Cash Flow to Interest Expense	116.00	0.00	1.67	151.33	0.00	8.13	0.00	0.00	79.50	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	8.67	0.00	-3.83	41.67	0.00	15.37	0.00	0.00	84.25	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.34	0.34	0.34	0.34	0.34	0.34	0.35	0.35	0.35	0.36	0.36
Accounts Receivable Turnover	21.72	18.91	20.91	21.25	22.01	20.86	22.80	22.02	25.41	24.28	26.25
Inventory Turnover	121.03	102.76	107.29	110.43	122.84	119.10	125.40	124.83	134.67	130.52	128.62
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.80
Accounts Payable Turnover	16.41	14.94	14.97	14.72	16.92	15.39	15.93	15.89	21.71	19.37	22.97
Days Sales Outstanding (DSO)	16.80	19.30	17.45	17.18	16.58	17.50	16.01	16.57	14.37	15.03	13.91
Days Inventory Outstanding (DIO)	3.02	3.55	3.40	3.31	2.97	3.06	2.91	2.92	2.71	2.80	2.84
Days Payable Outstanding (DPO)	22.24	24.42	24.39	24.79	21.58	23.71	22.92	22.96	16.81	18.84	15.89
Cash Conversion Cycle (CCC)	-2.42	-1.57	-3.53	-4.31	-2.02	-3.15	-4.00	-3.47	0.27	-1.02	0.85
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	16,221	16,094	16,117	15,971	16,081	15,668	15,574	15,317	14,926	14,589	14,509
Invested Capital Turnover	0.72	0.73	0.72	0.71	0.70	0.71	0.71	0.73	0.73	0.76	0.77
Increase / (Decrease) in Invested Capital	349	521	469	-274	-140	-426	-543	-654	-1,155	-1,079	-1,065
Enterprise Value (EV)	21,345	21,261	20,852	19,905	20,690	18,460	16,667	17,287	16,766	15,894	16,585
Market Capitalization	9,974	10,088	9,412	8,551	8,982	7,191	5,380	6,109	5,815	5,033	5,687
Book Value per Share	$21.39	$21.10	$20.39	$19.89	$19.31	$19.56	$19.12	$18.73	$18.18	$17.17	$16.78
Tangible Book Value per Share	($51.28)	($50.81)	($51.26)	($51.05)	($50.76)	($49.78)	($50.22)	($51.80)	($52.19)	($53.51)	($53.89)
Total Capital	17,037	17,009	16,853	16,757	16,920	16,518	16,435	16,252	15,770	15,470	15,399
Total Debt	12,295	12,289	12,265	12,262	12,536	12,142	12,156	12,133	11,795	11,784	11,802
Total Long-Term Debt	12,230	12,224	12,171	12,162	12,434	12,033	12,046	12,023	11,681	11,670	11,688
Net Debt	11,233	11,005	11,256	11,164	11,502	11,050	11,061	10,955	10,758	10,679	10,717
Capital Expenditures (CapEx)	322	369	264	329	424	-275	223	230	-19	156	149
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,607	-1,707	-1,556	-1,629	-1,168	-1,377	-1,228	-1,368	-1,302	-1,308	-1,163
Debt-free Net Working Capital (DFNWC)	-636	-580	-704	-688	-265	-416	-242	-301	-379	-336	-204
Net Working Capital (NWC)	-701	-645	-798	-788	-367	-525	-352	-411	-493	-450	-318
Net Nonoperating Expense (NNE)	387	431	482	456	102	349	440	433	398	467	433
Net Nonoperating Obligations (NNO)	11,479	11,374	11,529	11,476	11,697	11,292	11,295	11,198	10,951	10,903	10,912
Total Depreciation and Amortization (D&A)	385	369	379	376	373	401	407	415	402	395	396
Debt-free, Cash-free Net Working Capital to Revenue	-13.94%	-14.81%	-13.60%	-14.30%	-10.36%	-12.25%	-10.87%	-12.03%	-11.45%	-11.39%	-10.06%
Debt-free Net Working Capital to Revenue	-5.52%	-5.03%	-6.15%	-6.04%	-2.35%	-3.70%	-2.14%	-2.65%	-3.33%	-2.93%	-1.76%
Net Working Capital to Revenue	-6.08%	-5.60%	-6.98%	-6.92%	-3.26%	-4.67%	-3.12%	-3.61%	-4.34%	-3.92%	-2.75%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.34	($0.33)	($0.73)	($0.56)	($0.04)	$0.04	($0.54)	($0.39)	($0.27)	($1.22)	($0.48)
Adjusted Weighted Average Basic Shares Outstanding	215M	215M	216M	216M	215M	215M	212M	209M	207M	208M	204M
Adjusted Diluted Earnings per Share	$0.34	($0.33)	($0.73)	($0.56)	($0.04)	$0.04	($0.54)	($0.39)	($0.27)	($1.22)	($0.48)
Adjusted Weighted Average Diluted Shares Outstanding	216M	216M	216M	216M	215M	215M	212M	209M	207M	208M	204M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	215.71M	216.30M	216.42M	216.34M	212.48M	212.01M	207.97M	207.99M	204.11M	203.52M	203.68M
Normalized Net Operating Profit after Tax (NOPAT)	479	375	340	437	451	373	342	368	359	232	350
Normalized NOPAT Margin	16.01%	13.28%	12.38%	15.43%	15.69%	13.34%	12.23%	12.67%	12.52%	7.95%	12.20%
Pre Tax Income Margin	4.64%	-1.42%	-4.63%	-3.25%	1.81%	1.54%	-3.11%	-1.79%	-2.23%	-8.40%	-2.47%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	241.00	0.00	10.65	168.33	0.00	17.55	0.00	0.00	129.00	0.00	0.00
NOPAT to Interest Expense	159.73	0.00	7.07	118.07	0.00	9.83	0.00	0.00	89.78	0.00	0.00
EBIT Less CapEx to Interest Expense	133.67	0.00	5.15	58.67	0.00	24.79	0.00	0.00	133.75	0.00	0.00
NOPAT Less CapEx to Interest Expense	52.40	0.00	1.57	8.40	0.00	17.06	0.00	0.00	94.53	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.55%	0.36%	0.00%	-7.69%	-6.19%	-7.58%	-15.57%	-24.62%	-42.70%	-23.34%	-25.59%
Augmented Payout Ratio	0.55%	0.36%	0.00%	-7.69%	-6.19%	-98.10%	-15.57%	-248.46%	-171.35%	-75.74%	-25.59%

Financials Breakdown Chart

Key Financial Trends

Caesars Entertainment, Inc. (CZR) has shown a mix of stronger cash generation and ongoing earnings volatility across the recent four-year window. Here are the most impactful takeaways for retail investors, focusing on trends you can compare across periods:

Solid near-term revenue momentum: Q4 2025 operating revenue was about $2.92B, up from roughly $2.80B in Q4 2024, indicating a positive revenue trajectory into 2025.
Stable gross margins: Gross margin hovers near the high-40s to around 50% across recent quarters (e.g., Q4 2025 gross profit of $1.433B on $2.916B revenue), suggesting core profitability remains resilient despite revenue fluctuations.
Positive operating cash flow in 2025 quarters: Net cash from continuing operating activities was positive in the main 2025 periods (Q2: $462M; Q3: $318M; Q4: $304M; Q1: $218M), highlighting ongoing cash generation.
Healthy free cash flow in several 2025 quarters: Free cash flow (approx. operating cash flow minus capex) was positive in multiple quarters (Q2 roughly $232M; Q3 about $123M; Q4 around $147M), signaling cash available after capital investments.
Consistent liquidity and a solid asset base: Cash and cash equivalents in 2025 hovered around $0.83–$0.98B at quarter ends, with total assets near $32B and total liabilities around $28B, providing a liquidity cushion to support operations and debt needs.
Ongoing capex cadence: Quarterly capital expenditures (PPE purchases) ran in the low-to-mid $100Ms (e.g., Q4 2025 PPE of $157M; Q3 2025 $195M; Q2 2025 $230M; Q1 2025 $223M), indicating continued investment in property and equipment without an outsized capex spike.
earnings quality vs. cash flow: While operating cash flow has been positive, net income has remained negative in several quarters, pointing to non-cash charges or financing activities affecting reported earnings.
Persistent net losses for common shareholders: Net income attributable to common shareholders was negative in recent periods (e.g., Q4 2025: -$250M; Q3 2025: -$82M; Q1 2025: -$115M), signaling ongoing earnings weakness despite cash generation.
Heavy leverage and debt obligations: Total liabilities were around $28B in 2025, with equity near $3.9B (e.g., Q3 2025), highlighting a high debt load and sensitivity to financing costs.
Material earnings impact from financing costs: Large swings in interest-related lines (e.g., Interest & Investment Income and related expense) have weighed on pretax and net income, contributing to ongoing GAAP losses in several quarters.

05/06/26 10:29 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Caesars Entertainment's Financials

When does Caesars Entertainment's fiscal year end?

According to the most recent income statement we have on file, Caesars Entertainment's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Caesars Entertainment's net income changed over the last 10 years?

Caesars Entertainment's net income appears to be on an upward trend, with a most recent value of -$437 million in 2025, falling from $114.18 million in 2015. The previous period was -$211 million in 2024. See Caesars Entertainment's forecast for analyst expectations on whatâ€™s next for the company.

What is Caesars Entertainment's operating income?

Caesars Entertainment's total operating income in 2025 was $1.86 billion, based on the following breakdown:

Total Gross Profit: $5.74 billion
Total Operating Expenses: $3.89 billion

How has Caesars Entertainment's revenue changed over the last 10 years?

Over the last 10 years, Caesars Entertainment's total revenue changed from $719.78 million in 2015 to $11.49 billion in 2025, a change of 1,495.8%.

How much debt does Caesars Entertainment have?

Caesars Entertainment's total liabilities were at $27.95 billion at the end of 2025, a 0.9% decrease from 2024, and a 2,551.2% increase since 2015.

How much cash does Caesars Entertainment have?

In the past 10 years, Caesars Entertainment's cash and equivalents has ranged from $61.03 million in 2016 to $1.78 billion in 2020, and is currently $887 million as of their latest financial filing in 2025.

How has Caesars Entertainment's book value per share changed over the last 10 years?

Over the last 10 years, Caesars Entertainment's book value per share changed from 5.83 in 2015 to 17.17 in 2025, a change of 194.6%.

Related Companies

Financial statements for NASDAQ:CZR last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Caesars Entertainment (CZR) Financials

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Caesars Entertainment (CZR) Financials

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