Gaming and Leisure Properties (GLPI) Financials

$48.34 +0.51 (+1.07%)

Closing price 04:00 PM Eastern

Extended Trading

$48.54 +0.20 (+0.41%)

As of 07:45 PM Eastern

Annual Income Statements for Gaming and Leisure Properties

This table shows Gaming and Leisure Properties' 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
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
Net Income / (Loss) Attributable to Common Shareholders	128	106	381	340	391	506	534	685	734	785
Consolidated Net Income / (Loss)	128	106	381	340	391	506	534	703	755	808
Net Income / (Loss) Continuing Operations	128	289	381	340	391	506	534	703	755	808
Total Pre-Tax Income	257	481	606	345	396	510	562	720	757	810
Total Revenue	575	828	971	808	1,153	1,176	1,238	1,377	1,440	1,530
Net Interest Income / (Expense)	0.00	0.00	0.00	-248	29	0.00	0.00	0.00	1.04	0.00
Total Interest Income	0.00	0.00	0.00	0.00	29	0.00	0.00	0.00	1.04	0.00
Total Interest Expense	0.00	0.00	0.00	248	0.00	0.00	0.00	0.00	0.00	0.00
Total Non-Interest Income	575	828	971	1,056	1,125	1,176	1,238	1,377	1,439	1,530
Other Service Charges	154	-	-	6.94	-	19	-	0.00	-	10
Net Realized & Unrealized Capital Gains on Investments	-	-	-	0.31	-	23	22	65	0.02	3.79
Other Non-Interest Income	422	828	971	1,049	1,125	1,134	1,216	1,312	1,439	1,516
Provision for Credit Losses	-	-	-	-	-	-	-	6.90	-	37
Total Non-Interest Expense	318	348	366	462	436	385	396	342	372	367
Other Operating Expenses	208	238	252	265	196	154	152	100	105	107
Depreciation Expense	110	110	113	137	240	231	236	239	263	260
Impairment Charge	-	0.00	0.00	59	-	0.00	0.00	3.30	-2.19	0.00
Nonoperating Income / (Expense), net	-	-	-	-1.65	-322	-282	-279	-307	-311	-321
Income Tax Expense	7.44	7.55	9.79	4.96	4.76	3.88	28	17	2.00	2.13
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	0.00	0.00	0.04	19	21	23
Basic Earnings per Share	$1.12	$1.62	$1.80	$1.59	$1.82	$2.31	$2.27	$2.71	$2.78	$2.87
Weighted Average Basic Shares Outstanding	114.43M	178.59M	333.10M	368.30M	215.10M	232.78M	247.54M	262.35M	271.50M	274.83M
Diluted Earnings per Share	$1.08	$1.60	$1.79	$1.58	$1.81	$2.30	$2.26	$2.70	$2.77	$2.87
Weighted Average Diluted Shares Outstanding	114.43M	178.59M	333.10M	368.30M	215.10M	232.78M	247.54M	262.35M	271.50M	274.83M
Weighted Average Basic & Diluted Shares Outstanding	114.43M	178.59M	333.10M	368.30M	215.10M	232.78M	247.54M	262.35M	271.50M	274.83M
Cash Dividends to Common per Share	$2.18	$2.32	$2.50	$2.57	$2.74	$2.50	$2.86	$2.85	$3.15	$3.04

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

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	220	194	183	156	184	211	174	208	185	217	165
Consolidated Net Income / (Loss)	226	200	189	160	189	217	180	214	190	224	170
Net Income / (Loss) Continuing Operations	226	200	189	160	189	217	180	214	190	224	170
Total Pre-Tax Income	241	200	189	160	190	218	180	215	191	224	171
Total Revenue	401	336	355	357	360	370	376	381	388	386	395
Net Interest Income / (Expense)	0.00	-	0.00	0.00	0.00	1.04	0.00	0.00	0.00	-	0.00
Total Interest Income	0.00	-	0.00	0.00	0.00	1.04	0.00	0.00	0.00	-	0.00
Total Interest Expense	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Non-Interest Income	401	336	355	357	360	369	376	381	388	386	395
Other Service Charges	37	-101	37	37	38	-	44	46	48	-127	48
Net Realized & Unrealized Capital Gains on Investments	67	-	-0.56	0.00	0.02	0.56	0.00	0.00	3.79	-	0.13
Other Non-Interest Income	297	438	318	319	321	481	332	335	337	513	347
Provision for Credit Losses	-0.02	-22	-5.65	28	1.61	-	23	-3.79	28	-9.94	39
Total Non-Interest Expense	84	83	94	90	90	98	95	91	90	91	97
Other Operating Expenses	24	23	28	25	26	26	30	26	25	27	32
Depreciation Expense	60	60	66	66	66	66	65	65	65	65	65
Nonoperating Income / (Expense), net	-76	-75	-77	-78	-79	-78	-77	-79	-81	-84	-88
Income Tax Expense	15	0.62	0.52	0.04	0.48	0.96	0.64	0.41	0.52	0.57	0.56
Net Income / (Loss) Attributable to Noncontrolling Interest	6.27	5.47	5.32	4.51	5.30	5.96	5.06	6.16	5.41	6.40	5.17
Basic Earnings per Share	$0.86	$0.76	$0.70	$0.59	$0.70	$0.79	$0.64	$0.77	$0.67	$0.79	$0.60
Weighted Average Basic Shares Outstanding	257.52M	262.35M	262.36M	262.64M	267.02M	271.50M	271.50M	274.39M	274.39M	274.83M	274.83M
Diluted Earnings per Share	$0.85	$0.76	$0.70	$0.59	$0.70	$0.78	$0.64	$0.77	$0.67	$0.79	$0.60
Weighted Average Diluted Shares Outstanding	257.52M	262.35M	262.36M	262.64M	267.02M	271.50M	271.50M	274.39M	274.39M	274.83M	274.83M
Weighted Average Basic & Diluted Shares Outstanding	257.52M	262.35M	262.36M	262.64M	267.02M	271.50M	271.50M	274.39M	274.39M	274.83M	274.83M
Cash Dividends to Common per Share	$0.69	-	$0.97	$0.97	$0.73	-	-	-	$0.76	-	$0.76

This table details how cash moves in and out of Gaming and Leisure Properties' 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
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
Net Change in Cash & Equivalents	5.90	-5.32	-7.50	-6.54	1.04	482	238	-486	445	-221
Net Cash From Operating Activities	320	514	599	654	750	428	804	920	1,009	1,073
Net Cash From Continuing Operating Activities	320	514	599	654	750	406	804	920	1,009	1,073
Net Income / (Loss) Continuing Operations	128	289	381	340	391	506	534	703	755	808
Consolidated Net Income / (Loss)	128	289	381	340	391	506	534	703	755	808
Provision For Loan Losses	-	-	-	-	13	0.00	8.23	6.90	6.46	37
Depreciation Expense	110	116	124	148	259	243	252	255	276	273
Amortization Expense	14	15	13	12	11	11	9.93	9.98	9.86	11
Non-Cash Adjustments to Reconcile Net Income	72	75	82	136	71	-336	-3.59	-46	-16	-46
Changes in Operating Assets and Liabilities, net	-4.24	19	-0.32	18	4.87	-18	3.08	-8.72	-22	-10
Net Cash From Investing Activities	-14	-3,219	0.70	-1,510	-2.82	-9.49	-1,031	-354	-651	-1,606
Net Cash From Continuing Investing Activities	-14	-3,219	0.70	-1,510	-2.82	-9.49	-1,031	-354	-651	-1,606
Purchase of Property, Leasehold Improvements and Equipment	-19	-3.44	-3.26	-4.28	-3.02	-3.60	-16	-24	-47	-40
Purchase of Investment Securities	0.00	-3,268	-83	-1,547	0.00	-5.90	-1,080	-479	-603	-1,909
Sale of Property, Leasehold Improvements and Equipment	0.31	1.13	0.93	3.21	0.20	0.02	2.09	149	0.00	0.00
Divestitures	-	-	-	-	0.00	0.00	59	0.00	0.00	1.80
Sale and/or Maturity of Investments	4.65	52	86	38	-	-	-	0.00	0.00	341
Net Cash From Financing Activities	-300	2,699	-607	852	-746	63	443	-1,051	86	312
Net Cash From Continuing Financing Activities	-300	2,699	-607	852	-746	63	443	-1,051	86	312
Issuance of Debt	0.00	2,552	100	2,593	1,359	2,076	795	424	1,078	1,522
Repayment of Debt	-68	-377	-335	-1,198	-1,497	-2,077	-363	-1,271	-585	-464
Payment of Dividends	-252	-428	-529	-550	-589	-231	-634	-771	-834	-831
Other Financing Activities, Net	20	82	18	7.54	-19	294	645	567	428	84

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

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	53	180	-232	2.63	72	603	-472	-117	400	-32	-294
Net Cash From Operating Activities	241	221	241	252	253	263	258	252	270	292	252
Net Cash From Continuing Operating Activities	241	221	241	252	253	263	258	252	270	292	252
Net Income / (Loss) Continuing Operations	226	200	189	160	189	217	180	214	190	224	170
Consolidated Net Income / (Loss)	226	200	189	160	189	217	180	214	190	224	170
Provision For Loan Losses	-0.02	-22	-5.65	28	1.61	-18	23	-3.79	28	-9.94	39
Depreciation Expense	63	63	69	69	70	69	69	69	68	68	69
Amortization Expense	2.35	2.38	2.50	2.41	2.41	2.55	2.68	2.69	-43	49	14
Non-Cash Adjustments to Reconcile Net Income	-71	15	-5.72	-9.17	-9.52	7.94	-18	-22	29	-36	-6.48
Changes in Operating Assets and Liabilities, net	21	-37	-7.46	1.49	-0.10	-16	1.44	-8.21	-0.94	-2.60	-34
Net Cash From Investing Activities	-58	-7.53	-422	-24	-189	-16	-448	-156	-572	-429	534
Net Cash From Continuing Investing Activities	-58	-7.53	-422	-24	-189	-16	-448	-156	-572	-429	534
Purchase of Property, Leasehold Improvements and Equipment	-0.07	-24	-0.01	-	-	-	-0.09	-0.46	-	-	-0.04
Purchase of Investment Securities	-206	16	-422	-24	-189	32	-448	-158	-914	-389	-16
Sale of Property, Leasehold Improvements and Equipment	149	-	-	-	-	-	-	-	-	-1.80	0.13
Sale and/or Maturity of Investments	-	-	0.00	-	-	-	0.00	-	341	-	550
Net Cash From Financing Activities	-130	-33	-51	-226	7.85	355	-282	-213	702	105	-1,080
Net Cash From Continuing Financing Activities	-130	-33	-51	-226	7.85	355	-282	-213	702	105	-1,080
Repayment of Debt	-394	-0.04	-500	-60	-15	-10	-64	-0.04	-400	-0.04	-850
Payment of Dividends	-182	-184	-255	-189	-192	-198	-207	-207	-209	-209	-209
Other Financing Activities, Net	445	151	43	8.85	205	170	-12	-6.15	121	-19	-21

This table presents Gaming and Leisure Properties' 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
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
Total Assets	2,448	7,369	7,247	8,577	8,434	9,034	10,690	10,930	11,807	13,076
Cash and Due from Banks	42	37	29	-	27	486	725	239	684	463
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	2,220	4,449	4,410	8,106	8,033	8,442	8,629	8,542	9,004	9,241
Other Assets	98	2,798	2,722	420	361	106	1,336	2,149	2,079	3,381
Total Liabilities & Shareholders' Equity	2,448	7,369	7,247	8,577	8,434	9,034	10,690	10,930	11,807	13,076
Total Liabilities	2,702	4,935	4,789	6,312	6,360	6,359	7,300	6,812	7,298	8,430
Accrued Interest Payable	18	34	33	45	61	72	72	82	83	106
Long-Term Debt	2,510	4,665	4,443	5,853	5,738	5,755	6,552	6,128	6,628	7,736
Other Long-Term Liabilities	18	20	25	363	561	532	606	588	573	589
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-254	2,434	2,458	2,266	2,074	2,675	3,390	4,118	4,509	4,646
Total Preferred & Common Equity	-254	2,434	2,458	2,266	2,074	2,675	3,185	3,778	4,157	4,269
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-254	2,434	2,458	2,266	2,074	2,675	3,189	3,785	4,165	4,269
Common Stock	936	3,763	3,936	3,955	3,962	4,287	4,956	5,576	6,055	6,213
Retained Earnings	-1,190	-1,329	-1,478	-1,689	-1,887	-1,612	-1,771	-1,798	-1,898	-1,944
Noncontrolling Interest	-	-	-	-	-	0.00	205	340	352	377

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

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	10,776	11,116	11,032	11,236	11,784	11,777	12,681	12,133
Cash and Due from Banks	59	6.82	9.45	81	212	94	494	169
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	8,597	9,149	9,083	9,066	8,936	8,874	8,840	9,184
Other Assets	2,119	1,960	1,939	2,050	2,584	2,718	3,347	2,780
Total Liabilities & Shareholders' Equity	10,776	11,116	11,032	11,236	11,784	11,777	12,681	12,133
Total Liabilities	6,828	6,998	6,929	6,925	7,286	7,272	8,056	7,538
Short-Term Debt	6.94	6.93	5.08	14	4.69	4.46	-	4.60
Accrued Interest Payable	87	78	81	78	87	82	96	73
Other Short-Term Payables	5.28	1.94	3.80	5.53	1.76	3.62	-	2.23
Long-Term Debt	6,126	6,291	6,249	6,246	6,630	6,633	7,413	6,889
Other Long-Term Liabilities	603	619	591	581	562	549	548	569
Total Equity & Noncontrolling Interests	3,947	4,118	4,103	4,310	4,498	4,505	4,625	4,595
Total Preferred & Common Equity	3,607	3,765	3,751	3,959	4,127	4,134	4,255	4,215
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	3,607	3,765	3,751	3,959	4,127	4,134	4,255	4,215
Common Stock	5,416	5,635	5,654	5,870	6,057	6,063	6,207	6,203
Retained Earnings	-1,808	-1,870	-1,903	-1,912	-1,930	-1,928	-1,952	-1,988
Noncontrolling Interest	340	353	352	352	371	371	370	379

This table displays calculated financial ratios and metrics derived from Gaming and Leisure Properties' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
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
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.11%	44.03%	17.27%	-16.78%	42.69%	1.99%	5.24%	11.22%	4.61%	6.24%
EBITDA Growth	47.29%	60.40%	21.41%	-31.67%	94.74%	5.75%	5.66%	17.08%	4.85%	4.08%
EBIT Growth	78.86%	86.71%	25.99%	-42.74%	106.90%	10.28%	6.40%	22.09%	3.99%	5.33%
NOPAT Growth	80.09%	89.25%	25.93%	-42.63%	107.39%	10.77%	1.81%	25.53%	6.23%	5.80%
Net Income Growth	-7.70%	-17.63%	260.65%	-10.79%	15.13%	29.38%	5.61%	31.68%	7.41%	6.92%
EPS Growth	-8.47%	48.15%	11.88%	-11.73%	14.56%	27.07%	-1.74%	19.47%	2.59%	3.61%
Operating Cash Flow Growth	16.99%	60.90%	16.40%	9.31%	14.65%	-42.95%	87.76%	14.48%	9.70%	6.28%
Free Cash Flow Firm Growth	66.77%	-1,228.29%	118.16%	-210.43%	215.92%	-83.49%	-563.49%	197.34%	-76.80%	-162.78%
Invested Capital Growth	-5.73%	214.55%	-2.79%	17.65%	-3.78%	7.90%	18.70%	2.47%	8.68%	11.11%
Revenue Q/Q Growth	-3.09%	10.86%	0.20%	-43.62%	821.17%	-15.83%	-8.62%	2.31%	2.20%	1.11%
EBITDA Q/Q Growth	47.91%	10.04%	0.21%	-57.55%	1,752.53%	-13.10%	-9.34%	3.13%	2.20%	4.07%
EBIT Q/Q Growth	86.61%	13.04%	0.21%	-67.31%	318.75%	-16.76%	-12.27%	4.28%	2.20%	0.82%
NOPAT Q/Q Growth	90.80%	13.13%	-0.03%	-67.55%	389.26%	40.71%	47.66%	10.43%	1.69%	1.21%
Net Income Q/Q Growth	-0.33%	-53.18%	92.94%	-12.23%	21.20%	12.22%	19.86%	-7.65%	2.40%	0.79%
EPS Q/Q Growth	-0.92%	19.40%	-3.76%	-12.71%	21.48%	10.58%	-9.96%	10.66%	0.73%	0.35%
Operating Cash Flow Q/Q Growth	0.19%	12.23%	0.11%	4.24%	4.22%	-10.28%	9.58%	3.70%	4.38%	2.82%
Free Cash Flow Firm Q/Q Growth	31.58%	0.44%	3.79%	-565.08%	446.34%	-62.93%	-467.12%	242.19%	-68.53%	68.76%
Invested Capital Q/Q Growth	-2.08%	-0.18%	-0.60%	3.99%	-0.55%	5.88%	15.81%	1.71%	5.42%	2.85%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	66.29%	73.83%	76.43%	62.75%	85.64%	88.80%	89.15%	93.85%	94.07%	92.16%
EBIT Margin	44.76%	58.03%	62.34%	42.90%	62.20%	67.25%	67.99%	74.64%	74.19%	73.56%
Profit (Net Income) Margin	22.28%	12.74%	39.18%	42.00%	33.89%	42.99%	43.14%	51.07%	52.44%	52.78%
Tax Burden Percent	49.77%	21.96%	62.85%	98.38%	98.80%	99.24%	94.96%	97.63%	99.74%	99.74%
Interest Burden Percent	100.00%	100.00%	100.00%	99.53%	55.15%	64.41%	66.82%	70.09%	70.87%	71.94%
Effective Tax Rate	2.89%	1.57%	1.62%	1.44%	1.20%	0.76%	5.04%	2.37%	0.26%	0.26%
Return on Invested Capital (ROIC)	10.75%	10.11%	8.51%	4.55%	8.90%	9.67%	8.67%	9.91%	9.96%	9.59%
ROIC Less NNEP Spread (ROIC-NNEP)	5.95%	-0.13%	3.79%	4.51%	3.41%	4.81%	4.38%	5.20%	5.10%	5.13%
Return on Net Nonoperating Assets (RNNOA)	-70.37%	-0.43%	7.05%	9.82%	9.12%	11.63%	8.94%	8.83%	7.55%	8.06%
Return on Equity (ROE)	-59.62%	9.68%	15.56%	14.37%	18.01%	21.30%	17.61%	18.73%	17.51%	17.64%
Cash Return on Invested Capital (CROIC)	16.65%	-93.40%	11.33%	-11.67%	12.75%	2.06%	-8.43%	7.47%	1.64%	-0.94%
Operating Return on Assets (OROA)	10.35%	9.79%	8.29%	4.38%	8.43%	9.06%	8.54%	9.51%	9.40%	9.05%
Return on Assets (ROA)	5.15%	2.15%	5.21%	4.29%	4.60%	5.79%	5.42%	6.51%	6.64%	6.49%
Return on Common Equity (ROCE)	-59.62%	9.68%	15.56%	14.37%	18.01%	21.30%	17.03%	17.40%	16.14%	16.25%
Return on Equity Simple (ROE_SIMPLE)	-50.54%	4.34%	15.48%	14.99%	18.84%	18.91%	16.77%	18.62%	18.17%	18.92%
Net Operating Profit after Tax (NOPAT)	250	473	596	342	709	785	799	1,003	1,066	1,128
NOPAT Margin	43.47%	57.12%	61.33%	42.28%	61.45%	66.74%	64.56%	72.87%	74.00%	73.69%
Net Nonoperating Expense Percent (NNEP)	4.80%	10.24%	4.72%	0.04%	5.49%	4.86%	4.29%	4.71%	4.86%	4.45%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	55.24%	41.97%	37.66%	57.10%	37.80%	32.75%	32.01%	24.86%	25.81%	24.01%
Earnings before Interest and Taxes (EBIT)	257	481	606	347	717	791	842	1,028	1,069	1,126
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	381	611	742	507	988	1,045	1,104	1,292	1,355	1,410
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	1.61	2.12	2.18	3.41	2.82	3.11	3.12	2.97	3.10
Price to Tangible Book Value (P/TBV)	0.00	1.67	2.20	2.21	3.45	2.82	3.11	3.12	2.97	3.10
Price to Revenue (P/Rev)	3.18	4.72	5.37	6.11	6.14	6.40	8.02	8.59	8.59	8.64
Price to Earnings (P/E)	14.29	37.07	13.69	14.55	18.10	14.89	18.60	17.27	16.85	16.84
Dividend Yield	13.71%	12.28%	10.20%	11.14%	8.31%	7.97%	6.96%	6.63%	6.26%	6.31%
Earnings Yield	7.00%	2.70%	7.30%	6.87%	5.52%	6.71%	5.38%	5.79%	5.94%	5.94%
Enterprise Value to Invested Capital (EV/IC)	1.91	1.20	1.39	1.33	1.64	1.52	1.60	1.76	1.68	1.69
Enterprise Value to Revenue (EV/Rev)	7.48	10.31	9.91	13.35	11.09	10.88	12.95	13.12	12.96	13.63
Enterprise Value to EBITDA (EV/EBITDA)	11.28	13.97	12.97	21.28	12.95	12.25	14.52	13.98	13.78	14.79
Enterprise Value to EBIT (EV/EBIT)	16.70	17.77	15.90	31.13	17.82	16.18	19.04	17.57	17.47	18.54
Enterprise Value to NOPAT (EV/NOPAT)	17.20	18.05	16.16	31.58	18.04	16.30	20.05	18.00	17.52	18.50
Enterprise Value to Operating Cash Flow (EV/OCF)	13.45	16.60	16.08	16.49	17.04	29.90	19.94	19.63	18.50	19.45
Enterprise Value to Free Cash Flow (EV/FCFF)	11.10	0.00	12.13	0.00	12.59	76.36	0.00	23.88	106.40	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-9.90	1.92	1.81	2.58	2.77	2.15	1.95	1.49	1.47	1.67
Long-Term Debt to Equity	-9.90	1.92	1.81	2.58	2.77	2.15	1.93	1.49	1.47	1.67
Financial Leverage	-11.82	3.29	1.86	2.18	2.67	2.42	2.04	1.70	1.48	1.57
Leverage Ratio	-11.57	4.50	2.99	3.35	3.92	3.68	3.25	2.88	2.64	2.72
Compound Leverage Factor	-11.57	4.50	2.99	3.33	2.16	2.37	2.17	2.02	1.87	1.96
Debt to Total Capital	111.23%	65.71%	64.38%	72.10%	73.45%	68.27%	66.12%	59.84%	59.54%	62.48%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.64%	0.06%	0.06%	0.00%
Long-Term Debt to Total Capital	111.23%	65.71%	64.38%	72.10%	73.45%	68.27%	65.48%	59.77%	59.47%	62.48%
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%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.05%	3.32%	3.16%	3.04%
Common Equity to Total Capital	-11.23%	34.29%	35.62%	27.90%	26.55%	31.73%	31.87%	36.92%	37.37%	34.48%
Debt to EBITDA	6.59	7.63	5.98	11.54	5.81	5.51	5.99	4.75	4.90	5.49
Net Debt to EBITDA	6.48	7.57	5.95	11.54	5.78	5.04	5.34	4.56	4.39	5.16
Long-Term Debt to EBITDA	6.59	7.63	5.98	11.54	5.81	5.51	5.94	4.74	4.89	5.49
Debt to NOPAT	10.04	9.86	7.46	17.13	8.10	7.33	8.28	6.11	6.22	6.86
Net Debt to NOPAT	9.87	9.78	7.41	17.13	8.06	6.71	7.37	5.88	5.58	6.45
Long-Term Debt to NOPAT	10.04	9.86	7.46	17.13	8.10	7.33	8.20	6.11	6.22	6.86
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.31%	7.11%	7.85%	7.88%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	387	-4,369	793	-876	1,016	168	-777	756	175	-110
Operating Cash Flow to CapEx	1,701.19%	22,296.06%	25,784.28%	60,990.96%	26,634.79%	11,927.47%	5,696.92%	0.00%	2,127.82%	2,703.01%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	-3.54	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	2.64	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	2.64	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.23	0.17	0.13	0.10	0.14	0.13	0.13	0.13	0.13	0.12
Fixed Asset Turnover	0.25	0.25	0.22	0.13	0.14	0.14	0.15	0.16	0.16	0.17
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,257	7,099	6,901	8,119	7,812	8,430	10,006	10,253	11,144	12,381
Invested Capital Turnover	0.25	0.18	0.14	0.11	0.14	0.14	0.13	0.14	0.13	0.13
Increase / (Decrease) in Invested Capital	-137	4,842	-198	1,218	-307	618	1,576	247	890	1,238
Enterprise Value (EV)	4,299	8,541	9,626	10,793	12,788	12,800	16,028	18,059	18,674	20,865
Market Capitalization	1,831	3,912	5,212	4,939	7,077	7,532	9,932	11,823	12,371	13,215
Book Value per Share	($2.20)	$11.75	$11.56	$10.58	$9.66	$12.12	$13.38	$14.70	$15.60	$15.56
Tangible Book Value per Share	($2.94)	$11.34	$11.16	$10.46	$9.54	$12.12	$13.38	$14.70	$15.60	$15.56
Total Capital	2,257	7,099	6,901	8,119	7,812	8,430	10,006	10,253	11,144	12,381
Total Debt	2,510	4,665	4,443	5,853	5,738	5,755	6,616	6,135	6,635	7,736
Total Long-Term Debt	2,510	4,665	4,443	5,853	5,738	5,755	6,552	6,128	6,628	7,736
Net Debt	2,468	4,628	4,414	5,853	5,711	5,268	5,891	5,896	5,951	7,273
Capital Expenditures (CapEx)	19	2.31	2.32	1.07	2.82	3.59	14	-125	47	40
Net Nonoperating Expense (NNE)	122	368	215	2.24	318	279	265	300	311	320
Net Nonoperating Obligations (NNO)	2,510	4,665	4,443	5,853	5,738	5,755	6,616	6,135	6,635	7,736
Total Depreciation and Amortization (D&A)	124	131	137	161	270	253	262	265	286	285
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.12	$1.62	$1.80	$1.59	$1.82	$2.31	$2.27	$2.71	$2.78	$2.87
Adjusted Weighted Average Basic Shares Outstanding	116.69M	207.76M	213.22M	214.64M	215.10M	232.78M	247.54M	262.35M	271.50M	274.83M
Adjusted Diluted Earnings per Share	$1.08	$1.60	$1.79	$1.58	$1.81	$2.30	$2.26	$2.70	$2.77	$2.87
Adjusted Weighted Average Diluted Shares Outstanding	116.69M	207.76M	213.22M	214.64M	215.10M	232.78M	247.54M	262.35M	271.50M	274.83M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$1.59	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	116.69M	207.76M	213.22M	214.64M	215.10M	232.78M	247.54M	262.35M	271.50M	274.83M
Normalized Net Operating Profit after Tax (NOPAT)	250	473	596	400	709	785	807	1,007	1,070	1,128
Normalized NOPAT Margin	43.47%	57.12%	61.33%	49.53%	61.45%	66.74%	65.19%	73.10%	74.29%	73.69%
Pre Tax Income Margin	44.76%	58.03%	62.34%	42.69%	34.30%	43.32%	45.43%	52.31%	52.58%	52.92%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	1.40	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	1.38	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	1.40	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	1.38	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	196.48%	405.90%	139.09%	162.12%	150.72%	45.58%	118.69%	109.61%	110.41%	102.86%
Augmented Payout Ratio	196.48%	405.90%	139.09%	162.12%	150.72%	45.58%	118.69%	109.61%	110.41%	102.86%

This table displays calculated financial ratios and metrics derived from Gaming and Leisure Properties' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	27.98%	10.16%	12.58%	9.95%	-10.38%	9.87%	6.01%	6.74%	7.87%	4.40%	36.67%
EBITDA Growth	31.61%	24.93%	26.13%	3.01%	-11.18%	0.75%	-2.58%	17.74%	-13.36%	22.88%	42.59%
EBIT Growth	41.08%	34.73%	33.28%	1.43%	-15.51%	-1.32%	-3.26%	23.15%	0.71%	12.00%	51.43%
NOPAT Growth	37.14%	52.90%	33.14%	2.04%	-10.04%	7.26%	-3.34%	22.94%	1.15%	4.38%	51.46%
Net Income Growth	51.76%	-22.59%	55.04%	2.79%	-16.32%	8.85%	-4.85%	33.89%	0.42%	2.92%	-5.11%
EPS Growth	34.92%	52.00%	45.83%	-3.28%	-17.65%	2.63%	-8.57%	30.51%	-4.29%	1.28%	-6.25%
Operating Cash Flow Growth	12.93%	17.50%	3.43%	11.83%	5.09%	19.19%	6.92%	0.06%	6.77%	11.19%	-2.09%
Free Cash Flow Firm Growth	-147.72%	101.97%	91.30%	89.00%	80.51%	-2,264.58%	-270.97%	-249.04%	-436.90%	-56.15%	82.14%
Invested Capital Growth	16.67%	2.47%	3.88%	3.80%	4.87%	8.68%	6.87%	7.58%	13.88%	11.11%	3.19%
Revenue Q/Q Growth	23.72%	-16.16%	4.75%	0.54%	0.84%	2.78%	1.88%	1.24%	1.91%	-0.53%	2.46%
EBITDA Q/Q Growth	27.42%	-11.03%	7.47%	-8.27%	9.87%	0.92%	-10.33%	10.86%	-19.16%	43.14%	-18.91%
EBIT Q/Q Growth	35.19%	-13.26%	7.04%	-10.52%	12.60%	1.31%	-12.76%	13.91%	-7.92%	12.67%	-14.98%
NOPAT Q/Q Growth	27.43%	-7.70%	-4.05%	-10.30%	12.34%	10.06%	-12.68%	14.09%	-7.57%	13.56%	-16.08%
Net Income Q/Q Growth	45.21%	-11.77%	-5.47%	-15.12%	18.22%	14.76%	-17.37%	19.43%	-11.34%	17.63%	-23.82%
EPS Q/Q Growth	39.34%	-10.59%	-7.89%	-15.71%	18.64%	11.43%	-17.95%	20.31%	-12.99%	17.91%	-24.05%
Operating Cash Flow Q/Q Growth	6.98%	-8.44%	9.30%	4.46%	0.53%	3.84%	-1.95%	-2.24%	7.27%	8.14%	-13.65%
Free Cash Flow Firm Q/Q Growth	10.89%	102.41%	-516.84%	-13.95%	-57.88%	-167.44%	22.97%	-7.21%	-142.85%	22.22%	89.52%
Invested Capital Q/Q Growth	1.03%	1.71%	1.59%	-0.57%	2.07%	5.42%	-0.10%	0.09%	8.04%	2.85%	-7.21%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	95.47%	101.32%	95.20%	86.85%	94.63%	92.91%	87.49%	95.80%	76.00%	109.36%	86.55%
EBIT Margin	79.14%	81.89%	75.08%	66.82%	74.62%	73.55%	68.52%	77.09%	69.66%	78.90%	65.47%
Profit (Net Income) Margin	56.38%	59.33%	53.20%	44.91%	52.65%	58.78%	47.75%	56.33%	49.01%	57.95%	43.09%
Tax Burden Percent	93.68%	99.69%	99.73%	99.98%	99.75%	99.56%	99.65%	99.81%	99.73%	99.75%	99.67%
Interest Burden Percent	76.04%	72.68%	71.05%	67.22%	70.74%	80.28%	69.94%	73.21%	70.54%	73.63%	66.03%
Effective Tax Rate	6.32%	0.31%	0.27%	0.03%	0.25%	0.44%	0.35%	0.19%	0.27%	0.25%	0.33%
Return on Invested Capital (ROIC)	10.66%	11.10%	10.39%	9.53%	10.16%	10.73%	9.26%	10.63%	9.34%	10.37%	9.44%
ROIC Less NNEP Spread (ROIC-NNEP)	9.46%	9.92%	9.20%	8.31%	8.90%	9.52%	8.07%	9.41%	8.17%	9.20%	8.15%
Return on Net Nonoperating Assets (RNNOA)	16.49%	16.85%	15.59%	14.07%	13.35%	14.09%	12.11%	14.10%	12.50%	14.44%	12.12%
Return on Equity (ROE)	27.15%	27.94%	25.98%	23.61%	23.51%	24.82%	21.37%	24.73%	21.84%	24.81%	21.56%
Cash Return on Invested Capital (CROIC)	-5.68%	7.47%	6.68%	6.86%	5.40%	1.64%	3.16%	3.03%	-3.12%	-0.94%	7.60%
Operating Return on Assets (OROA)	10.62%	10.43%	9.76%	8.94%	9.56%	9.32%	8.74%	10.04%	8.82%	9.71%	8.96%
Return on Assets (ROA)	7.57%	7.56%	6.91%	6.01%	6.74%	7.45%	6.09%	7.34%	6.20%	7.13%	5.90%
Return on Common Equity (ROCE)	25.80%	25.96%	23.61%	21.45%	21.54%	22.87%	19.57%	22.65%	20.08%	22.85%	19.78%
Return on Equity Simple (ROE_SIMPLE)	21.11%	0.00%	20.46%	20.65%	18.64%	0.00%	18.08%	19.36%	18.83%	0.00%	18.94%
Net Operating Profit after Tax (NOPAT)	297	275	266	238	268	295	257	293	271	307	258
NOPAT Margin	74.14%	81.63%	74.88%	66.80%	74.43%	79.69%	68.28%	76.94%	69.79%	79.68%	65.25%
Net Nonoperating Expense Percent (NNEP)	1.20%	1.18%	1.20%	1.22%	1.26%	1.21%	1.19%	1.22%	1.18%	1.17%	1.30%
SG&A Expenses 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	20.86%	24.64%	26.51%	25.31%	24.94%	26.45%	25.29%	23.90%	23.20%	23.67%	24.61%
Earnings before Interest and Taxes (EBIT)	318	275	266	238	268	272	258	293	270	304	259
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	383	341	338	310	340	343	329	365	295	422	342
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.81	3.12	3.35	3.18	2.84	2.97	2.93	2.97	3.32	3.10	3.32
Price to Tangible Book Value (P/TBV)	2.81	3.12	3.35	3.18	2.84	2.97	2.93	2.97	3.32	3.10	3.32
Price to Revenue (P/Rev)	7.52	8.59	8.90	8.22	7.96	8.59	8.28	8.26	9.33	8.64	8.55
Price to Earnings (P/E)	16.59	17.27	16.86	15.83	15.65	16.85	16.67	15.78	18.13	16.84	18.04
Dividend Yield	7.60%	6.63%	5.89%	6.27%	6.73%	6.26%	6.49%	6.59%	5.85%	6.31%	5.97%
Earnings Yield	6.03%	5.79%	5.93%	6.32%	6.39%	5.94%	6.00%	6.34%	5.52%	5.94%	5.54%
Enterprise Value to Invested Capital (EV/IC)	1.64	1.76	1.85	1.79	1.68	1.68	1.70	1.72	1.78	1.69	1.84
Enterprise Value to Revenue (EV/Rev)	12.29	13.12	13.58	12.76	12.60	12.96	12.93	12.92	14.14	13.63	12.89
Enterprise Value to EBITDA (EV/EBITDA)	13.20	13.98	14.46	13.55	13.39	13.78	14.03	13.70	15.80	14.79	13.95
Enterprise Value to EBIT (EV/EBIT)	16.78	17.57	18.11	16.94	16.98	17.47	17.83	17.21	19.17	18.54	17.38
Enterprise Value to NOPAT (EV/NOPAT)	18.20	18.00	17.97	17.20	16.94	17.52	17.88	17.27	19.21	18.50	17.35
Enterprise Value to Operating Cash Flow (EV/OCF)	18.64	19.63	20.76	19.40	18.36	18.50	18.41	18.70	20.52	19.45	19.76
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	23.88	28.22	26.55	31.83	106.40	55.49	58.91	0.00	0.00	24.53
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.55	1.49	1.53	1.52	1.45	1.47	1.48	1.47	1.60	1.67	1.50
Long-Term Debt to Equity	1.55	1.49	1.53	1.52	1.45	1.47	1.47	1.47	1.60	1.67	1.50
Financial Leverage	1.74	1.70	1.69	1.69	1.50	1.48	1.50	1.50	1.53	1.57	1.49
Leverage Ratio	2.94	2.88	2.88	2.87	2.67	2.64	2.66	2.65	2.68	2.72	2.63
Compound Leverage Factor	2.24	2.09	2.04	1.93	1.89	2.12	1.86	1.94	1.89	2.00	1.74
Debt to Total Capital	60.84%	59.84%	60.47%	60.38%	59.23%	59.54%	59.60%	59.57%	61.58%	62.48%	60.01%
Short-Term Debt to Total Capital	0.07%	0.06%	0.07%	0.05%	0.14%	0.06%	0.04%	0.04%	0.00%	0.00%	0.04%
Long-Term Debt to Total Capital	60.77%	59.77%	60.40%	60.34%	59.09%	59.47%	59.56%	59.53%	61.58%	62.48%	59.97%
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	3.37%	3.32%	3.39%	3.40%	3.33%	3.16%	3.33%	3.33%	3.07%	3.04%	3.30%
Common Equity to Total Capital	35.79%	36.92%	36.15%	36.22%	37.45%	37.37%	37.07%	37.10%	35.35%	34.48%	36.69%
Debt to EBITDA	4.89	4.75	4.73	4.58	4.72	4.90	4.93	4.74	5.47	5.49	4.56
Net Debt to EBITDA	4.85	4.56	4.72	4.57	4.66	4.39	4.77	4.67	5.11	5.16	4.45
Long-Term Debt to EBITDA	4.89	4.74	4.72	4.57	4.71	4.89	4.93	4.74	5.47	5.49	4.55
Debt to NOPAT	6.75	6.11	5.87	5.81	5.97	6.22	6.28	5.97	6.65	6.86	5.67
Net Debt to NOPAT	6.68	5.88	5.87	5.80	5.90	5.58	6.08	5.89	6.21	6.45	5.53
Long-Term Debt to NOPAT	6.74	6.11	5.87	5.80	5.96	6.22	6.28	5.97	6.65	6.86	5.67
Noncontrolling Interest Sharing Ratio	4.98%	7.11%	9.13%	9.15%	8.37%	7.85%	8.40%	8.39%	8.08%	7.88%	8.25%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,143	28	-124	-141	-223	-596	-459	-493	-1,196	-930	-98
Operating Cash Flow to CapEx	0.00%	922.41%	3,014,787.50%	0.00%	0.00%	0.00%	286,524.44%	54,563.85%	0.00%	16,263.24%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.12	0.14
Fixed Asset Turnover	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.17	0.17	0.17	0.18
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,080	10,253	10,417	10,357	10,571	11,144	11,133	11,142	12,038	12,381	11,488
Invested Capital Turnover	0.14	0.14	0.14	0.14	0.14	0.13	0.14	0.14	0.13	0.13	0.14
Increase / (Decrease) in Invested Capital	1,441	247	389	379	490	890	716	785	1,467	1,238	355
Enterprise Value (EV)	16,535	18,059	19,268	18,519	17,754	18,674	18,887	19,188	21,406	20,865	21,093
Market Capitalization	10,121	11,823	12,624	11,922	11,223	12,371	12,093	12,275	14,117	13,215	13,989
Book Value per Share	$14.12	$14.70	$14.35	$14.30	$15.07	$15.60	$15.20	$15.23	$15.51	$15.56	$15.34
Tangible Book Value per Share	$14.12	$14.70	$14.35	$14.30	$15.07	$15.60	$15.20	$15.23	$15.51	$15.56	$15.34
Total Capital	10,080	10,253	10,417	10,357	10,571	11,144	11,133	11,142	12,038	12,381	11,488
Total Debt	6,133	6,135	6,298	6,254	6,261	6,635	6,635	6,637	7,413	7,736	6,894
Total Long-Term Debt	6,126	6,128	6,291	6,249	6,246	6,628	6,630	6,633	7,413	7,736	6,889
Net Debt	6,074	5,896	6,292	6,244	6,179	5,951	6,423	6,543	6,919	7,273	6,725
Capital Expenditures (CapEx)	-149	24	0.01	0.00	0.00	0.00	0.09	0.46	0.00	1.80	-0.09
Net Nonoperating Expense (NNE)	71	75	77	78	78	77	77	78	81	84	88
Net Nonoperating Obligations (NNO)	6,133	6,135	6,298	6,254	6,261	6,635	6,635	6,637	7,413	7,736	6,894
Total Depreciation and Amortization (D&A)	66	65	71	71	72	72	71	71	25	118	83
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.86	$0.76	$0.70	$0.59	$0.70	$0.79	$0.64	$0.77	$0.67	$0.79	$0.60
Adjusted Weighted Average Basic Shares Outstanding	257.52M	262.35M	262.36M	262.64M	267.02M	271.50M	271.50M	274.39M	274.39M	274.83M	274.83M
Adjusted Diluted Earnings per Share	$0.85	$0.76	$0.70	$0.59	$0.70	$0.78	$0.64	$0.77	$0.67	$0.79	$0.60
Adjusted Weighted Average Diluted Shares Outstanding	257.52M	262.35M	262.36M	262.64M	267.02M	271.50M	271.50M	274.39M	274.39M	274.83M	274.83M
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	257.52M	262.35M	262.36M	262.64M	267.02M	271.50M	271.50M	274.39M	274.39M	274.83M	274.83M
Normalized Net Operating Profit after Tax (NOPAT)	297	275	266	238	265	295	257	293	271	307	258
Normalized NOPAT Margin	74.14%	81.63%	74.88%	66.80%	73.82%	79.69%	68.28%	76.94%	69.79%	79.68%	65.25%
Pre Tax Income Margin	60.18%	59.52%	53.34%	44.92%	52.78%	59.04%	47.92%	56.44%	49.14%	58.10%	43.23%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	98.83%	109.61%	103.24%	104.55%	111.21%	110.41%	105.30%	100.32%	102.27%	102.86%	104.35%
Augmented Payout Ratio	98.83%	109.61%	103.24%	104.55%	111.21%	110.41%	105.30%	100.32%	102.27%	102.86%	104.35%

Key Financial Trends

Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) has shown a relatively stable financial performance over the past four years with some fluctuations in revenue, net income, and cash flows. Below are the key takeaways based on the analysis of their quarterly financial statements:

Net income attributable to common shareholders has generally increased, reaching $165.2 million in Q1 2025 compared to $154.6 million in Q2 2024 and $174.5 million in Q1 2024, demonstrating profitable operations.
Total revenue has grown gradually, with Q1 2025 reporting $395.4 million compared to $375.9 million in Q1 2024, indicating steady top-line growth.
Cash dividends per share increased to $0.76 in Q1 2025 from $0.73 in Q1 2024, suggesting confidence in sustained cash generation and shareholder returns.
Net cash from operating activities remains strong, with $252.5 million in Q1 2025, though slightly down from prior quarters, providing solid operational cash flow.
Depreciation expense has remained consistent around $65 million quarterly, reflecting stable investment in property and equipment assets.

Other non-interest income remains the largest source of income, above $330 million per quarter consistently, showing reliance on service and lease-related revenue.
Provision for credit losses shows fluctuations from positive to negative, indicating some variability in credit risk or adjustments over quarters.
Weighted average shares outstanding have remained stable at around 275 million shares, keeping earnings per share comparability consistent.
The company's total assets increased slightly to $12.13 billion in Q1 2025 from $11.78 billion in Q1 2024, indicating ongoing asset management and investment.
Total long-term debt decreased moderately from $6.63 billion in Q1 2024 to $6.89 billion in Q1 2025 after changes in debt repayment and issuance activities.

Nonoperating income/expense is consistently negative and substantial, with a net expense of about $87.9 million in Q1 2025, which weighs on pre-tax income.
Net cash used in financing activities was significantly negative in Q1 2025 (-$1.08 billion), driven primarily by $850 million in debt repayment and $209 million in dividend payments, impacting liquidity.
Cash and equivalents decreased to $168.9 million in Q1 2025 from $211.5 million in Q1 2024, indicating cash drawdown or deployment into investments or debt repayments.
Retained earnings remain negative ($-1.99 billion in Q1 2025), reflecting accumulated losses or dividend payouts exceeding earnings cumulatively over time.
Total equity has decreased slightly to $4.21 billion in Q1 2025 from $4.13 billion in Q1 2024, due partly to net income distribution and changes in noncontrolling interests.

Summary: GLPI demonstrates consistent revenue and net income with stable dividends, backed by strong cash flows from operations. However, significant financing outflows, recurring non-operating expenses, and negative retained earnings indicate challenges in capital structure and potential risks to liquidity. Investors should watch debt repayments and non-operating costs closely, while appreciating the solid dividend yield and steady revenue growth.

09/04/25 08:39 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Gaming and Leisure Properties' Financials

When does Gaming and Leisure Properties' financial year end?

According to the most recent income statement we have on file, Gaming and Leisure Properties' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Gaming and Leisure Properties' net income changed over the last 9 years?

Gaming and Leisure Properties' net income appears to be on an upward trend, with a most recent value of $807.65 million in 2024, rising from $128.12 million in 2015. The previous period was $755.37 million in 2023. See where experts think Gaming and Leisure Properties is headed by visiting Gaming and Leisure Properties' forecast page.

How has Gaming and Leisure Properties' revenue changed over the last 9 years?

Over the last 9 years, Gaming and Leisure Properties' total revenue changed from $575.05 million in 2015 to $1.53 billion in 2024, a change of 166.1%.

How much debt does Gaming and Leisure Properties have?

Gaming and Leisure Properties' total liabilities were at $8.43 billion at the end of 2024, a 15.5% increase from 2023, and a 212.0% increase since 2015.

How much cash does Gaming and Leisure Properties have?

In the past 9 years, Gaming and Leisure Properties' cash and equivalents has ranged from $0.00 in 2018 to $724.60 million in 2021, and is currently $462.63 million as of their latest financial filing in 2024.

How has Gaming and Leisure Properties' book value per share changed over the last 9 years?

Over the last 9 years, Gaming and Leisure Properties' book value per share changed from -2.20 in 2015 to 15.56 in 2024, a change of -806.8%.

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This page (NASDAQ:GLPI) was last updated on 9/4/2025 by MarketBeat.com Staff

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Gaming and Leisure Properties (GLPI) Financials

Key Financial Trends

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Gaming and Leisure Properties (GLPI) Financials

Annual Income Statements for Gaming and Leisure Properties

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