PENN Entertainment (PENN) Financials

$16.75 -0.35 (-2.05%)

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

Extended Trading

$16.69 -0.06 (-0.33%)

As of 05/6/2026 07:25 PM Eastern

Annual Income Statements for PENN Entertainment

This table shows PENN 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	0.69	109	473	94	44	-670	421	222	-490	-312	-843
Consolidated Net Income / (Loss)	0.69	109	473	94	43	-669	421	222	-491	-313	-845
Net Income / (Loss) Continuing Operations	0.69	109	473	94	43	-669	421	222	-491	-313	-845
Total Pre-Tax Income	57	121	-25	90	86	-834	539	175	-500	-341	-821
Total Operating Income	468	543	446	634	572	-410	1,060	974	-690	73	-674
Total Gross Profit	1,567	1,277	1,335	1,540	2,347	1,711	2,757	2,770	2,362	2,164	2,352
Total Revenue	2,838	3,034	3,148	3,588	5,301	3,579	5,905	6,402	6,363	6,578	6,961
Operating Revenue	2,993	3,034	3,332	3,588	5,301	3,579	5,905	6,402	6,363	6,578	6,961
Total Cost of Revenue	1,272	1,758	1,813	2,048	2,955	1,868	3,148	3,632	4,001	4,415	4,609
Operating Cost of Revenue	1,272	1,758	1,813	2,048	2,955	1,868	3,148	3,632	4,001	4,415	4,609
Total Operating Expenses	1,099	734	889	906	1,775	2,121	1,697	1,796	3,052	2,091	3,026
Selling, General & Admin Expense	449	462	515	619	1,188	1,131	1,353	1,110	1,563	1,568	1,634
Depreciation Expense	259	271	267	269	414	367	345	568	435	434	447
Other Operating Expenses / (Income)	350	-	90	-17	-	-	0.00	0.00	923	0.00	0.00
Impairment Charge	40	0.00	18	35	173	623	0.00	118	131	89	945
Total Other Income / (Expense), net	-411	-422	-471	-544	-486	-424	-521	-799	191	-414	-147
Interest Expense	443	459	24	21	0.00	1.20	0.00	10	0.00	0.30	12
Interest & Investment Income	26	24	-445	-516	-506	-529	-523	-716	185	-419	-355
Other Income / (Expense), net	5.87	13	-2.30	-7.10	20	107	2.50	-72	5.50	5.30	220
Income Tax Expense	56	11	-499	-3.60	43	-165	119	-46	-8.20	-28	25
Net Income / (Loss) Attributable to Noncontrolling Interest	-	0.00	0.00	0.00	-0.80	0.40	-0.30	-0.40	-1.40	-1.80	-2.20
Basic Earnings per Share	$0.01	$1.21	$5.21	$0.96	$0.38	($5.00)	$2.64	$1.37	($3.22)	($2.05)	($5.83)
Weighted Average Basic Shares Outstanding	80.00M	82.93M	90.90M	97.10M	115.70M	134M	158.70M	161.20M	152.10M	152.10M	144.60M
Diluted Earnings per Share	$0.01	$1.19	$5.07	$0.93	$0.37	($5.00)	$2.48	$1.29	($3.22)	($2.05)	($5.83)
Weighted Average Diluted Shares Outstanding	90.90M	91.41M	93.40M	100.30M	117.80M	134M	175.50M	176.60M	152.10M	152.10M	144.60M
Weighted Average Basic & Diluted Shares Outstanding	68.60M	90.30M	90.90M	116.84M	116.86M	156.49M	168.32M	152.59M	152.42M	152.95M	133.55M

This table shows PENN 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	-725	-358	-115	-27	-37	-133	112	-17	-865	-73	-2.30
Consolidated Net Income / (Loss)	-725	-359	-115	-27	-38	-134	112	-18	-865	-73	-2.80
Net Income / (Loss) Continuing Operations	-725	-359	-115	-27	-38	-134	112	-18	-865	-73	-2.80
Total Pre-Tax Income	-887	-408	-128	-30	-35	-149	159	-12	-860	-108	5.90
Total Operating Income	-786	-308	-21	75	68	-48	43	78	-776	-18	97
Total Gross Profit	649	317	476	572	569	546	554	613	581	605	642
Total Revenue	1,619	1,395	1,607	1,663	1,639	1,669	1,673	1,765	1,717	1,806	1,779
Operating Revenue	1,619	1,395	1,607	1,663	1,639	1,669	1,673	1,765	1,717	1,806	1,779
Total Cost of Revenue	970	1,078	1,131	1,091	1,071	1,123	1,119	1,152	1,137	1,202	1,137
Operating Cost of Revenue	970	1,078	1,131	1,091	1,071	1,123	1,119	1,152	1,137	1,202	1,137
Total Operating Expenses	1,435	626	498	498	501	595	511	536	1,357	622	545
Selling, General & Admin Expense	406	384	389	389	393	398	403	410	418	403	428
Depreciation Expense	106	111	109	109	109	107	108	111	114	114	117
Other Operating Expenses / (Income)	923	-	-	0.00	0.00	-	-	0.00	0.00	-	0.00
Total Other Income / (Expense), net	-100	-100	-106	-105	-102	-101	116	-89	-83	-91	-91
Interest & Investment Income	-100	-101	-105	-106	-105	-103	-100	-81	-87	-88	-91
Other Income / (Expense), net	-0.30	1.00	-1.30	1.00	2.80	2.80	216	2.90	3.30	212	-0.40
Income Tax Expense	-162	-49	-13	-3.20	2.80	-15	48	6.40	5.30	-35	8.70
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.30	-0.70	-0.20	-0.30	-0.80	-0.50	-0.30	-0.90	-0.50	-0.50	-0.50
Basic Earnings per Share	($4.80)	($2.28)	($0.76)	($0.18)	($0.24)	($0.87)	$0.73	($0.12)	($6.03)	($0.41)	($0.02)
Weighted Average Basic Shares Outstanding	150.90M	152.10M	151.90M	152.10M	152.20M	152.10M	152.30M	149M	143.50M	144.60M	133.40M
Diluted Earnings per Share	($4.80)	($1.95)	($0.76)	($0.18)	($0.24)	($0.87)	$0.68	($0.12)	($6.03)	($0.36)	($0.02)
Weighted Average Diluted Shares Outstanding	150.90M	152.10M	151.90M	152.10M	152.20M	152.10M	167M	149M	143.50M	144.60M	133.40M
Weighted Average Basic & Diluted Shares Outstanding	151.76M	152.42M	152.45M	152.60M	152.63M	152.95M	151.00M	146.00M	133.25M	133.55M	133.84M

This table details how cash moves in and out of PENN 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	28	-11	49	202	-26	1,415	9.70	-236	-550	-371	-9.00
Net Cash From Operating Activities	414	408	478	353	704	339	896	878	456	359	508
Net Cash From Continuing Operating Activities	414	408	478	353	704	339	896	878	456	359	508
Net Income / (Loss) Continuing Operations	0.69	109	473	94	43	-669	421	222	-491	-313	-845
Consolidated Net Income / (Loss)	0.69	109	473	94	43	-669	421	222	-491	-313	-845
Depreciation Expense	259	271	267	269	414	367	345	568	435	434	447
Amortization Expense	6.60	7.20	7.00	6.40	7.70	137	23	9.00	8.10	8.70	8.30
Non-Cash Adjustments To Reconcile Net Income	63	16	148	60	136	704	203	379	918	589	1,244
Changes in Operating Assets and Liabilities, net	84	3.87	-417	-76	103	-199	-95	-299	-414	-359	-345
Net Cash From Investing Activities	-781	-79	-222	-1,423	-608	-234	-1,222	-259	-743	-541	-351
Net Cash From Continuing Investing Activities	-781	-79	-222	-1,423	-608	-234	-1,222	-259	-743	-541	-351
Purchase of Property, Plant & Equipment	-199	-97	-99	-93	-191	-137	-244	-263	-360	-483	-648
Acquisitions	-453	-87	-129	-2,027	-1,371	-143	-970	-9.00	-337	-58	-38
Sale of Property, Plant & Equipment	0.56	18	0.00	16	0.60	16	1.50	4.90	0.00	0.00	280
Divestitures	-	0.00	0.00	662	961	-	0.00	0.00	-51	0.00	0.00
Other Investing Activities, net	-130	57	-1.20	19	-2.40	30	-9.40	24	4.80	-0.60	54
Net Cash From Financing Activities	396	-340	-207	1,272	-122	1,310	340	-853	-263	-187	-166
Net Cash From Continuing Financing Activities	396	-340	-207	1,272	-122	1,310	340	-853	-263	-187	-166
Repayment of Debt	-165	-472	-1,654	-630	-450	-872	-99	-1,630	-61	-59	-588
Repurchase of Common Equity	-	0.00	-25	-50	-25	0.00	0.00	-601	-150	0.00	-354
Issuance of Debt	562	123	1,456	1,760	412	862	473	1,545	0.00	0.00	878
Other Financing Activities, net	-1.16	9.31	15	192	-59	31	-34	-167	-52	-128	-101
Effect of Exchange Rate Changes	-	-	-	-	0.00	-	-4.50	-2.50	-0.40	-2.30	-0.50
Cash Interest Paid	434	453	453	530	528	355	515	722	420	416	383

This table details how cash moves in and out of PENN 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	50	-248	-167	-27	-38	-139	-110	87	-8.40	23	30
Net Cash From Operating Activities	217	-85	-69	150	175	103	42	178	181	107	122
Net Cash From Continuing Operating Activities	217	-85	-69	150	175	103	42	178	181	107	122
Net Income / (Loss) Continuing Operations	-725	-359	-115	-27	-38	-134	112	-18	-865	-73	-2.80
Consolidated Net Income / (Loss)	-725	-359	-115	-27	-38	-134	112	-18	-865	-73	-2.80
Depreciation Expense	106	111	109	109	109	107	108	111	114	114	117
Amortization Expense	2.10	1.90	2.20	2.10	2.30	2.10	2.30	-	-	-	2.10
Non-Cash Adjustments To Reconcile Net Income	979	474	119	134	-103	432	-101	138	953	239	112
Changes in Operating Assets and Liabilities, net	-145	-313	-184	-68	204	-305	-79	-50	-22	-181	-106
Net Cash From Investing Activities	-123	-157	-47	-99	-167	-229	-136	-137	-31	-48	-85
Net Cash From Continuing Investing Activities	-123	-157	-47	-99	-167	-229	-136	-137	-31	-48	-85
Purchase of Property, Plant & Equipment	-75	-152	-41	-88	-132	-221	-125	-159	-173	-190	-95
Other Investing Activities, net	0.10	0.10	-5.90	3.10	-3.10	0.80	-11	25	21	19	9.90
Net Cash From Financing Activities	-44	-4.70	-50	-79	-46	-12	-16	45	-157	-37	-7.00
Net Cash From Continuing Financing Activities	-44	-4.70	-50	-79	-46	-12	-16	45	-157	-37	-7.00
Repayment of Debt	-23	-21	-16	-21	-12	-11	-105	-254	-129	-100	-698
Repurchase of Common Equity	-	-	0.00	-	-	-	-25	-90	-154	-85	0.00
Issuance of Debt	-	-	0.00	-	-	-	150	418	160	150	725
Other Financing Activities, net	-21	16	-34	-58	-34	-0.40	-36	-29	-34	-1.90	-35
Effect of Exchange Rate Changes	-	-1.40	-0.80	-0.10	-	-1.40	0.00	0.80	-1.20	-0.10	-0.80
Cash Interest Paid	114	99	114	98	112	91	102	86	104	91	108
Cash Income Taxes Paid	7.90	-	0.60	0.30	-2.00	-2.70	20	26	-	-	17

This table presents PENN 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	5,139	4,974	5,235	10,961	14,195	14,667	16,872	17,502	16,064	15,262	14,269
Total Current Assets	372	399	401	678	643	2,085	2,224	2,013	1,659	1,154	1,166
Cash & Equivalents	237	230	278	480	437	1,854	1,864	1,624	1,072	707	687
Accounts Receivable	45	62	63	107	89	96	195	247	319	257	254
Prepaid Expenses	77	60	44	63	77	104	132	106	226	152	152
Other Current Assets	13	48	16	28	40	31	32	36	43	39	74
Plant, Property, & Equipment, net	2,980	2,820	2,757	6,869	5,120	4,529	4,582	4,516	3,514	3,705	3,717
Total Noncurrent Assets	1,786	1,755	2,077	3,415	8,432	8,053	10,066	10,973	10,891	10,402	9,385
Long-Term Investments	168	156	149	129	128	267	255	249	85	86	79
Noncurrent Note & Lease Receivables	198	91	21	0.00	-	-	-	-	2,041	2,014	1,924
Goodwill	912	990	1,008	1,228	1,271	1,157	2,823	2,690	2,695	2,563	1,787
Intangible Assets	391	435	423	1,857	2,027	1,514	1,873	1,739	1,618	1,530	1,405
Other Noncurrent Operating Assets	117	82	86	120	5,006	5,116	5,116	6,296	4,452	4,209	4,190
Total Liabilities & Shareholders' Equity	5,139	4,974	5,235	10,961	14,195	14,667	16,872	17,502	16,064	15,262	14,269
Total Liabilities	5,817	5,518	5,308	10,230	12,343	12,012	12,775	13,906	12,865	12,403	12,441
Total Current Liabilities	558	536	530	738	906	860	1,133	1,159	1,490	1,415	1,476
Short-Term Debt	143	142	92	62	63	81	100	56	48	38	38
Accounts Payable	73	35	26	31	40	33	53	40	37	51	54
Accrued Expenses	94	102	126	578	631	575	799	805	1,022	907	906
Other Current Liabilities	143	159	92	68	171	170	182	258	384	419	478
Total Noncurrent Liabilities	5,259	4,981	4,778	9,491	11,437	11,152	11,642	12,747	11,375	10,988	10,966
Long-Term Debt	1,619	1,330	1,215	2,350	2,322	2,231	2,637	2,721	2,718	2,733	2,849
Noncurrent Deferred & Payable Income Tax Liabilities	108	154	34	0.00	245	126	189	34	118	61	88
Other Noncurrent Operating Liabilities	18	40	47	7,141	8,870	8,794	8,815	9,992	8,539	8,195	8,029
Commitments & Contingencies	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-678	-543	-73	731	1,852	2,656	4,097	3,597	3,200	2,858	1,828
Total Preferred & Common Equity	-678	-543	-73	731	1,853	2,656	4,098	3,598	3,202	2,863	1,834
Preferred Stock	-	-	0.00	0.00	0.00	23	26	19	0.00	0.00	0.00
Total Common Equity	-678	-543	-73	731	1,853	2,632	4,072	3,578	3,202	2,863	1,834
Common Stock	990	1,015	1,009	1,728	1,720	3,167	4,241	4,222	4,438	4,544	4,655
Retained Earnings	-1,635	-1,525	-1,052	-968	162	-507	-87	155	-336	-647	-1,490
Treasury Stock	-28	-28	-28	-28	-28	-28	-28	-630	-780	-780	-1,137
Accumulated Other Comprehensive Income / (Loss)	-4.55	-4.68	-1.45	-	-	0.00	-54	-169	-121	-255	-193
Noncontrolling Interest	-	-	0.00	0.00	-0.80	-0.40	-0.70	-1.10	-2.50	-4.30	-6.50

This table presents PENN 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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
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	6/30/2025	9/30/2025	3/31/2026
Total Assets	17,535	17,040	17,028	16,169	15,614	15,538	15,515	15,090	15,207	14,311	14,118
Total Current Assets	2,059	1,753	1,736	1,781	1,393	1,333	1,281	1,018	1,096	1,088	1,161
Cash & Equivalents	1,728	1,311	1,272	1,318	904	878	834	592	672	660	708
Accounts Receivable	156	260	290	253	282	252	240	253	252	231	241
Prepaid Expenses	112	124	114	168	157	158	156	128	122	142	152
Other Current Assets	63	23	28	31	50	45	51	45	50	55	60
Plant, Property, & Equipment, net	4,517	3,443	3,444	3,461	3,467	3,498	3,581	3,769	3,839	3,778	3,716
Total Noncurrent Assets	10,959	11,843	11,849	10,927	10,754	10,707	10,653	10,303	10,272	9,445	9,242
Long-Term Investments	246	87	86	83	85	87	89	89	82	80	79
Noncurrent Note & Lease Receivables	-	-	-	-	2,019	2,060	2,037	1,992	1,970	1,947	1,902
Goodwill	2,662	2,926	2,957	2,687	2,665	2,648	2,664	2,563	2,643	1,785	1,779
Intangible Assets	1,755	2,226	2,219	1,721	1,606	1,606	1,625	1,524	1,516	1,506	1,398
Other Noncurrent Operating Assets	6,297	6,605	6,586	6,435	4,380	4,307	4,238	4,136	4,061	4,127	4,084
Total Liabilities & Shareholders' Equity	17,535	17,040	17,028	16,169	15,614	15,538	15,515	15,090	15,207	14,311	14,118
Total Liabilities	13,919	12,865	12,819	12,688	12,542	12,485	12,454	12,121	12,224	12,358	12,297
Total Current Liabilities	1,148	1,271	1,227	1,253	1,338	1,300	1,361	1,374	1,393	1,443	1,416
Short-Term Debt	56	56	56	57	48	38	38	38	38	38	38
Accounts Payable	41	46	52	45	38	46	67	66	65	70	71
Accrued Expenses	798	802	750	790	865	810	846	840	850	868	824
Other Current Liabilities	254	367	368	362	387	406	411	430	440	467	483
Total Noncurrent Liabilities	12,771	11,594	11,593	11,435	11,205	11,186	11,092	10,747	10,831	10,915	10,880
Long-Term Debt	2,730	2,721	2,723	2,715	2,718	2,722	2,727	2,584	2,761	2,796	2,886
Noncurrent Deferred & Payable Income Tax Liabilities	38	230	262	155	45	74	84	73	83	117	94
Other Noncurrent Operating Liabilities	10,003	8,642	8,608	8,565	8,442	8,389	8,281	8,091	7,987	8,001	7,901
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	3,616	4,175	4,209	3,481	3,072	3,053	3,061	2,969	2,983	1,953	1,822
Total Preferred & Common Equity	3,617	4,176	4,210	3,483	3,075	3,056	3,065	2,974	2,988	1,959	1,829
Preferred Stock	19	12	12	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	3,596	4,165	4,199	3,483	3,075	3,056	3,065	2,974	2,988	1,959	1,829
Common Stock	4,202	4,335	4,355	4,408	4,462	4,489	4,516	4,569	4,600	4,629	4,662
Retained Earnings	134	669	747	23	-450	-477	-514	-535	-553	-1,417	-1,492
Treasury Stock	-539	-680	-	-780	-780	-780	-780	-805	-	-	-1,137
Accumulated Other Comprehensive Income / (Loss)	-201	-160	-124	-169	-157	-177	-158	-255	-163	-201	-204
Noncontrolling Interest	-1.10	-1.20	-1.50	-1.80	-2.70	-3.00	-3.80	-4.60	-5.50	-6.00	-7.00

This table displays calculated financial ratios and metrics derived from PENN 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	9.57%	6.91%	3.74%	13.97%	47.76%	-32.50%	65.00%	8.41%	-0.61%	3.38%	5.82%
EBITDA Growth	38.82%	12.75%	-13.98%	25.77%	12.34%	-80.30%	615.77%	3.43%	-116.34%	315.36%	-99.73%
EBIT Growth	82.11%	17.30%	-20.21%	41.41%	-5.60%	-151.29%	449.84%	-15.08%	-175.92%	111.36%	-683.29%
NOPAT Growth	-96.85%	8,580.21%	-36.60%	111.38%	-56.59%	-200.30%	387.84%	49.04%	-139.22%	110.50%	-1,029.10%
Net Income Growth	100.37%	15,834.40%	333.08%	-80.25%	-53.90%	-1,652.44%	162.85%	-47.28%	-321.65%	36.24%	-169.81%
EPS Growth	100.43%	11,800.00%	326.05%	-81.66%	-60.22%	-1,451.35%	149.60%	-47.98%	-349.61%	36.34%	-184.39%
Operating Cash Flow Growth	57.81%	-1.41%	17.12%	-26.16%	99.52%	-51.87%	164.49%	-2.00%	-48.09%	-21.19%	41.44%
Free Cash Flow Firm Growth	-1,163.59%	258.50%	-97.61%	14,726.29%	-135.01%	163.12%	-294.01%	238.88%	-154.67%	102.90%	1,713.42%
Invested Capital Growth	11.63%	-4.58%	7.38%	-41.07%	44.81%	-22.43%	65.56%	-4.53%	6.82%	0.58%	-18.35%
Revenue Q/Q Growth	3.00%	0.30%	0.84%	12.06%	3.64%	-8.06%	10.17%	0.21%	-2.90%	4.34%	2.01%
EBITDA Q/Q Growth	25.47%	5.04%	-13.45%	15.93%	-8.14%	422.77%	-7.36%	17.34%	-170.37%	98.59%	100.55%
EBIT Q/Q Growth	44.90%	7.09%	-18.68%	17.22%	-13.79%	29.71%	3.22%	6.19%	-391.88%	142.21%	34.60%
NOPAT Q/Q Growth	-97.47%	-2.37%	-95.11%	154.35%	-54.09%	20.89%	12.88%	-7.77%	-396.90%	138.60%	4.35%
Net Income Q/Q Growth	100.49%	14.81%	-42.02%	146.15%	-54.19%	13.64%	8.26%	-9.77%	-339.53%	41.80%	6.67%
EPS Q/Q Growth	100.57%	4.39%	-41.86%	142.86%	-44.78%	26.69%	-23.93%	-7.86%	-182.46%	34.50%	8.04%
Operating Cash Flow Q/Q Growth	24.72%	-4.61%	7.79%	-16.53%	23.10%	-16.45%	-0.10%	0.13%	-30.81%	109.38%	0.85%
Free Cash Flow Firm Q/Q Growth	81.86%	66.35%	-99.73%	427.72%	-183.70%	-4.20%	-225.58%	673.07%	-51.27%	112.56%	14.35%
Invested Capital Q/Q Growth	-0.01%	-6.65%	-8.91%	-40.35%	-4.86%	-3.01%	66.04%	1.68%	-0.90%	-1.37%	-2.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	55.20%	42.07%	42.41%	42.92%	44.27%	47.80%	46.69%	43.27%	37.12%	32.89%	33.79%
EBITDA Margin	26.06%	27.49%	22.79%	25.15%	19.12%	5.58%	24.21%	23.09%	-3.80%	7.91%	0.02%
Operating Margin	16.48%	17.90%	14.16%	17.67%	10.79%	-11.46%	17.94%	15.21%	-10.85%	1.10%	-9.68%
EBIT Margin	16.69%	18.31%	14.09%	17.48%	11.17%	-8.48%	17.99%	14.09%	-10.76%	1.18%	-6.52%
Profit (Net Income) Margin	0.02%	3.60%	15.04%	2.61%	0.81%	-18.70%	7.12%	3.46%	-7.72%	-4.76%	-12.14%
Tax Burden Percent	1.21%	90.63%	-1,886.06%	104.00%	50.06%	80.21%	78.00%	126.47%	98.36%	91.80%	103.00%
Interest Burden Percent	11.95%	21.71%	-5.66%	14.34%	14.55%	274.77%	50.76%	19.44%	72.97%	-438.69%	180.85%
Effective Tax Rate	98.79%	9.37%	0.00%	-4.00%	49.94%	0.00%	22.00%	-26.47%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.14%	11.99%	7.51%	19.29%	9.23%	-8.81%	21.86%	26.73%	-10.38%	1.05%	-10.73%
ROIC Less NNEP Spread (ROIC-NNEP)	0.04%	3.87%	11.13%	0.97%	-4.20%	-46.79%	-78.41%	-105.94%	-11.04%	-19.25%	-28.97%
Return on Net Nonoperating Assets (RNNOA)	-0.24%	-29.89%	-161.09%	9.13%	-5.89%	-20.88%	-9.40%	-20.97%	-4.08%	-11.40%	-25.34%
Return on Equity (ROE)	-0.10%	-17.90%	-153.59%	28.42%	3.34%	-29.69%	12.45%	5.76%	-14.46%	-10.34%	-36.08%
Cash Return on Invested Capital (CROIC)	-10.85%	16.69%	0.39%	70.98%	-27.38%	16.46%	-27.52%	31.36%	-16.97%	0.48%	9.47%
Operating Return on Assets (OROA)	9.70%	10.99%	8.69%	7.74%	4.71%	-2.10%	6.74%	5.25%	-4.08%	0.50%	-3.07%
Return on Assets (ROA)	0.01%	2.16%	9.27%	1.15%	0.34%	-4.64%	2.67%	1.29%	-2.93%	-2.00%	-5.73%
Return on Common Equity (ROCE)	-0.10%	-17.90%	-153.59%	28.42%	3.34%	-29.53%	12.36%	5.73%	-14.43%	-10.36%	-36.16%
Return on Equity Simple (ROE_SIMPLE)	-0.10%	-20.12%	-647.20%	12.79%	2.33%	-25.19%	10.26%	6.16%	-15.35%	-10.94%	0.00%
Net Operating Profit after Tax (NOPAT)	5.67	492	312	659	286	-287	826	1,232	-483	51	-472
NOPAT Margin	0.20%	16.22%	9.91%	18.38%	5.40%	-8.02%	14.00%	19.24%	-7.59%	0.77%	-6.77%
Net Nonoperating Expense Percent (NNEP)	0.11%	8.12%	-3.62%	18.32%	13.42%	37.98%	100.27%	132.67%	0.66%	20.30%	18.24%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	19.33%	-8.10%	0.90%	-10.00%
Cost of Revenue to Revenue	44.80%	57.93%	57.59%	57.08%	55.73%	52.20%	53.31%	56.73%	62.88%	67.11%	66.21%
SG&A Expenses to Revenue	15.83%	15.24%	16.34%	17.25%	22.40%	31.60%	22.91%	17.35%	24.57%	23.84%	23.47%
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	38.71%	24.17%	28.25%	25.25%	33.48%	59.26%	28.75%	28.06%	47.97%	31.79%	43.47%
Earnings before Interest and Taxes (EBIT)	474	556	443	627	592	-304	1,062	902	-685	78	-454
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	740	834	718	902	1,014	200	1,429	1,478	-242	520	1.40
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	3.06	1.60	5.10	2.16	1.29	1.23	1.06	1.07
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)	0.45	0.38	0.91	0.62	0.56	3.75	1.49	0.72	0.62	0.46	0.28
Price to Earnings (P/E)	1,872.55	10.54	6.03	23.94	67.49	0.00	20.89	20.74	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	0.05%	9.49%	16.59%	4.18%	1.48%	0.00%	4.79%	4.82%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.47	1.42	1.68	1.59	1.30	4.79	2.00	1.23	1.16	1.03	1.03
Enterprise Value to Revenue (EV/Rev)	2.17	1.88	2.29	1.13	0.90	3.81	1.60	0.86	0.87	0.76	0.59
Enterprise Value to EBITDA (EV/EBITDA)	8.32	6.83	10.06	4.48	4.72	68.25	6.60	3.74	0.00	9.61	2,914.31
Enterprise Value to EBIT (EV/EBIT)	12.99	10.25	16.27	6.45	8.08	0.00	8.88	6.13	0.00	64.25	0.00
Enterprise Value to NOPAT (EV/NOPAT)	1,085.66	11.57	23.13	6.13	16.70	0.00	11.41	4.49	0.00	98.50	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	14.87	13.96	15.10	11.46	6.79	40.23	10.53	6.30	12.19	13.91	8.03
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	8.32	440.87	1.67	0.00	25.41	0.00	3.83	0.00	217.81	9.80
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-7.78	-9.07	-65.47	3.30	1.29	0.87	0.67	0.77	0.86	0.97	1.58
Long-Term Debt to Equity	-7.57	-8.81	-64.22	3.21	1.25	0.84	0.64	0.76	0.85	0.96	1.56
Financial Leverage	-6.74	-7.72	-14.48	9.39	1.40	0.45	0.12	0.20	0.37	0.59	0.87
Leverage Ratio	-7.04	-8.28	-16.56	24.61	9.74	6.40	4.67	4.47	4.94	5.17	6.30
Compound Leverage Factor	-0.84	-1.80	0.94	3.53	1.42	17.59	2.37	0.87	3.60	-22.68	11.40
Debt to Total Capital	114.75%	112.39%	101.55%	76.74%	56.29%	46.55%	40.05%	43.57%	46.36%	49.22%	61.24%
Short-Term Debt to Total Capital	3.10%	3.24%	1.95%	1.98%	1.48%	1.64%	1.46%	0.88%	0.80%	0.68%	0.81%
Long-Term Debt to Total Capital	111.65%	109.15%	99.60%	74.76%	54.81%	44.91%	38.59%	42.69%	45.56%	48.54%	60.43%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.46%	0.38%	0.30%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	-0.02%	-0.01%	-0.01%	-0.02%	-0.04%	-0.08%	-0.14%
Common Equity to Total Capital	-14.75%	-12.39%	-1.55%	23.26%	43.73%	52.96%	59.59%	56.14%	53.68%	50.86%	38.90%
Debt to EBITDA	7.13	5.91	6.67	2.67	2.35	11.58	1.91	1.88	-11.45	5.33	2,062.21
Net Debt to EBITDA	6.58	5.45	6.08	2.00	1.79	0.96	0.43	0.61	-6.66	3.80	1,515.07
Long-Term Debt to EBITDA	6.94	5.74	6.55	2.60	2.29	11.17	1.85	1.84	-11.25	5.25	2,034.93
Debt to NOPAT	930.54	10.02	15.35	3.66	8.33	-8.05	3.31	2.25	-5.72	54.60	-6.12
Net Debt to NOPAT	859.08	9.23	13.98	2.74	6.36	-0.67	0.75	0.73	-3.33	38.97	-4.50
Long-Term Debt to NOPAT	905.38	9.73	15.06	3.56	8.11	-7.77	3.19	2.21	-5.63	53.84	-6.04
Altman Z-Score	0.50	0.64	0.89	0.52	0.65	0.90	1.04	0.81	0.42	0.51	0.31
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	-0.03%	0.52%	0.73%	0.56%	0.23%	-0.11%	-0.23%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.67	0.74	0.76	0.92	0.71	2.42	1.96	1.74	1.11	0.82	0.79
Quick Ratio	0.51	0.54	0.64	0.79	0.58	2.27	1.82	1.61	0.93	0.68	0.64
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-432	685	16	2,427	-850	536	-1,041	1,445	-790	23	416
Operating Cash Flow to CapEx	208.28%	516.18%	481.17%	458.18%	370.47%	280.23%	369.37%	339.73%	126.82%	75.06%	138.21%
Free Cash Flow to Firm to Interest Expense	-0.97	1.49	0.68	115.56	0.00	446.97	0.00	138.96	0.00	76.50	35.27
Operating Cash Flow to Interest Expense	0.93	0.89	19.91	16.80	0.00	282.33	0.00	84.44	0.00	1,197.67	43.07
Operating Cash Flow Less CapEx to Interest Expense	0.49	0.72	15.77	13.13	0.00	181.58	0.00	59.59	0.00	-398.00	11.91
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.58	0.60	0.62	0.44	0.42	0.25	0.37	0.37	0.38	0.42	0.47
Accounts Receivable Turnover	65.40	56.70	50.51	42.31	54.23	38.67	40.53	28.97	22.48	22.85	27.24
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	1.00	1.05	1.13	0.75	0.88	0.74	1.30	1.41	1.58	1.82	1.88
Accounts Payable Turnover	21.93	32.58	59.30	72.43	83.46	50.83	72.79	77.76	104.32	101.02	87.78
Days Sales Outstanding (DSO)	5.58	6.44	7.23	8.63	6.73	9.44	9.01	12.60	16.23	15.97	13.40
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	16.64	11.20	6.15	5.04	4.37	7.18	5.01	4.69	3.50	3.61	4.16
Cash Conversion Cycle (CCC)	-11.06	-4.77	1.07	3.59	2.36	2.26	3.99	7.91	12.74	12.36	9.24
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,199	4,007	4,303	2,535	3,671	2,848	4,715	4,502	4,809	4,836	3,949
Invested Capital Turnover	0.71	0.74	0.76	1.05	1.71	1.10	1.56	1.39	1.37	1.36	1.58
Increase / (Decrease) in Invested Capital	438	-193	296	-1,767	1,136	-824	1,867	-213	307	28	-888
Enterprise Value (EV)	6,155	5,696	7,216	4,042	4,781	13,630	9,432	5,530	5,555	4,999	4,080
Market Capitalization	1,285	1,152	2,854	2,238	2,963	13,415	8,789	4,607	3,949	3,025	1,965
Book Value per Share	($8.46)	($6.51)	($0.80)	$6.15	$15.98	$16.94	$24.02	$23.07	$21.10	$18.76	$13.76
Tangible Book Value per Share	($24.71)	($23.57)	($16.51)	($19.81)	($12.46)	($0.25)	($3.68)	($5.48)	($7.32)	($8.06)	($10.19)
Total Capital	4,598	4,386	4,716	3,143	4,237	4,968	6,834	6,374	5,965	5,629	4,715
Total Debt	5,276	4,930	4,789	2,412	2,385	2,313	2,737	2,778	2,766	2,771	2,887
Total Long-Term Debt	5,133	4,787	4,697	2,350	2,322	2,231	2,637	2,721	2,718	2,733	2,849
Net Debt	4,870	4,544	4,362	1,804	1,819	192	618	905	1,609	1,978	2,121
Capital Expenditures (CapEx)	199	79	99	77	190	121	243	259	360	479	368
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-280	-224	-315	-478	-637	-547	-674	-713	-855	-929	-958
Debt-free Net Working Capital (DFNWC)	-43	5.14	-37	1.30	-200	1,306	1,190	911	217	-223	-271
Net Working Capital (NWC)	-185	-137	-129	-61	-263	1,225	1,090	855	169	-261	-309
Net Nonoperating Expense (NNE)	4.98	383	-161	566	243	382	406	1,010	8.26	364	374
Net Nonoperating Obligations (NNO)	4,878	4,550	4,376	1,804	1,819	192	618	905	1,609	1,978	2,121
Total Depreciation and Amortization (D&A)	266	278	274	275	422	503	367	577	443	442	455
Debt-free, Cash-free Net Working Capital to Revenue	-9.85%	-7.39%	-10.01%	-13.33%	-12.02%	-15.30%	-11.41%	-11.14%	-13.44%	-14.12%	-13.76%
Debt-free Net Working Capital to Revenue	-1.50%	0.17%	-1.18%	0.04%	-3.77%	36.50%	20.15%	14.23%	3.40%	-3.38%	-3.90%
Net Working Capital to Revenue	-6.53%	-4.52%	-4.10%	-1.69%	-4.96%	34.23%	18.47%	13.35%	2.66%	-3.96%	-4.44%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.01	$1.21	$5.21	$0.96	$0.38	($5.00)	$2.64	$1.37	($3.22)	($2.05)	($5.83)
Adjusted Weighted Average Basic Shares Outstanding	80.00M	82.93M	90.85M	97.11M	115.70M	134M	158.70M	161.20M	152.10M	152.10M	144.60M
Adjusted Diluted Earnings per Share	$0.01	$1.19	$5.07	$0.93	$0.37	($5.00)	$2.48	$1.29	($3.22)	($2.05)	($5.83)
Adjusted Weighted Average Diluted Shares Outstanding	90.90M	91.41M	93.38M	100.34M	117.80M	134M	175.50M	176.60M	152.10M	152.10M	144.60M
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	81.29M	90.89M	91.67M	116.84M	116.86M	156.49M	168.32M	152.59M	152.42M	152.95M	133.55M
Normalized Net Operating Profit after Tax (NOPAT)	356	492	325	468	373	149	826	765	-392	113	190
Normalized NOPAT Margin	12.53%	16.22%	10.31%	13.05%	7.03%	4.17%	14.00%	11.94%	-6.16%	1.72%	2.73%
Pre Tax Income Margin	1.99%	3.98%	-0.80%	2.51%	1.62%	-23.31%	9.13%	2.74%	-7.85%	-5.19%	-11.79%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.07	1.21	18.48	29.86	0.00	-253.00	0.00	86.72	0.00	259.33	-38.46
NOPAT to Interest Expense	0.01	1.07	13.00	31.40	0.00	-239.28	0.00	118.44	0.00	169.17	-39.96
EBIT Less CapEx to Interest Expense	0.62	1.04	14.34	26.19	0.00	-353.75	0.00	61.87	0.00	-1,336.33	-69.62
NOPAT Less CapEx to Interest Expense	-0.44	0.90	8.86	27.74	0.00	-340.03	0.00	93.59	0.00	-1,426.50	-71.12
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	5.24%	53.48%	57.77%	0.00%	0.00%	271.13%	-30.48%	0.00%	-41.93%

This table displays calculated financial ratios and metrics derived from PENN 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	-	-	-	-	-	-	-	-	-	-	133,546,273.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	133,546,273.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.02
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.34%	-12.00%	-3.97%	-0.70%	1.22%	19.61%	4.08%	6.13%	4.76%	8.22%	6.37%
EBITDA Growth	-343.56%	-149.77%	-71.33%	-42.38%	126.71%	132.89%	75.06%	3.41%	-468.10%	400.00%	-41.60%
EBIT Growth	-715.09%	-229.11%	-111.46%	-64.27%	108.94%	85.26%	294.27%	6.49%	-1,199.72%	530.02%	-62.69%
NOPAT Growth	-675.27%	-324.33%	-109.98%	-63.35%	108.58%	84.40%	300.11%	4.03%	-1,250.22%	63.62%	-253.73%
Net Income Growth	-688.56%	-1,825.00%	-122.34%	-134.70%	94.83%	62.71%	197.04%	32.47%	-2,206.93%	45.14%	-102.51%
EPS Growth	-766.67%	-1,600.00%	-124.92%	-137.50%	95.00%	55.38%	189.47%	33.33%	-2,412.50%	58.62%	-102.94%
Operating Cash Flow Growth	-32.94%	-171.74%	-146.51%	-14.55%	-19.49%	221.34%	160.99%	18.48%	3.55%	4.18%	192.12%
Free Cash Flow Firm Growth	34.61%	-268.87%	195.92%	-90.80%	99.58%	88.24%	-104.52%	-114.96%	7,838.77%	1,524.19%	3,002.01%
Invested Capital Growth	9.60%	6.82%	-12.69%	-13.87%	1.06%	0.58%	1.26%	3.69%	-17.47%	-18.35%	-19.39%
Revenue Q/Q Growth	-3.31%	-13.83%	15.16%	3.49%	-1.43%	1.82%	0.21%	5.53%	-2.70%	5.18%	-1.50%
EBITDA Q/Q Growth	-309.51%	71.38%	145.39%	111.68%	-2.89%	-64.75%	141.63%	23.64%	-445.15%	146.90%	-30.16%
EBIT Q/Q Growth	-472.31%	60.93%	92.62%	432.60%	-6.89%	-164.44%	197.35%	82.31%	-1,061.57%	125.20%	-50.36%
NOPAT Q/Q Growth	-486.89%	60.78%	93.06%	448.13%	-9.40%	-171.26%	189.03%	80.98%	-1,101.81%	97.75%	-276.17%
Net Income Q/Q Growth	-1,028.43%	50.52%	67.98%	76.41%	-38.38%	-256.80%	183.33%	-116.41%	-4,627.32%	91.52%	96.19%
EPS Q/Q Growth	-1,100.00%	59.38%	61.03%	76.32%	-33.33%	-262.50%	178.16%	-117.65%	-4,925.00%	94.03%	94.44%
Operating Cash Flow Q/Q Growth	23.30%	-139.08%	18.99%	318.92%	16.16%	-41.10%	-59.28%	325.30%	1.52%	-40.74%	14.18%
Free Cash Flow Firm Q/Q Growth	-110.78%	46.40%	231.98%	20.67%	-100.49%	-1,417.78%	49.20%	-298.89%	351.64%	179.32%	3.50%
Invested Capital Q/Q Growth	-13.81%	-0.90%	0.85%	0.00%	1.12%	-1.37%	1.53%	2.39%	-19.51%	-2.43%	0.25%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	40.08%	22.73%	29.63%	34.41%	34.69%	32.74%	33.11%	34.75%	33.81%	33.47%	36.07%
EBITDA Margin	-41.92%	-13.92%	5.49%	11.23%	11.06%	3.83%	9.23%	10.82%	-38.37%	17.11%	12.13%
Operating Margin	-48.56%	-22.10%	-1.33%	4.48%	4.12%	-2.88%	2.56%	4.39%	-45.21%	-0.97%	5.46%
EBIT Margin	-48.58%	-22.03%	-1.41%	4.54%	4.29%	-2.71%	2.64%	4.56%	-45.02%	10.79%	5.44%
Profit (Net Income) Margin	-44.78%	-25.71%	-7.15%	-1.63%	-2.29%	-8.02%	6.67%	-1.04%	-50.38%	-4.06%	-0.16%
Tax Burden Percent	81.77%	87.96%	90.12%	89.44%	108.07%	89.92%	70.04%	153.78%	100.62%	67.84%	-47.46%
Interest Burden Percent	112.72%	132.69%	561.67%	-40.13%	-49.36%	328.48%	361.00%	-14.80%	111.21%	-55.54%	6.10%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	29.96%	0.00%	0.00%	0.00%	147.46%
Return on Invested Capital (ROIC)	-48.01%	-21.15%	-1.13%	3.76%	3.73%	-2.75%	2.44%	4.20%	-48.26%	-1.07%	-4.13%
ROIC Less NNEP Spread (ROIC-NNEP)	-64.01%	-32.52%	-7.46%	-1.17%	-1.55%	-8.34%	6.83%	0.42%	-64.59%	-4.06%	-2.01%
Return on Net Nonoperating Assets (RNNOA)	-19.69%	-12.03%	-3.25%	-0.52%	-0.76%	-4.94%	4.20%	0.27%	-50.72%	-3.55%	-1.71%
Return on Equity (ROE)	-67.70%	-33.17%	-4.38%	3.25%	2.96%	-7.69%	6.64%	4.47%	-98.98%	-4.63%	-5.84%
Cash Return on Invested Capital (CROIC)	-11.26%	-16.97%	1.30%	0.98%	-3.75%	0.48%	0.71%	-1.64%	8.13%	9.47%	11.70%
Operating Return on Assets (OROA)	-18.89%	-8.35%	-0.54%	1.75%	1.71%	-1.14%	1.14%	2.00%	-20.60%	5.08%	2.63%
Return on Assets (ROA)	-17.41%	-9.75%	-2.76%	-0.63%	-0.91%	-3.37%	2.89%	-0.46%	-23.05%	-1.92%	-0.08%
Return on Common Equity (ROCE)	-67.52%	-33.10%	-4.37%	3.24%	2.97%	-7.70%	6.65%	4.47%	-99.17%	-4.64%	-5.85%
Return on Equity Simple (ROE_SIMPLE)	-3.21%	0.00%	-36.45%	-40.12%	-17.56%	0.00%	-2.92%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-550	-216	-15	52	47	-34	30	54	-543	-12	-46
NOPAT Margin	-33.99%	-15.47%	-0.93%	3.14%	2.88%	-2.02%	1.79%	3.07%	-31.65%	-0.68%	-2.59%
Net Nonoperating Expense Percent (NNEP)	16.00%	11.37%	6.33%	4.93%	5.27%	5.58%	-4.38%	3.78%	16.34%	2.98%	-2.12%
Return On Investment Capital (ROIC_SIMPLE)	-	-3.62%	-	-	-	-0.60%	0.54%	0.94%	-11.35%	-0.26%	-0.97%
Cost of Revenue to Revenue	59.92%	77.27%	70.37%	65.59%	65.31%	67.26%	66.89%	65.25%	66.19%	66.53%	63.93%
SG&A Expenses to Revenue	25.10%	27.50%	24.20%	23.37%	23.94%	23.86%	24.10%	23.25%	24.33%	22.29%	24.04%
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	88.64%	44.83%	30.97%	29.93%	30.58%	35.62%	30.55%	30.36%	79.03%	34.44%	30.62%
Earnings before Interest and Taxes (EBIT)	-787	-307	-23	76	70	-45	44	80	-773	195	97
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-679	-194	88	187	181	64	154	191	-659	309	216
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.00	1.23	0.90	0.97	0.94	1.06	0.84	0.90	1.44	1.07	1.10
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)	0.53	0.62	0.44	0.47	0.46	0.46	0.38	0.40	0.41	0.28	0.28
Price to Earnings (P/E)	0.00	0.00	0.00	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	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.00	1.16	0.94	0.98	0.96	1.03	0.90	0.94	1.21	1.03	1.05
Enterprise Value to Revenue (EV/Rev)	0.74	0.87	0.72	0.75	0.75	0.76	0.67	0.70	0.72	0.59	0.59
Enterprise Value to EBITDA (EV/EBITDA)	14.09	0.00	0.00	0.00	18.01	9.61	7.56	8.12	0.00	2,914.31	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	64.25	30.64	31.69	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	98.50	46.31	48.45	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	7.34	12.19	18.95	22.18	27.49	13.91	9.43	9.52	9.72	8.03	7.03
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	67.12	92.28	0.00	217.81	128.47	0.00	13.46	9.80	7.98
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.80	0.86	0.90	0.90	0.90	0.97	0.88	0.94	1.45	1.58	1.61
Long-Term Debt to Equity	0.78	0.85	0.88	0.89	0.89	0.96	0.87	0.93	1.43	1.56	1.58
Financial Leverage	0.31	0.37	0.44	0.44	0.49	0.59	0.62	0.64	0.79	0.87	0.85
Leverage Ratio	4.75	4.94	4.51	4.48	4.84	5.17	5.08	5.09	5.95	6.30	6.10
Compound Leverage Factor	5.35	6.55	25.31	-1.80	-2.39	16.99	18.35	-0.75	6.62	-3.50	0.37
Debt to Total Capital	44.33%	46.36%	47.38%	47.48%	47.46%	49.22%	46.89%	48.42%	59.21%	61.24%	61.62%
Short-Term Debt to Total Capital	0.91%	0.80%	0.82%	0.66%	0.66%	0.68%	0.68%	0.66%	0.80%	0.81%	0.81%
Long-Term Debt to Total Capital	43.43%	45.56%	46.56%	46.83%	46.81%	48.54%	46.21%	47.76%	58.41%	60.43%	60.81%
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	-0.03%	-0.04%	-0.05%	-0.05%	-0.07%	-0.08%	-0.08%	-0.10%	-0.13%	-0.14%	-0.15%
Common Equity to Total Capital	55.70%	53.68%	52.67%	52.57%	52.60%	50.86%	53.19%	51.68%	40.92%	38.90%	38.53%
Debt to EBITDA	8.08	-11.45	-6.00	-4.61	10.56	5.33	4.47	4.80	-11.16	2,062.21	-19.20
Net Debt to EBITDA	4.00	-6.66	-3.86	-3.00	7.04	3.80	3.31	3.50	-8.24	1,515.07	-14.03
Long-Term Debt to EBITDA	7.91	-11.25	-5.90	-4.55	10.41	5.25	4.41	4.73	-11.00	2,034.93	-18.95
Debt to NOPAT	-28.51	-5.72	-4.34	-3.79	-21.04	54.60	27.40	28.63	-5.75	-6.12	-6.74
Net Debt to NOPAT	-14.11	-3.33	-2.79	-2.46	-14.02	38.97	20.29	20.92	-4.25	-4.50	-4.93
Long-Term Debt to NOPAT	-27.93	-5.63	-4.26	-3.73	-20.75	53.84	27.00	28.24	-5.67	-6.04	-6.66
Altman Z-Score	0.45	0.50	0.49	0.52	0.51	0.49	0.50	0.52	0.27	0.46	0.45
Noncontrolling Interest Sharing Ratio	0.26%	0.23%	0.11%	0.10%	-0.09%	-0.11%	-0.12%	-0.14%	-0.20%	-0.23%	-0.24%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.42	1.11	1.04	1.03	0.94	0.82	0.74	0.79	0.75	0.79	0.82
Quick Ratio	1.25	0.93	0.89	0.87	0.79	0.68	0.62	0.66	0.62	0.64	0.67
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-976	-523	690	833	-4.05	-61	-31	-125	313	875	906
Operating Cash Flow to CapEx	289.72%	-55.83%	-165.94%	170.52%	132.55%	46.60%	33.47%	111.79%	104.75%	265.35%	129.39%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-10.56	0.00	4.07	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	15.10	0.00	0.50	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.59	0.00	0.31	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.39	0.38	0.39	0.39	0.40	0.42	0.43	0.44	0.46	0.47	0.48
Accounts Receivable Turnover	32.08	22.48	23.21	23.21	25.60	22.85	24.81	26.77	28.99	27.24	28.60
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	1.64	1.58	1.82	1.81	1.79	1.82	1.84	1.84	1.85	1.88	1.89
Accounts Payable Turnover	89.89	104.32	98.88	86.70	78.60	101.02	84.83	80.50	66.42	87.78	67.75
Days Sales Outstanding (DSO)	11.38	16.23	15.72	15.72	14.26	15.97	14.71	13.64	12.59	13.40	12.76
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	4.06	3.50	3.69	4.21	4.64	3.61	4.30	4.53	5.50	4.16	5.39
Cash Conversion Cycle (CCC)	7.32	12.74	12.03	11.51	9.61	12.36	10.41	9.10	7.09	9.24	7.38
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,852	4,809	4,849	4,849	4,904	4,836	4,911	5,028	4,047	3,949	3,958
Invested Capital Turnover	1.41	1.37	1.21	1.20	1.29	1.36	1.36	1.37	1.52	1.58	1.59
Increase / (Decrease) in Invested Capital	425	307	-705	-781	51	28	61	179	-857	-888	-952
Enterprise Value (EV)	4,836	5,555	4,538	4,744	4,717	4,999	4,431	4,738	4,900	4,080	4,137
Market Capitalization	3,466	3,949	2,764	2,951	2,878	3,025	2,495	2,698	2,812	1,965	2,007
Book Value per Share	$23.06	$21.10	$20.24	$20.05	$20.08	$18.76	$19.44	$19.79	$13.42	$13.76	$13.69
Tangible Book Value per Share	($6.13)	($7.32)	($7.87)	($7.86)	($8.02)	($8.06)	($7.28)	($7.76)	($9.13)	($10.19)	($10.10)
Total Capital	6,253	5,965	5,838	5,813	5,826	5,629	5,591	5,782	4,787	4,715	4,745
Total Debt	2,772	2,766	2,766	2,760	2,765	2,771	2,622	2,799	2,835	2,887	2,924
Total Long-Term Debt	2,715	2,718	2,718	2,722	2,727	2,733	2,584	2,761	2,796	2,849	2,886
Net Debt	1,372	1,609	1,777	1,796	1,843	1,978	1,941	2,045	2,094	2,121	2,137
Capital Expenditures (CapEx)	75	152	41	88	132	221	125	159	173	40	95
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-733	-855	-801	-806	-876	-929	-910	-931	-977	-958	-925
Debt-free Net Working Capital (DFNWC)	585	217	103	71	-42	-223	-318	-259	-317	-271	-217
Net Working Capital (NWC)	528	169	55	33	-80	-261	-356	-297	-355	-309	-256
Net Nonoperating Expense (NNE)	175	143	100	79	85	100	-82	73	322	61	-43
Net Nonoperating Obligations (NNO)	1,372	1,609	1,777	1,796	1,843	1,978	1,941	2,045	2,094	2,121	2,137
Total Depreciation and Amortization (D&A)	108	113	111	111	111	109	110	111	114	114	119
Debt-free, Cash-free Net Working Capital to Revenue	-11.19%	-13.44%	-12.72%	-12.83%	-13.90%	-14.12%	-13.69%	-13.80%	-14.32%	-13.76%	-13.09%
Debt-free Net Working Capital to Revenue	8.92%	3.40%	1.63%	1.14%	-0.67%	-3.38%	-4.79%	-3.84%	-4.64%	-3.90%	-3.07%
Net Working Capital to Revenue	8.06%	2.66%	0.88%	0.53%	-1.27%	-3.96%	-5.36%	-4.41%	-5.20%	-4.44%	-3.62%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($4.80)	($2.28)	($0.76)	($0.18)	($0.24)	($0.87)	$0.73	($0.12)	($6.03)	($0.41)	($0.02)
Adjusted Weighted Average Basic Shares Outstanding	150.90M	152.10M	151.90M	152.10M	152.20M	152.10M	152.30M	149M	143.50M	144.60M	133.40M
Adjusted Diluted Earnings per Share	($4.80)	($1.95)	($0.76)	($0.18)	($0.24)	($0.87)	$0.68	($0.12)	($6.03)	($0.36)	($0.02)
Adjusted Weighted Average Diluted Shares Outstanding	150.90M	152.10M	151.90M	152.10M	152.20M	152.10M	167M	149M	143.50M	144.60M	133.40M
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	151.76M	152.42M	152.45M	152.60M	152.63M	152.95M	151.00M	146.00M	133.25M	133.55M	133.84M
Normalized Net Operating Profit after Tax (NOPAT)	-550	-216	-15	52	47	-34	30	65	34	-12	68
Normalized NOPAT Margin	-33.99%	-15.47%	-0.93%	3.14%	2.88%	-2.02%	1.79%	3.67%	1.98%	-0.68%	3.82%
Pre Tax Income Margin	-54.76%	-29.23%	-7.93%	-1.82%	-2.12%	-8.92%	9.52%	-0.67%	-50.07%	-5.99%	0.33%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.81	0.00	0.91	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.60	0.00	-0.06	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-6.69	0.00	0.72	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-8.91	0.00	-0.24	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-215.38%	-30.48%	-8.91%	0.00%	0.00%	0.00%	-28.77%	-147.63%	-29.74%	-41.93%	-34.33%

Financials Breakdown Chart

Key Financial Trends

PENN Entertainment shows solid quarterly scale with ongoing cash generation, but the year 2025 was hit by a significant impairment that distorted profitability in Q3. Here are the key takeaways from the last four years of quarterly results, focusing on the 2025 period and how it compares to prior years.

2025 Q4 Operating Revenue and Total Revenue reached about $1.806B, with Total Gross Profit of $604.6M and a gross margin around the mid-30% range, indicating stable operating scale and profitability despite a challenging quarter.
Operating cash flow was positive in every 2025 quarter, with Q4 2025 Net Cash From Continuing Operating Activities around $107.2M, highlighting ongoing cash generation from core operations.
Cash and equivalents stayed around $0.66B–$0.67B in late 2025, providing a solid liquidity cushion for near-term needs.
Penn accessed new financing in late 2025 (issuance of $150M of debt), signaling continued liquidity support and an ability to fund ongoing operations and investments even as debt remained a component of the capital structure (long-term debt ~ $2.7B the period).
Gross margin generally ranges in the 33–35% area across multiple quarters, suggesting stable underlying profitability, even as quarterly results swing due to other factors.
Average quarterly revenue in 2025 sits in the roughly $1.7–$1.8B band, with quarterly fluctuations that reflect seasonality and strategic moves rather than a clear downtrend.
A large impairment charge in Q3 2025 of about $825M caused a substantial pretax loss and a steep net loss for the quarter, distorting quarterly profitability.
Net income was negative in several 2025 quarters, notably Q3 2025 (-$865.1M) and Q4 2025 (-$73.4M), indicating profitability pressures outside of the impairment event.
Balance sheet risk remains elevated, with Total Liabilities around $12.3–$12.8B and Total Equity in the low to mid-$2B range across 2025, indicating a relatively high leverage profile versus equity.
Investing and financing activities contributed to cash outflows in multiple quarters (significant CAPEX and share repurchases), leading to negative net cash from investing and financing in several periods even as operating cash flow was positive.

05/07/26 01:40 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About PENN Entertainment's Financials

When does PENN Entertainment's fiscal year end?

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

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

PENN Entertainment's net income appears to be on an upward trend, with a most recent value of -$845.30 million in 2025, falling from $686 thousand in 2015. The previous period was -$313.30 million in 2024. Find out what analysts predict for PENN Entertainment in the coming months.

What is PENN Entertainment's operating income?

PENN Entertainment's total operating income in 2025 was -$673.60 million, based on the following breakdown:

Total Gross Profit: $2.35 billion
Total Operating Expenses: $3.03 billion

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

Over the last 10 years, PENN Entertainment's total revenue changed from $2.84 billion in 2015 to $6.96 billion in 2025, a change of 145.2%.

How much debt does PENN Entertainment have?

PENN Entertainment's total liabilities were at $12.44 billion at the end of 2025, a 0.3% increase from 2024, and a 113.9% increase since 2015.

How much cash does PENN Entertainment have?

In the past 10 years, PENN Entertainment's cash and equivalents has ranged from $229.51 million in 2016 to $1.86 billion in 2021, and is currently $686.60 million as of their latest financial filing in 2025.

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

Over the last 10 years, PENN Entertainment's book value per share changed from -8.46 in 2015 to 13.76 in 2025, a change of -262.8%.

Related Companies

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

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PENN Entertainment (PENN) Financials

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PENN Entertainment (PENN) Financials

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