Logo

GLPI

Gaming and Leisure Properties, Inc.

GLPI

Gaming and Leisure Properties, Inc. • NASDAQ
$43.53 ▲ 0.53% (+0.23)
Market Cap $12.32 B
52w High $52.24
52w Low $42.26
Dividend Yield 3.08%
P/E 15.6
Volume 1.15M
Outstanding Shares 283.01M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $397.61M ▲ $46.662M ▼ $241.191M ▲ 60.66% ▲ $0.85 ▲ $414.843M ▲
Q2-2025 $394.876M ▼ $138.87M ▲ $151.439M ▼ 38.351% ▼ $0.55 ▼ $320.149M ▼
Q1-2025 $395.235M ▲ $122.846M ▲ $165.184M ▼ 41.794% ▼ $0.6 ▲ $327.991M ▼
Q4-2024 $389.615M ▲ $69.181M ▼ $217.212M ▲ 55.75% ▲ $-2.08 ▼ $390.223M ▲
Q3-2024 $385.341M $102.139M $184.694M 47.93% $0.67 $335.701M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $751.715M ▲ $12.787B ▲ $7.831B ▲ $4.576B ▲
Q2-2025 $604.164M ▲ $12.492B ▲ $7.559B ▲ $4.555B ▲
Q1-2025 $168.875M ▼ $12.133B ▼ $7.538B ▼ $4.215B ▼
Q4-2024 $1.023B ▼ $13.331B ▲ $8.685B ▲ $4.269B ▲
Q3-2024 $1.048B $12.681B $8.056B $4.255B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $0 $240.305M ▼ $-166.87M ▼ $74.115M ▼ $147.551M ▼ $216.952M ▼
Q2-2025 $0 ▼ $293.375M ▲ $-33.651M ▼ $175.565M ▲ $435.289M ▲ $272.184M ▲
Q1-2025 $170.354M ▼ $252.492M ▼ $534.004M ▲ $-1.08B ▼ $-293.757M ▼ $239.585M ▼
Q4-2024 $223.61M ▲ $292.413M ▲ $-428.797M ▲ $104.881M ▼ $-31.503M ▼ $268.66M ▲
Q3-2024 $190.1M $270.4M $-572.39M $701.631M $399.641M $262.081M

Revenue by Products

Product Q4-2020Q1-2021Q2-2021Q3-2021
GLP Capital L P
GLP Capital L P
 $0 ▲$0 ▲$0 ▲$280.00M ▲
TRS Properties
TRS Properties
 $0 ▲$0 ▲$0 ▲$20.00M ▲
Gaming food beverage and other
Gaming food beverage and other
 $30.00M ▲$40.00M ▲$40.00M ▲$0 ▼
Real Estate
Real Estate
 $270.00M ▲$260.00M ▼$270.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement GLPI’s income statement shows a steady, almost step‑by‑step rise in rental revenue and profits over the past five years, with little volatility. Operating margins remain high, reflecting the efficiency of its triple‑net lease model where tenants carry most property costs. Earnings have grown at a measured pace, suggesting a mature, stable business rather than a rapid‑growth story. Overall, profitability looks consistent and predictable, which is typical of a well‑run, contract‑driven REIT.

Balance Sheet

Balance Sheet The balance sheet has expanded over time, with both total assets and shareholders’ equity rising as GLPI adds properties and grows its portfolio. Debt has also increased, so the company is clearly using borrowing as a key funding tool, which is common in real estate. The mix suggests a leveraged but steadily building asset base, supported by long‑term leases. The main watchpoints are sensitivity to interest rates and the need to keep debt levels aligned with the reliability of tenant rents.

Cash Flow

Cash Flow Cash flow from operations has grown steadily and comfortably covers the relatively modest capital spending needs of a landlord‑style business. Free cash flow closely tracks operating cash flow, which indicates that little cash is tied up in maintenance or development outlays relative to the income generated. This pattern supports the typical REIT priorities of funding dividends and servicing debt. The key risk is that future large development or acquisition projects could temporarily raise cash needs or increase reliance on external funding.

Competitive Edge

Competitive Edge GLPI holds a strong niche position as a specialist in gaming real estate, backed by long‑term, triple‑net leases with major casino operators. Its first‑mover status, deep industry knowledge, and close tenant relationships create meaningful barriers for new entrants. Diversification across operators and locations provides some cushion against issues at any single property or region. However, exposure to a heavily regulated, gaming‑centric market and reliance on a relatively concentrated set of large tenants remain structural risks.

Innovation and R&D

Innovation and R&D Innovation at GLPI is mainly financial and structural rather than technological. The company has been creative in structuring sale‑leasebacks, development financing, and tribal gaming deals, and is cautiously extending into non‑gaming leisure properties. It uses data and disciplined underwriting to evaluate tenants and projects and is layering in ESG and green‑building practices. The upside is access to new growth avenues; the trade‑off is added execution and diversification risk as it steps beyond its original core footprint.

Summary

Overall, GLPI looks like a mature, specialized REIT built around predictable rental income from long‑term casino property leases. The business has grown steadily, with strong margins and cash generation, supported by a larger but manageable debt load. Its moat comes from lease structures, scale in gaming real estate, and tight tenant relationships, though this also concentrates exposure to a single industry and regulatory environment. Future performance will hinge on tenant health, interest rates, and how effectively GLPI executes its development pipeline and diversification into adjacent leisure assets.

NEWS

November 24, 2025 · 7:00 AM UTC

Gaming and Leisure Properties, Inc. Declares Fourth Quarter 2025 Cash Dividend of $0.78 Per Share

Read more

October 30, 2025 · 4:15 PM UTC

Gaming and Leisure Properties Reports Record Third Quarter 2025 Results and Updates 2025 Full Year Guidance

Read more

October 27, 2025 · 4:15 PM UTC

Gaming and Leisure Properties to Acquire Land and Fund Hard Costs of Live! Casino & Hotel Virginia

Read more

October 15, 2025 · 4:01 PM UTC

STRATEGIC GAMING MANAGEMENT ANNOUNCES COMPLETION OF ACQUISITION OF SUNLAND PARK RACETRACK & CASINO FOR $301 MILLION

Read more

September 30, 2025 · 12:30 PM UTC

Gaming and Leisure Properties, Inc. Schedules Third Quarter 2025 Earnings Release and Conference Call

Read more