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PENN

PENN Entertainment, Inc.

PENN

PENN Entertainment, Inc. • NASDAQ
$14.85 ▲ 0.81% (+0.12)
Market Cap $2.22 B
52w High $23.08
52w Low $13.24
Dividend Yield 0%
P/E -2.44
Volume 1.12M
Outstanding Shares 149.17M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.717B ▼ $1.357B ▲ $-864.6M ▼ -50.346% ▼ $-6.03 ▼ $-648.4M ▼
Q2-2025 $1.765B ▲ $410.3M ▼ $-17.4M ▼ -0.986% ▼ $-0.12 ▼ $194.5M ▼
Q1-2025 $1.673B ▲ $511M ▼ $111.8M ▲ 6.685% ▲ $0.73 ▲ $378M ▲
Q4-2024 $1.669B ▲ $594.5M ▲ $-133.3M ▼ -7.987% ▼ $-0.88 ▼ $71.9M ▼
Q3-2024 $1.639B $501.2M $-36.7M -2.239% $-0.24 $192.4M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $690.9M ▲ $14.31B ▼ $12.358B ▲ $1.959B ▼
Q2-2025 $671.6M ▲ $15.207B ▲ $12.224B ▲ $2.988B ▲
Q1-2025 $591.6M ▼ $15.09B ▼ $12.121B ▼ $2.974B ▲
Q4-2024 $706.6M ▼ $15.262B ▼ $12.403B ▼ $2.863B ▼
Q3-2024 $834M $15.514B $12.454B $3.065B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-865.1M ▼ $0 ▼ $0 ▲ $0 ▼ $0 ▼ $0 ▲
Q2-2025 $-18.3M ▼ $178.2M ▲ $-136.6M ▼ $44.5M ▲ $86.9M ▲ $-1.3M ▲
Q1-2025 $111.5M ▲ $41.9M ▼ $-135.9M ▲ $-16.2M ▼ $-110.2M ▲ $-83.3M ▲
Q4-2024 $-133.3M ▼ $102.1M ▼ $-228.5M ▼ $-10.7M ▲ $-138.4M ▼ $-118.9M ▼
Q3-2024 $-36.7M $174.7M $-166.6M $-46.4M $-38.3M $42.6M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Casino
Casino
 $1.29Bn ▲$1.30Bn ▲$1.37Bn ▲$1.33Bn ▼
Food and Beverage
Food and Beverage
 $110.00M ▲$110.00M ▲$110.00M ▲$110.00M ▲
Occupancy
Occupancy
 $60.00M ▲$60.00M ▲$70.00M ▲$70.00M ▲
Product and Service Other
Product and Service Other
 $210.00M ▲$210.00M ▲$220.00M ▲$210.00M ▼

Five-Year Company Overview

Income Statement

Income Statement PENN’s revenue has grown strongly since 2020 and has been holding at a relatively high level in recent years, but the quality of that revenue has become more mixed. Gross profit is solid but has not returned to the peak levels seen a few years ago, suggesting more pressure from costs, promotions, or competitive intensity. Operating profit has swung from healthy profits to a loss and back to only a small profit most recently, which points to a business still in transition rather than one in a steady, mature earnings phase. Net income has been negative in two of the last three years, reflecting heavy spending on digital initiatives, integration costs, and a competitive online betting landscape. Overall, PENN is generating a lot of sales but is under clear margin pressure as it invests to reposition the business.

Balance Sheet

Balance Sheet The balance sheet shows a large asset base built around casinos, properties, and technology, but it is also quite leveraged. Debt is significantly higher than equity, which means the company relies heavily on borrowing to fund its operations and growth. Cash on hand has drifted down from earlier pandemic-era peaks, leaving less of a cushion than before, though still meaningful liquidity. Equity has edged down from its high point, reflecting recent losses and the strain of investment. The structure is typical for a casino and gaming operator—asset-heavy and debt-laden—but it does limit flexibility if operating conditions weaken or interest costs rise.

Cash Flow

Cash Flow PENN’s ability to generate cash from its core business has been solid but is weaker than at its best point a few years ago. Operating cash flow remains positive, which is an important anchor, but free cash flow has become more volatile. In the most recent year, higher capital spending pushed free cash flow slightly negative, meaning more cash went out the door for growth and maintenance projects than was generated after operating needs. This pattern suggests a company still in an investment phase, funding technology, rebranding, and property upgrades, rather than harvesting large, steady excess cash. Sustainability of this spending level will depend on whether the newer digital and omnichannel initiatives begin to pay off in better profits and cash generation.

Competitive Edge

Competitive Edge PENN operates in a very competitive industry, but it has several meaningful advantages. Its broad network of physical casinos gives it brand presence, local relationships, and a built-in funnel of players for its online products. The PENN Play loyalty program, with tens of millions of members, is a major asset that competitors without a physical footprint struggle to match; it enables cross-selling between casinos and digital apps and deepens customer stickiness. The exclusive ESPN BET partnership provides powerful brand recognition and access to a large, sports-focused audience, which should help with customer acquisition in online sports betting. At the same time, PENN faces intense pressure from larger, well-funded rivals in online betting and iCasino, plus regulatory and tax headwinds in many markets. Its competitive position is therefore a mix of real structural strengths and meaningful external pressures, with execution becoming the key differentiator.

Innovation and R&D

Innovation and R&D PENN is leaning heavily into innovation to reshape its future. Its in-house technology platform, built from theScore acquisition, allows it to control its sportsbook and iCasino products rather than renting third-party systems. This gives it more room to experiment, integrate features quickly, and potentially improve margins over time. The ESPN BET integration is a big, visible bet on combining media, data, and betting in one ecosystem, with planned features like personalized hubs (FanCenter) that aim to blend sports fandom, fantasy, and wagering. PENN is also developing its own online casino games through PENN Game Studios and pushing omnichannel ideas like games and offers that exist both online and inside physical casinos. The downside is that these digital and technology bets are currently dragging on profitability, and there is execution risk: turning strong concepts into consistently profitable products is not guaranteed. Still, relative to many regional casino peers, PENN is clearly more aggressive and forward-leaning on technology and product innovation.

Summary

PENN is a traditional casino and gaming operator that is trying to reinvent itself as a modern, technology-enabled, omnichannel entertainment company. Revenue is high and has grown meaningfully since 2020, but profitability has become choppy as the company spends heavily on digital platforms, branding, and integration efforts. The balance sheet carries substantial debt and somewhat less cash than in the past, which heightens the importance of eventually achieving steadier profits and stronger free cash flow. On the strategic side, PENN’s combination of a large physical footprint, a powerful loyalty program, proprietary technology, and the ESPN BET partnership gives it a distinctive position in the market. The big question is not whether it has interesting assets and ideas—it clearly does—but how quickly and effectively those can be translated into durable earnings and cash, especially in a crowded and promotional online betting environment. The next few years will likely be defined by the trade-off between ongoing investment in digital growth and the push to return to more consistent profitability and balance sheet strength.

NEWS

November 6, 2025 · 7:01 AM UTC

PENN Entertainment, Inc. Reports Third Quarter Results and Announces Realignment of Digital Focus Following Termination of ESPN Alliance

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November 6, 2025 · 7:00 AM UTC

PENN Entertainment and ESPN Mutually Agree to Early Termination of U.S. Online Sports Betting Agreement

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September 30, 2025 · 10:00 AM UTC

PENN Entertainment to Report Third Quarter Results and Host Conference Call and Webcast on November 6

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September 3, 2025 · 10:00 AM UTC

PENN Entertainment Sets December 1 as Grand Opening Date for Second Hotel Tower at M Resort Las Vegas

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