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Caesars Entertainment

CZR Nasdaq Casinos & Gaming Financials FY2016–FY2025

Caesars Entertainment's revenue rose 2.1% to $11.5 billion in fiscal 2025. Its operating margin was 16.2%, down from 20.5% a year earlier. Free cash flow was $497 million. It paid out $229 million in dividends and buybacks, 46% of free cash flow. The diluted share count fell 3.3%.

Last close · Oct 23, 2026

$28.80

0.9%
Value it Compare
Revenue Total sales reported in the income statement.
$11.5B
2.1% vs prior year
Operating margin Operating income as a share of revenue.
16.2%
4.3 pts
Net income Profit after all expenses, interest and tax.
−$502M
Free cash flow Cash from operations minus capital spending.
$497M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.6%
1.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$5.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
—

About these figures. Caesars Entertainment is the former Eldorado Resorts, which bought Caesars in July 2020 and took its name, so the years to 2019 are Eldorado's smaller business.

What Caesars Entertainment does

Caesars Entertainment owns, leases or manages casino resorts and runs online betting and gaming. It says it has 52 properties in 18 states, and it offers sports betting in 34 jurisdictions in North America and online casino games in five. Its apps include Caesars Sportsbook, Caesars Racebook, Caesars Palace Online Casino and Horseshoe Online Casino. It also draws customers with hotels, restaurants, bars, entertainment, racing and shops.

Gaming is its main source of revenue. Casino operations, which include slot machines, table games and retail and online sports betting and iGaming, brought in approximately 58% of net revenues in 2025. Hotel stays brought in approximately 17%, and food and beverage approximately 15%. The company expects its Caesars Digital segment to grow as more states allow online betting.

Caesars says its business is highly competitive. It competes with other casinos near its properties, tribal casinos, online operators, lotteries and other entertainment. It leases some of its properties from landlords that include GLPI and VICI, so it pays rent on them. Caesars grew through deals that include Isle of Capri in 2017, Caesars Entertainment Corporation in 2020 and William Hill in 2021.

Legal name
Caesars Entertainment, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 17, 2026
Accession · CIK
0001590895-26-000011
0001590895

Revenue and margins

Caesars Entertainment had $11.5B of revenue in fiscal 2025, up 2.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $497M in fiscal 2025, 4.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Caesars Entertainment returned $229M to shareholders in fiscal 2025, 46% of free cash flow. The diluted share count fell 3.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Caesars Entertainment yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$11.2B and divides by 208.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Caesars Entertainment can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.1B$1.0B$1.0B$866M$887M
Debt incl. finance leases $14.4B$13.2B$12.5B$12.4B$12.1B
Net debt / EBITDA 5.1x4.1x3.1x3.2x3.4x
Debt / equity 3.2x3.6x2.8x3.0x3.4x
Interest coverage 0.6x0.8x1.0x1.0x0.8x
Current ratio 1.1x0.8x0.8x0.8x0.8x
Quick ratio 1.1x0.8x0.7x0.8x0.8x
Total assets $38.0B$33.5B$33.4B$32.6B$31.6B
Total liabilities $33.5B$29.8B$28.6B$28.2B$28.0B
Shareholders' equity $4.5B$3.7B$4.6B$4.2B$3.5B
Net debt (− = net cash) $13.3B$12.1B$11.5B$11.5B$11.2B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$15.9M

6 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 15, 2026 David P TomickDirector Sold 7,142 $29.71 $0.2M Form 4
Sep 14, 2026 David P TomickDirector Sold 7,000 $29.66 $0.2M Form 4
Sep 11, 2026 David P TomickDirector Sold 7,000 $29.68 $0.2M Form 4
Sep 10, 2026 David P TomickDirector Sold 7,000 $29.67 $0.2M Form 4
Aug 27, 2026 Blackhurst Janis L JonesDirector Sold 33,899 $29.63 $1.0M Form 4
Aug 19, 2026 Bret YunkerChief Financial Officer Sold 208,134 $29.62 $6.2M Form 4
Aug 14, 2026 Josh JonesChief Marketing Officer Sold 59,507 $29.72 $1.8M Form 4
Jun 12, 2026 Michael E PegramDirector Sold 16,897 $29.46 $0.5M Form 4
Jun 11, 2026 Michael E PegramDirector Sold 24,800 $29.47 $0.7M Form 4
Jun 10, 2026 Michael E PegramDirector Sold 50,000 $29.41 $1.5M Form 4
Jun 9, 2026 Edmund L Quatmann JrChief Legal Officer Sold 81,566 $29.35 $2.4M Form 4
Jun 9, 2026 Michael E PegramDirector Sold 36,027 $29.31 $1.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✕ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✕ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✓
F-score 5 / 84 / 86 / 8
Accruals ratio −3.1%−4.1%−5.6%
Altman Z'' 0.300.250.10

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Caesars Entertainment CZR $5.9B 2.1% 16.2% 4.3% 9.6% — 6
Las Vegas Sands LVS $22.8B 15.2% 21.7% 14.3% 17.5% 14.6x 7 Compare →
Flutter Entertainment FLUT $14.0B 16.6% 0.2% 6.6% 0.2% — 5 Compare →
MGM Resorts MGM $7.2B 1.7% 5.7% 8.3% 12.8% 17.3x 6 Compare →
Wynn Resorts WYNN $7.5B 0.1% 15.7% 9.7% 11.6% 17.4x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $893M $1.5B $2.1B $2.5B $3.6B $9.6B $10.8B $11.5B $11.2B $11.5B
Operating income $88.7M $94.8M $310M $410M −$383M $1.5B $1.7B $2.5B $2.3B $1.9B
Interest expense $50.9M $99.8M $172M $286M $1.2B $2.3B $2.3B $2.4B $2.4B $2.3B
Pretax income $37.6M −$43.4M $135M $125M −$1.6B −$1.3B −$565M −$60.0M −$124M −$448M
Income tax $13.1M −$117M $40.0M $44.0M $132M −$283M −$41.0M −$888M $87.0M −$11.0M
Net income $24.5M $73.4M $95.0M $81.0M −$1.8B −$1.0B −$899M $786M −$278M −$502M
Diluted EPS $0.51 $1.08 $1.22 $1.03 −$13.50 −$4.83 −$4.19 $3.64 −$1.29 −$2.42
Diluted shares 0.05B 0.07B 0.08B 0.08B 0.13B 0.21B 0.21B 0.22B 0.22B 0.21B
Cash flow
Cash from operations $95.4M $130M $323M $313M −$561M $1.2B $993M $1.8B $1.1B $1.3B
Capital expenditure $43.2M $83.2M $147M $171M $164M $520M $952M $1.3B $1.3B $805M
Free cash flow $52.2M $46.7M $176M $142M −$725M $679M $41.0M $545M −$221M $497M
Depreciation and amortization $63.4M $106M $157M $222M $583M $1.1B $1.2B $1.3B $1.3B $1.4B
Stock-based compensation $3.3M $6.3M $13.0M $20.0M $79.0M $82.0M $101M $104M $94.0M $95.0M
Acquisitions $0.0M $1.3B $0.0M $0.0M $6.4B $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $9.0M $0.0M $0.0M $0.0M $0.0M $0.0M $191M $229M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $9.0M $0.0M $0.0M $0.0M $0.0M $0.0M $191M $229M
Balance sheet
Cash and short-term investments $61.0M $152M $248M $241M $1.8B $1.1B $1.0B $1.0B $866M $887M
Total debt $823M $2.2B $3.3B $2.6B $15.0B $14.3B $13.1B $12.4B $12.3B $11.9B
Finance lease liabilities $0.0M $0.0M $0.0M $551M $64.0M $43.0M $78.0M $77.0M $68.0M $147M
Current assets $102M $251M $573M $605M $6.1B $6.0B $2.1B $2.0B $1.7B $1.8B
Current liabilities $102M $224M $402M $688M $2.5B $5.3B $2.7B $2.7B $2.3B $2.3B
Inventory $11.1M $16.9M $20.6M $18.0M $44.0M $42.0M $59.0M $46.0M $45.0M $43.0M
Property and equipment, net $612M $1.5B $2.9B $2.6B $14.3B $14.6B $14.6B $14.8B $14.8B $14.4B
Total assets $1.3B $3.5B $5.9B $5.6B $36.4B $38.0B $33.5B $33.4B $32.6B $31.6B
Total liabilities $996M $2.6B $4.9B $4.5B $31.4B $33.5B $29.8B $28.6B $28.2B $28.0B
Shareholders' equity $296M $942M $1.0B $1.1B $5.0B $4.5B $3.7B $4.6B $4.2B $3.5B
Margins
Operating margin 9.9% 6.4% 15.1% 16.2% −10.6% 15.3% 16.1% 21.4% 20.5% 16.2%
EBITDA margin 17.0% 13.6% 22.7% 25.0% 5.5% 27.0% 27.2% 32.4% 32.3% 28.5%
Net margin 2.8% 5.0% 4.6% 3.2% −48.4% −10.7% −8.3% 6.8% −2.5% −4.4%
FCF margin 5.9% 3.2% 8.6% 5.6% −20.0% 7.1% 0.4% 4.7% −2.0% 4.3%
Returns
Return on capital 5.5% 3.7% 6.2% 6.6% −2.7% 6.4% 8.2% 12.2% 11.3% 9.6%
Return on capital employed 7.4% 4.2% 7.0% 7.8% −2.0% 4.4% 5.5% 8.0% 7.6% 6.2%
Return on equity 8.7% 11.9% 9.6% 7.6% −57.3% −21.5% −22.0% 19.0% −6.4% −13.1%
Return on assets 1.9% 3.0% 2.0% 1.4% −8.4% −2.7% −2.5% 2.4% −0.8% −1.6%
Growth
Revenue growth 24.1% 65.0% 39.5% 23.0% 43.5% 163.8% 13.1% 6.5% −2.5% 2.1%
Net income growth −78.5% 199.2% 29.5% −14.7% −2,269.1% — — — −135.4% —
EPS growth −79.0% 111.8% 13.0% −15.6% −1,410.7% — — — −135.4% —
FCF growth 161.6% −10.5% 277.3% −19.7% −612.3% — −94.0% 1,229.3% −140.6% —
Share count change 1.5% 42.8% 14.5% 1.3% 64.6% 62.3% 1.4% 0.9% −0.5% −3.3%
Financial health
Net debt / EBITDA 5.0x 10.3x 6.5x 4.6x 66.6x 5.1x 4.1x 3.1x 3.2x 3.4x
Debt / equity 2.8x 2.4x 3.2x 2.8x 3.0x 3.2x 3.6x 2.8x 3.0x 3.4x
Interest coverage 1.7x 1.0x 1.8x 1.4x −0.3x 0.6x 0.8x 1.0x 1.0x 0.8x
Current ratio 1.0x 1.1x 1.4x 0.9x 2.4x 1.1x 0.8x 0.8x 0.8x 0.8x
Quick ratio 0.9x 1.1x 1.4x 0.9x 2.4x 1.1x 0.8x 0.7x 0.8x 0.8x
Capital allocation
Capex / revenue 4.8% 5.6% 7.2% 6.8% 4.5% 5.4% 8.8% 11.0% 11.5% 7.0%
Stock comp / revenue 0.4% 0.4% 0.6% 0.8% 2.2% 0.9% 0.9% 0.9% 0.8% 0.8%
Payouts / FCF 0.0% 0.0% 5.1% 0.0% — 0.0% 0.0% 0.0% — 46.1%
Quality scores
Piotroski F-score 5.0 6.0 5.0 4.0 3.0 4.0 5.0 5.0 4.0 6.0
Altman Z'' 1.1 0.8 0.9 0.9 0.6 0.3 0.1 0.3 0.3 0.1
Accruals ratio −5.4% −2.3% −4.8% −4.0% −5.7% −6.0% −5.3% −3.1% −4.1% −5.6%

Source: SEC EDGAR XBRL filings (CIK 0001590895). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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