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Gaming and Leisure Properties

GLPI Nasdaq Other Specialized REITs Financials FY2016–FY2025

Gaming and Leisure Properties' revenue rose 4.1% to $1.6 billion in fiscal 2025. Its operating margin was 75.3%, up from 73.8% a year earlier. Free cash flow was $825 million, down 23.1%. It paid out $872 million in dividends and buybacks, 106% of free cash flow. The diluted share count rose 2.4%.

Last close · Oct 23, 2026

$39.55

1.2%
Value it Compare
Revenue Total sales reported in the income statement.
$1.6B
4.1% vs prior year
Operating margin Operating income as a share of revenue.
75.3%
1.5 pts
Net income Profit after all expenses, interest and tax.
$825M
5.2%
Free cash flow Cash from operations minus capital spending.
$825M
23.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
10.2%
0.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$11.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
11.6x
On $3.42 EPS (TTM)

What Gaming and Leisure Properties does

No business description yet.

Legal name
Gaming and Leisure Properties, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001575965-26-000032
0001575965

Revenue and margins

Gaming and Leisure Properties had $1.6B of revenue in fiscal 2025, up 4.1% 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

From fiscal 2016 to 2025, diluted EPS grew 7.0% a year. 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 $825M in fiscal 2025, 51.7% 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

Gaming and Leisure Properties returned $872M to shareholders in fiscal 2025, 106% of free cash flow. The diluted share count rose 2.4%.

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

Value Gaming and Leisure Properties 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 −$7.0B and divides by 280.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 11.6x · peers 31.0x · sector 28.2x.

Balance sheet

Cash, debt and the ratios that show how comfortably Gaming and Leisure Properties can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $725M$239M$684M$1.0B$224M
Debt incl. finance leases $6.6B$6.2B$6.7B$7.8B$7.3B
Net debt / EBITDA 5.4x4.6x4.5x4.8x4.7x
Debt / equity 2.0x1.5x1.6x1.8x1.6x
Interest coverage 3.0x3.3x3.3x3.1x3.2x
Total assets $10.7B$10.9B$11.8B$13.1B$12.9B
Total liabilities $7.3B$6.8B$7.3B$8.4B$7.9B
Shareholders' equity $3.4B$4.1B$4.2B$4.3B$4.6B
Net debt (− = net cash) $5.9B$5.9B$6.0B$6.8B$7.0B

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

$0.4M

1 insider

Sold, 12 months

$3.5M

4 insiders

Of sales under plans

85%

$3.0M

DateInsiderTradeSharesPriceValueFiling
Aug 18, 2026 Earl C ShanksDirector Bought 10,000 $42.24 $0.4M Form 4
Jun 10, 2026 Urdang E ScottDirector Sold 3,000 $48.32 $0.1M Form 4
Feb 27, 2026 Desiree A. BurkeCFO and Treasurer Sold plan 9,804 $49.02 $0.5M Form 4
Feb 24, 2026 Brandon John MoorePresident, COO, and Secretary Sold plan 16,884 $48.05 $0.8M Form 4
Feb 23, 2026 Brandon John MoorePresident, COO, and Secretary Sold plan 114 $48.01 $0.0M Form 4
Feb 23, 2026 Urdang E ScottDirector Sold 4,000 $47.37 $0.2M Form 4
Feb 20, 2026 Brandon John MoorePresident, COO, and Secretary Sold plan 1,376 $48.05 $0.1M Form 4
Jan 7, 2026 Steven LadanySVP Chief Development Officer Sold plan 13,409 $45.04 $0.6M Form 4
Jan 5, 2026 Steven LadanySVP Chief Development Officer Sold plan 2,825 $44.30 $0.1M Form 4
Jan 2, 2026 Steven LadanySVP Chief Development Officer Sold plan 2,630 $44.09 $0.1M Form 4
Dec 31, 2025 Steven LadanySVP Chief Development Officer Sold plan 18,000 $44.77 $0.8M Form 4
Nov 4, 2025 Urdang E ScottDirector Sold 4,000 $45.49 $0.2M 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 — / 9— / 9— / 9
Accruals ratio −2.4%−2.3%−2.3%
Altman Z'' ———

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
Gaming and Leisure Properties GLPI $11.3B 4.1% 75.3% 51.7% 10.2% 11.6x —
Lamar Advertising LAMR $15.8B 2.7% 34.2% 30.2% 17.3% 28.3x 8 Compare →
EPR Properties EPR $4.3B 2.9% 57.7% 37.5% 8.0% 17.9x — Compare →
Iron Mountain IRM $33.0B 12.2% 16.9% −13.5% 5.6% 78.5x 5 Compare →
Camden Property Trust CPT $10.4B 1.9% — 24.5% 6.3% 33.8x — Compare →

10 years of figures

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

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $828M $971M $1.1B $1.2B $1.2B $1.2B $1.3B $1.4B $1.5B $1.6B
Gross profit — — — $1.1B $1.1B $1.2B $1.3B $1.4B — —
Operating income $481M $606M $594M $717M $809M $842M $1.0B $1.1B $1.1B $1.2B
Interest expense $186M $217M $248M $302M $282M $283M $309M $323M $367M $374M
Pretax income $297M $390M $345M $396M $510M $562M $720M $757M $810M $853M
Income tax $7.5M $9.8M $5.0M $4.8M $3.9M $28.3M $17.1M $2.0M $2.1M $2.2M
Net income $289M $381M $340M $391M $506M $534M $685M $734M $785M $825M
Diluted EPS $1.60 $1.79 $1.58 $1.81 $2.30 $2.26 $2.70 $2.77 $2.87 $2.95
Diluted shares 0.18B 0.21B 0.21B 0.22B 0.22B 0.24B 0.25B 0.27B 0.27B 0.28B
Cash flow
Cash from operations $514M $599M $654M $750M $428M $804M $920M $1.0B $1.1B $1.1B
Capital expenditure $0.3M $0.1M $0.0M $0.0M $0.5M $13.9M $0.2M $0.1M $0.1M $304M
Free cash flow $514M $599M $654M $750M $428M $790M $920M $1.0B $1.1B $825M
Depreciation and amortization $116M $124M $148M $259M $243M $252M $255M $276M $273M $283M
Stock-based compensation $18.3M $15.6M $11.2M $16.2M $20.0M $16.8M $20.4M $22.9M $24.3M $21.2M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $428M $529M $550M $589M $231M $634M $771M $834M $831M $872M
Dividends and buybacks $428M $529M $550M $589M $231M $634M $771M $834M $831M $872M
Balance sheet
Cash and short-term investments $36.6M $29.1M $25.8M $26.8M $487M $725M $239M $684M $1.0B $224M
Total debt $4.7B $4.4B $5.9B $5.7B $5.8B $6.6B $6.1B $6.6B $7.7B $7.2B
Finance lease liabilities $0.0M $0.0M $0.0M $1.0M $0.0M $53.3M $53.8M $54.3M $60.8M $61.2M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $119M $108M $101M $94.1M $80.6M $13.0M — — — —
Total assets $7.4B $7.2B $8.6B $8.4B $9.0B $10.7B $10.9B $11.8B $13.1B $12.9B
Total liabilities $4.9B $4.8B $6.3B $6.4B $6.4B $7.3B $6.8B $7.3B $8.4B $7.9B
Shareholders' equity $2.4B $2.5B $2.3B $2.1B $2.7B $3.4B $4.1B $4.2B $4.3B $4.6B
Margins
Gross margin — — — 93.5% 95.1% 95.6% 100.0% 100.0% — —
Operating margin 58.0% 62.3% 56.3% 62.2% 70.2% 69.2% 78.5% 74.2% 73.8% 75.3%
EBITDA margin 72.0% 75.1% 70.3% 84.7% 91.3% 89.9% 97.9% 93.4% 91.7% 93.1%
Net margin 34.9% 39.2% 32.2% 33.9% 43.9% 43.9% 52.2% 51.0% 51.2% 51.7%
FCF margin 62.1% 61.6% 62.0% 65.1% 37.1% 64.9% 70.1% 70.1% 70.0% 51.7%
Returns
Return on capital 10.1% 8.5% 7.8% 8.9% 10.2% 9.3% 10.4% 10.4% 10.3% 10.2%
Return on equity 26.5% 15.6% 14.4% 18.0% 21.3% 17.6% 18.2% 17.8% 18.6% 18.6%
Return on assets 5.9% 5.2% 4.3% 4.6% 5.8% 5.4% 6.3% 6.5% 6.3% 6.4%
Growth
Revenue growth 44.0% 17.3% 8.7% 9.3% −0.0% 5.5% 7.8% 9.8% 6.3% 4.1%
Net income growth 125.8% 31.6% −10.8% 15.1% 29.4% 5.6% 28.2% 7.3% 6.9% 5.2%
EPS growth 48.2% 11.9% −11.7% 14.6% 27.1% −1.7% 19.5% 2.6% 3.6% 2.8%
FCF growth 69.4% 16.5% 9.3% 14.7% −43.0% 84.7% 16.5% 9.7% 6.3% −23.1%
Share count change 52.5% 17.8% 1.0% 0.5% 1.9% 7.5% 7.5% 4.4% 3.2% 2.4%
Financial health
Net debt / EBITDA 7.8x 6.1x 7.9x 5.9x 5.0x 5.4x 4.6x 4.5x 4.8x 4.7x
Debt / equity 1.9x 1.8x 2.6x 2.8x 2.2x 2.0x 1.5x 1.6x 1.8x 1.6x
Interest coverage 2.6x 2.8x 2.4x 2.4x 2.9x 3.0x 3.3x 3.3x 3.1x 3.2x
Capital allocation
Capex / revenue 0.0% 0.0% 0.0% 0.0% 0.0% 1.1% 0.0% 0.0% 0.0% 19.1%
Stock comp / revenue 2.2% 1.6% 1.1% 1.4% 1.7% 1.4% 1.6% 1.6% 1.6% 1.3%
Payouts / FCF 83.3% 88.4% 84.1% 78.5% 53.9% 80.3% 83.8% 82.6% 77.5% 105.7%
Quality scores
Accruals ratio −4.6% −3.0% −4.0% −4.2% 0.9% −2.7% −2.2% −2.4% −2.3% −2.3%

Source: SEC EDGAR XBRL filings (CIK 0001575965). Data updated October 17, 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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