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Penn Entertainment

PENN Nasdaq Casinos & Gaming Financials FY2016–FY2025

Penn Entertainment's revenue rose 5.8% to $7.0 billion in fiscal 2025. Its operating margin was −9.7%, down from 1.1% a year earlier. Free cash flow was −$140 million. It paid out $354 million in dividends and buybacks. The diluted share count fell 4.9%.

Last close · Oct 23, 2026

$14.50

6.2%
Value it Compare
Revenue Total sales reported in the income statement.
$7.0B
5.8% vs prior year
Operating margin Operating income as a share of revenue.
−9.7%
10.8 pts
Net income Profit after all expenses, interest and tax.
−$843M
Free cash flow Cash from operations minus capital spending.
−$140M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−8.1%
8.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$2.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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About these figures. Penn Entertainment's 2025 operating loss, after write-downs, made its EBITDA negative, so net debt to EBITDA is blank that year.

What Penn Entertainment does

No business description yet.

Legal name
PENN ENTERTAINMENT, INC.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0000921738-26-000008
0000921738

Revenue and margins

Penn Entertainment had $7.0B of revenue in fiscal 2025, up 5.8% 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 −$140M in fiscal 2025, −2.0% 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

Penn Entertainment returned $354M to shareholders in fiscal 2025. The diluted share count fell 4.9%.

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

Value Penn 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 −$4.3B and divides by 144.6M 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 Penn Entertainment can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.9B$1.6B$1.1B$707M$687M
Debt incl. finance leases $3.2B$7.9B$4.9B$4.9B$5.0B
Net debt / EBITDA 0.9x4.1x—8.3x—
Debt / equity 0.8x2.2x1.5x1.7x2.7x
Interest coverage 1.9x1.3x−1.5x0.2x−1.5x
Current ratio 2.0x1.7x1.1x0.8x0.8x
Quick ratio 2.0x1.7x1.1x0.8x0.8x
Total assets $16.9B$17.5B$16.1B$15.3B$14.3B
Total liabilities $12.8B$13.9B$12.9B$12.4B$12.4B
Shareholders' equity $4.1B$3.6B$3.2B$2.9B$1.8B
Net debt (− = net cash) $1.3B$6.2B$3.8B$4.2B$4.3B

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

$1.0M

4 insiders

Sold, 12 months

$0.1M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Mar 2, 2026 Jane ScaccettiDirector Bought 8,000 $15.09 $0.1M Form 4
Nov 21, 2025 Felicia HendrixEVP and CFO Bought 7,315 $13.79 $0.1M Form 4
Nov 17, 2025 David A HandlerDirector Bought 20,000 $14.25 $0.3M Form 4
Nov 14, 2025 Gupta Vimla BlackDirector Sold 7,987 $14.51 $0.1M Form 4
Nov 7, 2025 Jay A SnowdenCEO and President, Director Bought 34,700 $14.32 $0.5M 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 3 / 85 / 84 / 8
Accruals ratio −5.6%−4.3%−9.2%
Altman Z'' −0.030.02−0.65

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
Penn Entertainment PENN $2.0B 5.8% −9.7% −2.0% −8.1% — 4
Wynn Resorts WYNN $7.5B 0.1% 15.7% 9.7% 11.6% 17.4x 5 Compare →
DraftKings DKNG $10.4B 27.0% −0.3% 10.7% −0.7% — 8 Compare →
Caesars Entertainment CZR $5.9B 2.1% 16.2% 4.3% 9.6% — 6 Compare →
Boyd Gaming BYD $5.4B 4.1% 18.3% 9.5% 13.5% 3.1x 6 Compare →

10 years of figures

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

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.0B $3.1B $3.6B $5.3B $3.6B $5.9B $6.4B $6.4B $6.6B $7.0B
Operating income $543M $446M $634M $572M −$410M $1.1B $974M −$690M $72.5M −$674M
Interest expense $459M $467M $539M $536M $546M $567M $760M $470M $487M $448M
Pretax income $121M −$25.1M $89.9M $86.1M −$834M $539M $175M −$500M −$341M −$821M
Income tax $11.3M −$499M −$3.6M $43.0M −$165M $119M −$46.4M −$8.2M −$28.0M $24.6M
Net income $109M $473M $93.5M $43.9M −$670M $421M $222M −$490M −$312M −$843M
Diluted EPS $1.19 $5.07 $0.93 $0.37 −$5.00 $2.48 $1.29 −$3.22 −$2.05 −$5.83
Diluted shares 0.09B 0.09B 0.10B 0.12B 0.13B 0.18B 0.18B 0.15B 0.15B 0.14B
Cash flow
Cash from operations $408M $478M $353M $704M $339M $896M $878M $456M $359M $508M
Capital expenditure $97.2M $99.3M $92.6M $191M $137M $244M $263M $360M $483M $648M
Free cash flow $311M $379M $260M $513M $202M $652M $615M $95.9M −$123M −$140M
Depreciation and amortization $271M $267M $269M $414M $367M $345M $568M $435M $434M $447M
Stock-based compensation $6.9M $7.8M $12.0M $14.9M $14.5M $35.1M $58.1M $85.9M $52.9M $60.9M
Acquisitions $84.2M $128M $1.9B $1.4B $3.0M $878M $0.0M $315M $0.0M $0.0M
Share buybacks $0.0M $24.8M $50.0M $24.9M $0.0M $0.0M $601M $150M $0.0M $354M
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 $24.8M $50.0M $24.9M $0.0M $0.0M $601M $150M $0.0M $354M
Balance sheet
Cash and short-term investments $230M $278M $480M $437M $1.9B $1.9B $1.6B $1.1B $707M $687M
Total debt $1.4B $1.3B $2.5B $2.4B $2.4B $2.8B $2.8B $2.8B $2.8B $2.9B
Finance lease liabilities $0.0M $0.0M $0.0M $226M $219M $317M $5.1B $2.1B $2.1B $2.1B
Current assets $399M $401M $678M $643M $2.1B $2.2B $2.0B $1.7B $1.2B $1.2B
Current liabilities $536M $530M $738M $906M $860M $1.1B $1.2B $1.5B $1.4B $1.5B
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 $2.8B $2.8B $6.9B $5.1B $4.5B $4.6B $4.5B $3.5B $3.7B $3.7B
Total assets $5.0B $5.2B $11.0B $14.2B $14.7B $16.9B $17.5B $16.1B $15.3B $14.3B
Total liabilities $5.5B $5.3B $10.2B $12.3B $12.0B $12.8B $13.9B $12.9B $12.4B $12.4B
Shareholders' equity −$543M −$73.1M $731M $1.9B $2.7B $4.1B $3.6B $3.2B $2.9B $1.8B
Margins
Operating margin 17.9% 14.2% 17.7% 10.8% −11.5% 17.9% 15.2% −10.9% 1.1% −9.7%
EBITDA margin 26.8% 22.6% 25.2% 18.6% −1.2% 23.8% 24.1% −4.0% 7.7% −3.3%
Net margin 3.6% 15.0% 2.6% 0.8% −18.7% 7.1% 3.5% −7.7% −4.7% −12.1%
FCF margin 10.2% 12.0% 7.3% 9.7% 5.6% 11.0% 9.6% 1.5% −1.9% −2.0%
Returns
Return on capital 67.3% 44.8% 34.9% 8.5% −8.6% 18.7% 12.8% −6.5% 0.8% −8.1%
Return on capital employed 12.0% 9.8% 8.5% 4.9% −3.0% 7.2% 6.1% −4.5% 0.5% −5.1%
Return on equity — — — 3.4% −29.7% 12.5% 5.8% −14.4% −10.3% −35.9%
Return on assets 2.2% 9.3% 1.2% 0.4% −4.6% 2.7% 1.3% −2.9% −2.0% −5.7%
Growth
Revenue growth 6.9% 3.7% 14.0% 47.8% −32.5% 65.0% 8.4% −0.6% 3.4% 5.8%
Net income growth 15,834.4% 333.1% −80.3% −53.1% −1,625.1% — −47.2% −320.6% — —
EPS growth 11,800.0% 326.1% −81.7% −60.2% −1,451.4% — −48.0% −349.6% — —
FCF growth 12.1% 21.8% −31.3% 97.3% −60.7% 223.1% −5.7% −84.4% −228.7% —
Share count change 0.6% 2.2% 7.4% 17.5% 13.8% 31.0% 0.6% −13.9% 0.0% −4.9%
Financial health
Net debt / EBITDA 1.5x 1.4x 2.2x 2.2x — 0.9x 4.1x — 8.3x —
Debt / equity — — 3.4x 1.4x 1.0x 0.8x 2.2x 1.5x 1.7x 2.7x
Interest coverage 1.2x 1.0x 1.2x 1.1x −0.8x 1.9x 1.3x −1.5x 0.2x −1.5x
Current ratio 0.7x 0.8x 0.9x 0.7x 2.4x 2.0x 1.7x 1.1x 0.8x 0.8x
Quick ratio 0.7x 0.8x 0.9x 0.7x 2.4x 2.0x 1.7x 1.1x 0.8x 0.8x
Capital allocation
Capex / revenue 3.2% 3.2% 2.6% 3.6% 3.8% 4.1% 4.1% 5.7% 7.3% 9.3%
Stock comp / revenue 0.2% 0.3% 0.3% 0.3% 0.4% 0.6% 0.9% 1.4% 0.8% 0.9%
Payouts / FCF 0.0% 6.6% 19.2% 4.9% 0.0% 0.0% 97.8% 156.2% — —
Quality scores
Piotroski F-score 6.0 7.0 5.0 4.0 4.0 5.0 4.0 3.0 5.0 4.0
Altman Z'' −0.6 −0.3 0.1 0.3 0.5 1.2 1.0 −0.0 0.0 −0.7
Accruals ratio −5.9% −0.1% −3.2% −5.3% −7.0% −3.0% −3.8% −5.6% −4.3% −9.2%

Source: SEC EDGAR XBRL filings (CIK 0000921738). Data updated October 12, 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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