NASDAQ : CZR
Caesars Entertainment, Inc. — Financial statements
Consumer Discretionary · Resorts & Casinos · United States
Last price 29.09 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 5.93B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Caesars Entertainment, Inc. (CZR) reported revenue of 11.72B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 10.48B | 10.28B | 10.00B | 10.19B | 9.55B | 8.52B |
| Other Revenue | 1.23B | 1.21B | 1.25B | 1.34B | 1.27B | 1.05B |
| Revenue | 11.72B | 11.49B | 11.24B | 11.53B | 10.82B | 9.57B |
| Cost of Revenue | 5.90B | 5.74B | 5.42B | 5.39B | 5.40B | 4.65B |
| Gross Profit | 5.82B | 5.74B | 5.83B | 6.13B | 5.42B | 4.92B |
| Selling, General & Admin | 2.38B | 2.25B | 2.23B | 2.32B | 2.35B | 2.09B |
| Operating Expenses | 3.79B | 3.67B | 3.55B | 3.58B | 3.56B | 3.22B |
| Operating Income | 2.03B | 2.08B | 2.27B | 2.55B | 1.86B | 1.71B |
| Interest Expense | -2.30B | -2.32B | -2.38B | -2.35B | -2.28B | -2.31B |
| Interest & Investment Income | 10.00M | 20.00M | 11.00M | 12.00M | 12.00M | 16.00M |
| Earnings From Equity Investments | -7.00M | |||||
| Currency Exchange Gain (Loss) | 23.00M | |||||
| Other Non Operating Income (Expenses) | 2.00M | 10.00M | 46.00M | -166.00M | ||
| EBT Excluding Unusual Items | -268.00M | -224.00M | -91.00M | 222.00M | -358.00M | -732.00M |
| Merger & Restructuring Charges | -22.00M | -68.00M | ||||
| Impairment of Goodwill | -160.00M | -160.00M | -182.00M | -14.00M | -78.00M | |
| Gain (Loss) on Sale of Investments | -7.00M | -55.00M | ||||
| Gain (Loss) on Sale of Assets | 18.00M | 351.00M | ||||
| Asset Writedown | -22.00M | -22.00M | -120.00M | -81.00M | -30.00M | -102.00M |
| Other Unusual Items | -25.00M | -42.00M | -82.00M | -187.00M | -137.00M | -333.00M |
| Pretax Income | -486.00M | -448.00M | -124.00M | -60.00M | -565.00M | -1.27B |
| Income Tax Expense | -20.00M | -11.00M | 87.00M | -888.00M | -41.00M | -283.00M |
| Earnings From Continuing Operations | -466.00M | -437.00M | -211.00M | 828.00M | -524.00M | -986.00M |
| Earnings From Discontinued Operations | -386.00M | -30.00M | ||||
| Net Income to Company | -466.00M | -437.00M | -211.00M | 828.00M | -910.00M | -1.02B |
| Minority Interest in Earnings | -67.00M | -65.00M | -67.00M | -42.00M | 11.00M | -3.00M |
| Net Income | -533.00M | -502.00M | -278.00M | 786.00M | -899.00M | -1.02B |
| Net Income to Common | -533.00M | -502.00M | -278.00M | 786.00M | -899.00M | -1.02B |
| Shares Outstanding (Basic) | 204.25M | 208.00M | 215.00M | 215.00M | 214.00M | 211.00M |
| Shares Outstanding (Diluted) | 204.25M | 208.00M | 215.00M | 216.00M | 214.00M | 211.00M |
| EPS (Basic) | -2.61 | -2.41 | -1.29 | 3.66 | -4.20 | -4.83 |
| EPS (Diluted) | -2.62 | -2.42 | -1.29 | 3.64 | -4.20 | -4.83 |
| Free Cash Flow | 582.00M | 497.00M | -221.00M | 545.00M | 23.00M | 652.00M |
| Free Cash Flow Per Share | 2.85 | 2.39 | -1.03 | 2.52 | 0.11 | 3.09 |
| Gross Margin | 49.65% | 50.00% | 51.81% | 53.20% | 50.09% | 51.44% |
| Operating Margin | 17.29% | 18.09% | 20.23% | 22.16% | 17.20% | 17.83% |
| Profit Margin | -4.55% | -4.37% | -2.47% | 6.82% | -8.31% | -10.65% |
| Free Cash Flow Margin | 4.97% | 4.33% | -1.97% | 4.73% | 0.21% | 6.81% |
| EBITDA | 3.44B | 3.50B | 3.60B | 3.81B | 3.07B | 2.83B |
| EBITDA Margin | 29.34% | 30.43% | 32.01% | 33.09% | 28.33% | 29.59% |
| D&A For EBITDA | 1.41B | 1.42B | 1.32B | 1.26B | 1.21B | 1.13B |
| EBIT | 2.03B | 2.08B | 2.27B | 2.55B | 1.86B | 1.71B |
| EBIT Margin | 17.29% | 18.09% | 20.23% | 22.16% | 17.20% | 17.83% |
| Revenue as Reported | 11.72B | 11.49B | 11.24B | 11.53B | 10.82B | 9.57B |
| Advertising Expenses | 237.00M | 231.00M | 259.00M | 571.00M | 518.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 864.00M | 887.00M | 866.00M | 1.00B | 1.04B | 1.07B |
| Cash & Short-Term Investments | 864.00M | 887.00M | 866.00M | 1.00B | 1.04B | 1.07B |
| Accounts Receivable | 309.00M | 476.00M | 470.00M | 608.00M | 611.00M | 472.00M |
| Other Receivables | 150.00M | |||||
| Receivables | 459.00M | 476.00M | 470.00M | 608.00M | 611.00M | 472.00M |
| Inventory | 48.00M | 43.00M | 45.00M | 46.00M | 59.00M | 42.00M |
| Prepaid Expenses | 337.00M | 312.00M | 271.00M | 264.00M | 263.00M | 290.00M |
| Restricted Cash | 94.00M | 85.00M | 95.00M | 122.00M | 131.00M | 319.00M |
| Other Current Assets | 3.77B | |||||
| Total Current Assets | 1.80B | 1.80B | 1.75B | 2.04B | 2.10B | 5.96B |
| Property, Plant & Equipment | 13.94B | 14.96B | 15.42B | 15.38B | 15.24B | 15.26B |
| Long-Term Investments | 125.00M | 133.00M | 131.00M | 157.00M | 94.00M | 158.00M |
| Goodwill | 10.44B | 10.44B | 10.60B | 10.99B | 11.00B | 11.08B |
| Other Intangible Assets | 3.94B | 3.98B | 4.13B | 4.52B | 4.71B | 4.92B |
| Long-Term Deferred Tax Assets | 82.00M | 67.00M | 62.00M | 47.00M | ||
| Other Long-Term Assets | 1.04B | 248.00M | 500.00M | 226.00M | 376.00M | 650.00M |
| Total Assets | 31.37B | 31.64B | 32.59B | 33.37B | 33.53B | 38.03B |
| Accounts Payable | 237.00M | 297.00M | 296.00M | 408.00M | 314.00M | 254.00M |
| Accrued Expenses | 1.59B | 865.00M | 845.00M | 1.02B | 1.02B | 1.18B |
| Current Portion of Long-Term Debt | 114.00M | 114.00M | 109.00M | 65.00M | 108.00M | 70.00M |
| Current Portion of Leases | 20.00M | 21.00M | 23.00M | 50.00M | 49.00M | |
| Current Income Taxes Payable | 199.00M | 205.00M | 202.00M | 195.00M | 183.00M | |
| Current Unearned Revenue | 546.00M | 592.00M | 749.00M | 747.00M | 614.00M | |
| Other Current Liabilities | 244.00M | 212.00M | 204.00M | 226.00M | 229.00M | 2.95B |
| Total Current Liabilities | 2.19B | 2.25B | 2.27B | 2.69B | 2.67B | 5.30B |
| Long-Term Debt | 11.44B | 11.67B | 12.03B | 12.22B | 12.66B | 13.75B |
| Long-Term Leases | 14.25B | 13.82B | 13.62B | 13.49B | 13.32B | 13.15B |
| Long-Term Deferred Tax Liabilities | 45.00M | 58.00M | 130.00M | 102.00M | 987.00M | 1.11B |
| Other Long-Term Liabilities | 154.00M | 164.00M | 143.00M | 142.00M | 182.00M | |
| Total Liabilities | 27.93B | 27.95B | 28.21B | 28.65B | 29.78B | 33.49B |
| Additional Paid-In Capital | 6.77B | 6.71B | 6.86B | 7.00B | 6.95B | 6.88B |
| Retained Earnings | -3.59B | -3.30B | -2.80B | -2.52B | -3.31B | -2.41B |
| Treasury Stock | -23.00M | -23.00M | -23.00M | |||
| Comprehensive Income & Other | 97.00M | 98.00M | 96.00M | 97.00M | 92.00M | 36.00M |
| Total Common Equity | 3.28B | 3.50B | 4.16B | 4.55B | 3.71B | 4.48B |
| Minority Interest | 169.00M | 182.00M | 219.00M | 168.00M | 38.00M | 61.00M |
| Shareholders' Equity | 3.45B | 3.69B | 4.38B | 4.72B | 3.75B | 4.54B |
| Total Liabilities & Equity | 31.37B | 31.64B | 32.59B | 33.37B | 33.53B | 38.03B |
| Total Debt | 25.81B | 25.62B | 25.78B | 25.80B | 26.14B | 27.02B |
| Net Cash (Debt) | -24.95B | -24.73B | -24.91B | -24.79B | -25.10B | -25.95B |
| Net Cash Per Share | -122.13 | -118.92 | -115.87 | -114.79 | -117.29 | -122.98 |
| Filing Date Shares Outstanding | 203.81M | 203.52M | 212.01M | 216.30M | 215.18M | 214.12M |
| Total Common Shares Outstanding | 204.00M | 202.63M | 211.33M | 215.80M | 214.67M | 213.78M |
| Working Capital | -383.00M | -450.00M | -525.00M | -645.00M | -566.00M | 667.00M |
| Book Value Per Share | 16.06 | 17.29 | 19.67 | 21.09 | 17.30 | 20.96 |
| Tangible Book Value | -11.10B | -10.92B | -10.58B | -10.96B | -12.01B | -11.52B |
| Tangible Book Value Per Share | -54.42 | -53.90 | -50.05 | -50.79 | -55.92 | -53.87 |
| Land | 2.05B | 2.06B | 2.06B | 2.09B | 2.09B | 2.12B |
| Buildings | 15.48B | 15.29B | 14.87B | 13.54B | 13.09B | 12.43B |
| Machinery | 3.48B | 3.17B | 2.88B | 2.41B | 2.05B | 1.65B |
| Construction In Progress | 90.00M | 153.00M | 167.00M | 762.00M | 351.00M | 395.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -533.00M | -502.00M | -278.00M | 786.00M | -899.00M | -1.02B |
| Depreciation & Amortization | 1.41B | 1.42B | 1.32B | 1.26B | 1.21B | 1.13B |
| Other Amortization | 209.00M | 202.00M | 205.00M | 251.00M | 351.00M | 386.00M |
| Loss (Gain) From Sale of Assets | -1.00M | 17.00M | -359.00M | 22.00M | 5.00M | 11.00M |
| Asset Writedown & Restructuring Costs | 182.00M | 182.00M | 302.00M | 95.00M | 108.00M | 102.00M |
| Loss (Gain) From Sale of Investments | -1.00M | -1.00M | -7.00M | -5.00M | 54.00M | 107.00M |
| Stock-Based Compensation | 93.00M | 95.00M | 94.00M | 104.00M | 101.00M | 82.00M |
| Provision & Write-off of Bad Debts | 50.00M | 43.00M | 49.00M | 41.00M | 25.00M | 26.00M |
| Other Operating Activities | 42.00M | 50.00M | 220.00M | -686.00M | 290.00M | 84.00M |
| Change in Accounts Receivable | -70.00M | -53.00M | 86.00M | -82.00M | -143.00M | -135.00M |
| Change in Accounts Payable | -60.00M | -18.00M | -500.00M | 10.00M | -82.00M | 482.00M |
| Change in Income Taxes | -34.00M | -81.00M | -48.00M | -27.00M | -7.00M | 13.00M |
| Change in Other Net Operating Assets | -43.00M | -49.00M | -13.00M | 39.00M | -15.00M | -66.00M |
| Operating Cash Flow | 1.25B | 1.30B | 1.07B | 1.81B | 975.00M | 1.17B |
| Capital Expenditures | -664.00M | -805.00M | -1.30B | -1.26B | -952.00M | -520.00M |
| Sale of Property, Plant & Equipment | 21.00M | 218.00M | 554.00M | 1.00M | 39.00M | |
| Cash Acquisitions | -98.00M | -1.59B | ||||
| Divestitures | 726.00M | |||||
| Sale (Purchase) of Intangibles | -15.00M | -4.00M | -15.00M | -30.00M | -11.00M | -312.00M |
| Investment in Securities | 3.00M | 25.00M | 53.00M | 1.00M | 126.00M | 200.00M |
| Other Investing Activities | 2.00M | -5.00M | 36.00M | 416.00M | -1.43B | |
| Investing Cash Flow | -751.00M | -571.00M | -704.00M | -1.26B | -382.00M | -2.92B |
| Long-Term Debt Issued | 1.58B | 7.53B | 5.46B | 1.50B | 1.31B | |
| Long-Term Debt Repaid | -2.00B | -7.68B | -6.11B | -2.74B | -2.35B | |
| Net Debt Issued (Repaid) | -302.00M | -415.00M | -153.00M | -654.00M | -1.24B | -1.04B |
| Issuance of Common Stock | 1.00M | 3.00M | ||||
| Repurchase of Common Stock | -64.00M | -246.00M | -208.00M | -27.00M | -27.00M | -45.00M |
| Other Financing Activities | -91.00M | -102.00M | -137.00M | -32.00M | -15.00M | 533.00M |
| Financing Cash Flow | -457.00M | -763.00M | -498.00M | -713.00M | -1.28B | -550.00M |
| Foreign Exchange Rate Adjustments | -29.00M | 32.00M | ||||
| Miscellaneous Cash Flow Adjustments | 10.00M | |||||
| Net Cash Flow | 38.00M | -32.00M | -127.00M | -160.00M | -718.00M | -2.26B |
| Free Cash Flow | 582.00M | 497.00M | -221.00M | 545.00M | 23.00M | 652.00M |
| Free Cash Flow Margin | 4.97% | 4.33% | -1.97% | 4.73% | 0.21% | 6.81% |
| Free Cash Flow Per Share | 2.85 | 2.39 | -1.03 | 2.52 | 0.11 | 3.09 |
| Levered Free Cash Flow | 783.62M | 693.25M | -52.75M | 563.00M | 1.60B | 2.55B |
| Unlevered Free Cash Flow | 2.04B | 1.97B | 1.25B | 1.83B | 2.72B | 3.65B |
| Cash Interest Paid | 2.11B | 2.16B | 2.38B | 2.13B | 2.01B | 1.92B |
| Cash Income Tax Paid | 34.00M | 81.00M | 48.00M | 26.00M | 22.00M | 9.00M |
| Change in Working Capital | -207.00M | -201.00M | -475.00M | -60.00M | -247.00M | 294.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.91B | 4.77B | 7.10B | 10.11B | 8.93B | 19.99B |
| Enterprise Value | 30.86B | 29.87B | 32.78B | 35.30B | 33.53B | 45.97B |
| Last Close Price | 29.09 | 23.39 | 33.42 | 46.88 | 41.60 | 93.53 |
| PE Ratio | 12.87 | |||||
| Forward PE | 236.32 | 44.75 | 35.89 | 85.47 | 98.49 | |
| PS Ratio | 0.50 | 0.42 | 0.63 | 0.88 | 0.82 | 2.09 |
| PB Ratio | 1.81 | 1.29 | 1.62 | 2.14 | 2.38 | 4.40 |
| P/FCF Ratio | 10.16 | 9.61 | 18.55 | 388.08 | 30.67 | |
| P/OCF Ratio | 4.74 | 3.67 | 6.61 | 5.59 | 9.15 | 17.06 |
| PEG Ratio | 3.23 | 3.23 | 3.23 | 3.23 | 3.23 | |
| EV/Sales Ratio | 2.63 | 2.60 | 2.92 | 3.06 | 3.10 | 4.80 |
| EV/EBITDA Ratio | 8.97 | 8.54 | 9.11 | 9.25 | 10.94 | 16.23 |
| EV/EBIT Ratio | 15.23 | 14.37 | 14.41 | 13.82 | 18.02 | 26.94 |
| EV/FCF Ratio | 53.02 | 60.09 | 64.77 | 1,457.74 | 70.50 | |
| Debt / Equity Ratio | 7.49 | 6.95 | 5.89 | 5.47 | 6.97 | 5.95 |
| Debt / EBITDA Ratio | 7.04 | 6.87 | 6.72 | 6.34 | 7.83 | 8.82 |
| Debt / FCF Ratio | 44.34 | 51.55 | 47.34 | 1,136.39 | 41.44 | |
| Net Debt / Equity Ratio | 7.24 | 6.71 | 5.69 | 5.25 | 6.69 | 5.71 |
| Net Debt / EBITDA Ratio | 7.26 | 7.08 | 6.92 | 6.50 | 8.19 | 9.16 |
| Net Debt / FCF Ratio | 42.86 | 49.77 | -112.72 | 45.49 | 1,091.26 | 39.80 |
| Asset Turnover | 0.37 | 0.36 | 0.34 | 0.34 | 0.30 | 0.26 |
| Inventory Turnover | 132.58 | 130.52 | 119.10 | 102.76 | 106.95 | 108.07 |
| Quick Ratio | 0.60 | 0.60 | 0.59 | 0.60 | 0.62 | 0.29 |
| Current Ratio | 0.82 | 0.80 | 0.77 | 0.76 | 0.79 | 1.13 |
| Return on Equity (ROE) | -12.56% | -10.84% | -4.64% | 19.55% | -12.64% | -20.59% |
| Return on Assets (ROA) | 4.00% | 4.04% | 4.31% | 4.77% | 3.25% | 2.87% |
| Return on Invested Capital (ROIC) | 7.12% | 7.20% | 7.74% | 8.75% | 6.27% | 5.61% |
| Return on Capital Employed (ROCE) | 6.90% | 7.10% | 7.50% | 8.30% | 6.00% | 5.20% |
| Earnings Yield | -9.04% | -10.51% | -3.91% | 7.77% | -10.07% | -5.10% |
| FCF Yield | 9.85% | 10.41% | -3.11% | 5.39% | 0.26% | 3.26% |
| Buyback Yield / Dilution | 2.62% | 3.26% | 0.46% | -0.94% | -1.42% | -62.31% |