NASDAQ : GLPI
Gaming and Leisure Properties, Inc. — Financial statements
Real Estate · REIT - Specialty · United States
Last price 38.98 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 11.67B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 1.44B | 1.37B | 1.33B | 1.29B | 1.17B | 1.11B |
| Other Revenue | 109.69M | |||||
| Total Revenue | 1.69B | 1.59B | 1.53B | 1.44B | 1.31B | 1.22B |
| Property Expenses | 55.96M | 55.41M | 47.67M | 48.12M | 49.05M | 90.43M |
| Selling, General & Administrative | 56.37M | 63.49M | 59.57M | 56.45M | 51.32M | 61.24M |
| Depreciation & Amortization | 265.06M | 265.86M | 260.15M | 262.87M | 238.69M | 236.43M |
| Provision for Loan Losses | 17.88M | -8.66M | -37.25M | -6.46M | -6.90M | -8.23M |
| Total Operating Expenses | 359.51M | 393.42M | 404.65M | 373.90M | 345.95M | 396.33M |
| Operating Income | 1.33B | 1.20B | 1.13B | 1.07B | 965.73M | 820.02M |
| Interest Expense | -388.06M | -373.88M | -366.90M | -323.39M | -309.29M | -283.04M |
| Interest & Investment Income | 15.04M | 28.80M | 45.99M | 12.61M | 1.91M | 197.00K |
| Other Non-Operating Income | 2.19M | -3.30M | ||||
| EBT Excluding Unusual Items | 960.46M | 856.24M | 805.99M | 757.90M | 655.05M | 537.18M |
| Gain (Loss) on Sale of Assets | 5.60M | 125.00K | 3.79M | 22.00K | 67.48M | 21.75M |
| Total Insurance Settlements | 3.50M | |||||
| Other Unusual Items | -268.00K | -3.78M | -556.00K | -2.19M | ||
| Pretax Income | 965.79M | 852.59M | 809.78M | 757.37M | 720.34M | 562.43M |
| Income Tax Expense | 2.25M | 2.23M | 2.13M | 2.00M | 17.05M | 28.34M |
| Earnings From Continuing Operations | 963.53M | 850.36M | 807.65M | 755.37M | 703.28M | 534.09M |
| Minority Interest in Earnings | -28.35M | -25.25M | -23.03M | -21.09M | -18.63M | -39.00K |
| Net Income | 935.18M | 825.11M | 784.62M | 734.28M | 684.65M | 534.05M |
| Preferred Dividends & Other Adjustments | 644.00K | 741.00K | 459.00K | 434.00K | 432.00K | 346.00K |
| Net Income to Common | 934.53M | 824.37M | 784.16M | 733.85M | 684.22M | 533.70M |
| Basic Shares Outstanding | 285.75M | 279.61M | 272.80M | 264.05M | 252.72M | 235.47M |
| Diluted Shares Outstanding | 285.91M | 279.92M | 273.53M | 264.99M | 253.85M | 236.23M |
| EPS (Basic) | 3.27 | 2.95 | 2.87 | 2.78 | 2.71 | 2.27 |
| EPS (Diluted) | 3.27 | 2.95 | 2.87 | 2.77 | 2.70 | 2.26 |
| Dividend Per Share | 3.20 | 3.10 | 3.04 | 2.90 | 2.81 | 2.66 |
| Operating Margin | 78.77% | 75.33% | 73.58% | 74.04% | 73.62% | 67.42% |
| Profit Margin | 55.20% | 51.69% | 51.20% | 50.95% | 52.16% | 43.88% |
| EBITDA | 1.62B | 1.48B | 1.40B | 1.34B | 1.22B | 1.07B |
| EBITDA Margin | 95.43% | 93.07% | 91.43% | 93.23% | 93.03% | 88.14% |
| D&A For Ebitda | 282.14M | 282.94M | 273.42M | 276.42M | 254.55M | 252.05M |
| EBIT | 1.33B | 1.20B | 1.13B | 1.07B | 965.73M | 820.02M |
| EBIT Margin | 78.77% | 75.33% | 73.58% | 74.04% | 73.62% | 67.42% |
| Funds From Operations (FFO) | 1.22B | 1.11B | 1.06B | 1.02B | 887.25M | 765.74M |
| FFO Per Share | 3.86 | 3.77 | 3.73 | 3.40 | ||
| Adjusted Funds From Operations (AFFO) | 1.20B | 1.12B | 1.06B | 1.01B | 924.36M | 812.01M |
| AFFO Per Share | 3.88 | 3.77 | 3.69 | 3.55 | ||
| FFO Payout Ratio | 75.29% | 78.25% | 78.22% | 75.64% | 86.88% | 82.78% |
| Effective Tax Rate | 0.23% | 0.26% | 0.26% | 0.26% | 2.37% | 5.04% |
| Revenue as Reported | 1.69B | 1.59B | 1.53B | 1.44B | 1.31B | 1.22B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 10.72B | 9.55B | 9.24B | 9.00B | 8.54B | 8.63B |
| Cash & Equivalents | 165.75M | 224.31M | 462.63M | 683.98M | 239.08M | 724.60M |
| Accounts Receivable | 2.80B | 2.81B | 2.59B | 2.02B | 1.90B | 1.20B |
| Investment In Debt and Equity Securities | 560.83M | |||||
| Loans Receivable Current | 315.63M | 248.00M | 160.59M | 39.04M | ||
| Other Current Assets | 77.73M | |||||
| Other Long-Term Assets | 94.83M | 84.95M | 63.46M | 55.72M | 246.11M | 57.09M |
| Total Assets | 14.10B | 12.91B | 13.08B | 11.81B | 10.93B | 10.69B |
| Current Portion of Long-Term Debt | 830.00K | 3.46M | 850.00M | 400.00M | 500.00M | |
| Current Portion of Leases | 5.01M | 20.00M | ||||
| Long-Term Debt | 8.08B | 7.20B | 6.89B | 6.23B | 5.63B | 6.55B |
| Long-Term Leases | 297.84M | 283.70M | 305.76M | 251.11M | 235.76M | 237.25M |
| Accounts Payable | 9.35M | 6.64M | 5.80M | 7.01M | 6.56M | 63.54M |
| Accrued Expenses | 80.12M | 116.46M | 112.91M | 90.56M | 89.04M | 78.61M |
| Long-Term Unearned Revenue | 211.87M | 205.79M | 228.51M | 284.89M | 324.77M | 329.07M |
| Other Long-Term Liabilities | 57.52M | 65.03M | 41.57M | 36.57M | 27.69M | 39.46M |
| Total Liabilities | 8.74B | 7.90B | 8.43B | 7.30B | 6.81B | 7.30B |
| Common Stock | 2.91M | 2.83M | 2.74M | 2.71M | 2.61M | 2.47M |
| Additional Paid-In Capital | 6.97B | 6.61B | 6.21B | 6.05B | 5.57B | 4.95B |
| Retained Earnings | -2.02B | -1.99B | -1.94B | -1.90B | -1.80B | -1.77B |
| Comprehensive Income & Other | 835.00K | 904.00K | ||||
| Total Common Equity | 4.96B | 4.63B | 4.27B | 4.16B | 3.78B | 3.19B |
| Minority Interest | 398.82M | 381.81M | 376.96M | 352.05M | 340.14M | 205.13M |
| Shareholders' Equity | 5.35B | 5.01B | 4.65B | 4.51B | 4.12B | 3.39B |
| Total Liabilities & Equity | 14.10B | 12.91B | 13.08B | 11.81B | 10.93B | 10.69B |
| Total Debt | 8.38B | 7.51B | 8.04B | 6.88B | 6.36B | 6.79B |
| Net Cash (Debt) | -8.22B | -7.28B | -7.58B | -6.19B | -6.13B | -6.07B |
| Net Cash Per Share | -28.74 | -26.02 | -27.71 | -23.38 | -24.13 | -25.67 |
| Filing Date Shares Outstanding | 290.92M | 283.22M | 274.83M | 271.50M | 262.35M | 247.54M |
| Total Common Shares Outstanding | 290.92M | 283.04M | 274.42M | 270.92M | 260.73M | 247.21M |
| Book Value Per Share | 17.03 | 16.35 | 15.55 | 15.34 | 14.49 | 12.88 |
| Tangible Book Value | 4.96B | 4.63B | 4.27B | 4.16B | 3.78B | 3.19B |
| Tangible Book Value Per Share | 17.03 | 16.35 | 15.55 | 15.34 | 14.49 | 12.88 |
| Land | 4.98B | 4.54B | 4.53B | 4.29B | 3.92B | 3.87B |
| Buildings | 7.75B | 7.35B | 6.96B | 6.79B | 6.41B | 6.31B |
| Construction In Progress | 686.61M | 230.83M | 39.54M | 29.56M | 5.70M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 935.18M | 825.11M | 784.62M | 734.28M | 684.65M | 534.05M |
| Depreciation & Amortization | 282.14M | 282.94M | 273.42M | 276.42M | 254.55M | 252.05M |
| Other Amortization | 855.00K | 9.97M | 9.93M | |||
| Gain (Loss) on Sale of Assets | -34.88M | -28.05M | -32.28M | -22.61M | -86.44M | -21.75M |
| Gain (Loss) on Sale of Investments | 10.84M | -10.84M | ||||
| Asset Writedown | 5.49M | |||||
| Stock-Based Compensation | 22.06M | 21.18M | 24.26M | 22.87M | 20.43M | 16.83M |
| Change in Accounts Payable | 3.31M | 2.88M | -1.39M | 1.22M | -251.00K | -3.41M |
| Change in Other Net Operating Assets | 6.64M | -14.89M | 19.57M | -901.00K | 10.49M | 6.49M |
| Other Operating Activities | 45.35M | 20.74M | -21.84M | -8.38M | 14.34M | 1.37M |
| Operating Cash Flow | 1.24B | 1.13B | 1.07B | 1.01B | 920.13M | 803.78M |
| Acquisition of Real Estate Assets | -1.78B | -589.44M | -680.55M | -510.62M | -374.15M | -503.67M |
| Sale of Real Estate Assets | 11.57M | 125.00K | 148.71M | 2.09M | ||
| Net Sale / Acq. of Real Estate Assets | -1.77B | -589.32M | -680.55M | -510.62M | -225.44M | -501.58M |
| Investment in Marketable & Equity Securities | 550.00M | -550.00M | ||||
| Other Investing Activities | 1.80M | 4.00M | ||||
| Investing Cash Flow | -2.09B | -308.76M | -1.61B | -650.83M | -354.49M | -1.03B |
| Long-Term Debt Issued | 1.29B | 1.52B | 1.08B | 424.00M | 795.01M | |
| Long-Term Debt Repaid | -1.83B | -463.62M | -585.15M | -1.27B | -363.39M | |
| Net Debt Issued (Repaid) | 874.36M | -533.86M | 1.06B | 492.63M | -847.05M | 431.62M |
| Issuance of Common Stock | 350.64M | 402.79M | 148.22M | 469.21M | 611.26M | 662.34M |
| Repurchase of Common Stock | -6.42M | -14.82M | -14.73M | -13.44M | -11.92M | -9.87M |
| Common Dividends Paid | -919.35M | -871.87M | -830.72M | -833.98M | -770.86M | -633.90M |
| Other Financing Activities | -36.82M | -41.22M | -49.27M | -28.07M | -32.57M | -7.12M |
| Miscellaneous Cash Flow Adjustments | 22.13M | |||||
| Net Cash Flow | -585.96M | -238.32M | -221.35M | 444.90M | -485.51M | 238.14M |
| Levered Free Cash Flow | 541.41M | 520.28M | 107.93M | 606.27M | 24.88M | -540.43M |
| Unlevered Free Cash Flow | 783.09M | 753.95M | 337.24M | 808.38M | 208.21M | -373.46M |
| Cash Interest Paid | 351.91M | 357.02M | 330.06M | 309.92M | 286.04M | 273.48M |
| Cash Income Tax Paid | 2.33M | 2.23M | 3.52M | 1.84M | 21.19M | 17.50M |
| Change in Working Capital | 9.95M | -12.01M | 18.18M | 321.00K | 10.24M | 3.08M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 11.67B | 12.65B | 13.21B | 13.18B | 13.41B | 11.97B |
| Enterprise Value | 19.89B | 19.78B | 20.76B | 19.95B | 20.06B | 17.50B |
| Last Close Price | 38.98 | 42.35 | 42.69 | 41.07 | 40.70 | 35.86 |
| Price/FFO Ratio | 10.97 | 11.32 | 11.01 | 11.97 | ||
| Price/AFFO Ratio | 10.91 | 11.32 | 11.13 | 11.46 | ||
| PE Ratio | 11.92 | 15.34 | 16.85 | 17.96 | 19.61 | 22.43 |
| PS Ratio | 6.89 | 7.93 | 8.63 | 9.15 | 10.23 | 9.84 |
| PB Ratio | 2.29 | 2.52 | 2.85 | 2.92 | 3.26 | 3.53 |
| P/OCF Ratio | 9.39 | 11.20 | 12.32 | 13.05 | 14.58 | 14.90 |
| EV/Sales Ratio | 11.75 | 12.40 | 13.55 | 13.85 | 15.29 | 14.39 |
| EV/EBITDA Ratio | 12.31 | 13.33 | 14.83 | 14.85 | 16.44 | 16.32 |
| EV/EBIT Ratio | 14.91 | 16.47 | 18.42 | 18.70 | 20.77 | 21.34 |
| Debt / Equity Ratio | 1.57 | 1.50 | 1.73 | 1.53 | 1.54 | 2.00 |
| Debt / EBITDA Ratio | 5.02 | 4.88 | 5.55 | 4.94 | 5.01 | 6.11 |
| Net Debt / Equity Ratio | 1.53 | 1.45 | 1.63 | 1.37 | 1.49 | 1.79 |
| Net Debt / EBITDA Ratio | 5.09 | 4.91 | 5.41 | 4.61 | 5.02 | 5.66 |
| Asset Turnover | 0.13 | 0.12 | 0.12 | 0.13 | 0.12 | 0.12 |
| Quick Ratio | 31.07 | 20.67 | 3.15 | 5.44 | 3.60 | 13.55 |
| Current Ratio | 34.39 | 22.37 | 3.31 | 5.52 | 3.60 | 14.10 |
| Return on Equity (ROE) | 18.69% | 17.62% | 17.64% | 17.51% | 18.73% | 17.61% |
| Return on Assets (ROA) | 6.20% | 5.78% | 5.66% | 5.86% | 5.58% | 5.20% |
| Return on Invested Capital (ROIC) | 9.68% | 9.51% | 9.34% | 9.73% | 9.13% | 8.30% |
| Earnings Yield | 8.39% | 6.52% | 5.94% | 5.57% | 5.10% | 4.46% |
| Dividend Yield | 8.42% | 6.94% | 6.31% | 5.96% | 5.45% | 5.49% |
| Payout Ratio | 100.29% | 105.67% | 105.88% | 113.58% | 112.59% | 118.70% |
| Buyback Yield / Dilution | -2.88% | -2.33% | -3.22% | -4.39% | -7.46% | -7.49% |
| Total Shareholder Return | 5.54% | 4.60% | 3.09% | 1.57% | -2.00% | -2.00% |