NASDAQ : PENN
PENN Entertainment, Inc. — Financial statements
Consumer Discretionary · Resorts & Casinos · United States
Last price 15.33 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.95B
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Financial statements
PENN Entertainment, Inc. (PENN) reported revenue of 7.16B 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 | |
|---|---|---|---|---|---|---|
| Revenue | 7.16B | 6.96B | 6.58B | 6.36B | 6.40B | 5.91B |
| Cost of Revenue | 4.64B | 4.61B | 4.41B | 4.00B | 3.38B | 2.97B |
| Gross Profit | 2.52B | 2.35B | 2.16B | 2.36B | 3.02B | 2.94B |
| Selling, General & Admin | 1.64B | 1.63B | 1.57B | 1.55B | 1.07B | 1.31B |
| Other Operating Expenses | 251.60M | 180.20M | ||||
| Operating Expenses | 2.11B | 2.08B | 2.00B | 1.98B | 1.89B | 1.83B |
| Operating Income | 409.50M | 275.30M | 161.90M | 381.50M | 1.14B | 1.11B |
| Interest Expense | -400.90M | -405.80M | -470.50M | -464.70M | -758.20M | -562.80M |
| Interest & Investment Income | 150.80M | 152.30M | 23.60M | 40.30M | 18.30M | 1.10M |
| Earnings From Equity Investments | 33.70M | 37.70M | 28.10M | 25.30M | 23.70M | 38.70M |
| Currency Exchange Gain (Loss) | -53.90M | 65.50M | -139.10M | 44.10M | -114.20M | |
| Other Non Operating Income (Expenses) | 57.50M | -57.50M | 144.40M | 468.60M | 112.00M | -2.50M |
| EBT Excluding Unusual Items | 196.70M | 67.50M | -251.60M | 495.10M | 417.70M | 580.80M |
| Merger & Restructuring Charges | -25.00M | -52.10M | -43.10M | |||
| Impairment of Goodwill | -832.00M | -832.00M | -12.30M | -30.00M | -37.40M | |
| Gain (Loss) on Sale of Investments | -215.10M | -6.40M | -69.90M | 5.00M | ||
| Gain (Loss) on Sale of Assets | -923.20M | |||||
| Asset Writedown | -98.30M | -113.30M | -76.80M | -100.60M | -80.80M | |
| Other Unusual Items | 26.30M | 57.10M | -600.00K | 76.60M | -12.90M | -3.60M |
| Pretax Income | -922.40M | -820.70M | -341.30M | -499.60M | 175.30M | 539.10M |
| Income Tax Expense | -13.70M | 24.60M | -28.00M | -8.20M | -46.40M | 118.60M |
| Earnings From Continuing Operations | -908.70M | -845.30M | -313.30M | -491.40M | 221.70M | 420.50M |
| Minority Interest in Earnings | 2.00M | 2.20M | 1.80M | 1.40M | 400.00K | 300.00K |
| Net Income | -906.70M | -843.10M | -311.50M | -490.00M | 222.10M | 420.80M |
| Preferred Dividends & Other Adjustments | 900.00K | 2.10M | ||||
| Net Income to Common | -906.70M | -843.10M | -311.50M | -490.00M | 221.20M | 418.70M |
| Shares Outstanding (Basic) | 136.10M | 144.60M | 152.10M | 152.10M | 161.20M | 158.70M |
| Shares Outstanding (Diluted) | 136.10M | 144.60M | 152.10M | 152.10M | 176.60M | 175.50M |
| EPS (Basic) | -6.66 | -5.83 | -2.05 | -3.22 | 1.37 | 2.64 |
| EPS (Diluted) | -6.68 | -5.83 | -2.05 | -3.22 | 1.29 | 2.48 |
| Free Cash Flow | 96.10M | -139.50M | -123.40M | 95.90M | 614.80M | 652.00M |
| Free Cash Flow Per Share | 0.71 | -0.96 | -0.81 | 0.63 | 3.48 | 3.71 |
| Gross Margin | 35.16% | 33.79% | 32.89% | 37.12% | 47.20% | 49.74% |
| Operating Margin | 5.72% | 3.96% | 2.46% | 6.00% | 17.75% | 18.73% |
| Profit Margin | -12.66% | -12.11% | -4.74% | -7.70% | 3.45% | 7.09% |
| Free Cash Flow Margin | 1.34% | -2.00% | -1.88% | 1.51% | 9.60% | 11.04% |
| EBITDA | 872.70M | 722.20M | 595.50M | 816.60M | 1.70B | 1.45B |
| EBITDA Margin | 12.19% | 10.38% | 9.05% | 12.83% | 26.61% | 24.57% |
| D&A For EBITDA | 463.20M | 446.90M | 433.60M | 435.10M | 567.50M | 344.50M |
| EBIT | 409.50M | 275.30M | 161.90M | 381.50M | 1.14B | 1.11B |
| EBIT Margin | 5.72% | 3.96% | 2.46% | 6.00% | 17.75% | 18.73% |
| Effective Tax Rate | 22.00% | |||||
| Revenue as Reported | 7.16B | 6.96B | 6.58B | 6.36B | 6.40B | 5.91B |
| Advertising Expenses | 358.10M | 456.40M | 173.30M | 94.80M | 88.20M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 887.20M | 686.60M | 706.60M | 1.07B | 1.62B | 1.86B |
| Cash & Short-Term Investments | 887.20M | 686.60M | 706.60M | 1.07B | 1.62B | 1.86B |
| Accounts Receivable | 245.90M | 126.10M | 136.30M | 171.50M | 115.60M | 78.50M |
| Other Receivables | 120.70M | 113.30M | 137.30M | 123.40M | 103.70M | |
| Receivables | 245.90M | 246.80M | 249.60M | 308.80M | 239.00M | 182.20M |
| Prepaid Expenses | 121.50M | 151.70M | 152.30M | 225.60M | 106.10M | 132.30M |
| Restricted Cash | 29.10M | 27.00M | 16.00M | 21.50M | 19.00M | 15.00M |
| Other Current Assets | 40.10M | 54.00M | 29.90M | 31.30M | 25.30M | 30.20M |
| Total Current Assets | 1.32B | 1.17B | 1.15B | 1.66B | 2.01B | 2.22B |
| Property, Plant & Equipment | 9.28B | 9.61B | 9.70B | 9.82B | 10.62B | 9.44B |
| Long-Term Investments | 105.20M | 79.40M | 86.20M | 110.20M | 280.30M | 361.20M |
| Goodwill | 1.77B | 1.79B | 2.56B | 2.70B | 2.69B | 2.82B |
| Other Intangible Assets | 1.39B | 1.40B | 1.53B | 1.62B | 1.74B | 1.87B |
| Other Long-Term Assets | 203.40M | 223.90M | 232.00M | 162.00M | 161.20M | 157.00M |
| Total Assets | 14.07B | 14.27B | 15.26B | 16.06B | 17.50B | 16.87B |
| Accounts Payable | 62.40M | 54.20M | 50.80M | 36.60M | 40.10M | 53.30M |
| Accrued Expenses | 878.70M | 608.20M | 570.30M | 787.00M | 671.80M | 679.60M |
| Current Portion of Long-Term Debt | 33.10M | 38.20M | 38.20M | 47.60M | 56.20M | 99.50M |
| Current Portion of Leases | 521.20M | 477.50M | 418.80M | 383.90M | 257.70M | 181.90M |
| Other Current Liabilities | 297.40M | 337.00M | 234.90M | 132.90M | 118.90M | |
| Total Current Liabilities | 1.50B | 1.48B | 1.42B | 1.49B | 1.16B | 1.13B |
| Long-Term Debt | 2.74B | 2.85B | 2.73B | 2.72B | 2.72B | 2.64B |
| Long-Term Leases | 7.77B | 7.91B | 8.06B | 8.39B | 9.87B | 8.69B |
| Long-Term Unearned Revenue | 36.50M | 34.10M | 42.60M | 39.00M | 46.50M | 52.20M |
| Long-Term Deferred Tax Liabilities | 110.70M | 87.80M | 61.00M | 117.60M | 33.90M | 189.10M |
| Other Long-Term Liabilities | 64.90M | 87.10M | 92.40M | 107.30M | 71.40M | 76.80M |
| Total Liabilities | 12.22B | 12.44B | 12.40B | 12.86B | 13.91B | 12.78B |
| Common Stock | 1.80M | 1.80M | 1.80M | 1.80M | 1.70M | 1.70M |
| Additional Paid-In Capital | 4.68B | 4.65B | 4.54B | 4.44B | 4.22B | 4.24B |
| Retained Earnings | -1.46B | -1.49B | -647.00M | -335.50M | 154.50M | -86.50M |
| Treasury Stock | -1.14B | -1.14B | -779.50M | -779.50M | -629.50M | -28.40M |
| Comprehensive Income & Other | -220.70M | -193.30M | -255.00M | -121.30M | -168.60M | -54.40M |
| Total Common Equity | 1.86B | 1.83B | 2.86B | 3.20B | 3.58B | 4.07B |
| Minority Interest | -7.50M | -6.50M | -4.30M | -2.50M | -1.10M | -700.00K |
| Shareholders' Equity | 1.85B | 1.83B | 2.86B | 3.20B | 3.60B | 4.10B |
| Total Liabilities & Equity | 14.07B | 14.27B | 15.26B | 16.06B | 17.50B | 16.87B |
| Total Debt | 11.06B | 11.27B | 11.25B | 11.54B | 12.91B | 11.61B |
| Net Cash (Debt) | -10.18B | -10.59B | -10.54B | -10.47B | -11.28B | -9.74B |
| Net Cash Per Share | -74.76 | -73.21 | -69.31 | -68.84 | -63.90 | -55.51 |
| Filing Date Shares Outstanding | 127.35M | 126.83M | 147.44M | 149.42M | 150.32M | 166.05M |
| Total Common Shares Outstanding | 127.24M | 126.25M | 147.19M | 149.11M | 151.25M | 167.94M |
| Working Capital | -171.60M | -309.40M | -260.70M | 169.00M | 854.70M | 1.09B |
| Book Value Per Share | 14.63 | 14.53 | 19.45 | 21.48 | 23.66 | 24.25 |
| Tangible Book Value | -1.29B | -1.36B | -1.23B | -1.11B | -850.10M | -623.10M |
| Tangible Book Value Per Share | -10.17 | -10.75 | -8.36 | -7.45 | -5.62 | -3.71 |
| Land | 120.00M | 125.50M | 137.20M | 137.10M | 147.60M | |
| Buildings | 325.70M | 323.40M | 323.20M | 324.60M | 327.30M | |
| Machinery | 2.00B | 1.85B | 1.85B | 1.75B | 1.71B | |
| Construction In Progress | 427.10M | 491.40M | 172.80M | 166.80M | 70.70M | |
| Leasehold Improvements | 752.70M | 584.40M | 521.20M | 353.50M | 292.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -906.70M | -843.10M | -311.50M | -490.00M | 222.10M | 420.80M |
| Depreciation & Amortization | 463.20M | 446.90M | 433.60M | 435.10M | 567.50M | 344.50M |
| Other Amortization | 8.30M | 8.30M | 8.70M | 8.10M | 9.00M | 22.80M |
| Loss (Gain) From Sale of Assets | 400.00K | 400.00K | 10.00M | 923.30M | 7.90M | 1.10M |
| Asset Writedown & Restructuring Costs | 930.30M | 945.30M | 89.10M | 130.60M | 118.20M | |
| Loss (Gain) From Sale of Investments | 69.90M | 24.90M | ||||
| Loss (Gain) on Equity Investments | 3.50M | -300.00K | 5.30M | 8.00M | 10.10M | -6.90M |
| Stock-Based Compensation | 60.70M | 60.90M | 52.90M | 85.90M | 58.10M | 35.10M |
| Other Operating Activities | 482.30M | 288.00M | 388.00M | -254.50M | -23.20M | 143.20M |
| Change in Accounts Receivable | 5.00M | 1.60M | 58.90M | -74.80M | -81.20M | -82.30M |
| Change in Accounts Payable | 5.40M | -2.40M | 14.20M | -8.60M | -13.40M | -30.40M |
| Change in Income Taxes | -12.90M | -3.80M | 33.40M | -50.20M | 27.30M | 10.20M |
| Change in Other Net Operating Assets | -388.30M | -393.60M | -423.30M | -257.00M | -94.10M | 13.10M |
| Operating Cash Flow | 651.20M | 508.20M | 359.30M | 455.90M | 878.20M | 896.10M |
| Capital Expenditures | -555.10M | -647.70M | -482.70M | -360.00M | -263.40M | -244.10M |
| Sale of Property, Plant & Equipment | 4.90M | 1.50M | ||||
| Cash Acquisitions | -314.60M | -919.60M | ||||
| Divestitures | -50.90M | |||||
| Sale (Purchase) of Intangibles | -38.10M | -37.70M | -57.90M | -21.90M | -9.00M | -24.20M |
| Investment in Securities | -17.80M | -15.00M | -26.00M | |||
| Other Investing Activities | 559.80M | 334.30M | -600.00K | 4.80M | 23.90M | -9.40M |
| Investing Cash Flow | -51.20M | -351.10M | -541.20M | -742.60M | -258.60M | -1.22B |
| Long-Term Debt Issued | 904.30M | 29.30M | 34.40M | 1.54B | 426.60M | |
| Total Debt Issued | 2.58B | 904.30M | 29.30M | 34.40M | 1.54B | 426.60M |
| Long-Term Debt Repaid | -696.80M | -164.00M | -123.80M | -1.76B | -135.60M | |
| Total Debt Repaid | -2.69B | -696.80M | -164.00M | -123.80M | -1.76B | -135.60M |
| Net Debt Issued (Repaid) | -103.50M | 207.50M | -134.70M | -89.40M | -211.20M | 291.00M |
| Issuance of Common Stock | 6.90M | 10.80M | ||||
| Repurchase of Common Stock | -239.10M | -354.40M | -149.80M | -601.10M | ||
| Other Financing Activities | -37.40M | -18.70M | -51.80M | -23.40M | -47.60M | 38.10M |
| Financing Cash Flow | -380.00M | -165.60M | -186.50M | -262.60M | -853.00M | 339.90M |
| Foreign Exchange Rate Adjustments | -3.00M | -500.00K | -2.30M | -400.00K | -2.50M | -4.50M |
| Net Cash Flow | 217.00M | -9.00M | -370.70M | -549.70M | -235.90M | 9.70M |
| Free Cash Flow | 96.10M | -139.50M | -123.40M | 95.90M | 614.80M | 652.00M |
| Free Cash Flow Margin | 1.34% | -2.00% | -1.88% | 1.51% | 9.60% | 11.04% |
| Free Cash Flow Per Share | 0.71 | -0.96 | -0.81 | 0.63 | 3.48 | 3.71 |
| Levered Free Cash Flow | -54.33M | -293.76M | -217.97M | 97.30M | 546.19M | 603.99M |
| Unlevered Free Cash Flow | 187.94M | -48.44M | 67.39M | 379.64M | 1.01B | 932.94M |
| Cash Interest Paid | 382.90M | 383.00M | 415.50M | 420.10M | 721.70M | 514.60M |
| Cash Income Tax Paid | 4.70M | -3.80M | 73.90M | 72.80M | 108.30M | |
| Change in Working Capital | -390.80M | -398.20M | -316.80M | -390.60M | -161.40M | -89.40M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.17B | 1.97B | 2.97B | 3.89B | 4.54B | 8.76B |
| Enterprise Value | 12.34B | 12.47B | 13.44B | 14.07B | 15.75B | 17.66B |
| Last Close Price | 17.02 | 14.75 | 19.82 | 26.02 | 29.70 | 51.85 |
| PE Ratio | 20.52 | 20.93 | ||||
| Forward PE | 10.52 | 22.28 | 166.84 | 34.52 | 16.25 | 22.20 |
| PS Ratio | 0.30 | 0.28 | 0.45 | 0.61 | 0.71 | 1.48 |
| PB Ratio | 1.16 | 1.07 | 1.04 | 1.22 | 1.26 | 2.14 |
| P/FCF Ratio | 22.55 | 40.56 | 7.38 | 13.44 | ||
| P/OCF Ratio | 3.33 | 3.87 | 8.25 | 8.53 | 5.17 | 9.78 |
| PEG Ratio | 244.86 | 244.86 | 244.86 | 0.41 | 0.41 | |
| EV/Sales Ratio | 1.72 | 1.79 | 2.04 | 2.21 | 2.46 | 2.99 |
| EV/EBITDA Ratio | 14.14 | 17.27 | 22.58 | 17.23 | 9.24 | 12.17 |
| EV/EBIT Ratio | 30.14 | 45.30 | 83.04 | 36.88 | 13.86 | 15.96 |
| EV/FCF Ratio | 128.43 | 146.71 | 25.61 | 27.08 | ||
| Debt / Equity Ratio | 5.97 | 6.17 | 3.94 | 3.61 | 3.59 | 2.83 |
| Debt / EBITDA Ratio | 6.73 | 7.64 | 8.46 | 7.62 | 6.61 | 5.83 |
| Debt / FCF Ratio | 115.11 | 120.36 | 21.00 | 17.80 | ||
| Net Debt / Equity Ratio | 5.49 | 5.79 | 3.69 | 3.27 | 3.14 | 2.38 |
| Net Debt / EBITDA Ratio | 11.66 | 14.66 | 17.70 | 12.82 | 6.62 | 6.71 |
| Net Debt / FCF Ratio | 105.88 | -75.88 | -85.43 | 109.18 | 18.36 | 14.94 |
| Asset Turnover | 0.49 | 0.47 | 0.42 | 0.38 | 0.37 | 0.37 |
| Quick Ratio | 0.76 | 0.63 | 0.68 | 0.93 | 1.61 | 1.81 |
| Current Ratio | 0.89 | 0.79 | 0.82 | 1.11 | 1.74 | 1.96 |
| Return on Equity (ROE) | -37.58% | -36.08% | -10.34% | -14.46% | 5.76% | 12.45% |
| Return on Assets (ROA) | 1.75% | 1.17% | 0.65% | 1.42% | 4.13% | 4.38% |
| Return on Invested Capital (ROIC) | 3.36% | 2.13% | 1.20% | 2.67% | 7.91% | 6.69% |
| Return on Capital Employed (ROCE) | 3.30% | 2.20% | 1.20% | 2.60% | 7.00% | 7.00% |
| Earnings Yield | -39.27% | -42.90% | -10.50% | -12.60% | 4.89% | 4.80% |
| FCF Yield | 4.43% | -7.10% | -4.16% | 2.47% | 13.54% | 7.44% |
| Buyback Yield / Dilution | 10.11% | 4.93% | 13.87% | -0.63% | -30.97% |