Gaming and Leisure (GLPI)
NASDAQ:GLPI
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Earnings Data
Report Date
Jul 23, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.8Last Year’s EPS
0.54Same Quarter Last Year
Moderate Buy
Based on 10 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive: management reported mid- to high-single-digit AFFO growth, raised and clarified 2026 guidance, showed strong cash rent gains (~$33M) and operating expense reductions (~$49.8M), highlighted a sizable and active $1.8B development/acquisition pipeline and healthy balance sheet optionality (5x leverage, ~$275M cash, $363M forward equity expected). Challenges cited were manageable and mostly idiosyncratic—noncash accounting offsets (~$8M), one material lease with coverage pressure (Caesars at 1.59x), Pinnacle escalator pause (<$4M impact), operator credit-market turbulence, and several transaction-specific uncertainties (Rockford loan, potential Caesars corporate transaction). Overall, the positives substantially outweighed the negatives, with management emphasizing accretive underwriting, deal optionality, and continued execution on developments.Company Guidance
AFFO Growth and Guidance
AFFO and AFFO per share grew in mid- to high-single digits in Q1; full-year 2026 AFFO guidance raised to $1.212 billion–$1.223 billion (or $4.08–$4.12 per diluted share in OP units).
Year-over-Year Cash Rent and Income Improvement
Total income from real estate exceeded Q1 2025 by over $24 million, driven by approximately $33 million in cash rent increases from acquisitions and transformations (including Bally's Lincoln, Chicago lease +$5.5M, Bally's Baton Rouge +$2.6M and other portfolio contributions).
Operating Expense Reduction
Operating expenses decreased by $49.8 million year-over-year, primarily due to noncash adjustments in the provision for credit losses.
Active and Visible Development Pipeline
Future capital commitments are roughly $1.8 billion (nearly all expected to be deployed by year-end 2027); 2026 development spend guidance increased to $750 million–$800 million (with $590 million–$640 million expected in the remainder of 2026), reflecting faster spend cadence (notably Chicago).
Recent Project Openings Performing Strongly
Recent developments reported strong early performance: Live Petersburg recorded just over $15 million per month in each of its first two months; Hollywood Joliet, Bally's Baton Rouge, and Ione tribal openings also cited as robust contributors and market-expanders.
Balance Sheet Optionality
Leverage at ~5.0x (low end of target); cash on hand ~$275 million; anticipated forward equity settlement of $363 million expected June 1; annual free cash flow approximately $230 million — management emphasizes optionality to fund accretive commitments.
Accretive Acquisition Activity
Acquisition of Bally's Lincoln closed in February; acquisition of PENN's Aurora facility for $225 million is included in guidance and expected late in Q2; management indicates continued active dialogues on transactions with market-normalizing cap rates and accretive deal opportunities.
Lease Coverage Largely Strong
Management states the vast majority of leases have rent coverage at 1.8x or higher, and overall rent coverage trends were described as solid across the portfolio.
Cap Rate Market Normalization
Management observes cap-rate normalization that is accretive to GLPI, citing recent deal-level evidence nearer to the 8% range (e.g., Lincoln) rather than lower historical prints near 7.5%.
GLPI Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
GLPI Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 23, 2026 | $46.64 | $47.31 | +1.44% |
Feb 19, 2026 | $46.59 | $46.49 | -0.21% |
Oct 30, 2025 | $41.28 | $43.14 | +4.49% |
Jul 24, 2025 | $44.81 | $44.36 | -1.00% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Gaming and Leisure (GLPI) report earnings?
Gaming and Leisure (GLPI) is schdueled to report earning on Jul 23, 2026, Before Open (Confirmed).
What is Gaming and Leisure (GLPI) earnings time?
Gaming and Leisure (GLPI) earnings time is at Jul 23, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is GLPI EPS forecast?
GLPI EPS forecast for the fiscal quarter 2026 (Q2) is 0.8.