The earnings call presented a mix of positive momentum in the omni-channel and interactive segments, offset by challenges from severe weather impacts, interactive losses, and rising costs due to tariffs. The company's liquidity position and share repurchase program are strong points, but the ongoing higher expenses and market uncertainties pose challenges.

Company Guidance

During PENN Entertainment's first quarter 2025 earnings call, CEO Jay Snowden highlighted several key metrics and developments. Despite severe weather challenges impacting operations, with February seeing weather-impacted days up over three times year-over-year, the company reported retail revenue of $1.4 billion and adjusted EBITDA of $457 million, maintaining a 33.1% adjusted EBITDA margin. Gaming volumes rebounded in March, continuing into April and May, with April seeing a 2% revenue growth across all properties. The company also announced plans for a new Hollywood Casino in Council Bluff, Iowa, which is expected to take 18 to 24 months to complete. Additionally, in Q1, PENN's Interactive segment experienced a $10 million negative EBITDA impact due to unfavorable sports-betting outcomes. However, record gaming revenue and a 165% increase in online theoretical play in Pennsylvania, and 242% in Michigan, demonstrated strong growth in their digital business. The company reiterated its guidance for positive interactive EBITDA by late 2025, despite a first-quarter adjusted Interactive EBITDA loss of $89 million, showing a $107 million improvement year-over-year.

Resilience Following Weather Challenges

Despite severe weather challenges impacting adjusted retail EBITDAR by at least $10 million, gaming volumes rebounded nicely in March and continued through April and May.

Omni-Channel Strategy Success

The omni-channel strategy showed significant success with a 21% increase in retail theoretical play and 165% increase in online theoretical play in Pennsylvania; and a 27% increase in retail theoretical play and 242% increase in online theoretical play in Michigan, year-over-year.

Record Revenue in Interactive Segment

Despite a negative $10 million EBITDA impact from customer-friendly sports betting outcomes, the Interactive segment generated record gaming revenue and significant year-over-year improvements in both adjusted revenue and adjusted EBITDA.

Strong Liquidity and Share Repurchases

PENN ended the first quarter with total liquidity of $1.5 billion and repurchased $35 million of shares at an average price of $16.83.

Stable Retail Revenue Growth

Retail business revenue grew 2% year-over-year across all properties in April, and 4% excluding those impacted by new supply.

PENN Entertainment (PENN) Earnings, Revenues Date & History

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PENN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 30, 2025	2025 (Q3)	-0.01 / -	-0.24	―	―	―
Aug 07, 2025	2025 (Q2)	>-0.01 / -0.12	-0.18	33.33% (+0.06)
May 08, 2025	2025 (Q1)	-0.22 / 0.68	-0.76	189.47% (+1.44)
Feb 27, 2025	2024 (Q4)	-0.36 / -0.88	-2.37	62.87% (+1.49)
Nov 07, 2024	2024 (Q3)	-0.25 / -0.24	-4.8	95.00% (+4.56)
Aug 08, 2024	2024 (Q2)	-0.27 / -0.18	0.467	-138.54% (-0.65)
May 02, 2024	2024 (Q1)	-0.59 / -0.76	3.05	-124.92% (-3.81)
Feb 15, 2024	2023 (Q4)	-0.54 / -2.37	0.13	-1923.08% (-2.50)
Nov 02, 2023	2023 (Q3)	0.37 / -4.80	0.72	-766.67% (-5.52)
Aug 09, 2023	2023 (Q2)	0.42 / 0.47	0.15	211.33% (+0.32)

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

PENN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 07, 2025	$17.02	$16.92	-0.59%
May 08, 2025	$15.71	$15.29	-2.67%
Feb 27, 2025	$20.41	$20.39	-0.10%
Nov 07, 2024	$19.23	$20.22	+5.15%

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.