PENN Entertainment (PENN) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Apr 30, 2026

During Market Hours (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

0.1

Last Year’s EPS

0.68

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 13 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 26, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call communicated substantial operational and financial progress: retail delivered solid profitability and new retail projects are ramping well, the interactive business showed strong top-line growth and early post-rebrand momentum (including a positive EBITDA month) and the company provided a credible path to full-year interactive breakeven in 2026. Management also outlined meaningful cost savings, lower maintenance CapEx, significant free cash flow and concrete deleveraging and capital return plans. Offsetting these positives are near-term headwinds — Q4 interactive losses, the 2026 'other' category drag, weather and new-supply impacts in certain retail markets, regulatory uncertainty around prediction markets and the timing/cost of new market launches. On balance, the highlights — clear growth drivers, strong cash flow guidance and disciplined cost and capital allocation actions — outweigh the lowlights, which are largely short-term, modelable, or linked to external/regulatory factors.

Company Guidance

PENN’s 2026 guidance targets meaningful improvement across businesses: company-wide segment adjusted EBITDAR growth of 20% and Interactive breakeven adjusted EBITDA for the full year (a $268M YoY improvement), with Interactive revenues ~ $1.6B (incl. ~$760M tax gross‑up; ~20% ex‑gross‑up) and retail net revenues of $5.7–$5.85B with retail adjusted EBITDA $1.86–$1.98B (Q4 retail was $1.4B revenue, $456.4M adjusted EBITDAR, 32.3% margin; Q4 Interactive was $398.7M revenue incl. $182.7M gross‑up and a $39.9M adjusted EBITDA loss), expected iCasino growth >40% and OSB growth ~73% in the quarter (52% combined ex‑gross‑up), Q4 Interactive adjusted EBITDA improved $70M YoY with 95% flow‑through, OSB/iCasino hold ~9%/3.7%, quarterly cadence of small losses in Q1–Q3 and profitability in Q4, “other” adjusted EBITDA loss of $119M for 2026, marketing spend roughly $150M lower than 2025, corporate cost savings >$10M run‑rate phasing in H1, maintenance CapEx down ~$20M to near pre‑COVID levels, total 2026 CapEx $445M (project $225M; maintenance $220M), total liquidity $1.1B (cash $687M), expected free cash flow >$3.00/share in 2026, lease‑adjusted net leverage down >1 turn, 2026 cash interest ~$145M, triple‑net lease cash payments ~$1B, expected GLPI funding $225M at Aurora opening (+$21M city funding), and estimated Alberta launch marketing of ~$15–$20M; noted headwinds include a ~$7M Q4 weather hit to retail adjusted EBITDAR and an expected $5–$10M Q1 weather impact.

Retail Revenue and Profitability

Retail segment generated revenues of $1.4 billion, adjusted EBITDAR of $456.4 million and segment adjusted EBITDA margin of 32.3% in Q4; company forecasts full-year retail net revenue of $5.7B–$5.85B and retail adjusted EBITDA of $1.86B–$1.98B for 2026.

Interactive Rebrand Early Success

U.S. online sportsbook rebranded to Score Bet on December 1; achieved positive adjusted EBITDA in December (first month post-rebrand) and successfully retained users through the rebrand.

Strong Interactive Top-Line Growth (Q4)

Interactive revenue (Q4) grew 52% year-over-year excluding tax gross-up; iCasino grew >40% YoY and online sportsbook revenue grew 73% YoY in Q4.

Improving Interactive Profitability and Flow-Through

Interactive adjusted EBITDA improved by $70 million year-over-year in Q4 with an adjusted flow-through of ~95%; company expects Interactive to inflect to breakeven adjusted EBITDA for full-year 2026, a $268 million year-over-year improvement.

Cost Reductions and Organizational Efficiency

Company expects to save >$10 million in annualized run-rate expenses from corporate restructuring; marketing spend for Interactive expected to decline by ~ $150 million year-over-year (ESPN payment ended); payroll and G&A rightsized for Interactive.

CapEx Optimization and Maintenance Reductions

Total 2026 CapEx guided to $445 million (project CapEx $225M; maintenance CapEx $220M), with recurring maintenance CapEx being reduced by ~$20 million to near pre-COVID levels.

Free Cash Flow and Deleveraging Targets

Expect to generate more than $3.00 per share of free cash flow in 2026 and reduce lease-adjusted net leverage by more than 1 turn; ended Q4 with total liquidity of $1.1 billion (including $687M cash).

Successful Retail Development Ramps

New hotel tower at M Resort posted record gaming volumes in December and record net revenue in January; Hollywood Casino Joliet saw ~13% YoY increase in active players and significant increases in gaming and nongaming revenues; development projects expected to generate ~15%+ cash-on-cash returns.

Strategic Funding and Capital Flexibility

Received $115M GLPI funding for M Resort tower; expect ~$225M GLPI funding at Aurora opening and $21M from City of Aurora; since 2022 repurchased ~$1.1B of stock (25% of shares outstanding) and repurchased ~$354M in 2025 (about 14% of shares outstanding), indicating ongoing buyback capability alongside deleveraging and reinvestment.

PENN Entertainment (PENN) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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PENN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 30, 2026	2026 (Q1)	0.10 / -	0.68	―	―	―
Feb 26, 2026	2025 (Q4)	-0.15 / -0.55	-0.88	37.50% (+0.33)
Nov 06, 2025	2025 (Q3)	-0.07 / -6.03	-0.24	-2412.50% (-5.79)
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)

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
Feb 26, 2026	$12.54	$14.64	+16.75%
Nov 06, 2025	$16.35	$14.65	-10.40%
Aug 07, 2025	$17.02	$16.92	-0.59%
May 08, 2025	$15.71	$15.29	-2.67%

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.