PENN Entertainment's earnings call highlighted resilience and growth in both retail and interactive segments despite challenges. Weather and one-time accounting benefits impacted results, but the company showed strong cash flow management, strategic investments, and promising trends in their core and interactive segments.

Company Guidance -

Q3 2025

During the PENN Entertainment First Quarter 2025 Earnings Call, several metrics and financial highlights were shared. The company reported retail revenue of $1.4 billion, adjusted EBITDA of $457 million, and adjusted EBITDA margins of 33.1%. Severe weather challenges impacted the quarter, reducing adjusted retail EBITDAR by at least $10 million. Despite this, gaming revenue rebounded, with March and April showing promising trends. The CEO, Jay Snowden, highlighted the opening of a new Hollywood casino in Council Bluffs, Iowa, with construction expected to take 18 to 24 months. The company also noted strong engagement from its VIP and mid-worth customer segments and a growing database of over 32 million members. Interactive segment performance was affected by sports-betting outcomes, leading to a $10 million EBITDA impact. However, significant improvements were seen with year-over-year increases of 21% in retail and 165% in online theoretical play in Pennsylvania. The company remains on-track with its four growth projects, maintaining guidance for 2025 with expectations of positive interactive EBITDA in 2026.

Resilience in Retail Gaming

Despite severe weather challenges, gaming volumes rebounded nicely in March, continuing through April and into May, with a notable weekend performance being the second-best of the year.

Success in Interactive Segment

The Interactive segment saw record gaming revenue and year-over-year improvements in adjusted revenue and EBITDA, despite a $10 million EBITDA impact from customer-friendly sports-betting outcomes.

Positive Trends in Core Segments

Rated play increased in Q1 and continued into April and May, with increased spend per visit. The VIP segments saw increased visitation and spend per visit.

Strong Cash Position and Deleveraging

The company ended Q1 with $1.5 billion in liquidity, de-levered in the quarter, and expects to continue deleveraging throughout 2025.

Strategic Investments and Growth Projects

Four growth projects remain on-budget and on-schedule, with a strategic new land-based Hollywood casino planned in Council Bluffs, Iowa.

Stand-Alone iCasino App Success

The stand-alone Hollywood iCasino app showed strong results, with 70% of theoretical revenue coming from incremental sources.

Penn National Gaming (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.