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

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Earnings Data

Report Date

Aug 06, 2026

During Market Hours (Confirmed)

Period Ending

2026 (Q2)

Consensus EPS Forecast

0.25

Last Year’s EPS

-0.12

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 13 Analysts Ratings

Earnings Call Summary

Q1 2026

Earnings Call Date:Apr 23, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call highlights a clear operational rebound in Retail, meaningful margin and cost improvements in Interactive, tightened capital allocation and a credible deleveraging/liquidity plan. Key near‑term negatives are an expected $20 million Interactive drag from the Alberta launch, softness in OSB volumes/MAUs and some one‑time items and regulatory uncertainties. Overall the positives — stronger Retail results, Interactive momentum (outside Alberta), material marketing efficiencies, reduced CapEx and a pathway to stronger free cash flow and lower leverage — outweigh the manageable near‑term headwinds.

Company Guidance

PENN raised the midpoint of its 2026 Retail guide after a strong Q1 — Retail revenue now guided to $5.73–$5.86 billion (midpoint up $20M) with adjusted EBITDAR $1.88–$1.98 billion (midpoint up $12M); Q1 Retail was $1.4 billion of revenue, $471.4 million of adjusted EBITDAR and a 33.2% segment adjusted EBITDAR margin (including a ~$5M one‑time benefit). Interactive 2026 revenue is now expected to be about $1.6 billion (including an estimated $820M tax gross‑up) with an adjusted EBITDA loss of $20M (entirely attributable to the Alberta launch); Q1 Interactive was $358.3M of revenue (including a $185.8M tax gross‑up) and a $10.8M adjusted EBITDA loss, with Q2/Q3 expected to show small losses (Q3 largest due to Alberta) and Q4 profitable, and 2027 expected to be profitable. Companywide 2026 CapEx is now $420M (project CapEx $200M, maintenance $220M), Q1 CapEx was $95M ($65M project), the four development projects have aggregate project cost of $800M net of Aurora’s 50% contribution and target 15%+ cash‑on‑cash returns, total cash payments under triple‑net leases are expected to be $1.0B, net cash interest is guided to ~$150M, PENN does not expect to be a cash taxpayer in 2026, it ended Q1 with ~$1.7B of liquidity and issued $600M of 6.75% notes, expects to delever lease‑adjusted net leverage into a ~5.3x–5.7x range (at least one full turn down) and cut traditional net leverage by ~2 turns by year‑end, and forecasts $3+ of free cash flow per share in 2026 (implying roughly a 20% FCF yield at current ~$15 share price).

Retail Segment Strong Quarter and Raised Guidance

Retail revenue of $1.4 billion in Q1 with adjusted EBITDAR of $471.4 million and segment adjusted EBITDAR margin of 33.2%. Company raised 2026 Retail guidance midpoint by $20 million (revenue) and $12 million (adjusted EBITDAR); new full-year Retail revenue range $5.73–$5.86 billion and adjusted EBITDAR range $1.88–$1.98 billion.

Interactive Adjusted EBITDA Improvement

Interactive segment showed ~ $78 million year‑over‑year improvement in adjusted EBITDA for Q1, driven by ~15% YoY growth in iCasino revenue and ~5% YoY growth in online sports betting revenue, with a smaller marketing spend and tighter cost structure contributing to the improvement.

Operational Momentum at Key Properties and Development Pipeline

Notable property strength in the West and Midwest (M Resort hotel tower ramp, Ameristar Blackhawk, Hollywood Joliet). Upcoming openings: Hollywood Columbus hotel tower (June 12) and Hollywood Casino Aurora (June 24). Company expects its four development projects (aggregate project cost $800 million net of Aurora contribution) to generate 15%+ cash-on-cash returns.

Liquidity, Capital Markets Activity and Deleveraging Plan

Ended Q1 with total liquidity of $1.7 billion. Issued $600 million unsecured notes due 2031 at 6.75% and used proceeds to repay revolver. Refinanced $1.0 billion revolver and ~$447 million of Term Loan A post-quarter. Company expects to delever by at least one full turn lease‑adjusted and at least two turns traditional net leverage by year-end 2026, targeting lease‑adjusted net leverage ~5.3x–5.7x.

CapEx Discipline and Free Cash Flow Focus

Q1 CapEx of $95 million (including $65 million project CapEx). Full‑year 2026 total CapEx lowered to $420 million from $445 million (project CapEx reduced to $200 million from $225 million, ~11% reduction in project CapEx). Management expects strong free cash flow generation (>$3 per share in 2026 implied) and cited a ~20% free cash flow yield at current stock levels.

Canada and Stand‑alone iCasino Momentum

Continuing user and revenue momentum in Ontario (growing average monthly active users, OSB and iCasino revenue). theScore Bet approved as a registered iGaming operator in Alberta with preregistration underway; management expects strong share in Alberta based on Ontario learnings.

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
Aug 06, 2026	2026 (Q2)	0.25 / -	-0.12	―	―	―
Apr 23, 2026	2026 (Q1)	0.07 / -0.02	0.68	-102.94% (-0.70)
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)

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
Apr 23, 2026	$14.77	$17.26	+16.86%
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%

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.