📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

PENN Entertainment, Inc., together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences in the United States and internationally. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It operates a portfolio of casinos, racetracks, and online sports betting; online gaming portfolio, such as theScore Bet, an online sportsbook; theScore Casino, a stand-alone iCasino website and app; Hollywood Casino, an iCasino and theScore Bet website and app; PENN Game Studios, its in-house iCasino and social gaming content studio; and PENN Play, a customer loyalty program. The company also engages in gaming operations, including slot machines and table games; food and beverage offerings; and hotel visitation. It offers its products under the Ameristar, Argosy, Boomtown, Hollywood Casino, Hollywood Gaming, L’Auberge, M Resort, PENN Entertainment, and PENN Play, as well as theScore, theScore Bet, and theScore esports brands. The company was formerly known as Penn National Gaming, Inc. and changed its name to PENN Entertainment, Inc. in August 2022. PENN Entertainment, Inc. was founded in 1972 and is based in Wyomissing, Pennsylvania.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding PENN

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	242.9K	$3.7M	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management repeatedly highlighted retail strength (4% revenue growth outside new-supply markets) and interactive progress (record gaming revenue, Q4 profitability target). They used specific figures like 9.8% hold rate and quantified share repurchases ($90M in Q2, $350M+ for 2025). Acknowledged headwinds (new supply, tax increases, lower handle share) but pivoted to catalysts (Joliet opening, Fancenter, buybacks).

Q3 2025

Mixed

Management expressed confidence in the strategic shift (e.g., 'we have full control over our entire business') but also cautioned about Q4 uncertainty ('to provide guidance with a high degree of precision today is challenging given the unknowns around retention'). They were specific about cost savings and the path to profitability, yet vague on exact near-term metrics.

Q4 2025

Confident Specific

Management expresses clear pride in accomplishments (e.g., 'pleased to report', 'proud of what our property, Interactive, and corporate teams were able to accomplish') and provides specific numeric guidance (e.g., 20% EBITDAR growth, $3 per share free cash flow, $150 million lower marketing spend). They are precise about weather impacts ($5-10M in Q1) and growth project returns (15%+ cash-on-cash).

Q1 2026 latest

Confident Specific

Management used specific numbers and raised guidance midpoints ('increasing the midpoints of our 2026 retail revenue and adjusted EBITDA guidance by $20 million and $12 million'), described the quarter as 'off to a great start', and repeated confidence in free cash flow and deleveraging targets.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis strengthens after this call. Management delivered on retail growth, raised guidance, and sharply reduced digital losses while maintaining focus on high-return markets. Free cash flow generation is on track to exceed $3 per share, leverage is falling quickly, and the development pipeline adds further upside without straining the balance sheet. The main concerns are macro uncertainty and OSB MAU stagnation, but the interactive strategy de-emphasizes unprofitable OSB states. Key next quarter to watch: the Alberta launch's initial impact on interactive losses, the smooth opening of Aurora and Columbus, and whether retail trends hold despite geopolitical noise. If free cash flow materializes as guided, capital allocation optionality (buybacks or M&A) becomes a significant catalyst.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED PENN Q1 retail EBITDA up; interactive loss narrows; Alberta launch July 13

Revenue & Profitability

Q1 2026 retail revenue was $1.4 billion with adjusted EBITDA of $471.4 million, benefiting from a $5 million legal accrual adjustment. Interactive revenue was $358.3 million (including a $185.8 million tax gross-up) with an adjusted EBITDA loss of $10.8 million. Full-year 2026 retail guidance is $5.73-$5.86 billion revenue and $1.88-$1.98 billion adjusted EBITDA; interactive guidance is ~$1.6 billion revenue (including ~$820 million tax gross-up) and a $20 million adjusted EBITDA loss. Free cash flow is expected to exceed $3 per share.

Outlook

Management sees stable consumer trends continuing into April despite higher gas prices and geopolitical uncertainty. They expect mid-single-digit year-over-year retail adjusted EBITDA growth in the second half of 2026, driven by development projects and anniversarying new supply. The interactive segment is expected to turn profitable in Q4 2026, with the full-year loss entirely attributable to the Alberta launch.

Growth Drivers

Key growth drivers include four development projects (Hollywood Columbus hotel tower opening June 12, Hollywood Aurora June 24, Council Bluffs in 2028) with expected 15%+ cash-on-cash returns, strong iCasino revenue growth of 15% year-over-year, and expansion in Canada with the Alberta launch on July 13, 2026. The omni-channel strategy and focus on high-worth customers are also expected to drive growth.

Balance Sheet & CapEx

Total 2026 CapEx is expected to be $420 million, reduced from prior guidance of $445 million, consisting of $200 million in project CapEx (down from $225 million) and $220 million in maintenance CapEx (unchanged). The reduction is due to a timing shift for the Council Bluffs project to 2027. The company expects $225 million in funding from GLPI for the Aurora project and $21 million from the city of Aurora.

Margins

Retail segment adjusted EBITDA margins were 33.2% in Q1 2026. Interactive margins are improving due to a 65% reduction in marketing spend and a focus on profitable states (iCasino and Canada). The company expects margins to increase as new development projects ramp and interactive achieves Q4 profitability.

Key Risks

Risks flagged include geopolitical uncertainty affecting consumer spending, higher gas prices, temporary disruption from the Aurora riverboat closure (approximately two weeks in Q2), and potential tax increases in states like Michigan. The interactive segment faces OSB volume softness, and the Alberta launch is expected to result in a $20 million loss in 2026. Litigation over Maine iGaming legislation is also a risk.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-06

Record Q2 retail revenues and adjusted EBITDA drove raised 2026 guidance, with strong performance from new developments and interactive segment improvements. Focus remains on cash flow growth, de-leveraging, and disciplined capital allocation amid a healthy market and competitive digital landscape.

Q1 2026 Q1 2026 2026-04-23

Retail and interactive segments delivered strong Q1 results, with raised 2026 guidance for both revenue and adjusted EBITDA. Free cash flow and leverage metrics are improving, while new property openings and digital launches are expected to drive further growth.

Q4 2025 Q4 2025 2026-02-26

Q4 saw solid year-over-year Adjusted EBITDAR growth, with strong retail and interactive segment performance despite weather and new supply headwinds. 2026 guidance calls for 20% Adjusted EBITDAR growth, break-even interactive EBITDA, and over $3/share free cash flow, supported by new project openings and disciplined capital allocation.

Q3 2025 Q3 2025 2025-11-06

Early termination of the ESPN BET agreement shifts digital focus to theScore Bet, aiming for improved profitability and marketing flexibility. Retail and iCasino segments showed strong performance, while interactive losses are expected to decrease in Q4. Share repurchases and growth investments remain key priorities.

Q2 2025 Q2 2025 2025-08-07

Q2 2025 saw $1.4B in retail revenue and $490M adjusted EBITDA, with strong omnichannel and interactive growth. Guidance remains positive, with retail and digital segments expected to improve sequentially, and major capital projects and product enhancements set to drive future returns.

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