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Dec 31, 2025
Caesars Q4 2025 Earnings Report
Caesars reported higher fourth quarter 2025 revenues but posted a net loss driven by impairment charges, while digital performance and same-store Adjusted EBITDA improved year over year.
Key Takeaways
Caesars generated $2.916 billion in Q4 2025 revenue, up from $2.799 billion a year ago, but reported a net loss of $250 million. Same-store Adjusted EBITDA rose to $901 million, supported by strong growth in Caesars Digital, which delivered $85 million of Adjusted EBITDA.
Revenue increased 4.4% year over year to $2.916 billion.
Net loss was $250 million compared to $11 million net income last year.
Same-store Adjusted EBITDA improved to $901 million.
Caesars Digital Adjusted EBITDA surged to $85 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Management expects stable brick-and-mortar trends and strong continued growth in Caesars Digital in 2026, supporting free cash flow generation for debt reduction and share repurchases.
Positive Outlook
- Stable brick-and-mortar operating environment.
- Expected strong net revenue growth in Caesars Digital in 2026.
- Expected strong Adjusted EBITDA growth in Caesars Digital.
- Lower capital expenditures anticipated in 2026.
- Forecasted strong free cash flow to reduce debt and repurchase shares.
Challenges Ahead
- Reported net loss in Q4 2025.
- High impairment charges impacted results.
- Interest expense remains significant at $575 million in Q4.
- Las Vegas segment revenue declined year over year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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