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Sep 30, 2025
Penn National Q3 2025 Earnings Report
PENN Entertainment reported a significant net loss in Q3 2025 despite revenue growth, following an impairment charge related to its Interactive segment.
Key Takeaways
PENN Entertainment faced a challenging Q3 2025 with a net loss exceeding $865 million, mainly driven by a substantial impairment charge in the Interactive segment. While revenue grew to $1.72 billion and iCasino performance improved, digital operations underperformed. The company announced a realignment in its digital strategy following the termination of its ESPN partnership.
Q3 2025 revenue reached $1.717 billion, up from $1.639 billion in Q3 2024
Net loss widened to $865.1 million, driven by an $825 million impairment loss in the Interactive segment
Adjusted EPS was -$0.22, compared to -$0.25 in Q3 2024
PENN is ending its ESPN sportsbook partnership and rebranding to theScore Bet
Revenue by Segment
Forward Guidance
PENN plans to rebrand its sportsbook offering to theScore Bet and focus digital efforts on U.S. iCasino and Canadian markets, aiming for improved unit economics.
Positive Outlook
- Realignment will shift focus to high-ROI North American iCasino markets
- Cost efficiency through reduction in fixed media spend
- Continued integration with PENN Play™ loyalty program
- Third consecutive quarter of MAU growth in digital platforms
- Opening of new hotel tower at M Resort expected to boost Q4 performance
Challenges Ahead
- Impairment loss of $825M related to Interactive segment
- OSB (online sports betting) volumes came in lower than expected
- Digital operations saw customer-friendly hold impacting margins
- Termination of ESPN partnership reduces brand leverage in U.S. OSB
Historical Earnings Impact
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Avg. Return Before/After Earnings
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