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Dec 31, 2025
Penn National Q4 2025 Earnings Report
PENN Entertainment reported higher fourth quarter 2025 revenue with improved consolidated adjusted EBITDA and reduced net loss year over year.
Key Takeaways
In Q4 2025, PENN generated total revenues of 1806200000, up from the prior year, while net loss narrowed to 73400000. Consolidated Adjusted EBITDA increased to 225800000 driven by Interactive improvement and stable retail performance.
Total revenues increased to 1806200000 from 1669000000 year over year.
Net loss improved to 73400000 compared to 133800000 in Q4 2024.
Consolidated Adjusted EBITDA rose to 225800000 from 165200000.
Interactive segment revenue grew to 398700000 with improved adjusted EBITDAR.
Revenue by Segment
Forward Guidance
PENN expects year-over-year segment adjusted EBITDAR growth of 20% in 2026, break-even adjusted EBITDA in Interactive, cost savings from corporate restructuring, and deleveraging of more than one turn on lease-adjusted net leverage.
Positive Outlook
- Expected 20% segment adjusted EBITDAR growth in 2026.
- Interactive segment targeting break-even adjusted EBITDA.
- More than 10000000 in annualized corporate cost savings identified.
- Deleveraging expected with reduction of traditional net leverage by more than 2 turns.
- Recurring maintenance capital expenditures expected to normalize.
Challenges Ahead
- Weather negatively impacted Q4 adjusted EBITDAR by approximately 7000000.
- Interactive segment reported adjusted EBITDA loss of 39900000.
- High rent expense associated with triple net leases of 161800000.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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