Caesars Entertainment, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Caesars Entertainment, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	900	1,481	2,056	2,528	3,628	9,570	10,821	11,528	11,245	11,486
Selling and marketing	40.9	83.2	106	129
General and administrative	131	241	381	503	902	1,782	2,068	2,012	1,920	1,926
Operating income	88.7	94.8	310	410	-383	1,460	1,739	2,472	2,304	1,858
Interest expense	50.9	99.8	172	286	1,213	2,320	2,303	2,394	2,438	2,329
Interest income					10	16	12	12	11	20
Other non-operating income	-51.1	-138	-175	-285	-1,223	-2,729	-2,304	-2,532	-2,428	-2,306
Pre-tax income	37.6	-43.4	135	125	-1,606	-1,269	-565	-60	-124	-448
Income tax	13.1	-117	40	44	132	-283	-41	-888	87	-11
Income from continuing operations				81	-1,737	-989	-513	786	-278
Net income to minority interests			0	0	-1	3	-11	42	67	65
Net income	24.5	73.4	95	81	-1,757	-1,019	-899	786	-278	-502
EBITDA	152	201	467	632	200	2,586	2,944	3,733	3,628	3,275
EPS, basic	0.52	1.09	1.23	1.04	-13.50	-4.83	-4.19	3.65	-1.29	-2.42
EPS, diluted	0.51	1.08	1.22	1.03	-13.50	-4.83	-4.19	3.64	-1.29	-2.42
Shares, basic (weighted)	47	67.1	77	78	130	211	214	215	215	208
Shares, diluted (weighted)	47.7	68.1	78	79	130	211	214	216	215	208

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	61	135	231	206	1,776	1,070	1,038	1,005	866	887
Short-term investments		17.6	17	34.6
Receivables	14.7	45.8	60.2	54	342	472	611	608	470	476
Inventory	11.1	16.9	20.6	18	44	42	59	46	45	43
Other current assets	12.5	27.8	48	66	253	290	263	264	271	312
Total current assets	102	251	573	605	6,063	5,964	2,102	2,045	1,747	1,803
Property, plant and equipment	612	1,503	2,883	2,615	14,735	14,601	14,598	14,756	14,812	14,358
Lease right-of-use assets				188	457	662	639	622	604	604
Goodwill	66.8	747	1,008	910	9,864	11,076	11,004	10,990	10,601	10,441
Intangible assets	487	997	1,361	1,111	4,283	4,920	4,714	4,523	4,133	3,985
Other non-current assets	11.4	48.7	83.4	264	1,267	1,312	1,015	848	1,104	852
Total assets	1,294	3,546	5,911	5,641	36,385	38,031	33,527	33,366	32,590	31,639
Accounts payable	21.6	34.8	58.5	62	167	254	314	408	296	297
Accrued liabilities	14.6	53.3	87.3	62.3
Deferred revenue				32	251	614	747	749	592	546
Short-term debt	4.55	0.62	0.46	246	67	70	108	65	109	114
Total current liabilities	102	224	402	688	2,513	5,297	2,668	2,690	2,272	2,253
Long-term debt	796	2,190	3,261	2,325	14,073	13,722	12,659	12,224	12,033	11,670
Lease liabilities				177	516	726	710	728	716	722
Other non-current liabilities	7.29	28.6	59	343	1,304	936	852	871	880	876
Total liabilities	996	2,605	4,882	4,524	31,351	33,490	29,776	28,646	28,214	27,953
Total debt	823	2,210	3,301	2,597	15,023	14,323	13,085	12,439	12,294	11,905
Paid-in capital	174	747	748	760	6,382	6,877	6,953	7,001	6,862	6,709
Retained earnings	125	195	290	366	-1,391	-2,410	-3,309	-2,523	-2,801	-3,303
Treasury stock			-9.13	-9	-9	-23	-23	-23	0	0
Other comprehensive income	0.01	0.08	0	0	34	36	92	97	96	98
Shareholders' equity	296	942	1,029	1,117	5,016	4,480	3,713	4,552	4,157	3,504
Minority interests				0	18	61	38	168	219	182
Total equity	298	942	1,029	1,117	5,034	4,541	3,751	4,720	4,376	3,686
Total liabilities and equity	1,294	3,546	5,911	5,641	36,385	38,031	33,527	33,366	32,590	31,639
Shares outstanding	47.1	76.8	77.2	77.6	208	214	215	216	211	203

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	24.5	73.4	95	81	-1,758	-1,016	-910	828	-211	-437
Depreciation and amortization	63.4	106	157	222	583	1,126	1,205	1,261	1,324	1,417
Stock-based compensation	3.34	6.32	13	20	79	82	101	104	94	95
Deferred income tax	11.2	-113	33.8	-1.65
Change in receivables	-4.87	-19.1	6	5	-70	-135	-143	-82	86	-53
Change in inventory	0.69	0.11	0.6
Change in payables	3.18	-7.13	-17	31	25	482	-82	10	-500	-18
Cash from operations	95.4	130	323	313	-561	1,199	993	1,809	1,075	1,302
Capital expenditures	-43.2	-83.2	-147	-171	-164	-520	-952	-1,264	-1,296	-805
Acquisitions		-1,313	0	0	-6,394
Cash from investing	-41.8	-1,397	-1,268	370	-6,100	-1,448	-768	-1,256	-704	-571
Debt issued		2,325	846
Debt repaid	-4.25	-912
Stock issued	0.39	2.9	0	0	2,718	3	1	0	0
Share buybacks			-9	0	0		0	0	-191	-229
Cash from financing	-73.7	1,351	1,044	-712	10,641	-1,141	-1,282	-713	-498	-763
Net change in cash	-20.1	84.3	99	-30	4,063	-2,259	-718	-160	-127	-32
Free cash flow	52.2	46.7	176	142	-725	679	41	545	-221	497
Interest paid	47.7	84.6	166	277	892	831	805	846	1,052	813
Income taxes paid	-1.66	0.25	-4	51	-7	9	22	26	48	81

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $29.59 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	15.9%	Operating income / revenue.
EBITDA margin	27.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	-4.0%	Net income / revenue.
FCF margin	5.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.1%	Cash from operations / revenue.
Return on equity (ROE)	-13.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.5%	Net income / average total assets.
Return on invested capital (ROIC)	10.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.9%	Capital expenditures / revenue.
D&A / revenue	12.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	25.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-19.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	2.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-9.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	3.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	74.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	21.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	9.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	129.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-15.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-6.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	9.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.85x	Current assets / current liabilities.
Quick ratio	0.62x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.42x	(Cash + short-term investments) / current liabilities.
Debt / equity	3.50x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	37.2%	Total debt / total assets.
Liabilities / assets	88.8%	Total liabilities / total assets.
Net debt	$10.84B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.33x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$345.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	45.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$11.03B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.37x	Revenue / average total assets.
Fixed asset turnover	0.82x	Revenue / average property, plant and equipment.
Receivables turnover	24.0x	Revenue / average receivables.
Days sales outstanding	15 days	365 x average receivables / revenue.
Capex / operating cash flow	53.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$2.28	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$57.10	Revenue / diluted weighted shares.
FCF per share	$2.99	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.36	Cash from operations / diluted weighted shares.
Book value per share	$16.54	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$54.04	Tangible book value / shares outstanding.
Cash per share	$4.73	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$6.03B	Share price x shares outstanding.
Enterprise value	$16.87B	Market cap + total debt - cash - short-term investments.
P/S	0.52x	Market cap / revenue.
P/B	1.79x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	9.88x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.65x	Market cap / cash from operations, when positive.
EV/Sales	1.45x	Enterprise value / revenue.
EV/EBIT	9.08x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.18x	Enterprise value / EBITDA, when both are positive.
EV/FCF	27.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.1%	Free cash flow / market cap.
Earnings yield	-7.7%	Net income / market cap (the inverse of P/E).

What was Caesars Entertainment, Inc.'s revenue in fiscal 2025?

Caesars Entertainment, Inc. reported revenue of $11.49B for fiscal 2025, 2.1% higher than the year before.

Was Caesars Entertainment, Inc. profitable in fiscal 2025?

No. It reported a net loss of $502.0M.

How much free cash flow did Caesars Entertainment, Inc. generate in fiscal 2025?

Cash from operations of $1.30B minus capital expenditures of $805.0M left free cash flow of $497.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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