Gaming & Leisure Properties, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Gaming & Leisure Properties, 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	828	971	1,056	1,153	1,153	1,216	1,312	1,440	1,532	1,595
Cost of revenue				74.7	56.7	53	0	0
Gross profit				1,079	1,096	1,163	1,312	1,440
General and administrative	71.4	63.2	70.8	65.4	68.6	61.2	51.3	56.5	59.6	63.5
Operating expenses	348	366	462	436	344
Operating income	481	606	594	717	809	842	1,030	1,069	1,131	1,201
Interest expense	186	217	248	302	282	283	309	323	367	374
Other non-operating income	-184	-215	-249	-322	-300	-279	-310	-311	-321	-349
Pre-tax income	297	390	344	396	510	562	720	757	810	853
Income tax	7.55	9.79	4.96	4.76	3.88	28.3	17.1	2	2.13	2.23
Net income to minority interests				0	0	0.04	18.6	21.1	23	25.2
Net income	289	381	340	391	506	534	685	734	785	825
EBITDA	596	729	742	976	1,052	1,094	1,284	1,345	1,404	1,484
EPS, basic	1.62	1.80	1.59	1.82	2.31	2.27	2.71	2.78	2.87	2.95
EPS, diluted	1.60	1.79	1.58	1.81	2.30	2.26	2.70	2.77	2.87	2.95
Shares, basic (weighted)	179	211	214	215	219	235	253	264	273	280
Shares, diluted (weighted)	181	213	215	216	220	236	254	265	274	280
Dividend per share	2.32	2.50	2.57	2.74	2.50	2.86	2.85	3.15	3.04	3.10

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	36.6	29.1	25.8	26.8	486	725	239	684	463	224
Short-term investments								0	561	0
Property, plant and equipment	119	108	101	94.1	80.6	13
Lease right-of-use assets				839	769	852	834	836	1,092	1,072
Goodwill	75.5	75.5	16.1	16.1	0
Intangible assets	9.58	9.58	9.58	9.58	0
Total assets	7,369	7,247	8,577	8,434	9,034	10,690	10,930	11,807	13,076	12,910
Short-term debt	0.11
Long-term debt	4,665
Total liabilities	4,935	4,789	6,312	6,360	6,359	7,300	6,812	7,298	8,430	7,901
Total debt	4,665	4,443	5,853		5,755	6,552	6,128	6,628	7,736	7,204
Paid-in capital	3,761	3,934	3,953	3,959	4,285	4,954	5,574	6,052	6,210	6,613
Retained earnings	-1,329	-1,478	-1,689	-1,887	-1,612	-1,771	-1,798	-1,898	-1,944	-1,991
Other comprehensive income									0	0.9
Shareholders' equity	2,434	2,458	2,266	2,074	2,675	3,390	4,118	4,157	4,269	4,626
Total equity	2,434	2,458	2,266	2,074	2,675	3,390	4,118	4,509	4,646	5,008
Total liabilities and equity	7,369	7,247	8,577	8,434	9,034	10,690	10,930	11,807	13,076	12,910
Shares outstanding		213	214	215	232	247	261	271	274	283

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	289	381	340	391	506	534	703	755	808	850
Depreciation and amortization	116	124	148	259	243	252	255	276	273	283
Stock-based compensation	18.3	15.6	11.2	16.2	20	16.8	20.4	22.9	24.3	21.2
Deferred income tax	-1.54	-0.56	-0.52	-0.76	0.45	5.33	0	0	0	0
Change in payables	0.51	-0.42	1.67	-1.78	-1.25	-2.3	-0.25	1.22	-1.39	2.88
Cash from operations	514	599	654	750	428	804	920	1,009	1,073	1,129
Capital expenditures	-0.33	-0.08	-0.02	0	-0.47	-13.9	-0.16	-0.07	-0.13
Cash from investing	-3,219	0.7	-1,510	-2.82	-9.49	-1,031	-354	-651	-1,606	-309
Debt issued	2,552	100	2,593	1,359	2,076	795	424	1,078	1,522	1,292
Debt repaid	-377	-335	-1,164	-1,497	-2,077	-363	-1,271	-585	-464	-1,826
Stock issued	113	18.2
Dividends paid	-428	-529	-550	-589	-231	-634	-771	-834	-831	-872
Cash from financing	2,699	-607	852	-746	63.2	443	-1,051	86.4	312	-1,059
Net change in cash	-5.32	-7.5	-3.27	1.04	460	238	-486	445	-221	-238
Free cash flow	514	599	654	750	428	790	920	1,009	1,073
Interest paid	155	204	230	275	261	273	286	310	330	357
Income taxes paid	7.36	11.6	5.39	5.55	3.38	17.5	21.2	1.85	3.53	2.23

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 $38.79 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	82.5%	Operating income / revenue.
EBITDA margin	99.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	60.4%	Pre-tax income / revenue.
Net margin	58.5%	Net income / revenue.
Operating cash flow margin	72.7%	Cash from operations / revenue.
Effective tax rate	0.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	19.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.8%	Net income / average total assets.
Return on invested capital (ROIC)	10.7%	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	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	16.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	6.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	5.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	8.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	5.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	4.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	7.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	5.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	6.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	10.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	2.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	3.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	5.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	5.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	7.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	21.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	2.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.8%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	4.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	8.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.0%	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	11.6%	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	-1.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.7%	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	7.4%	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	2.4%	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	3.3%	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	5.0%	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
Debt / equity	1.62x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	57.1%	Total debt / total assets.
Liabilities / assets	62.0%	Total liabilities / total assets.
Net debt	$7.76B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.74x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.57x	Operating income / interest expense.
Tangible book value	$4.98B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.12x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.39	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	$5.79	Revenue / diluted weighted shares.
Operating cash flow per share	$4.21	Cash from operations / diluted weighted shares.
Book value per share	$17.13	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$17.13	Tangible book value / shares outstanding.
Cash per share	$1.10	(Cash + short-term investments) / shares outstanding.
Payout ratio	91.2%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$11.28B	Share price x shares outstanding.
Enterprise value	$19.04B	Market cap + total debt - cash - short-term investments.
P/E	11.6x	Market cap / net income. Only when net income is positive.
P/S	6.82x	Market cap / revenue.
P/B	2.26x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.26x	Market cap / tangible book value, when positive.
P/OCF	9.38x	Market cap / cash from operations, when positive.
EV/Sales	11.5x	Enterprise value / revenue.
EV/EBIT	13.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.6x	Enterprise value / EBITDA, when both are positive.
Earnings yield	8.6%	Net income / market cap (the inverse of P/E).
Dividend yield	7.8%	Dividends paid over the period / market cap.
Shareholder yield	7.8%	(Dividends paid + share buybacks) / market cap.
PEG	3.89x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Gaming & Leisure Properties, Inc.'s revenue in fiscal 2025?

Gaming & Leisure Properties, Inc. reported revenue of $1.59B for fiscal 2025, 4.1% higher than the year before.

Was Gaming & Leisure Properties, Inc. profitable in fiscal 2025?

Yes. Net income was $825.1M, a net margin of 51.7%.

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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