PENN Entertainment, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PENN 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	3,209	3,332	3,588	5,301	3,579	5,905	6,402	6,363	6,578	6,961
Selling and marketing				59.4	36.7	88.2	94.8	173	456	358
General and administrative	462	515	619	1,188	1,131	1,353	1,110	1,563	1,568	1,634
Operating expenses	2,491	2,702
Operating income	543	446	634	572	-410	1,060	974	-690	72.5	-674
Interest expense	459	467	539	536	546	567	760	470	487	448
Interest income	24.2	3.6	1	1.4	0.9	1.1	18.3	40.3	23.6	9.7
Other non-operating income	-1.68	-2.3	-7.1	20	107	2.5	-72.1	5.5	5.3	4.7
Pre-tax income	121	-25.1	89.9	86.1	-834	539	175	-500	-341	-821
Income tax	11.3	-499	-3.6	43	-165	119	-46.4	-8.2	-28	24.6
Net income to minority interests	0	0	0	-0.8	0.4	-0.3	-0.4	-1.4	-1.8	-2.2
Net income	109	473	93.5	43.9	-670	421	222	-490	-312	-843
EBITDA	814	713	903	986	-43.5	1,404	1,542	-255	506	-227
EPS, basic	1.21	5.21	0.96	0.38	-5.00	2.64	1.37	-3.22	-2.05	-5.83
EPS, diluted	1.19	5.07	0.93	0.37	-5.00	2.48	1.29	-3.22	-2.05	-5.83
Shares, basic (weighted)	82.9	90.9	97.1	116	134	159	161	152	152	145
Shares, diluted (weighted)	91.4	93.4	100	118	134	176	177	152	152	145

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	230	278	480	437	1,854	1,864	1,624	1,072	707	687
Receivables	61.9	62.8	107	88.7	96.4	195	247	319	257	254
Inventory							11.1
Other current assets	48.2	16.5	28.2	40	31.3	32.4	36.3	42.6	38.7	73.6
Total current assets	399	401	678	643	2,085	2,224	2,013	1,659	1,154	1,166
Property, plant and equipment	2,820	2,757	6,869	5,120	4,529	4,582	4,516	3,514	3,705	3,717
Lease right-of-use assets			0	4,837	4,818	4,853	1,068	4,265	3,977	3,966
Goodwill	990	1,008	1,228	1,271	1,157	2,823	2,690	2,695	2,563	1,787
Intangible assets	435	423	1,857	2,027	1,514	1,873	1,739	1,618	1,530	1,405
Other non-current assets	82.1	85.7	120	169	298	263	193	187	232	224
Total assets	4,974	5,235	10,961	14,195	14,667	16,872	17,502	16,064	15,262	14,269
Accounts payable	35.1	26	30.5	40.3	33.2	53.3	40.1	36.6	50.8	54.2
Accrued liabilities	102	126	578	631	575	799	805	1,022	907	906
Short-term debt	85.6	35.6	62.1	62.9	81.4	99.5	56.2	47.6	38.2	38.2
Total current liabilities	536	530	738	906	860	1,133	1,159	1,490	1,415	1,476
Long-term debt	1,330	1,215	2,350	2,322	2,231	2,637	2,721	2,718	2,733	2,849
Lease liabilities			0	4,451	4,366	4,321	969	3,944	3,654	3,592
Other non-current liabilities	40.3	46.7	60.7	98	119	129	118	146	135	121
Total liabilities	5,518	5,308	10,230	12,343	12,012	12,775	13,906	12,865	12,403	12,441
Total debt	1,433	1,280	2,412	2,419	2,432	2,841	2,818	2,798	2,797	2,904
Paid-in capital	1,014	1,008	1,726	1,718	3,167	4,240	4,220	4,437	4,542	4,653
Retained earnings	-1,525	-1,052	-968	162	-507	-86.5	155	-336	-647	-1,490
Treasury stock	-28.4	-28.4	-28.4	-28.4	-28.4	-28.4	-630	-780	-780	-1,137
Other comprehensive income	-4.68	-1.45	0		0	-54.4	-169	-121	-255	-193
Shareholders' equity	-543	-73.1	731	1,853	2,656	4,098	3,598	3,202	2,863	1,834
Minority interests		0	0	-0.8	-0.4	-0.7	-1.1	-2.5	-4.3	-6.5
Total equity	-543	-73.3	731	1,852	2,656	4,097	3,597	3,200	2,858	1,828
Total liabilities and equity	4,974	5,235	10,961	14,195	14,667	16,872	17,502	16,064	15,262	14,269
Shares outstanding	91.1	91.2	117	116	156

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	109	473	93.5	43.1	-669	421	222	-491	-313	-845
Depreciation and amortization	271	267	269	414	367	345	568	435	434	447
Stock-based compensation	6.87	7.8	12	14.9	14.5	35.1	58.1	85.9	52.9	60.9
Deferred income tax	8.74	-518	-26.7	21.1	-118	-4.5	-151	-33.9	-58.1	26.3
Change in receivables	-5.91	-9.2	-1.8	27	-16.5	-82.3	-81.2	-74.8	58.9	1.6
Change in payables	-7.5	-0.4	-6.1	4.4	-6.6	-30.4	-13.4	-8.6	14.2	-2.4
Cash from operations	408	478	353	704	339	896	878	456	359	508
Capital expenditures	-97.2	-99.3	-92.6	-191	-137	-244	-263	-360	-483	-648
Acquisitions	-84.2	-128	-1,945	-1,359	-3	-878	0	-315	0	0
Purchases of investments		0	0	-5.1	0	-26
Cash from investing	-79.3	-222	-1,423	-608	-234	-1,222	-259	-743	-541	-351
Debt issued	0	1,200	1,559	0	322
Debt repaid	-53.7	-1,127	-483
Stock issued	11.6	10.4	0	0	1,289	0	0	5.3	1.5
Share buybacks	0	-24.8	-50	-24.9	0	0	-601	-150	0	-354
Cash from financing	-340	-207	1,272	-122	1,310	340	-853	-263	-187	-166
Exchange rate effect				0	0	-4.5	-2.5	-0.4	-2.3	-0.5
Net change in cash	-7.5	49.2	202	-26	1,415	9.7	-236	-550	-371	-9
Free cash flow	311	379	260	513	202	652	615	95.9	-123	-140
Interest paid	453	453	530	528	355	515	722	420	416	383
Income taxes paid	-11.4	-43.1	24.4	21.8	-15.2	108	72.8	73.9	-3.8	4.7

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 $15.65 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-7.9%	Operating income / revenue.
EBITDA margin	-1.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-12.9%	Pre-tax income / revenue.
Net margin	-12.7%	Net income / revenue.
FCF margin	1.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.1%	Cash from operations / revenue.
Return on equity (ROE)	-48.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-6.4%	Net income / average total assets.
Return on invested capital (ROIC)	-11.8%	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	7.8%	Capital expenditures / revenue.
D&A / revenue	6.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-1,029.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-144.8%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	41.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-16.7%	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	8.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-35.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-20.1%	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	-7.1%	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	-6.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-6.6%	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	-0.5%	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	-4.9%	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	-6.4%	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	1.5%	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	0.89x	Current assets / current liabilities.
Quick ratio	0.76x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.59x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.51x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	20.0%	Total debt / total assets.
Liabilities / assets	86.8%	Total liabilities / total assets.
Net debt	$1.93B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-1.30x	Operating income / interest expense.
Working capital	-$171.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	22.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.29B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.51x	Revenue / average total assets.
Fixed asset turnover	2.05x	Revenue / average property, plant and equipment.
Receivables turnover	29.1x	Revenue / average receivables.
Days sales outstanding	13 days	365 x average receivables / revenue.
Capex / operating cash flow	85.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$6.61	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	$52.22	Revenue / diluted weighted shares.
FCF per share	$0.70	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.75	Cash from operations / diluted weighted shares.
Book value per share	$13.58	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$9.44	Tangible book value / shares outstanding.
Cash per share	$6.47	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	248.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.10B	Share price x shares outstanding.
Enterprise value	$4.03B	Market cap + total debt - cash - short-term investments.
P/S	0.29x	Market cap / revenue.
P/B	1.13x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	21.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.22x	Market cap / cash from operations, when positive.
EV/Sales	0.56x	Enterprise value / revenue.
EV/FCF	41.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.6%	Free cash flow / market cap.
Earnings yield	-43.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	11.4%	(Dividends paid + share buybacks) / market cap.

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

PENN Entertainment, Inc. reported revenue of $6.96B for fiscal 2025, 5.8% higher than the year before.

Was PENN Entertainment, Inc. profitable in fiscal 2025?

No. It reported a net loss of $843.1M.

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

Cash from operations of $508.2M minus capital expenditures of $647.7M left free cash flow of -$139.5M.

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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