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Caesars Entertainment vs PENN Entertainment: revenue, profit, margins and growth compared

Caesars Entertainment brought in $11.5B of revenue in fiscal 2025, PENN Entertainment $7B in fiscal 2025. Revenue changed by +2.1% at Caesars Entertainment and +5.8% at PENN Entertainment on the year before, so PENN Entertainment grew faster. Caesars Entertainment kept -4.4% of its revenue as net profit, PENN Entertainment -12.1%. Free cash flow was $497M at Caesars Entertainment and -$139.5M at PENN Entertainment.

Side by side, latest fiscal year

CZRPENN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$11.5B$7B
Revenue growth+2.1%+5.8%
Net income-$502M-$843.1M
Net margin-4.4%-12.1%
Free cash flow$497M-$139.5M
Free cash flow margin4.3%-2.0%
Earnings per share (diluted)-$2.42-$5.83
Cash$887M$686.6M
Debt$11.9B$2.9B
Price to earningsn/an/a
Market value$6B$2.1B
Dividend yieldn/an/a
Rank by revenue in sector#111 of 778 · Consumer discretionary#156 of 778 · Consumer discretionary

Over the years

Revenue
CZR FY2018: $2.1BCZR FY2019: $2.5BCZR FY2020: $3.6BCZR FY2021: $9.6BCZR FY2022: $10.8BCZR FY2023: $11.5BCZR FY2024: $11.2BCZR FY2025: $11.5BPENN FY2018: $3.6BPENN FY2019: $5.3BPENN FY2020: $3.6BPENN FY2021: $5.9BPENN FY2022: $6.4BPENN FY2023: $6.4BPENN FY2024: $6.6BPENN FY2025: $7BFY18FY19FY20FY21FY22FY23FY24FY25
CZR $11.5BPENN $7B
Net income
CZR FY2018: $95MCZR FY2019: $81MCZR FY2020: -$1.8BCZR FY2021: -$1BCZR FY2022: -$899MCZR FY2023: $786MCZR FY2024: -$278MCZR FY2025: -$502MPENN FY2018: $93.5MPENN FY2019: $43.9MPENN FY2020: -$669.5MPENN FY2021: $420.8MPENN FY2022: $222.1MPENN FY2023: -$490MPENN FY2024: -$311.5MPENN FY2025: -$843.1MFY18FY19FY20FY21FY22FY23FY24FY25
CZR -$502MPENN -$843.1M
Net margin
CZR FY2018: 4.6%CZR FY2019: 3.2%CZR FY2020: -48.4%CZR FY2021: -10.6%CZR FY2022: -8.3%CZR FY2023: 6.8%CZR FY2024: -2.5%CZR FY2025: -4.4%PENN FY2018: 2.6%PENN FY2019: 0.8%PENN FY2020: -18.7%PENN FY2021: 7.1%PENN FY2022: 3.5%PENN FY2023: -7.7%PENN FY2024: -4.7%PENN FY2025: -12.1%FY18FY19FY20FY21FY22FY23FY24FY25
CZR -4.4%PENN -12.1%
Revenue growth
CZR FY2019: +23.0%CZR FY2020: +43.5%CZR FY2021: +163.8%CZR FY2022: +13.1%CZR FY2023: +6.5%CZR FY2024: -2.5%CZR FY2025: +2.1%PENN FY2019: +47.8%PENN FY2020: -32.5%PENN FY2021: +65.0%PENN FY2022: +8.4%PENN FY2023: -0.6%PENN FY2024: +3.4%PENN FY2025: +5.8%FY19FY20FY21FY22FY23FY24FY25
CZR +2.1%PENN +5.8%
Free cash flow
CZR FY2018: $176.3MCZR FY2019: $141.5MCZR FY2020: -$725MCZR FY2021: $679MCZR FY2022: $41MCZR FY2023: $545MCZR FY2024: -$221MCZR FY2025: $497MPENN FY2018: $260.2MPENN FY2019: $513.3MPENN FY2020: $201.8MPENN FY2021: $652MPENN FY2022: $614.8MPENN FY2023: $95.9MPENN FY2024: -$123.4MPENN FY2025: -$139.5MFY18FY19FY20FY21FY22FY23FY24FY25
CZR $497MPENN -$139.5M

Fiscal years as each company reports them; the two may end in different months.

Questions about Caesars Entertainment and PENN Entertainment

Which is bigger by revenue, Caesars Entertainment or PENN Entertainment?

Caesars Entertainment is bigger by revenue: $11.5B in fiscal 2025, against $7B for PENN Entertainment in fiscal 2025.

Which keeps more of its revenue as profit, Caesars Entertainment or PENN Entertainment?

Caesars Entertainment had a net margin of -4.4% in fiscal 2025; PENN Entertainment had -12.1% in fiscal 2025.

Which grew revenue faster, Caesars Entertainment or PENN Entertainment?

In their latest fiscal years revenue changed by +2.1% at Caesars Entertainment and +5.8% at PENN Entertainment.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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