PENN Entertainment, Inc.

Listed Company

PENNCIK 0000921738NasdaqLarge AcceleratedHotels & MotelsPennsylvaniaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-843.10M

Total Assets

$14.27B

Equity

$1.83B

Shares Out

133.84M

Op. Cash Flow

$508.20M

Business

PENN Entertainment, Inc. operates integrated entertainment, sports media, and casino gaming businesses across North America. It offers retail casino gaming, hotel and hospitality services, live racing, retail and online sports betting, iCasino products, social gaming, sports media content, and customer loyalty programs under brands such as Hollywood Casino, L’Auberge, ESPN BET, and theScore BET. The company reports five segments—Northeast, South, West, Midwest, and Interactive—covering retail properties, VGT operations, and digital gaming and media. PENN distributes its products through physical casinos and racetracks, proprietary retail sportsbooks, mobile and online platforms, media apps, and strategic market access partnerships.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	6,961	6,578	6,363	6,402	—
General and administrative	1,634	1,568	1,563	1,110	1,353
Depreciation and amortization	447	434	435	568	345
Impairment losses	945	89	131	118	0
Loss on disposal of Barstool	0	0	923	0	0
Total operating expenses	7,635	6,506	7,053	5,428	4,845
Operating income (loss)	−674	73	−690	974	1,060
Interest expense, net	−406	−471	−465	−758	−563
Interest income	10	24	40	18	1
Income from unconsolidated affiliates	38	28	25	24	39
Gain on Barstool Acquisition, net	0	0	83	0	0
Gain on REIT transactions, net	3	0	501	0	0
Gain on financing arrangement	215	0	0	—	—
Loss on early extinguishment of debt	−12	−300,000	0	−10	0
Other	5	5	6	−72	3
Total other income (expenses)	−147	−414	191	−799	−521
Loss before income taxes	−821	−341	−500	175	539
Income tax benefit (expense)	−25	28	8	46	−119
Net loss	−845	−313	−491	222	421
Net loss attributable to non-controlling interest	2	2	1	400,000	300,000
Net loss attributable to PENN Entertainment, Inc.	−843	−312	−490	222	421
Basic loss per share (in dollars per share)	−5.83	−2.05	−3.22	1.37	2.64
Diluted loss per share (in dollars per share)	−5.83	−2.05	−3.22	1.29	2.48
Weighted-average common shares outstanding - basic (in shares)	145	152	152	161	159
Weighted-average common shares outstanding - diluted (in shares)	145	152	152	177	176

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	687	707	1,072	1,624	1,864
Accounts receivable, net	254	257	319	247	195
Prepaid expenses	152	152	226	106	132
Other current assets	74	39	43	36	32
Total current assets	1,166	1,154	1,659	2,013	2,224
Property and equipment, net	3,717	3,705	3,514	4,516	4,582
Investment in and advances to unconsolidated affiliates	79	86	85	249	255
Goodwill	1,787	2,563	2,695	2,690	2,823
Other intangible assets, net	1,405	1,530	1,618	1,739	1,873
Operating lease right-of-use assets	3,966	3,977	4,265	6,103	4,853
Finance lease right-of-use assets	1,924	2,014	2,041	—	—
Other assets	224	232	187	193	263
Total assets	14,269	15,262	16,064	17,502	16,872
Accounts payable	54	51	37	40	53
Current maturities of long-term debt	38	38	48	56	100
Current portion of financing obligations	46	44	41	63	39
Current portion of operating lease liabilities	386	322	302	—	—
Current portion of finance lease liabilities	46	53	40	—	—
Accrued expenses and other current liabilities	906	907	1,022	805	799
Total current liabilities	1,476	1,415	1,490	1,159	1,133
Long-term debt, net of current maturities, debt discount, and debt issuance costs	2,849	2,733	2,718	2,721	2,637
Long-term portion of financing obligations	2,298	2,343	2,386	3,971	4,058
Long-term portion of operating lease liabilities	3,592	3,654	3,944	—	—
Long-term portion of finance lease liabilities	2,017	2,062	2,063	—	—
Deferred income taxes	88	61	118	34	189
Other long-term liabilities	121	135	146	118	129
Total liabilities	12,441	12,403	12,865	13,906	12,775
Commitments and contingencies (Note 12)	—	—	—	—	—
Treasury stock, at cost, (45,257,733 and 25,166,902)	−1,137	−780	−780	−630	−28
Additional paid-in capital	4,653	4,542	4,437	4,220	4,240
Accumulated deficit	−1,490	−647	−336	155	−87
Accumulated other comprehensive loss	−193	−255	−121	−169	−54
Total PENN Entertainment, Inc. stockholders equity	1,834	2,863	3,202	3,598	4,098
Non-controlling interest	−7	−4	−3	−1	−700,000
Total stockholders equity	1,828	2,858	3,200	3,597	4,097
Total liabilities and stockholders equity	14,269	15,262	16,064	17,502	16,872
Treasury stock, shares (in shares)	45	25	25	20	2

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of debt discount and debt issuance costs	8	9	8	9	23
Noncash interest expense	14	47	36	28	18
Noncash operating lease expense	372	317	306	88	161
Loss on sale or disposal of property and equipment	400,000	10	100,000	8	1
Return on investment from unconsolidated affiliates	37	33	33	34	32
Deferred income taxes	27	−58	−33	−151	−5
Stock-based compensation	61	53	86	58	35
Investment Agreement warrant expense	57	68	13	0	0
Accounts receivable	2	59	−75	−81	−82
Prepaid expenses and other current assets	−19	27	−66	−24	−32
Other assets	−12	−36	−18	−2	−22
Accounts payable	−2	14	−9	−13	−30
Accrued expenses	18	−68	26	17	138
Income taxes	−4	33	−50	27	10
Operating lease liabilities	−357	−298	−306	−83	—
Other current and long-term liabilities	−24	−48	107	−2	65
Other	26	16	10	13	−800,000
Net cash provided by operating activities	508	359	456	878	896
Capital expenditures	−648	−483	−360	−263	−244
Proceeds from sale-and-leaseback transactions in conjunction with development projects	280	0	0	—	—
Sale of Barstool Sports, net of cash	0	0	−51	0	—
Consideration paid for acquisitions of businesses, net of cash acquired	0	0	−315	0	−878
Consideration paid for gaming licenses and other intangible assets	−38	−58	−22	−9	−24
Other	54	−600,000	5	−2	−9
Net cash used in investing activities	−351	−541	−743	−259	−1,222
Proceeds from revolving credit facility	878	0	0	0	0
Repayments on revolving credit facility	−308	0	0	0	0
Repurchases of convertible debt	−224	0	0	—	—
Principal payments on long-term debt	−38	−38	−38	−39	−64
Payments of other long-term obligations	−700,000	−10	−19	−18	−17
Principal payments on financing obligations	−44	−41	−39	−63	−36
Principal payments on finance leases	−53	−50	−47	−111	−9
Repurchases of common stock	−354	0	−150	−601	0
Proceeds from insurance financing	27	29	34	0	27
Payments on insurance financing	−31	−35	0	0	−27
Indemnification payments	0	−31	0	0	—
Other	−18	−11	−5	−12	−10
Net cash used in financing activities	−166	−187	−263	−853	340
Effect of currency rate changes on cash, cash equivalents, and restricted cash	−500,000	−2	−400,000	−3	−5
Change in cash, cash equivalents, and restricted cash	−9	−371	−550	−236	10
Cash paid for interest, net of amounts capitalized	383	416	420	722	515
Accrued capital expenditures	51	54	24	21	28

Filings

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