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Caesars Entertainment
Caesars Entertainment (CZR) investor relations material
Caesars Entertainment Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary17 Feb, 2026
Executive summary
Full-year and Q4 net revenues increased, with Q4 consolidated net revenues at $2.9 billion, up 4–4.4% year-over-year, driven by portfolio diversity, omni-channel strategy, and digital expansion.
Caesars Digital achieved record quarterly Adjusted EBITDA of $85 million in Q4 and full-year Adjusted EBITDA of $236 million, up over 100% year-over-year.
Las Vegas segment saw sequential improvement in occupancy and rate trends, though full-year Adjusted EBITDA declined 8.6% to $1.73 billion.
Regional segment revenues increased 3.9–4% year-over-year, with EBITDA slightly down due to adverse winter weather and capital investments.
Operates over 50 brick-and-mortar locations and a digital platform in 34 North American jurisdictions, with a renowned loyalty program.
Financial highlights
Q4 same-store Adjusted EBITDA was $901 million, up from $882 million year-over-year; full-year same-store Adjusted EBITDA was $3.6 billion.
Full-year digital net revenues grew 21% to $1.41 billion, with iGaming handle up 28% and sports betting handle flat.
Adjusted EBITDA margin for FY2025 was 31.6%; for Q4 2025, 30.9%.
TTM Adjusted EBITDA was $3,624 million; TTM net income attributable to Caesars was $(502) million.
Las Vegas segment full-year net revenues declined 4.7% to $4.05 billion.
Outlook and guidance
Management expects strong free cash flow in 2026, supported by lower capital expenditures and reduced cash interest expense.
Digital business targets 20% top-line growth with 50% flow-through to EBITDA, aided by reduced fixed marketing expenses in 2026 and 2027.
2026 master lease rent projected at $1,380 million; full-year cash interest expense at $720 million.
Anticipated free cash flow generation in 2026 to be allocated between debt reduction and share repurchases.
Capital expenditures expected to decrease in 2026, with long-term cash income taxes estimated at 3–4% of Adjusted EBITDA.
What drives Digital's strong 2026 growth forecast?
How will 2026 FCF impact debt and buybacks?
Why did Regional net income decline so much?
Digital hold improvement strategy beyond parlays?
Vegas shoulder period labor staffing challenge
Capital allocation strategy for 2026 FCF
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Next Caesars Entertainment earnings date
Q1 202628 Apr, 2026
Caesars Entertainment
Next Caesars Entertainment earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
Caesars Entertainment, Inc., together with its subsidiaries, develops, owns, and operates casino resorts in the United States. The company offers its customers a range of casino gaming, including slot machines; table games such as blackjack, craps, roulette, and baccarat; race and sports books; poker rooms; and convention and banquet facilities. It also owns a lifestyle hotel brand, Total Rewards; a loyalty program; food and beverage outlets; conference centers; a golf course; residential real estate properties; and additional development assets. In addition, the company operates The LINQ promenade; new Nobu Hotel in association with Robert De Niro and Nobu Matshushita's Nobu Hospitality Group; Vic & Anthony's Steakhouse restaurant concepts; and The Cromwell boutique hotel and casino.
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