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PENN Entertainment (PENN) investor relations material
PENN Entertainment Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Announced early termination of the ESPN online sports betting agreement, with rebranding to theScore Bet in the U.S. by December 1, 2025, and a strategic shift to focus on iCasino, cross-sell, and omnichannel opportunities across North America.
Opened new Hollywood Casino Joliet, driving significant database growth and customer reactivation; M Resort hotel tower to open December 2025, with Aurora and Columbus projects expected in late Q2 2026.
Digital strategy realigned to focus on Canadian markets and Hollywood iCasino, leveraging cross-sell and a younger, digitally engaged customer base.
Interactive segment goodwill impaired by $825 million due to digital realignment and ESPN BET termination.
Repurchased $354 million in shares YTD, with a new $750 million share repurchase program authorized for 2026–2028.
Financial highlights
Q3 2025 revenues rose 4.8% year-over-year to $1.72 billion; nine-month revenues up 5.0% to $5.15 billion.
Net loss of $865.1 million for Q3 2025, driven by an $825 million Interactive segment impairment.
Retail segment generated $1.4 billion in revenue and $465.8 million in adjusted EBITDA, with a 32.8% margin for the quarter.
Interactive segment reported $297.7 million in revenue (including $139.5 million tax gross up) and an adjusted EBITDA loss of $76.6 million.
Operating cash flow for the nine months ended September 30, 2025 increased 56% year-over-year to $401 million.
Outlook and guidance
Retail segment Q4 2025 revenue expected between $1.41–$1.43 billion and adjusted EBITDA between $455–$475 million.
Interactive segment to incur a Q4 loss, but smaller than Q3, with one-time ESPN transition expenses not recurring in 2026.
2025 CapEx forecast updated to $685 million, with $430 million for development projects and $255 million for maintenance.
No cash taxes expected in 2025; net cash interest expense projected at $160 million.
Digital business targets break-even or better in 2026, with full control over cost structure and marketing.
Quantify digital marketing cost structure changes
Interactive segment path to profitability
Rebranding impact on user retention and engagement
Quantify 2026 digital cost structure changes
Retail: long-term impact of market competition?
Penn's proactive stance on prediction markets
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Next PENN Entertainment earnings date
Q4 202512 Feb, 2026
Next PENN Entertainment earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
Hitting the jackpot
Penn National Gaming, Inc. (PENN) is a prominent gaming company that operates and manages various casinos, racing facilities, and online gaming platforms. The company offers a diverse range of gaming options, including slot machines, table games, poker, sports betting, and online casino games. Penn National Gaming aims to provide an entertaining and immersive gaming experience for its customers, whether they prefer in-person gaming at its properties or online gaming from the comfort of their homes.
The main business segments
Penn National Gaming operates through three main business segments: Northeast, South, and West. The Northeast segment includes properties located in states such as Pennsylvania, Massachusetts, and Ohio. The South segment encompasses properties in states like Louisiana, Mississippi, and Kansas. The West segment includes properties in Colorado, Nevada, and other western states. Through these segments, Penn National Gaming caters to diverse regional markets and regulatory environments, adapting its offerings to meet local preferences and regulations.
Presence all over the U.S.
Penn National Gaming has a significant presence in the gaming industry, with over 40 properties across the United States. The company's properties range from large destination resorts to smaller regional casinos, offering a variety of gaming experiences for different types of customers.
In addition to its land-based casinos, Penn National Gaming has expanded its reach in the online gaming space. The company operates online sports betting and online casino platforms, allowing customers to enjoy their favorite games and place bets from their computers or mobile devices. This strategic move into online gaming has enabled Penn National Gaming to tap into the growing digital gaming market and reach a broader customer base.
Penn National Gaming faces competition from other notable players in the gaming and entertainment industry. Three public competitors include Caesars Entertainment Inc., MGM Resorts International, and Boyd Gaming Corporation. These companies also operate a range of casinos and gaming properties, competing for market share in various regions.
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