)
)
Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
PENN Entertainment
PENN Entertainment (PENN) investor relations material
PENN Entertainment Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary6 Aug, 2026
Executive summary
Achieved record quarterly retail revenues and adjusted EBITDA, driven by strong performance across the portfolio and four new development projects, with nine properties setting Q2 records.
Opened new hotel towers at Hollywood Columbus and Aurora in June 2026, both showing strong early KPIs and market expansion.
Interactive segment delivered significant year-over-year adjusted EBITDA improvement, with U.S. iCasino and Canadian operations gaining momentum.
Adjusted EBITDA increased by $52.5 million year-over-year, reflecting disciplined execution and profitability focus.
Continued focus on cash flow growth, de-leveraging, and disciplined capital allocation.
Financial highlights
Q2 2026 total revenues were $1.86 billion, up from $1.77 billion in Q2 2025; retail segment revenues were $1.5 billion (up 4% YoY), with adjusted EBITDAR of $517.2 million and margin of 34.4%.
Net income for Q2 2026 was $32.6 million, reversing a $18.3 million loss in Q2 2025.
Consolidated adjusted EBITDA reached $312.6 million, up from $236.1 million year-over-year.
Interactive segment Q2 revenue: $349.4 million (includes $185.5 million skin tax gross-up); adjusted EBITDA loss: $9.5 million, a significant improvement from the prior year.
Total liquidity at quarter-end: $1.9 billion, including $887 million in cash.
Outlook and guidance
Raised full-year 2026 guidance for both retail revenue and adjusted EBITDA due to strong Q2 performance and positive outlook for the second half.
Revised 2026 revenue guidance midpoint: $5.87 billion; adjusted EBITDA: $1.963 billion, implying 50 bps YoY margin improvement in H2.
Retail adjusted EBITDA expected to grow mid-single digits YoY, mirroring Q2's 5.6% growth.
Interactive segment 2026 revenue guidance: $1.57 billion (down from $1.6 billion); adjusted EBITDA loss expected at $20 million.
Project CapEx for 2026 refined to $180 million; maintenance CapEx guidance reiterated at $220 million.
Partial view of Summaries dataset, powered by Quartr API
AI can get things wrong. Verify important information.Research faster. Power your platform.
Latest events from PENN Entertainment
- All proposals, including advisory annual director elections, were approved by shareholders.PENN
AGM 2026 - Key votes include director elections, auditor ratification, and executive compensation.PENNProxy filing
- Proxy covers major governance, pay, and strategy reforms, with board opposing annual elections.PENNProxy filing
- Q1 2026 revenue up to $1.78B, strong digital growth, and improved leverage metrics.PENNQ1 2026
- 2026 outlook targets 20% Adjusted EBITDAR growth and break-even interactive EBITDA, driven by retail, digital gains.PENNQ4 2025
- Q3 2025: $1.72B revenue, $865M net loss, ESPN BET exit, iCasino growth, new $750M buyback.PENNQ3 2025
- Q3 revenue up 1.2% to $1.64B; digital growth and ESPN BET expansion boosted results.PENNQ3 2024
- Q2 saw $1.66B revenue, $27.1M net loss, stable retail, and strong digital growth.PENNQ2 2024
- Q1 2025 revenue and net income rose on Interactive gains, digital growth, and share buybacks.PENNQ1 2025
Next PENN Entertainment earnings date
Q3 20265 Nov, 2026
PENN Entertainment
Next PENN Entertainment earnings date
Q3 20265 Nov, 2026
AI chat
Ask anything. Verify everything.
Ask across every event and document from public companies. Each answer links back to the exact line in the transcript, slide or filing it came from.Learn moreFind what matters
AI across all first-party IR material. Live calls, transcripts, slides, filings.)
Trust every finding
50m+ first-party documents. Every output traceable to its source.Find what matters
AI across all first-party IR material. Live calls, transcripts, slides, filings.Trust every finding
50m+ first-party documents. Every output traceable to its source.Automations
Zero in on what matters
Define the prompt once. It runs the moment a company publishes or on a schedule you set. Outputs map to the exact signals you choose.Learn more)
Event-triggered research
Runs when a company publishes new material. Trigger on the first published document for the earliest possible run, or wait for a specific one.)
Scheduled research
Runs on a recurring cadence you set. Daily, weekly, monthly, or quarterly, for aggregate reads across a period rather than a single event.Event-triggered research
Runs when a company publishes new material. Trigger on the first published document for the earliest possible run, or wait for a specific one.Scheduled research
Runs on a recurring cadence you set. Daily, weekly, monthly, or quarterly, for aggregate reads across a period rather than a single event.Live audio & transcripts
Be first
Join any earnings call live in one click, with no manual registration. Follow the transcript as it happens and jump straight to the moments that matter.Learn more)
Live earnings calls
Join any call in one click. The audio keeps playing while you work elsewhere in Quartr.)
Live transcripts
Speaker-by-speaker, in real time. Searchable across every live and historical call.Live earnings calls
Join any call in one click. The audio keeps playing while you work elsewhere in Quartr.Live transcripts
Speaker-by-speaker, in real time. Searchable across every live and historical call.Quartr MCP connects your AI environment to 17K+ public companies
Pull live transcripts, filings, and slides into Claude or Codex via MCP. Combine Quartr's global IR data with any other dataset. Run agentic research and monitoring.
Included with Quartr Pro at no extra cost.Learn more
Quartr's AI stands out because it only pulls clean, first-party data from public companies. In investing, that's everything.
Jamie Ross
Investment Manager, GAM Investments
GAM
GAM
Research that used to take hours now takes seconds with Quartr Pro. Tracking shifts in tone or extracting tables, it's as simple as typing a query.
Tom O'Hara
Investment Director
Ciena
Ciena
Before Quartr we spent hours manually compiling insights through the peer earnings cycle. Now, these tasks are done faster, with greater precision.
Gregg Lampf
VP of Investor Relations
Protean
Protean
Being able to ask specific questions across years of transcripts and reports and instantly get verified answers is a game-changer.
Pontus Dackmo
CEO & Investment Manager
)
)
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.