)
Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
PENN Entertainment
PENN Entertainment (PENN) investor relations material
PENN Entertainment Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Diversified retail portfolio delivered solid Q4 results, with Adjusted EBITDAR growth year-over-year after adjusting for adverse December weather; fourth quarter revenues reached $1.81 billion, up from $1.67 billion, and consolidated adjusted EBITDA increased 37%.
Interactive segment rebranded U.S. sportsbook to theScore Bet, achieving positive Adjusted EBITDA in December and targeting breakeven for 2026.
Strategic focus on free cash flow generation, deleveraging, and capital returns to shareholders, with meaningful cash flow growth expected in 2026.
Net loss for the quarter was $73.4 million, improved from $133.8 million in the prior year; adjusted EPS was $0.07 compared to $(0.44) last year.
Four major retail growth projects ramping up, with two new openings expected by end of Q2 2026.
Financial highlights
Retail segment Q4 revenues: $1.4 billion; Adjusted EBITDAR: $456.4 million; margin: 32.3%.
Interactive Q4 revenues: $398.7 million (including $182.7 million tax gross up); Adjusted EBITDA loss: $39.9 million.
2026 retail net revenue guidance: $5.7–$5.85 billion; Adjusted EBITDAR: $1.86–$1.98 billion.
Interactive adjusted EBITDA improved from -$268 million in 2025 to break-even in 2026 guidance (+$268 million year-over-year).
Total liquidity at year-end was $1.1 billion, including $686.6 million in cash; traditional net debt stood at $2.2 billion.
Outlook and guidance
Expects 20% year-over-year segment adjusted EBITDAR growth in 2026, with retail and interactive segments both contributing.
Interactive segment forecasted to reach breakeven Adjusted EBITDA in 2026, with all components generating positive contribution margin.
Retail net Adjusted EBITDAR growth anticipated in 2026, with margin improvement in the second half as new projects ramp.
Identified over $10 million in annualized corporate overhead cost savings to phase in during the first half of 2026.
Anticipates reducing lease-adjusted net leverage by more than 1 turn and traditional net leverage by more than 2 turns in 2026.
Interactive segment marketing strategy rationale
Capital return strategy vs. leverage reduction
Interactive segment impairment implications?
Explain OSB NGR growth despite handle decline
Future retail development pipeline details?
Capital allocation priorities beyond 2026?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next PENN Entertainment earnings date
Q1 20267 May, 2026
PENN Entertainment
Next PENN Entertainment earnings date
Q1 20267 May, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
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.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage