Caesars Entertainment (CZR) Q2 2026 earnings summary

Executive summary

• Net revenues for Q2 2026 increased 3% year-over-year to $3.0 billion, driven by higher casino revenues, especially from Caesars Digital and the consolidation of Caesars Windsor.

• Net loss attributable to shareholders was $62 million for Q2 2026, an improvement from a $82 million loss in Q2 2025.

• Adjusted EBITDA for Q2 2026 was $920 million, down 3.7% year-over-year, with margin declining to 30.7%.

• A proposed merger with Fertitta Entertainment, Inc. was announced; the company will become private post-transaction, pending regulatory and shareholder approvals.

Financial highlights

• Net revenues for the six months ended June 30, 2026, increased 2.8% year-over-year to $5.86 billion.

• Casino revenues rose 5.5% year-over-year in Q2 2026, offsetting declines in hotel and food & beverage revenues.

• Operating expenses increased 4.2% year-over-year, mainly due to higher casino and general/admin costs.

• Interest expense, net, decreased slightly to $573 million in Q2 2026.

• Basic and diluted loss per share for Q2 was $0.30, compared to $0.39 in Q2 2025.

Outlook and guidance

• No forward guidance provided due to the pending acquisition; management expects sufficient liquidity to fund operations, capital requirements, and debt service for the next twelve months and beyond.

• No share repurchases are expected while the merger is pending.

• Continued investment planned in digital platforms and property renovations.