Golden Entertainment (GDEN) Q4 2025 earnings summary

Executive summary

• Fourth quarter 2025 revenues were $155.6 million, down from $164.2 million in Q4 2024, with a net loss of $8.5 million versus net income of $3.0 million in the prior year period.

• Full year 2025 revenues totaled $634.9 million, a decrease from $666.8 million in 2024, with a net loss of $6.0 million compared to net income of $50.7 million in 2024.

• Adjusted EBITDA for Q4 2025 was $33.5 million, down from $39.2 million in Q4 2024; full year Adjusted EBITDA was $140.0 million, down from $155.4 million in 2024.

• Net loss for 2025 included a $10.2 million loss on disposal of assets.

• Pending sale of operating assets and casino real estate, after which the company will become private and delist its stock.

Financial highlights

• Gaming revenue for Q4 2025 was $80.1 million, food and beverage $40.0 million, rooms $23.1 million, and other $12.5 million.

• Full year 2025 gaming revenue was $316.1 million, food and beverage $162.9 million, rooms $105.1 million, and other $50.7 million.

• Operating loss for Q4 2025 was $2.3 million, compared to operating income of $11.7 million in Q4 2024.

• Net loss per share for Q4 2025 was $(0.33), and for the full year $(0.23).

Outlook and guidance

• No earnings call will be held due to the pending transaction to sell operating assets and transition to a private entity.

• Forward-looking statements caution about risks related to the proposed transaction, regulatory approvals, and market conditions.