Detailed financial statements for Caesars Entertainment, Inc. (CZR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Caesars Entertainment, Inc. stands as a prominent gaming and lodging enterprise with extensive operations throughout the United States. The company manages numerous casinos, offering diverse gambling options like poker, keno, horse racing, and digital sports wagering platforms.
Analysis Summary
Caesars Entertainment, Inc. reported revenue of $11.49B in the most recent fiscal year, growing at a 5-year CAGR of 25.9%.
At $28.85 (closing price, October 29, 2026), CZR has negative trailing earnings (P/E not meaningful) and an ROE of -15.71%. Market capitalisation stands at $5.9B.
Balance sheet quality for CZR: current ratio of 0.8, net debt of $25.46B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
Year
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Revenue
$900.5M
$1.47B
$2.06B
$2.53B
$3.63B
$9.57B
$10.82B
$11.53B
$11.24B
$11.49B
Cost of Revenue
$546.8M
$806.9M
$1.13B
$1.29B
$1.85B
$4.65B
$5.40B
$5.39B
$5.42B
$5.74B
Gross Profit
$353.2M
$666.6M
$925.0M
$1.24B
$1.78B
$4.92B
$5.42B
$6.13B
$5.83B
$5.74B
Research & Development
0
0
0
0
0
0
0
0
0
0
Selling, General & Admin
$171.6M
$324.2M
$455.8M
$606.1M
$902.0M
$1.78B
$2.07B
$2.01B
$1.92B
$1.93B
Operating Expenses
$265.0M
$572.3M
$615.0M
$829.0M
$2.17B
$3.46B
$3.68B
$3.66B
$3.52B
$3.67B
Operating Income
$88.7M
$94.8M
$310.0M
$410.0M
-$383.0M
$1.46B
$1.74B
$2.47B
$2.30B
$2.08B
EBITDA
$152.0M
$162.3M
$464.0M
$633.0M
$179.0M
$2.17B
$2.92B
$3.56B
$3.58B
$3.29B
Interest Expense
$50.9M
$99.8M
$171.7M
$286.2M
$1.20B
$2.31B
$2.28B
$2.35B
$2.38B
$2.32B
Pre-tax Income
$37.6M
-$43.3M
$135.6M
$125.0M
-$1.61B
-$1.27B
-$565.0M
-$60.0M
-$124.0M
-$448.0M
Income Tax
$13.1M
-$117.3M
$40.4M
$44.0M
$132.0M
-$283.0M
-$41.0M
-$888.0M
$87.0M
-$11.0M
Net Income
$24.5M
$73.4M
$95.0M
$81.0M
-$1.76B
-$1.02B
-$899.0M
$786.0M
-$278.0M
-$502.0M
EPS
$0.25
$1.09
$1.23
$1.04
$-13.52
$-4.83
$-4.20
$3.66
$-1.29
$-2.42
EPS (Diluted)
$0.25
$1.08
$1.22
$1.03
$-13.52
$-4.83
$-4.20
$3.64
$-1.29
$-2.42
Shares Outstanding (Diluted)
97.8 M
68.1 M
78.0 M
78.6 M
130.0 M
211.0 M
214.0 M
216.0 M
215.0 M
208.0 M
Income Statement (Quarterly)
Year
2025-Q4
2026-Q1
2026-Q2
2026-Q3
Revenue
$2.92B
$2.87B
$2.99B
$2.94B
Gross Profit
$1.43B
$1.44B
$1.50B
0
Operating Income
$525.0M
$504.0M
$529.0M
$457.0M
EBITDA
$676.0M
$847.0M
$878.0M
-$321.0M
Net Income
-$250.0M
-$98.0M
-$62.0M
-$123.0M
EPS
$-1.23
$-0.48
$-0.30
$-0.61
EPS (Diluted)
$-1.23
$-0.48
$-0.30
$-0.61
Balance Sheet (10y)
Year
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Cash & Equivalents
$61.0M
$134.6M
$230.8M
$206.3M
$1.78B
$1.07B
$1.04B
$1.00B
$866.0M
$887.0M
Short-term Investments
0
$17.6M
$17.0M
$34.6M
0
0
0
0
0
0
Receivables
$14.7M
$50.8M
$76.2M
$54.0M
$386.0M
$472.0M
$611.0M
$608.0M
$470.0M
$476.0M
Inventory
$11.1M
$16.9M
$20.6M
$18.0M
$44.0M
$42.0M
$59.0M
$46.0M
$45.0M
$43.0M
Total Current Assets
$101.8M
$251.0M
$573.2M
$604.6M
$6.06B
$5.96B
$2.10B
$2.04B
$1.75B
$1.80B
Property, Plant & Equipment
$626.6M
$1.52B
$2.90B
$2.80B
$15.19B
$15.26B
$15.24B
$14.76B
$14.81B
$14.36B
Goodwill
$66.8M
$747.1M
$1.01B
$909.7M
$9.86B
$11.08B
$11.00B
$10.99B
$10.60B
$10.44B
Intangible Assets
$487.5M
$996.8M
$1.36B
$1.11B
$4.28B
$4.92B
$4.71B
$4.52B
$4.13B
$3.98B
Total Assets
$1.29B
$3.55B
$5.91B
$5.64B
$36.38B
$38.03B
$33.53B
$33.37B
$32.59B
$31.64B
Accounts Payable
$21.6M
$34.8M
$58.5M
$62.0M
$167.0M
$254.0M
$314.0M
$408.0M
$296.0M
$297.0M
Short-term Debt
$4.5M
$615,000
$462,000
$246.0M
$67.0M
$70.0M
$108.0M
$65.0M
$109.0M
$134.0M
Total Current Liabilities
$102.0M
$223.8M
$402.2M
$688.0M
$2.51B
$5.30B
$2.67B
$2.69B
$2.27B
$2.25B
Long-term Debt
$795.9M
$2.19B
$4.22B
$2.33B
$14.07B
$13.72B
$12.66B
$12.22B
$12.03B
$12.39B
Total Liabilities
$995.6M
$2.60B
$4.88B
$4.52B
$31.35B
$33.49B
$29.78B
$28.65B
$28.21B
$27.95B
Retained Earnings
$124.6M
$198.5M
$290.2M
$366.5M
-$1.39B
-$2.41B
-$3.31B
-$2.52B
-$2.80B
-$3.30B
Total Equity
$298.5M
$945.1M
$1.03B
$1.12B
$5.02B
$4.48B
$3.71B
$4.55B
$4.16B
$3.50B
Total Debt
$800.4M
$2.19B
$4.22B
$3.74B
$26.93B
$26.27B
$25.43B
$25.07B
$25.06B
$26.34B
Net Debt
$739.4M
$2.04B
$3.97B
$3.50B
$25.16B
$25.20B
$24.39B
$24.07B
$24.20B
$25.46B
Working Capital
-$287,000
$27.3M
$171.0M
-$83.4M
$3.55B
$667.0M
-$566.0M
-$645.0M
-$525.0M
-$450.0M
Balance Sheet (Quarterly)
Year
2025-Q3
2025-Q4
2026-Q1
2026-Q2
Cash & Equivalents
$836.0M
$887.0M
$867.0M
$1.06B
Total Assets
$31.90B
$31.64B
$31.66B
$31.74B
Total Liabilities
$27.93B
$27.95B
$28.07B
$28.19B
Total Equity
$3.78B
$3.50B
$3.42B
$3.38B
Total Debt
$24.86B
$26.34B
$24.93B
$24.86B
Cash Flow (10y)
Year
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Net Income
$24.8M
$73.4M
$95.2M
$81.0M
-$1.74B
-$989.0M
-$513.0M
$786.0M
-$278.0M
-$437.0M
Depreciation & Amortization
$63.4M
$105.9M
$157.4M
$224.6M
$583.0M
$1.13B
$1.21B
$1.26B
$1.32B
$1.42B
Stock-based Compensation
0
0
0
0
0
0
0
0
0
$95.0M
Change in Working Capital
-$13.0M
-$27.2M
-$4.7M
$23.2M
-$101.0M
$271.0M
-$262.0M
-$60.0M
-$475.0M
-$201.0M
Operating Cash Flow
$94.7M
$129.8M
$322.6M
$312.5M
-$582.0M
$1.17B
$975.0M
$1.81B
$1.11B
$1.32B
Capital Expenditure
-$47.4M
-$83.2M
-$147.4M
-$170.8M
-$164.0M
-$520.0M
-$952.0M
-$1.26B
-$1.30B
-$805.0M
Acquisitions
$1.4M
-$1.31B
-$1.11B
$536.1M
-$5.95B
-$860.0M
$39.0M
$117.0M
$554.0M
$218.0M
Stock Repurchased
0
0
-$9.1M
0
0
0
0
0
-$191.0M
-$229.0M
Dividends Paid
0
0
0
0
0
0
0
0
0
0
Free Cash Flow
$47.3M
$46.6M
$175.2M
$141.8M
-$746.0M
$652.0M
$23.0M
$545.0M
-$182.0M
$520.0M
Cash Flow (Quarterly)
Year
2025-Q3
2025-Q4
2026-Q1
2026-Q2
Operating Cash Flow
$318.0M
$304.0M
$204.0M
$471.0M
Capital Expenditure
-$195.0M
-$157.0M
-$210.0M
-$125.0M
Free Cash Flow
$123.0M
$147.0M
-$6.0M
$346.0M
Dividends Paid
0
0
0
$16.0M
Stock-based Compensation
0
0
$24.0M
$23.0M
Growth & Margins (10y)
Year
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Revenue Growth (YoY)
+63.6%
+39.5%
+23.0%
+43.5%
+163.8%
+13.1%
+6.5%
-2.5%
+2.1%
Net Income Growth (YoY)
+199.2%
+29.5%
-14.7%
-2,269.1%
+42.0%
+11.8%
+187.4%
-135.4%
-80.6%
EPS Growth (YoY)
+336.0%
+12.8%
-15.4%
-1,400.0%
+64.3%
+13.0%
+187.1%
-135.2%
-87.6%
Shares Change (YoY)
-30.3%
+14.5%
+0.8%
+65.4%
+62.3%
+1.4%
+0.9%
-0.5%
-3.3%
FCF Growth (YoY)
-1.5%
+275.8%
-19.1%
-626.2%
+187.4%
-96.5%
+2,269.6%
-133.4%
+385.7%
Gross Margin
39.2%
45.2%
45.0%
49.0%
49.1%
51.4%
50.1%
53.2%
51.8%
50.0%
Operating Margin
9.9%
6.4%
15.1%
16.2%
-10.6%
15.3%
16.1%
21.4%
20.5%
18.1%
EBITDA Margin
16.9%
11.0%
22.6%
25.0%
4.9%
22.7%
27.0%
30.8%
31.8%
28.7%
Net Margin
2.7%
5.0%
4.6%
3.2%
-48.4%
-10.6%
-8.3%
6.8%
-2.5%
-4.4%
FCF Margin
5.3%
3.2%
8.5%
5.6%
-20.6%
6.8%
0.2%
4.7%
-1.6%
4.5%
Effective Tax Rate
34.8%
270.6%
29.8%
35.2%
-8.2%
22.3%
7.3%
1,480.0%
-70.2%
2.5%
Per-Share Data (10y)
Year
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
FCF Per Share
$0.48
$0.68
$2.25
$1.80
$-5.74
$3.09
$0.11
$2.52
$-0.85
$2.50
Dividends Per Share
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Shares Outstanding (Basic)
97.8 M
67.1 M
77.0 M
77.7 M
130.0 M
211.0 M
214.0 M
215.0 M
215.0 M
208.0 M
What to look at in Consumer Cyclical companies
5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.