Detailed financial statements for PENN Entertainment, Inc. (PENN): 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.
PENN Entertainment, Inc., along with its various subsidiaries, offers a comprehensive range of entertainment, sports media, and casino gaming services across North America. Its operations are segmented into five distinct divisions: Northeast, South, West, Midwest, and Interactive. The firm manages 44 physical venues across 20 U.S.
Analysis Summary
PENN Entertainment, Inc. reported revenue of $6.96B in the most recent fiscal year, growing at a 5-year CAGR of 14.2%.
At $15.33 (closing price, October 29, 2026), PENN has negative trailing earnings (P/E not meaningful) and an ROE of -48.48%. Market capitalisation stands at $2.1B.
Balance sheet quality for PENN: current ratio of 0.8, net debt of $7.69B. 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
$3.03B
$3.15B
$3.59B
$5.30B
$3.58B
$5.91B
$6.40B
$6.36B
$6.58B
$6.96B
Cost of Revenue
$1.76B
$1.81B
$2.05B
$2.95B
$1.87B
$3.15B
$3.63B
$4.00B
$4.41B
$5.06B
Gross Profit
$1.28B
$1.34B
$1.54B
$2.35B
$1.71B
$2.76B
$2.77B
$2.36B
$2.16B
$1.91B
Research & Development
0
0
0
0
0
0
0
0
0
0
Selling, General & Admin
$463.0M
$514.8M
$619.0M
$1.19B
$1.13B
$1.35B
$1.11B
$1.56B
$1.57B
$1.63B
Operating Expenses
$734.2M
$781.8M
$905.9M
$1.77B
$2.12B
$1.70B
$1.80B
$3.05B
$2.09B
$1.63B
Operating Income
$543.0M
$475.1M
$634.1M
$571.9M
-$410.2M
$1.06B
$974.0M
-$690.2M
$72.5M
$272.1M
EBITDA
$851.1M
$708.8M
$898.3M
$1.04B
$76.6M
$1.45B
$1.50B
$400.2M
$562.8M
$32.0M
Interest Expense
$459.2M
$466.8M
$539.4M
$534.2M
$543.2M
$562.8M
$758.2M
$464.7M
$470.5M
$405.8M
Pre-tax Income
$120.6M
$4.3M
$89.9M
$86.1M
-$834.2M
$539.1M
$175.3M
-$499.6M
-$341.3M
-$820.7M
Income Tax
$11.3M
-$498.5M
-$3.6M
$43.0M
-$165.1M
$118.6M
-$46.4M
-$8.2M
-$28.0M
$24.6M
Net Income
$109.3M
$502.9M
$93.5M
$43.9M
-$669.5M
$420.8M
$222.1M
-$490.0M
-$311.5M
-$843.1M
EPS
$1.21
$5.53
$0.96
$0.38
$-4.99
$2.65
$1.37
$-3.22
$-2.05
$-5.83
EPS (Diluted)
$1.19
$5.39
$0.93
$0.37
$-4.99
$2.48
$1.29
$-3.22
$-2.05
$-5.83
Shares Outstanding (Diluted)
91.4 M
93.4 M
100.3 M
117.8 M
134.0 M
175.5 M
176.6 M
152.1 M
152.1 M
144.6 M
Income Statement (Quarterly)
Year
2025-Q3
2025-Q4
2026-Q1
2026-Q2
Revenue
$1.72B
$1.81B
$1.78B
$1.86B
Gross Profit
$580.7M
$490.4M
$524.8M
$131.7M
Operating Income
-$776.4M
$89.4M
$97.1M
$131.7M
EBITDA
-$648.4M
$108.1M
$223.9M
$258.4M
Net Income
-$864.6M
-$73.0M
-$2.3M
$33.1M
EPS
$-6.03
$-0.55
$-0.02
$0.25
EPS (Diluted)
$-6.03
$-0.55
$-0.02
$0.24
Balance Sheet (10y)
Year
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Cash & Equivalents
$229.5M
$278.0M
$479.6M
$437.4M
$1.85B
$1.86B
$1.62B
$1.07B
$706.6M
$686.6M
Short-term Investments
0
0
0
0
0
0
0
0
0
0
Receivables
$61.9M
$62.8M
$106.8M
$88.7M
$96.4M
$195.0M
$246.4M
$319.0M
$256.8M
$254.2M
Inventory
$59.7M
$43.8M
$63.0M
$76.7M
0
$132.3M
$106.1M
0
0
0
Total Current Assets
$399.3M
$401.0M
$677.7M
$642.8M
$2.08B
$2.22B
$2.01B
$1.66B
$1.15B
$1.17B
Property, Plant & Equipment
$2.82B
$2.76B
$6.87B
$9.96B
$9.35B
$9.44B
$10.62B
$9.82B
$9.70B
$9.61B
Goodwill
$989.7M
$1.01B
$1.23B
$1.27B
$1.16B
$2.82B
$2.69B
$2.70B
$2.56B
$1.79B
Intangible Assets
$435.5M
$422.6M
$1.86B
$2.03B
$1.51B
$1.87B
$1.74B
$1.62B
$1.53B
$1.40B
Total Assets
$4.97B
$5.23B
$10.96B
$14.19B
$14.67B
$16.87B
$17.50B
$16.06B
$15.26B
$14.27B
Accounts Payable
$35.1M
$26.0M
$30.5M
$40.3M
$33.2M
$53.3M
$40.1M
$36.6M
$50.8M
$54.2M
Short-term Debt
$85.6M
$35.6M
$62.1M
$62.9M
$81.4M
$99.5M
$56.2M
$47.6M
$38.2M
$469.9M
Total Current Liabilities
$536.3M
$530.0M
$738.4M
$905.6M
$860.0M
$1.13B
$1.16B
$1.49B
$1.42B
$1.48B
Long-term Debt
$4.79B
$4.70B
$2.35B
$2.32B
$2.23B
$2.64B
$2.72B
$2.72B
$2.73B
$7.91B
Total Liabilities
$5.52B
$5.31B
$10.23B
$12.34B
$12.01B
$12.78B
$13.91B
$12.86B
$12.40B
$12.44B
Retained Earnings
-$1.53B
-$1.05B
-$967.9M
$161.6M
-$507.3M
-$86.5M
$154.5M
-$335.5M
-$647.0M
-$1.49B
Total Equity
-$543.3M
-$73.1M
$731.2M
$1.85B
$2.66B
$4.10B
$3.60B
$3.20B
$2.86B
$1.83B
Total Debt
$4.93B
$4.79B
$9.56B
$11.33B
$11.16B
$11.61B
$12.91B
$11.54B
$11.25B
$8.38B
Net Debt
$4.70B
$4.51B
$9.08B
$10.89B
$9.30B
$9.74B
$11.28B
$10.47B
$10.54B
$7.69B
Working Capital
-$137.1M
-$129.0M
-$60.8M
-$262.8M
$1.23B
$1.09B
$854.7M
$169.0M
-$260.7M
-$309.4M
Balance Sheet (Quarterly)
Year
2025-Q3
2025-Q4
2026-Q1
2026-Q2
Cash & Equivalents
$690.9M
$686.6M
$708.0M
$887.2M
Total Assets
$14.31B
$14.27B
$14.12B
$14.07B
Total Liabilities
$12.36B
$12.44B
$12.30B
$12.22B
Total Equity
$1.96B
$1.83B
$1.83B
$1.86B
Total Debt
$11.17B
$8.38B
$8.26B
$6.81B
Cash Flow (10y)
Year
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Net Income
$109.3M
$473.5M
$93.5M
$43.1M
-$669.1M
$420.5M
$221.7M
-$491.4M
-$313.3M
-$843.1M
Depreciation & Amortization
$271.2M
$267.1M
$269.0M
$414.2M
$366.7M
$344.5M
$567.5M
$435.1M
$433.6M
$446.9M
Stock-based Compensation
$6.9M
$7.8M
$12.0M
$14.9M
$14.5M
$35.1M
$58.1M
$85.9M
$52.9M
$60.9M
Change in Working Capital
-$9.3M
$106.8M
-$50.1M
-$63.8M
-$174.3M
-$89.4M
-$161.4M
-$390.6M
-$316.8M
-$372.1M
Operating Cash Flow
$404.8M
$459.1M
$352.8M
$703.9M
$338.8M
$896.1M
$878.2M
$455.9M
$359.3M
$508.2M
Capital Expenditure
-$100.3M
-$100.8M
-$174.2M
-$202.3M
-$141.8M
-$268.3M
-$272.4M
-$381.9M
-$482.7M
-$647.7M
Acquisitions
-$86.9M
-$129.8M
-$1.26B
-$398.7M
-$8.4M
-$921.0M
-$15.0M
-$357.5M
0
0
Stock Repurchased
0
-$24.8M
-$50.0M
-$24.9M
0
0
-$601.1M
-$149.8M
0
-$354.4M
Dividends Paid
0
0
0
0
0
0
0
0
0
0
Free Cash Flow
$304.5M
$358.3M
$178.6M
$501.6M
$197.0M
$627.8M
$605.8M
$74.0M
-$123.4M
-$139.5M
Cash Flow (Quarterly)
Year
2025-Q3
2025-Q4
2026-Q1
2026-Q2
Operating Cash Flow
$180.9M
$107.2M
$122.4M
$240.7M
Capital Expenditure
-$181.9M
-$190.4M
-$94.6M
-$97.4M
Free Cash Flow
-$1.0M
-$83.2M
$27.8M
$143.3M
Dividends Paid
0
0
0
0
Stock-based Compensation
$16.8M
0
$14.1M
$17.4M
Growth & Margins (10y)
Year
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Revenue Growth (YoY)
+3.7%
+14.0%
+47.8%
-32.5%
+65.0%
+8.4%
-0.6%
+3.4%
+5.8%
Net Income Growth (YoY)
+360.0%
-81.4%
-53.1%
-1,625.1%
+162.9%
-47.2%
-320.6%
+36.4%
-170.7%
EPS Growth (YoY)
+357.0%
-82.6%
-60.4%
-1,413.2%
+153.1%
-48.3%
-335.0%
+36.3%
-184.4%
Shares Change (YoY)
+2.2%
+7.5%
+17.4%
+13.8%
+31.0%
+0.6%
-13.9%
+0.0%
-4.9%
FCF Growth (YoY)
+17.7%
-50.1%
+180.8%
-60.7%
+218.7%
-3.5%
-87.8%
-266.8%
-13.0%
Gross Margin
42.1%
42.4%
42.9%
44.3%
47.8%
46.7%
43.3%
37.1%
32.9%
27.4%
Operating Margin
17.9%
15.1%
17.7%
10.8%
-11.5%
17.9%
15.2%
-10.8%
1.1%
3.9%
EBITDA Margin
28.0%
22.5%
25.0%
19.5%
2.1%
24.5%
23.4%
6.3%
8.6%
0.5%
Net Margin
3.6%
16.0%
2.6%
0.8%
-18.7%
7.1%
3.5%
-7.7%
-4.7%
-12.1%
FCF Margin
10.0%
11.4%
5.0%
9.5%
5.5%
10.6%
9.5%
1.2%
-1.9%
-2.0%
Effective Tax Rate
9.4%
-11,462.6%
-4.0%
49.9%
19.8%
22.0%
-26.5%
1.6%
8.2%
-3.0%
Per-Share Data (10y)
Year
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
FCF Per Share
$3.33
$3.84
$1.78
$4.26
$1.47
$3.58
$3.43
$0.49
$-0.81
$-0.96
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)
82.9 M
90.9 M
97.1 M
115.7 M
134.0 M
158.7 M
161.2 M
152.1 M
152.1 M
144.6 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.