The strong beat on Adjusted EPS combined with significant deleveraging and narrowing Interactive losses suggests the turnaround story is gaining traction. Traders should watch for continued momentum in the Interactive segment and further margin expansion in Retail, with the Alberta launch (July 13) as a near-term catalyst.
Price Chart
Executive Summary
PENN Entertainment reported Q2 2026 results with Adjusted EPS of $0.44, significantly beating the $0.26 consensus estimate. Total revenue of $1.857B was roughly in line with the $1.86B consensus, while the company delivered strong operating leverage with Consolidated Adjusted EBITDA rising 32.4% YoY to $312.6M. The quarter was marked by record Retail segment revenues, continued Interactive segment improvement, and substantial balance sheet deleveraging, with traditional net leverage falling from 4.5x to 2.9x.
Key Financial Metrics
Key Facts
- Adjusted EPS of $0.44 beat consensus of $0.26 by 69.2%
- Total revenue of $1.857B was roughly in line with $1.86B consensus, up 5.2% YoY
- Consolidated Adjusted EBITDA of $312.6M rose 32.4% YoY from $236.1M
- Retail segment revenue hit a record $1.5B with Segment Adjusted EBITDAR margins improving to 34.4%
- Interactive segment Adjusted EBITDA loss narrowed to $9.5M from a $62.0M loss YoY
- Traditional net leverage ratio improved to 2.9x from 4.5x at year-end 2025
- Total liquidity was $1.9B including $887.2M in cash
- The company repaid $106.7M of convertible notes, eliminating 4.6M potentially dilutive shares
Financial Impact
Adjusted EPS of $0.44 vs $0.26 consensus (+69.2% beat); Consolidated Adjusted EBITDA of $312.6M (+32.4% YoY); traditional net leverage improved from 4.5x to 2.9x
Risk Factors
- Interactive segment still loss-making at -$9.5M Adjusted EBITDA
- Impairment loss of $15.0M in the Midwest segment
- High lease-adjusted net leverage at 5.9x despite improvement
- Dependence on consumer discretionary spending for retail casino demand
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000921738-26-000019 |
| Document: penn-20260806.htm | 0000921738-26-000019 |
| Document: 0000921738-26-000019-index-headers.html | 0000921738-26-000019 |
| Document: 0000921738-26-000019-index.html | 0000921738-26-000019 |
| Document: 0000921738-26-000019.txt | 0000921738-26-000019 |
| 8-K Data (Synthetic) | 0000921738-26-000019 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 6, 2026 8w ago | 8-K | $20.13 $17.20 | ▼ −14.56% | ▼ −15.16% | $14.77 (−26.63%) |
May 28, 2026 18w ago | 8-K | $18.83 $22.06 | ▲ +17.15% | ▲ +18.95% | $14.77 (−21.56%) |
Apr 27, 2026 22w ago | DEFA14A | $17.82 $17.06 | ▼ −4.25% | ▼ −9.20% | $14.77 (−17.10%) |
Apr 24, 2026 23w ago | S-3ASR | $17.82 $17.06 | ▼ −4.25% | ▼ −9.20% | $14.77 (−17.10%) |
Apr 23, 2026 23w ago | 8-K | $17.26 $16.17 | ▼ −6.30% | ▼ −10.93% | $14.77 (−14.41%) |
Feb 26, 2026 31w ago | 8-K | $14.66 $14.57 | ▼ −0.61% | ▲ +5.79% | $14.77 (+0.77%) |
US Market Status
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