The strong revenue growth, particularly in the Interactive segment, and improved profitability metrics suggest PENN's digital transformation is gaining traction. The positive 2026 guidance and deleveraging plans could drive further upside. Traders should monitor the Interactive segment's path to break-even adjusted EBITDA and the execution of new retail projects in Columbus and Aurora.
Price Chart
Executive Summary
PENN Entertainment reported Q4 2025 results showing strong revenue growth of 8.2% YoY to $1.81 billion, driven by a 52% increase in Interactive segment revenue (excluding tax gross-up). Adjusted EPS improved significantly to $0.07 from a loss of $0.44, while the company guided for 20% YoY EBITDAR growth in 2026 and expects to reduce leverage by more than 2 turns. The Interactive segment's adjusted EBITDA loss narrowed substantially to $39.9 million.
Key Financial Metrics
Key Facts
- Q4 2025 revenue was $1.81 billion, up 8.2% YoY from $1.67 billion in Q4 2024
- Interactive segment revenue (excluding tax gross-up) grew 52% YoY, driven by 40% iCasino growth and 73% online sportsbook growth
- Adjusted EPS was $0.07, a significant improvement from $(0.44) in Q4 2024
- Company guided for 20% YoY segment adjusted EBITDAR growth in 2026
- Interactive segment adjusted EBITDA loss narrowed to $39.9 million from $109.8 million in Q4 2024
- Company expects to reduce traditional net leverage by more than 2 turns in 2026
Financial Impact
Revenue increased by $137.2 million YoY to $1.81 billion, with Interactive segment revenue (excluding tax gross-up) growing by $123.9 million YoY
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Interactive | $398.7M | +44.8% |
| Retail | $1.4B | — |
Risk Factors
- The Interactive segment still reported an adjusted EBITDA loss of $39.9 million
- The company incurred significant impairment losses of $105.3 million in Q4 2025
- Execution risk on the 20% EBITDAR growth guidance for 2026
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000921738-26-000006 |
| Document: penn-20260226.htm | 0000921738-26-000006 |
| Document: 0000921738-26-000006-index-headers.html | 0000921738-26-000006 |
| Document: 0000921738-26-000006-index.html | 0000921738-26-000006 |
| Document: 0000921738-26-000006.txt | 0000921738-26-000006 |
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| 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%) |
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