PENN Entertainment, Inc. (PENN) Earnings
PENN Entertainment, Inc. is expected to report next earnings on August 6, 2026 (in NaN days), with a consensus EPS estimate of $0.25. PENN has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise +52.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $0.05 | $0.11 | +120.0% | $1.8B | +1.7% |
| Feb 26, 2026 | $-0.23 | $-0.55 | -139.1% | $1.8B | +2.6% |
| Nov 6, 2025 | $-0.10 | $-0.22 | -120.0% | $1.7B | -2.4% |
| Aug 7, 2025 | $-0.04 | $0.10 | +350.0% | $1.8B | +2.6% |
| May 8, 2025 | $-0.29 | $-0.25 | +13.8% | $1.7B | -3.6% |
| Feb 27, 2025 | $-0.41 | $-0.44 | -7.3% | $1.7B | -3.6% |
| Nov 7, 2024 | $-0.28 | $-0.24 | +14.3% | $1.6B | -3.7% |
| May 2, 2024 | $-0.59 | $-0.79 | -33.9% | $1.6B | -3.9% |
| Feb 15, 2024 | $-0.57 | $-1.75 | -207.0% | $1.4B | -16.1% |
| Nov 2, 2023 | $0.33 | $1.21 | +266.7% | $1.6B | +0.5% |
| May 4, 2023 | $0.38 | $0.31 | -18.4% | $1.7B | +4.9% |
| Feb 2, 2023 | $0.33 | $0.13 | -60.6% | $1.6B | +0.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 23, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Retail portfolio delivered solid quarter with West segment strength from M Resort's new hotel tower and Ameristar Blackhawk. Midwest segment had strong revenue and EBITDA growth. Development projects give confidence in upcoming openings. Visitation and spend-per-visit drove theoretical revenue growth. • Interactive segment saw significant adjusted EBITDA improvement driven by iCasino and online sports betting revenue growth and cost management. Positive trends in Ontario. Focus on U.S. iCasino states and Canada under realigned digital strategy.
Guidance
• Retail: Increasing midpoints of 2026 retail revenue and adjusted EBITDA guidance. Revised ranges: revenue $5.73 billion to $5.86 billion, adjusted EBITDA $1.88 billion to $1.98 billion. • Interactive: Expect 2026 interactive revenues ~$1.6 billion, adjusted EBITDA loss $20 million due to Alberta launch. Second and third quarters expected to have small losses, fourth quarter profitable. • CapEx: 2026 CapEx expected to be $420 million, down from prior guidance, with project CapEx $200 million and maintenance CapEx $220 million. • Leverage: Expect to delever by at least one full turn for lease-adjusted net leverage and at least two full turns for traditional net leverage at year-end 2026.
Segment performance
Retail segment: Generated revenues of $1.4 billion, adjusted EBITDA of $471.4 million, and segment adjusted EBITDA margins of 33.2%. Interactive segment: Generated revenues of $358.3 million, including a tax gross up of $185.8 million and adjusted EBITDA loss of $10.8 million.
Risks & headwinds
• Geopolitical uncertainty. • Regulatory approvals for development projects. • Higher gas prices impacting consumer behavior. • Competition and market dynamics in the gaming and digital segments.
Analyst Q&A
Q: Barry Jonas asked about drivers of strong retail trends.
A: Jay responded about employment being a good indicator, tax refunds, and trends in regions like Bossier City and Council Bluffs.
Q: Brant Montour asked about digital business progression.
A: Jay and Aaron discussed focus on Canada and U.S. hybrid states, momentum in standalone iCasino, and Canada launch plans.
Q: Dan Pulitzer asked about regional gaming landscape and M&A.
A: Jay talked about balance sheet improvement and interest in potential M&A with right assets.
Q: Joe Stout asked about Joliet progress and Alberta launch.
A: Jay discussed Joliet's strong results and Aaron talked about Alberta launch plans.
Q: Jordan Bender asked about Washington D.C. sports betting market.
A: Jay explained evaluation of staying in OSB-only markets based on contribution margin and cross-sell.
Q: John Decree asked about omni-channel strategy.
A: Jay talked about cross-selling from OSB to iGaming and improving omnichannel experience.
Q: Sean Kelly asked about offsetting OSB slowdown.
A: Jay and Aaron discussed Ontario and Hollywood standalone driving results.
Q: Jeff Stanchel asked about retail business and gray market gaming.
A: Jay talked about positive trends in states like Pennsylvania and Missouri.
Q: Ben Chaiken asked about Aurora and Alberta.
A: Jay discussed Aurora's transition and Alberta launch considerations.
Q: Trey Bowers asked about digital cadence and M&A hurdle rate.
A: Jay discussed digital quarter cadence and M&A consideration based on free cash flow.
Q: Bernie McTernan asked about retail guidance and OSB revenue.
A: Jay talked about retail guidance based on early trends and OSB revenue runway.
Q: Stephen Grambling asked about digital profitability and Canada vs U.S. margins.
A: Jay discussed digital profitability and margin differences between Canada and U.S.