Revenue: As of FY2025 Q4, the actual value is USD 1.806 B, beating the estimate of USD 1.76 B.EPS: As of FY2025 Q4, the actual value is USD -0.55, missing the estimate of USD -0.1333.EBIT: As of FY2025 Q4, the actual value is USD -17.5 M.<h3>Financial Highlights for PENN Entertainment, Inc.</h3><h4>Fourth Quarter 2025 vs. Fourth Quarter 2024</h4><ul><li>Net Loss: The company’s net loss was - $73.4 million in Q4 2025, an improvement from a net loss of - $133.8 million in Q4 2024 .</li><li>Consolidated Adjusted EBITDA: Consolidated Adjusted EBITDA increased to $225.8 million in Q4 2025 from $165.2 million in Q4 2024 .</li><li>Operating Income (Loss): Operating loss improved to - $17.5 million in Q4 2025 from - $48.1 million in Q4 2024 .</li><li>Impairment Losses: Impairment losses were $105.3 million in Q4 2025, up from $89.1 million in Q4 2024 .</li><li>Depreciation and Amortization: This expense was $114.2 million in Q4 2025, compared to $107.1 million in Q4 2024 .</li></ul><h4>Full Year 2025 vs. Full Year 2024</h4><ul><li>Net Loss: The net loss for the full year 2025 was - $845.3 million, compared to - $313.3 million in 2024 .</li><li>Consolidated Adjusted EBITDA: Consolidated Adjusted EBITDA for the full year 2025 was $830.1 million, up from $672.2 million in 2024 .</li><li>Operating Income (Loss): The operating loss for the full year 2025 was - $673.6 million, a decrease from an operating income of $72.5 million in 2024 .</li><li>Impairment Losses: Impairment losses significantly increased to $945.3 million in 2025 from $89.1 million in 2024, including $825.0 million in the Interactive segment .</li></ul><h4>Segment Revenue (Q4 2025 vs. Q4 2024)</h4><ul><li>Northeast Segment: Revenues were $686.2 million in Q4 2025, slightly down from $689.9 million in Q4 2024 .</li><li>South Segment: Revenues were $285.6 million in Q4 2025, up from $284.2 million in Q4 2024 .</li><li>West Segment: Revenues increased to $137.6 million in Q4 2025 from $129.4 million in Q4 2024 .</li><li>Midwest Segment: Revenues were $303.2 million in Q4 2025, an increase from $290.7 million in Q4 2024 .</li><li>Interactive Segment: Revenues significantly grew to $398.7 million in Q4 2025 from $275.0 million in Q4 2024, including a tax gross-up of $182.7 million . Excluding the tax gross-up, revenue growth was 52% year-over-year, driven by 40% iCasino growth and 73% online sportsbook growth .</li></ul><h4>Segment Adjusted EBITDAR (Q4 2025 vs. Q4 2024)</h4><ul><li>Northeast Segment: Segment Adjusted EBITDAR was $193.5 million in Q4 2025, slightly down from $194.4 million in Q4 2024 .</li><li>South Segment: Segment Adjusted EBITDAR was $95.8 million in Q4 2025, down from $101.9 million in Q4 2024 .</li><li>West Segment: Segment Adjusted EBITDAR increased to $47.2 million in Q4 2025 from $43.5 million in Q4 2024 .</li><li>Midwest Segment: Segment Adjusted EBITDAR was $119.9 million in Q4 2025, down from $121.4 million in Q4 2024 .</li><li>Interactive Segment: Reported an Adjusted EBITDA loss of - $39.9 million in Q4 2025, a significant improvement from a loss of - $109.8 million in Q4 2024 .</li><li>Segment Adjusted EBITDAR Margins: Retail segment adjusted EBITDAR margins were 32.3% in Q4 2025 .</li></ul><h4>Liquidity and Financial Position (as of December 31, 2025 vs. December 31, 2024)</h4><ul><li>Total Liquidity: Total liquidity was $1.1 billion as of December 31, 2025 .</li><li>Cash and Cash Equivalents: Cash and cash equivalents were $686.6 million as of December 31, 2025, compared to $706.6 million as of December 31, 2024 .</li><li>Traditional Net Debt: Traditional net debt was $2,217.5 million as of December 31, 2025, compared to $1,889.5 million as of December 31, 2024 .</li><li>Total Traditional Debt: Total traditional debt was $2,904.1 million as of December 31, 2025, compared to $2,596.1 million as of December 31, 2024 .</li><li>Traditional Net Leverage Ratio: The traditional net leverage ratio was 4.5x as of December 31, 2025, down from 5.5x as of December 31, 2024 .</li><li>Lease-Adjusted Net Leverage Ratio: The lease-adjusted net leverage ratio was 6.8x as of December 31, 2025, down from 7.3x as of December 31, 2024 .</li></ul><h4>Cash Flow Data (Q4 2025 vs. Q4 2024 &amp; Full Year 2025 vs. Full Year 2024)</h4><ul><li>Cash Payments to REIT Landlords: Cash payments to REIT Landlords under Triple Net Leases were $245.9 million in Q4 2025, compared to $239.4 million in Q4 2024 . For the full year 2025, these payments totaled $967.8 million, up from $950.4 million in 2024 .</li><li>Capital Expenditures: Capital expenditures were $190.4 million in Q4 2025, down from $221.0 million in Q4 2024 . For the full year 2025, capital expenditures were $647.7 million, compared to $482.7 million in 2024 .</li></ul><h4>Outlook / Guidance</h4>PENN Entertainment, Inc. anticipates year-over-year segment adjusted EBITDAR growth of 20% in 2026, with the Interactive segment expected to achieve break-even adjusted EBITDA . The company has identified over $10.0 million in annualized run-rate corporate overhead cost savings, mostly phasing in during the first half of 2026 . PENN expects to de-lever year-over-year, reducing lease adjusted net leverage by more than 1 turn and traditional net leverage by more than 2 turns, and plans to opportunistically return capital to shareholders .

Penn ENT | 8-K: FY2025 Q4 Revenue Beats Estimate at USD 1.806 B