--- title: "Penn ENT | 8-K: FY2025 Q4 Revenue Beats Estimate at USD 1.806 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/277037665.md" datetime: "2026-02-26T12:12:07.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277037665.md) - [en](https://longbridge.com/en/news/277037665.md) - [zh-HK](https://longbridge.com/zh-HK/news/277037665.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/277037665.md) | [繁體中文](https://longbridge.com/zh-HK/news/277037665.md) # Penn ENT | 8-K: FY2025 Q4 Revenue Beats Estimate at USD 1.806 B 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. ### Financial Highlights for PENN Entertainment, Inc. #### Fourth Quarter 2025 vs. Fourth Quarter 2024 - **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 . - **Consolidated Adjusted EBITDA**: Consolidated Adjusted EBITDA increased to $225.8 million in Q4 2025 from $165.2 million in Q4 2024 . - **Operating Income (Loss)**: Operating loss improved to - $17.5 million in Q4 2025 from - $48.1 million in Q4 2024 . - **Impairment Losses**: Impairment losses were $105.3 million in Q4 2025, up from $89.1 million in Q4 2024 . - **Depreciation and Amortization**: This expense was $114.2 million in Q4 2025, compared to $107.1 million in Q4 2024 . #### Full Year 2025 vs. Full Year 2024 - **Net Loss**: The net loss for the full year 2025 was - $845.3 million, compared to - $313.3 million in 2024 . - **Consolidated Adjusted EBITDA**: Consolidated Adjusted EBITDA for the full year 2025 was $830.1 million, up from $672.2 million in 2024 . - **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 . - **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 . #### Segment Revenue (Q4 2025 vs. Q4 2024) - **Northeast Segment**: Revenues were $686.2 million in Q4 2025, slightly down from $689.9 million in Q4 2024 . - **South Segment**: Revenues were $285.6 million in Q4 2025, up from $284.2 million in Q4 2024 . - **West Segment**: Revenues increased to $137.6 million in Q4 2025 from $129.4 million in Q4 2024 . - **Midwest Segment**: Revenues were $303.2 million in Q4 2025, an increase from $290.7 million in Q4 2024 . - **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 . #### Segment Adjusted EBITDAR (Q4 2025 vs. Q4 2024) - **Northeast Segment**: Segment Adjusted EBITDAR was $193.5 million in Q4 2025, slightly down from $194.4 million in Q4 2024 . - **South Segment**: Segment Adjusted EBITDAR was $95.8 million in Q4 2025, down from $101.9 million in Q4 2024 . - **West Segment**: Segment Adjusted EBITDAR increased to $47.2 million in Q4 2025 from $43.5 million in Q4 2024 . - **Midwest Segment**: Segment Adjusted EBITDAR was $119.9 million in Q4 2025, down from $121.4 million in Q4 2024 . - **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 . - **Segment Adjusted EBITDAR Margins**: Retail segment adjusted EBITDAR margins were 32.3% in Q4 2025 . #### Liquidity and Financial Position (as of December 31, 2025 vs. December 31, 2024) - **Total Liquidity**: Total liquidity was $1.1 billion as of December 31, 2025 . - **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 . - **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 . - **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 . - **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 . - **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 . #### Cash Flow Data (Q4 2025 vs. Q4 2024 & Full Year 2025 vs. Full Year 2024) - **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 . - **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 . #### Outlook / Guidance 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 . ### Related Stocks - [PENN Entertainment, Inc. 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