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PENN Entertainment, Inc., together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences in the United States and internationally. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It operates a portfolio of casinos, racetracks, and online sports betting; online gaming portfolio, such as theScore Bet, an online sportsbook; theScore Casino, a stand-alone iCasino website and app; Hollywood Casino, an iCasino and theScore Bet website and app; PENN Game Studios, its in-house iCasino and social gaming content studio; and PENN Play, a customer loyalty program. The company also engages in gaming operations, including slot machines and table games; food and beverage offerings; and hotel visitation. It offers its products under the Ameristar, Argosy, Boomtown, Hollywood Casino, Hollywood Gaming, L'Auberge, M Resort, PENN Entertainment, and PENN Play, as well as theScore, theScore Bet, and theScore esports brands. The company was formerly known as Penn National Gaming, Inc. and changed its name to PENN Entertainment, Inc. in August 2022. PENN Entertainment, Inc. was founded in 1972 and is based in Wyomissing, Pennsylvania.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $7.0B | $32M | $-843M | $-177M | -46.0% | 5.8% | 170.7% |
| 2024 | $6.6B | $563M | $-312M | $-181M | -10.9% | 3.4% | -36.4% |
| 2023 | $6.4B | $400M | $-490M | $74M | -15.3% | -0.6% | -320.6% |
| 2022 | $6.4B | $1.5B | $222M | $606M | 6.2% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 6,401.70 | 6,362.90 | 6,578.10 | 6,961 |
| Operating Revenue | - | 5,860.40 | 6,362.90 | 6,578.10 | 6,961 |
| Cost Of Revenue | - | 3,631.60 | 4,000.80 | 4,414.50 | 4,608.60 |
| Gross Profit | - | 2,770.10 | 2,362.10 | 2,163.60 | 2,352.40 |
| Operating Expense | - | 1,677.90 | 1,998.50 | 2,002 | 2,080.70 |
| Selling General And Administration | - | 1,110.40 | 1,563.40 | 1,568.40 | 1,633.80 |
| Total Expenses | - | 5,309.50 | 5,999.30 | 6,416.50 | 6,689.30 |
| Operating Income | - | 1,092.20 | 363.60 | 161.60 | 271.70 |
| Total Operating Income As Reported | - | 974 | -690.20 | 72.50 | -673.60 |
| EBITDA | - | 1,501 | 400.20 | 562.80 | 32 |
| Normalized EBITDA | - | 1,629.60 | 869.80 | 652.20 | 985.80 |
| EBIT | - | 933.50 | -34.90 | 129.20 | -414.90 |
| Interest Income | - | 18.30 | 40.30 | 23.60 | 9.70 |
| Interest Expense | - | 758.20 | 464.70 | 470.50 | 405.80 |
| Net Interest Income | - | -739.90 | -424.40 | -446.90 | -181 |
| Other Non Operating Income Expenses | - | -72.10 | 5.50 | 5.30 | 4.70 |
| Other Income Expense | - | -177 | -438.80 | -56 | -911.40 |
| Interest Income Non Operating | - | 18.30 | 40.30 | 23.60 | 9.70 |
| Interest Expense Non Operating | - | 758.20 | 464.70 | 470.50 | 405.80 |
| Net Non Operating Interest Income Expense | - | -739.90 | -424.40 | -446.90 | -181 |
| Pretax Income | - | 175.30 | -499.60 | -341.30 | -820.70 |
| Tax Provision | - | -46.40 | -8.20 | -28 | 24.60 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -27.01 | -7.98 | -7.33 | -200.30 |
| Net Income Continuous Operations | - | 221.70 | -491.40 | -313.30 | -845.30 |
| Net Income From Continuing And Discontinued Operation | - | 222.10 | -490 | -311.50 | -843.10 |
| Net Income From Continuing Operation Net Minority Interest | - | 222.10 | -490 | -311.50 | -843.10 |
| Net Income | - | 222.10 | -490 | -311.50 | -843.10 |
| Net Income Common Stockholders | - | 221.20 | -490 | -311.50 | -843.10 |
| Net Income Including Noncontrolling Interests | - | 221.70 | -491.40 | -313.30 | -845.30 |
| Normalized Income | - | 323.69 | -28.38 | -229.43 | -89.60 |
| Diluted NI Availto Com Stockholders | - | 221.20 | -490 | -311.50 | -843.10 |
| Basic Average Shares | - | 161.20 | 152.10 | 152.10 | 144.60 |
| Diluted Average Shares | - | 176.60 | 152.10 | 152.10 | 144.60 |
| Reconciled Depreciation | - | 567.50 | 435.10 | 433.60 | 446.90 |
| Reconciled Cost Of Revenue | - | 3,631.60 | 4,000.80 | 4,414.50 | 4,608.60 |
| Total Unusual Items | - | -128.60 | -469.60 | -89.40 | -953.80 |
| Total Unusual Items Excluding Goodwill | - | -128.60 | -469.60 | -89.40 | -953.80 |
| Preferred Stock Dividends | 2.10 | 0.90 | - | - | - |
| Minority Interests | - | 0.40 | 1.40 | 1.80 | 2.20 |
| Special Income Charges | - | -128.60 | -469.60 | -89.40 | -953.80 |
| Gain On Sale Of Business | - | 0 | -923.20 | 0 | 0 |
| Other Special Charges | - | 10.40 | -500.80 | 0.30 | 8.50 |
| Write Off | - | - | 130.60 | 89.10 | 945.30 |
| Impairment Of Capital Assets | 0 | 118.20 | 130.60 | 89.10 | - |
| Restructuring And Mergern Acquisition | - | 0 | -83.40 | 0 | 0 |
| Depreciation Amortization Depletion Income Statement | - | 567.50 | 435.10 | 433.60 | 446.90 |
| Depreciation And Amortization In Income Statement | - | 567.50 | 435.10 | 433.60 | 446.90 |
| General And Administrative Expense | - | 1,110.40 | 1,563.40 | 1,568.40 | 1,633.80 |
| Other Gand A | - | 1,110.40 | 1,563.40 | 1,568.40 | 1,633.80 |
| Total Other Finance Cost | - | - | - | - | -215.10 |
| Earnings From Equity Interest | - | 23.70 | 25.30 | 28.10 | 37.70 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| PENN Entertainment, Inc.this co. | PENN | $2.6B | -3.12 | 1.43 | -46.0% | 412.90 |
| Patrick Industries, Inc. | PATK | $2.8B | 20.96 | 2.39 | 11.4% | 10.19 |
| American Eagle Outfitters, Inc. | AEO | $2.8B | 14.54 | 1.65 | 11.3% | 7.73 |
| Callaway Golf Company | CALY | $2.7B | -6.59 | 1.30 | -19.8% | 17.81 |
| Sonic Automotive, Inc. | SAH | $2.7B |
| - |
| - |
| - |
| - |
| - |
| - |
| 22.45 |
| 2.49 |
| 11.1% |
| 13.11 |
| CarGurus, Inc. | CARG | $2.5B | 15.83 | 6.60 | 41.7% | 9.03 |
| OneSpaWorld Holdings Limited | OSW | $2.4B | 34.02 | 4.49 | 13.2% | 23.48 |
| Under Armour, Inc. | UAA | $2.4B | -4.80 | 1.68 | -35.0% | 54.01 |
| Mister Car Wash, Inc. | MCW | $2.3B | 22.65 | 2.06 | 9.1% | 14.16 |
| Peer Median | - | 18.40 | 2.23 | 11.2% | 13.63 | |