PENN PENN Entertainment, Inc.

Overview and Growth

Fiscal 2025 results for PENN Entertainment, Inc. combined $6.96B of revenue with net loss of $843.10M and an operating cash inflow of $508.20M. At $6.96B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 5.8% above fiscal 2024 revenue of $6.58B, marking a year-over-year increase. The company reported diluted EPS of -$5.83, adding a shareholder-level measure to the absolute income figures considered below. Diluted shares averaged 144.60M; this is the reported share base over which the company’s diluted per-share earnings were spread. Diluted shares moved 4.9% from 152.10M in fiscal 2024, leaving the current share base lower year over year. The company employed $14.27B of total assets, the balance-sheet base supporting its current operating and cash-flow results. Asset turnover was 0.49x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The reported operating result was an operating loss of $673.60M, reflecting costs that exceeded gross profit. An operating margin of -9.7% reflected costs exceeding revenue-level gross profit by 9.7% of sales. The bottom-line result was a net loss of $843.10M after operating, financing, tax, and other recognized items. Measured against revenue, the bottom-line deficit represented 12.1% after all recognized items. EBITDA was negative $226.70M, showing a deficit before interest, taxes, depreciation, and amortization. The company reported a pretax loss of $820.70M, before the effect of income taxes. The pretax loss equaled 11.8% of revenue, measuring the pre-tax deficit against sales. The company recognized $24.60M of income tax for the period, completing the transition from pretax income to net income. The net loss equaled 46.1% of period-end equity, showing the deficit relative to book capital. The net loss equaled 5.9% of period-end assets, showing the deficit relative to the asset base. The bottom-line deficit increased from $311.50M in fiscal 2024 to $843.10M.

Liquidity and Capital Structure

The company held $14.27B of assets against $12.44B of liabilities and $1.83B of equity, revealing how the asset base was financed. The near-term balance sheet paired $1.17B of current assets with $1.48B of current liabilities at the reporting date. Current assets covered only 0.79x of current liabilities, so current liabilities exceeded current assets at period end. The company held $686.60M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 46.5%, excluding receivables and other current assets. Borrowings totaled $2.89B, adding a fixed financing obligation alongside the company’s equity capital. Against book equity, debt measured 1.58x, placing the company’s financial leverage in clear balance-sheet terms. The debt-to-assets relationship was 20.2%, comparing borrowing with the total asset balance. The equity-to-assets relationship was 12.8%, placing book capital against the total resource base. Liabilities represented 87.2% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 4.8%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 6.5% lower than fiscal 2024 assets of $15.26B, measuring the company’s own balance-sheet change. Book equity was 36.1% lower than fiscal 2024 equity of $2.86B, showing how shareholder capital changed year over year. Cash and equivalents were 2.8% lower than fiscal 2024 cash of $706.60M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $508.20M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. The operating cash outcome moved from $359.30M in fiscal 2024 to $508.20M, ending above the prior-year level.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.