Here are the 10-K annual reports from PENN Entertainment, Inc. (PENN) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow PENN and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PENN filings page.
PENN Entertainment describes a large North American gaming and interactive platform spanning 42 gaming and racing properties in 19 U.S. states, 33 retail sportsbooks in 14 states, and online sports betting in 22 jurisdictions plus iCasino in five across the U.S. and Canada.
The company emphasizes its shift in digital strategy after ending its U.S. sportsbook agreement with ESPN effective December 1, 2025, rebranding U.S. online sports betting to theScore Bet and focusing on U.S. iCasino and Canadian operations. PENN also highlights heavy use of triple net leases with GLPI and VICI, with lease payments of $967.8 million and total indebtedness of $2.9 billion as of December 31, 2025.
Risk disclosures stress intense competition (including prediction markets), economic sensitivity of discretionary gaming spend, seasonality, activist shareholder pressures, and reliance on key regions such as Ohio, Louisiana, Missouri, and Pennsylvania, which together supplied over 40% of 2025 retail revenues.