Here are the 10-Q quarterly 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-Q covers the quarterly report filed between annual reports, 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, Inc. reported third-quarter 2026 revenue of $1,840.0 million, compared with $1,717.3 million a year earlier, and net income of $32.6 million versus a net loss of $865.1 million. Operating income was $127.3 million, versus an operating loss of $776.4 million; impairment losses were $8.0 million, compared with $825.0 million. Diluted earnings per share were $0.24, versus a loss of $6.03.
For the first nine months, revenue was $5,476.4 million versus $5,154.8 million, and net income was $62.4 million versus a net loss of $771.9 million. Operating cash flow was $626.4 million, compared with $401.0 million. Cash and cash equivalents were $1,044.8 million at September 30, 2026, versus $686.6 million at December 31, 2025. PENN issued $600.0 million of unsecured notes at 6.75% due 2031 on March 16, 2026, and repaid the remaining $106.7 million principal balance of its Convertible Notes; none remained outstanding at September 30, 2026. On October 15, 2026, PENN notified holders it elected to redeem all outstanding Exchangeable Shares for common stock on or about December 15, 2026.
PENN Entertainment, Inc. generated $1,857.4 million of total revenues for the three months ended June 30, 2026, compared with $1,765.0 million a year earlier, with contributions from gaming, food and beverage, hotel and Interactive. Operating income increased to $131.7 million, and net income attributable to PENN was $33.1 million, versus a prior-year loss of $17.4 million. Diluted earnings per share were $0.24.
For the six months, revenues were $3,636.4 million and net income attributable to PENN was $30.8 million, reflecting the absence of a $215.1 million gain recorded in 2025. Net cash provided by operating activities rose to $363.1 million, bringing cash, cash equivalents and restricted cash to $917.5 million, while long-term debt, net, was $2,741.5 million. Triple net lease payments totaled $494.8 million in the first half. The company refinanced its credit facilities, issued $600.0 million of 6.75% senior notes due 2031, repaid its remaining 2.75% Convertible Notes, and was in compliance with all required financial covenants.
PENN Entertainment reported Q1 2026 revenue of $1.78 billion, up from $1.67 billion a year earlier, driven by growth across its Northeast, Midwest and Interactive segments. Operating income more than doubled to $97.1 million from $42.8 million.
Despite higher operating profit, PENN posted a small net loss of $2.8 million, compared with net income of $111.5 million in Q1 2025, mainly because last year included a one-time $215.1 million gain on a financing arrangement and higher interest and tax expense. Segment Adjusted EBITDAR rose to $460.6 million from $368.0 million, with the Interactive segment improving from a $(89.0) million loss to $(10.8) million, helped by sharply lower advertising costs.
Cash from operations increased to $122.4 million from $41.9 million, and cash and cash equivalents ended the quarter at $708.0 million. Long-term debt (net of discounts and current maturities) was $2.89 billion, and the company issued $600.0 million of 6.75% senior unsecured notes due 2031, using the proceeds to repay revolving credit borrowings.
PENN Entertainment reported third-quarter results marked by a non-cash $825.0 million impairment tied to its Interactive unit after agreeing to end the ESPN BET trademark arrangement, with exclusive use concluding on December 1, 2025. The company plans to rebrand its U.S. online sportsbook to theScore Bet, subject to regulatory approvals.
Revenue rose to $1,717.3 million from $1,639.2 million, driven by higher gaming and other revenues across segments, but the impairment pushed net loss to $865.1 million (basic and diluted loss per share $6.03). Year to date, operating cash flow was strong at $401.0 million, while capital expenditures totaled $457.3 million. PENN repurchased $269.4 million of common stock and $223.8 million of convertible debt through nine months.
Goodwill decreased to $1,784.8 million from $2,563.1, reflecting the impairment. Cash and cash equivalents were $660.1 million, with long‑term debt at $2,796.3 million. Shares outstanding were 137,719,193 as of September 30, 2025; exchangeable shares outstanding were 379,941.