undamentalytics Newsletter
Sign in

Penn Entertainment, Inc. (PENN) stock

Add to watchlist

Add holding +

NASDAQ: PENN Nasdaq Casinos & Gaming Next results ~November 5, 2026

C Fundamentals grade

Penn Entertainment, Inc. is a US-listed company in the casinos & gaming industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$22

Cash-flow model

Base case. Range ~$13–$33 across our lower- and higher-growth cases (-0.4%–9.6% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 22% below our base value.

Price used: $16.89, November 3, 2026

Penn Entertainment, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders4 buying, 1 selling4 purchases and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds190 adding, 163 cuttingOf 60 active managers that changed their stake, 26 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Penn Entertainment files

Where Penn Entertainment stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $7.16bn, up 6.1% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 1.3% from -2.1% a year earlier. Operating margin narrowed to -7.9% from 2.1%. The diluted share count is down 14.1% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 7 financial-health checks. Our cash-flow model value is $21.53 a share, against a share price of $14.97.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Penn Entertainment, Inc.'s trailing-twelve-month revenue grew 6.1% year on year, with a free-cash-flow margin of 1.3%. Where it stands out: change in share count of -14.1% ranks 1 of 16 casinos & gaming companies we cover. Where it lags: operating margin of -7.9% ranks 20 of 20 casinos & gaming companies we cover.

Our discounted-cash-flow model values the business at ~$22 per share in the base case (~$13–$33 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 67% in the quarter to 2026-06-30, the 3rd beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $17.02 is 28% below our value per share of $22.
  • Shrinking share count. Diluted shares fell 14.1% in a year, so each share owns more of the business.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Loss-making. Operating margin is -7.9%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 10.0 points on a year ago.
  • Volatile shares. Over the past year the shares showed annualised volatility of 53% and a beta of 0.9 against the S&P 500.
  • Heavily shorted. 17.2% of the shares available to trade are sold short (5.4 days of average volume to cover).
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 10.6% over 90 days.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.44 against an average estimate of $0.26: beat by 66.9%
Revenue
$1.86bn, up 5.2% on a year earlier
Share reaction
+2.9% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Next report
November 5, 2026; average EPS estimate $0.12

Penn Entertainment's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.7%
  • 1 week+13.9%
  • 1 month+14.4%
  • This year+15.4%
  • 1 year+1.7%
  • 5 years-70.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$7.2B
Operating margin
-7.9%
Net margin
-12.7%
EPS (TTM, diluted)
$-6.81

Growth

Revenue growth
+6.1%
Change in growth rate
−0.2 pts
Share count change
−14.1%

Cash

Free cash flow (TTM)
$96.1M
FCF margin
1.3%
Stock pay % of revenue
0.8%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Penn Entertainment, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 2.1% a year of cash-flow growth for five years.That is close to the 3.9% a year revenue growth Penn Entertainment has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in2.1%
  • Last 12 months6.1%
  • 3 years a year3.0%
  • 5 years a year3.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($16.89, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$22
Price used
$16.89close November 3, 2026
Implied change
▲ +29%
Uncertainty
High

How we got here: a discounted-cash-flow model of Penn Entertainment, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($254M, FY2026 Q2 TTM), growing 5.4% and 4.5% in the next two years (forecasts, guidance and its record), then back to 4.6% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$13–~$33 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Penn Entertainment, Inc.'s free cash flow after stock-based pay ( $254M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Penn Entertainment, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.96 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$22 ~$13–$33 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$21 ~$17–$25 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$22 ~$21–$22 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Penn Entertainment, Inc. with Casinos & Gaming in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −31%
  • Revenue growth 5 points higher ▲ +41%
  • Free-cash-flow margin 1 point lower ▼ −21%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −19%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $13$22$35$52$73$101
8.5% $6$13$22$34$50$70
10% $3$8$15$24$36$51

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$16.02$13.79$31.33$18.83$25.56$86.37$51.85$29.70$26.02$19.82$14.75$17.02
Market value$1.5bn$1.3bn$2.9bn$1.9bn$3.0bn$11.6bn$9.1bn$5.2bn$4.0bn$3.0bn$2.1bn$2.3bn
+ Net debt (− = net cash)$1.5bn$1.2bn$1.0bn−$480m$2.0bn$578m$977m$1.2bn$1.7bn$2.1bn$2.2bn$1.9bn
Enterprise value$3.0bn$2.5bn$3.9bn$1.4bn$5.0bn$12.2bn$10.1bn$6.4bn$5.7bn$5.1bn$4.4bn$4.2bn
Multiples
Price / sales 0.5x0.4x0.9x0.5x0.6x3.2x1.5x0.8x0.6x0.5x0.3x0.3x
Price / earnings n/m11.5x6.2x20.2x68.6x—21.6x23.6x————
Price / free cash flow 5.3x4.1x7.7x7.3x5.9x57.4x14.0x8.5x41.3x——23.6x
EV / EBITDA 4.1x3.0x5.5x1.6x5.1x—7.2x4.2x—10.1x——

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

44 /100

Weak moat

How hard Penn Entertainment's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 0.5% of total assets over 10 years.

  • Durability 3 / 20

    Operating margin has been a median 13.2%; its worst year was -16.6%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 8 of 10 years, at a median 7.1% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 16.6% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $1.8bn and EPS of $0.12 (range −$0.06 to $0.24) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.94 +413% $7.4bn +7%
Next $1.30 +39% $7.7bn +4%

Next year's EPS estimate has moved −10.6% in 90 days, across 6 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.26 $0.44 +66.9%
Mar 2026 −$0.01 $0.11 +1303.5%
Dec 2025 −$0.16 $0.07 +143.8%
Sept 2025 −$0.03 −$0.22 −633.3%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Penn Entertainment, Inc.'s revenue by +5.4% next year and +4.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.9%, weight 64%) and the company's own record (+4.6%, weight 36%) . How the weights are set.

Analyst recommendations

20 analysts, Oct 2026
Buy1365%
Hold735%
Sell00%

Monthly trend

  1. Oct 2026310720
  2. Sep 202639820
  3. Aug 202639820
  4. Jul 202639820

Counts of recommendations published by analysts covering Penn Entertainment, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
17.3%
of tradable shares
Days to cover
5.42
at average volume
Short interest, 1 month
+16%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
1.6%
of shares
Employees
23,441
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +3.4%

$16.46 on October 31, 2025 to $17.02

ThenNowEffect
Revenue (last 12 months) $6.7bn $7.2bn +6.1%
P/S multiple 0.4x 0.3x −16.3%
Share count 155m 133m +16.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −25.1%

$22.72 on November 3, 2023 to $17.02

ThenNowEffect
Revenue (last 12 months) $6.6bn $7.2bn +9.2%
P/S multiple 0.6x 0.3x −46.1%
Share count 170m 133m +27.3%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PENN−40%−43%−12%−24%−26%+15%
Industry peers (median)+26%−19%+16%−4%−7%−18%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PENN33%33%42%50%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PENN−67%−50%−49%−44%−40%−34%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 91% from March 15, 2021 to February 13, 2026. Getting back needed a 1061% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$11.76 – $22.06
From 52-week high
−22.8%
vs 50-day average
+6.1%
vs 200-day average
+1.2%
Volatility (1 year)
53%
Beta vs S&P 500
0.91

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±8.5%
After a week
6 up, 6 down
typical move ±9.6%
After a month
7 up, 5 down
typical move ±10.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +2.9% +0.5% −3.9% −13.0%
April 23, 2026 +16.7% +0.4% +18.2% +14.3%
February 26, 2026 +24.7% −1.0% +23.4% +9.8%
November 6, 2025 −11.1% −1.0% −9.5% −15.8%
August 7, 2025 −0.4% +0.7% +5.6% +18.0%
May 8, 2025 −0.4% +0.6% +0.6% +4.9%
February 27, 2025 +5.4% −0.1% −5.6% −17.1%
November 7, 2024 +6.6% +1.2% +8.9% +3.3%
October 7, 2024 −2.5% 0.0% −2.5% −3.3%
August 8, 2024 +5.7% +2.8% +11.6% +2.4%
May 2, 2024 −8.0% +2.2% −1.2% +5.4%
February 15, 2024 −17.3% +0.2% −24.2% −21.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Penn Entertainment, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Penn Entertainment, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Penn Entertainment, Inc.
$6B $6.5B $7B $7.5B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $6.6B Revenue (TTM), FY23 Q4: $6.4B Revenue (TTM), FY24 Q1: $6.3B Revenue (TTM), FY24 Q2: $6.3B Revenue (TTM), FY24 Q3: $6.3B Revenue (TTM), FY24 Q4: $6.6B Revenue (TTM), FY25 Q1: $6.6B Revenue (TTM), FY25 Q2: $6.7B Revenue (TTM), FY25 Q3: $6.8B Revenue (TTM), FY25 Q4: $7B Revenue (TTM), FY26 Q1: $7.1B Revenue (TTM), FY26 Q2: $7.2B $7.2B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $6.6B
FY23 Q4 $6.4B
FY24 Q1 $6.3B
FY24 Q2 $6.3B
FY24 Q3 $6.3B
FY24 Q4 $6.6B
FY25 Q1 $6.6B
FY25 Q2 $6.7B
FY25 Q3 $6.8B
FY25 Q4 $7B
FY26 Q1 $7.1B
FY26 Q2 $7.2B
Revenue growth, TTM YoY Penn Entertainment, Inc.
-5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 2.6% Revenue growth, TTM YoY, FY23 Q4: -0.6% Revenue growth, TTM YoY, FY24 Q1: -3.3% Revenue growth, TTM YoY, FY24 Q2: -4.2% Revenue growth, TTM YoY, FY24 Q3: -3.8% Revenue growth, TTM YoY, FY24 Q4: 3.4% Revenue growth, TTM YoY, FY25 Q1: 5.5% Revenue growth, TTM YoY, FY25 Q2: 7.3% Revenue growth, TTM YoY, FY25 Q3: 8.2% Revenue growth, TTM YoY, FY25 Q4: 5.8% Revenue growth, TTM YoY, FY26 Q1: 6.4% Revenue growth, TTM YoY, FY26 Q2: 6.1% 6.1%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 2.6%
FY23 Q4 -0.6%
FY24 Q1 -3.3%
FY24 Q2 -4.2%
FY24 Q3 -3.8%
FY24 Q4 3.4%
FY25 Q1 5.5%
FY25 Q2 7.3%
FY25 Q3 8.2%
FY25 Q4 5.8%
FY26 Q1 6.4%
FY26 Q2 6.1%
Operating margin (TTM) Penn Entertainment, Inc.
-20% -15% -10% -5% 0% 5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -2.1% Operating margin (TTM), FY23 Q4: -10.8% Operating margin (TTM), FY24 Q1: -14.5% Operating margin (TTM), FY24 Q2: -16.6% Operating margin (TTM), FY24 Q3: -3.0% Operating margin (TTM), FY24 Q4: 1.1% Operating margin (TTM), FY25 Q1: 2.1% Operating margin (TTM), FY25 Q2: 2.1% Operating margin (TTM), FY25 Q3: -10.3% Operating margin (TTM), FY25 Q4: -9.7% Operating margin (TTM), FY26 Q1: -8.8% Operating margin (TTM), FY26 Q2: -7.9% -7.9%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -2.1%
FY23 Q4 -10.8%
FY24 Q1 -14.5%
FY24 Q2 -16.6%
FY24 Q3 -3.0%
FY24 Q4 1.1%
FY25 Q1 2.1%
FY25 Q2 2.1%
FY25 Q3 -10.3%
FY25 Q4 -9.7%
FY26 Q1 -8.8%
FY26 Q2 -7.9%
FCF margin (TTM) Penn Entertainment, Inc.
-5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 5.8% FCF margin (TTM), FY23 Q4: 1.5% FCF margin (TTM), FY24 Q1: -1.6% FCF margin (TTM), FY24 Q2: -2.3% FCF margin (TTM), FY24 Q3: -3.8% FCF margin (TTM), FY24 Q4: -1.9% FCF margin (TTM), FY25 Q1: -1.5% FCF margin (TTM), FY25 Q2: -2.1% FCF margin (TTM), FY25 Q3: -2.6% FCF margin (TTM), FY25 Q4: -2.0% FCF margin (TTM), FY26 Q1: -0.4% FCF margin (TTM), FY26 Q2: 1.3% 1.3%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 5.8%
FY23 Q4 1.5%
FY24 Q1 -1.6%
FY24 Q2 -2.3%
FY24 Q3 -3.8%
FY24 Q4 -1.9%
FY25 Q1 -1.5%
FY25 Q2 -2.1%
FY25 Q3 -2.6%
FY25 Q4 -2.0%
FY26 Q1 -0.4%
FY26 Q2 1.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 2,369 2,459 2,742 2,689 2,778 2,591 2,838 3,034 3,148 3,588 5,301 3,579 5,905 6,402 6,363 6,578 6,961 7,160
EBITDA −0 366 711 631 −120 524 727 814 713 903 986 −44 1,404 1,542 −255 506 −227 −102
Operating income −195 153 500 397 −424 257 468 543 446 634 572 −410 1,060 974 −690 73 −674 −565
Net income −265 −59 242 210 −581 −184 1 109 473 94 44 −670 421 222 −490 −312 −843 −907
Diluted EPS −$3.39 −$0.76 $2.26 $2.03 −$7.44 −$2.34 $0.01 $1.19 $5.07 $0.93 $0.37 −$5.00 $2.48 $1.29 −$3.22 −$2.05 −$5.83 −$6.81
Growth (year on year)
Revenue −2.2% +3.8% +11.5% −1.9% +3.3% −6.7% +9.6% +6.9% +3.7% +14.0% +47.8% −32.5% +65.0% +8.4% −0.6% +3.4% +5.8% +6.1%
EBITDA −100.2% — +94.5% −11.3% −119.1% — +38.8% +12.0% −12.5% +26.7% +9.2% −104.4% — +9.8% −116.5% — −144.8% −117.8%
Operating income — — +226.0% −20.4% −206.6% — +81.9% +16.1% −17.9% +42.3% −9.8% −171.7% — −8.1% −170.9% — — −504.5%
Net income — — — −13.1% −376.1% — — — +333.1% −80.2% −53.0% — — −47.2% −320.6% — — —
Diluted EPS — — — −10.2% −466.5% — — — +326.1% −81.7% −60.2% — — −48.0% −349.6% — — —
Margins
EBITDA margin −0.0% 14.9% 25.9% 23.5% −4.3% 20.2% 25.6% 26.8% 22.6% 25.2% 18.6% −1.2% 23.8% 24.1% −4.0% 7.7% −3.3% −1.4%
Operating margin −8.2% 6.2% 18.2% 14.8% −15.3% 9.9% 16.5% 17.9% 14.2% 17.7% 10.8% −11.5% 17.9% 15.2% −10.8% 1.1% −9.7% −7.9%
Net margin −11.2% −2.4% 8.8% 7.8% −20.9% −7.1% 0.0% 3.6% 15.0% 2.6% 0.8% −18.7% 7.1% 3.5% −7.7% −4.7% −12.1% −12.7%
Free-cash-flow margin 2.1% 5.3% 12.8% 4.5% 12.0% 4.5% 9.8% 10.2% 12.0% 7.3% 9.7% 5.6% 11.0% 9.6% 1.5% −1.9% −2.0% 1.3%
Cash flow
Cash from operations 338 493 567 507 454 262 414 408 478 353 704 339 896 878 456 359 508 651
Capital spending 290 363 216 386 119 145 137 97 99 93 191 137 244 263 360 483 648 555
Free cash flow 49 130 351 121 335 118 277 311 379 260 513 202 652 615 96 −123 −140 96
Stock-based pay 28 26 24 29 23 11 8 7 8 12 15 15 35 58 86 53 61 61
Free cash flow after stock pay 20 104 327 92 312 107 269 304 371 248 498 187 617 557 10 −176 −200 35
Balance sheet
Cash 713 246 238 260 293 209 237 230 278 480 437 1,854 1,864 1,624 1,072 707 687 887
Total debt 2,335 2,171 2,045 2,732 1,077 1,268 1,735 1,433 1,280 — 2,419 2,432 2,841 2,818 2,798 2,797 2,904 2,815
Net debt (negative = net cash) 1,622 1,925 1,806 2,472 784 1,059 1,498 1,203 1,002 −480 1,982 578 977 1,194 1,726 2,091 2,218 1,928
Diluted shares 78m 78m 107m 104m 78m 78m 91m 91m 93m 100m 118m 134m 176m 177m 152m 152m 145m 133m
Returned to shareholders
Buybacks — 36 105 — — — — 0 25 50 25 0 0 601 150 0 354 239
Total returned — 36 105 — — — — 0 25 50 25 0 0 601 150 0 354 239

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 7 checks passed · June 30, 2026
What it owns · $14.1bn
Short-term assets $1.3bnLonger-term assets $12.7bn
What it owes, and who funded it · $14.1bn
Short-term liabilities $1.5bnLonger-term liabilities $10.7bnShareholders' equity $1.9bn
  • Short-term assets cover short-term liabilities $1.3bn of assets due within a year against $1.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.3bn short-term assets against $10.7bn of longer-dated liabilities.
  • More cash than debt $887m of cash against $2.8bn of debt.
  • Debt below 40% of shareholders' equity Debt is 149% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 64% to 149% over five years.
  • A year's operating cash flow covers at least 20% of debt $651m of operating cash flow against $2.8bn of debt.
  • Operating profit covers interest at least five times over Operating income of −$565m against $436m of interest.

From Penn Entertainment, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$239M
Returned to shareholders
249%
of free cash flow
Buybacks, last 3 fiscal years
$504M
Diluted share count
−14.1%
year over year
Total shareholder yield
10.3%
dividends 0.0% + buybacks 10.3% of market value
Days sales outstanding
13 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in casinos & gaming
Last 12 months unless stated PENN WYNN DKNG MLCO CZR BYD Median
Revenue, last 12 months $7.2bn $7.4bn $6.2bn $5.2bn $11.7bn $4.1bn $2.4bn
Revenue growth, last 12 months 6.1% 6.4% 15.0% 11.3% 3.1% 0.3% 5.5%
Revenue growth, 3-year average 3.0% 14.7% 27.5% 0.5% 0.6% 3.3% 6.5%
Revenue growth, latest quarter 5.2% 6.9% −4.6% — 2.5% −1.4% 2.4%
Operating margin −7.9% 15.7% −2.9% 11.6% 15.4% 17.8% 10.1%
Operating margin, 3-year average −7.5% 15.1% −6.9% −1.9% 18.0% 20.0% 7.1%
Net margin −12.7% 6.1% −2.7% 3.6% −4.5% 12.3% 3.1%
Cash from operations / revenue 9.1% 19.7% 10.8% 15.8% 10.6% 14.4% 14.4%
Free-cash-flow margin 1.3% 10.7% 10.5% 15.5% 5.0% −0.4% 8.5%
Free-cash-flow margin, 3-year average −1.0% 11.6% 7.8% −2.9% 2.4% 7.8% 4.5%
Stock pay / revenue 0.8% 1.2% 5.2% 0.6% 0.8% 0.8% 0.9%
Change in share count −14.1% −3.2% 0.5% −7.5% −3.0% 0.1% −2.6%

Median of all 22 companies we cover in casinos & gaming. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

22 casinos & gaming companies
Measure Company Peer median Rank
Revenue growth Growth 6.1% 6.1% 11 of 21
Change in growth rate Growth -0.2pp -0.4pp 9 of 21
Operating margin Profitability -7.9% 10.1% 20 of 20
Net margin Profitability -12.7% 3.6% 21 of 22
Free-cash-flow margin Cash generation 1.3% 8.5% 15 of 21
Stock pay as % of revenue Cash generation 0.8% 0.9% 10 of 20
Long-term debt as % of assets Balance sheet 19.5% 44.3% 3 of 17
Change in share count Balance sheet -14.1% -3.0% 1 of 16
Days sales outstanding Balance sheet 13 days 13 days 10 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Casino $5.3B 76.9% ▲ 3.5%
Food Beverage Hotel and Other $1.6B 23.1% ▲ 14.4%
Other $912M 56.6% ▲ 23.5%
Food and Beverage $446M 27.7% ▲ 6.1%
Occupancy $253M 15.7% ▲ 1.3%

From Penn Entertainment, Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3B
Institutions reporting
377
Shares held vs prior quarter
▲ 1.7%
Positions opened / closed
66 / 55

Top buyers and sellers, Q2 2026: 190 institutions bought and 163 sold ; the biggest buyer was AQR Capital Management LLC (+3.9M shares) and the biggest seller Balyasny Asset Management L.P (−2.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $411M 19.2M 13.6% ▲ 22.5%
Vanguard Portfolio Management LLC $218M 10.2M 7.2% ▲ 22.2%
AQR Capital Management LLC $147M 6.9M 4.9% ▲ 132.8%
Vanguard Capital Management LLC $128M 6.0M 4.2% ▼ 0.7%
Dme Capital Management, LP $125M 5.9M 4.1% ▼ 3.0%
Hill Path Capital LP $123M 5.8M 4.1% 0.0%
Earnest Partners LLC $119M 5.6M 3.9% ▲ 96.3%
Hg Vora Capital Management, LLC $115M 5.4M 3.8% ▼ 4.9%
State Street Corp $113M 5.3M 3.7% ▲ 21.2%
Bank Of America Corp $109M 5.1M 3.6% ▲ 17.2%
Invesco Ltd. $104M 4.8M 3.4% ▼ 5.4%
Sei Investments Co $77.5M 3.6M 2.6% ▲ 92.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Penn Entertainment, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1M 4 trades by 4 insiders, last 12 months Insider sales History → $115,891 1 trade by 1 insider · 0% under pre-set plans
Net ▲ $887,607 net buying
Insider Date Trade Shares Price Value
Scaccetti Jane Director March 2, 2026 Buy 8,000 $15.09 $120,720
Hendrix Felicia EVP and CFO November 21, 2025 Buy 7,315 $13.79 $100,874
Handler David A Director November 17, 2025 Buy 20,000 $14.25 $285,000
Black Gupta Vimla Director November 14, 2025 Sell 7,987 $14.51 $115,891
Snowden Jay A CEO and President November 7, 2025 Buy 34,700 $14.32 $496,904

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

No trades in Penn Entertainment, Inc. disclosed in the last 12 months; 3 earlier trades on record.

  • Marjorie Taylor Greene(R-GA 14):Purchase, $1,001 - $15,000, traded December 16, 2021, filed December 21, 2021
  • Marjorie Taylor Greene(R-GA 14):Purchase, $1,001 - $15,000, traded January 22, 2021, filed February 19, 2021
  • Marjorie Taylor Greene(R-GA 14):Purchase, $1,001 - $15,000, traded January 21, 2021, filed February 19, 2021

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • April 23, 2026
  • February 26, 2026
  • November 6, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Penn Entertainment, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Penn Entertainment, Inc. in brief

What does Penn Entertainment, Inc. do?
Penn Entertainment, Inc. is a US-listed company in the casinos & gaming industry. Its financial year ends in December.
What is Penn Entertainment, Inc.'s stock ticker?
Penn Entertainment, Inc. trades under the ticker PENN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Penn Entertainment, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Penn Entertainment, Inc. reported revenue of $7.2B, 6.1% higher than a year earlier, according to its SEC filings.
What is Penn Entertainment, Inc.'s free cash flow?
Penn Entertainment, Inc.'s free-cash-flow margin is 1.3% of revenue over the trailing twelve months, ranking 15 of the 21 casinos & gaming companies we cover.
What is Penn Entertainment, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Penn Entertainment, Inc.'s free cash flow after stock-based pay gives ~$22 per share in the base case, and ~$13–$33 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Penn Entertainment, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and AQR Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Penn Entertainment, Inc. buying back stock, and does it pay a dividend?
Penn Entertainment, Inc. spent $239M on share repurchases over the trailing twelve months, and its diluted share count fell 14.1% over the year.
What is Penn Entertainment, Inc.'s market cap?
On November 2, 2026, Penn Entertainment, Inc.'s market capitalisation was about $2.3B and net debt of $1.9B. Market figures come from third-party market data and may be delayed.
How much debt does Penn Entertainment, Inc. have?
Penn Entertainment, Inc.'s debt-to-equity ratio is 149.1%, from its latest balance sheet (64.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Penn Entertainment, Inc.'s competitors?
In our Casinos & Gaming peer group, the companies closest to Penn Entertainment, Inc. are Wynn Resorts, Draftkings Inc., Melco Resorts & Entertainment LTD, Caesars Entertainment, Inc. and Boyd Gaming Corp. The side-by-side comparison below sets their revenue, margins and growth against Penn Entertainment, Inc.'s.
Are insiders buying or selling Penn Entertainment, Inc. stock?
Over the last 12 months, Penn Entertainment, Inc.'s directors and officers reported 4 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Penn Entertainment, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Penn Entertainment, Inc. announces its own schedule.