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Gaming & Leisure Properties (GLPI) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Oct 29, 2026 · Gaming & Leisure Properties (GLPI) Q3 FY26 earnings results →

Q3 FY26 Revenue up 10% year over year to $435M · 48¢ of every $1 of revenue kept as net profit · operating margin 71.2%

Gaming & Leisure Properties made $435M in Q3 FY26 (+10% Y/Y). Operating margin 71.2%, net earnings $208M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.

Revenue$435M
Year over year+10%
Operating margin71.2%
Net earnings$208M
Operating cash flow$280M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $435.4M in Q3 FY26, up 10% year over year and up 1% from the previous quarter.

Operating profit was $309.9M, a 71.2% margin (down 13.6 points year over year). Operating profit fell $27.2M even though revenue rose $37.8M versus Q3 FY25, so costs grew faster than sales. Total costs grew 108% against revenue growth of 10%. The fastest-growing cost line was Other operating costs (+157%). Net earnings were $207.6M, down 14% year over year. The effective tax rate was 0.2%.

Operating cash flow was $279.7M (up 16% year over year), 131% of net income including minority interests. Non-cash charges added back $73.6M of depreciation and amortization and $4.7M of share-based compensation.

Quarterly history

Gaming & Leisure Properties revenue by quarterGaming & Leisure Properties revenue by quarter$395MQ1 FY25$395MQ2 FY25$398MQ3 FY25$407MQ1 FY26$420MQ1 FY26$431MQ2 FY26$435MQ3 FY26
Gaming & Leisure Properties net earnings by quarterGaming & Leisure Properties net earnings by quarter$165MQ1 FY25$151MQ2 FY25$241MQ3 FY25$267MQ1 FY26$232MQ1 FY26$228MQ2 FY26$208MQ3 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 FY2610-QOct 29, 2026$435M+10%71.2%$208M$280M
Q2 FY2610-QJul 30, 2026$431M+9%77.2%$228M$350M
Q1 FY2610-QApr 23, 2026$420M+6%79.4%$232M$270M
Q1 FY2610-KFeb 19, 2026$407M+4%89.3%$267M$343M
Q3 FY2510-QOct 30, 2025$398M+3%84.8%$241M$240M
Q2 FY2510-QJul 24, 2025$395M+4%61.3%$151M$293M
Q1 FY2510-QApr 24, 2025$395M+5%65.5%$165M$252M

Charts

Gaming & Leisure Properties: revenue growth, year over year and quarter over quarterGaming & Leisure Properties: revenue growth, year over year and quarter over quarterY/YQ/Q+5%Q1 FY25+4%0%Q2 FY25+3%+1%Q3 FY25+4%+2%Q1 FY26+6%+3%Q1 FY26+9%+3%Q2 FY26+10%+1%Q3 FY26
Latest (Q3 FY26): Y/Y +10%, Q/Q +1%.
Gaming & Leisure Properties: profit against cash, quarter by quarterGaming & Leisure Properties: profit against cash, quarter by quarterNet incomeOperating cash flow$224M$292MQ1 FY25$170M$252MQ1 FY25$156M$293MQ2 FY25$248M$240MQ3 FY25$275M$343MQ1 FY26$239M$270MQ1 FY26$235M$350MQ2 FY26$214M$280MQ3 FY26
Latest (Q3 FY26): Net income $214M, Operating cash flow $280M.
Gaming & Leisure Properties in its industry: growth against margin (213 companies, SIC 6798)Gaming & Leisure Properties in its industry: growth against margin (213 companies, SIC 6798)revenue growth, year over year →↑ operating marginmedian +5%median 23%WELLAMTEQIXPLDIRMDLRWYVTRSPGBSTTRITMOPSALINEHSTVici Properties L.P.VICIHoward Hughes CorpCCIBoston Properties Ltd PartnershipEXRDOCAvalonbay Communities IncCXWAHRSBACCOLDARERHPHHHLAMRRayonier, L.P.Mid-America Apartments, L.P.SUIMAAKIMKimco Realty OP, LLCSTWDOUTEssex Portfolio LPWPCVornado Realty LPUDRREGELSPEBSVCAPLESWDRRYNDHCBrixmor Operating Partnership LPRLJStore Capital LLCOHIFederal Realty OP LPFRTDRHCubeSmart, L.P.HRCUBEAHTSL Green Operating Partnership, L.P.SLGKilroy Realty, L.P.KRCJANDEIMACCUZMPT Operating Partnership, L.P.MPTNNNSBRAREXRSTAGADCCDPEPREGPFirst Industrial LPESRTKRGPECOESBAKite Realty Group, L.P.INNCTREIRTEPRTAres Industrial Real Estate Income Trust Inc.SKTZARECBLJBGSHGITBrandywine Operating Partnership, L.P.JLL Income Property Trust, Inc.BNLNHISAFELTCAmerican Assets Trust, L.P.GNLCMRFAATNHPBHRAKRABRDEACLDTLXPBRSPIVTFCPTSMAVinebrook Homes Trust, Inc.Fortress Net Lease REITBFSFBRTUMHALXNTSTFortress Credit Realty Income TrustNXRTCSRNuveen Global Cities REIT, Inc.North Haven Net REITKBSRCottonwood Communities, Inc.CTOSterling Real Estate TrustARIBrookfield Real Estate Income Trust Inc.CLPRXRNSTRWINREPMTNew Mountain Net Lease TrustTRTXJ.P. Morgan Real Estate Income Trust, Inc.ONLCHCTExchangeRight Income FundPSTLCMCTUHTRCFSPCFTR-PAInvesco Real Estate Income Trust Inc.BRTStarwood Credit Real Estate Income TrustWHLRGTJ REIT, Inc.ACRPINEApollo Realty Income Solutions, Inc.NXDTBHMFVRBlackRock Monticello Debt Real Estate Investment TrustLightstone Value Plus REIT I, Inc.Rise Companies CorpSculptor Diversified Real Estate Income Trust, Inc.Lightstone Value Plus REIT II, Inc.Cohen & Steers Income Opportunities REIT, Inc.ACRETCILANDLightstone Value Plus REIT V, Inc.NLCPSACHModiv Industrial, Inc.Fidelity Core Real Estate FundEQT Exeter Real Estate Income Trust, Inc.STSRFPIHighlands REIT, Inc.PRXASITCRreef Property Trust, Inc.LTSVSEVNLightstone Value Plus REIT III, Inc.SGSTFREVSFranklin BSP Real Estate Debt, Inc.BMNMFundrise eREIT, LLCCDR-PBCHMIPrincipal Credit Real Estate Income TrustICR-PANLOPSUNSMKZRGBCSSTLYCPTSQFTSummit Healthcare REIT, IncSELFTPTSGIPRLOANIHTMDRRStratCap Digital Infrastructure REIT, Inc.PWGLPI (+10%, 71%)
Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Gaming & Leisure Properties

GLPI is a self-administered and self-managed Pennsylvania REIT. GLPI was incorporated on February 13, 2013, as a wholly-owned subsidiary of PENN Entertainment, Inc., formerly known as Penn National Gaming, Inc. (NASDAQ: PENN) ("PENN"). On November 1, 2013, PENN contributed to the Company, through a series of internal corporate restructurings, substantially all of the assets and liabilities associated with PENN's real property interests and real estate development business, as well as the assets and liabilities of Hollywood Casino Baton Rouge and Hollywood Casino Perryville (which are referred to as the "TRS Properties") and then spun-off GLPI to holders of PENN's common and preferred stock in a tax-free distribution (the "Spin-Off").

In its own words, from its 10-K, filed Feb 19, 2026.

Gaming & Leisure Properties against its Real Estate Investment Trusts peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +10% against the peers' median +11%. Operating margin: 71.2% against the peers' median 20.6%.

CompanyQuarterRevenueY/YOp. margin
GLPI Gaming & Leisure PropertiesQ3 FY26$435M+10%71.2%
WELL WelltowerQ3 2026$3.7B+38%9.1%
AMT American TowerQ3 2026$2.8B+2%45.6%
EQIX EquinixQ3 2026$2.6B+11%23.3%
PLD PrologisQ1 2026$2.3B+7%52.7%
IRM Iron MountainQ3 2026$2.0B+14%20.6%
DLR Digital Realty TrustQ3 2026$1.9B+21%15.9%
WY WeyerhaeuserQ3 2026$1.9B+8%5.4%
VTR VentasQ3 2026$1.8B+23%2.9%

Source: Gaming & Leisure Properties 10-Q on SEC EDGAR · CIK 1575965 · Real Estate Investment Trusts

13F: who owns GLPI and who is buying

Largest holders of GLPI (13F)Largest holders of GLPI (13F)Vanguard Group$1.7BBlackRock$1.6BVanguard Portfolio Management LLC$1.1BDodge & COX$613MState Street$600MWellington Management Group LLP$556MVanguard Capital Management LLC$548MGeode Capital Management, LLC$373MPrincipal Financial Group$298MCitadel Advisors LLC$272M
Funds' net buying of GLPI by quarter (13F)Funds' net buying of GLPI by quarter (13F)$112M2024-09$238M2024-12$88.0M2025-03−$210M2025-06$384M2025-09$295M2025-12$91.1M2026-03−$121M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on GLPI

History

Every quarter: Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q1 FY26 results · Q3 FY25 results · Q2 FY25 results · Q1 FY25 results

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