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Penn Entertainment cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$204M in Q3 2026 · $292M over twelve months

Operating cash flow$263M
Capital spending−$59.2M
Free cash flow+$204M
Cash / net income8.1×

Analysis

In Q3 2026, Penn Entertainment generated $263M of operating cash flow and spent $59.2M on capital projects, leaving free cash flow of $204M. That is $196M more than in Q3 2025 ($8.2M).

Over the twelve months to Sep 30, 2026, operating cash flow was $734M; the largest uses were net borrowing (+) / repaid (−) ($594M), capital spending ($442M), buybacks ($85.0M); besides operations, cash came from other financing ($411M), other investing ($360M); the cash balance rose by $382M.

Operating cash flow was $263M against net income of $32.6M — 8.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$124M, accrued liabilities +$29.2M, stock-based pay +$15.6M.

Free cash flow

Penn Entertainment: free cash flow by quarterPenn Entertainment: free cash flow by quarter−$118MQ4 2024−$83.3MQ1 2025$18.8MQ2 2025$8.2MQ3 2025−$83.2MQ4 2025$27.8MQ1 2026$143MQ2 2026$204MQ3 2026
Operating cash flow less capital spending.
Penn Entertainment: operating cash flow against capital spendingPenn Entertainment: operating cash flow against capital spendingOperating cash flowCapital spending$103M$221MQ4 2024$41.9M$125MQ1 2025$178M$159MQ2 2025$181M$173MQ3 2025$107M$190MQ4 2025$122M$94.6MQ1 2026$241M$97.4MQ2 2026$263M$59.2MQ3 2026
Latest (Q3 2026): Operating cash flow $263M, Capital spending $59.2M.

Capital allocation, year by year

Penn Entertainment: where the cash came from (up) and went (down), by fiscal yearPenn Entertainment: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $896MFY2021: Net borrowing −$72.9MFY2021: Shares issued $10.8MFY2021: Asset sales $1.5MFY2021: Capital spending −$244MFY2021: Acquisitions −$878M$908MFY2021FY2022: Operating cash flow $878MFY2022: Net borrowing −$150MFY2022: Shares issued $6.9MFY2022: Asset sales $4.9MFY2022: Capital spending −$263MFY2022: Buybacks −$601M$890MFY2022FY2023: Operating cash flow $456MFY2023: Net borrowing −$84.6MFY2023: Shares issued $5.3MFY2023: Asset sales −$50.4MFY2023: Capital spending −$360MFY2023: Acquisitions −$315MFY2023: Buybacks −$150M$461MFY2023FY2024: Operating cash flow $359MFY2024: Net borrowing −$87.8MFY2024: Shares issued $1.5MFY2024: Asset sales $4.0MFY2024: Capital spending −$483M$365MFY2024FY2025: Operating cash flow $508MFY2025: Net borrowing $479MFY2025: Capital spending −$648MFY2025: Buybacks −$354M$987MFY2025
Over these 5 years operating cash flow totalled $3.1B; the largest uses were capital spending ($2.0B) and acquisitions ($1.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.0B
Debt$2.8B
Net debt$1.8B
Due within a year$145M

Penn Entertainment funds itself: free cash flow was $292M over the last twelve months, and $1.0B of cash and investments stands against $2.8B of debt ($145M due within a year, 7.2× covered by cash).

Penn Entertainment: debt maturities by year (FY2025)Penn Entertainment: debt maturities by year (FY2025)$145MYear 1$1.4BYear 2$10.8MYear 3$1.3BYear 4$800KYear 5$4.7MAfter year 5
Principal due in each year as disclosed in the annual report, against $1.0B of cash and investments now.

Where the cash came from and went

Penn Entertainment: sources (+) and uses (−) of cash, Q3 2026Penn Entertainment: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$263MCash drawn (+) / kept (−)−$157MCapital spending−$59.2MOther financing−$24.1MNet borrowing (+) / repaid (−)−$21.5MOther investing−$1.6MExchange rates−$300K
Penn Entertainment: sources (+) and uses (−) of cash, TTM to Q3 2026Penn Entertainment: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$734MNet borrowing (+) / repaid (−)−$594MCapital spending−$442MOther financing$411MCash drawn (+) / kept (−)−$382MOther investing$360MBuybacks−$85.0MExchange rates−$2.1M

From profit to cash

Penn Entertainment: net income to operating cash flow, Q3 2026Penn Entertainment: net income to operating cash flow, Q3 2026Net income$32.6MDepreciation & amortization$124MStock-based pay$15.6MDeferred taxes$14.6MImpairments$8.0MReceivables$5.3MPayables$1.3MAccrued liabilities$29.2MPrepaid and other assets$15.3MOther liabilities−$8.9MIncome taxes payable$1.1MOperating cash flow$263M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$263M−$59.2M—−$21.5M—−$157M$204M
Q2 2026$241M−$97.4M—−$41.2M—−$173M$143M
Q1 2026$122M−$94.6M———−$29.9M$27.8M
Q4 2025$107M−$190M−$85.0M$37.1M—−$22.7M−$83.2M
Q3 2025$181M−$173M−$154M$20.0M—$8.4M$8.2M
Q2 2025$178M−$159M−$90.3M$384M—−$86.9M$18.8M
Q1 2025$41.9M−$125M−$25.0M$37.5M—$110M−$83.3M
Q4 2024$103M−$221M—−$22.1M$200K$138M−$118M

Penn Entertainment: income statement and cash flow

Penn Entertainment, Q3 2026: revenue $1.8B (+7% year over year), operating margin 6.9%. The chart follows the revenue to costs, profit and cash.

Penn Entertainment: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.