Filing Flows › Penn Entertainment (PENN) › Q3 2025
Penn Entertainment (PENN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Penn Entertainment (PENN) reported revenue of $1.7B for the third quarter 2025 (Q3 2025), +5% from a year earlier and -3% from the quarter before. Operating margin was -45.2%, net loss $865M (50.4% of revenue).
Penn Entertainment, Q3 2025: revenue $1.7B (+5% year over year), operating margin -45.2%, net loss $865M, operating cash flow $181M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.7B | -3% | +5% |
| Operating profit | −$776M | -1102% | — |
| Net earnings | −$865M | — | — |
| Operating cash flow | $181M | +2% | +4% |
| Free cash flow | $8.2M | -56% | -81% |
What changed
Revenue was $1.7B in Q3 2025, up 5% year over year and down 3% from the previous quarter. Gaming was the largest line at 77% of revenue. Gaming added $0.04B year over year (up 3%), 48% of the total change. Hotel declined 2%.
Operating costs exceeded revenue by $0.78B, an operating margin of -45.2%. Total costs grew 59% against revenue growth of 5%. The fastest-growing cost line was Other operating costs (+84%). The quarter ended with a net loss of $0.87B, wider than the previous quarter's $0.02B loss.
Operating cash flow was $0.18B (up 4% year over year). Non-cash charges added back $0.11B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.92B. Capital expenditures of $0.17B left free cash flow of $0.01B.
Questions
What was Penn Entertainment's revenue in the third quarter 2025?
Penn Entertainment (PENN) reported revenue of $1.7B for the third quarter 2025 (Q3 2025), +5% from a year earlier and -3% from the quarter before.
Was Penn Entertainment profitable in the third quarter 2025?
Operating loss was $776M (-45.2% of revenue) and net loss $865M.
Source: Penn Entertainment 10-Q on SEC EDGAR.