Filing Flows › Penn Entertainment (PENN) › Q4 2025
Penn Entertainment (PENN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Penn Entertainment (PENN) reported revenue of $1.8B for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +5% from the quarter before. Operating margin was -1.0%, net loss $73.4M (4.1% of revenue).
Penn Entertainment, Q4 2025: revenue $1.8B (+8% year over year), operating margin -1.0%, net loss $73.4M, operating cash flow $107M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.8B | +5% | +8% |
| Operating profit | −$17.5M | — | — |
| Net earnings | −$73.4M | — | — |
| Operating cash flow | $107M | -41% | +4% |
What changed
Revenue was $1.8B in Q4 2025, up 8% year over year and up 5% from the previous quarter. Gaming was the largest line at 75% of revenue.
Operating costs exceeded revenue by $0.02B, an operating margin of -1.0%. Total costs grew 6% against revenue growth of 8%. The fastest-growing cost line was Other operating costs (+10%). The quarter ended with a net loss of $0.07B, narrower than the previous quarter's $0.87B loss. Net interest and other expense of $0.09B was the main reason.
Operating cash flow was $0.11B (up 4% year over year). Non-cash charges added back $0.11B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.05B. Capital expenditures of $0.19B exceeded it, leaving free cash flow of −$0.08B.
Questions
What was Penn Entertainment's revenue in the fourth quarter 2025?
Penn Entertainment (PENN) reported revenue of $1.8B for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +5% from the quarter before.
Was Penn Entertainment profitable in the fourth quarter 2025?
Operating loss was $17.5M (-1.0% of revenue) and net loss $73.4M.
Source: Penn Entertainment 10-K on SEC EDGAR.