PENN Entertainment, Inc.
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Range $17 – $28
Price Chart
About the company
PENN Entertainment, Inc. , along with its various subsidiaries, offers a comprehensive range of entertainment, sports media, and casino gaming services across North America. Its operations are segmented into five distinct divisions: Northeast, South, West, Midwest, and Interactive.
- CEO
- Jay A. Snowden
- IPO
- 1994
- Employees
- 23,441
- HQ
- Wyomissing, PA, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $2.46B
- P/E
- -2.90
- Fwd P/E
- 18.00
- PEG
- 0.00
- P/S
- 0.34
- P/B
- 1.32
- EV/EBITDA
- -144.58
- Div Yield
- 0.00%
- Gross Margin
- 24.13%
- Op Margin
- -6.40%
- Net Margin
- -12.66%
- ROE
- -48.48%
- ROIC
- -3.44%
Latest fiscal year · YoY change
- Revenue
- $6.96B+5.8%
- Gross Profit
- $1.91B-11.9%
- Op Income
- $272.10M
- Net Income
- $-843,100,000-170.7%
- EPS
- $-5.83-184.4%
- OCF Growth
- +41.4%
- FCF Growth
- -13.0%
- 52W High
- $22.36
- 52W Low
- $11.65
- 50D MA
- $20.56
- 200D MA
- $16.41
- Beta
- 1.41
- RSI (14)
- 37
- Avg Volume
- 3.40M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
PENN reported record Q2 retail revenue, improved Interactive profitability, and raised full-year retail guidance while keeping the 2026 Interactive loss guide unchanged.· August 6, 2026
- Retail delivered record quarterly revenue of $1.5 billion and adjusted EBITDAR of $517.2 million, with revenues up about 4% and EBITDAR up about 6% year over year.
- Interactive revenue was $349.4 million, including a $185.5 million skin tax gross-up, with an adjusted EBITDA loss of $9.5 million and management saying profitability improved meaningfully year over year.
- Management raised 2026 retail guidance to $5.87 billion midpoint revenue and $1.963 billion midpoint adjusted EBITDAR, implying about 50 bps of second-half margin improvement at the midpoint.
- 2026 Interactive revenue guidance was trimmed to $1.57 billion from $1.6 billion, but the company kept the adjusted EBITDA loss outlook at $20 million and expects Q4 to be positive.
- The balance sheet was strengthened through refinancing and debt repayment, with total liquidity at $1.9 billion, $887 million of cash and cash equivalents, and the remaining $106.7 million convertible notes repaid.
PENN’s Retail segment posted record quarterly revenue of $1.5 billion and adjusted EBITDAR of $517.2 million, up approximately 4% and 6% year over year, respectively. Adjusted EBITDA margin was 34.4%, with same-store revenue and adjusted EBITDAR up approximately 2% and 4%. The Interactive segment generated revenue of $349.4 million, including a skin tax gross-up of $185.5 million, and an adjusted EBITDA loss of $9.5 million. Management raised full-year 2026 retail guidance to a midpoint of $5.87 billion in revenue and $1.963 billion in adjusted EBITDAR, and it lowered 2026 Interactive revenue guidance to $1.57 billion from $1.6 billion while keeping the Interactive adjusted EBITDA loss guide at $20 million. Total liquidity ended the quarter at $1.9 billion, including $887 million in cash and cash equivalents, and CapEx in the quarter was $98 million, including $58 million of project CapEx.
Jay Snowden said the company is executing on its 2026 priorities, with retail and Interactive both contributing to better cash flow and faster-than-expected deleveraging. He emphasized record property-level results, continued momentum into July, and a disciplined approach to capital allocation, including corporate overhead optimization and selective growth projects at existing properties. On Interactive, he highlighted better profitability, the Alberta launch, and a focus on higher-value customers rather than broad-based spending.
Felicia Kantor Hendrix focused on the quarter’s financial outperformance and guidance changes. She said Retail margins improved to 34.4%, flow-through improved sequentially and year over year, and the revised full-year retail guidance reflects stronger second-quarter results; the midpoint of retail revenue guidance is $5.87 billion and adjusted EBITDAR is $1.963 billion. On Interactive, she noted second-quarter revenue of $349.4 million and a $9.5 million adjusted EBITDA loss, then trimmed 2026 Interactive revenue guidance to $1.57 billion while keeping the $20 million loss outlook unchanged. She also cited $98 million of quarterly CapEx, $1.9 billion of liquidity, $887 million of cash and equivalents, $220 million of maintenance CapEx for 2026, $180 million of project CapEx, $150 million of cash interest expense, and no expected cash taxes in 2026.
Analysts pressed management on the lower Interactive revenue guide, and Aaron LaBerge said the company offset weaker sportsbook volumes and customer-friendly outcomes with marketing cuts, labor efficiencies, and lower third-party/technology costs. Questions also centered on casino growth and competitive pressure; management said standalone iCasino remains strong, cross-sell from sportsbook is helping, and the company expects a very competitive football season but believes it is positioned well. On the retail side, management said it is not assuming any Pennsylvania Supreme Court-related benefit in the current guide, and it explained that recent margin pressure in some regions was affected by accounting adjustments that wash out over time.
The quarter showed broad retail strength, including record revenue, higher margins, and record results at several properties, with management saying July momentum continued. Interactive remains a work in progress, but management said profitability is improving, standalone casino is strong, Alberta is off to an encouraging start, and fourth-quarter Interactive EBITDA is expected to turn positive. The balance sheet also improved meaningfully through refinancing and note repayment, supporting faster deleveraging.
Interactive still posted a loss, and management lowered its revenue outlook even while keeping the loss guide unchanged, signaling softer top-line assumptions and continued dependence on cost discipline. Sportsbook results were hurt by customer-friendly outcomes and lower volumes tied to reduced marketing on unprofitable segments, and management described the coming football season as a highly competitive spending environment. On the retail side, some of the margin story depends on new property ramps and accounting adjustments, and management is not baking in any potential Pennsylvania legislative upside yet.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 93.4%
- Shares Outstanding
- 133.74M
- Float Shares
- 124.91M
of shares held by institutions
385 13F filers
Buy/sell ratio 1.57. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for PENN, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Ro KhannaHouse · CA17 | Sell | Jul 16, 26 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Jun 22, 26 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Jun 21, 24 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Jul 2, 24 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Jun 21, 24 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Jun 20, 24 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Jun 20, 24 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Jun 12, 24 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Jun 12, 24 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Mar 6, 24 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Mar 19, 24 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Mar 1, 24 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Mar 20, 24 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Mar 15, 24 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 19.22M | ▲ 3.53M |
| Vanguard Group Inc | 14.30M | ▼ 1.05M |
| Aqr Capital Management LLC | 6.89M | ▲ 3.93M |
| Vanguard Capital Management LLC | 5.99M | ▼ 41.33K |
| Dme Capital Management, LP | 5.86M | ▼ 184.17K |
| Hill Path Capital LP | 5.76M | 0 |
| Earnest Partners LLC | 5.55M | ▲ 2.72M |
| Hg Vora Capital Management, LLC | 5.40M | ▼ 276.41K |
| State Street Corp | 5.29M | ▲ 923.41K |
| Bank Of America Corp | 5.10M | ▲ 747.90K |
| Invesco Ltd. | 4.85M | ▼ 278.21K |
| Sei Investments Co | 3.63M | ▲ 1.74M |
Held by 285 ETFs
Biggest fund positions in PENN by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 8, 26 | Hartnett Johnny | other | 14,775 |
| Aug 8, 26 | Hartnett Johnny | sell | 14,775 |
| Aug 8, 26 | Hartnett Johnny | other | 14,775 |
| Mar 10, 26 | Snowden Jay A | other | 92,968 |
| Mar 10, 26 | Snowden Jay A | other | 108,063 |
| Mar 9, 26 | FOX JEFFREY H | other | 17,077 |
| Mar 9, 26 | Schiavolin Fabio | other | 17,077 |
| Mar 9, 26 | ACE HEATHER S | other | 17,077 |
| Feb 22, 26 | Schiavolin Fabio | other | 0 |
| Feb 22, 26 | FOX JEFFREY H | other | 0 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our PENN coverage
Recent articles, reports, and earnings notes.
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PENN Entertainment Q2 Earnings Call Highlights
marketbeat.com · Aug 7
PENN Entertainment, Inc. (PENN) Q2 2026 Earnings Call Transcript
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PENN Entertainment (PENN) Tops Q2 Earnings and Revenue Estimates
zacks.com · Aug 6
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