$PENN

PENN NATIONAL GAMING INC

CIK:0000921738|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Total revenues	$ 1,857.4	$ 1,765.0	$ 3,636.4	$ 3,437.5
Operating expenses
General and administrative	441.0	410.3	868.7	813.3
Depreciation and amortization	117.8	110.5	234.8	218.5
Impairment loss	0.0	15.0	0.0	15.0
Total operating expenses	1,725.7	1,687.5	3,407.7	3,317.2
Operating income	131.7	77.5	228.7	120.3
Other income (expenses)
Interest expense, net	(100.9)	(95.9)	(201.8)	(206.7)
Interest income	2.0	2.1	3.8	5.3
Income from unconsolidated affiliates	8.6	13.3	16.9	20.9
Gain on financing arrangement	0.0	0.0	0.0	215.1
Loss on early extinguishment of debt	(1.8)	(11.8)	(1.8)	(11.8)
Other	0.1	2.9	(0.2)	4.2
Total other income (expenses)	(92.0)	(89.4)	(183.1)	27.0
Income (loss) before income taxes	39.7	(11.9)	45.6	147.3
Income tax expense	(7.1)	(6.4)	(15.8)	(54.1)
Net income (loss)	32.6	(18.3)	29.8	93.2
Net loss attributable to non-controlling interest	0.5	0.9	1.0	1.2
Net income (loss) attributable to PENN Entertainment, Inc.	$ 33.1	$ (17.4)	$ 30.8	$ 94.4
Earnings (loss) per share:
Basic earnings (loss) per share (in dollars per share)	$ 0.25	$ (0.12)	$ 0.23	$ 0.63
Diluted earnings (loss) per share (in dollars per share)	$ 0.24	$ (0.12)	$ 0.23	$ 0.59
Weighted-average common shares outstanding - basic (in shares)	133.7	149.0	133.6	150.6
Weighted-average common shares outstanding - diluted (in shares)	137.1	149.0	134.4	164.7
Gaming
Revenues
Total revenues	$ 1,396.6	$ 1,367.7	$ 2,730.9	$ 2,666.0
Operating expenses
Cost of revenue	833.2	869.7	1,641.1	1,723.5
Food, beverage, hotel, and other
Revenues
Total revenues	460.8	397.3	905.5	771.5
Operating expenses
Cost of revenue	$ 333.7	$ 282.0	$ 663.1	$ 546.9

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 29.8	$ 93.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	234.8	218.5
Non-cash operating lease expense	199.4	168.1
Income from unconsolidated affiliates	(16.9)	(20.9)
Return on investment from unconsolidated affiliates	17.8	18.0
Deferred income taxes	23.7	20.5
Stock-based compensation	31.5	31.7
Investment Agreement warrant expense	0.0	28.5
Impairment loss	0.0	15.0
Gain on financing arrangement	0.0	(215.1)
Loss on early extinguishment of debt	1.8	11.8
Changes in operating assets and liabilities
Accounts receivable	7.2	3.8
Prepaid expenses and other current assets	18.3	4.3
Other assets	(12.6)	(15.4)
Accounts payable	9.7	1.9
Accrued expenses	(3.5)	(9.3)
Income taxes	18.2	27.3
Operating lease liabilities	(190.9)	(158.6)
Other current and long-term liabilities	(19.6)	(34.6)
Other	14.4	31.4
Net cash provided by operating activities	363.1	220.1
Investing activities
Capital expenditures	(192.0)	(284.6)
Proceeds from sale-and-leaseback transactions in conjunction with development projects	216.3	0.0
Proceeds from sale of investments	0.0	17.8
Consideration paid for gaming licenses and other intangible assets	(20.5)	(20.1)
Other	23.6	14.4
Net cash provided by (used in) investing activities	27.4	(272.5)
Financing activities
Proceeds from revolving credit facility	235.0	567.5
Repayments of revolving credit facility	(805.0)	(100.0)
Proceeds from issuance of term loans, net of discount	1,404.5	0.0
Proceeds from issuance of bonds	600.0	0.0
Repayments on credit facilities	(1,406.9)	0.0
Repayment and repurchases of convertible debt	(106.7)	(223.8)
Principal payments on long-term debt	(11.9)	(18.8)
Debt issuance costs	(26.6)	0.0
Principal payments on financing obligations	(22.6)	(21.5)
Principal payments on finance leases	(27.6)	(26.7)
Repurchases of common stock	0.0	(115.3)
Proceeds from insurance financing	7.2	0.0
Payments on insurance financing	(17.1)	(16.8)
Other	(8.4)	(16.3)
Net cash provided by (used in) financing activities	(186.1)	28.3
Effect of currency rate changes on cash, cash equivalents, and restricted cash	(1.7)	0.8
Change in cash, cash equivalents, and restricted cash	202.7	(23.3)
Cash, cash equivalents, and restricted cash at the beginning of the year	714.8	723.8
Cash, cash equivalents, and restricted cash at the end of the period	917.5	700.5
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	887.2	671.6
Restricted cash included in Other current assets	29.1	27.7
Restricted cash included in Other assets	1.2	1.2
Total cash, cash equivalents, and restricted cash	917.5	700.5
Supplemental disclosure:
Cash paid for interest, net of amounts capitalized	187.9	188.0
Cash payments (refunds) related to income taxes, net	(14.9)	6.0
Non-cash activities:
Accrued capital expenditures	$ 36.2	$ 63.2

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 887.2	$ 686.6
Accounts receivable, net	245.9	254.2
Prepaid expenses	139.0	151.7
Other current assets	51.7	73.6
Total current assets	1,323.8	1,166.1
Property and equipment, net	3,492.1	3,717.3
Investment in and advances to unconsolidated affiliates	78.8	79.4
Goodwill	1,765.6	1,786.6
Other intangible assets, net	1,390.1	1,404.8
Operating lease right-of-use assets	3,882.9	3,966.1
Finance lease right-of-use assets	1,906.1	1,924.3
Other assets	229.8	223.9
Total assets	14,069.2	14,268.5
Current liabilities
Accounts payable	62.4	54.2
Current maturities of long-term debt	33.1	38.2
Current portion of financing obligations	46.9	45.8
Current portion of operating lease liabilities	419.5	386.0
Current portion of finance lease liabilities	54.8	45.7
Accrued expenses and other current liabilities	878.7	905.6
Total current liabilities	1,495.4	1,475.5
Long-term debt, net of current maturities, debt discounts, and debt issuance costs	2,741.5	2,848.9
Long-term portion of financing obligations	2,274.3	2,297.8
Long-term portion of operating lease liabilities	3,484.1	3,592.4
Long-term portion of finance lease liabilities	2,008.0	2,017.4
Deferred income taxes	110.7	87.8
Other long-term liabilities	101.4	121.2
Total liabilities	12,215.4	12,441.0
Commitments and contingencies (Note 9)
Stockholders’ equity
Treasury stock, at cost (45,257,733 shares in both periods)	(1,137.2)	(1,137.2)
Additional paid-in capital	4,676.7	4,652.8
Accumulated deficit	(1,459.3)	(1,490.1)
Accumulated other comprehensive loss	(220.7)	(193.3)
Total PENN Entertainment, Inc. stockholders’ equity	1,861.3	1,834.0
Non-controlling interest	(7.5)	(6.5)
Total stockholders’ equity	1,853.8	1,827.5
Total liabilities and stockholders’ equity	14,069.2	14,268.5
Series B Preferred Stock
Stockholders’ equity
Preferred stock	0.0	0.0
Series C Preferred Stock
Stockholders’ equity
Preferred stock	0.0	0.0
Series D Preferred Stock
Stockholders’ equity
Preferred stock	0.0	0.0
Common Stock, Non-Exchangeable
Stockholders’ equity
Common stock	1.8	1.8
Common Stock, Exchangeable
Stockholders’ equity
Common stock	$ 0.0	$ 0.0