PENN's Q2 Revenue Rises to $1.86B as Interactive Loss Narrows

PENN Entertainment generated second-quarter revenue of $1.86 billion in the three months to June 30, compared with $1.31 billion in the same period last year. The company swung to a net income of $32.6 million from an $18.3 million loss a year earlier.

Financial Highlights

The company's Retail segment delivered revenue of $1.5 billion, with Adjusted EBITDAR of $517.2 million and a 34.4% Adjusted EBITDAR margin. The Interactive vertical posted revenue of $349.4 million, including a $185.5 million tax gross-up, while its Adjusted EBITDA loss narrowed to $9.5 million from $62 million a year earlier.

Group-level Consolidated Adjusted EBITDA rose to $312.6 million from $236.1 million, and diluted earnings per share improved to $0.24 from a loss of $0.12 per share a year ago. PENN ended the quarter with total liquidity of $1.9 billion, including $887.2 million in cash and cash equivalents, and traditional net debt of $1.9 billion.

Strategic Update

"We continued to execute against our 2026 strategic priorities this quarter," said CEO and President Jay Snowden, citing progress on segment Adjusted EBITDAR growth, overhead optimisation, cash flow and deleveraging. He also highlighted record quarterly Retail segment revenue, supported by strong results from four recently completed development projects.

Snowden said the Interactive segment is "on track to deliver upon our previously stated goals," helped by growth in U.S. iCasino and Canada. In June, the company opened a new hotel tower at Hollywood Columbus and the new Hollywood Casino Aurora, with early trends described as encouraging, including strong VIP visitation.

The company also launched theScore Bet, theScore Casino and Hollywood iCasino standalone apps in Alberta on July 13, Snowden added.