PENN Entertainment, Inc.
pennentertainment.comWhat Do They Do?
Runs casinos and racetracks where visitors gamble, and offers online sports betting and casino games to players.
10-K for FY2025, filed Feb 26, 2026PENN Entertainment, Inc., together with its subsidiaries (“PENN,” the “Company,” “we,” “our,” or “us”), operates in 28 jurisdictions…View ↗
We have five reportable segments: Northeast, South, West, Midwest, and Interactive. The Northeast, South, West, and Midwest segments…View ↗
As of December 31, 2025, we owned, managed, or had ownership interests in 42 gaming and racing properties in 19 states. In addition, we…View ↗
How Do They Make Money?
Gaming customers wager on casino and sports games, and PENN earns the difference between wins and losses when each wager or session ends. Food and hotel sales count as delivered during a stay, while online operators pay market-access fees over agreement terms and monthly revenue shares.
10-K for FY2025, filed Feb 26, 2026The transaction price for a gaming wagering contract is the difference between gaming wins and losses, not the total amount wagered. The…View ↗
Gaming revenue contracts involve two performance obligations for those customers earning points under our PENN Play program and a single…View ↗
Food and beverage, hotel, and retail services have been determined to be separate, standalone performance obligations and the transaction…View ↗
The market access provided to operators by jurisdiction and by activity represent separate performance obligations. The transaction price…View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by product or service ↗
$7B
-
10-K for FY2025, filed Feb 26, 2026
$7B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Gaming
Usage-based
10-K for FY2025, filed Feb 26, 2026 |
77%
FY2022: 81%
|
Gaming, FY2025
$5.4B Sources
|
Usage-based |
|
Food and beverage
Sold outright
|
6.4%
FY2022: 6.2%
|
Food and beverage, FY2025
$445.9M Sources
|
Sold outright |
|
Hotel
Recurring
|
3.6%
FY2022: 4.1%
|
Hotel, FY2025
$253.3M Sources
|
Recurring |
|
Other
Mix
10-K for FY2025, filed Feb 26, 2026 |
13%
FY2022: 8.5%
|
Other, FY2025
$911.8M Sources
|
Mix |
Who Are Their Customers?
Visitors use PENN’s casinos and racetracks, while online players wager through its sports betting and iCasino offerings; third-party operators pay for access to markets.
10-K for FY2025, filed Feb 26, 2026PENN Entertainment, Inc., together with its subsidiaries (“PENN,” the “Company,” “we,” “our,” or “us”), operates in 28 jurisdictions…View ↗
We have five reportable segments: Northeast, South, West, Midwest, and Interactive. The Northeast, South, West, and Midwest segments…View ↗
As of December 31, 2025, we owned, managed, or had ownership interests in 42 gaming and racing properties in 19 states. In addition, we…View ↗
PENN Interactive also enters into multi-year agreements with sports betting operators for OSB and iCasino market access (“Skins”) across…View ↗
Do Revenues Turn Into Profits?
No. It lost $843.1M in FY2025.
10-K for FY2025, filed Feb 26, 2026
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 6, 2026
$33.1MView ↗
- ▲ Now profitable
- vs −$17.4M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
Growing. Revenue grew 18% in 4 years, from $5.9B in FY2021 to $7B in FY2025, about 4% a year.
Online sportsbook branding
The older report names Barstool Sportsbook among PENN’s brands; the latest says its U.S. sports betting product is theScore Bet after ending its ESPN sportsbook agreement.
10-K for FY2022, filed Feb 23, 2023 10-K for FY2025, filed Feb 26, 2026On August 4, 2022, Penn National Gaming, Inc. was renamed PENN Entertainment, Inc. PENN Entertainment, Inc., together with its subsidiaries…View ↗
On November 6, 2025, the Company announced the early termination of our U.S. sportsbook agreement with ESPN, Inc. and ESPN Enterprises Inc.…View ↗
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