PENN Entertainment Posts Record Third-Quarter Retail Revenue

The Tip Desk · November 5, 2026 · 3 min read

Retail Adjusted EBITDAR reached $501.8 million as Interactive’s Adjusted EBITDA loss narrowed to $18.3 million from $76.6 million a year earlier.

PENN Entertainment, Inc. (PENN) reported third-quarter revenue of $1.84 billion, up from $1.72 billion a year earlier, as its retail casino portfolio posted a record third-quarter total and the company swung to net income of $32.6 million, or $0.24 a share, from a year-earlier net loss of $865.1 million, or $6.03 a share.

Consolidated Adjusted EBITDA was $284.0 million, compared with $194.9 million a year earlier. Adjusted EPS was $0.32, versus an adjusted loss of $0.22 a share. Operating income was $127.3 million, versus an operating loss of $776.4 million a year earlier, when impairment losses of $825.0 million sat in the Interactive segment. Third-quarter impairments were $8.0 million, all in the South segment.

Chief Executive Officer Jay Snowden said the quarter was highlighted by year-over-year growth in Retail Segment Adjusted EBITDAR, progress toward Interactive profitability, and further balance-sheet deleveraging. He said retail results were better than expected, driven by same-store growth and completed development projects, and that property-level performance was supported by higher rated revenue and spend per visit across age segments, contributions from mid- and high-worth customers, and growth in unrated revenue. Segment Adjusted EBITDAR margins improved year-over-year for a third consecutive quarter.

Retail Segment Adjusted EBITDAR was $501.8 million, with a 33.7% margin, down from $517.2 million and a 34.4% margin in the second quarter. Northeast revenue was $708.3 million and Adjusted EBITDAR $208.1 million. South revenue was $291.8 million and Adjusted EBITDAR $108.3 million. West revenue was $147.5 million and Adjusted EBITDAR $50.9 million. Midwest revenue was $341.9 million and Adjusted EBITDAR $134.5 million.

Gaming revenue was $1.37 billion. Food, beverage, hotel, and other revenue was $468.8 million.

Interactive revenue was $348.4 million, including a $191.4 million tax gross-up, up from $297.7 million a year earlier. The segment’s Adjusted EBITDA loss narrowed to $18.3 million from $76.6 million a year earlier. Snowden said U.S. iCasino growth was driven by standalone Hollywood iCasino, supported by efficient user acquisition and reinvestment, and that in Ontario increased users and revenue per user contributed to growth across iCasino and online sports betting. He also cited early performance of Alberta iCasino and online sports betting operations.

Total liquidity as of September 30, 2026 was $2.0 billion, including $1.0 billion of cash and cash equivalents. Traditional net debt was $1.8 billion. Cash and cash equivalents were $1.0 billion, up from $887.2 million at June 30. Traditional net debt had been $1.9 billion at June 30. Cash and cash equivalents were $686.6 million at year-end 2025, and traditional net debt was $2.2 billion then. Capital expenditures were $59.2 million in the third quarter.

Snowden said healthy operating trends across both Retail and Interactive continued through October, and that sustained revenue growth in U.S. standalone Hollywood iCasino and Canada, together with operational discipline, reinforced confidence in achieving the full-year Adjusted EBITDA target in Interactive.