Caesars Entertainment (CZR) financial statements
Caesars Entertainment reported revenue of $11.5B in fiscal 2025, up 32.7% a year over 9 years.
Net income was -$502M and the operating margin 16.2%, against 9.9% in 2016.
Free cash flow was $497M, and the company returned $229M in net buybacks.
The diluted share count rose 336% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Caesars Entertainment's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $900M | $1.5B | $2.1B | $2.5B | $3.6B | $9.6B | $10.8B | $11.5B | $11.2B | $11.5B |
| Selling, general and admin | $131M | $241M | $381M | $503M | $902M | $1.8B | $2.1B | $2.0B | $1.9B | $1.9B |
| Operating income | $89M | $95M | $310M | $410M | -$383M | $1.5B | $1.7B | $2.5B | $2.3B | $1.9B |
| Interest expense | $51M | $100M | $172M | $286M | $1.2B | $2.3B | $2.3B | $2.4B | $2.4B | $2.3B |
| Pre-tax income | $38M | -$43M | $135M | $125M | -$1.6B | -$1.3B | -$565M | -$60M | -$124M | -$448M |
| Income tax | $13M | -$117M | $40M | $44M | $132M | -$283M | -$41M | -$888M | $87M | -$11M |
| Net income | $25M | $73M | $95M | $81M | -$1.8B | -$1.0B | -$899M | $786M | -$278M | -$502M |
| EPS (diluted) | $0.51 | $1.08 | $1.22 | $1.03 | -$13.50 | -$4.83 | -$4.19 | $3.64 | -$1.29 | -$2.42 |
| Diluted shares | 48M | 68M | 78M | 79M | 130M | 211M | 214M | 216M | 215M | 208M |
| Operating margin | 9.9% | 6.4% | 15.1% | 16.2% | -10.6% | 15.3% | 16.1% | 21.4% | 20.5% | 16.2% |
| Net margin | 2.7% | 5.0% | 4.6% | 3.2% | -48.4% | -10.6% | -8.3% | 6.8% | -2.5% | -4.4% |
Balance sheet
Fiscal years, from Caesars Entertainment's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $61M | $152M | $248M | $241M | $1.8B | $1.1B | $1.0B | $1.0B | $866M | $887M |
| Receivables | $15M | $46M | $60M | $54M | $342M | $472M | $611M | $608M | $470M | $476M |
| Inventory | $11M | $17M | $21M | $18M | $44M | $42M | $59M | $46M | $45M | $43M |
| Total current assets | $102M | $251M | $573M | $605M | $6.1B | $6.0B | $2.1B | $2.0B | $1.7B | $1.8B |
| Property, plant and equipment | $612M | $1.5B | $2.9B | $2.6B | $14.7B | $14.6B | $14.6B | $14.8B | $14.8B | $14.4B |
| Goodwill | $67M | $747M | $1.0B | $910M | $9.9B | $11.1B | $11.0B | $11.0B | $10.6B | $10.4B |
| Total assets | $1.3B | $3.5B | $5.9B | $5.6B | $36.4B | $38.0B | $33.5B | $33.4B | $32.6B | $31.6B |
| Total current liabilities | $102M | $224M | $402M | $688M | $2.5B | $5.3B | $2.7B | $2.7B | $2.3B | $2.3B |
| Long-term debt | $796M | $2.2B | $3.3B | $2.3B | $14.1B | $13.7B | $12.7B | $12.2B | $12.0B | $11.7B |
| Total liabilities | $996M | $2.6B | $4.9B | $4.5B | $31.4B | $33.5B | $29.8B | $28.6B | $28.2B | $28.0B |
| Shareholders' equity | $296M | $942M | $1.0B | $1.1B | $5.0B | $4.5B | $3.7B | $4.6B | $4.2B | $3.5B |
| Net debt | $739M | $2.1B | $3.0B | $2.4B | $12.4B | $12.7B | $11.7B | $11.3B | $11.3B | $10.9B |
Cash flow
Fiscal years, from Caesars Entertainment's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $95M | $130M | $323M | $313M | -$561M | $1.2B | $993M | $1.8B | $1.1B | $1.3B |
| Capital spending | $43M | $83M | $147M | $171M | $164M | $520M | $952M | $1.3B | $1.3B | $805M |
| Free cash flow | $52M | $47M | $176M | $142M | -$725M | $679M | $41M | $545M | -$221M | $497M |
| Stock-based compensation | $3M | $6M | $13M | $20M | $79M | $82M | $101M | $104M | $94M | $95M |
| Share buybacks (net) | — | — | -$9M | $0 | $0 | — | $0 | $0 | -$191M | -$229M |
| Net borrowing | -$4M | $1.4B | $846M | — | — | — | — | — | — | — |
| Free cash flow margin | 5.8% | 3.2% | 8.6% | 5.6% | -20.0% | 7.1% | 0.4% | 4.7% | -2.0% | 4.3% |
Questions
What was Caesars Entertainment's revenue in 2025?
$11.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Caesars Entertainment generate?
$497M in fiscal 2025 (operating cash flow minus capital spending).
From Caesars Entertainment's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.