Penn National Gaming (PENN) financial statements
Penn National Gaming reported revenue of $7.0B in fiscal 2025, up 9.0% a year over 9 years.
Net income was -$843M and the operating margin -9.7%, against 16.9% in 2016.
Free cash flow was -$140M, and the company returned $354M in net buybacks.
The diluted share count rose 58% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Penn National Gaming's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.2B | $3.3B | $3.6B | $5.3B | $3.6B | $5.9B | $6.4B | $6.4B | $6.6B | $7.0B |
| Selling, general and admin | $462M | $514M | $619M | $1.2B | $1.1B | $1.4B | $1.1B | $1.6B | $1.6B | $1.6B |
| Operating income | $543M | $446M | $634M | $572M | -$410M | $1.1B | $974M | -$690M | $72M | -$674M |
| Interest expense | $459M | $467M | $539M | $536M | $546M | $567M | $760M | $470M | $487M | $448M |
| Pre-tax income | $121M | -$25M | $90M | $86M | -$834M | $539M | $175M | -$500M | -$341M | -$821M |
| Income tax | $11M | -$498M | -$4M | $43M | -$165M | $119M | -$46M | -$8M | -$28M | $25M |
| Net income | $109M | $473M | $94M | $44M | -$670M | $421M | $222M | -$490M | -$312M | -$843M |
| EPS (diluted) | $1.19 | $5.07 | $0.93 | $0.37 | -$5.00 | $2.48 | $1.29 | -$3.22 | -$2.05 | -$5.83 |
| Diluted shares | 91M | 93M | 100M | 118M | 134M | 176M | 177M | 152M | 152M | 145M |
| Operating margin | 16.9% | 13.4% | 17.7% | 10.8% | -11.5% | 17.9% | 15.2% | -10.8% | 1.1% | -9.7% |
| Net margin | 3.4% | 14.2% | 2.6% | 0.8% | -18.7% | 7.1% | 3.5% | -7.7% | -4.7% | -12.1% |
Balance sheet
Fiscal years, from Penn National Gaming's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $230M | $278M | $480M | $437M | $1.9B | $1.9B | $1.6B | $1.1B | $707M | $687M |
| Receivables | $62M | $63M | $107M | $89M | $96M | $195M | $247M | $319M | $257M | $254M |
| Inventory | — | — | — | — | — | — | $11M | — | — | — |
| Total current assets | $399M | $401M | $678M | $643M | $2.1B | $2.2B | $2.0B | $1.7B | $1.2B | $1.2B |
| Property, plant and equipment | $2.8B | $2.8B | $6.9B | $5.1B | $4.5B | $4.6B | $4.5B | $3.5B | $3.7B | $3.7B |
| Goodwill | $990M | $1.0B | $1.2B | $1.3B | $1.2B | $2.8B | $2.7B | $2.7B | $2.6B | $1.8B |
| Total assets | $5.0B | $5.2B | $11.0B | $14.2B | $14.7B | $16.9B | $17.5B | $16.1B | $15.3B | $14.3B |
| Total current liabilities | $536M | $530M | $738M | $906M | $860M | $1.1B | $1.2B | $1.5B | $1.4B | $1.5B |
| Long-term debt | $1.3B | $1.2B | $2.4B | $2.3B | $2.2B | $2.6B | $2.7B | $2.7B | $2.7B | $2.8B |
| Total liabilities | $5.5B | $5.3B | $10.2B | $12.3B | $12.0B | $12.8B | $13.9B | $12.9B | $12.4B | $12.4B |
| Shareholders' equity | -$543M | -$73M | $731M | $1.9B | $2.7B | $4.1B | $3.6B | $3.2B | $2.9B | $1.8B |
| Net debt | $1.1B | $972M | $1.9B | $1.9B | $459M | $873M | $1.2B | $1.7B | $2.1B | $2.2B |
Cash flow
Fiscal years, from Penn National Gaming's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $408M | $478M | $353M | $704M | $339M | $896M | $878M | $456M | $359M | $508M |
| Capital spending | $19M | $25M | $90M | $166M | $137M | $244M | $263M | $360M | $483M | $648M |
| Free cash flow | $389M | $453M | $263M | $538M | $202M | $652M | $615M | $96M | -$123M | -$140M |
| Stock-based compensation | $7M | $8M | $12M | $15M | $14M | $35M | $58M | $86M | $53M | $61M |
| Share buybacks (net) | $0 | -$25M | -$50M | -$25M | $0 | $0 | -$601M | -$150M | $0 | -$354M |
| Net borrowing | -$54M | $73M | $1.1B | $0 | $322M | — | — | — | — | — |
| Free cash flow margin | 12.1% | 13.6% | 7.3% | 10.2% | 5.6% | 11.0% | 9.6% | 1.5% | -1.9% | -2.0% |
Questions
What was Penn National Gaming's revenue in 2025?
$7.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Penn National Gaming generate?
-$140M in fiscal 2025 (operating cash flow minus capital spending).
From Penn National Gaming's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.