Gaming and Leisure Properties (GLPI) has reported the company’s financial results for the fourth quarter of 2025 and full-year, having generated new record highs in net revenue for both periods. During Q4 2025, net revenue increased 4.5% to $407m, while GLPI’s FY figure totaled nearly $1.6bn and rose 4.1%.
With the financial report, GLPI Chairman and CEO Peter Carlino stated the positive results were recorded “despite the difficult transaction and financing period in 2025,” and showcase growth from regional gaming operator tenants and Tribal relationships.
Net income for the fourth quarter of 2025 increased 23.2% for a total of $275.4m, while income from operations reached $363.4m and grew 17.9% year-over-year. GLPI’s adjusted EBITDA during Q4 2025 rose 7.1% to $379m, with the company’s adjusted funds from operations totaling $290m and increasing 7.5%.
GLPI also reported $346.4m of rental income revenue and $51.9m of revenue from investments in lease financing receivables, representing growth of 3.7% and 8.9%, respectively. The entity also managed to decrease operating expenses by 46.4% during Q4 2025 to $43.6m.
During FY2025, GLPI’s record net revenue was $1.4bn, equating to an increase of 4.1% from the prior year period. Net income increased 5.3% to $850.4m, while GLPI’s adjusted EBITDA for the full-year period reached $1.5bn and grew 6.7%.
Income from operations and adjusted funds from operations increased 6.3% and 5.6% during FY2025, respectively, for totals of just over $1.2bn and $1.1bn. Across the full-year period, GLPI generated $1.4bn from rental income, as well as $195.6m of income from financing receivables investments.
On February 11, GLPI acquired the real estate assets of Bally’s Lincoln in Rhode Island for $700m and added the property to its master lease agreement with Bally’s Corporation.
The facility currently offers 165,000 sq ft of casino space, including 3,900 slot machines, 118 table games and a sportsbook. Bally’s Lincoln now represents the fifth property to fall under GLPI’s master lease agreement with the operator.
GLPI provided a project update covering five major developments and representing $1.5bn in capital commitments on December 8, outlining new funding activity, construction progress and adjusted timelines
