Penn Entertainment has reported its fourth quarter and full-year 2025 financial results, having generated increases in net revenue and adjusted EBITDA for both periods, but also witnessing a net loss of $73.4m for Q4 and $845.3m for FY2025.
Penn Entertainment sets quarterly record for interactive operations revenue
During Q4 2025, Penn Entertainment managed to generate just over $1.8bn of net revenue, equating to an increase of 8.2%. The operator’s northeast segment accounted for $686.2m of revenue for Q4 2025, but fell 0.5%. The midwest and south segments reported Q4 2025 revenues of $303.2m and $285.6m, respectively, equating to growth of 4.3% and 0.5%.
Gaming accounted for nearly $1.4bn of Penn Entertainment’s total revenue for Q4 2025 and increased 5.3%, while food, beverage, hotel and other operations generated $447.4m of revenue for growth of 18.3%.
The operator also produced a quarterly-high revenue for its interactive segment after increasing 45% year-over-year for a total of $398.7m. Despite the new quarterly record, however, Penn Entertainment's interactive operations witnessed an adjusted EBITDA loss of $39.9m, although the figure decreased from its Q4 2024 loss of $109.8m.
Penn Entertainment’s adjusted EBITDA during Q4 2025 totaled $225.8m, representing growth of 36.7%. The northeast segment accounted for the highest amount of adjusted EBITDA during Q4 2025, but decreased 0.5% to $193.5m.
The operator’s midwest and south segments generated $119.9m and $95.8m of adjusted EBITDA, respectively, equating to decreases of 1.2% and 6% from the prior year period. Operating expenses rose 6.2% during Q4 2025 to just over $1.8bn, leading to an operating loss of $17.5m for Penn Entertainment.
Penn Entertainment records $845.3m net loss for FY2025, operating loss of $673.6m
While Penn Entertainment was able to decrease its loss from the prior year period during Q4 2025, the operator’s FY2025 net loss totaled $845.3m, rising 169.8% from the $313.3m net loss witnessed for FY2024. Net revenue and adjusted EBITDA both increased during FY2025, however, rising 5.8% and 23.5%, respectively, to $7bn and $830.1m.
The northeast segment accounted for nearly $2.8bn of the operator’s total net revenue for FY2025, increasing by 0.5%. The midwest and south segments both generated close to $1.2bn of revenue during the full-year period, equating to a midwest increase of 0.8% and a decrease of 0.2% in the south.
Penn Entertainment’s interactive operations generated the second highest revenue of any segment during FY2025, reporting just over $1.3bn for growth of 35.7%. Similar to its Q4 2025 results, interactive operations witnessed an adjusted EBITDA loss of $267.5m, but decreased the loss by 46.4% year-over-year.
The operator’s adjusted EBITDA for northeast operations totaled $795m and fell 0.7%, while Penn Entertainment’s midwest segment accounted for $474.6m and decreased 2.5%. The south segment also reported a decrease of 7.3% for adjusted EBITDA to $401.6m, while west operations managed to increase adjusted EBITDA by 5.4% for a total of $197.6m.
Gaming drove nearly $5.4bn of net revenue during FY2025 and increased 3.5%, while food, beverage, hotel and other businesses accounted for just over $1.6bn of net revenue and grew 14.4%. Operating expenses during FY2025 increased 17.4% to $7.6bn, leading to an operating loss of $673.6m for the full-year period.
Penn Entertainment completed a new corporate organizational restructure on January 5 in hopes of aligning the operator's digital assets in Canada with its Hollywood iCasino product in the US
