Penn Entertainment, Inc. has reported its financial results for the fourth quarter and year ended December 31, 2025. The company's fourth-quarter revenues were $1.8 billion, up from $1.67 billion in the same period in 2024. The net loss for the quarter was $73.4 million, an improvement from a net loss of $133.8 million in the fourth quarter of 2024.
The company's consolidated adjusted EBITDA for the quarter was $225.8 million, compared to $165.2 million in the fourth quarter of 2024. Rent expense associated with triple net operating leases was $161.8 million, slightly up from $155.5 million in the same period in 2024. Cash payments to the REIT landlords under triple net leases totaled $245.9 million, compared to $239.4 million in the fourth quarter of 2024.
In the retail property level, Penn reported revenues of $1.4 billion for the fourth quarter of 2025. The segment adjusted EBITDAR was $456.4 million, and segment adjusted EBITDAR margins were 32.3%.
In the interactive segment, the company reported revenues of $398.7 million, including a tax gross-up of $182.7 million. The adjusted EBITDA loss for the interactive segment was $39.9 million.
The company also highlighted its liquidity and financial position, with total liquidity as of December 31, 2025, at $1.1 billion, inclusive of $686.6 million in cash and cash equivalents. Traditional net debt as of the end of the quarter was $2.2 billion.
The market has reacted to these announcements by moving the company's shares -1.99% to a price of $14.29. For more information, read the company's full 8-K submission here.
