Gaming and Leisure Properties (GLPI) Q3 2026 Earnings
Includes a $36,224 thousand non-cash provision for credit losses, net (vs. a $37,363 thousand benefit in Q3 2025) and a $6,768 thousand gain from dispositions of property. Company-reported AFFO per diluted share and OP/LTIP units was $1.04.
How Did GLPI Stock React to Q3 2026 Earnings?
Did GLPI Beat Earnings? Q3 2026 Results
No. Gaming and Leisure Properties reported Q3 2026 earnings of $0.71 a share on Oct 30, 2026, missing the $0.80 consensus estimate by 11.5%. Revenue was $435.4M against a $437.5M estimate.
Gaming & Leisure Properties delivered a mixed third quarter for fiscal 2026, posting GAAP earnings per share of $0.71 and revenue of $435.45 million, missing consensus estimates of $0.80 and $437.51 million by 11.55% and 0.47%, respectively, snapping a four-consecutive-quarter streak of beating EPS expectations. The GAAP shortfall was largely a function of a $36.22 million non-cash provision for credit losses this quarter, a sharp reversal from the $37.36 million benefit recorded in the year-ago period, which together created a roughly $73 million year-over-year headwind to earnings; a $6.77 million gain on property dispositions offered only partial relief. Underneath the GAAP noise, the casino-focused REIT's operational momentum remained intact, with total real estate income rising 9.5% year over year and company-reported AFFO per diluted share climbing to $1.04 from $0.97. With the stock trading at a notable discount to broader REIT peers, management narrowed its full-year 2026 AFFO guidance to $4.11 to $4.12 per diluted share, raising the low end, while projecting roughly $800 million in total development fundings for the year.
- Rental income rose to $370.956 million from $341.755 million year over year
- Interest income from real estate loans rose to $7.652 million from $4.022 million
- Contributions from the Bally's Lincoln acquisition (February 2026, $56.0 million annual rent) and the Sunland Park acquisition
- AFFO grew 10.5% and Adjusted EBITDA grew 13.0% year over year
- Lower G&A of $12.871 million vs. $16.552 million; the prior-year quarter included a $6.320 million severance charge
- GAAP net income was pressured by a $36.224 million provision for credit losses vs. a $37.363 million benefit in Q3 2025
- Capitalized interest rose to $10.570 million from $3.652 million on development activity
- Tenant same-store operator results showed year-over-year gains through the first nine months of 2026
“Our third quarter was another record for revenue, AFFO and Adjusted EBITDA. Total revenue rose 9.5% to $435.4 million, AFFO grew 10.5% to $311.7 million and Adjusted EBITDA increased 13.0% to $413.9 million, while AFFO per share rose 7.2% to $1.04.”
Gaming and Leisure Properties CEO, on the earnings call
What Is Gaming and Leisure Properties's Outlook?
GLPI updated its full-year 2026 guidance: AFFO of $1.222 billion to $1.225 billion, or $4.11 to $4.12 per diluted share and OP/LTIP unit. Prior guidance was $1.219 billion to $1.225 billion, or $4.10 to $4.12. The guidance includes about $265 million of additional development fundings, bringing total 2026 development spending to $800 million. It excludes future acquisitions, dispositions, capital markets activity and unannounced non-recurring transactions. It also assumes no material changes in legislation, the regulatory environment, economic conditions or the competitive landscape.
GLPI YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $435.4M | $397.6M | +9.5% |
| Operating Income | $309.9M | $337.2M | −8.1% |
| Net Income | $207.6M | $241.2M | −13.9% |
GLPI Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.