Gaming and Leisure Properties Inc
Q2 2026 Earnings
Market Reaction
Did GLPI Beat Earnings? Q2 2026 Results
Gaming & Leisure Properties delivered a clean beat across the board in Q2 2026, posting diluted EPS of $0.80 against a consensus estimate of $0.80 and revenue of $430.52 million, ahead of the $429.82 million Wall Street expected, with total revenue climbing 9.0% year over year. The primary engine behind the quarter was aggressive capital deployment, including $191.00 million invested in tenant development projects, $176.00 million funded toward Bally's Chicago as part of a $940.00 million commitment, and the completed $225.00 million funding for PENN Entertainment's Hollywood Casino Aurora conversion. AFFO grew 10.1% to $304.00 million, or $1.03 per diluted share, while adjusted EBITDA rose 12.2% to $405.50 million. CEO Peter Carlino pointed to robust operator relationships and a deepening pipeline as key growth levers, sentiments echoed in market commentary highlighting the company's disciplined underwriting. GLPI raised its full-year 2026 AFFO guidance to $4.10 to $4.12 per diluted share and boosted its quarterly dividend 5.1% to $0.82 per share, with management projecting AFFO per share growth extending through 2027 and into 2028.
- Total revenue rose 9.0% year over year driven by recent acquisitions and development project fundings
- AFFO grew 10.1% to $304.0 million, driven by expanding tenant base and development investments
- Adjusted EBITDA increased 12.2% to $405.5 million
- Credit loss provision declined significantly to $2.98 million from $53.7 million in the year-ago quarter
- Healthy regional gaming sector fundamentals with same-store operator results showing year-over-year gains
“Our second quarter results marked another period of record revenue, AFFO and Adjusted EBITDA. On an operating basis, second quarter total revenue rose 9.0% to $430.5 million, AFFO grew 10.1% to $304.0 million, and Adjusted EBITDA increased 12.2% to $405.5 million. The record results highlight GLPI's unmatched ability to structure complex transactions and deliver creative funding solutions for quality tenants, while maintaining structurally strong lease coverage, an output of our disciplined underwriting approach.”
Gaming & Leisure Properties CEO, on the earnings call
Forward Guidance & Outlook
GLPI raised its full-year 2026 AFFO guidance to a range of $1.219 billion to $1.225 billion, or $4.10 to $4.12 per diluted share, up from prior guidance of $1.212 billion to $1.223 billion ($4.08 to $4.12 per share). The company anticipates additional development funding of approximately $400 million to $450 million in the second half of 2026, bringing total 2026 development spending to $750 million to $800 million. Management noted that this activity, coupled with future funding plans, will continue to drive AFFO per share growth through 2027 and into 2028. Guidance excludes the impact of any possible future acquisitions, dispositions, capital markets activity, or other non-recurring transactions not yet announced.
GLPI YoY Financials
GLPI Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.