Penn Entertainment (PENN) Q3 2026 Earnings
Adjusted EPS excludes impairment losses of $8.0 million in the South segment ($0.06 per share), pre-opening expenses ($0.01), legal matters inclusive of litigation settlements ($0.03), and transaction costs and other ($0.01), net of a ($0.03) income tax impact; GAAP diluted EPS was $0.24.
How Did PENN Stock React to Q3 2026 Earnings?
Did PENN Beat Earnings? Q3 2026 Results
Yes. Penn Entertainment reported Q3 2026 earnings of $0.32 a share on Nov 5, 2026, beating the $0.12 consensus estimate by 174.9%. Revenue was $1.8B against a $1.8B estimate.
PENN Entertainment delivered a standout third quarter of 2026, with adjusted EPS of $0.32 beating the $0.12 consensus estimate by 174.91%, even as revenue of $1.84 billion came in essentially in line with expectations and grew 7.1% year over year. The clearest driver of the earnings beat was a dramatic swing in profitability, as PENN posted GAAP net income of $33.00 million against a loss of $864.60 million a year earlier, a period weighed down by an $825.00 million Interactive segment impairment. Retail operations, which management called a record third-quarter performance at roughly $1.50 billion in revenue, anchored the results, with consolidated Adjusted EBITDA rising to $284.00 million from $194.90 million. The Interactive segment's adjusted EBITDA loss narrowed sharply to $18.30 million from $76.60 million, reflecting traction in U.S. iCasino and Canadian markets. With healthy operating trends carrying into October and management expressing confidence in hitting its full-year Interactive Adjusted EBITDA target, the quarter reinforced the view that PENN's digital turnaround, long a source of investor skepticism, may be gaining real footing.
- Retail same-store growth and contributions from completed development projects
- Increases in rated revenue and spend per visit across all age segments
- Meaningful contributions from mid- and high-worth customers and continued growth in unrated revenue
- Strength of standalone Hollywood iCasino in the U.S., supported by efficient user acquisition and reinvestment
- Ontario growth in users and revenue per user across iCasino and online sports betting
- Interactive Adjusted EBITDA loss narrowed to $18.3 million from $76.6 million
- Corporate overhead declined to $30.4 million from $34.0 million
“PENN's third quarter results were highlighted by strong year-over-year growth in Retail Segment Adjusted EBITDAR, continued progress toward Interactive profitability, and further balance sheet deleveraging. Our Retail segment achieved record third quarter revenue, reflecting broad-based strength across the portfolio, including our completed development projects.”
Penn Entertainment CEO, on the earnings call
What Is Penn Entertainment's Outlook?
Management expressed confidence in achieving its full-year Adjusted EBITDA target for the Interactive segment. It cited sustained revenue growth in U.S. standalone Hollywood iCasino and Canada, together with operational discipline. Healthy operating trends across both the Retail and Interactive segments continued through October. The company believes returns from its completed development projects highlight the opportunity across its remaining development pipeline and position it for future growth.
PENN YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $1.8B | $1.7B | +7.1% |
| Operating Income | $127.3M | $58.8M | +116.4% |
| Net Income | $33.0M | $16.2M | +103.8% |
PENN Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.