Q3 25 EPS
$-0.22
MISS 633.33%
Est. $-0.03
Q3 25 Revenue
$1.72B
MISS 0.57%
Est. $1.73B
vs S&P Since Q3 25
+24.7%
BEATING MARKET
PENN +35.8% vs S&P +11.1%
Market Reaction
Did PENN Beat Earnings? Q3 2025 Results
Penn Entertainment delivered a deeply disappointing third quarter, posting an adjusted EPS loss of $0.22 against a consensus estimate of just $0.03, a miss of 633.33%, while revenue of $1.72 billion came in fractionally below the $1.73 billion estima… Read more Penn Entertainment delivered a deeply disappointing third quarter, posting an adjusted EPS loss of $0.22 against a consensus estimate of just $0.03, a miss of 633.33%, while revenue of $1.72 billion came in fractionally below the $1.73 billion estimate despite growing 4.8% year over year. The headline numbers were overwhelmed by an $825 million goodwill impairment charge in the Interactive segment, which drove a GAAP net loss of $865.10 million and prompted the company to mutually terminate its high-profile ESPN online sports betting alliance, effective December 1, 2025. The move, which eliminates $150 million in annual ESPN payments after Q4, frees Penn to rebrand its U.S. Sportsbook to theScore Bet while pivoting toward iCasino, where quarterly gaming revenue surged nearly 40% year over year. Retail casino operations remained a steady anchor, generating $465.80 million in Segment Adjusted EBITDAR at 32.8% margins. Penn also authorized a new $750 million buyback program beginning January 1, 2026, signaling confidence in its repositioned strategy even as investors in entertainment-adjacent consumer names continue scrutinizing sector volatility heading into year-end.
Key Takeaways
- • Strong results at West segment properties, Ohio, St. Louis, and Illinois
- • North America iCasino business achieved highest quarterly gaming revenue to date, up nearly 40% year-over-year
- • Record cross-sell rate from OSB to iCasino of 62%
- • Increases in theoretical revenue across all rated worth segments of retail portfolio
- • Overall growth in visitation and spend per visit
- • Third consecutive quarter of year-over-year and quarter-over-quarter increases in average MAUs for iCasino
PENN YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
PENN Revenue by Segment
With YoY comparisons, source: SEC Filings
“When we first announced our partnership with ESPN, both sides made it clear that we expected to compete for a podium position in the space. Although we made significant progress in improving our product offering and building a cohesive ecosystem with ESPN, we have mutually and amicably agreed to wind down our collaboration.”
— Jay Snowden, Q3 2025 Earnings Press Release
PENN Earnings Trends
PENN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PENN EPS Trend
Earnings per share: estimate vs actual
PENN Revenue Trend
Quarterly revenue: estimate vs actual
PENN Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.02 | $0.11 | +433.98% | $1.78B | +1.71% |
| Q4 25 BEAT FY | $-0.16 | $0.07 | +143.78% | $1.81B | +2.63% |
| FY Full Year | $-2.36 | $-5.83 | -147.53% | $6.96B | +0.70% |
| Q3 25 MISS | $-0.03 | $-0.22 | -633.33% | $1.72B | -0.57% |
| Q2 25 BEAT | $0.01 | $0.10 | +1,392.54% | $1.77B | +1.88% |
| Q1 25 MISS | $-0.07 | $-0.25 | -257.14% | $1.67B | -1.75% |