WYOMISSING, PA — PENN Entertainment, Inc. (Nasdaq: PENN) reported financial results for the fourth quarter and full year ended December 31, 2025, citing growth in its retail casino operations and progress in its online gaming business.
The company said its retail segment generated $1.4 billion in fourth-quarter revenue and $456.4 million in segment adjusted EBITDAR, with a margin of 32.3 percent.
Chief Executive Officer and President Jay Snowden said retail performance improved despite weather disruptions in December.
“Weather events in December negatively impacted Segment Adjusted EBITDAR by approximately $7.0 million,” Snowden said.
The company said its online sportsbook in the United States was rebranded to theScore Bet during the quarter.
PENN reported fourth-quarter interactive segment revenue of $398.7 million, including tax gross-up adjustments, and an adjusted EBITDA loss of $39.9 million.
Snowden said the interactive segment recorded positive adjusted EBITDA in December, supported by growth in online casino operations and improved sportsbook performance.
The company said revenue growth in the interactive segment was driven by year-over-year increases in online casino and sports betting activity.
Excluding tax gross-up adjustments, revenue in the segment increased 52 percent year over year, according to the company.
PENN said it expects adjusted EBITDAR growth of about 20 percent in 2026 and anticipates reaching break-even adjusted EBITDA in its interactive segment.
The company also announced changes to its corporate structure that it said will generate more than $10 million in annualized cost savings.
PENN reported total liquidity of $1.1 billion as of December 31, 2025, including $686.6 million in cash and cash equivalents.
Traditional net debt at the end of the year totaled $2.2 billion.
The company also received $150 million in funding from Gaming and Leisure Properties, Inc. in November 2025 related to construction of a second hotel tower at the M Resort in Las Vegas.
PENN expects to receive an additional $225 million from Gaming and Leisure Properties, Inc. in connection with the planned $360 million relocation of Hollywood Casino Aurora, scheduled to open near the end of the second quarter of 2026, subject to regulatory approvals.
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