Core Insights - Zacks Premium offers tools for investors to enhance their stock market engagement and confidence, including daily updates, research reports, and stock screens [1][2] Zacks Style Scores - Zacks Style Scores are indicators that rate stocks based on value, growth, and momentum methodologies, helping investors identify stocks likely to outperform the market in the next 30 days [2][3] - Each stock receives a rating from A to F, with A indicating the highest potential for outperformance [3] Value Score - The Value Score focuses on identifying undervalued stocks using financial ratios such as P/E, PEG, and Price/Sales to find attractive investment opportunities [3] Growth Score - The Growth Score assesses a company's future prospects by analyzing projected and historical earnings, sales, and cash flow to identify stocks with sustainable growth potential [4] Momentum Score - The Momentum Score helps investors capitalize on price trends by evaluating recent price changes and earnings estimate revisions to identify favorable buying opportunities [5] VGM Score - The VGM Score combines the Value, Growth, and Momentum Scores to identify stocks with the best overall characteristics, serving as a strong indicator alongside the Zacks Rank [6] Zacks Rank - The Zacks Rank is a proprietary model that uses earnings estimate revisions to guide investors in building successful portfolios, with 1 (Strong Buy) stocks historically yielding an average annual return of +23.75% since 1988 [7][10] - Stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B are recommended for maximizing return potential [9] Company Spotlight: PENN Entertainment - PENN Entertainment, established in 1982, is a prominent owner and manager of gaming and racing facilities, focusing on slot machine entertainment [11] - Currently rated 3 (Hold) by Zacks, PENN has a VGM Score of A and a Momentum Style Score of B, with shares increasing by 1.4% over the past month [12] - Recent upward revisions in earnings estimates for fiscal 2025 have led to a consensus estimate increase of $0.32 to $0.72 per share, with an average earnings surprise of +92.7% [12][13]

美银重申Penn Entertainment(PENN.US)的"中性"评级，并将其对2026年EBITDA的预期从2025年的预 期下调1%。Penn将其全年EBITDA指导从4.00亿美元下调至2.00亿美元。新指导包括由于税收和密苏里 州启动导致的1000万美元，但削减反映了对下半年市场份额的更谨慎预期。该行认为ESPN Bet的当前 收入基础加上高固定成本使得该部门难以盈利。 Sportradar(SRAD.UYS)第二季度营收/EBITDA为3.18亿欧元/6400万欧元，略高于美银的3.16亿欧元/6000 万欧元预期。Sportradar还将其全年收入/EBITDA指导提高到至少12.78亿欧元/2.84亿欧元，而之前的预 期为12.73亿欧元/2.81亿欧元。尽管超预期并提高指导，Sportradar自报告以来下跌约6%，美银认为这是 由于股票的年初至今表现（上涨59%）和高预期。该行重申其"买入"评级，并将目标价定为31美元，基 于2026年EBITDA的20倍。 美银证券指出，尽管拉斯维加斯大道的表现不尽如人意，但Wynn Resorts(WYNN.US)的超预期表现却展 现了其高端市场的 ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) PENN Entertainment's unaudited Q2 2025 financials report $1.765 billion revenue, an $18.3 million net loss, and H1 net income of $93.2 million, boosted by a one-time gain [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) PENN Entertainment's balance sheet as of June 30, 2025, reports total assets of **$15.21 billion**, liabilities of **$12.22 billion**, and stockholders' equity of **$2.98 billion**, reflecting an increase in equity | (in millions) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $1,095.6 | $1,154.4 | | **Total assets** | **$15,206.7** | **$15,261.7** | | **Total current liabilities** | $1,392.9 | $1,415.1 | | **Total liabilities** | **$12,224.1** | **$12,403.3** | | **Total stockholders' equity** | **$2,982.6** | **$2,858.4** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Q2 2025 revenues were **$1.765 billion** with an **$18.3 million** net loss, while H1 2025 achieved **$93.2 million** net income, a turnaround driven by a one-time gain | (in millions, except per share data) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total revenues** | $1,765.0 | $1,663.0 | $3,437.5 | $3,269.9 | | **Operating income** | $77.5 | $74.5 | $120.3 | $53.1 | | **Net income (loss)** | $(18.3) | $(27.1) | $93.2 | $(142.0) | | **Diluted earnings (loss) per share** | $(0.12) | $(0.18) | $0.59 | $(0.93) | - A one-time gain on a financing arrangement of **$215.1 million** significantly contributed to the net income for the six months ended June 30, 2025[12](index=12&type=chunk) [Consolidated Statements of Comprehensive Income (Loss)](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Q2 2025 total comprehensive income was **$74.0 million**, a substantial improvement from Q2 2024, primarily due to a **$92.3 million** positive foreign currency translation adjustment | (in millions) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net income (loss)** | $(18.3) | $(27.1) | $93.2 | $(142.0) | | **Foreign currency translation adjustment** | $92.3 | $(19.5) | $92.0 | $(55.5) | | **Total comprehensive income (loss)** | **$74.0** | **$(46.6)** | **$185.2** | **$(197.5)** | [Consolidated Statements of Changes in Stockholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity increased from **$2.86 billion** to **$2.98 billion** by Q2 2025, driven by net income and currency adjustments, partially offset by **$115.3 million** in share repurchases - During the six months ended June 30, 2025, the company repurchased **7,249,349 shares** for a total cost of **$115.3 million**[19](index=19&type=chunk) [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) H1 2025 net cash from operating activities significantly increased to **$220.1 million**, with investing activities using **$272.5 million** due to higher capital expenditures, and financing providing **$28.3 million** | (in millions) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $220.1 | $81.7 | | **Net cash used in investing activities** | $(272.5) | $(146.1) | | **Net cash provided by (used in) financing activities** | $28.3 | $(128.6) | | **Change in cash, cash equivalents, and restricted cash** | $(23.3) | $(193.9) | - Capital expenditures increased to **$284.6 million** in H1 2025 from **$129.6 million** in H1 2024[22](index=22&type=chunk) - Financing activities in H1 2025 included **$567.5 million** in proceeds from the revolving credit facility, offset by **$223.8 million** in convertible debt repurchases and **$115.3 million** in common stock repurchases[24](index=24&type=chunk) [Notes to the Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section details accounting policies, segment performance, long-term debt, lease agreements, and ESPN partnership commitments, providing further context to the financial statements - The company operates under five reportable segments: Northeast, South, West, Midwest, and Interactive[33](index=33&type=chunk) - In Q2 2025, the company repurchased **$223.8 million** of its 2.75% Convertible Notes, resulting in an **$11.8 million** loss on early extinguishment of debt[69](index=69&type=chunk) - The strategic agreement with ESPN involves annual cash payments of **$150.0 million** and warrant issuance; H1 2025 recognized **$75.0 million** expense for the Sportsbook Agreement and **$28.5 million** for the Investment Agreement[112](index=112&type=chunk)[116](index=116&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, strategic initiatives, and liquidity, highlighting strong Interactive segment growth, mixed retail results, ongoing development projects, and solid liquidity despite increased capital expenditures [Executive Overview](index=38&type=section&id=Executive%20Overview) This overview details PENN's integrated entertainment and gaming business, emphasizing its ESPN partnership, theScore ownership, major development projects, and omni-channel growth strategy leveraging retail casinos and media assets - The company is executing a highly differentiated strategy centered on its partnership with ESPN and ownership of theScore to expand its customer ecosystem through organic cross-sell opportunities[181](index=181&type=chunk) - Four major development projects are underway: the relocation of Hollywood Casino Joliet (opening Aug 2025) and Hollywood Casino Aurora (opening H1 2026), and hotel additions at M Resort and Hollywood Casino Columbus (both opening H1 2026)[182](index=182&type=chunk)[186](index=186&type=chunk)[187](index=187&type=chunk)[188](index=188&type=chunk) - A new project to relocate the Ameristar Council Bluffs riverboat to a land-based facility, rebranded as Hollywood Casino Council Bluffs, was announced with an anticipated cost of **$180-$200 million**[190](index=190&type=chunk) [Results of Operations](index=42&type=section&id=Results%20of%20Operations) Q2 2025 consolidated revenues grew **6.1%**, driven by a **35.9%** increase in the Interactive segment, with mixed retail performance; H1 net income was aided by a one-time gain | (dollars in millions) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $1,765.0 | $1,663.0 | $3,437.5 | $3,269.9 | | **Net income (loss)** | $(18.3) | $(27.1) | $93.2 | $(142.0) | | **Adjusted EBITDA** | $236.1 | $212.1 | $409.4 | $313.5 | - The Interactive segment's revenues increased by **35.9%** in Q2 2025 YoY, and its Adjusted EBITDA loss improved from **$(102.8) million** to **$(62.0) million**[244](index=244&type=chunk) - General and administrative expenses increased, partly due to **$9.4 million** in Q2 and **$17.1 million** in H1 2025 of legal and advisory costs related to activist shareholder activity[217](index=217&type=chunk) [Liquidity and Capital Resources](index=51&type=section&id=Liquidity%20and%20Capital%20Resources) H1 2025 operating cash flow significantly increased to **$220.1 million**, with anticipated 2025 capital expenditures of **$730 million**, total debt of **$2.8 billion**, and **$115.3 million** in H1 share repurchases | (dollars in millions) | Six Months Ended June 30, 2025 | | :--- | :--- | | **Net cash provided by operating activities** | $220.1 | | **Net cash used in investing activities** | $(272.5) | | **Net cash provided by financing activities** | $28.3 | - For 2025, the company anticipates capital expenditures of approximately **$240.0 million** for maintenance and **$490.0 million** for projects, largely related to the PENN Development Projects[265](index=265&type=chunk) - During H1 2025, the company repurchased **7.2 million shares** for **$115.3 million**; as of August 6, 2025, **$634.4 million** remained available under the share repurchase authorization[273](index=273&type=chunk)[274](index=274&type=chunk) [Item 3. Quantitative and Qualitative Disclosure About Market Risk](index=55&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosure%20About%20Market%20Risk) The company's primary market risks are interest rate fluctuations on **$1.9 billion** variable-rate debt and foreign currency exchange rates from Canadian operations, which generated a **$92.0 million** unrealized gain in H1 2025 - The company is exposed to interest rate risk on its **$1.9 billion** of variable-rate debt outstanding under its Amended Credit Facilities as of June 30, 2025[292](index=292&type=chunk) - Exposure to foreign currency translation risk from Canadian operations (theScore) resulted in an unrealized gain of **$92.0 million** for the six months ended June 30, 2025, compared to a loss of **$55.5 million** in the prior year period[295](index=295&type=chunk) [Item 4. Controls and Procedures](index=56&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during Q2 2025 - Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[296](index=296&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended June 30, 2025[297](index=297&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=57&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in a lawsuit filed by HG Vora Capital Management, LLC, alleging breaches of fiduciary duty and securities law violations related to board composition and proxy materials - HG Vora Capital Management, LLC filed a lawsuit against PENN and its board alleging violations of Pennsylvania's Business Corporation Law, breach of fiduciary duties, and federal securities law violations concerning board reduction and misleading proxy statements[300](index=300&type=chunk) - The court has stayed the breach of fiduciary duty claim for 30 days but allowed other claims to proceed; the company has filed a motion to dismiss the non-stayed claims[300](index=300&type=chunk) [Item 1A. Risk Factors](index=57&type=section&id=Item%201A.%20Risk%20Factors) This section updates risk factors, emphasizing sensitivity to discretionary consumer spending, and detailing risks from shareholder activism, including the ongoing HG Vora litigation, which could cause disruption and costs - The company's business is sensitive to economic downturns and inflation that impact discretionary consumer spending[302](index=302&type=chunk) - Shareholder activism, such as recent actions by HG Vora, poses a risk of increased costs, business disruption, diversion of management attention, and potential litigation[304](index=304&type=chunk)[306](index=306&type=chunk) - The ongoing lawsuit filed by HG Vora related to the 2025 annual meeting could result in substantial costs, divert management resources, and have adverse implications for gaming licenses[307](index=307&type=chunk)[308](index=308&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=59&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q2 2025, the company repurchased **5,835,467 shares** at an average price of **$15.47** per share, with **$634.4 million** remaining under the repurchase authorization as of June 30, 2025 | Period | Total Shares Purchased (Program) | Average Price Paid Per Share | | :--- | :--- | :--- | | April 2025 | 511,923 | $14.87 | | May 2025 | 2,450,950 | $15.36 | | June 2025 | 2,872,594 | $15.68 | | **Q2 2025 Total** | **5,835,467** | **$15.47** | [Item 5. Other Information](index=59&type=section&id=Item%205.%20Other%20Information) The company entered a new executive employment agreement with CEO Jay Snowden, effective through January 1, 2029, with an annual base salary of **$1.8 million** and a target annual bonus of **250%** of his base salary - A new Executive Agreement was signed with CEO Jay Snowden on August 5, 2025, with a term extending to January 1, 2029[313](index=313&type=chunk) - The agreement sets Mr. Snowden's annual base salary at **$1.8 million** and his target annual bonus at **250%** of his base salary[313](index=313&type=chunk) [Item 6. Exhibits](index=60&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the 10-Q report, including the new executive agreement for CEO Jay Snowden and the amended 2022 Long Term Incentive Compensation Plan - Key exhibits filed include the Executive Agreement for CEO Jay Snowden and the amended 2022 Long Term Incentive Compensation Plan[320](index=320&type=chunk)

Financial Data and Key Metrics Changes - For Q2 2025, the company reported retail revenue of $1.4 billion and adjusted EBITDAR of $490 million, with adjusted EBITDAR margins of nearly 34% [5][6] - Year-over-year revenue growth of 4% was noted in markets not impacted by new supply [5][6] - The interactive segment generated adjusted revenues of $178 million, with an adjusted EBITDA loss of $62 million [15][18] Business Line Data and Key Metrics Changes - The interactive segment achieved record quarterly gaming revenue in both OSB and iCasino, driven by higher holds and continued momentum on standalone iCasino [10][15] - Year-to-date increases in retail theoretical play were 19% in Pennsylvania and 28% in Michigan, while online theoretical play saw increases of 133% in Pennsylvania and 242% in Michigan [10][15] - The average monthly active users (MAUs) in the interactive segment stabilized and increased year-over-year in Q2 2025 [12][15] Market Data and Key Metrics Changes - The company is responding to new supply impacts in key markets, including relocations of Hollywood casinos in Aurora and Joliet to better locations [6][7] - The ongoing construction in Detroit is expected to boost visitation and spending at the Hollywood Greektown Casino [8] - The company anticipates a U.S. OSB handle market share of 3.4% in Q3 and 4% in Q4, with iCasino GGR share expected at 3% in Q3 and 3.2% in Q4 [19][21] Company Strategy and Development Direction - The company plans to enhance guest experiences through property improvements and new non-gaming amenities [7][8] - The opening of the Hollywood Casino Joliet is expected to enhance the portfolio and grow free cash flow [9][25] - The company is focused on operational execution and transforming strategic investments into long-term returns and value creation for shareholders [27][28] Management Comments on Operating Environment and Future Outlook - Management noted that strong employment levels and low gas prices are beneficial tailwinds for the business [36][37] - The company expects to see sequential quarter-over-quarter adjusted EBITDA improvement in the interactive segment for Q3 and Q4 [17][18] - Management remains optimistic about the upcoming football season and the integration of new product features with ESPN [26][70] Other Important Information - The company ended Q2 with total liquidity of $1.2 billion, including $672 million in cash and cash equivalents [16] - Share repurchases totaled $90 million in Q2, with a target of at least $350 million for the year [16][17] - The company does not expect to be a cash taxpayer in 2025, benefiting free cash flow before project CapEx by 40% [23][24] Q&A Session Summary Question: Thoughts on ESPN's potential upside with new DTC products and NFL deal - Management believes these developments will solidify ESPN's position and enhance the ESPN Bet ecosystem [30][32] Question: Retail top-line trends and sustainability - Management attributes strong trends to less new supply and stable employment, which correlates with consumer spending [34][36] Question: Hold percentage in the second quarter - Management reported a hold percentage of 9.8%, indicating improvement and a focus on increasing top-of-funnel engagement [46][48] Question: Interactive segment guidance and promotional plans - Management aims for a realistic approach to guidance, incorporating new launches and tax increases while focusing on market share growth [53][55] Question: Expectations for ESPN Bet in 2026 - Management is focused on achieving profitability in 2026, contingent on meeting targets and improving market share [59][62] Question: Retail project returns and excitement - Management expressed confidence in all four projects, highlighting their strategic locations and expected returns [85][88] Question: Changes in strategy for the upcoming NFL season - Management emphasized eliminating friction in user experience and enhancing product offerings as key strategies for improvement [91][93]

Financial Data and Key Metrics Changes - For Q2 2025, the company reported retail revenue of $1.4 billion and adjusted EBITDAR of $490 million, with adjusted EBITDAR margins of nearly 34% [4][17] - Year-over-year revenue growth of 4% was noted in markets not impacted by new supply [4][5] - The interactive segment generated adjusted revenues of $178 million, with an adjusted EBITDA loss of $62 million [17][19] Business Line Data and Key Metrics Changes - The online to retail player count grew by 8% year over year, and online to retail theoretical revenue increased by 28% year over year [9][10] - In Pennsylvania, retail theoretical play increased by 19% year to date, while online theoretical play surged by 133% [10] - In Michigan, retail theoretical play rose by 28% year to date, and online theoretical play skyrocketed by 242% [10] Market Data and Key Metrics Changes - The company is experiencing challenges in markets like Bossier City, Louisiana, due to new supply impacting visitation and revenue [6][7] - The ongoing construction in Detroit is expected to boost visitation and spending at the Hollywood Greektown Casino [7] - The company anticipates a U.S. OSB handle market share of 3.4% in Q3 and 4% in Q4, with iCasino GGR share expected at 3% in Q3 and 3.2% in Q4 [21][20] Company Strategy and Development Direction - The company is focusing on enhancing guest experiences through property improvements and new amenities [6][7] - The opening of the Hollywood Casino Joliet is expected to enhance the portfolio and grow free cash flow [27][28] - The integration with ESPN and the launch of Fan Center are seen as strategic advantages for the interactive segment [28][72] Management's Comments on Operating Environment and Future Outlook - Management noted that strong employment and low gas prices are positive macroeconomic factors benefiting the business [38][39] - The company expects to see sequential quarter-over-quarter adjusted EBITDA improvement in the interactive segment for Q3 and Q4 [19][20] - Management remains optimistic about the potential for profitability in the interactive division by 2026 [66][29] Other Important Information - The company repurchased $90 million of shares in Q2 at an average price of $15.47 per share, with a target of at least $350 million in share repurchases for 2025 [18][19] - The company ended Q2 with total liquidity of $1.2 billion, including $672 million in cash and cash equivalents [17][18] Q&A Session Summary Question: How should we think about potential upside for ESPN with the upcoming DTC products and NFL deal? - Management believes these developments will solidify ESPN's position and enhance the ESPN Bet ecosystem [34][35] Question: What is driving the strong top-line trends outside of new supply markets? - Management attributes the trends to less new supply, strong employment, and consumer confidence, along with property improvements [38][42] Question: Why didn't the company see better flow-through in Q2 despite strong KPIs? - The impact of new supply in competitive markets and elevated promotional spending affected margins [106][107]

分组1 - PENN Entertainment reported quarterly earnings of $0.1 per share, exceeding the Zacks Consensus Estimate of a loss of $0.04 per share, and showing improvement from a loss of $0.18 per share a year ago, resulting in an earnings surprise of +350.00% [1] - The company posted revenues of $1.77 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.73%, compared to revenues of $1.66 billion in the same quarter last year [2] - Over the last four quarters, PENN Entertainment has surpassed consensus EPS estimates three times, but has only topped consensus revenue estimates once [2] 分组2 - PENN Entertainment shares have declined approximately 14.1% since the beginning of the year, contrasting with the S&P 500's gain of 7.9% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to those expectations [4] - The current consensus EPS estimate for the upcoming quarter is -$0.02 on revenues of $1.73 billion, and for the current fiscal year, it is $0.73 on revenues of $6.94 billion [7] 分组3 - The Zacks Industry Rank indicates that the Gaming industry is currently in the bottom 42% of over 250 Zacks industries, suggesting that the industry's outlook can significantly impact stock performance [8] - Another company in the same industry, GDEV Inc., is expected to report quarterly earnings of $0.26 per share, reflecting a year-over-year decline of -67.9%, with revenues projected at $89.35 million, down 15.6% from the previous year [9]

SECOND QUARTER 2025 EARNINGS PRESENTATION August 7, 2025 FORWARD-LOOKING STATEMENTS In addition to GAAP financial measures, management uses Adjusted Revenues as a non-GAAP financial measure. This non-GAAP financial measure should not be considered a substitute for, nor superior to, financial results and measures determined or calculated in accordance with GAAP. This non-GAAP financial measure is not calculated in the same manner by all companies and, accordingly, may not be an appropriate measure of compari ...

Q2 2025 Earnings Release Overview [Management Commentary & Business Highlights](index=1&type=section&id=Management%20Commentary%20%26%20Business%20Highlights) PENN Entertainment's Q2 2025 highlights include solid retail property performance, record Interactive segment gaming revenue driven by product enhancements, and ongoing share repurchases - The Interactive segment generated record gaming revenue, benefiting from product enhancements and the company's omnichannel ecosystem[3](index=3&type=chunk) - Customer demand in the core retail business was stable, with properties not impacted by new supply growing revenue by **nearly 4% year-over-year**[4](index=4&type=chunk) - Omnichannel engagement continues to grow, with online-to-retail player count and theoretical revenue increasing by **8%** and **28% year-over-year**, respectively[4](index=4&type=chunk) - The company is committed to its goal of repurchasing at least **$350 million** of shares in 2025, having already repurchased **$115.3 million** through August 6, 2025[3](index=3&type=chunk) Segment Highlights Q2 2025 | Segment | Metric | Value (in millions) | | :--- | :--- | :--- | | Retail Property Level | Revenues | $1,400.0 | | | Adjusted EBITDAR | $489.6 | | | Adjusted EBITDAR margins | 33.8% | | Interactive | Revenues (incl. tax gross up) | $316.1 | | | Adjusted EBITDA loss | $(62.0) | [Financial Performance Summary](index=4&type=section&id=Financial%20Performance%20Summary) Consolidated revenues grew **6.1%** to **$1.765 billion** in Q2 2025, primarily driven by a **35.9%** increase in the Interactive segment, with net loss improving to **$18.3 million** [Capital Management & Financial Position](index=3&type=section&id=Capital%20Management%20%26%20Financial%20Position) PENN Entertainment maintained a strong liquidity position of **$1.2 billion**, actively managed its capital structure through **$90.3 million** in stock repurchases, and improved its lease-adjusted net leverage ratio to **7.1x** [Detailed Financial Statements](index=7&type=section&id=Detailed%20Financial%20Statements) The unaudited consolidated financial statements detail a net loss of **$18.3 million**, with **$671.6 million** in cash, **$2.8 billion** in total traditional debt, and capital expenditures increasing to **$159.4 million** [Non-GAAP Financial Measures & Reconciliations](index=6&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) This section defines and reconciles non-GAAP financial measures, including Adjusted EBITDA and Adjusted EBITDAR, to provide insights into operational performance by adjusting for various non-cash and financing-related items Reconciliation of Net Loss to Adjusted EBITDAR (Q2 2025, in millions) | Description | Amount | | :--- | :--- | | Net loss | $(18.3) | | Add back: Income tax expense | $6.4 | | Add back: Interest expense, net | $95.9 | | Other adjustments (D&A, stock comp, etc.) | $152.1 | | **Adjusted EBITDA** | **$236.1** | | Add back: Rent expense associated with triple net operating leases | $156.0 | | **Adjusted EBITDAR** | **$392.1** | - The company defines Adjusted EBITDA as earnings adjusted for interest, taxes, D&A, stock-based compensation, and other specific items, used by management to analyze business performance[30](index=30&type=chunk)[31](index=31&type=chunk) - Adjusted EBITDAR is defined as Adjusted EBITDA plus rent expense from triple-net operating leases, considered a key valuation metric by analysts for gaming companies with such lease structures[32](index=32&type=chunk)[33](index=33&type=chunk) [Appendix](index=11&type=section&id=Appendix) The appendix includes investor conference call logistics, a corporate overview of PENN Entertainment's operations across 28 jurisdictions, and a standard forward-looking statements disclaimer outlining potential future risks

Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock. Wall Street analysts expect PENN Entertainment (PENN) to post quarterly loss of -$0.04 per share in its upcoming report, whic ...

Group 1 - PENN Entertainment is expected to report a year-over-year increase in earnings, with a projected quarterly loss of $0.04 per share, reflecting a change of +77.8% [3][12] - Revenues for PENN are anticipated to be $1.73 billion, which is a 4.3% increase from the same quarter last year [3] - The consensus EPS estimate has been revised 8.61% lower over the last 30 days, indicating a reassessment by analysts [4] Group 2 - The Zacks Earnings ESP for PENN is +23.32%, suggesting a bullish outlook from analysts regarding the company's earnings prospects [12] - The stock currently holds a Zacks Rank of 3, indicating a hold position [12] - Historically, PENN has beaten consensus EPS estimates three out of the last four quarters, with a recent surprise of +13.79% [13][14] Group 3 - Super Group (SGHC) Limited, another player in the gaming industry, is expected to report earnings per share of $0.13, representing a year-over-year change of +62.5% [18] - Revenues for Super Group are projected to be $503 million, up 12.7% from the previous year [18] - The consensus EPS estimate for Super Group has been revised 16.7% lower over the last 30 days, with an Earnings ESP of 0% [19]