PENN Entertainment Q3 2026 posts $1.84 billion in revenue

PENN Entertainment reported revenue of $1.84 billion in the third quarter of 2026, up 7.1% year‑on‑year, and recorded net income of $32.6 million for the period ended 30 September 2026. The improvement was supported by stronger physical casino operations and increased activity in online gaming and sports betting.

Financial results and profitability

The company reversed a net loss of $865.1 million in the third quarter of 2025 and reported $32.6 million in net income in Q3 2026. Consolidated Adjusted EBITDA rose approximately 46% to $284 million, versus $194.9 million a year earlier. Gaming revenue reached $1.37 billion, compared with $1.33 billion in the prior year.

Segment performance and margins

The retail casino business generated $1.5 billion in the quarter and the segment's Retail Adjusted EBITDAR was $501.8 million, with margins of 33.7%. The company attributed the retail performance to higher customer spending and investments in properties.

“Our retail segment delivered better-than-expected revenue and Adjusted EBITDAR results, driven by same-store growth and contributions from our completed development projects,” said Jay Snowden, CEO of PENN Entertainment.

Regional performance

The Midwest region recorded the fastest regional growth, up 14.6% to $341.9 million. The Northeast remained the largest retail market, at $708.3 million, an increase of 2.6%. The West rose about 6.7%, and the South was essentially flat.

Online expansion and Canada’s role

Online gaming and sports betting revenue grew 17% to $348.4 million. PENN launched online casino products and sports betting in Alberta during the third quarter, adding that regulated market to Ontario. Alberta opened its competitive online gaming market in July 2026 under a licensing model similar to Ontario.

Snowden added: “We are also pleased with the early performance of our Alberta iCasino and OSB operations, which further expand our Canadian presence. These encouraging trends reinforce our strategic focus on U.S. iCasino and Canada as key drivers of profitable growth.”

PENN Interactive generated $348.4 million in quarterly revenue versus $297.7 million a year earlier, and its Adjusted EBITDA loss narrowed from $76.6 million to $18.3 million. The report cautions that interactive revenue included a tax gross-up accounting adjustment of $191.4 million that investors should consider.

Liquidity

At quarter end, PENN reported $2.0 billion in total liquidity, including approximately $1.0 billion in cash and cash equivalents.