The quarter cleared the earnings bar, but not by a wide margin. Published consensus called for roughly $0.37 of EPS and $1.86 billion of revenue; PENN delivered $0.44 of adjusted EPS and $1.857 billion of revenue. That is a meaningful adjusted-EPS beat but essentially an in-line revenue result.
| Metric | Q2 2026 | Q2 2025 | Market reference |
|---|---|---|---|
| Revenue | $1,857.4M | $1,765.0M | ~$1.86B consensus |
| GAAP diluted EPS | $0.24 | $(0.12) | ~$0.37 consensus |
| Adjusted EPS | $0.44 | $0.10 | — |
| Consolidated Adjusted EBITDA | $312.6M | $236.1M | — |
| Traditional net debt | $1,927.5M | — | $2,217.5M at Dec. 31, 2025 |
| Traditional net leverage | 2.9x | — | 4.5x at Dec. 31, 2025 |
(Financial Highlights) (Income Statement) (Adjusted EPS reconciliation) (Balance Sheet and Leverage)
Underlying operating performance improved materially. Consolidated Adjusted EBITDA rose 32% year over year to $312.6 million, with every reported regional retail segment producing higher Segment Adjusted EBITDAR and Interactive narrowing its loss to $9.5 million from $62.0 million. Retail growth was broad rather than dependent on one region: Midwest revenue increased to $320.6 million from $297.0 million, while Interactive revenue rose to $349.4 million from $316.1 million. (Segment results)
The adjusted-EPS beat is less clean than the headline suggests. GAAP diluted EPS was $0.24, below the roughly $0.37 consensus reference, while adjusted EPS benefited from excluding $0.17 per share of pre-opening costs and $0.14 of transaction and other costs. Those costs are partly tied to new developments and restructuring, so the operating improvement is real, but the quarter's earnings conversion was helped by adjustments that the market may discount. (Income Statement) (Adjusted EPS reconciliation)
The balance-sheet message is a genuine positive, though no new numeric guidance was provided. Traditional net debt fell by $290.0 million from year-end, traditional net leverage improved to 2.9x from 4.5x, and the company refinanced or extended major credit facilities while eliminating the remaining $106.7 million of convertible notes. Management reaffirmed that Interactive remains on track for its previously stated goals and said trends continued through July, but this filing does not introduce a fresh full-year outlook. (Balance Sheet and Leverage) (Management commentary)
Net: better than expected on adjusted profitability, with revenue merely meeting expectations and GAAP earnings missing. The strongest change is that Retail remains healthy while Interactive losses are shrinking faster; the main limitation is that the consensus beat relies on adjusted figures and does not come with a new guidance increase.
Read the original 8-K on SEC EDGAR ↗