CZR Caesars Entertainment, Inc. - Common Stock
NASDAQ · Hotels, Restaurants & Leisure · View on SEC EDGAR ↗ close Oct 5, 2026 10-K/10-Q Jul 28, 2026CZR Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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About Caesars Entertainment, Inc. - Common Stock Company overview from Wikipedia
Caesars Entertainment, Inc., formerly Eldorado Resorts, Inc., is an American hotel and casino entertainment company founded and based in Reno, Nevada, that operates more than 50 properties. Eldorado Resorts acquired Caesars Entertainment Corporation and changed its own name to Caesars Entertainment on July 20, 2020.
History
1973–2000
The company traces its history back to the development of the Eldorado Hotel in Reno, which was opened in May 1973, by a group of investors that included Don Carano and other members of the Carano family.
In July 1995, the Eldorado opened the adjacent Silver Legacy Resort Casino in partnership with Circus Circus Enterprises.
The Eldorado companies were reorganized in 1996 as Eldorado Resorts LLC in connection with a $100 million bond offering.
2000–2020
In 2005, the company took over the bankrupt Hollywood Casino Shreveport in Louisiana, buying a 76 percent stake in the property for $154 million. It was then rebranded as the Eldorado Casino Shreveport.
In 2013, Eldorado agreed to combine with the publicly traded MTR Gaming Group in a reverse merger. The merger would add three racinos in Ohio, Pennsylvania, and West Virginia to Eldorado's portfolio. The transaction closed on September 19, 2014, creating Eldorado Resorts Inc. in its present form. Eldorado's existing owners held 50.2 percent of the combined company, and Gary Carano was appointed as its chairman and CEO.
In November 2015, Eldorado bought Circus Circus Reno and the 50% stake in the Silver Legacy that it did not already own from MGM Resorts International for $73 million.
In May 2017, Eldorado acquired Isle of Capri Casinos for $1.7 billion in cash, stock, and assumed debt, adding twelve casinos to its holdings.
In August 2018, Eldorado bought the Grand Victoria Casino in Illinois for $328 million. Two months later, Eldorado acquired the operating business of Tropicana Entertainment for $640 million, adding seven casinos to its portfolio. Gaming and Leisure Properties simultaneously purchased the real estate of five of the casinos and leased them to Eldorado for a total of $88 million per year. Additionally, Eldorado paid $246 million for the real estate underlying Tropicana's Lumière Place casino in Missouri.
In early 2019, Eldorado sold Presque Isle Downs and the operations of Lady Luck Casino Nemacolin to Churchill Downs, Inc. for a total of $179 million.
In March 2019, it was reported that Eldorado was discussing a merger with Caesars Entertainment. In June 2019, Caesars accepted Eldorado's offer to purchase Caesars for $18 billion in stock and cash. Eldorado operated 26 assets compared to Caesars, which controlled 53. Eldorado would change its name to Caesars Entertainment after the completion of the acquisition, and the companies' loyalty programs would be combined under the Caesars Rewards brand. Eldorado's key executives would be retained. The deal was expected to be completed in the middle of 2020.
Since 2020
With the Caesars acquisition pending, Eldorado sold three properties (Lady Luck Casino Caruthersville, Mountaineer Casino Racetrack and Resort and Isle Casino Cape Girardeau) to Vici Properties and Century Casinos for a total of $385 million, with Vici acquiring the real estate assets and Century acquiring the operating businesses. Eldorado also sold Lady Luck Casino Vicksburg and Isle of Capri Casino Kansas City to Twin River Worldwide Holdings for $230 million. The deals were intended to reduce Eldorado's debt level and avert potential antitrust issues in Missouri, where Eldorado and Caesars together owned 6 of the state's 13 casinos.
In April 2020, Eldorado agreed to sell Eldorado Shreveport and the MontBleu casino in Lake Tahoe to Twin River.
In June 2020, the Federal Trade Commission approved Eldorado's acquisition of Caesars. The transaction was completed on July 20 for $8.5 billion in cash and stock.
In April 2021, the company acquired the sports betting company William Hill for $3.7 billion. Most of William Hill's offerings in the U.S. would be rebranded as Caesars Sportsbook. In September 2021, Caesars agreed to sell William Hill's European business to 888 Holdings for $3 billion.
In Indiana, the company was required to sell three of its properties as a condition of approval of the Caesars merger. In 2021, the operating businesses of Tropicana Evansville and Caesars Southern Indiana were sold to Bally's Corporation (the former Twin River Worldwide Holdings) and the Eastern Band of Cherokee Indians, respectively, for a total of $390 million.
In July 2021, Caesars sold its casinos in Europe and Africa (the former London Clubs International) to an affiliate of Silver Point Capital.
In February 2022, Caesars announced a multi-year deal which named the organization as the official sportsbook partner of the NBA's Cleveland Cavaliers. The company opened a 10,355 square foot retail sportsbook at Rocket Mortgage FieldHouse, the home of the Cavaliers. In November 2022, Caesars was added to the list of "Best Employers for Veterans" by Forbes.
In August 2023, ESPN announced a new agreement with rival Penn Entertainment to launch a branded sportsbook business under the ESPN Bet branding. This triggered an escape clause in Caesars' existing partnership with ESPN.
In September 2023, Scattered Spider (also known as UNC3944) breached Caesars data through an outside IT vendor via ransomware, and demanded $30 million in ransom. Caesars Entertainment paid half, $15 million. The cyberhacking group was able to access driver's license numbers and possibly Social Security numbers, for a "significant number" of Caesars customers. While casino and hotel computer operations were unaffected, Caesars was unable to guarantee the security of the personal information of its 65 million loyalty rewards members. Hotel and casino loyalty rewards records may include those of Caesars Palace, The Cromwell, The Flamingo, The Horseshoe, The LINQ Hotel & Casino, Paris Las Vegas, Planet Hollywood Resort & Casino, Harrah's Las Vegas, and the Rio All-Suite Hotel & Casino. The same cyberattack group targeted the MGM Grand Las Vegas later that month. Two class-action lawsuits for failing to protect private data were filed against Caesars on September 21, 2023, with a third lawsuit filed on the following day. Arrests in the case have been made, both locally and internationally, during 2024−2025. Hackers Scattered Spider later formed a cybercrime collective with ShinyHunters and Lapsus$ in 2025.
In June 2024, Caesars acquired WynnBet's Michigan iGaming operations. This acquisition from Wynn Resort includes a long-term extension for market access rights with the Sault Ste. Marie Tribe of Chippewa Indians. Caesars will continue using the WynnBet brand initially but plans to transition to its own platform in late 2024. The acquisition supports Caesars' growth in the iGaming sector and reinforces its commitment to regulated markets. Additionally, Caesars Sportsbook has launched in North Carolina on the lands of the Eastern Band of Cherokee Indians.
In August 2024, Caesars announced the sale of the World Series of Poker brand to NSUS Group inc, the operator behind online poker site GGPoker for $500 million, $250 million in cash and $250 million to be paid in 5 years. As a part of this deal, Caesars secured the right from NSUS to continue hosting the WSOP's flagship live tournament series at its Las Vegas casinos for the next 20 years.
Caesars was one of multiple bidders attempting to open a casino in New York City with their proposed Caesar's Palace Times Square proposal. The casino at Times Square would have had nearly 1,000 guest rooms. Due to opposition, the proposed development was rejected by the community advisory committee in September 2025.
Caesars was removed from the S&P 500 in September 2025, as its market capitalization fell below the inclusion threshold. As of November 2025, it was listed in the S&P SmallCap 600.
In March 2026, Fertitta Entertainment entered negotiations to acquire the company for about $7 billion, reportedly topping a current offer by Icahn Enterprises. A year prior, Caesar's had agreed to expand the size of its board to 12 directors, adding Icahn's general counsel and CFO. On May 28, 2026, Fertitta Entertainment announced it would be acquiring Caesars Entertainment for $5.7 billion and take on close to $12 billion in debt from Caesars, putting the total value of the deal at about $17.6 billion.
In July 2026, Carl Icahn was reportedly preparing a new $33 per share takeover bid of Caesars Entertainment, which would make their offer more attractive than Fertitta Entertainment's $31 per share bid.
List of properties
The properties owned and operated by Caesars Entertainment are:
§ Properties are operated by the company under a lease or a management agreement.
Former properties
Bally's Atlantic City – Atlantic City, New Jersey
Belle of Baton Rouge – Baton Rouge, Louisiana
Caesars Southern Indiana – Elizabeth, Indiana
Eldorado Shreveport – Shreveport, Louisiana
Harrah's Louisiana Downs – Bossier City, Louisiana
Isle Casino Cape Girardeau – Cape Girardeau, Missouri
Isle of Capri Casino Kansas City – Kansas City, Missouri
Lady Luck Casino Caruthersville – Caruthersville, Missouri
Lady Luck Casino Nemacolin – Farmington, Pennsylvania
Lady Luck Casino Vicksburg – Vicksburg, Mississippi
London Clubs International (12 casinos in the United Kingdom, Egypt, and South Africa)
MontBleu Casino Resort – Stateline, Nevada
Mountaineer Casino Racetrack & Resort – Chester, West Virginia
Presque Isle Downs & Casino – Summit Township, Pennsylvania
Rio All Suite Hotel and Casino – Paradise, Nevada
Tropicana Evansville – Evansville, Indiana
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | CZR | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -13.15Y avg ≈-10.4 | ≈-10.4 | · | · | |
| P/S (TTM) | 0.55Y avg ≈1.0 | ≈1.0 | 1.4 | Undervalued | |
| P/B (MRQ) | 1.85Y avg ≈2.4 | ≈2.4 | 3.7 | Undervalued | |
| EV / EBITDA | 5.25Y avg ≈7.0 | ≈7.0 | 16.2 | Undervalued | |
| Price / FCF (TTM) | 9.95Y avg ≈48.7 | ≈48.7 | · | · | |
| Price / Cash Flow (TTM) | 4.75Y avg ≈8.3 | ≈8.3 | 9.3 | Undervalued | |
| EV / Revenue | 1.55Y avg ≈2.0 | ≈2.0 | · | · | |
| EV / FCF | 34.15Y avg ≈108.0 | ≈108.0 | · | · | |
| Price / Tangible Book (MRQ) | -10.4 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | CZR | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | 15.9%5Y avg ≈17.9% | ≈17.9% | 16.6% | In line | |
| EBITDA Margin (TTM) | 27.9%5Y avg ≈29.5% | ≈29.5% | 17.8% | Top tier | |
| Pretax Margin | -3.9%5Y avg ≈-4.8% | ≈-4.8% | 11.7% | Weak | |
| Net Profit Margin (TTM) | -4.0%5Y avg ≈-3.8% | ≈-3.8% | 7.1% | Weak | |
| ROA (TTM) | -1.4%5Y avg ≈-1.1% | ≈-1.1% | 3.5% | Weak | |
| ROE (TTM) | -12.8%5Y avg ≈-8.8% | ≈-8.8% | 18.5% | Weak | |
| ROIC | 11.8%5Y avg ≈-30.1% | ≈-30.1% | 10.3% | In line |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | CZR | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 3.55Y avg ≈3.1 | ≈3.1 | 2.4 | High debt | |
| Current Ratio (MRQ) | 0.95Y avg ≈0.8 | ≈0.8 | 0.9 | Low liquidity | |
| Quick Ratio | 0.65Y avg ≈0.5 | ≈0.5 | 0.7 | Low liquidity | |
| Long-Term Debt / Equity (MRQ) | 3.45Y avg ≈3.1 | ≈3.1 | 2.4 | High debt | |
| Interest Coverage | 0.85Y avg ≈0.8 | ≈0.8 | 2.5 | Low liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | CZR | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 2.1%5Y avg ≈36.6% | ≈36.6% | · | · | |
| Revenue CAGR 3Y | 2.0%5Y avg ≈18.2% | ≈18.2% | · | · | |
| Revenue CAGR 5Y | 25.9% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | CZR | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.45Y avg ≈0.3 | ≈0.3 | 0.6 | Weak | |
| Receivables Turnover | 24.35Y avg ≈21.5 | ≈21.5 | 29.8 | Weak | |
| Revenue / Employee | ≈$229.7K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Jul 27, 2026 | $-0.30 | $0.03 | -1070.9% |
| March 31, 2026 | $-0.48 | $-0.24 | -101.7% | |
| Dec. 31, 2025 | $-1.23 | $-0.17 | -639.2% | |
| Sept. 30, 2025 | $-0.27 | $-0.06 | -386.5% | |
| June 30, 2025 | $-0.39 | $0.05 | -926.3% | |
| March 31, 2025 | $-0.54 | $-0.18 | -197.7% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.49B | $11.24B | $11.53B | $10.82B | $9.57B | $3.63B | $2.53B | $2.06B | $1.48B | $900M | $720M | $362M | |
| SG&A Expense | $1.93B | $1.92B | $2.01B | $2.07B | $1.78B | $902M | $503M | $381M | $241M | $131M | $97M | $59M | |
| Operating Expenses | $9.63B | $8.94B | $9.06B | $9.08B | $8.11B | $4.01B | $2.12B | $1.75B | $1.31B | $802M | $40M | $32M | |
| Operating Income | $1.86B | $2.30B | $2.47B | $1.74B | $1.46B | $-383M | $410M | $310M | $95M | $89M | $73M | $18M | |
| Interest Expense | $2.33B | $2.44B | $2.39B | $2.30B | $2.32B | $1.21B | $286M | $172M | $100M | $51M | $62M | $31M | |
| Interest Income | $20M | $11M | $12M | $12M | $16M | $10M | · | · | · | · | · | $18.0K | |
| Other Non-op | $2M | $27M | $10M | $46M | $-198M | $176M | $9M | $-3M | $-138M | $-51M | $-28M | $-30M | |
| Pretax Income | $-448M | $-124M | $-60M | $-565M | $-1.27B | $-1.61B | $125M | $135M | $-43M | $38M | $45M | $-13M | |
| Income Tax | $-11M | $87M | $-888M | $-41M | $-283M | $132M | $44M | $40M | $-117M | $13M | $-70M | $2M | |
| Net Income | $-502M | $-278M | $786M | $-899M | $-1.02B | $-1.76B | $81M | $95M | $73M | $25M | $114M | $-14M | |
| EPS (Basic) | $-2.42 | $-1.29 | $3.65 | $-4.19 | $-4.83 | $-13.50 | $1.04 | $1.23 | $1.09 | $0.52 | $2.45 | $-0.48 | |
| EPS (Diluted) | $-2.42 | $-1.29 | $3.64 | $-4.19 | $-4.83 | $-13.50 | $1.03 | $1.22 | $1.08 | $0.51 | $2.43 | $-0.48 | |
| Shares (Basic) | 208,000,000 | 215,000,000 | 215,000,000 | 214,000,000 | 211,000,000 | 130,000,000 | 78,000,000 | 77,000,000 | 67,133,531 | 47,033,311 | 46,550,042 | 29,901,405 | |
| Shares (Diluted) | 208,000,000 | 215,000,000 | 216,000,000 | 214,000,000 | 211,000,000 | 130,000,000 | 79,000,000 | 78,000,000 | 68,102,814 | 47,701,562 | 47,008,980 | 29,901,405 | |
| EBITDA | $3.27B | $3.63B | $3.73B | $2.94B | $2.59B | $146M | · | $310M | $95M | $89M | · | $46M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $887M | $866M | $1.00B | $1.04B | $1.07B | $1.78B | $206M | $231M | $135M | $61M | $78M | $88M | |
| Short-term Investments | · | · | · | · | · | · | $35M | $17M | $18M | · | · | · | |
| Receivables | $476M | $470M | $608M | $611M | $472M | $342M | $54M | $60M | $46M | $15M | $10M | $7M | |
| Inventory | $43M | $45M | $46M | $59M | $42M | $44M | $18M | $21M | $17M | $11M | $12M | $7M | |
| Prepaid Expense | $312M | $271M | $264M | $263M | $290M | $253M | $66M | $48M | $28M | $12M | $11M | $9M | |
| Current Assets | $1.80B | $1.75B | $2.04B | $2.10B | $5.96B | $6.06B | $605M | $573M | $251M | $102M | $116M | $117M | |
| PP&E (Net) | · | · | · | · | $14.60B | $14.73B | $2.62B | $2.88B | $1.50B | $612M | $625M | $456M | |
| PP&E (Gross) | · | · | · | · | $16.60B | $15.78B | $3.28B | · | $1.97B | $985M | $950M | $740M | |
| Accum. Depreciation | · | · | · | · | $2.00B | $1.05B | $666M | · | $466M | $373M | $325M | $284M | |
| Goodwill | $10.44B | $10.60B | $10.99B | $11.00B | $11.08B | $9.86B | $910M | $1.01B | $747M | $67M | $67M | $67M | |
| Intangibles | $3.98B | $4.13B | $4.52B | $4.71B | $4.92B | $4.28B | $1.11B | $1.36B | $997M | $487M | $492M | · | |
| Other Non-current Assets | $852M | $1.10B | $848M | $1.01B | $1.31B | $1.27B | $264M | $83M | $49M | $11M | $7M | $6M | |
| Total Assets | $31.64B | $32.59B | $33.37B | $33.53B | $38.03B | $36.38B | $5.64B | $5.91B | $3.55B | $1.29B | $1.33B | $1.17B | |
| Accounts Payable | $297M | $296M | $408M | $314M | $254M | $167M | $62M | $59M | $35M | $22M | $17M | $12M | |
| Current Liabilities | $2.25B | $2.27B | $2.69B | $2.67B | $5.30B | $2.51B | $688M | $402M | $224M | $102M | $106M | $92M | |
| Capital Leases | $722M | $716M | $728M | $710M | $726M | $516M | $971M | $960M | · | · | · | $3.0K | |
| Deferred Tax | $58M | $130M | $102M | $987M | $1.11B | $1.17B | $197M | $200M | $163M | $90M | $79M | $144M | |
| Other Non-current Liabilities | $876M | $880M | $871M | $852M | $936M | $1.30B | $343M | $59M | $29M | $7M | $8M | $9M | |
| Total Liabilities | $27.95B | $28.21B | $28.65B | $29.78B | $33.49B | $31.35B | $4.52B | $4.88B | $2.60B | $996M | $1.05B | $1.02B | |
| Long-term Debt | $11.90B | $12.29B | $12.44B | $13.09B | $14.32B | $15.02B | $2.60B | $3.30B | $2.21B | $823M | $866M | $164M | |
| Total Debt | $11.78B | $12.14B | $12.29B | $12.77B | $13.79B | $14.14B | · | $3.26B | $2.19B | $800M | · | $779M | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.0K | · | · | · | · | |
| Retained Earnings | $-3.30B | $-2.80B | $-2.52B | $-3.31B | $-2.41B | $-1.39B | $366M | $290M | $195M | $125M | $100M | $-14M | |
| Treasury Stock | $0 | $0 | $23M | $23M | $23M | $9M | $9M | $9M | · | · | · | · | |
| AOCI | $98M | $96M | $97M | $92M | $36M | $34M | $0 | $1.0K | $79.0K | $12.0K | $12.0K | $87.0K | |
| Stockholders' Equity | $3.50B | $4.16B | $4.55B | $3.71B | $4.48B | $5.02B | $1.12B | $1.03B | $942M | $296M | $268M | $152M | |
| Liabilities + Equity | $31.64B | $32.59B | $33.37B | $33.53B | $38.03B | $36.38B | $5.64B | $5.91B | $3.55B | $1.29B | $1.33B | $1.17B | |
| Shares Outstanding | 203,000,000 | 211,000,000 | 216,000,000 | 215,000,000 | 214,000,000 | 208,000,000 | 78,000,000 | 77,215,066 | 76,825,966 | 47,105,744 | 46,817,829 | 46,426,714 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1.42B | $1.32B | $1.26B | $1.21B | $1.13B | $583M | $222M | $157M | $106M | $63M | $57M | $29M | |
| Deferred Tax | · | · | · | · | · | · | $-2M | $34M | $-113M | $11M | $-71M | $2M | |
| Amort. of Intangibles | $133M | $135M | $144M | $187M | $139M | $56M | $30M | · | · | · | · | · | |
| Other Non-cash | $387M | $29M | $-238M | $687M | $1.09B | $592M | · | · | · | · | · | $18M | |
| Operating Cash Flow | $1.30B | $1.07B | $1.81B | $993M | $1.20B | $-561M | $313M | $323M | $130M | $95M | $57M | $32M | |
| CapEx | $805M | $1.30B | $1.26B | $952M | $520M | $164M | $171M | $147M | $83M | $43M | $37M | $11M | |
| Investing Cash Flow | $-571M | $-704M | $-1.26B | · | · | · | $370M | $-1.27B | $-1.40B | $-42M | · | · | |
| Debt Issued | · | · | · | · | · | · | · | $846M | $2.33B | · | $800M | · | |
| Net Debt Issued | · | · | · | · | · | · | · | $846M | · | · | · | $-14M | |
| Stock Issued | · | $0 | $0 | $1M | $3M | $2.72B | $0 | $0 | · | · | · | · | |
| Stock Repurchased | $229M | $191M | $0 | $0 | · | $0 | $0 | $9M | · | · | · | $148.0K | |
| Net Stock Activity | $-229M | $-191M | $0 | $1M | $3M | $2.72B | · | $-9M | · | · | · | $-148.0K | |
| Financing Cash Flow | $-763M | $-498M | $-713M | $-1.28B | · | $10.64B | $-712M | $1.04B | $1.35B | $-74M | · | · | |
| Net Change in Cash | $-32M | $-127M | $-160M | $-718M | $-2.26B | $4.06B | $-30M | $99M | $84M | $-20M | $-9M | · | |
| Taxes Paid | $81M | $48M | $26M | $22M | $9M | $-7M | $51M | $-4M | $246.0K | $-2M | · | · | |
| Free Cash Flow | $497M | $-221M | $545M | $41M | $679M | $-745M | · | $176M | $47M | $50M | · | $23M | |
| Levered FCF | $-1.77B | $-4.37B | $33.58B | $-2.09B | $-1.10B | $-2.01B | · | $55M | $217M | $17M | · | $-12M |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 16.2% | 20.5% | 21.4% | 16.1% | 15.3% | -12.6% | · | 15.1% | 6.4% | 10.0% | · | 4.3% | |
| Net Margin | -4.4% | -2.5% | 6.8% | -8.3% | -10.7% | -50.6% | · | 4.6% | 5.0% | 2.8% | · | -3.5% | |
| Pretax Margin | -3.9% | -1.1% | -0.52% | -5.2% | -13.3% | -47.0% | · | 6.6% | -2.9% | 4.3% | · | -3.1% | |
| EBITDA Margin | 28.5% | 32.3% | 32.4% | 27.2% | 27.0% | 4.2% | · | 15.1% | 6.4% | 10.0% | · | 11.3% | |
| ROA | -1.6% | -0.84% | 2.4% | -2.5% | -2.7% | -8.4% | · | 2.0% | 3.1% | 1.9% | · | -2.0% | |
| ROE | -13.1% | -6.4% | 19.0% | -21.9% | -21.5% | -59.0% | · | 9.2% | 11.9% | · | · | -12.7% | |
| ROIC | 11.8% | 24.1% | -202.6% | 9.8% | 6.2% | -2.5% | · | 5.1% | -5.2% | 7.3% | · | 2.1% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.8 | 0.8 | 0.8 | 0.8 | 1.1 | 2.6 | · | 1.4 | 1.1 | 1.0 | · | 1.3 | |
| Quick Ratio | 0.6 | 0.6 | 0.6 | 0.6 | 0.3 | 0.8 | · | 0.8 | 0.9 | 0.7 | · | 1.0 | |
| Debt / Equity | 3.4 | 2.9 | 2.7 | 3.4 | 3.1 | 2.8 | · | 3.2 | 2.3 | · | · | 5.1 | |
| LT Debt / Equity | 3.3 | 2.9 | 2.7 | 3.4 | 3.1 | 2.8 | · | 3.2 | 2.3 | · | · | 5.1 | |
| Interest Coverage | 0.8 | 0.9 | 1.0 | 0.8 | 0.6 | -0.4 | · | 1.8 | 1.0 | 1.8 | · | 0.6 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 | 0.2 | · | 0.4 | 0.6 | 0.7 | · | 0.6 | |
| Receivables Turnover | 24.3 | 20.9 | 18.9 | 20.0 | 23.5 | 17.7 | · | 38.8 | 48.7 | 72.4 | · | 79.3 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $17.29 | $19.67 | $21.09 | $17.30 | $20.96 | $24.11 | · | $13.29 | $12.30 | · | · | $3.26 | |
| Revenue / Share | $55.22 | $52.30 | $53.37 | $50.57 | $45.36 | $26.72 | · | $26.26 | $21.64 | $18.72 | · | $13.72 | |
| Cash Flow / Share | $6.26 | $5.00 | $8.38 | $4.64 | $5.68 | $-4.48 | · | $4.13 | $1.91 | $2.05 | · | $1.13 | |
| Cash / Share | $4.38 | $4.10 | $4.66 | $4.84 | $5.01 | $8.45 | · | $2.98 | $1.75 | $1.30 | · | $1.89 | |
| EPS (TTM) | $-2.42 | $-1.29 | $3.64 | $-4.19 | $-4.83 | $-13.50 | $1.03 | $1.22 | $1.08 | $0.51 | $2.43 | $-0.48 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 2.1% | -2.5% | 6.5% | 13.1% | 163.8% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 2.0% | 5.5% | 47.0% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 25.9% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $11.49B | $11.24B | $11.53B | $10.82B | $9.57B | $3.63B | $2.53B | $2.06B | $1.48B | $900M | $720M | $362M | |
| Net Income TTM | $-502M | $-278M | $786M | $-899M | $-1.02B | $-1.76B | $81M | $95M | $73M | $25M | $114M | $-14M | |
| Market Cap | $4.74B | $7.06B | $10.12B | $8.93B | $19.99B | $15.45B | · | $2.80B | $2.55B | $798M | · | $188M | |
| Enterprise Value | $15.64B | $18.34B | $21.40B | $20.66B | $32.72B | $27.83B | · | $5.82B | $4.58B | $1.54B | · | $879M | |
| P/E | -9.7 | -25.9 | 12.9 | -9.9 | -19.4 | -5.5 | 57.9 | 29.7 | 30.7 | 33.2 | 4.5 | -8.4 | |
| P/S | 0.4 | 0.6 | 0.9 | 0.8 | 2.1 | 4.3 | · | 1.4 | 1.7 | 0.9 | · | 0.5 | |
| P/B | 1.4 | 1.7 | 2.2 | 2.4 | 4.5 | 3.1 | · | 2.7 | 2.7 | · | · | 1.2 | |
| P / Cash Flow | 3.6 | 6.6 | 5.6 | 9.0 | 16.7 | -26.5 | · | 8.7 | 19.6 | 8.2 | · | 5.6 | |
| P / FCF | 9.5 | -32.0 | 18.6 | 217.8 | 29.4 | -20.7 | · | 15.9 | 54.5 | 15.9 | · | 8.1 | |
| EV / EBITDA | 4.8 | 5.1 | 5.7 | 7.0 | 12.7 | 190.6 | · | 18.8 | 48.3 | 17.3 | · | 19.0 | |
| EV / FCF | 31.5 | -83.0 | 39.3 | 503.9 | 48.2 | -37.4 | · | 33.1 | 98.1 | 30.6 | · | 37.7 | |
| EV / Revenue | 1.4 | 1.6 | 1.9 | 1.9 | 3.4 | 7.7 | · | 2.8 | 3.1 | 1.7 | · | 2.4 | |
| Earnings Yield | -10.3% | -3.9% | 7.8% | -10.1% | -5.2% | -18.2% | 1.7% | 3.4% | 3.3% | 3.0% | 22.1% | -11.8% |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.99B | $2.87B | $2.92B | $2.87B | $2.91B | $2.79B | $2.80B | $2.87B | $2.83B | $2.74B | $2.83B | $2.99B | $2.88B | $2.83B | $2.82B | $2.89B | |
| SG&A Expense | $521M | $504M | $483M | $483M | $477M | $483M | $477M | $478M | $465M | $500M | $476M | $528M | $499M | $509M | $523M | $529M | |
| Operating Expenses | $2.48B | $2.37B | $2.58B | $2.36B | $2.38B | $2.31B | $2.13B | $2.23B | $2.32B | $2.26B | $2.29B | $2.27B | $2.27B | $2.23B | $2.33B | $2.23B | |
| Operating Income | $513M | $500M | $331M | $513M | $526M | $488M | $669M | $644M | $506M | $485M | $536M | $724M | $609M | $603M | $488M | $659M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $607M | $596M | $597M | $597M | $604M | $596M | $580M | |
| Interest Income | $3M | $2M | $2M | $5M | $7M | $6M | $5M | $2M | $2M | $2M | $2M | $3M | $3M | $4M | $4M | $3M | |
| Other Non-op | $7M | $-2M | $-1M | $3M | $1M | $-1M | $-2M | $4M | $-1M | $26M | $5M | $-1M | $3M | $3M | $-7M | $4M | |
| Pretax Income | · | · | · | · | · | · | · | · | $-92M | $-127M | $-40M | $139M | $26M | $-185M | $-156M | $61M | |
| Income Tax | $-12M | $12M | $-10M | $-25M | $13M | $11M | $19M | $43M | $10M | $15M | $16M | $47M | $-902M | $-49M | $6M | $8M | |
| Net Income | $-62M | $-98M | $-250M | $-55M | $-82M | $-115M | $11M | $-9M | $-122M | $-158M | $-72M | $74M | $920M | $-136M | $-148M | $52M | |
| EPS (Basic) | $-0.30 | $-0.48 | $-1.22 | $-0.27 | $-0.39 | $-0.54 | $0.04 | $-0.04 | $-0.56 | $-0.73 | $-0.33 | $0.34 | $4.27 | $-0.63 | $-0.68 | $0.24 | |
| EPS (Diluted) | $-0.30 | $-0.48 | $-1.22 | $-0.27 | $-0.39 | $-0.54 | $0.04 | $-0.04 | $-0.56 | $-0.73 | $-0.33 | $0.34 | $4.26 | $-0.63 | $-0.68 | $0.24 | |
| Shares (Basic) | 204,000,000 | 204,000,000 | · | 207,000,000 | 209,000,000 | 212,000,000 | · | 215,000,000 | 216,000,000 | 216,000,000 | · | 215,000,000 | 215,000,000 | 215,000,000 | · | 214,000,000 | |
| Shares (Diluted) | 204,000,000 | 204,000,000 | · | 207,000,000 | 209,000,000 | 212,000,000 | · | 215,000,000 | 216,000,000 | 216,000,000 | · | 216,000,000 | 216,000,000 | 215,000,000 | · | 215,000,000 | |
| EBITDA | $868M | $847M | · | $865M | $890M | $845M | · | $970M | $832M | $812M | · | $1.04B | $932M | $903M | · | $963M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $965M | $867M | $887M | $836M | $982M | $884M | $866M | $802M | $830M | $726M | $1.00B | $841M | $1.12B | $965M | $1.04B | $944M | |
| Receivables | $485M | $441M | $476M | $426M | $487M | $440M | $470M | $469M | $546M | $551M | · | $555M | $526M | $543M | · | $506M | |
| Inventory | $49M | $47M | $43M | $41M | $44M | $43M | $45M | $43M | $45M | $44M | · | $45M | $53M | $57M | · | $46M | |
| Prepaid Expense | $382M | $353M | $312M | $342M | $330M | $317M | $271M | $485M | $291M | $290M | · | $289M | $300M | $291M | · | $304M | |
| Current Assets | $1.98B | $1.80B | $1.80B | $1.73B | $1.93B | $1.79B | $1.75B | $1.90B | $1.82B | $1.74B | · | $1.86B | $2.13B | $2.01B | · | $1.94B | |
| PP&E (Net) | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $14.59B | |
| PP&E (Gross) | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $17.33B | |
| Accum. Depreciation | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $2.74B | |
| Goodwill | $10.44B | $10.44B | $10.44B | $10.60B | $10.60B | $10.60B | $10.60B | $10.95B | $10.95B | $10.99B | · | $11.00B | $11.00B | $11.00B | · | $11.08B | |
| Intangibles | $3.96B | $3.94B | $3.98B | $4.04B | $4.07B | $4.10B | $4.13B | $4.21B | $4.40B | $4.49B | $4.52B | $4.64B | $4.66B | $4.68B | $4.71B | $4.78B | |
| Other Non-current Assets | $1.05B | $1.06B | $852M | $852M | $1.06B | $1.07B | $1.10B | $827M | $838M | $837M | · | $884M | $916M | $957M | · | $1.11B | |
| Total Assets | $31.74B | $31.66B | $31.64B | $31.90B | $32.48B | $32.40B | $32.59B | $32.97B | $33.08B | $33.06B | · | $33.23B | $33.48B | $33.35B | · | $33.59B | |
| Accounts Payable | $290M | $258M | $297M | $253M | $263M | $246M | $296M | $268M | $436M | $439M | · | $371M | $299M | $285M | · | $300M | |
| Current Liabilities | $2.32B | $2.12B | $2.25B | $2.23B | $2.34B | $2.14B | $2.27B | $2.27B | $2.61B | $2.54B | · | $2.56B | $2.72B | $2.38B | · | $2.43B | |
| Capital Leases | · | · | $722M | · | · | · | $716M | · | · | · | · | · | · | · | · | · | |
| Deferred Tax | $57M | $69M | $58M | $80M | $90M | $126M | $130M | $141M | $115M | $112M | · | $99M | $68M | $931M | · | $982M | |
| Other Non-current Liabilities | $1.07B | $1.07B | $876M | $874M | $880M | $875M | $880M | $879M | $872M | $860M | · | $872M | $860M | $854M | · | $872M | |
| Total Liabilities | $28.19B | $28.07B | $27.95B | $27.93B | $28.36B | $28.12B | $28.21B | $28.59B | $28.59B | $28.47B | · | $28.49B | $28.81B | $29.71B | · | $29.70B | |
| Long-term Debt | $11.81B | $11.92B | $11.90B | $11.92B | $12.27B | $12.30B | $12.14B | $12.70B | $12.43B | $12.44B | · | $12.46B | $12.72B | $13.15B | · | $13.31B | |
| Total Debt | $11.70B | $11.80B | · | $11.79B | $12.13B | $12.16B | · | $12.54B | $12.26B | $12.27B | · | $12.29B | $12.55B | $12.97B | · | $12.93B | |
| Common Stock | · | · | $0 | · | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| Retained Earnings | · | · | $-3.30B | · | · | · | $-2.80B | · | · | · | · | · | · | · | · | · | |
| Treasury Stock | · | · | $0 | · | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| AOCI | · | · | $98M | · | · | · | $96M | · | · | · | · | · | · | · | · | · | |
| Stockholders' Equity | $3.38B | $3.42B | $3.50B | $3.78B | $3.90B | $4.05B | $4.16B | $4.18B | $4.30B | $4.40B | · | $4.60B | $4.54B | $3.60B | · | $3.84B | |
| Liabilities + Equity | $31.74B | $31.66B | $31.64B | $31.90B | $32.48B | $32.40B | $32.59B | $32.97B | $33.08B | $33.06B | · | $33.23B | $33.48B | $33.35B | · | $33.59B | |
| Shares Outstanding | 204,000,000 | 204,000,000 | 202,629,159 | 205,000,000 | 208,000,000 | 212,000,000 | 211,325,086 | 212,000,000 | 216,000,000 | 216,000,000 | 216,000,000 | 216,000,000 | 215,000,000 | 215,000,000 | 215,000,000 | 215,000,000 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $355M | $347M | $344M | $352M | $364M | $357M | $345M | $326M | $326M | $327M | $318M | $320M | $323M | $300M | $295M | $304M | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | · | · | $47M | · | · | · | $8M | |
| Amort. of Intangibles | $33M | $34M | $34M | $33M | $33M | $33M | $33M | $33M | $33M | $36M | $36M | $36M | $36M | $36M | $35M | $44M | |
| Other Non-cash | · | $-45M | · | · | · | $-24M | · | · | · | $-89M | · | · | · | $10M | · | · | |
| Operating Cash Flow | $471M | $204M | $304M | $318M | $462M | $218M | $309M | $232M | $454M | $80M | $508M | $348M | $779M | $174M | $524M | $353M | |
| CapEx | $167M | $168M | $157M | $195M | $230M | $223M | $279M | $424M | $329M | $264M | $369M | $322M | $301M | $272M | $235M | $246M | |
| Investing Cash Flow | $-222M | $-189M | $-155M | $18M | $-228M | $-206M | $275M | $-387M | $-328M | $-264M | $-375M | $-337M | $-313M | $-231M | · | · | |
| Stock Repurchased | · | · | $50M | $79M | · | · | $50M | $141M | · | · | $0 | · | · | · | · | · | |
| Financing Cash Flow | $-146M | $-25M | $-104M | $-483M | $-157M | $-19M | $-494M | $122M | $-32M | $-94M | $-5M | $-323M | $-362M | $-23M | · | · | |
| Net Change in Cash | $103M | $-10M | $45M | $-147M | $77M | $-7M | $90M | $-33M | $94M | $-278M | $128M | $-312M | $104M | $-80M | $62M | $-303M | |
| Taxes Paid | $8M | $3M | $20M | $3M | $58M | $0 | $11M | $17M | $17M | $3M | $3M | $12M | $9M | $2M | $4M | $4M | |
| Free Cash Flow | · | $36M | · | · | · | $-5M | · | · | · | $-184M | · | · | · | $-98M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-863M | · | · | · | $-542M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 17.1% | 17.4% | · | 17.9% | 18.1% | 17.5% | · | 22.4% | 17.9% | 17.7% | · | 24.2% | 21.1% | 21.3% | · | 22.8% | |
| Net Margin | -2.1% | -3.4% | · | -1.9% | -2.8% | -4.1% | · | -0.31% | -4.3% | -5.8% | · | 2.5% | 32.0% | -4.8% | · | 1.8% | |
| Pretax Margin | · | · | · | · | · | · | · | · | -3.2% | -4.6% | · | 4.6% | 0.90% | -6.5% | · | 2.1% | |
| EBITDA Margin | 29.0% | 29.5% | · | 30.1% | 30.6% | 30.2% | · | 33.8% | 29.4% | 29.6% | · | 34.9% | 32.4% | 31.9% | · | 33.4% | |
| ROA | -0.19% | -0.31% | · | -0.17% | -0.25% | -0.35% | · | -0.03% | -0.37% | -0.48% | · | 0.22% | 2.6% | -0.39% | · | 0.14% | |
| ROE | -1.7% | -2.6% | · | -1.4% | -2.0% | -2.7% | · | -0.20% | -2.8% | -4.0% | · | 1.8% | 22.5% | -3.7% | · | 1.2% | |
| ROIC | · | · | · | · | · | · | · | · | 3.4% | 3.2% | · | 2.8% | 127.2% | 2.7% | · | 3.4% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.9 | 0.8 | · | 0.8 | 0.8 | 0.8 | · | 0.8 | 0.7 | 0.7 | · | 0.7 | 0.8 | 0.8 | · | 0.8 | |
| Quick Ratio | 0.6 | 0.6 | · | 0.6 | 0.6 | 0.6 | · | 0.6 | 0.5 | 0.5 | · | 0.5 | 0.6 | 0.6 | · | 0.6 | |
| Debt / Equity | 3.5 | 3.5 | · | 3.1 | 3.1 | 3.0 | · | 3.0 | 2.8 | 2.8 | · | 2.7 | 2.8 | 3.6 | · | 3.4 | |
| LT Debt / Equity | 3.4 | 3.4 | · | 3.1 | 3.1 | 3.0 | · | 3.0 | 2.8 | 2.8 | · | 2.7 | 2.7 | 3.6 | · | 3.3 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 0.8 | · | 1.2 | 1.0 | 1.0 | · | 1.2 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Receivables Turnover | 6.2 | 6.5 | · | 6.4 | 5.6 | 5.6 | · | 5.6 | 5.3 | 5.0 | · | 5.6 | 5.6 | 5.7 | · | 6.1 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $16.54 | $16.75 | · | $18.45 | $18.73 | $19.12 | · | $19.71 | $19.93 | $20.39 | · | $21.31 | $21.14 | $16.73 | · | $17.85 | |
| Revenue / Share | $14.67 | $14.07 | · | $13.86 | $13.91 | $13.18 | · | $13.37 | $13.10 | $12.69 | · | $13.86 | $13.33 | $13.16 | · | $13.43 | |
| Cash Flow / Share | · | $1.00 | · | · | · | $1.03 | · | · | · | $0.37 | · | · | · | $0.81 | · | · | |
| Cash / Share | $4.73 | $4.25 | · | $4.08 | $4.72 | $4.17 | · | $3.78 | $3.84 | $3.36 | · | $3.89 | $5.22 | $4.49 | · | $4.39 | |
| EPS (TTM) | $-2.27 | $-2.36 | · | $-1.16 | $-0.93 | $-1.10 | · | $-1.66 | $-1.28 | $3.54 | · | $3.29 | $3.19 | $-1.64 | · | $-5.55 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $11.65B | $11.56B | · | $11.37B | $11.37B | $11.30B | · | $11.27B | $11.39B | $11.44B | · | $11.52B | $11.42B | $11.36B | · | $10.59B | |
| Net Income TTM | $-465M | $-485M | · | $-241M | $-195M | $-235M | · | $-361M | $-278M | $764M | · | $710M | $688M | $-355M | · | $-1.19B | |
| Market Cap | $6.16B | $5.39B | · | $5.54B | $5.91B | $5.30B | · | $8.85B | $8.58B | $9.45B | · | $10.01B | $10.96B | $10.49B | · | $6.94B | |
| Enterprise Value | $16.89B | $16.33B | · | $16.50B | $17.06B | $16.57B | · | $20.58B | $20.02B | $20.99B | · | $21.47B | $22.38B | $22.50B | · | $18.92B | |
| P/E | -13.3 | -11.2 | · | -23.3 | -30.5 | -22.7 | · | -25.1 | -31.0 | 12.4 | · | 14.1 | 16.0 | -29.8 | · | -5.8 | |
| P/S | 0.5 | 0.5 | · | 0.5 | 0.5 | 0.5 | · | 0.8 | 0.8 | 0.8 | · | 0.9 | 1.0 | 0.9 | · | 0.7 | |
| P/B | 1.8 | 1.6 | · | 1.5 | 1.5 | 1.3 | · | 2.1 | 2.0 | 2.1 | · | 2.2 | 2.4 | 2.9 | · | 1.8 | |
| P / Cash Flow | · | 26.4 | · | · | · | 24.3 | · | · | · | 118.1 | · | · | · | 60.3 | · | · | |
| EV / Revenue | 1.5 | 1.4 | · | 1.5 | 1.5 | 1.5 | · | 1.8 | 1.8 | 1.8 | · | 1.9 | 2.0 | 2.0 | · | 1.8 | |
| Earnings Yield | -7.5% | -8.9% | · | -4.3% | -3.3% | -4.4% | · | -4.0% | -3.2% | 8.1% | · | 7.1% | 6.3% | -3.4% | · | -17.2% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $11.49B | $11.24B | $11.53B | $10.82B | $9.57B |
| Operating Margin % | 16.2% | 20.5% | 21.4% | 16.1% | 15.3% |
| Net Income | $-502M | $-278M | $786M | $-899M | $-1.02B |
| Diluted EPS | $-2.42 | $-1.29 | $3.64 | $-4.19 | $-4.83 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 3.4 | 2.9 | 2.7 | 3.4 | 3.1 |
| Current Ratio | 0.8 | 0.8 | 0.8 | 0.8 | 1.1 |
| Quick Ratio | 0.6 | 0.6 | 0.6 | 0.6 | 0.3 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $497M | $-221M | $545M | $41M | $679M |
Institutional owners (13F) 491 filers · $6.9B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 109 (+1 vs prior Q) | 86 (+31 vs prior Q) | 119 (-22 vs prior Q) | 167 (+14 vs prior Q) | -1.6M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| BlackRock, Inc. | $830,001,472 | 27,501,706 | 12.05% | Shares |
| VANGUARD GROUP INC | $476,913,703 | 20,389,641 | 6.93% | Shares |
| Pentwater Capital Management LP | $346,013,700 | 11,465,000 | 5.03% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $310,975,656 | 10,304,031 | 4.52% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $267,826,012 | 8,874,288 | 3.89% | Shares |
| MORGAN STANLEY | $239,471,179 | 7,934,764 | 3.48% | Shares |
| STATE STREET CORP | $201,752,877 | 6,684,986 | 2.93% | Shares |
| Balyasny Asset Management L.P. | $180,449,238 | 5,979,100 | 2.62% | Shares |
| JANUS HENDERSON GROUP PLC | $172,581,612 | 6,529,700 | 2.51% | Shares |
| Kite Lake Capital Management (UK) LLP | $166,291,800 | 5,510,000 | 2.42% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $110,731,635 | 3,668,045 | 1.61% | Shares |
| DEUTSCHE BANK AG\ | $103,979,154 | 3,445,300 | 1.51% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $102,714,612 | 3,403,400 | 1.49% | Call option |
| MIZUHO MARKETS AMERICAS LLC | $102,612,000 | 3,400,000 | 1.49% | Shares |
| WHITEBOX ADVISORS LLC | $101,991,077 | 3,379,426 | 1.48% | Shares |
| Point72 Asset Management, L.P. | $100,644,264 | 3,334,800 | 1.46% | Call option |
| BANK OF AMERICA CORP /DE/ | $96,169,415 | 3,186,528 | 1.40% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $85,357,279 | 2,828,273 | 1.24% | Shares |
| GOLDMAN SACHS GROUP INC | $80,173,727 | 2,656,519 | 1.16% | Shares |
| NORGES BANK | $77,681,509 | 2,573,940 | 1.13% | Shares |
| ICAHN CARL C | $73,642,490 | 2,440,109 | 1.07% | Shares |
| UBS Group AG | $64,866,538 | 2,149,322 | 0.94% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $60,360,000 | 2,000,000 | 0.88% | Shares |
| NOMURA HOLDINGS INC | $57,209,057 | 1,895,595 | 0.83% | Shares |
| Magnetar Financial LLC | $52,722,589 | 1,746,938 | 0.77% | Shares |
| JPMORGAN CHASE & CO | $52,612,231 | 1,755,213 | 0.76% | Shares |
| CITIGROUP INC | $50,811,984 | 1,683,631 | 0.74% | Shares |
| BAMCO INC /NY/ | $49,623,737 | 1,644,259 | 0.72% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $49,047,749 | 1,625,404 | 0.71% | Shares |
| MILLENNIUM MANAGEMENT LLC | $47,207,647 | 1,564,203 | 0.69% | Shares |
| CITADEL ADVISORS LLC | $47,023,458 | 1,558,100 | 0.68% | Call option |
| TIG Advisors, LLC | $45,350,611 | 1,502,671 | 0.66% | Shares |
| Amundi | $44,874,069 | 1,486,881 | 0.65% | Shares |
| CYRUS CAPITAL PARTNERS, L.P. | $43,157,400 | 1,430,000 | 0.63% | Shares |
| Verition Fund Management LLC | $42,789,959 | 1,417,825 | 0.62% | Shares |
| Westchester Capital Management, LLC | $41,576,873 | 1,377,630 | 0.60% | Shares |
| NORTHERN TRUST CORP | $41,328,312 | 1,369,394 | 0.60% | Shares |
| WATER ISLAND CAPITAL LLC | $39,628,573 | 1,313,074 | 0.58% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $38,655,993 | 1,280,848 | 0.56% | Shares |
| Parallax Volatility Advisers, L.P. | $36,907,122 | 1,222,900 | 0.54% | Put option |
| ING GROEP NV | $36,216,000 | 1,200,000 | 0.53% | Shares |
| Arini Capital Management Ltd | $35,779,658 | 1,185,542 | 0.52% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $35,304,564 | 1,169,800 | 0.51% | Put option |
| Bank of New York Mellon Corp | $33,168,123 | 1,099,010 | 0.48% | Shares |
| Man Group plc | $32,952,697 | 1,091,872 | 0.48% | Shares |
| ALLIANCEBERNSTEIN L.P. | $32,418,219 | 1,226,569 | 0.47% | Shares |
| Hein Park Capital Management LP | $32,283,063 | 1,069,684 | 0.47% | Shares |
| GAMCO INVESTORS, INC. ET AL | $32,189,234 | 1,066,575 | 0.47% | Shares |
| AQR Arbitrage LLC | $31,745,428 | 1,061,720 | 0.46% | Shares |
| HSBC HOLDINGS PLC | $30,966,892 | 1,033,740 | 0.45% | Shares |
Activists & 5%+ owners 6 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Caesars Entertainment, Inc. ×3 filings | March 18, 2022 | · | Initial filing | · | SEC |
| Recreational Enterprises, Inc., Donald L. Carano Family Trust ×8 filings | Oct. 1, 2020 | · | Initial filing | M&A / sale | SEC |
| Hotel Casino Management, Inc., Raymond J. Poncia, Jr. Family Trust, Raymond J. Poncia, Jr. ×4 filings | Nov. 21, 2017 | · | Initial filing | · | SEC |
| Isle of Capri Casinos, Inc. | Nov. 14, 2016 | · | Initial filing | M&A / sale | SEC |
| Eldorado Resorts, Inc. | Sept. 22, 2016 | · | Initial filing | M&A / sale | SEC |
| Jeffrey P. Jacobs, The Jeffrey P. Jacobs Revocable Trust dated July 10, 2000, Gameco Holdings, Inc. ×3 filings | May 18, 2015 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 28 insiders · 9 officers · 17 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Thomas Reeg | Chief Executive Officer | Feb. 17, 2026 F | 285,843 | 0 | 0 | $0 |
| Bret Yunker | Chief Financial Officer | Aug. 19, 2026 S | 0 | 0 | 1 | $-6,164,929 |
| Robert Mcdonald Jones | Chief Financial Officer | March 15, 2016 M | 57,231 | 0 | 0 | $0 |
| Anthony L. Carano | President and COO | Feb. 17, 2026 F | 309,861 | 0 | 0 | $0 |
| Joseph L. Billhimer Jr. | COO & Executive Vice President | Jan. 5, 2016 M | 73,978 | 0 | 0 | $0 |
| Josh Jones | Chief Marketing Officer | Aug. 14, 2026 S | 0 | 0 | 1 | $-1,768,548 |
| Edmund L Quatmann Jr | Chief Legal Officer | June 9, 2026 S | 18,263 | 0 | 1 | $-2,393,962 |
| Stephanie Lepori | CAO and Chief Admin Officer | Feb. 17, 2026 F | 81,650 | 0 | 0 | $0 |
| Gary L. Carano | Exec. Chairman of the Board | Feb. 17, 2026 F | 281,540 | 0 | 0 | $0 |
| David P Tomick | Director | Sept. 15, 2026 S | 17,769 | 1 | 4 | $-773,543 |
| Blackhurst Janis L Jones | Director | Aug. 27, 2026 S | 0 | 0 | 1 | $-1,004,427 |
| Michael E Pegram | Director | June 12, 2026 S | 0 | 2 | 8 | $-5,994,001 |
| Ted Papapostolou | Director | Jan. 23, 2026 A | 6,126 | 0 | 0 | $0 |
| Courtney Mather | Director | Jan. 23, 2026 A | 48,805 | 0 | 0 | $0 |
| Jesse Lynn | Director | Jan. 23, 2026 A | 6,126 | 0 | 0 | $0 |
| Bonnie Biumi | Director | Jan. 23, 2026 A | 43,149 | 1 | 0 | $18,690 |
| Kim Harris Jones | Director | Jan. 23, 2026 A | 4,168 | 0 | 0 | $0 |
| Don R Kornstein | Director | March 7, 2025 P | 56,255 | 0 | 0 | $0 |
| Rodney Williams | Director | July 1, 2024 A | 3,349 | 0 | 0 | $0 |
| Sandra Douglass Morgan | Director | March 17, 2022 S | 1,939 | 0 | 0 | $0 |
| Keith Cozza | Director | July 20, 2020 A | 8,100 | 0 | 0 | $0 |
| Gregory J. Kozicz | Director | July 20, 2020 M | 15,390 | 0 | 0 | $0 |
| James B Hawkins | Director | July 20, 2020 M | 128,082 | 0 | 0 | $0 |
| Roger P Wagner | Director | Jan. 24, 2020 M | 112,945 | 0 | 0 | $0 |
| Recreational Enterprises, Inc. | 10% owner | March 18, 2020 S | 8,604,325 | 0 | 0 | $0 |
| Hotel Casino Management, Inc. | 10% owner | May 23, 2017 S | 4,368,461 | 0 | 0 | $0 |
| Donald L. Carano | 10% owner | Sept. 14, 2015 P | 4,000 | 0 | 0 | $0 |
| Frank J Fahrenkopf JR | · | Jan. 23, 2026 A | 18,271 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 59 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| RSBA · Tidal Trust II | 12.28% | 217,417 NS | July 31, 2026 | N-PORT |
| MNA · New York Life Investments ETF Trust | 3.12% | 263,737 NS | July 31, 2026 | N-PORT |
| PSCD · Invesco Exchange-Traded Fund Trust … | 2.69% | 20,596 SH | Oct. 2, 2026 | Daily |
| HGRO · ETF Opportunities Trust | 1.02% | 43,210 NS | July 31, 2026 | N-PORT |
| FXD · First Trust Exchange-Traded AlphaDE… | 0.85% | 76,519 NS | July 31, 2026 | N-PORT |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.75% | 498,038 SH | Oct. 2, 2026 | Daily |
| BKLN · Invesco Exchange-Traded Fund Trust … | 0.72% | 48,894,240.61 | Oct. 2, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.66% | 432,188 SH | Aug. 19, 2026 | Daily |
| RZV · Invesco Exchange-Traded Fund Trust | 0.64% | 60,333 SH | Oct. 2, 2026 | Daily |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.39% | 30,807 SH | Oct. 2, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.33% | 712,134 SH | Aug. 19, 2026 | Daily |
| BKSE · BNY Mellon ETF Trust | 0.25% | 7,387 NS | July 31, 2026 | N-PORT |
| FDIS · FIDELITY COVINGTON TRUST | 0.15% | 87,140 NS | July 31, 2026 | N-PORT |
| VCR · VANGUARD WORLD FUND | 0.15% | 344,720 SH | Aug. 19, 2026 | Daily |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.13% | 85,861 NS | July 31, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.12% | 2,817,342 SH | Aug. 19, 2026 | Daily |
| REVS · Columbia ETF Trust I | 0.11% | 12,790 NS | July 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.11% | 101,142 SH | Sept. 11, 2026 | Daily |
| IYC · iShares Trust | 0.10% | 40,480 SH | Sept. 11, 2026 | Daily |
| SMMD · iShares Trust | 0.08% | 107,856 SH | Sept. 11, 2026 | Daily |
| ISCG · iShares Trust | 0.08% | 26,121 SH | Sept. 11, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.07% | 2,335,799 SH | Aug. 19, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.07% | 4,438,333 SH | Aug. 19, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.06% | 16,650 SH | Oct. 2, 2026 | Daily |
| IWS · iShares Trust | 0.06% | 299,903 SH | Sept. 11, 2026 | Daily |
| RECS · Columbia ETF Trust I | 0.06% | 112,661 NS | July 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.06% | 40,812 NS | July 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.05% | 11,662 SH | Sept. 11, 2026 | Daily |
| IWR · iShares Trust | 0.04% | 828,886 SH | Sept. 11, 2026 | Daily |
| IUS · Invesco Exchange-Traded Self-Indexe… | 0.04% | 13,810 SH | Oct. 2, 2026 | Daily |
| DFSV · Dimensional ETF Trust | 0.04% | 96,804 NS | July 31, 2026 | N-PORT |
| PRF · Invesco Exchange-Traded Fund Trust | 0.03% | 114,064 SH | Oct. 2, 2026 | Daily |
| DFAT · Dimensional ETF Trust | 0.03% | 127,464 NS | July 31, 2026 | N-PORT |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.02% | 121,797 SH | Aug. 19, 2026 | Daily |
| NEAR · iShares U.S. ETF Trust | 0.02% | 941,000 SH | Sept. 9, 2026 | Daily |
| IWD · iShares Trust | 0.02% | 448,031 SH | Sept. 11, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.01% | 6,149,879 SH | Aug. 19, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.01% | 166,368 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.01% | 34,213 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.01% | 17,009 SH | Aug. 19, 2026 | Daily |
| IYY · iShares Trust | 0.01% | 9,198 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.01% | 59,599 SH | Sept. 11, 2026 | Daily |
| IWB · iShares Trust | 0.01% | 142,467 SH | Sept. 11, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.01% | 9,508 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.01% | 267,159 SH | Sept. 11, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.01% | 52,822 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 9,429 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 6,208 NS | July 31, 2026 | N-PORT |
| VGHY · VANGUARD FIXED INCOME SECURITIES FU… | · | · | July 15, 2026 | Daily |
| VCRB · VANGUARD MALVERN FUNDS | · | · | July 15, 2026 | Daily |
| VPLS · VANGUARD MALVERN FUNDS | · | · | July 15, 2026 | Daily |
| VSDB · VANGUARD MALVERN FUNDS | · | · | July 15, 2026 | Daily |
| VGMS · VANGUARD MALVERN FUNDS | · | · | July 15, 2026 | Daily |
| IJR · iShares Trust | · | 12,425,737 SH | Sept. 10, 2026 | Daily |
| IJS · iShares Trust | · | 1,816,221 SH | Sept. 8, 2026 | Daily |
| XJR · iShares Trust | · | 28,149 SH | Aug. 31, 2026 | Daily |
| ISCB · iShares Trust | · | 8,774 SH | Sept. 11, 2026 | Daily |
| ISCV · iShares Trust | · | 25,126 SH | Sept. 11, 2026 | Daily |
| SMLF · iShares Trust | · | 14,239 SH | Sept. 11, 2026 | Daily |
CZR Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
15 analysts · 2026-10-05Mean target $31.27 +5.3%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CZR | $4.74B | -9.7 | 2.1% | -4.4% | -13.1% | · |
| FLUT | $37.68B | -122.9 | 16.6% | -2.5% | -4.4% | 45.2% |
| WYNN | $12.51B | 38.3 | 0.14% | 4.6% | -131.0% | · |
| DKNG | · | -3446.0 | 27.0% | 0.06% | 0.45% | · |
| MGM | $9.43B | 48.0 | 1.7% | 1.2% | 7.5% | · |
| CHDN | $7.92B | 8.0 | 7.0% | 13.1% | 37.3% | · |
| RRR | · | 19.9 | 3.7% | 9.3% | 88.8% | · |
| BYD | $6.51B | 3.8 | 4.1% | 45.1% | 88.0% | · |
| RSI | · | 62.7 | 22.8% | 2.9% | 29.5% | · |
| MCRI | $1.71B | 17.6 | 4.4% | 18.6% | 18.8% | 23.4% |
| SBET | $1.76B | -1.2 | 666.1% | -2618.4% | -51.2% | · |
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