PENN PENN Entertainment, Inc. - Common Stock
NASDAQ · Hotels, Restaurants & Leisure · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 6, 2026PENN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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| Ex-date | Split | Type |
|---|---|---|
| Nov. 4, 2013 | 4423-for-1000 | Forward |
| March 8, 2005 | 2-for-1 | Forward |
| June 26, 2002 | 2-for-1 | Forward |
| Dec. 23, 1996 | 2-for-1 | Forward |
| May 24, 1996 | 3-for-2 | Forward |
About PENN Entertainment, Inc. - Common Stock Company overview from Wikipedia
Penn Entertainment, Inc., formerly Penn National Gaming, is an American entertainment company and operator of integrated entertainment, sports content, and casino gambling. It operates 43 properties in 20 states, under brands including Hollywood Casino, Ameristar, and Boomtown. It also owns the Canadian digital media company Score Media and Gaming.
It also offers sports betting in 17 U.S. jurisdictions and online casino gaming in five, under the brand theScore Bet.
History
Background and early history (1968–1994)
Beginning: Pitt Park Raceway, Inc. and the Pennsylvania National Turf Club
In 1967, Pennsylvania enacted a law allowing thoroughbred horse racing with parimutuel wagering. Two companies that later formed part of Penn National Gaming were founded in 1968 by groups seeking one of the four available racing licenses: Pitt Park Raceway, Inc., formed by several Erie area businessmen, and the Pennsylvania National Turf Club, established by a group of Central Pennsylvania investors. The Turf Club was awarded one of the licenses, and soon began construction on Penn National Race Course. The complex included a motor speedway, which held its first races in 1971, and the horse track, which hosted its first races in 1972.
Pitt Park Raceway, meanwhile, was denied in its initial application, but received one of a second round of licenses issued in 1970. The first Pitt Park racing meet hosted its first races in 1971 at The Meadows, an existing harness racing track. Pitt Park lost half a million dollars in its first meet, leading its owners to sell the company to a group of investors, including Philadelphia insurance businessman Peter D. Carlino. After another unsuccessful season at The Meadows, Pitt Park was renamed to the Mountainview Thoroughbred Racing Association and moved to Penn National Race Course. Starting in 1973, as a tenant of the Turf Club, Mountainview held 100 nights of racing there each year.
Reorganization and renaming to Penn National Gaming
In 1982, Carlino purchased Penn National Race Course from the financially struggling Turf Club. The Turf Club continued to operate its own racing meet each year, now as a tenant of Carlino.
The companies involved with Penn National Race Course were reorganized in 1994 in preparation for an initial public offering. PNRC Corp., which had been incorporated in 1982, was renamed as Penn National Gaming, with Mountainview and the Turf Club as its subsidiaries. Carlino's son, Peter M. Carlino, who had earlier managed Mountainview, was Penn National's first CEO, a position he held until 2013. In May 1994, Penn National Gaming became a public company via an initial public offering on the Nasdaq, raising $18 million to pay down debt and fund construction of off-track betting parlors.
Expansion (1996–2021)
Penn National expanded beyond its first racetrack with the acquisitions of Pocono Downs in 1996, Charles Town Races in 1997, and, in 1999, a half interest in Freehold Raceway and the operations of Garden State Park. Penn National also won approval to begin offering slot machines at Charles Town in 1997.
The company acquired its first standalone casino properties in 2000, buying Casino Magic Bay St. Louis, Cactus Petes Jackpot NV and Boomtown Biloxi from Pinnacle Entertainment for $201 million. This was followed in 2001 by the acquisition of Carnival Resorts & Casinos, including ownership of Casino Rouge in Baton Rouge, Louisiana and the management contract for Casino Rama in Ontario. Next, in 2002, it bought the Bullwhackers Casino in Black Hawk, Colorado from the Hilton Group for $6.5 million.
In 2003, Penn National bought Hollywood Casino Corp. for $328 million plus $360 million in assumed debt, gaining three casinos in Aurora, Illinois; Tunica, Mississippi; and Shreveport, Louisiana. The acquisition, which doubled Penn National's revenues, was part of a continuing strategy to shift away from the horse racing business and into the casino business. The company planned to rebrand its other properties under the Hollywood Casino name.
In 2005, Penn National acquired Argosy Gaming Company for $1.4 billion plus $791 million in assumed debt, adding five casinos and one horse track to its portfolio (not including the Argosy Baton Rouge, which was quickly sold to satisfy antitrust concerns). The purchase again doubled Penn National's size, making it, at the time, the third largest publicly held gaming company in the country (behind MGM Mirage and Harrah's Entertainment).
In November 2006, a deal for Penn National Gaming to acquire Harrah's Entertainment fell through.
In 2007, Penn National acquired the Zia Park racino in Hobbs, New Mexico for $200 million.
An attempt in 2007 to take the company private with a $6.1 billion buyout fell through for prospective buyers Fortress Investment Group and Centerbridge Partners.
In 2011, Penn National acquires the M Resort, its first property in Nevada.
In November 2012, the company announced a plan to spin off a new real estate investment trust (REIT) with ownership of most of its properties, in an effort to reduce taxes and cost of capital, and overcome license ownership restrictions. The REIT owned the land and buildings for 21 of Penn National's 29 casinos and racetracks; Penn National continued to operate all but two of the properties under a lease agreement. The spin-off was completed on November 1, 2013, creating Gaming and Leisure Properties, Inc. (GLPI). As of June 2022, the GLPI trust owned over 50 casino properties, which it leased to companies including Caesars Entertainment, Boyd Gaming Corp., Casino Queen, and Cordish Cos.
In July 2013, Penn National sold the Bullwhackers Casino to a local investor group.
In April 2015, the company agreed to purchase the Tropicana Las Vegas for $360 million.
In August 2016, the company agreed to purchase Rocket Games for $60 million.
In May 2017, Penn National acquired the operating assets of Bally's Casino Tunica and Resorts Casino Tunica for a total of $44 million, and leased the two casinos from GLPI, which had simultaneously purchased the real estate assets.
In October 2018, the company acquired Pinnacle Entertainment for $2.8 billion in cash and stock. To ensure regulatory approval for the deal, Pinnacle sold four of its properties to Boyd Gaming prior to the merger. The result was the addition of twelve new properties to Penn National's holdings, all of them leased from GLPI. In connection with the sale, Penn National sold the real estate of Plainridge Park Casino to GLPI for $250 million.
In 2019, Penn National made two purchases in conjunction with Vici Properties. Penn National bought the operating businesses of the Margaritaville Resort Casino in Louisiana and Greektown Casino–Hotel in Detroit for $115 million and $300 million, respectively, while Vici bought both properties' real estate assets and leased them to Penn. In July 2019, Penn reached market access agreements with multiple gaming companies, including DraftKings, PointsBet, theScore, and The Stars Group, which would allow the companies to sub-license "skins" allotted to land-based casinos owned by Penn for offering iGaming and sports betting in their respective states.
On January 29, 2020, Penn purchased a 36% stake in Barstool Sports for $163 million.
During the COVID-19 pandemic, Penn faced the prospect of financial issues brought on by resort closures. As a result, Penn sold the land occupied by the Tropicana Las Vegas to GLPI. Penn sold the land for $337.5 million in rent credits, and the sale was finalized in April 2020. Penn continued to operate the Tropicana until 2022, when it was sold to Bally's Corporation. In September 2020, Penn and Barstool launched a branded mobile betting service known as Barstool Sportsbook. It was initially launched in New Jersey, and expanded to twelve states by 2021.
In August 2021, Penn National agreed to acquire Canadian digital media company Score Media and Gaming for $2 billion. The companies have had a strategic partnership since 2019. In September 2021, the company opened a career center at Hollywood Casino Morgantown.
In February 2022, Penn National announced a strategic partnership with Sports Betting Exchange in Louisiana. In April 2022, Penn launched sports betting in Ontario, Canada via theScore Bet. The company subsequently announced a sponsorship agreement between theScore and the Toronto Blue Jays as its "official gaming partner".
Penn Entertainment (2022–present)
In August 2022, the company changed its name to Penn Entertainment to reflect its diversification into sports content and other entertainment. In February 2023, Penn acquired the remainder of Barstool Sports for $388 million.
In August 2023, Penn reached a ten-year, $2 billion licensing agreement with ESPN Inc., under which Penn would rebrand Barstool Sportsbook as ESPN Bet later in the year. To license the branding, Penn would pay $1.5 billion in cash, and give ESPN options for $500 million of its stock. ESPN would provide promotion for the service. Concurrently, Penn announced that it would sell Barstool back to its founder Dave Portnoy for $1 and 50% of gross revenue from any future sale of the site; Portnoy stated that he planned to continue owning Barstool Sports "till I die".
The licensing agreement with ESPN was terminated early in November 2025, with ESPN Bet customers being transitioned over to Penn's theScore Bet, and ESPN signing a new deal with DraftKings to takeover Penn as its official sports betting partner.
Properties
Owned and operated
Freehold Raceway – Freehold, New Jersey (50% ownership)
Hollywood Casino at Kansas Speedway – Kansas City, Kansas (50% ownership)
Sam Houston Race Park Ltd.
Sam Houston Race Park – Houston, Texas
Valley Race Park – Harlingen, Texas (inactive)
Sanford–Orlando Racebook and Sportsbar – Longwood, Florida
Leased or managed
Ameristar Casino Council Bluffs — Council Bluffs, Iowa
Ameristar Casino Hotel East Chicago — East Chicago, Indiana
Ameristar Casino Vicksburg — Vicksburg, Mississippi
Ameristar Casino Resort Spa Black Hawk — Black Hawk, Colorado
Argosy Casino Alton – Alton, Illinois
Argosy Casino Riverside – Riverside, Missouri
Boomtown Biloxi – Biloxi, Mississippi
Boomtown Bossier City — Bossier City, Louisiana
Boomtown New Orleans — Harvey, Louisiana
Cactus Petes Resort Casino — Jackpot, Nevada
1st Jackpot Casino Tunica – Tunica Resorts, Mississippi
Hollywood Casino Aurora – Aurora, Illinois
Hollywood Casino Bangor – Bangor, Maine
Hollywood Casino at Charles Town Races – Charles Town, West Virginia
Hollywood Casino Columbus – Columbus, Ohio
Hollywood Casino at Greektown — Detroit, Michigan
Hollywood Casino Gulf Coast – Bay St. Louis, Mississippi
Hollywood Casino Joliet – Joliet, Illinois
Hollywood Casino Lawrenceburg – Lawrenceburg, Indiana
Hollywood Casino Morgantown – Morgantown, Pennsylvania
Hollywood Casino at Penn National Race Course – Grantville, Pennsylvania
Hollywood Casino Perryville – Perryville, Maryland
Hollywood Casino St. Louis – Maryland Heights, Missouri
Hollywood Casino Toledo – Toledo, Ohio
Hollywood Casino Tunica – Tunica Resorts, Mississippi
Hollywood Casino York – York, Pennsylvania
Hollywood Gaming at Dayton Raceway – Dayton, Ohio
Hollywood Gaming at Mahoning Valley Race Course – Austintown, Ohio
Horseshu Hotel and Casino — Jackpot, Nevada
L'Auberge Casino & Hotel Baton Rouge — Baton Rouge, Louisiana
L'Auberge Casino Resort Lake Charles — Lake Charles, Louisiana
M Resort – Henderson, Nevada
Margaritaville Resort Casino – Bossier City, Louisiana
The Meadows Racetrack and Casino — North Strabane Township, Pennsylvania
Plainridge Park Casino – Plainville, Massachusetts
Prairie State Gaming - Illinois slot route operator
Retama Park — Selma, Texas
River City Casino — St. Louis, Missouri
Zia Park Casino – Hobbs, New Mexico
Former
Argosy Casino Sioux City – Sioux City, Iowa (closed)
Beulah Park – Grove City, Ohio (closed)
Bullwhackers Casino – Black Hawk, Colorado (sold)
Casino Rama – Rama, Ontario (management contract terminated July 2018)
Hollywood Casino Baton Rouge – Baton Rouge, Louisiana (spun off)
Hollywood Casino Jamul – Jamul, California (management contract terminated)
Hollywood Casino Shreveport – Shreveport, Louisiana (sold to Eldorado Resorts during a bankruptcy procedure)
Raceway Park – Toledo, Ohio (closed)
Resorts Casino Tunica – Tunica Resorts, Mississippi (closed)
Tropicana Las Vegas – Paradise, Nevada (sold)
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 | PENN | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -2.45Y avg ≈4.7 | ≈4.7 | · | · |
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 | PENN | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | -7.9%5Y avg ≈2.7% | ≈2.7% | 17.1% | Weak | |
| EBITDA Margin | -9.7%5Y avg ≈2.7% | ≈2.7% | 17.1% | Weak | |
| Pretax Margin (TTM) | -12.9%5Y avg ≈-2.6% | ≈-2.6% | 13.6% | Weak | |
| Net Profit Margin (TTM) | -12.7%5Y avg ≈-2.8% | ≈-2.8% | 5.5% | Weak | |
| ROA (TTM) | -6.2%5Y avg ≈-1.3% | ≈-1.3% | 5.0% | Weak | |
| ROE (TTM) | -37.4%5Y avg ≈-8.5% | ≈-8.5% | 24.4% | Weak | |
| ROIC | -14.7%5Y avg ≈1.3% | ≈1.3% | 8.8% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | PENN | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 1.55Y avg ≈1.0 | ≈1.0 | 1.8 | In line | |
| Current Ratio (MRQ) | 0.95Y avg ≈1.3 | ≈1.3 | 0.9 | In line | |
| Quick Ratio | 0.65Y avg ≈1.1 | ≈1.1 | 0.7 | In line | |
| Long-Term Debt / Equity (MRQ) | 1.55Y avg ≈1.0 | ≈1.0 | 1.7 | In line |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | PENN | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 5.8%5Y avg ≈16.4% | ≈16.4% | · | · | |
| Revenue CAGR 3Y | 2.8%5Y avg ≈9.2% | ≈9.2% | · | · | |
| Revenue CAGR 5Y | 14.2% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | PENN | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.55Y avg ≈0.4 | ≈0.4 | 0.6 | Weak | |
| Receivables Turnover | 27.25Y avg ≈28.4 | ≈28.4 | 34.1 | Weak | |
| Revenue / Employee | ≈$297.0K | · | · | · |
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 | Aug 6, 2026 | $0.24 | $0.44 | -45.5% |
| March 31, 2026 | May 6, 2026 | $-0.02 | $0.07 | -130.4% |
| Dec. 31, 2025 | $-0.55 | $-0.05 | -916.6% | |
| Sept. 30, 2025 | $-0.30 | $-0.04 | -621.2% | |
| June 30, 2025 | $-0.12 | $0.03 | -473.8% | |
| March 31, 2025 | $0.68 | $-0.19 | 456.0% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.96B | $6.58B | $6.36B | $6.40B | $5.91B | $3.58B | $5.30B | · | $3.15B | $3.03B | $2.84B | |
| SG&A Expense | $1.63B | $1.57B | $1.56B | $1.11B | $1.35B | $1.13B | $1.19B | · | $514M | $462M | $449M | |
| Operating Expenses | $7.63B | $6.51B | $7.05B | $5.43B | $4.85B | $3.99B | $4.73B | · | $2.70B | $2.49B | $2.37B | |
| Operating Income | $-674M | $72M | $-690M | $974M | $1.06B | $-410M | $572M | · | $446M | $543M | $468M | |
| Interest Expense | · | $487M | $470M | $760M | $567M | $546M | $536M | · | $467M | $459M | $443M | |
| Interest Income | $10M | $24M | $40M | $18M | $1M | $900.0K | $1M | · | $4M | $24M | $12M | |
| Other Non-op | $5M | $5M | $6M | $-72M | $2M | $107M | $20M | · | $-2M | $-2M | $6M | |
| Pretax Income | $-821M | $-341M | $-500M | $175M | $539M | $-834M | $86M | · | $-25M | $121M | $57M | |
| Income Tax | $25M | $-28M | $-8M | $-46M | $119M | $-165M | $43M | · | $-498M | $11M | $56M | |
| Net Income | $-843M | $-312M | $-490M | $222M | $421M | $-670M | $44M | · | $473M | $109M | $686.0K | |
| EPS (Basic) | $-5.83 | $-2.05 | $-3.22 | $1.37 | $2.64 | $-5.00 | $0.38 | · | $5.21 | $1.21 | $0.01 | |
| EPS (Diluted) | $-5.83 | $-2.05 | $-3.22 | $1.29 | $2.48 | $-5.00 | $0.37 | · | $5.07 | $1.19 | $0.01 | |
| Shares (Basic) | 144,600,000 | 152,100,000 | 152,100,000 | 161,200,000 | 158,700,000 | 134,000,000 | 115,700,000 | · | 90,900,000 | 82,929,000 | 80,003,000 | |
| Shares (Diluted) | 144,600,000 | 152,100,000 | 152,100,000 | 176,600,000 | 175,500,000 | 134,000,000 | 117,800,000 | · | 93,400,000 | 91,407,000 | 90,904,000 | |
| EBITDA | $-674M | $72M | $-690M | $974M | $1.06B | $-410M | $572M | · | $446M | $543M | $468M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $687M | $707M | $1.07B | $1.62B | $1.86B | $1.85B | $437M | · | $278M | $230M | $237M | |
| Receivables | $254M | $257M | $319M | $247M | $195M | $96M | $89M | · | $63M | $62M | $45M | |
| Inventory | · | · | · | $11M | · | · | · | · | · | · | · | |
| Prepaid Expense | $152M | $152M | $226M | $106M | $132M | $104M | $77M | $62M | $44M | $60M | $77M | |
| Other Current Assets | $74M | $39M | $43M | $36M | $32M | $31M | $40M | · | $16M | $48M | $13M | |
| Current Assets | $1.17B | $1.15B | $1.66B | $2.01B | $2.22B | $2.08B | $643M | $677M | $401M | $399M | $372M | |
| PP&E (Net) | $3.72B | $3.71B | $3.51B | $4.52B | $4.58B | $4.53B | $5.12B | $5.30B | $2.76B | $2.82B | $2.98B | |
| Goodwill | $1.79B | $2.56B | $2.70B | $2.69B | $2.82B | $1.16B | $1.27B | $1.23B | $1.01B | $990M | $912M | |
| Intangibles | $1.40B | $1.53B | $1.62B | $1.74B | $1.87B | $1.51B | $2.03B | · | $423M | $435M | $391M | |
| Other Non-current Assets | $224M | $232M | $187M | $193M | $263M | $298M | $169M | · | $86M | $82M | $117M | |
| Total Assets | $14.27B | $15.26B | $16.06B | $17.50B | $16.87B | $14.67B | $14.19B | $13.42B | $5.23B | $4.97B | $5.14B | |
| Accounts Payable | $54M | $51M | $37M | $40M | $53M | $33M | $40M | · | $26M | $35M | $73M | |
| Accrued Liabilities | $906M | $907M | $1.02B | $805M | $798M | $575M | $631M | $578M | $126M | $102M | $94M | |
| Current Liabilities | $1.48B | $1.42B | $1.49B | $1.16B | $1.13B | $860M | $906M | $828M | $530M | $536M | $558M | |
| Capital Leases | $3.59B | $3.65B | $3.94B | $969M | $4.32B | $4.37B | $4.45B | $3.70B | $3.48B | $3.46B | $3.51B | |
| Deferred Tax | $88M | $61M | $118M | $34M | $189M | $126M | $245M | $304M | · | $127M | $108M | |
| Other Non-current Liabilities | $121M | $135M | $146M | $118M | $129M | $119M | $98M | $59M | $47M | $40M | $18M | |
| Total Liabilities | $12.44B | $12.40B | $12.86B | $13.91B | $12.78B | $12.01B | $12.34B | $11.61B | $5.31B | · | · | |
| Long-term Debt | $2.90B | $2.80B | $2.80B | $2.82B | $2.84B | $2.43B | $2.42B | · | $1.25B | · | $1.74B | |
| Total Debt | $2.89B | $2.77B | $2.77B | $2.78B | $2.74B | $2.31B | $2.39B | · | · | · | · | |
| Common Stock | · | · | · | · | · | · | · | · | $933.0K | $932.0K | $830.0K | |
| Paid-in Capital | $4.65B | $4.54B | $4.44B | $4.22B | $4.24B | $3.17B | $1.72B | · | $1.01B | $1.01B | $989M | |
| Retained Earnings | $-1.49B | $-647M | $-336M | $154M | $-86M | $-507M | $162M | $118M | $-1.05B | $-1.53B | $-1.63B | |
| Treasury Stock | $1.14B | $780M | $780M | $630M | $28M | $28M | $28M | · | $28M | $28M | $28M | |
| AOCI | $-193M | $-255M | $-121M | $-169M | $-54M | $0 | · | · | $-1M | $-5M | $-5M | |
| Stockholders' Equity | $1.83B | $2.86B | $3.20B | $3.60B | $4.10B | $2.66B | $1.85B | $1.82B | $-73M | $-543M | $-678M | |
| Liabilities + Equity | $14.27B | $15.26B | $16.06B | $17.50B | $16.87B | $14.67B | $14.19B | $13.42B | $5.23B | $4.97B | $5.14B | |
| Shares Outstanding | · | · | · | · | · | 155,700,834 | 115,958,259 | · | 91,225,242 | 91,122,308 | 80,889,275 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $447M | $434M | $435M | $568M | $344M | $367M | $414M | · | $267M | $271M | $259M | |
| Stock-based Comp | $61M | $53M | $86M | $58M | $35M | $14M | $15M | · | $8M | $7M | $8M | |
| Deferred Tax | $26M | $-58M | $-34M | $-151M | $-4M | $-118M | $21M | · | $-518M | $9M | $57M | |
| Amort. of Intangibles | $40M | $50M | $59M | $57M | $20M | $22M | $25M | · | $19M | $9M | $500.0K | |
| Restructuring | · | · | · | · | · | $13M | · | · | · | · | · | |
| Operating Cash Flow | $508M | $359M | $456M | $878M | $896M | $339M | $704M | · | $478M | $408M | $414M | |
| CapEx | · | · | · | $263M | $244M | $137M | $191M | · | $99M | $97M | $137M | |
| Investing Cash Flow | $-351M | $-541M | $-743M | $-259M | $-1.22B | $-234M | $-608M | · | $-222M | $-79M | $-781M | |
| Debt Issued | · | · | · | · | · | $322M | $0 | · | $1.20B | $0 | $562M | |
| Net Debt Issued | · | · | · | · | · | $322M | $0 | · | $-144M | $-285M | $447M | |
| Stock Issued | · | · | · | $0 | $0 | $1.29B | $0 | · | · | · | · | |
| Stock Repurchased | $354M | $0 | $150M | $601M | $0 | $0 | $25M | · | $25M | $0 | · | |
| Net Stock Activity | $-354M | $0 | $-150M | $-601M | $0 | $1.29B | $-25M | · | $-25M | · | · | |
| Financing Cash Flow | $-166M | $-186M | $-263M | $-853M | $340M | $1.31B | $-122M | · | $-207M | $-340M | $396M | |
| Net Change in Cash | $-9M | $-371M | $-550M | $-236M | $10M | $1.42B | $-26M | · | $49M | $-7M | $28M | |
| Taxes Paid | $5M | $-4M | $74M | $73M | $108M | $-15M | $22M | · | $-43M | $-11M | $5M | |
| Free Cash Flow | · | · | · | $615M | $652M | $202M | $513M | · | $434M | $386M | $262M | |
| Levered FCF | · | · | · | $-346M | $210M | $-236M | $245M | · | $9.26B | $-30M | $257M |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -9.7% | 1.1% | -10.8% | 15.2% | 17.9% | -11.5% | 10.8% | · | 14.2% | 17.9% | 16.5% | |
| Net Margin | -12.1% | -4.7% | -7.7% | 3.5% | 7.1% | -18.7% | 0.83% | · | 15.0% | 3.6% | 0.02% | |
| Pretax Margin | -11.8% | -5.2% | -7.8% | 2.7% | 9.1% | -23.3% | 1.6% | · | -0.80% | 4.0% | 2.0% | |
| EBITDA Margin | -9.7% | 1.1% | -10.8% | 15.2% | 17.9% | -11.5% | 10.8% | · | 14.2% | 17.9% | 16.5% | |
| ROA | -5.7% | -2.0% | -2.9% | 1.3% | 2.7% | -4.6% | 0.31% | · | 9.3% | 2.2% | 0.01% | |
| ROE | -35.9% | -10.3% | -14.4% | 5.8% | 12.5% | -29.7% | 2.4% | · | -153.6% | -19.9% | -0.10% | |
| ROIC | -14.7% | 1.2% | -11.4% | 19.3% | 12.1% | -6.6% | 6.8% | · | 11519.9% | -90.6% | -0.84% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.8 | 0.8 | 1.1 | 1.7 | 2.0 | 2.4 | 0.7 | · | 0.8 | 0.7 | 0.7 | |
| Quick Ratio | 0.6 | 0.7 | 0.9 | 1.6 | 1.8 | 2.3 | 0.6 | · | 0.6 | 0.5 | 0.5 | |
| Debt / Equity | 1.6 | 1.0 | 0.9 | 0.8 | 0.7 | 0.9 | 1.3 | · | · | · | · | |
| LT Debt / Equity | 1.6 | 1.0 | 0.8 | 0.8 | 0.6 | 0.8 | 1.3 | · | · | · | · | |
| Interest Coverage | · | 0.1 | -1.5 | 1.3 | 1.9 | -0.8 | 1.1 | · | 1.0 | 1.2 | 1.1 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.4 | 0.4 | 0.4 | 0.4 | 0.2 | 0.4 | · | 0.6 | 0.6 | 0.6 | |
| Receivables Turnover | 27.2 | 22.8 | 22.5 | 29.0 | 40.5 | 38.7 | 54.2 | · | 50.5 | 56.7 | 65.4 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | · | · | · | · | · | $17.06 | $15.98 | · | $-0.80 | $-5.96 | $-8.38 | |
| Revenue / Share | $48.14 | $43.25 | $41.83 | $36.25 | $33.65 | $26.71 | $45.00 | · | $33.71 | $33.20 | $31.22 | |
| Cash Flow / Share | $3.51 | $2.36 | $3.00 | $4.97 | $5.11 | $2.53 | $5.98 | · | $4.92 | $4.43 | $4.39 | |
| Cash / Share | · | · | · | · | · | $11.91 | $3.77 | · | $3.05 | $2.52 | $2.93 | |
| EPS (TTM) | $-5.83 | $-2.05 | $-3.22 | $1.29 | $2.48 | $-5.00 | $0.37 | · | $5.07 | $1.19 | $0.01 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 5.8% | 3.4% | -0.61% | 8.4% | 65.0% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 2.8% | 3.7% | 21.1% | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 14.2% | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | · | · | · | -48.0% | · | · | · | · | · | · | · | |
| Net Income YoY | · | · | · | -47.2% | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $6.96B | $6.58B | $6.36B | $6.40B | $5.91B | $3.58B | $5.30B | · | $3.15B | $3.03B | $2.84B | |
| Net Income TTM | $-843M | $-312M | $-490M | $222M | $421M | $-670M | $44M | · | $473M | $109M | $686.0K | |
| Market Cap | · | · | · | · | · | $13.45B | $2.96B | · | $2.86B | $1.26B | $1.30B | |
| Enterprise Value | · | · | · | · | · | $13.91B | $4.91B | · | · | · | · | |
| P/E | -2.5 | -9.7 | -8.1 | 23.0 | 20.9 | -17.3 | 69.1 | · | 6.2 | 11.6 | 1602.0 | |
| P/S | · | · | · | · | · | 3.8 | 0.6 | · | 0.9 | 0.4 | 0.5 | |
| P/B | · | · | · | · | · | 5.1 | 1.6 | · | -39.1 | -2.3 | -1.9 | |
| P / Cash Flow | · | · | · | · | · | 39.7 | 4.2 | · | 6.2 | 3.1 | 3.2 | |
| P / FCF | · | · | · | · | · | 66.6 | 5.8 | · | 6.6 | 3.3 | 4.9 | |
| EV / EBITDA | · | · | · | · | · | -33.9 | 8.6 | · | · | · | · | |
| EV / FCF | · | · | · | · | · | 68.9 | 9.6 | · | · | · | · | |
| EV / Revenue | · | · | · | · | · | 3.9 | 0.9 | · | · | · | · | |
| Earnings Yield | -39.5% | -10.3% | -12.4% | 4.3% | 4.8% | -5.8% | 1.5% | · | 16.2% | 8.6% | 0.06% |
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 | $1.86B | $1.78B | $1.81B | $1.72B | $1.76B | $1.67B | $1.67B | $1.64B | $1.66B | $1.61B | $1.40B | $1.62B | $1.67B | $1.67B | $1.59B | $1.62B | |
| SG&A Expense | $441M | $428M | $403M | $418M | $410M | $403M | $398M | $392M | $389M | $389M | $384M | $406M | $380M | $393M | $263M | $278M | |
| Operating Expenses | $1.73B | $1.68B | $1.82B | $2.49B | $1.69B | $1.63B | $1.72B | $1.57B | $1.59B | $1.63B | $1.70B | $2.41B | $1.47B | $1.47B | $1.34B | $1.49B | |
| Operating Income | $132M | $97M | $-18M | $-776M | $78M | $43M | $-48M | $68M | $74M | $-21M | $-308M | $-786M | $206M | $199M | $243M | $137M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $121M | · | $119M | $117M | $114M | $204M | $199M | |
| Interest Income | $2M | $2M | $2M | $2M | $2M | $3M | $4M | $6M | $6M | $7M | $10M | $10M | $10M | $10M | $11M | $5M | |
| Other Non-op | $100.0K | $-400.0K | $500.0K | $0 | $3M | $1M | $3M | $3M | $1M | $-1M | $1M | $-300.0K | $6M | $-1M | $-5M | $-9M | |
| Pretax Income | $40M | $6M | $-108M | $-860M | $-12M | $159M | $-149M | $-35M | $-30M | $-128M | $-408M | $-887M | $113M | $682M | $52M | $-59M | |
| Income Tax | $7M | $9M | $-35M | $5M | $6M | $48M | $-15M | $3M | $-3M | $-13M | $-49M | $-162M | $35M | $168M | $32M | $-182M | |
| Net Income | $33M | $-2M | $-73M | $-865M | $-17M | $112M | $-133M | $-37M | $-27M | $-115M | $-358M | $-725M | $78M | $514M | $21M | $124M | |
| EPS (Basic) | $0.25 | $-0.02 | $-0.41 | $-6.03 | $-0.12 | $0.73 | $-0.87 | $-0.24 | $-0.18 | $-0.76 | $-2.28 | $-4.80 | $0.51 | $3.35 | $0.12 | $0.78 | |
| EPS (Diluted) | $0.24 | $-0.02 | $-0.36 | $-6.03 | $-0.12 | $0.68 | $-0.87 | $-0.24 | $-0.18 | $-0.76 | $-1.95 | $-4.80 | $0.48 | $3.05 | $0.13 | $0.72 | |
| Shares (Basic) | 133,700,000 | 133,400,000 | · | 143,500,000 | 149,000,000 | 152,300,000 | · | 152,200,000 | 152,100,000 | 151,900,000 | · | 150,900,000 | 152,800,000 | 153,300,000 | · | 157,600,000 | |
| Shares (Diluted) | 137,100,000 | 133,400,000 | · | 143,500,000 | 149,000,000 | 167,000,000 | · | 152,200,000 | 152,100,000 | 151,900,000 | · | 150,900,000 | 167,900,000 | 168,600,000 | · | 173,000,000 | |
| EBITDA | $132M | $97M | · | $-776M | $78M | $43M | · | $68M | $74M | $-21M | · | $-786M | $206M | $199M | · | $137M |
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 | $887M | $708M | $687M | $660M | $672M | $592M | $707M | $834M | $878M | $904M | $1.07B | $1.32B | $1.27B | $1.31B | $1.62B | $1.73B | |
| Receivables | $246M | $241M | $254M | $231M | $252M | $253M | $257M | $240M | $252M | $282M | · | $253M | $290M | $260M | · | $156M | |
| Inventory | · | · | · | · | · | · | · | · | · | · | · | $11M | $33M | $35M | · | · | |
| Prepaid Expense | $139M | $152M | $152M | $142M | $122M | $128M | $152M | $156M | $158M | $157M | · | $168M | $114M | $124M | · | $112M | |
| Other Current Assets | $52M | $60M | $74M | $55M | $50M | $45M | $39M | $51M | $45M | $50M | · | $31M | $28M | $23M | · | $62M | |
| Current Assets | $1.32B | $1.16B | $1.17B | $1.09B | $1.10B | $1.02B | $1.15B | $1.28B | $1.33B | $1.39B | · | $1.78B | $1.74B | $1.75B | · | $2.06B | |
| PP&E (Net) | $3.49B | $3.72B | $3.72B | $3.78B | $3.84B | $3.77B | $3.71B | $3.58B | $3.50B | $3.47B | · | $3.46B | $3.44B | $3.44B | · | $4.52B | |
| Goodwill | $1.77B | $1.78B | $1.79B | $1.78B | $2.64B | $2.56B | $2.56B | $2.66B | $2.65B | $2.66B | $2.70B | $2.69B | $2.96B | $2.93B | $2.69B | $2.66B | |
| Intangibles | $1.39B | $1.40B | $1.40B | $1.51B | $1.52B | $1.52B | $1.53B | $1.62B | $1.61B | $1.61B | · | $1.72B | $2.22B | $2.23B | · | $1.75B | |
| Other Non-current Assets | $230M | $213M | $224M | $227M | $229M | $231M | $232M | $208M | $196M | $191M | · | $174M | $212M | $189M | · | $188M | |
| Total Assets | $14.07B | $14.12B | $14.27B | $14.31B | $15.21B | $15.09B | $15.26B | $15.51B | $15.54B | $15.61B | $16.06B | $16.17B | $17.03B | $17.04B | $17.50B | $17.54B | |
| Accounts Payable | $62M | $71M | $54M | $70M | $65M | $66M | $51M | $67M | $46M | $38M | · | $44M | $52M | $46M | · | $41M | |
| Accrued Liabilities | $879M | $824M | $906M | $868M | $850M | $840M | $907M | $846M | $810M | $865M | · | $790M | $750M | $802M | · | $798M | |
| Current Liabilities | $1.50B | $1.42B | $1.48B | $1.44B | $1.39B | $1.37B | $1.42B | $1.36B | $1.30B | $1.34B | · | $1.25B | $1.23B | $1.27B | · | $1.15B | |
| Capital Leases | $3.48B | $3.49B | $3.59B | $3.53B | $3.50B | $3.58B | $3.65B | $3.71B | $3.79B | $3.87B | · | $3.90B | $3.99B | $4.04B | · | $976M | |
| Deferred Tax | $111M | $94M | $88M | $117M | $83M | $73M | $61M | $84M | $74M | $45M | · | $155M | $262M | $230M | · | $38M | |
| Other Non-current Liabilities | $101M | $114M | $121M | $130M | $132M | $133M | $135M | $141M | $144M | $144M | · | $200M | $133M | $125M | · | $126M | |
| Total Liabilities | $12.22B | $12.30B | $12.44B | $12.36B | $12.22B | $12.12B | $12.40B | $12.45B | $12.49B | $12.54B | · | $12.69B | $12.82B | $12.86B | · | $13.92B | |
| Long-term Debt | $2.81B | $2.95B | $2.90B | $2.85B | $2.82B | $2.65B | $2.77B | $2.79B | $2.79B | $2.80B | · | $2.81B | $2.82B | $2.82B | · | $2.83B | |
| Total Debt | $2.77B | $2.92B | · | $2.83B | $2.80B | $2.62B | · | $2.77B | $2.76B | $2.77B | · | $2.77B | $2.78B | $2.78B | · | $2.79B | |
| Paid-in Capital | $4.68B | $4.66B | $4.65B | $4.63B | $4.60B | $4.57B | $4.54B | $4.51B | $4.49B | $4.46B | · | $4.41B | $4.35B | $4.33B | · | $4.20B | |
| Retained Earnings | $-1.46B | $-1.49B | $-1.49B | $-1.42B | $-553M | $-535M | $-647M | $-514M | $-477M | $-450M | · | $23M | $747M | $669M | · | $134M | |
| Treasury Stock | $1.14B | $1.14B | $1.14B | $1.05B | $896M | $805M | $780M | $780M | $780M | $780M | · | $780M | $780M | $680M | · | $538M | |
| AOCI | $-221M | $-204M | $-193M | $-201M | $-163M | $-255M | $-255M | $-158M | $-177M | $-157M | · | $-169M | $-124M | $-160M | · | $-201M | |
| Stockholders' Equity | $1.86B | $1.83B | $1.83B | $1.96B | $2.99B | $2.97B | $2.86B | $3.06B | $3.06B | $3.07B | · | $3.48B | $4.21B | $4.18B | · | $3.62B | |
| Liabilities + Equity | $14.07B | $14.12B | $14.27B | $14.31B | $15.21B | $15.09B | $15.26B | $15.51B | $15.54B | $15.61B | · | $16.17B | $17.03B | $17.04B | · | $17.54B |
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 | $118M | $117M | $114M | $114M | $110M | $108M | $107M | $109M | $109M | $109M | $111M | $106M | $111M | $108M | $150M | $149M | |
| Stock-based Comp | $17M | $14M | $12M | $17M | $16M | $16M | $14M | $13M | $14M | $12M | $14M | $35M | $20M | $16M | $13M | $14M | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | · | $-39M | $-107M | $31M | $81M | $-5M | $-186M | |
| Amort. of Intangibles | · | · | · | · | · | · | $12M | $13M | $13M | $13M | $13M | $14M | $18M | $14M | $12M | $14M | |
| Operating Cash Flow | $241M | $122M | $107M | $181M | $178M | $42M | $103M | $175M | $150M | $-69M | $-85M | $217M | $176M | $148M | $118M | $324M | |
| CapEx | · | · | · | · | · | · | · | · | · | · | · | $75M | $70M | $63M | · | $64M | |
| Investing Cash Flow | $112M | $-85M | $-48M | $-31M | $-137M | $-136M | $-228M | $-167M | $-99M | $-47M | $-157M | $-123M | $-85M | $-378M | $-79M | $-66M | |
| Stock Repurchased | $0 | $0 | $85M | $154M | $90M | $25M | $0 | $0 | $0 | $0 | $0 | $0 | $100M | $50M | $91M | $168M | |
| Net Stock Activity | · | $0 | · | · | · | $-25M | · | · | · | $0 | · | · | · | $-50M | · | · | |
| Financing Cash Flow | $-179M | $-7M | $-37M | $-157M | $44M | $-16M | $-12M | $-46M | $-78M | $-50M | $-5M | $-44M | $-131M | $-83M | $-148M | $-228M | |
| Net Change in Cash | $173M | $30M | $23M | $-8M | $87M | $-110M | $-138M | $-38M | $-27M | $-167M | $-248M | $50M | $-40M | $-312M | $-109M | $28M | |
| Taxes Paid | $-32M | $17M | · | · | $26M | $20M | $-3M | $-2M | $300.0K | $600.0K | $0 | $8M | $65M | $1M | $26M | $800.0K | |
| Free Cash Flow | · | · | · | · | · | · | · | · | · | · | · | · | · | $84M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | · | · | · | · | $-1M | · | · |
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 | 7.1% | 5.5% | · | -45.2% | 4.4% | 2.6% | · | 4.1% | 4.5% | -1.3% | · | -48.6% | 12.3% | 11.9% | · | 8.4% | |
| Net Margin | 1.8% | -0.13% | · | -50.3% | -0.99% | 6.7% | · | -2.2% | -1.6% | -7.1% | · | -44.8% | 4.7% | 30.8% | · | 7.6% | |
| Pretax Margin | 2.1% | 0.33% | · | -50.1% | -0.67% | 9.5% | · | -2.1% | -1.8% | -7.9% | · | -54.8% | 6.7% | 40.8% | · | -3.6% | |
| EBITDA Margin | 7.1% | 5.5% | · | -45.2% | 4.4% | 2.6% | · | 4.1% | 4.5% | -1.3% | · | -48.6% | 12.3% | 11.9% | · | 8.4% | |
| ROA | 0.23% | -0.02% | · | -5.8% | -0.11% | 0.73% | · | -0.23% | -0.16% | -0.70% | · | -4.3% | 0.45% | 2.9% | · | 0.74% | |
| ROE | 1.4% | -0.10% | · | -34.4% | -0.58% | 3.7% | · | -1.1% | -0.74% | -3.2% | · | -20.4% | 2.0% | 12.7% | · | 3.7% | |
| ROIC | 2.3% | -0.97% | · | -16.3% | 2.1% | 0.54% | · | 1.2% | 1.1% | -0.33% | · | -10.3% | 2.0% | 2.2% | · | -4.5% |
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 | 0.7 | · | 0.9 | 1.0 | 1.0 | · | 1.4 | 1.4 | 1.4 | · | 1.8 | |
| Quick Ratio | 0.8 | 0.7 | · | 0.6 | 0.7 | 0.6 | · | 0.8 | 0.9 | 0.9 | · | 1.3 | 1.3 | 1.2 | · | 1.6 | |
| Debt / Equity | 1.5 | 1.6 | · | 1.4 | 0.9 | 0.9 | · | 0.9 | 0.9 | 0.9 | · | 0.8 | 0.7 | 0.7 | · | 0.8 | |
| LT Debt / Equity | 1.5 | 1.6 | · | 1.4 | 0.9 | 0.9 | · | 0.9 | 0.9 | 0.9 | · | 0.8 | 0.6 | 0.7 | · | 0.8 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -0.2 | · | -6.6 | 1.8 | 1.7 | · | 0.7 |
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 | 7.5 | 7.2 | · | 7.3 | 7.0 | 6.2 | · | 6.7 | 6.1 | 5.9 | · | 7.9 | 7.3 | 8.7 | · | 10.5 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue / Share | $13.55 | $13.34 | · | $11.97 | $11.85 | $10.02 | · | $10.77 | $10.93 | $10.58 | · | $10.73 | $9.97 | $9.92 | · | $9.39 | |
| Cash Flow / Share | · | $0.92 | · | · | · | $0.25 | · | · | · | $-0.45 | · | · | · | $0.88 | · | · | |
| EPS (TTM) | $-6.17 | $-6.53 | · | $-6.34 | $-0.55 | $-0.61 | · | $-3.13 | $-7.69 | $-7.03 | · | $-1.14 | $4.38 | $4.05 | · | $1.40 |
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 | $7.16B | $7.07B | · | $6.82B | $6.75B | $6.64B | · | $6.30B | $6.28B | $6.30B | · | $6.55B | $6.56B | $6.51B | · | $6.39B | |
| Net Income TTM | $-907M | $-957M | · | $-904M | $-76M | $-85M | · | $-536M | $-1.22B | $-1.12B | · | $-111M | $737M | $685M | · | $246M | |
| P/E | -3.5 | -2.3 | · | -3.0 | -32.5 | -26.7 | · | -6.0 | -2.5 | -2.6 | · | -20.1 | 5.5 | 7.3 | · | 19.6 | |
| Earnings Yield | -28.9% | -43.5% | · | -32.9% | -3.1% | -3.7% | · | -16.6% | -39.7% | -38.6% | · | -5.0% | 18.2% | 13.7% | · | 5.1% |
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 | $6.96B | $6.58B | $6.36B | $6.40B | $5.91B |
| Operating Margin % | -9.7% | 1.1% | -10.8% | 15.2% | 17.9% |
| Net Income | $-843M | $-312M | $-490M | $222M | $421M |
| Diluted EPS | $-5.83 | $-2.05 | $-3.22 | $1.29 | $2.48 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 1.6 | 1.0 | 0.9 | 0.8 | 0.7 |
| Current Ratio | 0.8 | 0.8 | 1.1 | 1.7 | 2.0 |
| Quick Ratio | 0.6 | 0.7 | 0.9 | 1.6 | 1.8 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | · | · | · | $615M | $652M |
Institutional owners (13F) 420 filers · $3.3B 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 |
|---|---|---|---|---|
| 74 (-6 vs prior Q) | 54 (-1 vs prior Q) | 129 (+26 vs prior Q) | 115 (-9 vs prior Q) | +6.6M |
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. | $410,578,675 | 19,221,848 | 12.42% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $218,455,598 | 10,227,322 | 6.61% | Shares |
| VANGUARD GROUP INC | $210,963,837 | 14,302,633 | 6.38% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $147,228,457 | 6,892,718 | 4.45% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $127,853,783 | 5,985,664 | 3.87% | Shares |
| DME Capital Management, LP | $125,175,368 | 5,860,270 | 3.79% | Shares |
| Hill Path Capital LP | $123,029,755 | 5,759,820 | 3.72% | Shares |
| EARNEST PARTNERS LLC | $118,569,894 | 5,551,025 | 3.59% | Shares |
| HG Vora Capital Management, LLC | $115,313,882 | 5,398,590 | 3.49% | Shares |
| STATE STREET CORP | $112,977,312 | 5,289,200 | 3.42% | Shares |
| BANK OF AMERICA CORP /DE/ | $108,919,041 | 5,099,206 | 3.29% | Shares |
| Invesco Ltd. | $103,565,391 | 4,848,567 | 3.13% | Shares |
| SEI INVESTMENTS CO | $77,539,088 | 3,630,106 | 2.34% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $73,015,058 | 3,417,683 | 2.21% | Shares |
| BAMCO INC /NY/ | $58,623,972 | 2,744,568 | 1.77% | Shares |
| GOLDMAN SACHS GROUP INC | $51,882,970 | 2,428,978 | 1.57% | Shares |
| HENNESSY ADVISORS INC | $38,552,664 | 1,804,900 | 1.17% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $37,862,629 | 1,772,595 | 1.14% | Shares |
| MORGAN STANLEY | $36,960,035 | 1,730,337 | 1.12% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $35,706,209 | 1,671,639 | 1.08% | Shares |
| JANE STREET GROUP, LLC | $31,082,495 | 1,455,173 | 0.94% | Shares |
| NORTHERN TRUST CORP | $30,229,461 | 1,415,237 | 0.91% | Shares |
| CITADEL ADVISORS LLC | $29,318,309 | 1,372,580 | 0.89% | Shares |
| Penn Capital Management Company, LLC | $25,391,100 | 1,186,487 | 0.77% | Shares |
| Woodline Partners LP | $23,440,784 | 1,097,415 | 0.71% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $22,676,205 | 1,061,263 | 0.69% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $21,999,988 | 1,029,962 | 0.67% | Shares |
| Freestone Grove Partners LP | $21,532,162 | 1,008,060 | 0.65% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $21,459,516 | 1,004,659 | 0.65% | Shares |
| Nuveen, LLC | $20,538,709 | 961,550 | 0.62% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $20,319,133 | 928,663 | 0.61% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $19,055,555 | 892,114 | 0.58% | Shares |
| SHAPIRO CAPITAL MANAGEMENT LLC | $18,905,586 | 885,093 | 0.57% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $18,099,161 | 847,339 | 0.55% | Shares |
| UBS Group AG | $17,652,865 | 826,445 | 0.53% | Shares |
| Walleye Trading LLC | $17,566,464 | 822,400 | 0.53% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $17,498,112 | 819,200 | 0.53% | Call option |
| JPMORGAN CHASE & CO | $16,763,439 | 753,819 | 0.51% | Shares |
| Bank of New York Mellon Corp | $16,713,703 | 782,477 | 0.51% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $16,345,911 | 765,258 | 0.49% | Shares |
| Quantinno Capital Management LP | $16,092,667 | 753,402 | 0.49% | Shares |
| Invenomic Capital Management LP | $15,774,253 | 738,495 | 0.48% | Shares |
| KETTLE HILL CAPITAL MANAGEMENT, LLC | $14,609,450 | 683,963 | 0.44% | Shares |
| ARMISTICE CAPITAL, LLC | $14,353,920 | 672,000 | 0.43% | Shares |
| Kodai Capital Management LP | $13,803,691 | 846,333 | 0.42% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $13,114,121 | 613,957 | 0.40% | Shares |
| Empowered Funds, LLC | $12,532,211 | 586,714 | 0.38% | Shares |
| MILLENNIUM MANAGEMENT LLC | $11,425,464 | 534,900 | 0.35% | Shares |
| JANE STREET GROUP, LLC | $11,331,480 | 530,500 | 0.34% | Call option |
| JENNISON ASSOCIATES LLC | $11,037,032 | 516,715 | 0.33% | 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 |
|---|---|---|---|---|---|
| HG Vora Capital Management, LLC, Parag Vora | Jan. 14, 2025 | 4.80% | Amendment | · | SEC |
| HG Vora Capital Management, LLC (2), Parag Vora (2) ×3 filings | Sept. 3, 2024 | · | Initial filing | · | SEC |
| Carlino Family Trust, Peter M. Carlino, Marshia Carlino, Retained Annuity Trust of Peter M. Carlino dated September 23, 2005, Grantor Retained Annuity Trust of Peter M. Carlino dated May 19, 2006, Grantor Retained Annuity Trust of Peter M. Carlino dated June 14, 2007, Grantor Retained Annuity Trust of Peter M. Carlino dated June 26, 2008 | Nov. 1, 2013 | · | Initial filing | · | SEC |
| Peter M. Carlino, Marshia Carlino, The Grantor Retained Annuity Trust of Peter M. Carlino dated September 23, 2005, Grantor Retained Annuity Trust of Peter M. Carlino dated May 19, 2006, Grantor Retained Annuity Trust of Peter M. Carlino dated June 14, 2007, Grantor Retained Annuity Trust of Peter M. Carlino dated June 26, 2008, Carlino Family Trust ×3 filings | July 10, 2008 | · | Initial filing | M&A / sale | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Feb. 5, 2008 | · | Initial filing | M&A / sale | SEC |
| Undisclosed reporting person | Aug. 16, 2002 | · | Initial filing | M&A / sale | 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 37 insiders · 17 officers · 18 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jay A Snowden | CEO and President | March 10, 2026 F | 948,530 | 1 | 0 | $496,904 |
| Timothy J Wilmott | Chief Executive Officer | Feb. 14, 2019 A | 696,176 | 0 | 0 | $0 |
| Felicia Hendrix | EVP and CFO | Feb. 26, 2026 F | 182,356 | 1 | 0 | $100,874 |
| William J Fair | EVP and CFO | Feb. 18, 2020 A | 62,484 | 0 | 0 | $0 |
| William J Clifford | Chief Financial Officer | Oct. 20, 2013 M | 142,311 | 0 | 0 | $0 |
| Kevin G Desanctis | President & Chief Operating Of | March 23, 2006 M | 111,132 | 0 | 0 | $0 |
| Christopher Byron Rogers | EVP, Chief Strategy and Legal Officer and Secretary | Feb. 26, 2026 F | 149,434 | 0 | 0 | $0 |
| Todd George | EVP, Operations | Jan. 3, 2026 F | 126,171 | 0 | 0 | $0 |
| Christine Labombard | SVP and CAO | March 14, 2023 J | 16,081 | 0 | 0 | $0 |
| Harper H. Ko | EVP, CLO and Sec. | April 12, 2021 A | 9,718 | 0 | 0 | $0 |
| Carl Sottosanti | EVP, General Counsel and Sec. | Nov. 30, 2020 M | 37,886 | 0 | 0 | $0 |
| Robert S Ippolito | Vice President, Secretary/Trea | Oct. 20, 2014 M | 38,344 | 0 | 0 | $0 |
| Desiree A. Burke | V. P. and Chief Accounting Off | April 15, 2014 S | 3,750 | 0 | 0 | $0 |
| John Finamore | Sr VP -Regional Operations | April 15, 2014 F | 53,368 | 0 | 0 | $0 |
| Thomas Burke | Sr VP-Regional Operations | Feb. 14, 2014 M | 47,254 | 0 | 0 | $0 |
| Jordan B Savitch | Sr. Vice President/General Cou | Jan. 29, 2014 M | 48,292 | 0 | 0 | $0 |
| Steven T. Snyder | SR VP-Corp Development | Oct. 20, 2013 M | 108,528 | 0 | 0 | $0 |
| Fabio Schiavolin | Director | March 9, 2026 A | 17,077 | 0 | 0 | $0 |
| Heather S Ace | Director | March 9, 2026 A | 17,077 | 0 | 0 | $0 |
| Jeffrey H Fox | Director | March 9, 2026 A | 17,077 | 0 | 0 | $0 |
| Jane Scaccetti | Director | March 2, 2026 P | 117,153 | 1 | 0 | $120,720 |
| Carlos Ruisanchez | Director | Jan. 5, 2026 A | 32,810 | 0 | 0 | $0 |
| David A Handler | Director | Jan. 5, 2026 A | 388,194 | 1 | 0 | $285,000 |
| Gupta Vimla Black | Director | Jan. 3, 2026 M | 41,835 | 0 | 1 | $-115,891 |
| Marla Kaplowitz | Director | Jan. 3, 2026 M | 43,038 | 0 | 0 | $0 |
| Anuj Dhanda | Director | Jan. 3, 2026 M | 48,358 | 0 | 0 | $0 |
| Saul Reibstein | Director | Jan. 3, 2025 M | 37,055 | 0 | 0 | $0 |
| Ronald J Naples | Director | Jan. 3, 2025 M | 20,587 | 0 | 0 | $0 |
| Barbara Z Shattuck | Director | Jan. 3, 2025 M | 28,541 | 0 | 0 | $0 |
| John M Jacquemin | Director | Jan. 3, 2024 A | 120,842 | 0 | 0 | $0 |
| Harold Cramer | Director | March 13, 2017 M | 82,195 | 0 | 0 | $0 |
| Robert P Levy | Director | Feb. 19, 2014 M | 5,300 | 0 | 0 | $0 |
| Wesley R Edens | Director | Feb. 19, 2013 A | 21,195 | 0 | 0 | $0 |
| Johnny Hartnett | · | Aug. 8, 2026 M | 16,835 | 0 | 0 | $0 |
| Peter M Carlino | · | June 22, 2021 J | 1,248,512 | 0 | 0 | $0 |
| Carlino Family Trust | · | Dec. 5, 2012 J | 6,905,874 | 0 | 0 | $0 |
| Leonard M Deangelo | · | Dec. 26, 2007 M | 69,832 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 45 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 |
|---|---|---|---|---|
| EPSB · Harbor ETF Trust | 1.27% | 2,950 NS | July 31, 2026 | N-PORT |
| PSCD · Invesco Exchange-Traded Fund Trust … | 0.82% | 12,865 SH | Oct. 2, 2026 | Daily |
| BSJR · Invesco Exchange-Traded Self-Indexe… | 0.71% | 6,405,000 | Oct. 2, 2026 | Daily |
| RZV · Invesco Exchange-Traded Fund Trust | 0.54% | 102,908 SH | Oct. 2, 2026 | Daily |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.39% | 529,020 SH | Oct. 2, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.29% | 269,542 SH | Aug. 19, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.18% | 113,028 SH | Aug. 19, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.15% | 444,219 SH | Aug. 19, 2026 | Daily |
| VFVA · VANGUARD WELLINGTON FUND | 0.14% | 54,115 SH | Aug. 19, 2026 | Daily |
| VCR · VANGUARD WORLD FUND | 0.12% | 382,928 SH | Aug. 19, 2026 | Daily |
| FDIS · FIDELITY COVINGTON TRUST | 0.12% | 97,657 NS | July 31, 2026 | N-PORT |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.11% | 18,657 SH | Oct. 2, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.10% | 35,565 NS | July 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.09% | 61,913 NS | July 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.08% | 744,121 SH | Aug. 19, 2026 | Daily |
| IWM · iShares Trust | 0.07% | 3,267,420 SH | Sept. 11, 2026 | Daily |
| ESML · iShares Trust | 0.07% | 115,355 SH | Sept. 11, 2026 | Daily |
| PKW · Invesco Exchange-Traded Fund Trust | 0.06% | 70,800 SH | Oct. 2, 2026 | Daily |
| VBR · VANGUARD INDEX FUNDS | 0.06% | 1,949,264 SH | Aug. 19, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.03% | 1,458,304 SH | Aug. 19, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.03% | 3,068,093 SH | Aug. 19, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.02% | 172,901 NS | July 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.02% | 7,422 SH | Sept. 11, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.02% | 4,629 NS | July 31, 2026 | N-PORT |
| PRF · Invesco Exchange-Traded Fund Trust | 0.02% | 104,042 SH | Oct. 2, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.01% | 1,919 SH | Oct. 2, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.01% | 12,214 NS | July 31, 2026 | N-PORT |
| NEAR · iShares U.S. ETF Trust | 0.01% | 343,000 SH | Sept. 9, 2026 | Daily |
| DFAT · Dimensional ETF Trust | 0.01% | 46,938 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.01% | 33,051 NS | July 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 4,698 NS | July 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 36,019 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 170,572 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 34,614 SH | Sept. 3, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.00% | 39,003 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 4,250,780 SH | Aug. 19, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.00% | 105,428 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 10,414 SH | Aug. 19, 2026 | Daily |
| IJR · iShares Trust | · | 7,749,630 SH | Sept. 10, 2026 | Daily |
| IJS · iShares Trust | · | 1,133,292 SH | Sept. 8, 2026 | Daily |
| IWN · iShares Trust | · | 1,212,300 SH | Sept. 11, 2026 | Daily |
| XJR · iShares Trust | · | 17,526 SH | Aug. 31, 2026 | Daily |
| ISCB · iShares Trust | · | 5,815 SH | Sept. 11, 2026 | Daily |
| ISCV · iShares Trust | · | 28,761 SH | Sept. 11, 2026 | Daily |
| SMLF · iShares Trust | · | 37,001 SH | Sept. 11, 2026 | Daily |
PENN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
19 analysts · 2026-09-27Mean target $24.39 +65.2%
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 |
|---|---|---|---|---|---|---|
| PENN | · | -2.5 | 5.8% | -12.1% | -35.9% | · |
| CHDN | $7.92B | 8.0 | 7.0% | 13.1% | 37.3% | · |
| 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% | · |
| ACEL | $939M | 19.0 | 8.1% | 3.9% | 19.4% | · |
| BALY | $802M | -1.5 | -0.58% | -26.7% | -126.8% | · |
| LVS | $43.94B | 27.7 | 15.2% | 12.5% | 72.7% | · |
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