At a glance
Penn National Gaming Inc is worth $1.97B. Revenue grew 5.8% to $6.96B in fiscal 2025, at a loss; over 5 years it has grown 14.2% a year. It pays no dividend; it spent $1.11B buying back its shares over FY2021–FY2025. The stock returned −15.2% over the past year with dividends reinvested and −27.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 88.2% in the 2020 crash (S&P 500: 33.7%) and 49.1% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
PENN Entertainment runs casinos, racetracks and online betting in 28 jurisdictions across North America. As of December 31, 2025, it owned, managed or had stakes in 42 gaming and racing properties in 19 states, under names including Hollywood Casino, Ameristar and L'Auberge. Gaming, mainly slot machines and table games, made up 76.9% of its $6.96 billion in fiscal 2025 revenue. Food and beverage added 6.4% and hotel rooms 3.6%.
PENN reports five segments. The Northeast, with casinos in Pennsylvania, Ohio, Michigan, Indiana and other states, was the largest at 39.8% of fiscal 2025 revenue. Interactive brought in 18.7%. It covers online sports betting, iCasino (real-money casino games played on a phone or computer) and media such as theScore app. The Midwest contributed 17%, the South 16.8% and the West 7.8%.
PENN ended its U.S. sportsbook deal with ESPN early, effective December 1, 2025. It shifted its digital focus toward U.S. iCasino and Canada and rebranded its U.S. online sportsbook as theScore Bet. Its PENN Play loyalty program has over 33 million members and aims to move customers between casinos and apps. PENN rents most of its land and buildings under triple net leases, where the tenant pays taxes, insurance and upkeep. The largest are with Gaming and Leisure Properties (GLPI), a real estate investment trust.
Price history
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PENN -15.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Gaming | $5.35B | 76.9% |
| Other | $911.8M | 13.1% |
| Food and beverage | $445.9M | 6.4% |
| Hotel | $253.3M | 3.6% |
By business segment
| Northeast | $2.77B | 39.8% |
| Interactive | $1.30B | 18.7% |
| Midwest | $1.18B | 17% |
| South | $1.17B | 16.8% |
| West | $543.2M | 7.8% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.86B, up 5.2% from a year earlier, and net income was $33.1M.
- For fiscal 2025, revenue was $6.96B (+5.8% year over year; +14.2% a year from FY2020 to FY2025) with a -12.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +14.2% good |
|---|---|
| Operating margin | -9.7% weak |
| Free cash flow margin | -2% weak |
| Return on equity (FY2025) | -46% weak |
| Return on assets (FY2025) | -5.9% weak |
| Net cash (cash minus debt) | $-1.93B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.58B | $-669.5M | $201.8M |
| FY2021 | $5.91B | $420.8M | $652.0M |
| FY2022 | $6.40B | $222.1M | $614.8M |
| FY2023 | $6.36B | $-490.0M | $95.9M |
| FY2024 | $6.58B | $-311.5M | $-123.4M |
| FY2025 | $6.96B | $-843.1M | $-139.5M |
Valuation snapshot
| Market value | $1.97B |
|---|---|
| P/E ratio | — |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Penn National Gaming’s market value went from $1.15B at the end of 2016 to $1.97B on Oct 28, 2026, up 71%; since the end of 2025 it is up 0%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.97B | +0.4% |
| 2025 | $1.97B | -35.0% |
| 2024 | $3.03B | -23.4% |
| 2023 | $3.95B | -14.3% |
| 2022 | $4.61B | -47.6% |
| 2021 | $8.79B | -34.5% |
| 2020 | $13.42B | +352.8% |
| 2019 | $2.96B | +32.4% |
| 2018 | $2.24B | -21.6% |
| 2017 | $2.85B | +147.8% |
| 2016 | $1.15B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PENN price data to Oct 28, 2026 | -0.2% | -15.2% | -7.2% | -27.4% | +1.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -0.2% |
| 2025 | -25.6% |
| 2024 | -23.8% |
| 2023 | -12.4% |
| 2022 | -42.7% |
| 2021 | -40.0% |
| 2020 | +237.9% |
| 2019 | +35.7% |
| 2018 | -39.9% |
| 2017 | +143.6% |
| 2016 | -13.9% |
| 2015 | +16.7% |
| 2014 | -4.2% |
| 2013 | +26.0% |
| 2012 | +29.0% |
| 2011 | +8.3% |
| 2010 | +29.3% |
| 2009 | +27.2% |
| 2008 | -63.7% |
| 2007 | +43.1% |
| 2006 | +26.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 71.4% over that stretch · deepest drop along the way 79.3%, back to its old high 60.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 73.6% over that stretch · deepest drop along the way 88.2%, back to its old high 4.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 42.1% over that stretch · deepest drop along the way 49.1%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (23 read): 4 open-market purchases ($1.0M) and 1 sales ($116K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Nov 7, 2025 | Jay A Snowden CEO and President, Director | buy | $497K |
| Nov 17, 2025 | David A Handler Director | buy | $285K |
| Mar 2, 2026 | Jane Scaccetti Director | buy | $121K |
| Nov 14, 2025 | Gupta Vimla Black Director | sell | $116K |
| Nov 21, 2025 | Felicia Hendrix EVP and CFO | buy | $101K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.1% | Jun 30, 2026 |
| Vanguard Portfolio Management | 7.76% | Jun 30, 2026 |
| Vanguard Capital Management | 5.23% | Mar 31, 2026 |
| AQR Capital Management, LLC | 5.15% | Jun 30, 2026 |
| FMR LLC | 3.2% | Dec 31, 2024 |
ETFs with the most weight in PENN
| BETZ Roundhill Sports Betting & iGaming ETF | 2.03% |
| EVNT AltShares Event-Driven ETF | 0.75% |
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 0.63% |
| QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF | 0.28% |
| FXD First Trust Consumer Discretionary AlphaDEX Fund | 0.28% |
| VIOO Vanguard S&P Small-Cap 600 ETF | 0.24% |
| XJR iShares ESG Select Screened S&P Small-Cap ETF | 0.21% |
| SPSM SPDR Portfolio S&P 600 Small Cap ETF | 0.2% |
What could go wrong
- Online betting reset after ESPN split. PENN ended its ESPN sportsbook deal early, effective December 1, 2025, and rebranded as theScore Bet. It warns it may not compete effectively or earn enough return from online betting and iCasino.
- Rent and interest absorb much cash. Most properties are leased, largely from GLPI, and much of operating cash flow goes to rent and interest. Debt was $2.81 billion versus $887 million in cash and investments as of June 30, 2026.
- Heavy reliance on the Northeast. The Northeast segment produced 39.8% of fiscal 2025 revenue. A slowdown, new competition or other trouble in those markets could hurt results and PENN's ability to meet debt payments.
- New rivals, including prediction markets. PENN expects competition to intensify, including from prediction markets, where people trade contracts on the outcome of events such as sports games. These may pull bettors away from casinos and sportsbooks.
- Higher gaming taxes and tighter rules. Gaming is heavily regulated by state and provincial authorities. Governments may raise gaming taxes, add new ones or allow new competing forms of gaming, and regulators could restrict how sportsbooks limit individual bettors.
- Gambling spending falls in downturns. PENN's revenue depends on discretionary spending, money people can choose not to spend. In a recession or other shock, customers may visit less and wager less, hurting results.
Recent events
- Quarterly results released
- Shareholder vote results
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Major agreement signed; Executive or board change; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Bylaws or fiscal year changed
For income and retirement investors
PENN Entertainment pays no dividend, so an income investor would receive no regular cash from holding it; any return depends on the share price. Instead, the company repurchased $1.1 billion of its own stock from fiscal 2021 through fiscal 2025, and shares outstanding fell 14.5% between August 2, 2021 and July 29, 2026. That included $354.4 million in fiscal 2025, a year with a net loss of $843.1 million and negative free cash flow (cash left after capital spending) of $139.5 million.
The stock has dropped steeply in past downturns. It fell 79.3% around the 2008 financial crisis and took about five years from its low to recover. In the 2020 COVID crash it fell 88.2%, then recovered within five months of its low. After a February 2022 peak it fell 49.1% and had not recovered as of October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does PENN Entertainment make money?
Mostly from gambling. Gaming made up 76.9% of PENN's $6.96 billion in fiscal 2025 revenue, with food and beverage at 6.4% and hotel rooms at 3.6%. As of December 31, 2025, PENN had 42 gaming and racing properties in 19 states. By segment, the Northeast brought in 39.8%, the Midwest 17%, the South 16.8% and the West 7.8%. The Interactive segment covers online sports betting through theScore Bet, iCasino and media, and brought in 18.7%.
Does PENN Entertainment pay a dividend?
No. PENN paid no dividends from fiscal 2021 through fiscal 2025, and its dividend yield was 0% as of October 28, 2026. Instead, it repurchased $1.1 billion of its own stock over those five years, and shares outstanding fell 14.5% between August 2, 2021 and July 29, 2026. For an income investor, that means no regular cash payments; any return depends on the share price.
What happened to PENN's ESPN sportsbook deal?
It ended early. On November 6, 2025, PENN announced the early termination of its U.S. sportsbook agreement with ESPN, effective December 1, 2025. It rebranded its U.S. online sportsbook as theScore Bet, tied to theScore media app and the PENN Play loyalty program. It also shifted its digital focus toward U.S. iCasino and Canada. PENN's annual report warns that the termination could hurt its business, reputation and results.
Is PENN Entertainment profitable?
Not on a full-year basis since fiscal 2022. PENN lost $843.1 million in fiscal 2025, or $5.83 per diluted share, even as revenue rose 5.8% to $6.96 billion. It also lost money in fiscal 2023 and 2024. Free cash flow was negative in fiscal 2024 and 2025. In the quarter ended June 30, 2026, it earned $33.1 million on revenue of $1.86 billion.
How has PENN stock performed?
Poorly over most periods. As of October 28, 2026, the share price was down 15.2% over one year and 80% over five years, a loss of about 27.4% a year. The stock fell in every calendar year from 2021 through 2025, including drops of about 40% in 2021 and 43% in 2022. Over ten years it was up 21% in total, or about 1.9% a year. These figures reflect price changes only.