EarningsQ2 2026 Earnings Report
DE:2GL Q2 2026 EPS Results
Actual EPS€0.71
Consensus EPS€0.71
Beat/MissBeat by +<€0.01
One Year Ago EPS€0.48
DE:2GL Q2 2026 Revenue Results
Actual Revenue€383.46M
Expected Revenue€381.67M
Beat/MissBeat by +€1.79M
YoY Revenue Growth+9.03%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeAfter Close
Conference CallThursday, July 30, 2026
DE:2GL Upcoming Earnings
Gaming and Leisure's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:2GL Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly optimistic. Management reported 10% year-over-year AFFO growth, higher real estate income, a dividend increase, strong regional gaming performance, healthy rent coverage, substantial development activity, and significant balance-sheet flexibility. The main challenges discussed were higher borrowing costs, an expensive cost of equity, uncertainty around the timing of certain projects and tribal transactions, and regulatory uncertainty around iGaming. Overall, the positive operating performance and pipeline visibility significantly outweighed the stated risks.Company Guidance
AFFO Growth and Positive Near- to Medium-Term Outlook
Second-quarter AFFO expanded 10% year over year. Management said it anticipates healthy growth in the near and medium term, with the pipeline providing substantial visibility into the pace of growth.
Strong Regional Gaming Market and Tenant Performance
Management said the regional gaming market remains very strong, with tenants benefiting from good same-store growth and returns on investment from new and expanded properties. Management described gaming revenues as highly stable and said demand remains extremely strong.
Dividend Increase
The quarterly dividend was increased by 5% to $0.82 per share, bringing the company’s 3-year compounded dividend growth to 4.4%.
Real Estate Income Growth
Second-quarter total income from real estate exceeded the second quarter of 2025 by over $35 million. The increase was driven by approximately $43 million of higher cash income from acquisitions and escalations.
Acquisition and Development Contributions to Cash Income
Cash income increased by $14 million from Valley’s acquisition of the Lincoln real estate, $9 million from the Chicago lease, $2.4 million from the Bell development project, $5.8 million collectively from Penn’s Joliet, Aurora, and M Resort funding, $3.8 million from the Sunland Park strategic acquisition, and $4 million from the Dry Creek, Ione, and Cordish Virginia loans. Lease escalators and percentage-rent adjustments added approximately $4 million.
Lower Operating Expenses
Operating expenses decreased by $54 million, mainly due to noncash adjustments and the provision for credit losses.
2026 Financial Guidance
The company provided guidance of $1.219 billion to $1.225 billion, or $4.10 to $4.12 per diluted share and OP unit. The guidance does not include the impact of future transactions.
Significant Development Funding Pipeline
Guidance includes approximately $400 million to $450 million of additional development funding, expected to be funded relatively evenly over the next two quarters. Total development spend is expected to reach $750 million to $800 million, consistent with the prior-quarter projection. The funding includes the Chicago, Ione, Dry Creek, and Virginia projects, all of which are moving forward during 2026 and continuing into 2027.
Strong Balance Sheet and Financing Flexibility
Leverage was 4.8x, slightly below the company’s target range of 5.0x to 5.5x. Management said the balance sheet can finance all announced projects with currently available resources and that there is no need to access the market unless the company chooses to do so.
Equity Proceeds from Forward Contract Settlement
The company settled its forward contract by issuing 7.6 million shares and raising net proceeds of $351 million.
Healthy Rent Coverage
Rent coverage on the company’s master leases ranged from 1.58x to 2.46x as of the prior quarter end. Management said coverage remains healthy and that the regional gaming performance validates its long-standing rent coverage model.
Rockford Loan and Property Momentum
GLPI rolled forward its $150 million Rockford loan at a good yield. Management said the property is ramping nicely, its gaming revenue results have been strong, and a planned hotel near the site could provide additional support. The company also maintained an option related to the building improvements.
Positive Returns from Capital Investment
Management cited healthy returns on incremental capital invested in projects including Boyd’s Treasure Chest, Penn’s Joliet, and the temporary Live Virginia facility. Management also highlighted positive performance from new or expanded hotels and described the results from recent land-based and property improvements as very strong.
Development Capabilities and Tenant Capital Spending
Management emphasized GLPI’s ability to fund and execute ground-up development projects. Penn has increased its focus on capital investment in brick-and-mortar properties over the last two years, and management expects continued capital spending as regional performance supports it.
Potential Transaction Opportunities
Management said the environment for transaction activity remains healthy. It is evaluating opportunities related to Churchill Downs’ gaming-asset sale process and remains open to discussions with existing and potential new tenants. Management also said operator take-private activity supports its view that gaming businesses and assets have been undervalued by public markets.
Chicago Project Underwriting
The VGT concept was included in the underwriting for the Chicago project. Management said the potential absence of Hawthorne was also included in underwriting and that the overall puts and takes were viewed as relatively benign.
Las Vegas Stadium Site Progress
The Las Vegas stadium project is proceeding well and may be ahead of schedule. Management expects the completed stadium to be a significant event venue and is monitoring possible opportunities to invest in supporting infrastructure, while remaining committed to the existing $125 million investment and not committing to additional capital at this time.
iGaming Has Not Undermined Existing Rent Performance
Management said that in states where iGaming has been prevalent for five or six years, it has resulted in slower brick-and-mortar growth but not deterioration sufficient to affect tenants’ ability or desire to pay rent. In Pennsylvania, online gaming has also provided supplemental revenue for some tenants.
Potential for Additional Land-Based Conversions
Management said the success of prior riverboat-to-land-based transitions has encouraged operators to consider additional opportunities. Penn, Bally’s, and Boyd have invested capital and achieved returns from such projects, and GLPI remains open to discussing further opportunities.
Tribal Financing Opportunity
Management remains enthusiastic about tribal gaming and financing opportunities, including developments, refinancings, and other uses of capital on tribal trust land. The company said it is evaluating transactions with high coverage and a margin of safety alongside traditional banking and financing sources.
DE:2GL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed