EarningsQ1 2026 Earnings Report
MX:GLPI Q1 2026 EPS Results
Actual EPS$14.89
Consensus EPS$13.91
Beat/MissBeat by +$0.98
One Year Ago EPS$10.90
MX:GLPI Q1 2026 Revenue Results
Actual Revenue$7.63B
Expected Revenue$7.50B
Beat/MissBeat by +$126.34M
YoY Revenue Growth+6.26%
Earnings Announcement Details
QuarterQ1 2026
Date04/23/2026
TimeAfter Close
Conference CallThursday, April 23, 2026
MX:GLPI Upcoming Earnings
Gaming and Leisure's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q1 2026 Earnings Call Audio
MX:GLPI Q1 2026 Earnings Call
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Q1 2026 Earnings Slide Deck
Q1 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive: management reported mid- to high-single-digit AFFO growth, raised and clarified 2026 guidance, showed strong cash rent gains (~$33M) and operating expense reductions (~$49.8M), highlighted a sizable and active $1.8B development/acquisition pipeline and healthy balance sheet optionality (5x leverage, ~$275M cash, $363M forward equity expected). Challenges cited were manageable and mostly idiosyncratic—noncash accounting offsets (~$8M), one material lease with coverage pressure (Caesars at 1.59x), Pinnacle escalator pause (<$4M impact), operator credit-market turbulence, and several transaction-specific uncertainties (Rockford loan, potential Caesars corporate transaction). Overall, the positives substantially outweighed the negatives, with management emphasizing accretive underwriting, deal optionality, and continued execution on developments.Company Guidance
AFFO Growth and Guidance
AFFO and AFFO per share grew in mid- to high-single digits in Q1; full-year 2026 AFFO guidance raised to $1.212 billion–$1.223 billion (or $4.08–$4.12 per diluted share in OP units).
Year-over-Year Cash Rent and Income Improvement
Total income from real estate exceeded Q1 2025 by over $24 million, driven by approximately $33 million in cash rent increases from acquisitions and transformations (including Bally's Lincoln, Chicago lease +$5.5M, Bally's Baton Rouge +$2.6M and other portfolio contributions).
Operating Expense Reduction
Operating expenses decreased by $49.8 million year-over-year, primarily due to noncash adjustments in the provision for credit losses.
Active and Visible Development Pipeline
Future capital commitments are roughly $1.8 billion (nearly all expected to be deployed by year-end 2027); 2026 development spend guidance increased to $750 million–$800 million (with $590 million–$640 million expected in the remainder of 2026), reflecting faster spend cadence (notably Chicago).
Recent Project Openings Performing Strongly
Recent developments reported strong early performance: Live Petersburg recorded just over $15 million per month in each of its first two months; Hollywood Joliet, Bally's Baton Rouge, and Ione tribal openings also cited as robust contributors and market-expanders.
Balance Sheet Optionality
Leverage at ~5.0x (low end of target); cash on hand ~$275 million; anticipated forward equity settlement of $363 million expected June 1; annual free cash flow approximately $230 million — management emphasizes optionality to fund accretive commitments.
Accretive Acquisition Activity
Acquisition of Bally's Lincoln closed in February; acquisition of PENN's Aurora facility for $225 million is included in guidance and expected late in Q2; management indicates continued active dialogues on transactions with market-normalizing cap rates and accretive deal opportunities.
Lease Coverage Largely Strong
Management states the vast majority of leases have rent coverage at 1.8x or higher, and overall rent coverage trends were described as solid across the portfolio.
Cap Rate Market Normalization
Management observes cap-rate normalization that is accretive to GLPI, citing recent deal-level evidence nearer to the 8% range (e.g., Lincoln) rather than lower historical prints near 7.5%.
MX:GLPI 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