EarningsQ2 2026 Earnings Report
MX:PENN Q2 2026 EPS Results
Actual EPS$4.36
Consensus EPS$6.79
Beat/MissMissed by -$2.43
One Year Ago EPS-$2.18
MX:PENN Q2 2026 Revenue Results
Actual Revenue$33.73B
Expected Revenue$33.79B
Beat/MissMissed by -$54.90M
YoY Revenue Growth+5.24%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeBefore Open
Conference CallThursday, August 6, 2026
MX:PENN Upcoming Earnings
PENN Entertainment's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:PENN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed clear operational momentum: record retail results, raised retail guidance, strong liquidity and balance sheet improvements, meaningful progress toward Interactive profitability, and successful ramp of multiple development projects. Short-term Interactive headwinds (modest revenue guide trim, Q3 Alberta investment-driven loss, occasional sportsbook hold volatility) and an aggressive upcoming marketing environment are risks but are being actively managed. On balance, the positive operational execution, guidance raise in retail, and strengthened balance sheet outweigh the interactive and market-competition challenges.Company Guidance
Record Retail Performance
Retail segment generated record Q2 net revenues of $1.5 billion and adjusted EBITDAR of $517.2 million, representing ~4% revenue growth and ~6% adjusted EBITDAR growth year-over-year. Adjusted EBITDA margins were 34.4%; same-store revenues and adjusted EBITDAR grew ~2% and ~4%, respectively. Nine properties set Q2 records for both revenues and adjusted EBITDAR.
Raised Full-Year Retail Guidance
Company raised 2026 retail guidance: midpoint revenue guidance now $5.87 billion and adjusted EBITDAR midpoint $1.963 billion. Guidance implies ~50 basis points improvement in adjusted EBITDAR margins for the second half and continued mid-single-digit year-over-year adjusted EBITDAR growth (aligned with the 5.6% Q2 growth rate).
Strong Cash Position and Balance Sheet Actions
Ended Q2 with total liquidity of $1.9 billion (including $887 million cash). Refi of revolver and Term Loan A (maturing 2031), repriced Term Loan B (matures 2033), repaid $106.7 million of convertible notes (eliminating ~4.5 million potential shares), and received ~ $225 million from GLPI for Hollywood Aurora. Maintenance CapEx reiterated at $220 million; project CapEx refined to $180 million (from $200 million), bringing total 2026 CapEx guidance to $400 million (from $420 million).
Development Projects Driving Growth
Four recent development projects contributing strongly: Hollywood Casino Joliet continued momentum; M Resort's new hotel tower drove record net revenue and adjusted EBITDAR in Q2; Hollywood Columbus hotel tower (opened June 12) produced an all-time net revenue record in July with 85% of hotel cash revenue from outer-market guests and a 10% increase in rated guests' average daily worth when staying; Hollywood Casino Aurora (opened June 24) roughly doubled admissions, slot volumes, table volumes and non-gaming revenue vs. prior year and showed rated guests generating 21% higher average daily worth while 20% of guests were new and 25% were reactivated.
Interactive Segment Profitability Progress & Product Momentum
Interactive segment delivered meaningful adjusted EBITDA improvement year-over-year. Q2 interactive revenue was $349.4 million (including a $185.5 million skin tax gross-up) and adjusted EBITDA loss was $9.5 million (improved YoY). The U.S. Hollywood standalone casino app achieved record Q2 revenues. Ontario operations showed momentum with improved OSB net win rates and strong World Cup engagement (~70% of sportsbook users bet on the World Cup, ~45% of those bet soccer for the first time).
Canadian Expansion and Alberta Launch
Launched Score Bet Sportsbook & Score Casino / Hollywood Casino apps in Alberta on July 13; early results show encouraging per-capita user and handle volumes. Exclusive strategic partnership with the Toronto Blue Jays complements Score Bet brand. Expected Alberta investment of ~ $20 million in 2026; Interactive 2026 adjusted EBITDA guidance remains -$20 million inclusive of Alberta investment.
Deleveraging Trajectory and Capital Allocation Flexibility
Management on track to deliver >20% year-over-year adjusted EBITDAR growth for 2026, which is improving cash flow and enabling faster deleveraging than originally expected. Near-term target to reduce lease-adjusted net leverage below 5x and traditional net leverage below 2x; management highlighted strong free cash flow yield (2027 consensus) and continuing options including share buybacks, project investments and debt paydown.
Operational Efficiencies and Margin Expansion
Management cited labor, marketing and G&A cost management driving improved flow-through and margin expansion. Retail adjusted EBITDA margin improvement of ~55 basis points YoY in Q2 and management expects ~50 basis points improvement for the second half of the year (H2 cadence similar to Q2 results).
MX:PENN 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