PENN Entertainment, Inc. has released its financial results for the third and nine months ended September 30, 2026, showcasing broad-based operational strength across both its land-based retail portfolio and digital interactive offerings.
Consolidated revenues for the quarter reached $1.84 billion compared to $1.72 billion in the prior-year period, while net income rebounded sharply to $32.6 million from a net loss of $865.1 million in Q3 2025. Consolidated Adjusted EBITDA rose to $284.0 million from $194.9 million year-over-year.
Discussing the company’s performance, Jay Snowden, Chief Executive Officer and President, stated:
“PENN’s third quarter results were highlighted by strong year-over-year growth in Retail Segment Adjusted EBITDAR, continued progress toward Interactive profitability, and further balance sheet deleveraging. Our Retail segment achieved record third quarter revenue, reflecting broad-based strength across the portfolio, including our completed development projects.
Sustained revenue growth in U.S. standalone Hollywood iCasino and Canada, together with operational discipline, reinforces our confidence in achieving our full-year Adjusted EBITDA target in our Interactive segment. Importantly, the healthy operating trends we experienced across both our Retail and Interactive segments continued through October.”
Retail segment sets new benchmark
PENN’s Retail segment, comprising its Northeast, South, West, and Midwest reportable segments, delivered record third-quarter revenues of $1.5 billion and Segment Adjusted EBITDAR of $501.8 million, translating to a robust 33.7% margin.
Snowden attributed the outperformance to same-store growth and contributions from completed development projects. Property-level momentum was bolstered by increases in rated revenue and spend per visit across all age demographics, meaningful contributions from mid- and high-worth patrons, and continued growth in unrated revenue. For the third consecutive quarter, Segment Adjusted EBITDAR margins improved year-over-year, highlighting strong returns on capital investments across the portfolio.
Interactive segment narrows losses
The Interactive segment, encompassing online sports betting, iCasino, social gaming, and media operations, reported revenues of $348.4 million (inclusive of a $191.4 million tax gross-up) and an improved Adjusted EBITDA loss of $18.3 million, marking a substantial narrowing from the $76.6 million loss recorded in Q3 2025.
Growth was heavily driven by U.S. standalone Hollywood iCasino performance, supported by efficient user acquisition and reinvestment strategies. In Canada, increased user activity and higher revenue per user drove gains across both iCasino and online sports betting, complemented by encouraging early performance from newly launched operations in Alberta.
Robust balance sheet and liquidity
PENN closed the quarter with total liquidity of $2.0 billion, including $1.0 billion in cash and cash equivalents. Traditional net debt stood at $1.8 billion, reflecting continued balance sheet deleveraging with a traditional net leverage ratio of 2.3x and a lease-adjusted net leverage ratio of 5.6x. Capital expenditures for the quarter were tightly managed at $59.2 million, down significantly from $172.7 million in Q3 2025.
