PENN Entertainment reported second-quarter results on 6 August that showed a swing from a year-ago loss to a profit. Net income reached $32.6 million, compared to a loss of $18.3 million in the same quarter of 2025. Revenue increased to $1.86 billion from $1.77 billion, while Adjusted EBITDA rose to $312.6 million from $236.1 million. Diluted earnings per share were $0.24, up from a loss of $0.12 per share a year earlier.

Segment performance

The Retail segment, covering casino properties in the Northeast, South, West and Midwest, generated $1.5 billion in revenue and $517.2 million in Segment Adjusted EBITDAR, representing a 34.4% margin. Nine properties recorded their highest second quarter ever for both revenue and Adjusted EBITDAR. Recent additions to the portfolio include a hotel tower at Hollywood Columbus and the Hollywood Casino Aurora.

The Interactive segment reported an Adjusted EBITDA loss of $9.5 million, an improvement from the $62.0 million loss in the second quarter of 2025. Segment revenue reached $349.4 million, though $185.5 million of that figure was attributed to a tax gross-up rather than wagering activity.

Debt and liquidity

Total liquidity stood at $1.9 billion as of 30 June, including $887.2 million in cash. Traditional net debt fell to $1,927.5 million from $2,217.5 million at the end of 2025, reducing traditional net leverage from 4.5 times to 2.9 times. On 15 May, the company repaid the remaining $106.7 million of its 2.75% convertible notes.

The company utilised refinancing to manage debt, extending a $1.0 billion revolving credit facility and a $446.9 million term loan A to 2031 on 16 April. On 28 May, it repriced and extended its term loan B facility to 2033. Total traditional debt was $2,814.7 million at the end of the quarter.

Other expenses rose to $43.0 million for the first six months of 2026 from $2.2 million in the prior year, driven by transaction costs, severance from a corporate reorganization, and settlement costs related to a cooperation agreement with HG Vora Capital Management. Cash rent payments to REIT landlords totalled $247.1 million for the quarter.