PENN Entertainment Q2 Revenue Hits $1.86B, Adjusted EBITDA Jumps 32% to $312.6M
PENN sits 70% above its 52-week low of $11.65.
Summary
PENN Entertainment reported Q2 2026 revenue of $1.86 billion and Adjusted EBITDA of $312.6 million, a 32% increase year-over-year. Retail operations set a revenue record, while the Interactive segment loss narrowed significantly. The company also eliminated convertible note dilution and improved its leverage ratio.
Key Events · Earnings and Guidance · PENN
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Q2 Revenue Meets Expectations
Revenue of $1.86 billion, in line with analyst estimates, driven by record Retail segment revenue of $1.5 billion.
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Adjusted EBITDA Surges 32%
Consolidated Adjusted EBITDA reached $312.6 million, up from $236.1 million in Q2 2025, reflecting margin improvement and cost discipline.
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Interactive Loss Narrows Sharply
Interactive segment Adjusted EBITDA loss improved to $9.5 million from $62.0 million a year ago, supported by iCasino growth and World Cup engagement.
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Convertible Notes Fully Repaid
Repaid the remaining $106.7 million of 2.75% Convertible Notes due 2026, eliminating approximately 4.6 million potentially dilutive shares.
Analysis · PENN · Real Estate & Construction
A sharp improvement in profitability marked the quarter, with Adjusted EBITDA climbing $52.5 million year-over-year to $312.6 million, fueled by record retail performance and a significantly narrower Interactive loss. The balance sheet also strengthened: the remaining convertible notes were repaid, wiping out 4.6 million shares of potential dilution, while lease-adjusted leverage fell to 5.9x. With $1.9 billion in liquidity and new property openings contributing, PENN is executing on its deleveraging and growth strategy.
At the time of this filing, PENN was trading at $19.85 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $2.6B. The 52-week trading range was $11.65 to $22.36. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.