PENN · PENN Entertainment, Inc.

PENN Entertainment reported Q1 2026 results with total revenue of $1.78 billion, up 6.4% year-over-year, driven by growth in both Retail and Interactive segments. Retail segment revenue reached $1.4 billion, with Segment Adjusted EBITDAR of $471.4 million and margins of 33.2%. The West segment was a standout, benefiting from the M Resort hotel tower ramp and strong performance at Ameristar Black Hawk. Interactive segment revenue grew to $358.3 million (including a $185.8 million tax gross-up), and its Adjusted EBITDA loss improved significantly to $10.8 million from $89.0 million a year ago, marking the first full quarter under the realigned digital strategy. iCasino revenue grew approximately 15% year-over-year, achieving record quarterly and monthly revenue. Consolidated Adjusted EBITDA rose to $265.8 million from $173.3 million. Net loss was $2.8 million versus net income of $111.5 million in the prior year, which included a $215.1 million gain on financing arrangement. Adjusted EPS was $0.11, compared to -$0.25 a year ago. Management highlighted stable retail trends, momentum in Interactive, and the upcoming Alberta launch in July 2026. The company also strengthened its balance sheet by issuing $600 million of 6.75% notes due 2031 and refinancing its credit facilities, ending the quarter with $1.7 billion in liquidity and traditional net debt of $2.2 billion.