PENN reports $1.84bn revenue and $32.6m profit in Q3 2026
Results2 min read
PENN Entertainment reported consolidated revenue of $1.84bn for the third quarter of 2026, up from $1.72bn a year earlier, and net income of $32.6m. Its Interactive segment recorded $348.4m in revenue and an adjusted EBITDA loss of $18.3m, compared with a $76.6m loss in Q3 2025.
PENN Entertainment reported Q3 2026 revenue of $1.84bn, up 7.1% from $1.72bn a year earlier. Net income was $32.6m, or $0.24 per diluted share, compared with a net loss of $865.1m, or $6.03 per share, in Q3 2025. Consolidated adjusted EBITDA rose to $284m from $194.9m.
Retail revenue reached a quarterly record of $1.5bn, while segment adjusted EBITDAR was $501.8m, a margin of 33.7%. The result was supported by growth at existing locations, higher average spending per visit and contributions from higher-spending customers. PENN said revenue increased from customers identified through loyalty programmes and those not classified. Jay Snowden, PENN Entertainment's chief executive and president, said retail adjusted EBITDAR margins had improved year on year for the third consecutive quarter, reflecting returns on investments in the group's properties.
The Northeast was PENN's largest retail region, with revenue of $708.3m and adjusted EBITDAR of $208.1m. Revenue was $341.9m in the Midwest, $291.8m in the South and $147.5m in the West.
Interactive revenue was $348.4m, including $191.4m in tax gross-up. The segment's adjusted EBITDA loss narrowed to $18.3m from $76.6m in Q3 2025. The improvement was mainly linked to online casino growth in the US and Canada. PENN cited more efficient user acquisition and reinvestment in its standalone Hollywood iCasino business in the US. In Ontario, growth in users and average revenue per user supported online casino and sports betting. PENN said its online casino and betting operations in Alberta had delivered positive initial results. Snowden said online casino revenue growth and operating discipline supported the company's confidence in meeting its annual interactive adjusted EBITDA target. He said positive operating trends in retail and interactive continued in October.
A second hotel tower at M Resort in Henderson, Nevada, was among the investments that contributed to the quarter's results. The 375-room tower opened in December 2025 and nearly doubled the property's accommodation capacity.
At 30 September 2026, PENN had about $2bn in total liquidity, including $1bn in cash and equivalents. Traditional net debt stood at about $1.8bn.