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PENN Entertainment reported stronger financial results for the second quarter of 2026, supported by record performances across its retail casino portfolio and continued improvement in its interactive operations.
The company generated $1.86 billion in revenue for the three months ended June 30, 2026, compared with $1.77 billion during the same period a year earlier. Net income reached $32.6 million, reversing a loss of $18.3 million recorded in the second quarter of 2025.
PENN’s consolidated adjusted EBITDA increased to $312.6 million from $236.1 million year-over-year, while diluted earnings per share improved to $0.24 from a loss per share of $0.12 in the prior-year quarter.
For the first six months of 2026, revenue totaled $3.64 billion, compared with $3.44 billion during the first half of 2025. Consolidated adjusted EBITDA for the six-month period rose to $578.4 million from $409.4 million.
Retail Casinos Deliver Strong Quarterly Performance
PENN’s retail segment remained the primary driver of quarterly growth, with nine properties achieving their highest second-quarter revenue and adjusted EBITDAR results on record.
The segment produced $1.5 billion in revenue and adjusted EBITDAR of $517.2 million, representing a margin of 34.4%. The company attributed the performance to broad demand across its geographically diverse casino portfolio and stronger contributions from higher-value customers.
“PENN’s geographically diverse Retail segment delivered portfolio-wide strength, with nine properties setting second-quarter records for revenues and Adjusted EBITDAR,” said Jay Snowden, Chief Executive Officer and President of PENN Entertainment.
Snowden added that the company recorded another period of year-over-year growth in theoretical revenue, supported by increased activity from mid- and high-worth customers as well as growth from unrated players.
The company also highlighted developments at two properties opened in June 2026. PENN launched a new hotel tower at Hollywood Columbus and opened the new Hollywood Casino Aurora. Early performance indicators at both locations included strong visitation from VIP customers.
The company’s retail operations include properties across multiple regions, with its Northeast, South, West and Midwest segments contributing to overall performance.
Interactive Business Improves as Digital Operations Expand
PENN’s Interactive segment continued to reduce losses while increasing revenue. Interactive revenue reached $349.4 million in the second quarter, including a tax gross-up of $185.5 million, compared with $316.1 million in the same period of 2025.
The segment’s adjusted EBITDA loss narrowed significantly to $9.5 million from $62 million a year earlier.
During the first half of 2026, Interactive revenue increased to $707.7 million from $606.2 million, while the adjusted EBITDA loss improved to $20.4 million from $151 million.
The company pointed to stronger results from its U.S. iCasino operations and Canadian activities as contributors to the improvement.
“Our Interactive segment delivered another quarter of meaningful year-over-year Adjusted EBITDA improvement,” Snowden said in a press release. “In the U.S., standalone Hollywood iCasino experienced quarter-over-quarter as well as year-over-year growth, achieving record quarterly revenues.”
PENN also reported continued momentum in Ontario, where online sports betting revenue benefited from World Cup-related engagement and renewed activity among sports betting customers who later used iCasino products.
The company launched theScore Bet, theScore Casino and Hollywood iCasino standalone applications in Alberta on July 13, expanding its digital presence in the province.
Company Strengthens Financial Position
PENN ended the quarter with total liquidity of $1.9 billion, including $887.2 million in cash and cash equivalents. Traditional net debt stood at $1.9 billion as of June 30, 2026.
During the quarter, PENN completed several financial actions, including refinancing and extending credit facilities. The company amended its revolving credit facility and term loan arrangements, repaid the remaining $106.7 million balance of its 2026 convertible notes and extended the maturity of its Term Loan B facility to 2033.
Snowden said the company remained focused on its 2026 priorities, including improving segment profitability, managing corporate costs, increasing cash flow and reducing leverage.
“We continued to execute against our 2026 strategic priorities this quarter: delivering Segment Adjusted EBITDAR growth, optimizing corporate overhead, growing cash flow, and deleveraging the balance sheet,” Snowden said.