PENN Entertainment has reported first quarter adjusted earnings, exceeding analyst estimates of $0.05, though revenue of $1.78 billion fell short of the $1.75 billion consensus estimate. The company’s revenue increased 6.4% YoY from $1.67 billion in the prior year period.

Shares of the company edged up 1.35% in pre-market trading following the results.

The retail segment generated $1.4 billion in revenue with segment adjusted EBITDAR of $471.4 million and margins of 33.2%. 

The interactive segment posted revenue of $358.3 million, including a tax gross-up of $185.8 million, with an adjusted EBITDA loss of $10.8 million, representing a significant improvement from the $89.0 million loss in the same quarter last year.

“We are pleased to report another solid quarter. Retail Segment Adjusted EBITDAR grew year-over-year and stable trends are carrying into April,” said Jay Snowden, Chief Executive Officer and President. “In our Interactive segment, continued online casino growth combined with positive trends in Ontario are driving momentum as we prepare for the anticipated July 13 launch of regulated iCasino and online sports betting in Alberta.”

The company reported iCasino revenue growth of approximately 15% YoY, with standalone iCasino achieving record quarterly revenue in the first quarter and record monthly revenue in March. 

Consolidated adjusted EBITDA reached $265.8 million, up from $173.3 million in the prior year quarter.

PENN Entertainment reported a net loss of $2.8 million, or -$0.02 per diluted share, compared to net income of $111.5 million, or $0.68 per diluted share, in the first quarter of 2025. The company’s traditional net debt stood at $2.2 billion as of March 31, 2026, with total liquidity of $1.7 billion.