Every material Form 8-K Penn Entertainment filed with the SEC in 2026, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
PENN Entertainment reported third-quarter 2026 results for the period ended September 30, 2026, with revenue of $1.8 billion, up from $1.7 billion a year earlier. Net income was $32.6 million, compared with a $865.1 million loss in the prior-year quarter, which included large impairment charges, and diluted EPS was $0.24. Management said Retail and Interactive trends continued through October and reiterated confidence in its full-year Interactive Adjusted EBITDA target.
Total revenues $1,840.0 million vs. $1,717.3 million in Q3 2025; Consolidated Adjusted EBITDA $284.0 million vs. $194.9 million
Diluted EPS $0.24 vs. a $(6.03) loss per share; Adjusted EPS $0.32 vs. $(0.22)
Interactive segment revenue $348.4 million, with an Adjusted EBITDA loss of $18.3 million
Total liquidity of $2.0 billion at September 30, 2026, including $1.0 billion of cash; traditional net debt of $1.8 billion
PENN Entertainment reported second-quarter 2026 revenue of $1,857.4 million, up from $1,765.0 million a year earlier, and net income of $32.6 million, compared with a net loss of $18.3 million in the same period of 2025. Diluted earnings were $0.24 per share versus a loss of $0.12, and Adjusted EPS was $0.44 versus $0.10, with Consolidated Adjusted EBITDA up to $312.6 million from $236.1 million. The filing also shows traditional net debt fell to $1,927.5 million at June 30, 2026, from $2,217.5 million at December 31, 2025.
Revenue of $1,857.4 million for the three months ended June 30, 2026, compared with $1,765.0 million a year earlier
Net income of $32.6 million, or $0.24 diluted EPS, versus a net loss of $18.3 million, or $0.12 per share, in Q2 2025
Interactive segment Adjusted EBITDAR loss narrowed to $9.5 million from $62.0 million
Traditional net debt was $1,927.5 million at June 30, 2026, down from $2,217.5 million at December 31, 2025
PENN Entertainment entered a fourth amendment to its credit agreement on May 28, 2026, repricing and extending its $962.5 million term loan B facility to May 2033. The amendment lowers the term loan B interest rate margins, which reduces borrowing costs on that facility, while the term loan A and revolving facility maturities are unchanged.
Term loan B facility of $962.5 million now matures in May 2033.
Term SOFR loan margin falls from 2.50% to 2.00%.
Base rate loan margin falls from 1.50% to 1.00%.
Term loan A and revolving facility maturities remain unchanged.
PENN Entertainment reported first-quarter 2026 revenue of $1.78 billion, up from $1.67 billion a year earlier, and Consolidated Adjusted EBITDA of $265.8 million, up from $173.3 million. The company posted a net loss of $2.8 million, or $(0.02) per diluted share, compared with net income of $111.5 million, or $0.68 per diluted share, a year earlier, when results included a $215.1 million gain on a financing arrangement. For shareholders, higher revenue and EBITDA are offset by a swing to a net loss, which the company ties partly to settlement, legal, and transaction costs.
Revenues of $1,779.1 million, up from $1,672.5 million; Interactive segment revenues of $358.3 million.
Net loss of $2.8 million and diluted loss of $(0.02) per share, versus net income of $111.5 million and $0.68 per diluted share in Q1 2025.
Adjusted EPS of $0.11, versus $(0.25) a year earlier; transaction costs and other added $0.10 per share.
On March 16, 2026, the company issued $600.0 million of 6.75% notes due 2031; on April 16, 2026, it amended its credit agreement to refinance its $1.0 billion revolving credit facility.
PENN Entertainment amended its credit agreement on April 16, 2026, refinancing and extending its $1.0 billion revolving credit facility and $446.9 million term loan A facility, which now mature in April 2031. The filing does not report financial results, and the company's term loan B facility was not refinanced and keeps its existing maturity.
Revolver of $1.0 billion and term loan A of $446.9 million refinanced and extended under the amendment, maturing April 2031
Springing maturity 91 days inside certain existing debt obligations applies if that debt remains outstanding and is not refinanced, unless certain liquidity conditions are met
Amendment removed the 0.10% credit spread adjustment on SOFR borrowings; interest rate margins were otherwise unchanged
Term loan B facility was not refinanced and its maturity is unchanged; proceeds to refinance existing revolver and term loan A and fund working capital and general corporate purposes
PENN Entertainment, Inc. closed a private offering of $600 million in 6.750% senior notes due April 1, 2031, issued at par on March 16, 2026. The company plans to use the proceeds to repay amounts outstanding under its revolving credit facility and for general corporate purposes, adding long-term debt that ranks behind secured borrowings such as the credit facility.
Offering: $600 million of 6.750% senior notes due April 1, 2031, issued at par
Use of proceeds: repay certain revolving credit facility amounts and for general corporate purposes
Notes are unsecured, not guaranteed by subsidiaries, and effectively subordinated to secured debt including the Credit Agreement
Interest is payable semi-annually on April 1 and October 1, starting October 1, 2026; Computershare is trustee
PENN Entertainment reported fourth-quarter 2025 revenue of $1.8 billion, up from $1.7 billion a year earlier, and a net loss of $73.4 million, down from $133.8 million. Full-year 2025 net loss was $845.3 million, including $945.3 million in impairment losses, and management expects 2026 segment Adjusted EBITDAR to grow 20%.
Q4 revenues were $1,806.2 million versus $1,669.0 million a year earlier.
Diluted loss per share was $0.55 versus $0.88; Adjusted EPS was $0.07 versus a loss of $0.44.
Q4 impairment losses were $105.3 million; full-year 2025 impairment losses were $945.3 million.
Management expects 2026 segment Adjusted EBITDAR growth of 20% and traditional net leverage to fall by more than 2 turns.
PENN Entertainment entered a cooperation agreement with activist investor HG Vora Capital Management on February 22, 2026, and appointed Heather Ace, Jeffrey Fox and Fabio Schiavolin to its board. The board expanded from eight to eleven members, and the company agreed to keep at least four Class II directors until after its 2028 annual meeting. The filing reports no financial results, so the changes affect shareholders through board composition and governance terms.
Heather Ace and Jeffrey Fox were appointed as Class II directors with terms expiring at the 2028 Annual Meeting of Shareholders.
Fabio Schiavolin was appointed as a Class III director with a term expiring at the 2026 Annual Meeting, and the company agreed to support his election.
HG Vora agreed to customary standstill restrictions and non-disparagement obligations, with the company's full agreement filed as Exhibit 10.1.
On January 5, 2026, PENN Entertainment announced a new corporate organizational structure, eliminating the Executive Vice President, Operations role held by Todd George and the Senior Vice President and Chief Information Officer role held by Rich Primus. The company said the changes are intended to achieve greater operational efficiencies and improved free cash flow, and it will provide anticipated annualized cost savings when it reports fourth quarter 2025 results in February 2026.
The new structure took effect immediately on January 5, 2026, and realigns Interactive around PENN's Canadian digital assets and Hollywood iCasino product.
Todd George departed under a separation agreement dated January 8, 2026, and will serve as an advisor for transition services until February 28, 2026; his 2023 performance units remain outstanding under their terms.
Rich Primus, Senior Vice President and CIO, is stepping down; Aaron LaBerge will take on enterprise IT functions in addition to his current role.
PENN has begun a search for a digital Chief Operating Officer to oversee day-to-day Interactive segment operations.
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