Caesars Entertainment, Inc. · NASDAQ:CZR
Caesars Entertainment — Q4 2025 Earnings Presentation
31 slides from Caesars Entertainment's earnings presentation, Feb 17, 2026
Slide 1: Caesars Entertainment Investor Presentation
Caesars Entertainment Investor Presentation February 17, 2026
Slide 2: Forward Looking Statements
Forward Looking Statements Certain information in this presentation constitutes forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts and by
Slide 3: Use of Non-GAAP Measures
Use of Non-GAAP Measures The following non-GAAP measures will be used in the presentation: Adjusted EBITDA, Adjusted EBITDA Margin. Definitions of non-GAAP measures, reconciliations to their nearest GAAP measures, and the reasons management believes such measures provide useful information for inves
Slide 4: Company Highlights 4Q & FY '25 Review
Company Highlights 4Q & FY ‘25 Review 4
Slide 5: Caesars Owns and Operates a World Class Portfolio Across North America
Caesars Owns and Operates a World Class Portfolio of Over 50 Brick and Mortar Locations Across North America Irreplaceable assets on the Las Vegas Strip Adjusted EBITDA Distribution Excluding Corporate & Other(1) Ontario (Trailing Twelve Months(2)) WA Managed and Branded = $67 million VT NH ME MT ND
Slide 6: Caesars Digital Platform Extends Across North American Jurisdictions
Caesars Digital Platform Extends Across 34 North American Jurisdictions • Scaled competitor generating approximately $1.4 billion of TTM Net Revenue and $236 million of TTM Adjusted EBITDA (1) (2) − Q4 ‘25 TTM Adjusted EBITDA is 102% above Q4 ’24 TTM (2) Ontario WA VT NH ME MT ND OR MN MA ID SD WI N
Slide 7: Iconic Properties and Renowned Casino Brands
Iconic Properties and Renowned Casino Brands Iconic Properties Renowned Loyalty Program and Brands F 7
Slide 8: Caesars Rewards Integrates Across All Segments
Caesars Rewards Integrates Across All Segments REGIONAL PROPERTIES LAS VEGAS CAESARS PROPERTIES DIGITAL F 8
Slide 9: Las Vegas Center Strip Portfolio Overview
Las Vegas Center Strip Portfolio Overview Las Vegas Highlights • Portfolio of eight major casino resorts (six owned, two leased), including the iconic Caesars Palace Las Vegas • Six wholly-owned center Strip assets and the world class Caesars Forum with significant embedded real estate value generat
Slide 10: Major Regional Investment Program is Completed
Major Regional Investment Program is Completed Regional Highlights • 45 regional property network (16 owned, 22 leased, and 7 managed or branded) across North America, all of which are integrated into Caesars Rewards • Approximately $3.2 billion of capital spend since Tropicana Atlantic City – Solan
Slide 11: Extending our Brand Footprint - Oklahoma
Extending our Brand Footprint - Oklahoma Harrah’s Oklahoma • Iowa Tribe of Oklahoma selected Caesars Entertainment as its management partner for a Harrah’s branded integrated resort • Located off U.S. Route I-44 between Tulsa and Oklahoma City, Oklahoma will feature: • Gaming floor with 1,000 slots
Slide 12: Extending our Brand Footprint - Sonoma
Extending our Brand Footprint - Sonoma Caesars Republic Sonoma County • Joint project by Dry Creek Rancheria and Caesars Entertainment to transform River Rock Casino into a newly integrated resort casino • Located off U.S. Route Hwy 101 in California, the destination will feature: • New casino floor
Slide 13: Digital Growth Driven by Improving Sportsbetting Hold and iGaming Handle
Digital Growth Driven by Improving Sportsbetting Hold and iGaming Handle Sportsbetting Hold Rate iGaming Handle $ in millions 9.00% 20,000 19,025 8.10% 8.00% 18,000 7.00% 16,000 14,920 7.00% 6.30% 6.00% 14,000 5.40% 12,000 10,622 5.00% 4.30% 10,000 4.00% 8,073 8,000 3.00% 6,000 5,621 2.00% 4,000 1.0
Slide 14: Universal Digital Wallet Continues to Expand
Universal Digital Wallet Continues to Expand Universal digital wallet is available in 26 jurisdictions with the roll-out continuing through Q1 2026 Ontario WA Streamlines the wagering experience across MT ND VT NH ME OR all active states ID SD MN WI NY MA WY MI RI CT IA PA NV NE NJ OH UT IL IN DE CO
Slide 15: 2026 Financial Update and Outlook
2026 Financial Update and Outlook Master Lease Rent $1,380 million of master lease rent Interest Expense $720 million of full year cash interest expense(1) Capital Expenditures 2026 capital expenditures of $675 million Cash Income Taxes Long-term cash income taxes estimated at approximately 3-4% of
Slide 16: Earliest Debt Maturity in 2028
Earliest Debt Maturity in 2028 • Over $3.5 billion of debt has been permanently repaid since the closure of the Eldorado & Caesars merger in July 2020 Debt Maturity Schedule(1) $4,031 $2,849 $2,600 $1,586 1,100 386 $797 160 1,200 1,500 $ in millions 637 (2) (3) 2025 2026 2027 2028 2029 2030 2031 203
Slide 17: Approximately 50% of Asset Sale Proceeds Used to Repurchase Stock Since Q2 2024
Approximately 50% of Asset Sale Proceeds Have Been Used to Repurchase Stock Since Q2 2024 in millions 230.0 20.0 216.3 212.5 212.1 211.3 208.0 Cumulative Shares Repurchased (millions) 210.0 204.9 202.6 18.0 190.0 14.7 16.0 Shares Outstanding (millions) 14.0 170.0 12.5 12.0 150.0 9.3 10.0 130.0 8.0 1
Slide 18: Company Highlights 4Q & FY '25 Review
Company Highlights 4Q & FY ‘25 Review 18
Slide 19: 4Q Performance
4Q Performance 4Q 2025(1) Consolidated YoY Change by Segment $ in millions • Net Revenues +4.4% YoY Las Vegas(1) Regional Digital • Adjusted EBITDA(2) +2.2% YoY $117 • Adjusted EBITDA margin(2) 30.9% $54 $65 ($6) ($31) Net Revenue Adj. EBITDA ($37) F (1) Adjusted for pre-disposition results of opera
Slide 20: Full Year 2025 Performance
Full Year 2025 Performance FY2025(1) Consolidated YoY Change by Segment $ in millions • Net Revenues +2.4% YoY Las Vegas(1) Regional Digital • Adjusted EBITDA(2) -2.7% YoY $245 $217 • Adjusted EBITDA margin(2) 31.6% $119 ($21) ($163) ($200) Net Revenue Adj. EBITDA F (1) Adjusted for pre-disposition
Slide 21: Digital – 4Q Performance
Digital – 4Q Performance 4Q 2025 iGaming – Net Gaming Revenue(4) $ in millions • Net revenues +39% YoY 2-Year Stack = +112% $160 +28% YoY − iGaming handle +25% YoY $140 $140 +66% YoY − Sports betting handle +3% YoY(1) $120 $109 − Average Revenue per Monthly Unique Payer $100 (ARPMUP)(2)(3) = $207 $8
Slide 22: Digital – 2025 Performance
Digital – 2025 Performance FY2025 iGaming – Net Gaming Revenue(4) $ in millions 2-Year Stack = +128% • Net revenues +21% YoY $600 +39% YoY − iGaming handle +28% YoY $500 $506 +64% YoY − Sports betting handle Flat YoY(1) $400 $364 − Average Revenue per Monthly Unique Payer (ARPMUP)(2)(3) = $198 $300
Slide 23: Appendix
ENTERTAINMENT. Appendix
Slide 24: Non-GAAP Information
Non-GAAP Information Adjusted EBITDA (described below), a non-GAAP financial measure, has been presented as a supplemental disclosure because it is a widely used measure of performance and basis for valuation of companies in our industry and we believe that this non-GAAP supplemental information wil
Slide 25: Digital Metrics Definitions
Digital Metrics Definitions Average Revenue per Monthly Unique Payer (“ARPMUP”) • Defined as the average monthly casino revenue, excluding retail sportsbook revenue, for the period divided by the average number of MUPs for the same period. Monthly Unique Payers (“MUPs”) • Defined as the average mont
Slide 26: Net Revenue Reconciliations
Net Revenue Reconciliations Three Months Ended December 31, (In millions) 2025 2024 2024 Adj. (a) Adj. 2024 Total Net Revenues: Las Vegas $ 1,040 $ 1,083 $ (6) $ 1,077 Regional 1,397 1,343 - 1,343 Caesars Digital 419 302 - 302 Managed and Branded 65 68 - 68 Corporate and Other (5) 3 - 3 Total Net Re
Slide 27: Adjusted EBITDA Reconciliations
Adjusted EBITDA Reconciliations Three Months Ended December 31, Years Ended December 31, (a) (a) (In millions) 2025 2024 2024 Adj. Adj. 2024 Total 2025 2024 2024 Adj. Adj. 2024 Total Adjusted EBITDA: Las Vegas $ 447 $ 481 $ (3) $ 478 $ 1,728 $ 1,907 $ (16) $ 1,891 Regional 404 410 - 410 1,789 1,810
Slide 28: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Trailing Twelve Months (“TTM”) – Q4 2025 Year Ended (In millions) December 31, 2025 Adjusted EBITDA: Leased $ 1,655 Wholly-Owned 1,862 Caesars Digital 236 Managed and Branded 67 Corporate and Other (196) Total Adjusted EBITDA $ 3,624 F 28
Slide 29: Net Income (Loss) Attributable to Caesars TTM – Q4 2025
Net Income (Loss) Attributable to Caesars Trailing Twelve Months (“TTM”) – Q4 2025 Year Ended (In millions) December 31, 2025 Net Income (Loss) Attributable to Caesars Leased $ (557) Wholly-Owned 1,115 Caesars Digital 57 Managed and Branded 68 Corporate and Other (1,185) Total Net Income (Loss) Attr
Slide 30: Adjusted EBITDA Margin – Q4 2025
Adjusted EBITDA Margin – Q4 2025 Caesars Entertainment Inc. Three Months Ended Year Ended (Dollars in millions) December 31, 2025 December 31, 2025 Net revenues $ 2,916 $ 11,486 Adjusted EBITDA 901 3,624 (a) Adjusted EBITDA margin 30.9% 31.6% F (a) Adjusted EBITDA margin is calculated as Adjusted EB
Slide 31: Caesars Entertainment
CAESARS ENTERTAINMEN Te
Caesars Entertainment — Q4 2025 Earnings Presentation on 6ix