PENN Entertainment, Inc. (PENN) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Greetings, and welcome to the Penn Entertainment fourth quarter 2025 earnings call. I would now like to turn the conference over to Joe Giaffone, Investor Relations. Please go ahead. Thank you, Nikki. Good morning, everyone, and thank you for joining Penn Entertainment's 2025 fourth quarter conference call. We'll get to management's comments and presentation momentarily, as well as your Q&A. During the Q&A session, we ask that everyone please limit themselves to one question and one follow-up. Now I'll review the safe harbor disclosure. Please note that today's discussion contains forward-looking statements. Forward-looking statements involve risks, assumptions, and uncertainties that could cause actual results to differ materially. For more information, please see our press release for details on specific risk factors. It's now my pleasure to turn the call over to the company's CEO, Jay Snowden. Jay, please go ahead. Thanks, Joe. Good morning, everyone. I'm joined here in Wyoming by Felicia Hendricks and Aaron LaBerge, as well as other members of our senior executive team. I'm pleased to report Penn's diversified retail portfolio delivered another solid quarter during which retail adjusted EBITDA grew year over year after adjusting for poor weather in December. In our interactive segment, we successfully rebranded our U.S. online sportsbook to the score bet on December 1st and achieved positive adjusted EBITDA in December, driven by continued momentum from our iCasino products, disciplined cost management, and strong online sports betting hold rates. 2026 is an exciting year for us in which we expect to generate year-over-year segment adjusted EBITDA growth of 20%. We are well positioned to benefit from the strategic investments we have made over the last several ye...