PENN Q3: Revenue Rises to $1.84 Billion as Online Losses Shrink
Published: November 7, 2026 | Author: Roxy Vance
PENN Entertainment, the US casino operator behind Hollywood iCasino and theScore Bet, returned to profit in the third quarter of 2026 as revenue rose to $1.84 billion and its online loss narrowed to $18.3 million. The company reported the results on November 5, 2026, and said growth in standalone Hollywood iCasino in the US and in Canada supports its full-year Adjusted EBITDA target for the online business.
The Numbers
Revenue for the three months to September 30 was $1.84 billion, up about 7.1% from $1.72 billion a year earlier. Net income was $32.6 million, compared with a net loss of $865.1 million in the third quarter of 2025, when PENN booked an $825.0 million impairment charge on its Interactive segment. Consolidated Adjusted EBITDA rose to $284.0 million from $194.9 million.
PENN’s casinos and racetracks, reported as the Retail segment, had revenue of $1.5 billion and a margin of 33.7%. The company called it record third-quarter revenue for the segment.
Online Losses Narrow
The Interactive segment, which covers PENN’s online casino, online sports betting and social gaming, posted an Adjusted EBITDA loss of $18.3 million, compared with $76.6 million a year earlier. Over nine months the loss was $38.7 million, against $227.6 million in 2025.
“Adjusted EBITDA in our Interactive segment improved meaningfully year-over-year, reflecting continued execution against our plan to achieve profitability,” said Jay Snowden, PENN’s chief executive.
Interactive revenue rose to $348.4 million from $297.7 million, but both figures include a tax gross-up: $191.4 million this year and $139.5 million last year. Without it, online revenue was roughly flat, at $157.0 million against $158.2 million.
PENN said US online casino growth came from standalone Hollywood iCasino, helped by efficient user acquisition. In Ontario, more users and higher revenue per user lifted both online casino and sports betting revenue. The company also pointed to the early performance of its online casino and sports betting operations in Alberta, whose regulated market opened on July 13, 2026.
What It Means for Players
Snowden said the results reinforce PENN’s focus on US online casino and Canada as key drivers of profitable growth. In Canada, PENN’s online casino and sports betting operations compete for players in Ontario and in Alberta, which had 24 active operators in September. Our guide to Alberta’s online casino market and our report on Alberta’s first months of regulated iGaming explain how the province’s market works. For Ontario, see our September 2026 market report.
What Happens Next
“Importantly, the healthy operating trends we experienced across both our Retail and Interactive segments continued through October,” Snowden said. PENN ended September with $2.0 billion in liquidity, including $1.0 billion in cash.
