PENN Entertainment, Inc. (PENN) Balance Sheet
PENN balance sheet, 2025
December 31, 2025 · U.S. dollars$14.27B assets = $12.44B liabilities + $1.83B equity
Both columns are drawn to the same scale: what PENN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PENN financial health
Descriptive bands, not a rating. Fiscal 2025.
PENN balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $4.97B2016 | $14.27B2025 | +12.4%/yr | |
| Total liabilities | $5.52B2016 | $12.44B2025 | +9.5%/yr | |
| Shareholders’ equity | −$543.3M2016 | $1.83B2025 | — | |
| Cash & short-term investments | $229.5M2016 | $686.6M2025 | +12.9%/yr | |
| Total debt | $4.93B2016 | $8.38B2025 | +6.1%/yr | |
| Net cash (debt) | −$4.70B2016 | −$7.69B2025 | −$3.0B | |
| Working capital | −$137.1M2016 | −$309.4M2025 | −$172.3M | |
| Book value per share | −$5.942016 | $12.682025 | — | |
| Current ratio | 0.742016 | 0.792025 | +0.05 | |
| Debt / equity | 13.072018 | 4.572025 | −8.51 | |
| Shares outstanding | 91.4M2016 | 144.6M2025 | +5.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PENN assets
PENN liabilities and equity
PENN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PENN balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $686.6M | $706.6M | $1.07B | $1.62B | $1.86B | $1.85B | $437.4M | $479.6M | $278.0M | $229.5M |
| Cash & equivalents | $686.6M | $706.6M | $1.07B | $1.62B | $1.86B | $1.85B | $437.4M | $479.6M | $278.0M | $229.5M |
| Short-term investments | — | — | — | — | — | $266.0M | — | — | $0 | $0 |
| Receivables | $254.2M | $256.8M | $319.0M | $246.4M | $195.0M | $96.4M | $88.7M | $106.8M | $62.8M | $61.9M |
| Inventory | $0 | $0 | $225.6M | $106.1M | $132.3M | $103.5M | $76.7M | $63.0M | $43.8M | $59.7M |
| Other current assets | $225.3M | $191.0M | $42.6M | $36.9M | $32.4M | $31.3M | $40.0M | $28.3M | $16.5M | $48.2M |
| Total current assets | $1.17B | $1.15B | $1.66B | $2.01B | $2.22B | $2.08B | $642.8M | $677.7M | $401.0M | $399.3M |
| Property, plant & equipment (net) | $9.61B | $9.70B | $9.82B | $10.62B | $9.44B | $9.35B | $9.96B | $6.87B | $2.76B | $2.82B |
| Goodwill & intangible assets | $3.19B | $4.09B | $4.31B | $4.43B | $4.70B | $2.67B | $3.30B | $3.09B | $1.43B | $1.43B |
| Long-term investments | $79.4M | $86.2M | $84.9M | $248.6M | $255.1M | $266.8M | $128.3M | $128.5M | $169.8M | $247.6M |
| Other non-current assets | $223.9M | $232.0M | $187.3M | $192.9M | $263.1M | $297.9M | $168.7M | $200.8M | $476.6M | $82.1M |
| Total assets | $14.27B | $15.26B | $16.06B | $17.50B | $16.87B | $14.67B | $14.19B | $10.96B | $5.23B | $4.97B |
| Liabilities | ||||||||||
| Accounts payable | $54.2M | $50.8M | $36.6M | $40.1M | $53.3M | $33.2M | $40.3M | $30.5M | $26.0M | $35.1M |
| Short-term debt | $469.9M | $457.0M | $431.5M | $313.9M | $281.4M | $251.7M | $234.0M | $129.9M | $91.9M | $142.2M |
| Deferred revenue | — | $181.1M | $639.7M | $165.1M | $189.1M | $126.3M | $484.2M | $465.4M | $320.1M | $260.9M |
| Total current liabilities | $1.48B | $1.42B | $1.49B | $1.16B | $1.13B | $860.0M | $905.6M | $738.4M | $530.0M | $536.3M |
| Long-term debt | $2.85B | $2.73B | $2.72B | $2.72B | $2.64B | $2.23B | $2.32B | $9.43B | $1.21B | $1.33B |
| Lease obligations | $8.39B | $8.48B | $8.78B | $6.10B | $8.87B | $8.84B | $8.94B | $7.08B | $3.48B | $3.46B |
| Other long-term liabilities | $8.12B | $8.26B | $8.66B | $10.03B | $9.00B | $8.92B | $9.11B | $60.6M | $3.56B | $3.65B |
| Total liabilities | $12.44B | $12.40B | $12.86B | $13.91B | $12.78B | $12.01B | $12.34B | $10.23B | $5.31B | $5.52B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.8M | $1.8M | $1.8M | $1.7M | $1.7M | $1.6M | $1.2M | $1.2M | $933,000 | $932,000 |
| Retained earnings (deficit) | −$1.49B | −$647.0M | −$335.5M | $154.5M | −$86.5M | −$507.3M | $161.6M | −$967.9M | −$1.05B | −$1.53B |
| Treasury stock | — | — | — | — | −$28.4M | −$28.4M | −$28.4M | −$28.4M | −$28.4M | −$28.4M |
| Accumulated other comprehensive income | −$193.3M | −$255.0M | −$121.3M | −$168.6M | −$54.4M | $0 | $0 | −$2.38B | −$1.5M | −$4.7M |
| Minority interest | −$6.5M | −$4.3M | −$2.5M | −$1.1M | −$700,000 | −$400,000 | −$800,000 | −$5,000 | $0 | $0 |
| Total shareholders' equity | $1.83B | $2.86B | $3.20B | $3.60B | $4.10B | $2.66B | $1.85B | $731.2M | −$73.1M | −$543.3M |
| Key figures | ||||||||||
| Total debt | $8.38B | $11.25B | $11.54B | $12.91B | $11.61B | $11.16B | $11.33B | $9.56B | $4.79B | $4.93B |
| Net cash (debt) | −$7.69B | −$10.54B | −$10.47B | −$11.28B | −$9.74B | −$9.30B | −$10.89B | −$9.08B | −$4.51B | −$4.70B |
| Working capital | −$309.4M | −$260.7M | $169.0M | $854.7M | $1.09B | $1.23B | −$262.8M | −$60.8M | −$129.0M | −$137.1M |
| Tangible book value | −$1.36B | −$1.23B | −$1.11B | −$830.7M | −$597.3M | −$14.4M | −$1.44B | −$2.35B | −$1.50B | −$1.97B |
| Book value per share | $12.68 | $18.82 | $21.05 | $20.37 | $23.35 | $19.82 | $15.73 | $7.29 | −$0.78 | −$5.94 |
| Shares outstanding | 144.6M | 152.1M | 152.1M | 176.6M | 175.5M | 134.0M | 117.8M | 100.3M | 93.4M | 91.4M |
| Current ratio | 0.79 | 0.82 | 1.11 | 1.74 | 1.96 | 2.42 | 0.71 | 0.92 | 0.76 | 0.74 |
| Quick ratio | 0.64 | 0.68 | 0.93 | 1.61 | 1.82 | 2.27 | 0.58 | 0.79 | 0.64 | 0.54 |
| Debt / equity | 4.57 | 3.93 | 3.60 | 3.59 | 2.83 | 4.20 | 6.11 | 13.07 | — | — |
| Equity / assets | 12.9% | 18.8% | 19.9% | 20.6% | 24.3% | 18.1% | 13.1% | 6.7% | −1.4% | −10.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $887.2M | $708.0M | $686.6M | $690.9M | $671.6M | $591.6M | $706.6M | $834.0M | $899.3M | $926.3M | $1.07B | $1.32B |
| Cash & equivalents | $887.2M | $708.0M | $686.6M | $690.9M | $671.6M | $591.6M | $706.6M | $834.0M | $899.3M | $926.3M | $1.07B | $1.32B |
| Short-term investments | — | — | — | — | — | — | — | — | $1.81B | — | — | — |
| Receivables | $245.9M | $241.0M | $254.2M | $231.0M | $252.1M | $253.3M | $256.8M | $239.7M | $251.9M | $282.3M | $319.0M | $252.8M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $225.6M | $11.4M |
| Other current assets | $190.7M | $211.8M | $225.3M | $165.8M | $171.9M | $172.6M | $191.0M | $207.2M | $181.6M | $184.3M | $42.6M | $198.6M |
| Total current assets | $1.32B | $1.16B | $1.17B | $1.09B | $1.10B | $1.02B | $1.15B | $1.28B | $1.33B | $1.39B | $1.66B | $1.78B |
| Property, plant & equipment (net) | $9.28B | $9.49B | $9.61B | $9.62B | $9.64B | $9.67B | $9.70B | $9.65B | $9.67B | $9.68B | $9.82B | $9.72B |
| Goodwill & intangible assets | $3.16B | $3.18B | $3.19B | $3.29B | $4.16B | $4.09B | $4.09B | $4.29B | $4.25B | $4.27B | $4.31B | $4.41B |
| Long-term investments | $78.8M | $79.1M | $79.4M | $80.4M | $82.4M | $89.0M | $86.2M | $88.6M | $86.5M | $84.8M | $84.9M | $82.6M |
| Other non-current assets | $229.8M | $213.3M | $223.9M | $227.4M | $229.3M | $230.7M | $232.0M | $207.5M | $196.0M | $190.7M | $187.3M | $173.5M |
| Total assets | $14.07B | $14.12B | $14.27B | $14.31B | $15.21B | $15.09B | $15.26B | $15.51B | $15.54B | $15.61B | $16.06B | $16.17B |
| Liabilities | ||||||||||||
| Accounts payable | $62.4M | $71.0M | $54.2M | $69.7M | $64.8M | $65.6M | $50.8M | $66.7M | $46.1M | $38.2M | $36.6M | $44.5M |
| Short-term debt | $554.3M | $475.0M | $469.9M | $505.1M | $478.3M | $468.2M | $457.0M | $449.0M | $444.0M | $434.3M | $431.5M | $418.5M |
| Deferred revenue | $138.9M | — | — | $162.2M | — | — | — | $159.2M | $148.9M | $180.2M | $639.7M | −$40.8M |
| Total current liabilities | $1.50B | $1.42B | $1.48B | $1.44B | $1.39B | $1.37B | $1.42B | $1.36B | $1.30B | $1.34B | $1.49B | $1.25B |
| Long-term debt | $2.74B | $2.89B | $2.85B | $2.80B | $2.76B | $2.58B | $11.21B | $11.28B | $11.37B | $11.40B | $11.49B | $11.44B |
| Lease obligations | $8.29B | $8.27B | $8.39B | $8.34B | $8.30B | $8.39B | $8.48B | $8.55B | $8.65B | $8.68B | $8.78B | $8.73B |
| Other long-term liabilities | $7.98B | $7.99B | $8.12B | $8.12B | $8.07B | $8.16B | $0 | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $12.22B | $12.30B | $12.44B | $12.36B | $12.22B | $12.12B | $12.40B | $12.45B | $12.49B | $12.54B | $12.86B | $12.69B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.8M | $1.8M | $1.8M | $1.8M | $1.8M | $1.8M | $1.8M | $1.8M | $1.8M | $1.8M | $1.8M | $1.8M |
| Retained earnings (deficit) | −$1.46B | −$1.49B | −$1.49B | −$1.42B | −$552.6M | −$535.2M | −$647.0M | −$513.7M | −$477.0M | −$450.2M | −$335.5M | $22.6M |
| Accumulated other comprehensive income | −$220.7M | −$203.7M | −$193.3M | −$201.2M | −$163.0M | −$255.3M | −$255.0M | −$158.2M | −$176.8M | −$157.3M | −$121.3M | −$168.7M |
| Minority interest | −$7.5M | −$7.0M | −$6.5M | −$6.0M | −$5.5M | — | — | — | — | — | — | — |
| Total shareholders' equity | $1.86B | $1.83B | $1.83B | $1.96B | $2.99B | $2.97B | $2.86B | $3.06B | $3.06B | $3.07B | $3.20B | $3.48B |
| Key figures | ||||||||||||
| Total debt | $6.81B | $8.26B | $8.38B | $11.17B | $11.09B | $11.01B | $11.25B | $11.32B | $11.41B | $11.45B | $2.77B | $11.50B |
| Net cash (debt) | −$5.93B | −$7.55B | −$7.69B | −$10.48B | −$10.42B | −$10.42B | −$10.54B | −$10.48B | −$10.51B | −$10.52B | −$1.69B | −$10.18B |
| Working capital | −$171.6M | −$255.6M | −$309.4M | −$355.0M | −$297.3M | −$356.4M | −$260.7M | −$80.3M | $33.2M | $55.2M | $169.0M | $527.9M |
| Tangible book value | −$1.29B | −$1.35B | −$1.36B | −$1.33B | −$1.17B | −$1.11B | −$1.23B | −$1.22B | −$1.20B | −$1.20B | −$1.11B | −$926.1M |
| Book value per share | $13.58 | $13.71 | $13.71 | $13.65 | $20.05 | $17.81 | $18.82 | $20.14 | $20.09 | $20.24 | $21.16 | $23.08 |
| Shares outstanding | 137.1M | 133.4M | 133.8M | 143.5M | 149.0M | 167.0M | 152.1M | 152.2M | 152.1M | 151.9M | 151.3M | 150.9M |
| Current ratio | 0.89 | 0.82 | 0.79 | 0.75 | 0.79 | 0.74 | 0.82 | 0.94 | 1.03 | 1.04 | 1.11 | 1.42 |
| Quick ratio | 0.76 | 0.67 | 0.64 | 0.64 | 0.66 | 0.61 | 0.68 | 0.79 | 0.89 | 0.90 | 0.93 | 1.25 |
| Debt / equity | 3.66 | 4.52 | 4.57 | 5.70 | 3.71 | 3.70 | 3.93 | 3.69 | 3.73 | 3.72 | 0.86 | 3.30 |
| Equity / assets | 13.2% | 13.0% | 12.9% | 13.7% | 19.6% | 19.7% | 18.8% | 19.8% | 19.7% | 19.7% | 19.9% | 21.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
PENN financial position
At the end of fiscal 2025 (December 31, 2025), PENN Entertainment had total assets of $14.3 billion (down 6.5% from a year earlier), total liabilities of $12.4 billion and shareholders' equity of $1.8 billion. It held $686.6 million in cash and short-term investments against $8.4 billion of debt, net debt of $7.7 billion. Its current ratio was 0.79. In the latest quarter (ended June 30, 2026) total assets were $14.1 billion and equity $1.9 billion.
Related: PENN income statement, PENN cash flow statement, PENN key metrics. See the PENN stock overview for the latest quote and news.
PENN balance sheet FAQ
What are PENN Entertainment's total assets?
PENN Entertainment reported total assets of $14.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $15.3 billion a year earlier.
How much debt does PENN Entertainment have?
PENN Entertainment had $8.4 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 4.57.
How much cash does PENN Entertainment have?
PENN Entertainment held $686.6 million in cash and short-term investments at the end of fiscal 2025; with $8.4 billion of debt that is net debt of $7.7 billion.
What is PENN Entertainment's book value?
PENN Entertainment's shareholders' equity (book value) was $1.8 billion at the end of fiscal 2025, or $12.68 per share.
What is PENN Entertainment's current ratio?
PENN Entertainment had current assets of $1.2 billion and current liabilities of $1.5 billion, a current ratio of 0.79 (current liabilities exceed current assets).
How much goodwill does PENN Entertainment have?
PENN Entertainment carried $3.2 billion of goodwill and intangible assets, 22.4% of total assets, at the end of fiscal 2025.