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Penn National Gaming (PENN)
The export includes the complete available history of financial statements and ratios. Numbers are provided in full, without million or billion abbreviations, in their original reporting units.
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Penn National Gaming Balance Sheet 2025-2007 | PENN
Brief balance sheet overview of Penn National Gaming
The review uses the five latest available annual reports between 2020 and 2024.
Assets shifted from $14.7 billion to $15.3 billion, leaving five-period growth close to stagnation.
The growth rates were balanced: assets changed +4.1%, while liabilities changed +3.3%.
The equity ratio equals 18.8%, with a starting level of 18.1%. Stable cash flow is important under this structure.
Each unit of equity supports about 0.82x of net debt. The level is not critical, though flexibility is narrower.
The cash reserve occupies 4.6% of the balance sheet, previously 12.6%. It is one marker of short-term resilience.
Retained earnings remain negative at -$647 million. This may reflect past losses or substantial shareholder distributions, so earnings and buybacks provide important context.
Overall picture
Taken together, Penn National Gaming's balance sheet indicators point to elevated risk. Asset growth does not offset weak funding sources.
Annual Balance Sheet Penn National Gaming
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
2.55 B | 2.35 B | 1.95 B | 1.18 B | 906 M | 505 M | 1.95 B | 1.93 B | 972 M | 1.19 B | 1.47 B | 1.05 B | 758 M | 2.47 B | 1.8 B | 1.57 B | 1.54 B | - | - |
Long Term Debt |
2.85 B | 2.73 B | 2.72 B | 2.72 B | 2.64 B | 2.23 B | 2.32 B | 2.35 B | 1.21 B | 1.33 B | 1.62 B | 1.23 B | 1.02 B | 2.65 B | 2 B | 1.81 B | 2.25 B | - | - |
Long Term Debt Current |
386 M | 322 M | 302 M | 77.8 M | 133 M | 127 M | 102 M | 62.1 M | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
11 B | 11 B | 11.4 B | 12.7 B | 11.6 B | 11.2 B | 11.4 B | 9.49 B | 4.78 B | 4.98 B | 5.26 B | 1.25 B | 1.06 B | 2.89 B | 2.21 B | 1.99 B | 2.43 B | - | - |
Total Current Liabilities |
1.48 B | 1.42 B | 1.49 B | 1.16 B | 1.13 B | 860 M | 906 M | 738 M | 530 M | 536 M | 558 M | 485 M | 361 M | 500 M | 426 M | 692 M | 430 M | - | - |
Total Liabilities |
12.4 B | 12.4 B | 12.9 B | 13.9 B | 12.8 B | 12 B | 12.3 B | 10.2 B | 5.31 B | 5.52 B | 5.82 B | 1.68 B | 1.43 B | 3.39 B | 2.63 B | - | - | - | - |
Retained Earnings |
-1.49 B | -647 M | -336 M | 154 M | -86.5 M | -507 M | 162 M | -968 M | -1.05 B | -1.53 B | -1.63 B | -363 M | -130 M | 795 M | 583 M | 338 M | 397 M | - | - |
Total Assets |
14.3 B | 15.3 B | 16.1 B | 17.5 B | 16.9 B | 14.7 B | 14.2 B | 11 B | 5.23 B | 4.97 B | 5.14 B | 2.24 B | 2.18 B | 5.64 B | 4.61 B | 4.46 B | 4.71 B | - | - |
Cash and Cash Equivalents |
687 M | 707 M | 1.07 B | 1.62 B | 1.86 B | 1.85 B | 437 M | 480 M | 278 M | 230 M | 237 M | 209 M | 293 M | 260 M | 238 M | 246 M | 713 M | 746 M | 174 M |
Book Value |
1.83 B | 2.86 B | 3.2 B | 3.6 B | 4.1 B | 2.66 B | 1.85 B | 731 M | -73.1 M | -543 M | -678 M | 554 M | 758 M | 2.25 B | 1.97 B | 4.46 B | 4.71 B | - | - |
Total Shareholders Equity |
1.83 B | 2.86 B | 3.2 B | 3.6 B | 4.1 B | 2.66 B | 1.85 B | 731 M | -73.1 M | -543 M | -678 M | -708 M | -551 M | 2.24 B | 1.97 B | 1.78 B | 1.85 B | 2.06 B | 1.12 B |
Annual performance
Select metrics to display
All numbers in USD currency
Quarterly Balance Sheet Penn National Gaming
| 2026-Q3 | 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q4 | 2010-Q3 | 2010-Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
3.38 B | 3.48 B | 3.49 B | 3.59 B | 3.53 B | 3.5 B | - | 3.65 B | 3.71 B | 3.79 B | 3.87 B | 3.94 B | 3.9 B | 3.99 B | 4.04 B | 969 M | 976 M | - | 1.01 B | 4.32 B | 4.29 B | 4.33 B | 4.34 B | 4.37 B | 4.38 B | 4.41 B | 4.43 B | 4.45 B | 4.44 B | 4.32 B | 3.87 B | 2.35 B | 2.35 B | 2.35 B | 2.35 B | 1.21 B | 1.28 B | 1.21 B | 1.21 B | 1.33 B | 1.33 B | 1.69 B | 1.72 B | 1.62 B | 1.71 B | 1.22 B | 1.24 B | 1.21 B | 1.23 B | 1.2 B | 1.21 B | 1.02 B | 1.02 B | 2.48 B | 2.62 B | 2.65 B | 2.65 B | 2.65 B | 2.65 B | 2 B | 2 B | 2 B | 2 B | 1.81 B | 2.1 B | 2.1 B |
Total Non Current Liabilities |
10.6 B | 10.7 B | 10.9 B | 11 B | 10.9 B | 10.8 B | - | 11 B | 11.1 B | 11.2 B | 11.2 B | 11.4 B | 11.4 B | 11.6 B | 11.6 B | 12.7 B | 12.8 B | - | 13 B | 11.6 B | 11.6 B | 11.2 B | 11.2 B | 11.2 B | 11.3 B | 12 B | 11.8 B | 11.4 B | 11.5 B | 11.5 B | 10.8 B | 9.49 B | 4.54 B | 4.57 B | 4.72 B | 4.78 B | 4.82 B | 4.78 B | 4.78 B | 4.98 B | 4.98 B | 4.98 B | 4.98 B | 5.26 B | 5.26 B | 5.26 B | 5.26 B | 4.85 B | 4.89 B | 1.22 B | 1.22 B | 4.61 B | 1.06 B | 1.06 B | 1.06 B | 2.89 B | 2.89 B | 2.89 B | 2.89 B | 2.21 B | 2.21 B | 2.21 B | 2.21 B | 1.99 B | 2.27 B | 2.26 B |
Total Liabilities |
12.1 B | 12.2 B | 12.3 B | 12.4 B | 12.4 B | 12.2 B | - | 12.4 B | 12.5 B | 12.5 B | 12.5 B | 12.9 B | 12.7 B | 12.8 B | 12.9 B | 13.9 B | 13.9 B | - | 14.1 B | 12.8 B | 12.7 B | 12.1 B | 12.1 B | 12 B | 12.2 B | 12.8 B | 12.7 B | 12.3 B | 12.4 B | 12.3 B | 11.6 B | 10.2 B | 10.2 B | 10.2 B | 10.2 B | 5.31 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
-1.43 B | -1.46 B | -1.49 B | -1.49 B | -1.42 B | -553 M | - | -647 M | -514 M | -477 M | -450 M | -336 M | 22.6 M | 747 M | 669 M | 154 M | 134 M | - | -15.9 M | -86.5 M | -132 M | -218 M | -416 M | -507 M | -518 M | -660 M | -446 M | 162 M | 254 M | 210 M | 159 M | -968 M | -968 M | -968 M | -968 M | -1.05 B | -1.05 B | -1.05 B | -1.05 B | -1.53 B | -1.53 B | -1.53 B | -1.53 B | -1.63 B | -1.63 B | -1.63 B | -1.63 B | -1.64 B | -1.64 B | -1.64 B | -1.64 B | -1.45 B | -130 M | -130 M | -130 M | 795 M | 795 M | 795 M | 795 M | 583 M | 583 M | 583 M | 583 M | 338 M | 491 M | 443 M |
Total Assets |
14 B | 14.1 B | 14.1 B | 14.3 B | 14.3 B | 15.2 B | - | 15.3 B | 15.5 B | 15.5 B | 15.6 B | 16.1 B | 16.2 B | 17 B | 17 B | 17.5 B | 17.5 B | - | 18.1 B | 16.9 B | 15.7 B | 15.1 B | 14.9 B | 14.7 B | 14.8 B | 14.3 B | 13.9 B | 14.2 B | 14.3 B | 14.3 B | 13.5 B | 11 B | 11 B | 11 B | 11 B | 5.23 B | 5.23 B | 5.23 B | 5.23 B | 4.97 B | 4.97 B | 4.97 B | 4.97 B | 5.14 B | 5.14 B | 5.14 B | 5.14 B | 4.62 B | 4.66 B | 4.66 B | 4.66 B | 4.47 B | 2.18 B | 2.18 B | 2.18 B | 5.64 B | 5.64 B | 5.64 B | 5.64 B | 4.61 B | 4.61 B | 4.61 B | 4.61 B | 4.46 B | 4.49 B | 4.47 B |
Cash and Cash Equivalents |
1.07 B | 918 M | 745 M | 715 M | 692 M | 700 M | 592 M | 724 M | 862 M | 900 M | 928 M | 1.09 B | 1.34 B | 1.29 B | 1.33 B | 1.64 B | 1.75 B | 1.71 B | 1.83 B | 1.88 B | 2.76 B | 2.29 B | 2.08 B | 1.87 B | 1.89 B | 1.26 B | 747 M | 455 M | 424 M | 389 M | 414 M | 481 M | 480 M | 480 M | 480 M | 279 M | 278 M | 278 M | 278 M | 230 M | 230 M | 230 M | 230 M | 242 M | 237 M | 237 M | 237 M | 209 M | 209 M | 209 M | 209 M | 293 M | 293 M | 293 M | 293 M | 260 M | 260 M | 260 M | 260 M | 238 M | 238 M | 238 M | 238 M | 246 M | 355 M | 398 M |
Book Value |
1.9 B | 1.85 B | 1.82 B | 1.83 B | 1.95 B | 2.98 B | - | 2.86 B | 3.06 B | 3.05 B | 3.07 B | 3.2 B | 3.48 B | 4.21 B | 4.18 B | 3.6 B | 3.62 B | - | 3.95 B | 4.1 B | 3.07 B | 2.96 B | 2.76 B | 2.66 B | 2.63 B | 1.5 B | 1.28 B | 1.85 B | 1.94 B | 2 B | 1.86 B | 731 M | 731 M | 731 M | 731 M | -73.2 M | 5.23 B | 5.23 B | 5.23 B | 4.97 B | 4.97 B | 4.97 B | 4.97 B | 5.14 B | 5.14 B | 5.14 B | 5.14 B | 4.62 B | 4.66 B | 4.66 B | 4.66 B | 4.47 B | 2.18 B | 2.18 B | 2.18 B | 5.64 B | 5.64 B | 5.64 B | 5.64 B | 4.61 B | 4.61 B | 4.61 B | 4.61 B | 4.46 B | 4.49 B | 4.47 B |
Total Shareholders Equity |
1.9 B | 1.85 B | 1.82 B | 1.83 B | 1.95 B | 2.98 B | 2.97 B | 2.86 B | 3.06 B | 3.05 B | 3.07 B | 3.2 B | 3.48 B | 4.21 B | 4.18 B | 3.6 B | 3.62 B | 3.77 B | 3.95 B | 4.1 B | 3.07 B | 2.96 B | 2.76 B | 2.66 B | 2.63 B | 1.5 B | 1.28 B | 1.85 B | 1.94 B | 1.89 B | 1.86 B | 731 M | 731 M | 731 M | 731 M | -73.3 M | -73.1 M | -73.1 M | -73.1 M | -543 M | -543 M | -543 M | -543 M | -678 M | -678 M | -678 M | -678 M | -708 M | -708 M | -708 M | -708 M | -551 M | 758 M | 758 M | 758 M | 2.25 B | 2.25 B | 2.25 B | 2.25 B | 1.97 B | 1.97 B | 1.97 B | 1.97 B | 1.78 B | 1.91 B | 1.9 B |
Quarterly performance
Select metrics to display
All numbers in USD currency
Balance Sheet is a fundamental financial report of Penn National Gaming, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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