PENN Entertainment

PENN

Market cap $1.98B

PENN Entertainment, Inc. ( PENN ) Q3 2025 Earnings Call November 6, 2025 9:00 AM EST Company Participants Jay Snowden - President, CEO & Director Felicia Kantor Hendrix - Executive VP & CFO Todd George - Executive Vice President of Operations Aaron LaBerge - Chief Technology Officer Conference Call Participants Joseph Jaffoni - JCIR Barry Jonas - Truist Securities, Inc., Research Division Brandt Montour - Barclays Bank PLC, Research Division Joseph Stauff - Susquehanna Financial Group, LLLP, Research Division Jordan Bender - Citizens JMP Securities, LLC, Research Division John DeCree - CBRE Securities, LLC, Research Division Daniel Politzer - JPMorgan Chase & Co, Research Division Shaun Kelley - BofA Securities, Research Division Chad Beynon - Macquarie Research Jeffrey Stantial - Stifel, Nicolaus & Company, Incorporated, Research Division Presentation Operator Greetings, and welcome to the PENN Entertainment Third Quarter 2025 Earnings Call. I would now like to turn the conference over to Joe Jaffoni, Investor Relations.

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ESPN's entry into sports betting has underperformed, capturing only a 2.8% market share vs. its 10% goal. There is still skepticism about ESPN's late move into the sports betting industry. PENN Entertainment's involvement is something investors have noted. But the gaming stock still may be a buy.

The headline numbers for PENN Entertainment (PENN) give insight into how the company performed in the quarter ended September 2025, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

PENN Entertainment (PENN) came out with a quarterly loss of $0.22 per share versus the Zacks Consensus Estimate of a loss of $0.1. This compares to a loss of $0.24 per share a year ago.

The fate of the ESPN Bet platform is unclear.

Disney-owned ESPN has forged a new deal with sports-betting giant DraftKings that starts in December.

Penn Entertainment is now going it alone, as it ended its excluding sports betting deal with ESPN about eight years early, and the stock is rallying.

Disney's ESPN and Penn Entertainment are bringing their sports betting partnership to a close years earlier than planned. The companies had partnered in 2023 to rebrand and relaunch Penn's sportsbook as ESPN Bet, marking the first time ESPN's brand was on a sports-betting platform.

ESPN and PENN Entertainment announced on Thursday that their partnership will be terminated early months after the NFL acquired a 10% stake in the "worldwide leader in sports."