v3.26.1
Earnings (Loss) Per Share (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Antidilutive Securities Excluded From Computation of Earnings (Loss) Per Share The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three and six months ended June 30, 2026, and for the six months ended June 30, 2025.
For the three months ended June 30,For the six months ended June 30,
(in millions)2026202520262025
Weighted-average common shares outstanding133.7 149.0 133.6 150.6 
Assumed conversion of:
Dilutive restricted stock1.2 — 0.8 0.5 
Convertible debt (1)
2.2 — — 13.6 
Weighted-average common shares outstanding - Diluted137.1 149.0 134.4 164.7 
(1)See Note 5, “Long-Term Debt” for details regarding the repurchases and repayment of the Convertible Notes.
Restricted stock and convertible debt that could potentially dilute basic EPS in the future, that is not included in the computation of diluted loss per share, is as follows:
For the three months ended June 30,
(in millions)2025
Assumed conversion of dilutive restricted stock0.5 
Assumed conversion of convertible debt13.0 
Schedule of Calculation of Basic and Diluted Loss Per Share The following table presents the calculation of basic and diluted earnings (loss) per share for the Company’s common stock for the three and six months ended June 30, 2026 and 2025:
For the three months ended June 30,For the six months ended June 30,
(in millions, except per share data)2026202520262025
Calculation of basic earnings (loss) per share:
Net income (loss) applicable to common stock$33.1 $(17.4)$30.8 $94.4 
Weighted-average shares outstanding — PENN Entertainment, Inc.133.6 148.6 133.5 150.2 
Weighted-average shares outstanding — Exchangeable Shares
0.1 0.4 0.1 0.4 
Weighted-average common shares outstanding — basic
133.7 149.0 133.6 150.6 
Basic earnings (loss) per share
$0.25 $(0.12)$0.23 $0.63 
Calculation of diluted earnings (loss) per share:
Net income (loss) applicable to common stock$33.1 $(17.4)$30.8 $94.4 
Interest expense, net of tax (1):
Convertible Notes0.3 — — 3.1 
Diluted income (loss) applicable to common stock$33.4 $(17.4)$30.8 $97.5 
Weighted-average common shares outstanding — diluted
137.1 149.0 134.4 164.7 
Diluted earnings (loss) per share
$0.24 $(0.12)$0.23 $0.59 
(1)The tax-affected rate was 21% for the periods we recorded net income.