Caesars Entertainment

CZR · Nasdaq · Consumer Discretionary · Financials, fiscal 2016 to 2025

CZR · Last close · October 26, 2026

$28.99

Caesars Entertainment's revenue rose 2.1% to $11.5 billion in fiscal 2025. Its operating margin was 16.2%, down from 20.5% a year earlier. Free cash flow was $497 million. It paid out $229 million in dividends and buybacks, 46% of free cash flow. The diluted share count fell 3.3%.

Caesars Entertainment, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 17, 2026 · 0001590895-26-000011 Updated October 11, 2026

Revenue

$11.5B

2.1%

Operating margin

16.2%

4.3 pts

Net income

−$502M

Free cash flow

$497M

Return on capital

9.6%

1.8 pts

Market cap

$5.9B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Caesars Entertainment is the former Eldorado Resorts, which bought Caesars in July 2020 and took its name, so the years to 2019 are Eldorado's smaller business.

What Caesars Entertainment does

Caesars Entertainment owns, leases or manages casino resorts and runs online betting and gaming. It says it has 52 properties in 18 states, and it offers sports betting in 34 jurisdictions in North America and online casino games in five. Its apps include Caesars Sportsbook, Caesars Racebook, Caesars Palace Online Casino and Horseshoe Online Casino. It also draws customers with hotels, restaurants, bars, entertainment, racing and shops.

Gaming is its main source of revenue. Casino operations, which include slot machines, table games and retail and online sports betting and iGaming, brought in approximately 58% of net revenues in 2025. Hotel stays brought in approximately 17%, and food and beverage approximately 15%. The company expects its Caesars Digital segment to grow as more states allow online betting.

Caesars says its business is highly competitive. It competes with other casinos near its properties, tribal casinos, online operators, lotteries and other entertainment. It leases some of its properties from landlords that include GLPI and VICI, so it pays rent on them. Caesars grew through deals that include Isle of Capri in 2017, Caesars Entertainment Corporation in 2020 and William Hill in 2021.

Its biggest risks, as it describes them

Strong competition from other casinos, online operators and other forms of gaming and entertainment.
Weaker customer spending on leisure when the economy turns down.
Large debt and rent payments that use up much of its cash flow, and leases that could be ended if it defaults.
Strict gaming regulation and taxes, and its growth in online betting depending on new states legalizing it.
Dependence on outside companies for services that its online business needs.

From Caesars Entertainment's annual report on Form 10-K, filed February 17, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2023, earnings per share grew 32.4% a year and net income 64.1% a year, as new shares raised the share count by 353% and diluted each share's earnings. Caesars Entertainment then lost money in fiscal 2024 and 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Caesars Entertainment yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Caesars Entertainment's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Caesars Entertainment's fiscal 2025 free cash flow of $497M, net cash of −$11.2B at December 31, 2025 and 208 million diluted shares, from its filings. The scenarios are fitted to Caesars Entertainment: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 2.0% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 13%: 11% for a cyclical or higher-risk business (Casinos & Gaming), plus 1 point as a smaller company, worth $5.9B, plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means Caesars Entertainment's net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Caesars Entertainment's own revenue growth, as above. Cautious: growth of 0% then 1% a year, 2% after year 10, a 14% discount rate. Base: growth of 2% then 2% a year, 2.5% after year 10, a 13% discount rate. Optimistic: growth of 4% then 3.5% a year, 3% after year 10, a 12% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $28.99
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Caesars Entertainment's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,070	1,038	1,005	866	887
Debt incl. finance leases	14,366	13,163	12,516	12,362	12,052
Net debt (negative means net cash)	13,296	12,125	11,511	11,496	11,165
Net debt to EBITDA	5.1x	4.1x	3.1x	3.2x	3.4x
Debt to equity	3.2x	3.5x	2.8x	3.0x	3.4x
Interest coverage	0.6x	0.8x	1.0x	0.9x	0.8x
Current ratio	1.1x	0.8x	0.8x	0.8x	0.8x
Quick ratio	1.1x	0.8x	0.7x	0.8x	0.8x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $18,690 of Caesars Entertainment shares on the open market, and 6 insiders sold $18.4 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 15, 2026	David P TomickDirector	Sold	7,142	$29.71	$212,189	Form 4
Sep 14, 2026	David P TomickDirector	Sold	7,000	$29.66	$207,620	Form 4
Sep 11, 2026	David P TomickDirector	Sold	7,000	$29.68	$207,760	Form 4
Sep 10, 2026	David P TomickDirector	Sold	7,000	$29.67	$207,690	Form 4
Aug 27, 2026	Blackhurst Janis L JonesDirector	Sold	33,899	$29.63	$1.0 million	Form 4
Aug 19, 2026	Bret YunkerChief Financial Officer	Sold	208,134	$29.62	$6.2 million	Form 4
Aug 14, 2026	Josh JonesChief Marketing Officer	Sold	59,507	$29.72	$1.8 million	Form 4
Jun 12, 2026	Michael E PegramDirector	Sold	16,897	$29.46	$497,786	Form 4
Jun 11, 2026	Michael E PegramDirector	Sold	24,800	$29.47	$730,856	Form 4
Jun 10, 2026	Michael E PegramDirector	Sold	50,000	$29.41	$1.5 million	Form 4
Jun 9, 2026	Edmund L Quatmann JrChief Legal Officer	Sold	81,566	$29.35	$2.4 million	Form 4
Jun 9, 2026	Michael E PegramDirector	Sold	36,027	$29.31	$1.1 million	Form 4

The latest 12 of 15 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Pass
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Fail	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Fail	Pass
F-score	5 of 8	4 of 8	6 of 8
Accruals ratio	−3.1%	−4.1%	−5.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Caesars Entertainment side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Caesars Entertainment	FY25	2.1%	16.2%	4.3%	9.6%	3.4x	6
Las Vegas Sands	FY25	15.2%	21.6%	14.2%	17.5%	2.8x	7	Compare
Flutter Entertainment	FY25	16.6%	0.2%	6.6%	0.2%	6.7x	5	Compare
MGM Resorts	FY25	1.7%	5.7%	8.3%	12.8%	2.2x	6	Compare
Wynn Resorts	FY25	0.1%	15.7%	9.7%	11.6%	5.3x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	893	1,474	2,056	2,528	3,628	9,570	10,821	11,528	11,245	11,486
Revenue growth	24.1%	65.0%	39.5%	23.0%	43.5%	163.8%	13.1%	6.5%	−2.5%	2.1%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	89	95	310	410	−383	1,460	1,739	2,472	2,304	1,858
Net income	24	73	95	81	−1,757	−1,019	−899	786	−278	−502
Diluted EPS (US$)	0.51	1.08	1.22	1.03	−13.50	−4.83	−4.19	3.64	−1.29	−2.42
Diluted shares (millions)	48	68	78	79	130	211	214	216	215	208
Cash flow
Cash from operations	95	130	323	312	−561	1,199	993	1,809	1,075	1,302
Capital expenditure	43	83	147	171	164	520	952	1,264	1,296	805
Free cash flow	52	47	176	142	−725	679	41	545	−221	497
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	9	0	0	0	0	0	191	229
Acquisitions	0	1,313	0	0	6,394	0	0	0	0	0
Stock-based compensation	3	6	13	20	79	82	101	104	94	95
Balance sheet at fiscal year end
Cash and short-term investments	61	152	248	241	1,776	1,070	1,038	1,005	866	887
Debt incl. finance leases	823	2,210	3,301	3,148	15,087	14,366	13,163	12,516	12,362	12,052
Total assets	1,294	3,546	5,912	5,641	36,385	38,031	33,527	33,366	32,590	31,639
Total liabilities	996	2,605	4,882	4,524	31,351	33,490	29,776	28,646	28,214	27,953
Shareholders' equity	296	942	1,029	1,117	5,016	4,480	3,713	4,552	4,157	3,504
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	9.9%	6.4%	15.1%	16.2%	−10.6%	15.3%	16.1%	21.4%	20.5%	16.2%
Net margin	2.8%	5.0%	4.6%	3.2%	−48.4%	−10.7%	−8.3%	6.8%	−2.5%	−4.4%
Free cash flow margin	5.8%	3.2%	8.6%	5.6%	−20.0%	7.1%	0.4%	4.7%	−2.0%	4.3%
Return on capital	5.5%	3.7%	6.2%	6.6%	−2.7%	6.4%	8.2%	12.2%	11.3%	9.6%
Return on equity	8.7%	11.9%	9.6%	7.5%	−57.3%	−21.5%	−21.9%	19.0%	−6.4%	−13.1%
Return on assets	1.9%	3.0%	2.0%	1.4%	−8.4%	−2.7%	−2.5%	2.4%	−0.8%	−1.6%
Net debt to EBITDA	5.0x	10.2x	6.5x	4.6x	66.6x	5.1x	4.1x	3.1x	3.2x	3.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Caesars Entertainment's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Caesars Entertainment.