PENN Entertainment reported a net loss of $845.3 million for the fiscal year ended December 31, 2025, a significant increase from the $313.3 million net loss in 2024. Total revenues increased by 5.8% to $6,961.0 million in 2025, up from $6,578.1 million in 2024, primarily due to growth in online gaming and gaming tax reimbursements. Consolidated Adjusted EBITDA rose to $830.1 million in 2025, compared to $672.2 million in 2024. The Interactive segment's revenues increased by $342.7 million to $1,302.6 million, with its Adjusted EBITDA improving from a loss of $499.5 million in 2024 to a loss of $267.5 million in 2025. Impairment losses totaled $945.3 million in 2025, including an $825.0 million goodwill impairment in the Interactive segment following the termination of the ESPN BET agreement. The company rebranded its U.S. online sports betting (OSB) offering to theScore Bet on December 1, 2025, after mutually agreeing to terminate its exclusive sportsbook agreement with ESPN, effective the same date. PENN repurchased 20,090,831 shares of its common stock for $354.4 million at an average price of $17.64 per share during 2025. Key development projects progressed, with the new land-based Joliet facility opening on August 11, 2025, and the second hotel tower at M Resort opening on December 1, 2025. Total indebtedness stood at $2.9 billion as of December 31, 2025, with $406.1 million available under its Amended Revolving Credit Facility. Legal and advisory costs related to activist shareholder activity amounted to $22.4 million in 2025.