Revenue growth accelerated to 20.5% YoY in 2026Q2, but operating margin remained negative at -4.3% and net margin at -18.4%, reflecting SG&A costs that grew 21.8% YoY.
Bally's Corporation (BALY) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Sales/Revenue | 2.96B | 2.66B | 2.45B | 2.45B | 2.26B | 1.32B | 372.79M | 523.58M | 437.54M | 421.05M | 414.82M |
| Revenue Growth % | 20.38% | 8.42% | 0.06% | 8.57% | 70.57% | 254.74% | -28.8% | 19.66% | 3.91% | 1.5% | - |
| Cost of Goods Sold | 2.02B | 1.52B | 1.12B | 1.11B | 1.01B | 535.08M | 138.67M | 185.17M | 135.24M | 119.64M | 123.54M |
| COGS % of Revenue | - | 57.04% | 45.83% | 45.13% | 44.74% | 40.46% | 37.2% | 35.37% | 30.91% | 28.41% | 29.78% |
| Gross Profit | 939.56M | 1.14B | 1.33B | 1.34B | 1.25B | 787.36M | 234.12M | 338.4M | 302.3M | 301.42M | 291.27M |
| Gross Margin % | 31.76% | 42.96% | 54.17% | 54.87% | 55.26% | 59.54% | 62.8% | 64.63% | 69.09% | 71.59% | 70.22% |
| Gross Profit Growth % | - | -14.01% | -1.23% | 7.82% | 58.31% | 236.3% | -30.82% | 11.95% | 0.29% | 3.48% | - |
| Operating Expenses | 975.82M | 1.11B | 1.59B | 1.24B | 1.08B | 641.44M | 252.51M | 223.78M | 181.65M | 177.69M | 178.82M |
| OpEx % of Revenue | - | 41.88% | 64.71% | 50.63% | 47.74% | 48.5% | 67.73% | 42.74% | 41.52% | 42.2% | 43.11% |
| Selling, General & Admin | 897.45M | 1.11B | 986.03M | 1.03B | 776.23M | 496.66M | 192.75M | 180.4M | 145.96M | 155.49M | 148.72M |
| SG&A % of Revenue | - | 41.88% | 40.24% | 42.21% | 34.41% | 37.56% | 51.7% | 34.46% | 33.36% | 36.93% | 35.85% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 599.63M | 206.22M | 300.56M | 144.79M | 59.76M | 43.38M | 35.69M | 22.2M | 30.1M |
| Operating Income | -36.26M | 28.77M | -258.33M | 104.01M | 169.68M | 145.92M | -18.39M | 114.63M | 120.65M | 123.72M | 112.46M |
| Operating Margin % | -1.23% | 1.08% | -10.54% | 4.25% | 7.52% | 11.03% | -4.93% | 21.89% | 27.57% | 29.38% | 27.11% |
| Operating Income Growth % | - | 111.14% | -348.37% | -38.7% | 16.29% | 893.65% | -116.04% | -4.99% | -2.48% | 10.02% | - |
| EBITDA | 381.8M | 344.23M | 121.22M | 454.42M | 470.24M | 290.71M | 19.46M | 147.02M | 142.98M | 145.93M | 137.53M |
| EBITDA Margin % | 12.91% | 12.96% | 4.95% | 18.55% | 20.85% | 21.98% | 5.22% | 28.08% | 32.68% | 34.66% | 33.15% |
| EBITDA Growth % | 35.51% | 183.98% | -73.32% | -3.37% | 61.76% | 1394.17% | -86.77% | 2.82% | -2.02% | 6.11% | - |
| D&A (Non-Cash Add-back) | 418.06M | 315.46M | 379.54M | 350.41M | 300.56M | 144.79M | 37.84M | 32.39M | 22.33M | 22.2M | 25.07M |
| EBIT | -186.42M | 28.77M | 41.87M | -40.18M | -245.7M | -1.15M | -12.18M | 125.61M | 134.01M | 123.72M | 117.49M |
| Net Interest Income | -444.85M | -392.46M | -289.63M | -277.56M | -208.15M | -115.67M | -62.64M | -37.93M | -22.85M | -22.61M | -26.4M |
| Interest Income | 2.87M | 8.34M | 20.72M | 0 | 616K | 2.25M | 0 | 1.9M | 173K | 194K | 180K |
| Interest Expense | 447.72M | 400.8M | 310.35M | 277.56M | 208.77M | 117.92M | 62.64M | 39.83M | 23.02M | 22.81M | 26.58M |
| Other Income/Expense | -817.8M | -697.11M | -294.17M | -289.75M | -624.15M | -264.99M | -56.42M | -39.45M | -22.85M | -22.61M | -29.06M |
| Pretax Income | -854.06M | -668.34M | -552.5M | -185.74M | -454.47M | -119.07M | -74.81M | 75.18M | 97.8M | 101.11M | 83.39M |
| Pretax Margin % | -28.87% | -25.16% | -22.55% | -7.58% | -20.15% | -9% | -20.07% | 14.36% | 22.35% | 24.01% | 20.1% |
| Income Tax | -57.61M | 48.23M | 15.25M | 1.76M | -28.92M | -4.38M | -69.32M | 20.05M | 26.36M | 38.86M | 38.55M |
| Effective Tax Rate % | 6.74% | -7.22% | -2.76% | -0.95% | 6.36% | 3.68% | 92.67% | 26.67% | 26.95% | 38.44% | 46.23% |
| Net Income | -764.14M | -701.1M | -567.75M | -187.5M | -425.55M | -114.7M | -5.49M | 55.13M | 71.44M | 62.25M | 44.84M |
| Net Margin % | -25.83% | -26.39% | -23.17% | -7.66% | -18.87% | -8.67% | -1.47% | 10.53% | 16.33% | 14.78% | 10.81% |
| Net Income Growth % | -32.07% | -23.49% | -202.8% | 55.94% | -271.02% | -1990.34% | -109.95% | -22.83% | 14.77% | 38.82% | - |
| Net Income (Continuing) | -796.46M | -716.56M | -567.75M | -187.5M | -425.55M | -114.7M | -5.49M | 55.13M | 71.44M | 62.25M | 44.84M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.53B | 1.55B | 0 | 428K | 428K | 3.76M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -12.61 | -14.45 | -11.71 | -3.51 | -7.32 | -2.31 | -0.18 | 1.46 | 1.85 | 1.56 | 1.12 |
| EPS Growth % | 14.47% | -23.4% | -233.62% | 52.05% | -216.88% | -1183.33% | -112.33% | -21.08% | 18.59% | 39.29% | - |
| EPS (Basic) | - | -14.45 | -11.71 | -3.51 | -7.32 | -2.31 | -0.18 | 1.46 | 1.93 | 1.64 | 1.17 |
| Diluted Shares Outstanding | 60.59M | 60.69M | 48.47M | 53.35M | 58.11M | 49.64M | 31.32M | 37.82M | 38.55M | 38.44M | 39.25M |
| Basic Shares Outstanding | 60.59M | 60.69M | 48.47M | 53.35M | 58.11M | 49.64M | 31.32M | 37.71M | 36.94M | 36.48M | 37.42M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 13.68% | 0.9% | - | - |
Quick answers to the most common questions about buying BALY stock.
For fiscal year 2025, Bally's Corporation (BALY) reported total revenue of $2.66B. This represents a 540.4% increase compared to $414.8M in 2016.
Bally's Corporation (BALY) reported a net loss of $701.1M for the fiscal year ending 2025.
Bally's Corporation (BALY) reported an operating income of $28.8M, resulting in an operating profit margin of 1.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Bally's Corporation (BALY) generated $1.14B in gross profit for the year, representing a gross profit margin of 43.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent net losses and high leverage
Metrics are mathematically derived from official filings.
Top-Line Momentum Accelerates
Revenue grew 20.5% YoY in 2026Q2 to $792.2M, accelerating from 5.8% in 2025Q2, per reported financials, suggesting expansion initiatives are gaining traction.
The 20.5% YoY growth in 2026Q2 marks a significant acceleration from the mid-single-digit growth seen in the prior year, indicating that recent investments, possibly including the Chicago temporary casino and digital expansion, are contributing to top-line momentum. However, the sustainability of this pace is uncertain given the company's thin operating margins and the absence of forward guidance, which may signal management's caution about near-term volatility.
Gross Margin Volatility Masks Structural Pressures
Gross margin swung from 56.0% in 2025Q3 to 39.9% in 2026Q1, as reported, reflecting a volatile mix shift and potential cost pressures in the land-based segment.
The wide fluctuation in gross margin—from 56.0% in 2025Q3 to 39.9% in 2026Q1—suggests that the revenue mix between high-margin digital and lower-margin physical operations is shifting, possibly due to the closure of the Tropicana and the ramp-up of the Chicago temporary casino. This volatility complicates margin forecasting and indicates that the company has not yet achieved a stable cost structure, which may continue to pressure profitability.
Operating Leverage Remains Elusive
Despite revenue growth, operating income swung to -$34.0M in 2026Q2 from +$1.2M in 2026Q1, per financials, indicating that SG&A costs are absorbing revenue gains.
The inability to convert revenue growth into operating profit is evident: while revenue increased sequentially from $755.7M to $792.2M, operating income deteriorated from a marginal positive to a loss. SG&A expenses rose to $334.2M in 2026Q2, matching the level seen in 2025Q4, suggesting that overhead costs are not scaling efficiently with revenue. This implies that the company's operating leverage is currently negative, and investors should monitor whether cost controls can improve as the Chicago project matures.
Net Losses Persist Despite Revenue Growth
Net margin remained deeply negative at -18.4% in 2026Q2, with cumulative losses over the past year exceeding $1B, based on reported figures, indicating ongoing profitability challenges.
The persistent net losses, even as revenue accelerates, suggest that non-operating items such as interest expense, impairments, and pre-opening costs are weighing heavily on the bottom line. The negative net margin of -18.4% in 2026Q2, while improved from -47.3% in 2025Q4, still reflects a company that is not generating sustainable earnings. The lack of explicit guidance in the latest report may indicate management's uncertainty about when profitability can be achieved, warranting close monitoring of cost and financing initiatives.
SG&A Overhead Outpacing Revenue
SG&A expenses rose to $334.2M in 2026Q2, up from $274.4M a year earlier, as reported, representing a 21.8% increase that outpaces the 20.5% revenue growth.
The near-parallel growth in SG&A and revenue suggests that the company is not achieving economies of scale, likely due to investments in digital marketing and pre-opening costs for Chicago. The elevated SG&A as a percentage of revenue (42.2% in 2026Q2) is a concern, as it leaves little room for operating profit. Management's expense discipline will be critical to improving margins, but the current trajectory suggests that cost control has not yet been effective.
Growth Without Profitability Raises Red Flags
Despite 20.5% revenue growth, operating margin is -4.3% and net margin -18.4% in 2026Q2, per financials, suggesting that expansion is not translating into shareholder value.
Short-sellers would likely highlight that Bally's is growing revenue at an accelerating pace yet remains deeply unprofitable, with cumulative net losses exceeding $1 billion over the past four quarters. The high debt-to-equity ratio of 2.53 and negative ROE of -54.4% indicate that the company is burning through capital to fund growth, which may not be sustainable. If the Chicago project faces delays or cost overruns, or if the UK regulatory environment tightens, the company's ability to service its debt and achieve profitability could be further strained, making the current valuation appear vulnerable.