Revenue growth remains stagnant with quarterly fluctuations between -4.0% and 4.2%, while operating margins remain trapped in the 17% to 18% range despite gross margin volatility.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 11.56B | 11.49B | 11.24B | 11.53B | 10.82B | 9.57B | 3.63B | 2.53B | 2.06B | 1.47B | 900.47M | 719.78M | 361.82M | 247.19M | 254.74M | 8.57B | 8.55B | 8.91B | 10.13B | 10.82B | 9.67B | 7.01B | 4.4B | 3.95B | 3.75B | 3.65B | 3.33B | 2.89B | 2B | 1.62B | 1.59B |
| Revenue Growth % | 2.35% | 2.14% | -2.45% | 6.53% | 13.07% | 163.78% | 43.5% | 22.97% | 39.53% | 63.64% | 25.1% | 98.93% | 46.38% | -2.97% | -97.03% | 0.16% | -3.97% | -12.05% | -6.45% | 11.9% | 38% | 59.43% | 11.34% | 5.36% | 2.74% | 9.55% | 15.07% | 44.41% | 23.78% | 2.08% | 0.44% |
| Cost of Goods Sold | 6.48B | 7.16B | 5.42B | 5.39B | 5.4B | 4.65B | 1.85B | 1.29B | 1.13B | 806.91M | 546.81M | 446.78M | 225.5M | 146.08M | 148.44M | 4.56B | 4.69B | 4.74B | 5.39B | 5.58B | 4.86B | 3.62B | 2.31B | 2.07B | 1.91B | 1.8B | 1.65B | 1.41B | 1.03B | 829M | 781M |
| COGS % of Revenue | - | 62.34% | 48.19% | 46.8% | 49.91% | 48.56% | 50.88% | 50.98% | 55.01% | 54.76% | 60.72% | 62.07% | 62.32% | 59.1% | 58.27% | 53.2% | 54.85% | 53.16% | 53.22% | 51.53% | 50.21% | 51.61% | 52.63% | 52.39% | 50.96% | 49.48% | 49.55% | 48.72% | 51.25% | 51.2% | 49.24% |
| Gross Profit | 5.08B | 4.33B | 5.83B | 6.13B | 5.42B | 4.92B | 1.78B | 1.24B | 925M | 666.6M | 353.24M | 273M | 136.32M | 101.11M | 106.3M | 4.01B | 3.86B | 4.17B | 4.74B | 5.25B | 4.82B | 3.39B | 2.08B | 1.88B | 1.84B | 1.84B | 1.68B | 1.48B | 977M | 790M | 805M |
| Gross Margin % | 43.92% | 37.66% | 51.81% | 53.2% | 50.09% | 51.44% | 49.12% | 49.01% | 44.99% | 45.24% | 39.23% | 37.93% | 37.68% | 40.9% | 41.73% | 46.8% | 45.15% | 46.84% | 46.78% | 48.47% | 49.79% | 48.39% | 47.37% | 47.61% | 49.04% | 50.52% | 50.45% | 51.28% | 48.75% | 48.8% | 50.76% |
| Gross Profit Growth % | - | -25.75% | -5.01% | 13.15% | 10.1% | 176.26% | 43.83% | 33.95% | 38.76% | 88.71% | 29.39% | 100.26% | 34.83% | -4.88% | -97.35% | 3.81% | -7.43% | -11.93% | -9.72% | 8.93% | 42.01% | 62.84% | 10.8% | 2.29% | -0.27% | 9.7% | 13.21% | 51.89% | 23.67% | -1.86% | -3.48% |
| Operating Expenses | 3.02B | 2.25B | 3.52B | 3.66B | 3.68B | 3.46B | 2.17B | 829M | 615M | 572.32M | 264.96M | 200.49M | 118.77M | 78.53M | 90.46M | 3.15B | 3.22B | -185M | 8.27B | 3.6B | 3.32B | 2.37B | 1.31B | 1.22B | 1.13B | 1.27B | 1.4B | 1B | 689M | 577M | 568M |
| OpEx % of Revenue | - | 19.57% | 31.32% | 31.76% | 34.02% | 36.19% | 59.67% | 32.79% | 29.91% | 38.84% | 29.42% | 27.85% | 32.83% | 31.77% | 35.51% | 36.8% | 37.68% | -2.08% | 81.65% | 33.23% | 34.34% | 33.75% | 29.79% | 30.89% | 30.12% | 34.81% | 41.95% | 34.66% | 34.38% | 35.64% | 35.81% |
| Selling, General & Admin | 2.12B | 1.93B | 1.92B | 2.01B | 2.07B | 1.78B | 902M | 606.12M | 455.76M | 324.21M | 171.61M | 128.1M | 80.72M | 61.45M | 63.66M | 2.27B | 2.17B | 2.17B | 2.49B | 2.58B | 2.4B | 1.58B | 974M | 60M | 58M | 66M | 59M | 45M | 46M | 45M | 40M |
| SG&A % of Revenue | - | 16.77% | 17.07% | 17.45% | 19.11% | 18.62% | 24.86% | 23.97% | 22.17% | 22% | 19.06% | 17.8% | 22.31% | 24.86% | 24.99% | 26.53% | 25.38% | 24.4% | 24.6% | 23.88% | 24.86% | 22.53% | 22.15% | 1.52% | 1.55% | 1.81% | 1.77% | 1.55% | 2.3% | 2.78% | 2.52% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9M | 11M | 12M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.45% | 0.68% | 0.76% |
| Other Operating Expenses | 3M | 322M | 1.6B | 1.65B | 1.61B | 1.68B | 1.26B | 222.88M | 159.24M | 248.11M | 93.35M | 72.39M | 38.05M | 17.07M | 26.8M | 880M | 1.05B | -2.36B | 5.78B | 1.01B | 917M | 787M | 336M | 1.16B | 1.07B | 1.2B | 1.34B | 958M | 634M | 521M | 516M |
| Operating Income | 2.05B | 2.08B | 2.3B | 2.47B | 1.74B | 1.46B | -383M | 410M | 310M | 94.81M | 88.7M | 72.52M | 17.55M | 22.58M | 15.84M | 856M | 640M | 4.36B | -3.53B | 1.65B | 1.5B | 1.03B | 773M | 660M | 709M | 573M | 283M | 481M | 288M | 214M | 237M |
| Operating Margin % | 17.77% | 18.09% | 20.49% | 21.44% | 16.07% | 15.26% | -10.56% | 16.22% | 15.08% | 6.43% | 9.85% | 10.07% | 4.85% | 9.14% | 6.22% | 9.99% | 7.48% | 48.93% | -34.88% | 15.24% | 15.45% | 14.64% | 17.58% | 16.71% | 18.92% | 15.71% | 8.5% | 16.62% | 14.37% | 13.22% | 14.94% |
| Operating Income Growth % | - | -9.81% | -6.8% | 42.15% | 19.11% | 481.2% | -193.41% | 32.26% | 226.97% | 6.89% | 22.32% | 313.08% | -22.26% | 42.55% | -98.15% | 33.75% | -85.31% | 223.39% | -314.06% | 10.37% | 45.71% | 32.73% | 17.12% | -6.91% | 23.73% | 102.47% | -41.16% | 67.01% | 34.58% | -9.7% | 13.4% |
| EBITDA | 3.46B | 3.5B | 3.63B | 3.73B | 2.94B | 2.59B | 200M | 634.62M | 467.43M | 200.7M | 152.15M | 129.44M | 46.2M | 39.61M | 33.49M | 1.7B | 1.51B | 5.23B | -3.5B | 2.56B | 2.21B | 1.55B | 773.02M | 979.7M | 1.01B | 900.6M | 565.1M | 699.3M | 447.2M | 336.4M | 339.3M |
| EBITDA Margin % | 29.93% | 30.43% | 32.26% | 32.38% | 27.21% | 27.02% | 5.51% | 25.1% | 22.73% | 13.62% | 16.9% | 17.98% | 12.77% | 16.03% | 13.15% | 19.87% | 17.67% | 58.72% | -34.58% | 23.61% | 22.81% | 22.1% | 17.58% | 24.81% | 27.04% | 24.69% | 16.97% | 24.16% | 22.32% | 20.78% | 21.39% |
| EBITDA Growth % | -5.46% | -3.67% | -2.81% | 26.8% | 13.84% | 1193% | -68.49% | 35.77% | 132.9% | 31.91% | 17.55% | 180.18% | 16.62% | 18.28% | -98.03% | 12.58% | -71.1% | 249.34% | -237.03% | 15.84% | 42.44% | 100.38% | -21.1% | -3.34% | 12.55% | 59.37% | -19.19% | 56.37% | 32.94% | -0.85% | 11.47% |
| D&A (Non-Cash Add-back) | 1.41B | 1.42B | 1.32B | 1.26B | 1.21B | 1.13B | 583M | 224.62M | 157.43M | 105.89M | 63.45M | 56.92M | 28.64M | 17.03M | 17.65M | 845.9M | 871.7M | 872M | 29.84M | 905.8M | 711.4M | 523M | 21.19K | 319.7M | 304.6M | 327.6M | 282.1M | 218.3M | 159.2M | 122.4M | 102.3M |
| EBIT | 2.08B | 2.08B | 2.25B | 2.29B | 1.71B | 1.04B | -404M | 411.23M | 307M | 56.38M | 88.55M | 106.16M | 18.18M | 34.58M | 15.08M | 13.35M | 47.8M | 20.17M | 22.29M | 26.58M | 26.82M | 25.74M | 36.42K | 234.85B | 231M | 90M | -247M | 239M | 118M | 154M | 107M |
| Net Interest Income | -2.3B | -2.3B | -2.37B | -2.34B | -2.27B | -2.29B | -1.2B | -286M | -172M | -99.77M | -50.92M | -61.56M | -30.73M | -15.66M | -16.05M | -60.01M | -54.08M | -44.77M | -40.52M | -34.77M | -15.48M | -11.91M | -13.39K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 14M | 20M | 11M | 12M | 12M | 16M | 0 | 0 | 0 | 0 | 0 | 0 | 18K | 16K | 14K | 145K | 37K | 467K | 244K | 401K | 2M | 273K | 213 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.31B | 2.32B | 2.38B | 2.35B | 2.28B | 2.31B | 1.2B | 286.25M | 171.73M | 99.77M | 50.92M | 61.56M | 30.75M | 15.68M | 16.07M | 60.16M | 54.12M | 45.23M | 40.76M | 35.17M | 17.48M | 12.18M | 13.6K | 234.42B | -240M | -256M | -265M | -121M | -85M | -30M | -65M |
| Other Income/Expense | -2.49B | -2.53B | -2.43B | -2.53B | -2.3B | -2.73B | -1.22B | -285.02M | -174.38M | -138.2M | -51.07M | -27.91M | -30.11M | -3.69M | -16.83M | -2.12B | -1.98B | 0 | -2.13B | 0 | 0 | 0 | -260M | -232M | -238M | -227M | -265M | -121M | -85M | -30M | -65M |
| Pretax Income | -432M | -448M | -124M | -60M | -565M | -1.27B | -1.61B | 124.98M | 135.62M | -43.33M | 37.63M | 44.6M | -12.55M | 18.9M | -991K | -46.81M | -6.32M | 2.5B | -18.48M | 893M | 835M | 554M | 513M | 428M | 471M | 346M | 18M | 360M | 203M | 184M | 172M |
| Pretax Margin % | -3.74% | -3.9% | -1.1% | -0.52% | -5.22% | -13.26% | -44.27% | 4.94% | 6.6% | -2.94% | 4.18% | 6.2% | -3.47% | 7.64% | -0.39% | -0.55% | -0.07% | 28.05% | -0.18% | 8.25% | 8.63% | 7.9% | 11.67% | 10.84% | 12.57% | 9.48% | 0.54% | 12.44% | 10.13% | 11.37% | 10.84% |
| Income Tax | -10M | -11M | 87M | -888M | -41M | -283M | 132M | 43.98M | 40.39M | -117.27M | 13.1M | -69.58M | 1.77M | 0 | 0 | -506.9M | -1.36M | -1.36M | 360M | -2.12M | 5.09M | 5.82M | 8.27K | -172.2B | 174M | 126M | 15M | 129M | 75M | 69M | 67M |
| Effective Tax Rate % | 2.31% | 2.46% | -70.16% | 1480% | 7.26% | 22.3% | -8.22% | 35.19% | 29.78% | 270.64% | 34.82% | -156% | -14.08% | 0% | 0% | 1082.98% | 21.52% | -0.05% | -1948.58% | -0.24% | 0.61% | 1.05% | 0% | -40233.88% | 36.94% | 36.42% | 83.33% | 35.83% | 36.95% | 37.5% | 38.95% |
| Net Income | -485M | -502M | -278M | 786M | -899M | -1.02B | -1.76B | 81M | 95M | 73.38M | 24.53M | 114.18M | -14.43M | 18.9M | -991K | -50.37M | -831M | 828M | -5.2B | 619M | 536M | 236M | 368M | 293M | 235M | 209M | -12M | 208M | 102M | 99M | 99M |
| Net Margin % | -4.19% | -4.37% | -2.47% | 6.82% | -8.31% | -10.65% | -48.43% | 3.2% | 4.62% | 4.98% | 2.72% | 15.86% | -3.99% | 7.64% | -0.39% | -0.59% | -9.72% | 9.3% | -51.32% | 5.72% | 5.54% | 3.37% | 8.37% | 7.42% | 6.27% | 5.73% | -0.36% | 7.19% | 5.09% | 6.11% | 6.24% |
| Net Income Growth % | -106.38% | -80.58% | -135.37% | 187.43% | 11.78% | 42% | -2269.14% | -14.74% | 29.46% | 199.18% | -78.52% | 891.56% | -176.33% | 2006.86% | 98.03% | 93.94% | -200.36% | 115.93% | -939.58% | 15.49% | 127.12% | -35.87% | 25.6% | 24.68% | 12.44% | 1841.67% | -105.77% | 103.92% | 3.03% | 0% | 25.32% |
| Net Income (Continuing) | -422M | -437M | -211M | 828M | -524M | -986M | -1.74B | 81M | 95.23M | 73.38M | 24.53M | 114.18M | -14.32M | 18.9M | -991K | -51.15M | -4.96M | -23.7M | -15.28M | 0 | 4.25M | 7.73M | 14.56K | 293M | 235M | 209M | 0 | 208M | 102M | 99M | 99M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 787K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 181M | 182M | 219M | 168M | 38M | 61M | 18M | 0 | 0 | 0 | 0 | 0 | 103K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.38 | -2.42 | -1.29 | 3.64 | -4.20 | -4.83 | -13.52 | 1.03 | 1.22 | 1.08 | 0.25 | 1.17 | -0.15 | 0.19 | -0.01 | -1.81 | -0.19 | -0.82 | -0.65 | -0.23 | 0.16 | 0.27 | 3.26 | 2.66 | 2.06 | 1.80 | -0.10 | 1.61 | 1.00 | 0.98 | 0.95 |
| EPS Growth % | -117.29% | -87.6% | -135.44% | 186.67% | 13.04% | 64.28% | -1412.62% | -15.57% | 12.96% | 332% | -78.63% | 880% | -178.95% | - | 99.56% | -852.63% | 76.83% | -26.15% | -182.61% | -243.75% | -40.74% | -91.72% | 22.56% | 29.13% | 14.44% | 1900% | -106.21% | 61% | 2.04% | 3.16% | 23.38% |
| EPS (Basic) | - | -2.42 | -1.29 | 3.66 | -4.20 | -4.83 | -13.52 | 1.04 | 1.23 | 1.09 | 0.25 | 1.17 | -0.15 | 0.19 | -0.01 | -1.81 | -0.19 | -0.82 | -0.65 | -0.23 | 0.16 | 0.27 | 0.51 | 2.66 | 2.06 | 1.80 | -0.10 | 1.61 | 1.00 | 0.98 | 0.95 |
| Diluted Shares Outstanding | 204M | 208M | 215M | 216M | 214M | 211M | 130M | 78.59M | 78M | 68.1M | 97.78M | 97.78M | 97.78M | 97.78M | 125.3M | 125M | 99M | 125M | 125M | 189M | 188M | 150M | 113M | 110M | 114M | 116M | 117M | 129M | 102M | 101M | 104M |
| Basic Shares Outstanding | 204M | 208M | 215M | 215M | 214M | 211M | 130M | 77.68M | 77M | 67.13M | 97.78M | 97.78M | 97.78M | 97.78M | 125.3M | 125M | 99M | 125M | 125M | 189M | 188M | 150M | 113M | 110M | 114M | 116M | 117M | 129M | 102M | 101M | 104M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | 32.26% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High Debt Service Burden
According to quarterly financial disclosures, Caesars Entertainment has maintained a flat revenue trajectory, with growth hovering between -4.0% and 4.2% over the last ten quarters, suggesting that the company's hub-and-spoke model is currently struggling to generate meaningful top-line expansion in a competitive domestic gaming environment.
The lack of consistent revenue growth indicates that the company's core regional and Las Vegas segments are likely reaching a saturation point. Investors should monitor whether the recent pivot toward digital profitability can offset the sluggish performance of the physical property portfolio.
As reported in recent income statements, gross margins have exhibited significant fluctuations, dropping to 37.3% in 2025Q4 before recovering to 50.3% in 2026Q1, which highlights the sensitivity of the company's cost structure to gaming hold volatility and promotional intensity within the digital segment.
This margin instability suggests that Caesars lacks the pricing power to fully insulate its bottom line from operational variances. The recurring reliance on promotional allowances to drive engagement appears to be a structural drag on profitability that warrants further investigation.
Based on the provided income statement data, operating income has failed to scale consistently with gross profit, as evidenced by operating margins that have largely remained trapped in the 17% to 18% range despite periodic spikes in gross profit performance over the last two years.
The inability to expand operating margins suggests that fixed costs, particularly labor and property maintenance, are consuming the majority of incremental gross profit. This lack of operating leverage may indicate that the company's current cost-cutting initiatives are insufficient to overcome inflationary pressures.
Financial filings reveal that Caesars has reported net losses in nine of the last ten quarters, with net margins frequently dipping into negative territory, which raises significant questions regarding the quality of earnings and the company's ability to generate sustainable shareholder value under current conditions.
The consistent net losses, despite positive operating income, suggest that non-operating items—likely interest expenses related to the company's high debt load—are severely impacting the bottom line. Investors should be cautious, as these recurring losses may indicate a fundamental disconnect between operational performance and capital structure.
As noted in the company's financial disclosures, the combination of a 7.15 debt-to-equity ratio and persistent net losses creates a precarious situation where any downturn in consumer discretionary spending could lead to rapid margin compression and potential breaches of existing debt covenants.
Short-sellers would likely focus on the company's inability to achieve consistent net profitability despite its massive scale. The reliance on debt to fund operations appears to be a structural vulnerability that could limit management's flexibility during future economic cycles.
Quick answers to the most common questions about buying CZR stock.
For fiscal year 2025, Caesars Entertainment, Inc. (CZR) reported total revenue of $11.49B. This represents a 624.2% increase compared to $1.59B in 1996.
Caesars Entertainment, Inc. (CZR) reported a net loss of $502.0M for the fiscal year ending 2025.
Caesars Entertainment, Inc. (CZR) reported an operating income of $2.08B, resulting in an operating profit margin of 18.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Caesars Entertainment, Inc. (CZR) generated $4.33B in gross profit for the year, representing a gross profit margin of 37.7%. This demonstrates the company's core pricing power and production efficiency.