Revenue has been stable near $2.9B with 3.0% growth in Q2 2026, but net losses persist at -$41M due to interest drag, despite operating margins around 17%.
Caesars Entertainment, Inc. (CZR) annual income statement — 30-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 | 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 | 11.65B | 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 % | 2.41% | 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 | 5.06B | 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 | 6.59B | 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 % | 56.54% | 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 | 4.54B | 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 | 2.16B | 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 | 2.04B | 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 % | 17.52% | 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 | 3.44B | 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 % | 29.52% | 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 % | -7.53% | -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) | 1.4B | 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 | 1.87B | 1.88B | 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 | -2.29B | -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 | 10M | 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 | 2.3B | 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 | -2.47B | -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 | -433M | -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 % | -3.72% | -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 | -11M | -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 % | 2.54% | 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 | -444M | -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 % | -3.81% | -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 % | -127.69% | -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 | 177M | 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) | -2.18 | -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 % | -147.64% | -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% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
High leverage and interest burden
Metrics are mathematically derived from official filings.
Stable Top-Line Amidst Regional Softness
CZR's revenue has hovered near $2.9B for the past year, with Q2 2026 growth of 3.0% year-over-year, according to recent financial statements, suggesting a plateau rather than acceleration.
The 3.0% growth in Q2 2026, while positive, is modest and follows a pattern of low single-digit increases over the last four quarters. This stability appears to be driven by resilient Las Vegas demand, but regional segments may be facing headwinds, as indicated by the slight revenue miss versus consensus. Investors should monitor whether this reflects a broader slowdown in discretionary spending or a temporary disruption.
Gross Margin Volatility Masks Structural Pressures
Gross margin swung from 50.3% in Q1 2026 to 100.0% in Q2 2026, per reported data, likely due to promotional allowance accounting, obscuring the underlying gaming tax and labor cost pressures.
The reported gross margin of 100% in Q2 2026 is an anomaly, likely reflecting a reclassification of promotional allowances or a change in revenue presentation. Excluding this, margins have been volatile, ranging from 37% to 53% over the past year. This volatility suggests that the company's cost structure is sensitive to mix shifts between gaming and non-gaming revenue, and the high fixed-cost base may limit margin expansion.
Operating Leverage Stalled by Fixed Costs
Operating income has remained flat around $500M for the last four quarters, despite revenue growth, indicating that SG&A and other fixed costs are absorbing any incremental revenue, as per SEC filings.
Operating margin has compressed from 18.1% in Q2 2025 to 17.1% in Q2 2026, suggesting that the company is not achieving operating leverage. SG&A expenses have increased from $477M to $521M over the same period, outpacing revenue growth. This may indicate that the company is investing in labor or marketing, but the lack of margin expansion raises questions about cost discipline.
Persistent Net Losses Despite Positive Operating Income
CZR reported a net loss of $41M in Q2 2026, with a net margin of -1.4%, according to financial statements, indicating that interest expenses and other non-operating charges are eroding operating profitability.
The gap between operating income of $513M and net loss of $41M highlights a substantial interest burden, consistent with the company's high debt-to-equity ratio of 7.15. This suggests that the company's earnings quality is low, as a significant portion of operating profits is consumed by debt service. Investors should monitor the sustainability of this trend, especially if interest rates remain elevated.
SG&A Creep and Interest Drag
SG&A expenses rose to $521M in Q2 2026 from $477M a year earlier, per reported figures, while interest costs continue to weigh heavily, reflecting the company's high leverage and labor cost pressures.
The increase in SG&A, despite flat revenue, suggests that the company is facing cost inflation, particularly in labor and marketing. The interest expense, implied by the net loss, is a significant fixed cost that limits profitability. Management's ability to control these costs will be critical to improving margins, but the recent labor contracts in Las Vegas may set a higher cost base.
Leverage and Digital Drag Pose Risks
With a debt-to-equity ratio of 7.15 and a net margin of -4.37%, CZR's high leverage and digital segment losses could continue to suppress earnings, as per balance sheet data.
Short-sellers may argue that the company's high leverage makes it vulnerable to rising interest rates and economic downturns, which could lead to covenant breaches or equity dilution. Additionally, the digital segment's promotional spending may continue to drag on margins, despite management's pivot to profitability. The recent revenue miss and breakeven EPS in Q2 2026 could be a sign of weakening demand, warranting close monitoring.