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GLPI logoGaming and Leisure Properties, Inc.(GLPI)Earnings, Financials & Key Ratios

GLPI•NASDAQ•REIT / Real Estate
$48.04
$13.61B mkt cap·16.3× P/E·Price updated May 6, 2026
SectorReal EstateIndustrySpecialty REITsSub-IndustryExperiential and Specialty Net Lease
AboutGaming & Leisure Properties, Inc. engages in the provision of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. The company was founded on February 13, 2013 and is headquartered in Wyomissing, PA.Show more
  • Revenue$1.59B+4.1%
  • FFO$1.11B+4.7%
  • FFO/Share3.96+2.3%
  • FFO Payout78.69%+0.2%
  • FFO per Share3.96+2.3%
  • NOI Margin62.11%-35.9%
  • FFO Margin69.48%+0.6%
  • ROE17.09%-0.3%
  • ROA6.29%+0.7%
  • Debt/Assets60.35%
  • Net Debt/EBITDA5.10-5.6%
  • Book Value/Share17.89+5.4%
Analysis→Technical→

GLPI Key Insights

Gaming and Leisure Properties, Inc. (GLPI) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Sustainable FFO payout ratio of 78.7%
  • ✓High NOI margin of 62.1%
  • ✓Good 3Y average ROE of 17.1%
  • ✓Trading near 52-week high

✗Weaknesses

  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

GLPI Price & Volume

Gaming and Leisure Properties, Inc. (GLPI) stock price & volume — 10-year historical chart

Loading chart...

GLPI Growth Metrics

Gaming and Leisure Properties, Inc. (GLPI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years10.74%
5 Years6.7%
3 Years6.73%
TTM0.34%

Profit CAGR

10 Years20.47%
5 Years10.29%
3 Years6.42%
TTM15.01%

EPS CAGR

10 Years10.53%
5 Years5.03%
3 Years2.88%
TTM10666.67%

Return on Capital

10 Years9.25%
5 Years9.43%
3 Years9.43%
Last Year9.29%

GLPI Recent Earnings

Gaming and Leisure Properties, Inc. (GLPI) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 8/12 qtrs (67%)●Beat Revenue 6/12 qtrs (50%)
Q2 2026Latest
Apr 23, 2026
EPS
$1.02
Est $0.79
+29.0%
Revenue
$420M
Est $409M
+2.7%
Q1 2026
Feb 19, 2026
EPS
$0.95
Est $0.76
+25.8%
Revenue
$407M
Est $405M
+0.4%
Q4 2025
Oct 30, 2025
EPS
$0.97
Est $0.96
+1.0%
Revenue
$398M
Est $406M
-2.2%
Q3 2025
Jul 24, 2025
EPS
$0.96
Est $0.96
+0.0%
Revenue
$395M
Est $401M
-1.4%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 23, 2026
$1.02vs $0.79+29.0%
$420Mvs $409M+2.7%
Q1 2026Feb 19, 2026
$0.95vs $0.76+25.8%
$407Mvs $405M+0.4%
Q4 2025Oct 30, 2025
$0.97vs $0.96+1.0%
$398Mvs $406M-2.2%
Q3 2025Jul 24, 2025
$0.96vs $0.96+0.0%
$395Mvs $401M-1.4%
Based on last 12 quarters of dataView full earnings history →

GLPI Peer Comparison

Gaming and Leisure Properties, Inc. (GLPI) competitors in Experiential and Specialty Net Lease — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
VICI logoVICIVICI Properties Inc.Direct Competitor30.62B28.6510.984.08%76.69%11.05%
MPW logoMPWMedical Properties Trust, Inc.Direct Competitor3.37B5.65-17.12-2.36%-20.44%-4.31%0.03
NNN logoNNNNNN REIT, Inc.Direct Competitor8.51B44.7121.606.55%41.38%8.81%1.09
WPC logoWPCW. P. Carey Inc.Direct Competitor16.19B73.85358.89%26.02%6.29%1.07
O logoORealty Income CorporationProduct Competitor59.69B64.0154.719.07%13.51%2%0.82
EPRT logoEPRTEssential Properties Realty Trust, Inc.Product Competitor6.79B31.4024.5324.97%43.28%6.3%0.60
ADC logoADCAgree Realty CorporationProduct Competitor9.19B76.5043.2216.42%29.28%3.65%0.53
PENN logoPENNPENN Entertainment, Inc.Supply Chain2.24B16.75-2.875.82%-12.11%-34.66%4.58

Compare GLPI vs Peers

Gaming and Leisure Properties, Inc. (GLPI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs VICI

Most directly comparable listed peer for GLPI.

Scale Benchmark

vs O

Larger-name benchmark to compare GLPI against a more recognizable public peer.

Peer Set

Compare Top 5

vs VICI, MPW, NNN, WPC

GLPI Income Statement

Gaming and Leisure Properties, Inc. (GLPI) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue971.31M1.06B1.15B1.15B1.22B1.31B1.44B1.53B1.59B1.56B
Revenue Growth %17.27%8.69%9.26%-0.03%5.48%7.84%9.81%6.33%4.13%0.34%
Property Operating Expenses189.16M194.24M117.14M85.74M90.43M52.35M45.93M47.67M604.22M590.66M
Net Operating Income (NOI)
782.15M▲ 0%
861.49M▲ 10.1%
1.04B▲ 20.3%
1.07B▲ 3.0%
1.13B▲ 5.5%
1.26B▲ 11.8%
1.39B▲ 10.7%
1.48B▲ 6.4%
990.54M▼ 33.2%
965.38M▲ 0%
NOI Margin %80.53%81.6%89.84%92.56%92.57%96.01%96.81%96.89%62.11%62.04%
Operating Expenses176.63M208.22M318.91M258.15M284.15M229.42M325.76M353.19M-210.79M-247M
G&A Expenses63.15M71.13M65.39M68.57M61.24M51.32M56.45M59.57M0101.57M
EBITDA971.31M996.27M976.39M1.05B1.09B1.28B1.35B1.4B1.48B1.49B
EBITDA Margin %100%94.37%84.65%91.25%89.93%97.92%93.39%91.68%93.07%95.72%
Depreciation & Amortization365.79M402.46M258.97M243M252.05M254.55M276.42M273.42M282.94M213.66M
D&A / Revenue %37.66%38.12%22.45%21.07%20.72%19.41%19.19%17.85%17.74%13.73%
Operating Income
605.52M▲ 0%
593.81M▼ 1.9%
717.42M▲ 20.8%
809.27M▲ 12.8%
841.77M▲ 4.0%
1.03B▲ 22.4%
1.07B▲ 3.8%
1.13B▲ 5.8%
1.2B▲ 6.2%
1.28B▲ 0%
Operating Margin %62.34%56.25%62.2%70.18%69.2%78.52%74.2%73.83%75.33%81.99%
Interest Expense217.07M247.68M301.52M282.14M283.04M309.29M323.39M366.9M373.88M1000K
Interest Coverage2.80x2.39x2.31x2.81x2.99x3.33x3.34x3.21x3.28x-
Non-Operating Income-1.94M1.65M20.26M17.54M-3.7M284K-12.05M-45.99M-25.14M-110.37M
Pretax Income
390.38M▲ 0%
344.48M▼ 11.8%
395.64M▲ 14.9%
509.59M▲ 28.8%
562.43M▲ 10.4%
720.34M▲ 28.1%
757.37M▲ 5.1%
809.78M▲ 6.9%
852.59M▲ 5.3%
921.63M▲ 0%
Pretax Margin %40.19%32.63%34.3%44.19%46.24%54.92%52.58%52.87%53.46%59.23%
Income Tax9.79M4.96M4.76M3.88M28.34M17.05M2M2.13M2.23M2.23M
Effective Tax Rate %2.51%1.44%1.2%0.76%5.04%2.37%0.26%0.26%0.26%0.24%
Net Income
380.6M▲ 0%
339.52M▼ 10.8%
390.88M▲ 15.1%
505.71M▲ 29.4%
534.05M▲ 5.6%
684.65M▲ 28.2%
734.28M▲ 7.2%
784.62M▲ 6.9%
825.11M▲ 5.2%
891.76M▲ 0%
Net Margin %39.18%32.16%33.89%43.85%43.91%52.2%50.98%51.23%51.74%57.31%
Net Income Growth %31.56%-10.79%15.13%29.38%5.6%28.2%7.25%6.86%5.16%15.01%
Funds From Operations (FFO)
746.39M▲ 0%
741.98M▼ 0.6%
649.85M▼ 12.4%
748.71M▲ 15.2%
786.1M▲ 5.0%
939.2M▲ 19.5%
1.01B▲ 7.6%
1.06B▲ 4.7%
1.11B▲ 4.7%
1.16B▲ 0%
FFO Margin %76.84%70.28%56.34%64.93%64.63%71.6%70.17%69.08%69.48%74.86%
FFO Growth %17.18%-0.59%-12.42%15.21%4.99%19.48%7.61%4.68%4.73%22.71%
FFO per Share3.513.453.013.413.333.703.813.873.964.16
FFO Payout Ratio %70.92%74.18%90.66%30.79%80.64%82.08%82.51%78.51%78.69%56.9%
EPS (Diluted)
1.79▲ 0%
1.58▼ 11.7%
1.81▲ 14.6%
2.30▲ 27.1%
2.26▼ 1.7%
2.70▲ 19.5%
2.77▲ 2.6%
2.87▲ 3.6%
2.94▲ 2.4%
3.19▲ 0%
EPS Growth %11.88%-11.73%14.56%27.07%-1.74%19.47%2.59%3.61%2.44%10666.67%
EPS (Basic)1.801.591.822.312.272.712.782.872.95-
Diluted Shares Outstanding212.75M214.78M215.79M219.77M236.23M253.85M264.99M273.53M279.92M279.92M

GLPI Balance Sheet

Gaming and Leisure Properties, Inc. (GLPI) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets7.25B8.58B8.43B9.03B10.69B10.93B11.81B13.33B12.91B13.77B
Asset Growth %-1.66%18.36%-1.67%7.11%18.33%2.24%8.02%12.91%-3.16%17.2%
Real Estate & Other Assets3.72B7.4B7.14B7.63B7.83B7.95B8.22B8.21B915.06M0
PP&E (Net)108.29M100.88M278.14M231.96M183.14M181.24M196.25M244.59M242.05M1.07B
Investment Securities00000001000K1000K0
Total Current Assets2.69B373.43M334.74M547.9M2B2.14B2.75B3.77B224.31M274.51M
Cash & Equivalents29.05M25.78M26.82M486.45M724.6M239.08M683.98M462.63M224.31M274.51M
Receivables1000K1000K1000K01000K1000K1000K1000K00
Other Current Assets00059.35M77.73M039.04M000
Intangible Assets649.73M682.78M9.58M617.86M668.68M652.82M639.27M847.19M00
Total Liabilities4.79B6.31B6.36B6.36B7.3B6.81B7.3B8.69B7.9B8.73B
Total Debt4.44B6.26B5.97B5.91B6.79B6.36B6.88B8.04B7.79B303.08M
Net Debt4.41B6.23B5.94B5.42B6.07B6.13B6.19B7.58B7.57B28.57M
Long-Term Debt4.44B5.85B5.52B5.75B6.55B6.13B6.63B7.74B7.43B0
Short-Term Borrowings0402M46M0000023.47M303.08M
Capital Lease Obligations1.23M1.11M184.96M152.2M237.25M235.76M251.11M305.76M342.2M951.09M
Total Current Liabilities320.1M431.87M411.19M412.11M471.22M420.37M382.47M347.22M23.47M509.28M
Accounts Payable715K2.51M1.01M375K63.54M6.56M7.01M5.8M00
Deferred Revenue232.02M293.91M328.49M333.06M329.07M324.77M284.89M228.51M205.79M206.2M
Other Liabilities-206.61M-267.85M-301.83M39.98M39.46M27.69M36.57M296.39M-95.56M8.22B
Total Equity
2.46B▲ 0%
2.27B▼ 7.8%
2.07B▼ 8.4%
2.68B▲ 29.0%
3.39B▲ 26.7%
4.12B▲ 21.5%
4.51B▲ 9.5%
4.65B▲ 3.0%
5.01B▲ 7.8%
5.04B▲ 0%
Equity Growth %1%-7.84%-8.45%28.96%26.73%21.47%9.49%3.03%7.81%34.1%
Shareholders Equity2.46B2.27B2.07B2.68B3.19B3.78B4.16B4.27B4.63B4.63B
Minority Interest0000205.13M340.14M352.05M376.96M381.81M401.97M
Common Stock2.13M2.14M2.15M2.33M2.47M2.61M2.71M2.74M2.83M2.83M
Additional Paid-in Capital3.93B3.95B3.96B4.28B4.95B5.57B6.05B6.21B6.61B0
Retained Earnings-1.48B-1.69B-1.89B-1.61B-1.77B-1.8B-1.9B-1.94B-1.99B-1.98B
Preferred Stock0000000000
Return on Assets (ROA)5.21%4.29%4.6%5.79%5.42%6.33%6.46%6.24%6.29%6.87%
Return on Equity (ROE)15.56%14.37%18.01%21.3%17.61%18.24%17.02%17.14%17.09%17.89%
Debt / Assets61.31%72.93%70.76%65.38%63.51%58.23%58.26%60.32%60.35%2.2%
Debt / Equity1.81x2.76x2.88x2.21x2.00x1.55x1.53x1.73x1.56x1.56x
Net Debt / EBITDA4.54x6.25x6.08x5.15x5.54x4.77x4.61x5.40x5.10x5.10x
Book Value per Share11.5510.559.6112.1714.3516.2217.0216.9817.8917.99

GLPI Cash Flow Statement

Gaming and Leisure Properties, Inc. (GLPI) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations598.71M654.43M750.3M428.08M803.78M920.13M1.01B1.07B1.13B1.13B
Operating CF Growth %16.4%9.31%14.65%-42.95%87.76%14.48%9.7%6.28%5.28%-77.37%
Operating CF / Revenue %61.64%61.99%65.05%37.12%66.08%70.15%70.08%70.04%70.82%72.58%
Net Income380.6M339.52M390.88M505.71M534.09M703.28M755.37M784.16M0891.76M
Depreciation & Amortization123.83M148.37M258.97M243M252.05M254.55M276.42M273.42M0-69.28M
Stock-Based Compensation15.64M11.15M16.2M20M16.83M20.43M22.87M00-8.86M
Other Non-Cash Items79.53M137.29M80.14M-345.7M-7.59M-68.37M-45.62M-2.99M1.14B1.1B
Working Capital Changes-324K18.63M4.87M4.62M3.08M10.24M321K18.18M-12.01M21.97M
Cash from Investing698K-1.51B-2.82M-9.49M-1.03B-354.49M-650.83M-1.61B-308.76M-842.76M
Acquisitions (Net)0005.88M58.99M-148.71M0000
Purchase of Investments-83.25M-1.55B0-5.9M-592.24M-129.05M-463.19M-1.09B00
Sale of Investments87.21M41.67M015K16.2M148.71M0340.98M15.13M-534.99M
Other Investing3.95M-1.51B200K-5.88M-497.58M-201.42M-140.2M-852.46M-323.88M-307.77M
Cash from Financing-606.91M852.08M-746.45M63.17M443.07M-1.05B86.35M311.82M-1.06B21.27M
Dividends Paid-529.37M-550.43M-589.13M-230.52M-633.9M-770.86M-833.98M-830.72M-871.87M-662.81M
Common Dividends-529.37M-550.43M-589.13M-230.52M-633.9M-770.86M-833.98M-830.72M-871.87M-662.81M
Debt Issuance (Net)-1000K1000K-1000K-248K1000K-1000K1000K1000K-1000K1.97M
Share Repurchases00-255K00000014.8M
Other Financing18.16M-26.77M-19.09M-26.93M-16.98M-32.59M-41.52M-64M-40.66M-180.77M
Net Change in Cash
-7.5M▲ 0%
-3.27M▲ 56.4%
1.04M▲ 131.8%
459.63M▲ 44095.0%
238.14M▼ 48.2%
-485.51M▼ 303.9%
444.9M▲ 191.6%
-221.35M▼ 149.8%
-238.32M▼ 7.7%
55.44M▲ 0%
Exchange Rate Effect000-22.13M22.13M00001K
Cash at Beginning36.56M29.05M25.78M26.82M486.45M724.6M239.08M683.98M462.63M0
Cash at End29.05M25.78M26.82M486.45M724.6M239.08M683.98M462.63M224.31M0
Free Cash Flow
595.46M▲ 0%
650.13M▲ 9.2%
747.28M▲ 14.9%
424.47M▼ 43.2%
787.58M▲ 85.5%
896.1M▲ 13.8%
961.93M▲ 7.3%
1.03B▲ 7.4%
824.97M▼ 20.1%
585.39M▲ 0%
FCF Growth %16.54%9.18%14.94%-43.2%85.54%13.78%7.35%7.4%-20.14%-42.32%
FCF / Revenue %61.3%61.58%64.79%36.81%64.75%68.32%66.78%67.45%51.73%37.62%

GLPI Key Ratios

Gaming and Leisure Properties, Inc. (GLPI) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share3.513.453.013.413.333.73.813.873.964.16
FFO Payout Ratio70.92%74.18%90.66%30.79%80.64%82.08%82.51%78.51%78.69%56.9%
NOI Margin80.53%81.6%89.84%92.56%92.57%96.01%96.81%96.89%62.11%62.04%
Net Debt / EBITDA4.54x6.25x6.08x5.15x5.54x4.77x4.61x5.40x5.10x5.10x
Debt / Assets61.31%72.93%70.76%65.38%63.51%58.23%58.26%60.32%60.35%2.2%
Interest Coverage2.80x2.39x2.31x2.81x2.99x3.33x3.34x3.21x3.28x-
Book Value / Share11.5510.559.6112.1714.3516.2217.0216.9817.8917.99
Revenue Growth17.27%8.69%9.26%-0.03%5.48%7.84%9.81%6.33%4.13%0.34%

GLPI SEC Filings & Documents

Gaming and Leisure Properties, Inc. (GLPI) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 24, 2026·SEC

Material company update

Mar 10, 2026·SEC

Material company update

Mar 5, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 19, 2026·SEC

FY 2025

Feb 20, 2025·SEC

FY 2024

Feb 27, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 23, 2026·SEC

FY 2025

Oct 30, 2025·SEC

FY 2025

Jul 24, 2025·SEC

GLPI Frequently Asked Questions

Gaming and Leisure Properties, Inc. (GLPI) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Gaming and Leisure Properties, Inc. (GLPI) reported $1.56B in revenue for fiscal year 2025. This represents a 639% increase from $210.6M in 2012.

Gaming and Leisure Properties, Inc. (GLPI) grew revenue by 4.1% over the past year. Growth has been modest.

Yes, Gaming and Leisure Properties, Inc. (GLPI) is profitable, generating $891.8M in net income for fiscal year 2025 (51.7% net margin).

Dividend & Returns

Yes, Gaming and Leisure Properties, Inc. (GLPI) pays a dividend with a yield of 6.48%. This makes it attractive for income-focused investors.

Gaming and Leisure Properties, Inc. (GLPI) has a return on equity (ROE) of 17.1%. This is reasonable for most industries.

Industry Metrics

Gaming and Leisure Properties, Inc. (GLPI) generated Funds From Operations (FFO) of $1.16B in the trailing twelve months. FFO is the primary profitability metric for REITs.

Gaming and Leisure Properties, Inc. (GLPI) offers a 6.48% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More GLPI

Gaming and Leisure Properties, Inc. (GLPI) financial analysis — history, returns, DCA and operating performance tools

Full GLPI Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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