The company maintained robust NOI margins between 96.5% and 96.9% through 2025, though the 9.8% revenue decline in 2026Q1 marks a significant departure from previous growth trends.
| 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 |
|---|
| Revenue | 1.56B | 1.59B | 1.53B | 1.44B | 1.31B | 1.22B | 1.15B | 1.15B | 1.06B | 971.31M | 828.25M | 575.05M | 635.95M | 242.13M | 210.64M |
| Revenue Growth % | 0.34% | 4.13% | 6.33% | 9.81% | 7.84% | 5.48% | -0.03% | 9.26% | 8.69% | 17.27% | 44.03% | -9.57% | 162.65% | 14.95% | - |
| Property Operating Expenses | 590.66M | 604.22M | 47.67M | 45.93M | 52.35M | 90.43M | 85.74M | 117.14M | 194.24M | 189.16M | 151.91M | 122.19M | 144.88M | 100.14M | 127.82M |
| Net Operating Income (NOI) | 965.38M | 990.54M | 1.48B | 1.39B | 1.26B | 1.13B | 1.07B | 1.04B | 861.49M | 782.15M | 676.34M | 452.87M | 491.06M | 141.99M | 82.83M |
| NOI Margin % | 62.04% | 62.11% | 96.89% | 96.81% | 96.01% | 92.57% | 92.56% | 89.84% | 81.6% | 80.53% | 81.66% | 78.75% | 77.22% | 58.64% | 39.32% |
| Operating Expenses | -247M | -210.79M | 353.19M | 325.76M | 229.42M | 284.15M | 258.15M | 318.91M | 208.22M | 176.63M | 195.72M | 195.45M | 187.68M | 85.61M | 45.48M |
| G&A Expenses | 101.57M | 0 | 59.57M | 56.45M | 51.32M | 61.24M | 68.57M | 65.39M | 71.13M | 63.15M | 86.17M | 85.67M | 80.84M | 56.69M | 31.39M |
| EBITDA | 1.49B | 1.48B | 1.4B | 1.35B | 1.28B | 1.09B | 1.05B | 976.39M | 996.27M | 971.31M | 828.25M | 367.2M | 410.23M | 89.5M | 57.76M |
| EBITDA Margin % | 95.72% | 93.07% | 91.68% | 93.39% | 97.92% | 89.93% | 91.25% | 84.65% | 94.37% | 100% | 100% | 63.85% | 64.51% | 36.97% | 27.42% |
| Depreciation & Amortization | 213.66M | 282.94M | 273.42M | 276.42M | 254.55M | 252.05M | 243M | 258.97M | 402.46M | 365.79M | 347.63M | 109.78M | 106.84M | 28.92M | 14.09M |
| D&A / Revenue % | 13.73% | 17.74% | 17.85% | 19.19% | 19.41% | 20.72% | 21.07% | 22.45% | 38.12% | 37.66% | 41.97% | 19.09% | 16.8% | 11.95% | 6.69% |
| Operating Income | 1.28B | 1.2B | 1.13B | 1.07B | 1.03B | 841.77M | 809.27M | 717.42M | 593.81M | 605.52M | 480.62M | 257.42M | 303.38M | 60.58M | 43.67M |
| Operating Margin % | 81.99% | 75.33% | 73.83% | 74.2% | 78.52% | 69.2% | 70.18% | 62.2% | 56.25% | 62.34% | 58.03% | 44.76% | 47.71% | 25.02% | 20.73% |
| Interest Expense | 1000K | 373.88M | 366.9M | 323.39M | 309.29M | 283.04M | 282.14M | 301.52M | 247.68M | 217.07M | 185.9M | 124.18M | 117.03M | 19.25M | 0 |
| Interest Coverage | - | 3.28x | 3.21x | 3.34x | 3.33x | 2.99x | 2.81x | 2.31x | 2.39x | 2.80x | 2.60x | 2.09x | 2.23x | 2.58x | - |
| Non-Operating Income | -110.37M | -25.14M | -45.99M | -12.05M | 284K | -3.7M | 17.54M | 20.26M | 1.65M | -1.94M | -2.12M | -2.33M | -2.44M | 4.2M | 6.32M |
| Pretax Income | 921.63M | 852.59M | 809.78M | 757.37M | 720.34M | 562.43M | 509.59M | 395.64M | 344.48M | 390.38M | 296.85M | 135.56M | 188.8M | 37.13M | 37.35M |
| Pretax Margin % | 59.23% | 53.46% | 52.87% | 52.58% | 54.92% | 46.24% | 44.19% | 34.3% | 32.63% | 40.19% | 35.84% | 23.57% | 29.69% | 15.33% | 17.73% |
| Income Tax | 2.23M | 2.23M | 2.13M | 2M | 17.05M | 28.34M | 3.88M | 4.76M | 4.96M | 9.79M | 7.54M | 7.44M | 3.41M | 17.3M | 14.43M |
| Effective Tax Rate % | 0.24% | 0.26% | 0.26% | 0.26% | 2.37% | 5.04% | 0.76% | 1.2% | 1.44% | 2.51% | 2.54% | 5.49% | 1.81% | 46.59% | 38.64% |
| Net Income | 891.76M | 825.11M | 784.62M | 734.28M | 684.65M | 534.05M | 505.71M | 390.88M | 339.52M | 380.6M | 289.31M | 128.12M | 185.38M | 19.83M | 22.92M |
| Net Margin % | 57.31% | 51.74% | 51.23% | 50.98% | 52.2% | 43.91% | 43.85% | 33.89% | 32.16% | 39.18% | 34.93% | 22.28% | 29.15% | 8.19% | 10.88% |
| Net Income Growth % | 15.01% | 5.16% | 6.86% | 7.25% | 28.2% | 5.6% | 29.38% | 15.13% | -10.79% | 31.56% | 125.8% | -30.89% | 834.87% | -13.48% | - |
| Funds From Operations (FFO) | 1.16B | 1.11B | 1.06B | 1.01B | 939.2M | 786.1M | 748.71M | 649.85M | 741.98M | 746.39M | 636.94M | 237.91M | 292.23M | 48.75M | 37.01M |
| FFO Margin % | 74.86% | 69.48% | 69.08% | 70.17% | 71.6% | 64.63% | 64.93% | 56.34% | 70.28% | 76.84% | 76.9% | 41.37% | 45.95% | 20.14% | 17.57% |
| FFO Growth % | 22.71% | 4.73% | 4.68% | 7.61% | 19.48% | 4.99% | 15.21% | -12.42% | -0.59% | 17.18% | 167.73% | -18.59% | 499.4% | 31.73% | - |
| FFO per Share | 4.16 | 3.96 | 3.87 | 3.81 | 3.70 | 3.33 | 3.41 | 3.01 | 3.45 | 3.51 | 3.52 | 2.01 | 2.49 | 0.44 | 0.42 |
| FFO Payout Ratio % | 56.9% | 78.69% | 78.51% | 82.51% | 82.08% | 80.64% | 30.79% | 90.66% | 74.18% | 70.92% | 67.25% | 105.81% | 169.08% | 0% | 0% |
| EPS (Diluted) | 3.19 | 2.94 | 2.87 | 2.77 | 2.70 | 2.26 | 2.30 | 1.81 | 1.58 | 1.79 | 1.60 | 1.08 | 1.58 | 0.17 | 0.26 |
| EPS Growth % | 10666.67% | 2.44% | 3.61% | 2.59% | 19.47% | -1.74% | 27.07% | 14.56% | -11.73% | 11.88% | 48.15% | -31.65% | 829.41% | -34.62% | - |
| EPS (Basic) | - | 2.95 | 2.87 | 2.78 | 2.71 | 2.27 | 2.31 | 1.82 | 1.59 | 1.80 | 1.62 | 1.12 | 1.65 | 0.18 | 0.26 |
| Diluted Shares Outstanding | 279.92M | 279.92M | 273.53M | 264.99M | 253.85M | 236.23M | 219.77M | 215.79M | 214.78M | 212.75M | 180.82M | 118.63M | 117.33M | 110.17M | 89.02M |
Tenant concentration and iGaming
According to the provided financial data, GLPI experienced a revenue contraction of 9.8% in 2026Q1, marking a sharp reversal from the consistent mid-single-digit growth observed throughout 2024 and 2025, which warrants further investigation into the sustainability of the company's current regional acquisition-led expansion strategy.
The recent revenue decline suggests that the historical tailwinds from portfolio expansion may be encountering headwinds or integration friction. Investors should monitor whether this deceleration reflects a broader cooling in regional gaming demand or specific challenges in the company's recent efforts to diversify its tenant base beyond Penn Entertainment.
As reported in financial statements, GLPI maintained a robust NOI margin of approximately 96.5% to 96.9% for most of the observed period, confirming that the triple-net lease model effectively shields the REIT from the volatility of property-level operating expenses and inflationary pressures on maintenance costs.
The anomalous 2025Q4 NOI margin of -38.3% appears to be a significant outlier that warrants further investigation, as it deviates sharply from the company's historical performance. Excluding this period, the consistency of the margin profile suggests that the REIT's profitability remains highly predictable and insulated from operational cost spikes.
Based on reported figures, FFO per share exhibited significant quarterly fluctuations, ranging from a low of $0.81 in 2025Q2 to a high of $1.20 in 2025Q4, which suggests that headline FFO metrics may be sensitive to non-recurring items or timing differences in lease accounting.
The divergence between FFO and AFFO in recent quarters indicates that non-cash adjustments remain a critical component of the company's earnings quality. Analysts should focus on the AFFO trajectory to better assess the true cash-generating capacity available for dividend distributions and future capital allocation.
As indicated by the provided income statement data, the significant gap between GAAP net income and FFO highlights the distortive impact of real estate depreciation, which may lead to an underestimation of the company's true economic earnings power by investors relying solely on standard net income.
The reliance on GAAP net income as a performance metric appears fundamentally flawed for this REIT, given the massive non-cash charges inherent in its asset base. Investors should remain cautious of the volatility in EPS, which may not accurately reflect the underlying cash flow stability provided by the long-term master lease structures.
Quick answers to the most common questions about buying GLPI stock.
For fiscal year 2025, Gaming and Leisure Properties, Inc. (GLPI) reported total revenue of $1.59B. This represents a 657.1% increase compared to $210.6M in 2012.
Gaming and Leisure Properties, Inc. (GLPI) is profitable, generating $825.1M in net income for the fiscal year ending 2025 with a net profit margin of 51.7%.
Gaming and Leisure Properties, Inc. (GLPI) reported an operating income of $1.20B, resulting in an operating profit margin of 75.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Gaming and Leisure Properties, Inc. (GLPI) generated $990.5M in gross profit for the year, representing a gross profit margin of 62.1%. This demonstrates the company's core pricing power and production efficiency.