Earnings (Loss) per Share (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Antidilutive Securities Excluded From Computation of Earnings (Loss) Per Share

We recorded a net loss attributable to PENN for both of the three months ended June 30, 2025 and 2024, and for the six months ended June 30, 2024. As such, the dilution from potential common shares was anti-dilutive, and therefore, we used basic weighted-average common shares outstanding rather than diluted weighted-average common shares outstanding when calculating diluted loss per share. Stock options, restricted stock, and convertible debt that could potentially dilute basic EPS in the future, that were not included in the computation of diluted loss per share, are as follows:


	For the three months ended June 30,		For the six months ended June 30,
(in millions)	2025	2024	2024
Assumed conversion of dilutive stock options	—	—	0.1
Assumed conversion of dilutive restricted stock	0.5	0.2	0.2

Assumed conversion of convertible debt	13.0	14.1	14.1

Schedule of Weighted Average Number of Shares

The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the six months ended June 30, 2025. There are no reconciling items between the weighted-average common shares outstanding for basic and diluted EPS calculations for the periods in which we recorded a net loss.


															For the six months ended June 30,
(in millions)															2025
Weighted-average common shares outstanding															150.6
Assumed conversion of:
Dilutive stock options															—
Dilutive restricted stock															0.5
Convertible debt (1)															13.6
Weighted-average common shares outstanding - Diluted															164.7

(1)See Note 5, “Long-Term Debt” for details regarding the repurchases of the Convertible Notes.

Schedule of Calculation of Basic and Diluted Loss Per Share

The following table presents the calculation of basic and diluted earnings (loss) per share for the Company’s common stock for the three and six months ended June 30, 2025 and 2024:


	For the three months ended June 30,				For the six months ended June 30,
(in millions, except per share data)	2025		2024		2025		2024
Calculation of basic earnings (loss) per share:
Net income (loss) applicable to common stock	$	(17.4)	$	(26.8)	$	94.4	$	(141.5)
Weighted-average shares outstanding — PENN Entertainment, Inc.	148.6		151.6		150.2		151.5
Weighted-average shares outstanding — Exchangeable Shares	0.4		0.5		0.4		0.5
Weighted-average common shares outstanding — basic	149.0		152.1		150.6		152.0
Basic earnings (loss) per share	$	(0.12)	$	(0.18)	$	0.63	$	(0.93)

Calculation of diluted earnings (loss) per share:
Net income (loss) applicable to common stock	$	(17.4)	$	(26.8)	$	94.4	$	(141.5)
Interest expense, net of tax (1):
Convertible Notes	—		—		3.1		—
Diluted income (loss) applicable to common stock	$	(17.4)	$	(26.8)	$	97.5	$	(141.5)
Weighted-average common shares outstanding — diluted	149.0		152.1		164.7		152.0
Diluted earnings (loss) per share	$	(0.12)	$	(0.18)	$	0.59	$	(0.93)

(1)The tax-affected rate was 21% for the six months ended June 30, 2025.