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Earnings (Loss) per Share (Tables) | 3 Months Ended
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Mar. 31, 2025
Earnings Per Share [Abstract] |
Schedule of Antidilutive Securities Excluded From Computation of Earnings (Loss) Per Share | For the three months ended March 31, 2024, we recorded a net loss attributable to PENN. As such, because the dilution from potential common shares was anti-dilutive, 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 are not included in the computation of diluted loss per share, are as follows:
|  |  |  |  | For the three months ended March 31,
(in millions) |  |  |  |  |  |  | 2024
Assumed conversion of dilutive stock options |  |  |  |  |  |  | 0.2 |
Assumed conversion of dilutive restricted stock |  |  |  |  |  |  | 0.2 |
Assumed conversion of convertible debt |  |  |  |  |  |  | 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 three months ended March 31, 2025 and 2024:
|  |  | For the three months ended March 31,
(in millions) |  |  |  |  | 2025 |  | 2024
Weighted-average common shares outstanding |  |  |  |  | 152.3 |  |  | 151.9 |
Assumed conversion of: |  |  |  |  |  |  |
Dilutive stock options |  |  |  |  | 0.1 |  |  | — |
Dilutive restricted stock |  |  |  |  | 0.5 |  |  | — |
Convertible debt |  |  |  |  | 14.1 |  |  | — |
Weighted-average common shares outstanding - Diluted |  |  |  |  | 167.0 |  |  | 151.9 |
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 months ended March 31, 2025 and 2024:
|  |  | For the three months ended March 31,
(in millions, except per share data) |  |  |  |  | 2025 |  | 2024
Calculation of basic earnings (loss) per share: |  |  |  |  |  |  |
Net income (loss) applicable to common stock |  |  |  |  | $ | 111.8 |  |  | $ | (114.7) |
Weighted-average shares outstanding — PENN Entertainment, Inc. |  |  |  |  | 151.9 |  |  | 151.4 |
Weighted-average shares outstanding — Exchangeable Shares |  |  |  |  | 0.4 |  |  | 0.5 |
Weighted-average common shares outstanding — basic |  |  |  |  | 152.3 |  |  | 151.9 |
Basic earnings (loss) per share |  |  |  |  | $ | 0.73 |  |  | $ | (0.76) |
Calculation of diluted earnings (loss) per share: |  |  |  |  |  |  |
Net income (loss) applicable to common stock |  |  |  |  | $ | 111.8 |  |  | $ | (114.7) |
Interest expense, net of tax (1): |  |  |  |  |  |  |
Convertible Notes |  |  |  |  | 1.8 |  |  | — |
Diluted income (loss) applicable to common stock |  |  |  |  | $ | 113.6 |  |  | $ | (114.7) |
Weighted-average common shares outstanding — diluted |  |  |  |  | 167.0 |  |  | 151.9 |
Diluted earnings (loss) per share |  |  |  |  | $ | 0.68 |  |  | $ | (0.76) |
(1)The tax-affected rate was 21% for the three months ended March 31, 2025.

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- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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