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Loss per Share | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Loss per Share | Loss per Share We recorded a net loss attributable to PENN for the three and nine months ended September 30, 2025 and 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 September 30, |  | For the nine months ended September 30,
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Assumed conversion of dilutive stock options | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Assumed conversion of dilutive restricted stock | 0.8 |  |  | 0.5 |  |  | 0.5 |  |  | 0.2 |
Assumed conversion of convertible debt | 4.6 |  |  | 14.1 |  |  | 10.5 |  |  | 14.1 |
As we recorded a net loss for the three and nine months ended September 30, 2025 and 2024, there are no reconciling items between the weighted-average common shares outstanding for basic and diluted EPS calculations. Restricted stock with performance and market based vesting conditions that have not been met as of September 30, 2025 were excluded from the computation of diluted EPS. Anti-dilutive equity-based awards are excluded from the computation of diluted EPS, and primarily consists of stock options awarded under the Company’s previous and current long-term incentive compensation plans and warrants previously issued under the terms of the Investment Agreement. Pursuant to the Investment Agreement Amendment, the Initial Warrants will be deemed vested through and including February 8, 2026, and the remaining unvested warrants will be forfeited and cancelled for no consideration. See Note 9, “Commitments and Contingencies.” Anti-dilutive options and warrants to purchase 37.0 million shares were outstanding for both the three and nine months ended September 30, 2025, and 35.3 million and 35.1 million for the three and nine months ended September 30, 2024, respectively. The Company’s calculation of weighted-average common shares outstanding includes the Exchangeable Shares issued in connection with theScore acquisition, as discussed in Note 10, “Stockholders’ Equity and Stock-Based Compensation.” The following table presents the calculation of basic and diluted loss per share for the Company’s common stock for the three and nine months ended September 30, 2025 and 2024:
| For the three months ended September 30, |  | For the nine months ended September 30,
(in millions, except per share data) | 2025 |  | 2024 |  | 2025 |  | 2024
Calculation of basic loss per share: |  |  |  |  |  |  |
Net loss applicable to common stock | $ | (864.6) |  |  | $ | (36.7) |  |  | $ | (770.2) |  |  | $ | (178.2) |
Weighted-average shares outstanding — PENN Entertainment, Inc. | 143.1 |  |  | 151.7 |  |  | 147.8 |  |  | 151.6 |
Weighted-average shares outstanding — Exchangeable Shares | 0.4 |  |  | 0.5 |  |  | 0.4 |  |  | 0.5 |
Weighted-average common shares outstanding — basic | 143.5 |  |  | 152.2 |  |  | 148.2 |  |  | 152.1 |
Basic loss per share | $ | (6.03) |  |  | $ | (0.24) |  |  | $ | (5.20) |  |  | $ | (1.17) |
Calculation of diluted loss per share: |  |  |  |  |  |  |
Diluted loss applicable to common stock | $ | (864.6) |  |  | $ | (36.7) |  |  | $ | (770.2) |  |  | $ | (178.2) |
Weighted-average common shares outstanding — diluted | 143.5 |  |  | 152.2 |  |  | 148.2 |  |  | 152.1 |
Diluted loss per share | $ | (6.03) |  |  | $ | (0.24) |  |  | $ | (5.20) |  |  | $ | (1.17) |

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