Q3 25 EPS
$0.85
BEAT +11.11%
Est. $0.77
Q3 25 Revenue
$397.6M
MISS 0.45%
Est. $399.4M
vs S&P Since Q3 25
+4.0%
BEATING MARKET
GLPI +9.7% vs S&P +5.7%
Market Reaction
Did GLPI Beat Earnings? Q3 2025 Results
Gaming & Leisure Properties delivered a headline earnings beat in the third quarter of 2025, posting GAAP diluted EPS of $0.85 against a consensus estimate of $0.77, a positive surprise of 11.11%, even as revenue of $397.61 million came in fractional… Read more Gaming & Leisure Properties delivered a headline earnings beat in the third quarter of 2025, posting GAAP diluted EPS of $0.85 against a consensus estimate of $0.77, a positive surprise of 11.11%, even as revenue of $397.61 million came in fractionally below the $399.42 million estimate despite rising 3.2% year over year. The earnings outperformance was materially driven by a $37.36 million credit loss benefit, which compared favorably to a $27.69 million provision in the year-ago period, helping lift net income and push AFFO per diluted share to $0.97 from $0.95. Adjusted EBITDA climbed 5.8% to $366.40 million, reflecting the durability of the company's triple-net lease model across 68 gaming facilities in 20 states. The quarter also featured significant transaction momentum, including a $225 million commitment for a new tribal integrated resort in California and the post-quarter acquisition of Sunland Park for $183.75 million at an 8.2% cap rate. Looking ahead, GLPI raised the low end of its full-year 2025 AFFO guidance to a range of $3.86 to $3.88 per share, signaling continued confidence in its expanding financing pipeline of $2.81 billion.
Key Takeaways
- • Record third quarter revenue, AFFO, and Adjusted EBITDA driven by diversified tenant base and contractual escalators
- • Total revenue rose 3.2% year over year; cash revenue expanded 5.8%
- • AFFO grew 5.1% to $282.0 million; Adjusted EBITDA increased 5.8% to $366.4 million
- • Strong rent coverage ratios with each of five major tenants exhibiting coverage above 1.8x
- • Recent acquisitions, financing arrangements, and contractual escalators contributed to record results
- • Credit loss benefit of $37.4 million in Q3 2025 versus $27.7 million provision in Q3 2024
GLPI YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
GLPI Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our record third quarter revenue, AFFO, and Adjusted EBITDA reflect GLPI's diversified base of existing tenants and leases as well as recent acquisitions, financing arrangements, and contractual escalators. The record results again highlight GLPI's unique ability to structure complex transactions and create funding solutions for tenants, while prudently managing our balance sheet and capital structure to support further growth.”
— Peter Carlino, Q3 2025 Earnings Press Release
GLPI Earnings Trends
GLPI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
GLPI EPS Trend
Earnings per share: estimate vs actual
GLPI Revenue Trend
Quarterly revenue: estimate vs actual
GLPI Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $0.82 | — | $420.0M | +0.71% |
| Q4 25 BEAT FY | $0.74 | $0.94 | +27.03% | $407.0M | +0.41% |
| FY Full Year | $2.79 | $2.95 | +5.69% | $1.59B | +0.10% |
| Q3 25 BEAT | $0.77 | $0.85 | +11.11% | $397.6M | -0.45% |
| Q2 25 MISS | $0.78 | $0.54 | -30.99% | $394.9M | -0.57% |
| Q1 25 MISS | $0.77 | $0.60 | -21.57% | $395.2M | -0.32% |