Q1 26 EPS
$0.82
Q1 26 Revenue
$420.0M
BEAT +0.71%
Est. $417.0M
vs S&P Since Q1 26
-0.4%
TRAILING MARKET
GLPI +0.6% vs S&P +0.9%
Market Reaction
Did GLPI Beat Earnings? Q1 2026 Results
Gaming & Leisure Properties delivered a strong first quarter for 2026, posting earnings per share of $0.82 against the $0.77 consensus estimate, a 6.49% beat, while revenue of $419.99 million edged past expectations by 0.71% and grew 6.3% year over y… Read more Gaming & Leisure Properties delivered a strong first quarter for 2026, posting earnings per share of $0.82 against the $0.77 consensus estimate, a 6.49% beat, while revenue of $419.99 million edged past expectations by 0.71% and grew 6.3% year over year. The headline numbers were bolstered by a $10.14 million credit loss benefit this quarter, a meaningful swing from the $39.25 million provision recorded a year ago, which helped lift net income to $239.40 million from $170.35 million in Q1 2025. The REIT's key operating metric, AFFO, climbed 9.2% to $297.14 million, or $1.02 per diluted share, reflecting the company's expanding lease portfolio after closing two acquisitions totaling $727.00 million in the quarter, including the $700.00 million purchase of Bally's Twin River Lincoln Casino Resort at an 8.0% cap rate. Adjusted EBITDA rose 9.1% to $393.01 million, with leverage held at 5.0x net debt to adjusted EBITDA. Looking ahead, GLPI raised its full-year 2026 AFFO guidance to $4.08 to $4.12 per share, underpinned by nearly $1.80 billion of remaining pipeline commitments.
Key Takeaways
- • Total revenue rose 6.3% year over year to $420.0 million driven by portfolio expansion
- • AFFO increased 9.2% year over year to $297.1 million
- • $10.1 million credit loss benefit vs. $39.2 million provision in prior year quarter
- • Completion of $727 million in acquisitions during Q1 (Bally's Lincoln and Live! Virginia land)
- • Approximately $159 million in development funding deployed during the quarter
- • Vast majority of lease rent coverage ratios in excess of 1.8x
- • Bally's Master Lease II proforma rent coverage of 2.20x
GLPI Forward Guidance & Outlook
GLPI raised its full-year 2026 AFFO guidance to $1.212 billion–$1.223 billion, or $4.08–$4.12 per diluted share and OP/LTIP units, from prior guidance of $1.207 billion–$1.222 billion ($4.06–$4.11 per share). The updated guidance incorporates additional development fundings of approximately $590 million to $640 million through the remainder of 2026, $225 million of funding for PENN's Aurora facility relocation expected on or about June 24, 2026, and the anticipated settlement of $363.3 million of forward equity on June 1, 2026. The company has nearly $1.8 billion of commitments left to fund. Management expects to remain at or near the low end of the 5.0x–5.5x leverage target range while executing on the pipeline without needing additional equity.
GLPI YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
GLPI Revenue by Segment
With YoY comparisons, source: SEC Filings
“GLPI's consistent growth and momentum is evident in our record first quarter results, as we continue to prudently expand our portfolio and explore avenues for future growth. On an operating basis, first quarter total revenue rose 6.3% year over year to $420.0 million, while AFFO increased 9.2% to $297.1 million. Long term tenant stability and lease coverage remain the foundation of our underwriting criteria, with the vast majority of our leases' rent coverage in excess of 1.8x, despite a challenging environment for our tenants for much of 2025. Reflecting our momentum, most notably on the development front, we are raising our AFFO per share guidance for 2026 to a range of $4.08 to $4.12.”
— Peter Carlino, Q1 2026 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% |