Mar 2026 (Q1 FY26) — Apr 28, 2026
Caesars Entertainment Q1 FY26 — Digital Growth and Improving Las Vegas Trends Drive Solid Start
Read the full callCaesars Entertainment (CZR) earnings
- Jun 2026
- Mar 2026 (Q1 FY26)
- Dec 2025
Caesars Entertainment earnings: last reported Tue, 28 Apr 2026, for the quarter ended Mar 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,993 | +3.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 17.1 | −0.9 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -62.0 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
16 of 23 judged targets kept · 19 open · verdicts reflect calls analysed to Mar 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Las Vegas segment operating trends versus the prior quarter (first quarter 2026) | Continued sequential improvement versus the fourth quarter | Dec 2025 | We experienced a significant sequential improvement in the hospitality vertical in Q1 with occupancy of 95.3% in the quarter and year-over-year ADR growth of 1%. | Achieved |
| Caesars Digital net revenue growth with 50% flow-through to EBITDA | 20% top-line growth with 50% flow-through to EBITDA | Sep 2025 | And we don't need to get that 20% revenue growth to get the bottom line growth that we're targeting. | Diluted |
| Las Vegas segment adjusted EBITDA (full year) | Flat to slightly up versus 2024 | Sep 2024 | Our Las Vegas segment delivered a quarterly sequential improvement in occupancy and rate trends as expected, leading to a 6% EBITDA decline in Q4, an improvement versus Q3. | Missed |
7 of Caesars Entertainment, Inc.'s 42 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 39 more targets are in the full ledger.
Claimed
- Consolidated net revenues increased $77 million or 3% year-over-year to $2.9 billion.
- Adjusted EBITDAR improved by $3 million over the prior year to $887 million.
- Digital segment delivered record Q1 net revenue of $374 million and adjusted EBITDA of $69 million, with EBITDA margins expanding 566 basis points to 18.4%.
- Las Vegas experienced significant sequential improvement in hospitality, with occupancy of 95.3% and year-over-year ADR growth of 1%.
- Regional segment net revenues increased 3% year-over-year to $1.4 billion, with improved EBITDA results excluding the prior year's Super Bowl impact.
Qualified
- Las Vegas adjusted EBITDAR slightly declined to $426 million from $433 million in the prior year.
- Regional segment adjusted EBITDAR was down $5 million from the prior year to $435 million, primarily due to the non-repeat of Super Bowl benefits in New Orleans.
- Digital total volume declined 3%, with mobile sports volume declining 1%, though offset by higher hold.
- April Las Vegas performance was softer than anticipated, largely due to hold, and is expected to be just short of last year's Q2.
Price
$28.8 −1.54% · −$0.45
Performance +27.8% 1Y
1Y: $22.53 on 15 Oct 2025 → $28.8. High $30.41 (25 Jun 2026), low $18.14 (13 Feb 2026).
- Previous close
- $29.25
- 52-week range
- $18.14 – $30.41
- One year
- +32.54%
Overview
- Symbol
- CZR
- Sector
- Consumer Discretionary
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
16 of 23 judged targets kept · 19 open · verdicts reflect calls analysed to Mar 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Las Vegas segment operating trends versus the prior quarter (first quarter 2026) | Continued sequential improvement versus the fourth quarter | Dec 2025 | We experienced a significant sequential improvement in the hospitality vertical in Q1 with occupancy of 95.3% in the quarter and year-over-year ADR growth of 1%. | Achieved |
| Caesars Digital net revenue growth with 50% flow-through to EBITDA | 20% top-line growth with 50% flow-through to EBITDA | Sep 2025 | And we don't need to get that 20% revenue growth to get the bottom line growth that we're targeting. | Diluted |
| Las Vegas segment adjusted EBITDA (full year) | Flat to slightly up versus 2024 | Sep 2024 | Our Las Vegas segment delivered a quarterly sequential improvement in occupancy and rate trends as expected, leading to a 6% EBITDA decline in Q4, an improvement versus Q3. | Missed |
Claimed
- Consolidated net revenues increased $77 million or 3% year-over-year to $2.9 billion.
- Adjusted EBITDAR improved by $3 million over the prior year to $887 million.
- Digital segment delivered record Q1 net revenue of $374 million and adjusted EBITDA of $69 million, with EBITDA margins expanding 566 basis points to 18.4%.
- Las Vegas experienced significant sequential improvement in hospitality, with occupancy of 95.3% and year-over-year ADR growth of 1%.
- Regional segment net revenues increased 3% year-over-year to $1.4 billion, with improved EBITDA results excluding the prior year's Super Bowl impact.
Qualified
- Las Vegas adjusted EBITDAR slightly declined to $426 million from $433 million in the prior year.
- Regional segment adjusted EBITDAR was down $5 million from the prior year to $435 million, primarily due to the non-repeat of Super Bowl benefits in New Orleans.
- Digital total volume declined 3%, with mobile sports volume declining 1%, though offset by higher hold.
- April Las Vegas performance was softer than anticipated, largely due to hold, and is expected to be just short of last year's Q2.
The full ledger
Open Caesars Entertainment, Inc.’s full ledger
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Call summaries
Every analysed call
Caesars Entertainment earnings calls (CZR)
Financials
What the filings say
Net profit, year on year: +24% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,874 | 2,799 | 2,794 | 2,907 | 2,869 | 2,916 | 2,870 | 2,993 |
| Expenses | 2,230 | 2,130 | 2,306 | 2,381 | 2,356 | 2,585 | 2,370 | 2,480 |
| Operating profit | 644 | 669 | 488 | 526 | 513 | 331 | 500 | 513 |
| Operating margin | 22.4% | 23.9% | 17.5% | 18.1% | 17.9% | 11.3% | 17.4% | 17.1% |
| Other income | -592 | -626 | -575 | -578 | -577 | -576 | -571 | -566 |
| Interest | 616 | 601 | 582 | 587 | 582 | 578 | 572 | 577 |
| Net profit | -9 | 11 | -115 | -82 | -55 | -250 | -98 | -62 |
| EPS ($ per share) | -0.04 | — | -0.54 | -0.39 | -0.27 | — | -0.48 | -0.30 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | 290 | 366 | -1,391 | -2,410 | -3,309 | -2,523 | -2,801 | -3,303 |
| Total liabilities | 4,882 | 4,524 | 31,351 | 33,490 | 29,776 | 28,646 | 28,214 | 27,953 |
| Fixed assets | 2,883 | 2,615 | 14,735 | 14,601 | 14,598 | 14,756 | 14,812 | 14,358 |
| Investments | 17 | 35 | — | — | — | — | — | — |
| Total assets | 5,911 | 5,641 | 36,385 | 38,031 | 33,527 | 33,366 | 32,590 | 31,639 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 323 | 313 | -561 | 1,199 | 993 | 1,809 | 1,075 | 1,302 |
| Cash from investing | -1,268 | 370 | — | — | — | -1,256 | -704 | -571 |
| Cash from financing | 1,044 | -712 | 10,641 | — | -1,282 | -713 | -498 | -763 |
| Net cash flow | 99 | -30 | 4,063 | -2,259 | -718 | -160 | -127 | -32 |
| Capital expenditure | -147 | -171 | -164 | -520 | -952 | -1,264 | -1,296 | -805 |
| Free cash flow | 176 | 142 | -725 | 679 | 41 | 545 | -221 | 497 |
CZR revenue by segment
Regional grew from 50% to 52% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Regional | — | — | 50% | 49% | 54% | — | — | 52% | +9.4% |
| Las Vegas | 37% | 39% | 36% | 36% | 33% | 36% | 35% | 34% | -3.5% |
| Caesars Digital | 11% | 11% | 12% | 12% | 11% | 14% | 13% | 12% | +2.3% |
| Managed and Branded | 2% | 2% | 2% | 3% | 3% | 2% | 2% | 2% | -23.0% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
64 filings between Oct 31, 2025 and Sep 15, 2026.
Open market
decisions to buy or sellPurchases
$18.7K
1 purchase by 1 insider
Sales
$18.38M
16 sales by 6 insiders
Compensation
not trading decisions- 12
- Award — granted as compensation
- 14
- Option exercise — converted options into shares
- 21
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Pegram Michael E | — | $6.22M | Jun 12, 2026 |
| Yunker Bret | — | $6.17M | Aug 19, 2026 |
| Quatmann Edmund L Jr | — | $2.39M | Jun 9, 2026 |
| Jones Josh | — | $1.77M | Aug 14, 2026 |
| Jones Blackhurst Janis L | — | $1.00M | Aug 27, 2026 |
| TOMICK DAVID P | — | $835.2K | Sep 15, 2026 |
| Biumi Bonnie | $18.7K | — | Oct 31, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 15, 2026 | TOMICK DAVID P Director | Sale | 7,142 | $212.2K |
| Sep 14, 2026 | TOMICK DAVID P Director | Sale | 7,000 | $207.6K |
| Sep 11, 2026 | TOMICK DAVID P Director | Sale | 7,000 | $207.8K |
| Sep 10, 2026 | TOMICK DAVID P Director | Sale | 7,000 | $207.7K |
| Aug 27, 2026 | Jones Blackhurst Janis L Director | Sale | 33,899 | $1.00M |
| Aug 19, 2026 | Yunker Bret Chief Financial Officer | Sale | 208,134 | $6.17M |
| Aug 14, 2026 | Jones Josh Chief Marketing Officer | Sale | 59,507 | $1.77M |
| Jun 12, 2026 | Pegram Michael E Director | Sale | 16,897 | $497.7K |
| Jun 11, 2026 | Pegram Michael E Director | Sale | 24,800 | $731.0K |
| Jun 10, 2026 | Pegram Michael E Director | Sale | 50,000 | $1.47M |
| Jun 9, 2026 | Quatmann Edmund L Jr Chief Legal Officer | Sale | 81,566 | $2.39M |
| Jun 9, 2026 | Pegram Michael E Director | Sale | 36,027 | $1.06M |
| Jun 8, 2026 | Pegram Michael E Director | Sale | 13,973 | $410.2K |
| Jun 8, 2026 | Pegram Michael E Director | Sale | 15,200 | $443.8K |
| Jun 2, 2026 | Pegram Michael E Director | Sale | 50,000 | $1.46M |
| Jun 2, 2026 | Pegram Michael E Director | Sale | 5,000 | $146.0K |
| Feb 17, 2026 | Quatmann Edmund L Jr Chief Legal Officer | Tax withheld | 1,944 | $36.8K |
| Feb 17, 2026 | Quatmann Edmund L Jr Chief Legal Officer | Award | 4,413 | $0 |
| Feb 17, 2026 | Jones Josh Chief Marketing Officer | Award | 2,349 | $0 |
| Feb 17, 2026 | Yunker Bret Chief Financial Officer | Tax withheld | 3,866 | $73.3K |
| Feb 17, 2026 | Yunker Bret Chief Financial Officer | Award | 9,824 | $0 |
| Feb 17, 2026 | Lepori Stephanie CAO and Chief Admin Officer | Award | 3,986 | $0 |
| Feb 17, 2026 | Carano Anthony L. President and COO | Tax withheld | 4,539 | $86.0K |
| Feb 17, 2026 | Carano Anthony L. President and COO | Award | 11,533 | $0 |
| Feb 17, 2026 | Carano Gary L. Exec. Chairman of the Board | Tax withheld | 841 | $15.9K |
| Feb 17, 2026 | Jones Josh Chief Marketing Officer | Tax withheld | 925 | $17.5K |
| Feb 17, 2026 | Carano Gary L. Exec. Chairman of the Board | Award | 2,135 | $0 |
| Feb 17, 2026 | Lepori Stephanie CAO and Chief Admin Officer | Tax withheld | 1,569 | $29.7K |
| Feb 17, 2026 | Reeg Thomas Chief Executive Officer | Award | 25,629 | $0 |
| Feb 17, 2026 | Reeg Thomas Chief Executive Officer | Tax withheld | 10,086 | $191.1K |
| Jan 29, 2026 | Reeg Thomas Chief Executive Officer | Tax withheld | 26,438 | $562.6K |
| Jan 29, 2026 | Reeg Thomas Chief Executive Officer | Option exercise | 67,185 | $0 |
| Jan 29, 2026 | Quatmann Edmund L Jr Chief Legal Officer | Tax withheld | 10,252 | $218.2K |
| Jan 29, 2026 | Quatmann Edmund L Jr Chief Legal Officer | Option exercise | 23,269 | $0 |
| Jan 29, 2026 | Reeg Thomas Chief Executive Officer | Option exercise | 49,269 | $0 |
| Jan 29, 2026 | Yunker Bret Chief Financial Officer | Option exercise | 44,272 | $0 |
| Jan 29, 2026 | Jones Josh Chief Marketing Officer | Tax withheld | 4,320 | $91.9K |
| Jan 29, 2026 | Jones Josh Chief Marketing Officer | Option exercise | 10,469 | $0 |
| Jan 29, 2026 | Yunker Bret Chief Financial Officer | Tax withheld | 17,423 | $370.8K |
| Jan 29, 2026 | Lepori Stephanie CAO & Chief Admin. Officer | Tax withheld | 8,387 | $178.5K |
| Jan 29, 2026 | Lepori Stephanie CAO & Chief Admin. Officer | Option exercise | 21,072 | $0 |
| Jan 29, 2026 | Carano Anthony L. President and COO | Tax withheld | 21,014 | $447.2K |
| Jan 29, 2026 | Carano Anthony L. President and COO | Option exercise | 53,398 | $0 |
| Jan 29, 2026 | Carano Gary L. Exec. Chairman of the Board | Tax withheld | 4,011 | $85.4K |
| Jan 29, 2026 | Carano Gary L. Exec. Chairman of the Board | Option exercise | 9,223 | $0 |
| Jan 29, 2026 | Reeg Thomas Chief Executive Officer | Tax withheld | 19,388 | $412.6K |
| Jan 23, 2026 | MATHER COURTNEY Director | Award | 10,369 | $0 |
| Jan 23, 2026 | Biumi Bonnie Director | Award | 10,369 | $0 |
| Jan 23, 2026 | FAHRENKOPF FRANK J JR Director | Award | 10,369 | $0 |
| Jan 23, 2026 | Jones Blackhurst Janis L Director | Award | 10,369 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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