Caesars Entertainment (CZR) Q2 2026 earnings summary

Executive summary

• Net revenues for Q2 2026 increased 3% year-over-year to $2.99 billion, driven by higher casino revenues, especially from Caesars Digital and the consolidation of Caesars Windsor.

• Net loss attributable to shareholders was $62 million for Q2 2026, an improvement from a $82 million loss in Q2 2025.

• Adjusted EBITDA for Q2 2026 was $920 million, down from $955 million in Q2 2025, with margin declining to 30.7%.

• A proposed merger with Fertitta Entertainment, Inc. was announced, with significant transaction costs and pending regulatory and shareholder approvals; the acquisition will result in delisting from NASDAQ and transition to a private entity.

Financial highlights

• Casino revenues for Q2 2026 were $1.76 billion, up 5.5% year-over-year, offsetting declines in hotel and food & beverage revenues.

• Operating expenses increased 4.2% year-over-year, mainly due to higher casino and general/admin costs.

• Interest expense, net, decreased slightly to $573 million in Q2 2026.

• Cash provided by operating activities was $675 million for the first half of 2026.

• Capital expenditures for the first half of 2026 totaled $335 million.

Outlook and guidance

• Management expects sufficient liquidity to fund operations, capital requirements, and debt service for the next twelve months and beyond.

• No share repurchases are expected while the merger is pending.

• No conference call or forward guidance provided due to the pending acquisition.

• Continued investment planned in digital platforms and property renovations.