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Gaming and Leisure Properties, Inc.

GLPI Real Estate Reit Specialty

Gaming and Leisure Properties, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.6 billion, up 4.13% from fiscal 2024.

Revenue
+9.52%
EPS
−16.5%
Free cash flow
−47.0%
Total debt
+12.1%

Quarter to September 2026, against a year earlier

39.44 0.39 −0.98%
Market cap
$11.5B
P/E
12.1×
Fwd P/E
12.0×
Dividend yield
8.11%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2018

  • GLP Capital L P
  • TRS Properties

Every year since 2011 →

Insider Decisions last twelve months

Bought, $m 0.42
Sold, $m 3.35
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — 1 — — —
Sell 1 1 3 — — — 1 — — — — —
Insider Ownership 4.07%

Capital & Financial Ratios $m

Size
Market Cap 11,470.00
Revenue ttm 1,692.98
Net income ttm 963.53
Free cash flow ttm 525.72
Net debt Q 7,977.50
Valuation
P/E 12.06
Forward P/E 12.00
Price / sales 6.78
Forward P/S Powerpack
Price / FCF 21.83
Price / book 2.14
Financial health
Current ratio Q 5.38
Debt / equity Q 1.52
Interest coverage Q 3.13
Growth
Revenue growth Q +9.52% (above 0%: growing)
Operating income growth Q −8.07% (below 0%: shrinking)
EPS, this year +7.24%
EPS, next year A +4.83%
Revenue, next year A +8.36%
EPS, past 5 yrs +5.10%
EPS, next 5 yrs A +5.14%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 11.5×, against a ten-year median of 12.9×; over the ten years it ranged from 9.5× in 2016 to 17.5× in 2016.
P/E against its own 10 years 1.58%
10-year low 10-year high
P/S against its own 10 years 8.84%
10-year low 10-year high
P/B against its own 10 years 1.54%
10-year low 10-year high
EV/Sales against its own 10 years 8.21%
10-year low 10-year high
EV/FCF against its own 10 years 98.50%
10-year low 10-year high

Dividends raised 5 years running

Yield
8.11%
Annual rate
3.20
Payout ratio
97.9%
Growth, 2017–25
+3.19%/yr
  1. 2.41 ’17
  2. 2.48 ’18 +3
  3. 2.64 ’19 +7
  4. 1.03 ’20 −61
  5. 2.66 ’21 +159
  6. 2.81 ’22 +5
  7. 2.90 ’23 +3
  8. 3.04 ’24 +5
  9. 3.10 ’25 +2
  10. 3.24 ’26e +5
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 684 1,023 224 166
Receivables — — — —
Inventory — — — —
Other — — — —
723 1,184 472 481
2023 2024 2025 Q'26
Payables 7 6 7 9
ST’ Debt — — — —
Other — — — —
98 119 123 89

Compound Annual Growth %

10y 5y 3y
Sales 10.74% 6.70% 6.73%
Cash Flow 13.45% 21.41% 7.07%
Earnings 20.52% 10.29% 6.42%
Book Value 0.00% 13.36% 6.74%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.02 Actual 1.04

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.98 0.99 Beat by 0.01
Q1 FY26 1.01 1.02 Beat by 0.01
Q2 FY26 1.02 1.03 Beat by 0.01
Q3 FY26 1.02 1.04 Beat by 0.02
Q4 FY26 1.04 — Reports 18 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.82 0.80 0.71 — —
’25 0.58 0.54 0.85 0.94 2.95
’24 0.64 0.77 0.67 0.79 2.87
’23 0.70 0.59 0.70 0.78 2.77
’22 0.48 0.61 0.85 0.75 2.70
’21 0.54 0.59 0.63 0.50 2.26
’20 0.45 0.52 0.58 0.74 2.30
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 420 431 435 — —
’25 395 395 398 407 1,595
’24 376 381 385 390 1,532
’23 355 357 360 369 1,440
’22 315 327 334 336 1,312
’21 302 318 299 298 1,216
’20 283 262 308 300 1,153
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 270 350 280 — —
’25 252 293 240 343 1,129
’24 258 252 270 292 1,073
’23 241 252 253 263 1,009
’22 233 225 241 221 920
’21 205 197 213 188 804
’20 199 31 81 118 428
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 159 156 115 — —
’25 240 272 217 96 825
’24 258 246 262 267 1,033
’23 231 235 241 255 962
’22 231 218 383 213 1,045
’21 204 196 215 175 790
’20 198 30 80 116 424
Fiscal quarters ending in the months shown.

Valuation

The price implies FFO a share growing −4.4% a year for ten years. It grew 7.5% a year over the last ten.

Implied
−4.4%
10 years, reported
7.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 828 971 1,056 1,153 1,153 1,216 1,312 1,440 1,532 1,595 1,693 +7.6% 1,728 1,834 1,896 +5.9%
Gross margin, % 81.66 83.00 84.29 93.52 95.08 95.64 100.00 100.00 100.00 100.00 100.00 +18.3 pt
EBT 297 390 344 396 510 562 720 757 810 853 966 +12.4%
EBT margin, % 35.84 40.19 32.63 34.30 44.19 46.24 54.92 52.58 52.87 53.46 57.05 +17.6 pt
Net income 289 381 340 391 506 534 703 755 808 850 964 +12.7%
Per share, $
Per share, $ Revenue 4.64 4.61 4.94 5.37 5.27 5.17 5.19 5.45 5.61 5.70 5.82 +2.3%
Earnings 1.62 1.80 1.59 1.81 2.31 2.27 2.71 2.78 2.87 2.95 3.27 +6.9%
Cash flow 2.88 2.84 3.06 3.50 1.96 3.41 3.64 3.82 3.93 4.04 4.27 +3.8%
Capex (0.01) (0.01) (0.01) (0.01) (0.02) (0.06) 0.49 (0.18) (0.15) (1.09) (2.46) +63.7%
Free cash flow 2.87 2.83 3.06 3.48 1.94 3.35 4.13 3.64 3.79 2.95 1.81 +0.3%
Book value 13.63 11.67 10.60 9.66 12.22 14.40 16.30 17.08 17.03 17.91 18.40 +3.1%
Shares, m 179 211 214 215 219 235 253 264 273 280 285 +5.1%
Valuation, ×
Valuation, × P/E 19.74 20.23 20.45 23.78 18.43 21.44 19.03 17.94 16.78 15.20 12.06 19.3
P/S 6.64 7.94 6.54 8.01 8.05 9.42 9.86 9.14 8.58 7.84 6.78 8.2
P/B 2.26 3.14 3.05 4.46 3.47 3.38 3.14 2.92 2.83 2.50 2.14 3.1
EV/Sales 12.23 12.49 12.06 12.96 12.61 14.26 14.39 13.31 13.00 12.25 11.49 13.0
EV/FCF 19.78 20.34 19.49 20.00 34.27 21.96 18.07 19.93 19.27 23.68 37.00 21.7
Cash, $m
Cash, $m Operating cash flow 514 599 654 750 428 804 920 1,009 1,073 1,129 1,243 +9.1%
Capex (2) (2) (1) (3) (4) (14) 125 (47) (40) (304) (717) +72.0%
Free cash flow 512 596 653 747 424 790 1,045 962 1,033 825 526 +5.4%
Balance, $m
Balance, $m Working capital 11 (11) 247 249 408 582 143 625 1,065 349 392 +47.3%
Net debt 4,628 4,414 5,828 5,711 5,268 5,881 5,943 5,998 6,773 7,041 7,977 +4.8%
Shareholders’ equity 2,434 2,458 2,266 2,074 2,675 3,390 4,118 4,509 4,646 5,008 5,354 +8.3%
Returns, %
Returns, % ROA 5.88 5.20 4.29 4.60 5.79 5.41 6.33 6.46 6.31 6.35 6.96 +0.5 pt
ROIC 4.25 5.51 4.59 5.76 6.37 5.67 6.40 6.36 6.19 6.23 6.28 +2.0 pt
ROE 26.48 15.53 14.35 18.01 21.30 17.61 18.24 17.02 17.14 17.09 18.14 (9.4) pt
People
People Employees 751 714 644 648 560 17 17 18 19 20 — (33.2%)
Revenue/emp, $m 1.10 1.36 1.64 1.78 2.06 71.55 77.16 80.02 80.61 79.74 — +60.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Gaming and Leisure Properties, or GLPI, is a real estate investment trust (REIT) that acquires, finances and owns properties used by gaming operators. Its customers run the casinos and other businesses at those properties; GLPI generally earns rent as their landlord rather than operating the gaming facilities itself. The properties can also include hotels, dining, entertainment, convention and retail amenities.

GLPI was in business by 2013, when Peter M. Carlino became chairman and chief executive officer. It is a self-administered and self-managed Pennsylvania REIT. Substantially all its business is conducted through GLP Capital, a partnership whose day-to-day management GLPI controls. GLPI has no material assets other than its investment in that partnership.

Where the money comes from and where it goes Fiscal 2018

Fiscal 2018: revenue by segment, and margins
GLP Capital L P 923 87.45%
TRS Properties 133 12.55%
Gross margin 84.29%
Operating margin 56.25%
Pre-tax margin 32.63%

Revenue by segment since 2011

Gaming and Leisure Properties, Inc. vs peers in Reit Specialty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CCI Crown Castle Inc. $38.7B 47.8× 46.0× −7.18% (below 0%: shrinking) −9.46% (below 0%: shrinking) −78.09% (below 0%: shrinking) 73.77% 46.73% Compare
IRM Iron Mountain Incorporated $31.4B 69.3× 63.1× +13.48% (above 0%: growing) +50.00% (above 0%: growing) −13.03% (below 0%: shrinking) 53.45% 20.63% Compare
SBAC SBA Communications Corporation $20.2B 20.8× 24.3× −2.51% (below 0%: shrinking) −0.27% (below 0%: shrinking) +28.59% (above 0%: growing) 75.97% 51.51% Compare
LAMR Lamar Advertising Company $16.0B 27.8× 26.7× +6.65% (above 0%: growing) +13.57% (above 0%: growing) +35.38% (above 0%: growing) 68.55% 33.54% Compare
WY Weyerhaeuser Company $15.6B 34.3× 43.9× +8.44% (above 0%: growing) −27.27% (below 0%: shrinking) +113.91% (above 0%: growing) 13.80% 5.37% Compare
GLPI Gaming and Leisure Properties, Inc. $11.5B 12.1× 12.0× +9.52% (above 0%: growing) −16.47% (below 0%: shrinking) −47.02% (below 0%: shrinking) 100.00% 71.18%
RYN Rayonier Inc. $6.6B 47.5× 72.7× +272.15% (above 0%: growing) −97.72% (below 0%: shrinking) −88.66% (below 0%: shrinking) 19.08% 8.73% Compare
OUT OUTFRONT Media Inc. $5.6B 23.0× 22.4× +13.54% (above 0%: growing) +340.00% (above 0%: growing) +167.78% (above 0%: growing) 52.90% 22.22% Compare
EPR EPR Properties $4.6B 16.7× 18.8× +11.96% (above 0%: growing) +53.75% (above 0%: growing) −34.67% (below 0%: shrinking) 92.31% 68.23% Compare
Median of peers $15.8B 31.0× 35.3× +10.20% +6.65% +7.78% 61.00% 27.88%

All 19 Reit Specialty stocks →

From the latest earnings call

Updated

  • Peter Carlino said GLPI’s growth came from transactions and development funding, including its commitment to the Cordish Live Virginia project.
  • Carlo Santarelli said GLPI’s funding schedule for Bally’s Chicago remains unchanged and the casino is on schedule to open in the first half of 2027.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 94.94%
Held by the ten largest 49.94%
Holder Shares Stake Change
Vanguard 38.31m 13.17% −219.97k
BlackRock 35.86m 12.33% +544.20k
Dodge & Cox 13.77m 4.73% +314.98k
State Street 13.48m 4.63% +305.15k
Wellington Management 12.48m 4.29% −1.09m
Geode Capital Management 8.40m 2.89% +135.48k
Principal Financial 6.69m 2.30% −1.09m
Citadel Advisors 6.12m 2.10% +528.50k
COHEN & STEERS, INC. 5.62m 1.93% −2.59m
Morgan Stanley 4.55m 1.57% +334.68k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 24 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 14.05m 10.87m 144.32
2024 14.85m 16.04m 145.52
2023 15.95m 14.77m 139.95
2022 14.99m 28.44m 138.64
2021 13.41m 20.65m 122.16

Ownership

Directors and executive officers, together 4.11%
BlackRock, Inc. 11.08%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Gaming and Leisure Properties, Inc. (GLPI) Latest News

2 Nov

Impact 3 · · The Real Deal

31 Oct

Impact 3 · · Simply Wall St.

30 Oct

Impact 3 · · Moby

29 Oct

Impact 4 · · GlobeNewswire earnings
Impact 3 · · Zacks
Impact 3 · · Associated Press

28 Oct

Impact 4 · · Simply Wall St.
Impact 4 ·

27 Oct

Impact 3 · · Zacks

9 Oct

Impact 4 · · 24/7 Wall St.

30 Sep

Impact 3 · · 24/7 Wall St.

14 Sep

Impact 3 ·

28 Aug

Impact 3 ·

31 Jul

Impact 3 · transcript
Impact 3 · · MarketBeat

30 Jul

Impact 4 ·
Impact 3 ·

26 Jun

Impact 4 ·

5 May

Impact 4 · · Insider Monkey

27 Apr

Impact 4 · · MarketBeat

25 Apr

Impact 4 · · GuruFocus.com
Impact 3 · · Simply Wall St.

24 Apr

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby

23 Apr

Impact 4 · · GlobeNewswire
Impact 3 · · Zacks

14 Apr

Impact 4 · · The Motley Fool transcript

30 Mar

Impact 3 · · Zacks

25 Feb

Impact 4 · · GlobeNewswire

23 Feb

Impact 4 · · Simply Wall St.

GLPI metrics, ten years each

stockrow.com/GLPI · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com