10-Q · July 28, 2026
Caesars delivered Q2 revenue of $2.993 billion, up 3.0% year over year and above consensus, but reported a diluted GAAP loss of $0.30 per share versus a $0.39 loss a year earlier. Regional growth of 9.4% and positive…
Earnings analysis · 10-Q
CZR earnings analysis
Filed October 27, 2026 · Our reading of the company's report
The latest report
Caesars reported $2.94 billion of Q3 revenue and a diluted loss of $0.61 per share, with revenue down approximately 1.7% sequentially and EPS deteriorating from a $0.30 loss in Q2 2026 and a $0.27 loss in Q3 2025.…
Read full summary
Caesars reported $2.94 billion of Q3 revenue and a diluted loss of $0.61 per share, with revenue down approximately 1.7% sequentially and EPS deteriorating from a $0.30 loss in Q2 2026 and a $0.27 loss in Q3 2025. Regional and Digital operations improved, but consolidated Adjusted EBITDA declined 2.1% to $865 million. The pending Merger introduces substantial execution and liquidity risks, including a potential termination fee of up to $200 million and $5.8 billion of variable-rate borrowings.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.61
What stood out
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Revenue up year over year
Third-quarter revenue was $2.94 billion, down from $2.99 billion in Q2 2026 but up from $2.87 billion in Q3 2025, implying a sequential decline of approximately 1.7% and year-over-year growth of approximately 2.4%.
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Regional and Digital operations improved
Regional and Digital operations improved, according to the supplied prior-period analysis, while consolidated Adjusted EBITDA was $865 million, down 2.1% year over year.
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No revolver borrowings outstanding
The company reported $5.8 billion of long-term variable-rate borrowings as of September 30, 2026, with no amounts outstanding under either revolving credit facility.
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Disclosure controls remain effective
Management concluded that disclosure controls and procedures were effective as of September 30, 2026, and reported no significant changes in internal control over financial reporting during the quarter.
What to watch
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Merger closing remains uncertain
The pending Merger remains subject to closing conditions, including HSR and gaming regulatory approvals. If conditions are not satisfied or waived by May 27, 2027, the agreement may be extended to August 27, 2027 or November 27, 2027 in specified circumstances, or terminated.
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Potential $200 million termination fee
If the Merger is terminated under certain circumstances, Caesars could owe Fertitta Gaming a termination fee of up to $200 million. The filing also states that transaction costs may continue regardless of whether the Merger closes.
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Large variable-rate debt exposure
Interest-rate exposure remains material: $5.8 billion of variable-rate borrowings represented approximately 50% of consolidated long-term debt as of September 30, 2026. Weighted-average interest rates were 6.12% on variable-rate debt and 6.18% on fixed-rate debt.
Management's outlook
No quantitative revenue or EPS outlook was provided in the supplied 10-Q text. Prior company commentary indicated that Caesars would not host a quarterly conference call because of the pending Fertitta Entertainment acquisition.
Earlier filings 4
10-Q · April 28, 2026
Caesars reported Q1 2026 net revenues of $2,870.0 million, up $76 million or 2.7% year-over-year, driven by higher casino revenues and consolidation of Caesars Windsor. Consolidated Adjusted EBITDA was $887 million (vs.…
10-K · February 17, 2026
Caesars positions itself as a geographically diversified gaming and hospitality operator combining brick‑and‑mortar casinos (slots, table games) with a growing digital platform (Caesars Sportsbook, iGaming) and a…
10-Q · October 28, 2025
Caesars reported Q3 net revenues of $2,869 million, essentially flat with Q3 2024 ($2,874 million) while operating income declined to $513 million from $644 million a year ago, compressing operating margin to ~17.9%.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.