Penn National Gaming Inc (PENN)

Gross profit margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Gross profit (ttm)	US$ in thousands	3,961,700	4,454,700	4,402,300	4,409,900	4,479,200	4,405,900	4,420,800	4,383,900	4,116,100	3,689,400	3,349,800	2,211,900	1,441,900	1,989,500	2,217,500	3,138,106	3,932,296	3,882,666	3,545,194	3,244,972
Revenue (ttm)	US$ in thousands	6,362,900	6,553,100	6,558,700	6,510,800	6,401,700	6,388,600	6,275,400	6,194,300	5,905,000	5,359,900	4,977,800	3,737,500	3,578,700	3,892,500	4,117,300	5,134,900	5,301,400	5,115,500	4,550,700	4,054,500
Gross profit margin		62.26%	67.98%	67.12%	67.73%	69.97%	68.97%	70.45%	70.77%	69.71%	68.83%	67.29%	59.18%	40.29%	51.11%	53.86%	61.11%	74.17%	75.90%	77.90%	80.03%

December 31, 2023 calculation

Gross profit margin = Gross profit (ttm) ÷ Revenue (ttm)
= $3,961,700K ÷ $6,362,900K
= 62.26%

The gross profit margin of PENN Entertainment Inc has shown a decreasing trend over the past eight quarters, starting at 45.83% in Q1 2022 and declining to 37.12% in Q4 2023. This suggests that the company's profitability in terms of gross profit generated from its revenue has weakened over this period. Factors contributing to this trend may include increasing costs of goods sold, pricing pressures, or changes in product mix. Management should closely monitor and address the factors influencing the gross profit margin to ensure sustainable profitability in the future.