Penn National Gaming Inc (PENN)
Pretax 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) (ttm) | US$ in thousands | -498,200 | -38,500 | 789,500 | 758,800 | 175,700 | 176,700 | 357,700 | 527,100 | 539,400 | 504,100 | 509,200 | -14,900 | -834,600 | -955,300 | -1,019,400 | -677,000 | 86,900 | 103,800 | 85,500 | 84,630 |
| 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 |
| Pretax margin | -7.83% | -0.59% | 12.04% | 11.65% | 2.74% | 2.77% | 5.70% | 8.51% | 9.13% | 9.41% | 10.23% | -0.40% | -23.32% | -24.54% | -24.76% | -13.18% | 1.64% | 2.03% | 1.88% | 2.09% |
December 31, 2023 calculation
Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $-498,200K ÷ $6,362,900K
= -7.83%
The pretax margin of PENN Entertainment Inc has shown fluctuations over the past eight quarters. In Q4 2023, the pretax margin was negative at -7.85%, indicating that the company's expenses exceeded its earnings before taxes. This was a significant decrease from the previous quarter, Q3 2023, where the pretax margin was -0.59%.
Looking at the trend over the past two years, the pretax margin has generally been positive, with Q2 and Q1 of 2023 showing the highest margins at 12.03% and 11.65% respectively. However, there has been a noticeable decline since then. Q4 2022, Q3 2022, Q2 2022, and Q1 2022 had pretax margins ranging from 2.74% to 8.50%.
Overall, the pretax margin of PENN Entertainment Inc has experienced both positive and negative trends, indicating fluctuations in the company's profitability before accounting for taxes. Further analysis of the reasons behind these fluctuations, such as changes in revenue, expenses, or economic conditions, would be necessary to understand the underlying factors affecting the company's performance.
Peer comparison
Dec 31, 2023