TLDR Caesars Q4 revenue came in at $2.92B, beating estimates, but EPS missed at -$0.33 vs. -$0.23 expected Caesars Digital set a record quarterly EBITDA of $85M, up from $20M in Q4 2024 Las Vegas revenue fell 3.4% year-over-year to $1.04B, with margin compression continuing Debt load stands at $24.8B; free cash flow has improved to $1.80 per share on a trailing 12-month basis CEO Tom Reeg signaled more share buyback activity in Q2 2026; CZR rose ~4% in post-market trading
Caesars Entertainment posted mixed Q4 results on February 17, beating on revenue but missing on earnings per share.
Revenue came in at $2.92 billion, slightly above the $2.88 billion consensus. EPS landed at -$0.33, worse than the -$0.23 analysts had expected.
Full-year 2025 revenue hit $11.5 billion, up from $11.2 billion in 2024.
The headline of the report was the digital segment. Caesars Digital posted record quarterly adjusted EBITDA of $85 million, up sharply from $20 million in Q4 2024. Full-year Digital EBITDA reached $236 million versus $117 million the year prior.
Digital revenue for the full year hit $419 million, up 38.7% from $302 million in 2024, beating the projected 35% growth target.
iGaming handle rose 28% for the full year. Average Revenue per Monthly Unique Payer came in at $198, an 8% increase year-over-year.
Caesars Entertainment, Inc., CZR
Las Vegas Faces Headwinds
Las Vegas revenue slipped 3.4% in Q4, from $1.08 billion to $1.04 billion. Adjusted EBITDA for the segment fell to $447 million from $481 million in the same period last year, though it narrowly beat the $446 million estimate.
CEO Tom Reeg pushed back on negative sentiment around Vegas. “We were 90, 92.5% occupied for the quarter across 20,000 rooms,” he said. “This was probably the third, fourth best