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Caesars Entertainment, Inc. (NASDAQ: CZR) released its financial results for the fourth quarter and full year ending December 31, 2025, reporting consolidated net revenues of $2.9 billion for Q4 and $11.5 billion for the full year.
Fourth Quarter 2025 Highlights
The company recorded GAAP net revenues of $2.9 billion in Q4 2025, up from $2.8 billion in the same period of 2024. Same-store Adjusted EBITDA reached $901 million compared to $882 million year-over-year, while GAAP net loss totaled $250 million versus net income of $11 million in Q4 2024. The year-over-year decline was primarily attributed to asset sale gains of over $350 million recorded in the prior year period.
Caesars Digital delivered a standout performance with quarterly Adjusted EBITDA of $85 million, up from $20 million in Q4 2024, marking a new company record for the segment.
Full Year 2025 Performance
For the full year 2025, Caesars reported GAAP net revenues of $11.5 billion, an increase from $11.2 billion in 2024. Same-store Adjusted EBITDA came in at $3.6 billion compared to $3.7 billion for the prior year. The company posted a GAAP net loss of $502 million for 2025 versus a net loss of $278 million in 2024.
Caesars Digital showed strong annual growth with Adjusted EBITDA of $236 million, more than doubling the $117 million recorded in 2024, representing a 101.7% year-over-year increase.
Segment Results
The Las Vegas segment generated $1.04 billion in Q4 net revenues, down 3.4% from the adjusted prior year period, with Adjusted EBITDA of $447 million. The Regional segment posted $1.40 billion in net revenues, up 4.0% year-over-year, with Adjusted EBITDA of $404 million.
Caesars Digital net revenues reached $419 million in Q4, a 38.7% increase from $302 million in the comparable 2024 period. For the full year, Digital segment revenues totaled $1.41 billion, up 21.1% from $1.16 billion in 2024.
Executive Commentary
“Fourth quarter consolidated same-store Adjusted EBITDA grew year over year driven by Caesars Digital which set a new quarterly record of $85 million, stable results in our Regional segment and a quarterly sequential improvement in operating trends in Las Vegas,” said Tom Reeg, Chief Executive Officer of Caesars Entertainment. “As we look ahead to 2026, the brick-and-mortar operating environment remains stable, and we are expecting another year of strong Net Revenue and Adjusted EBITDA growth in our Caesars Digital segment. When combined with lower capex and cash interest expense, 2026 is forecasted to deliver strong free cash flow that we expect to use to pay down debt and opportunistically repurchase our common stock.”
Balance Sheet and Liquidity
As of December 31, 2025, Caesars held total outstanding debt of $11.9 billion, down from $12.3 billion at year-end 2024. Cash and cash equivalents stood at $887 million, with net debt of $11.0 billion. The company’s total liquidity position, including cash and available revolver capacity, reached $2.8 billion.
“During the fourth quarter, we continued to opportunistically repurchase our common stock bringing aggregate share repurchases to 14.7 million shares for $420 million since we began our repurchase activity in the middle of 2024,” said Bret Yunker, Chief Financial Officer. “As we move into 2026, we are positioned to benefit from decreasing cash interest expense and our capital expenditures will step down due to the completion of our large growth projects in Virginia and New Orleans.”
2026 Outlook
Management expects continued growth in the Caesars Digital segment for 2026, combined with a stable operating environment in brick-and-mortar properties. The company anticipates reduced capital expenditures following the completion of major development projects and lower cash interest expenses, which are projected to generate strong free cash flow for debt reduction and share repurchases.
About Caesars Entertainment
Caesars Entertainment, Inc. (NASDAQ: CZR) operates as the largest casino-entertainment company in the United States. Founded in Reno, Nevada in 1937, the company operates resorts primarily under the Caesars, Harrah’s, Horseshoe, and Eldorado brand names. Caesars offers gaming, entertainment and hospitality services, along with mobile and online gaming and sports betting platforms through its Caesars Rewards loyalty program.
Source: Caesars Entertainment
