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 quarter of all time. So there’s really no crisis happening in Vegas.”
He noted that major events like the Formula 1 Grand Prix and Super Bowl performed well, but acknowledged softer patches between big event weekends.
Analysts have flagged declining US tourism and normalizing pricing power as factors. The average daily rate boom that drove record results in 2023–24 appears to be cooling.
Regional casino revenue rose 4% to $1.39 billion. Adjusted EBITDA was little changed at $405 million. Management cited new and renovated facilities in New Orleans and Danville as tailwinds, though winter weather and increased competition in Indiana and Ohio weighed on results.
Debt Remains the Central Challenge
Caesars carries $24.8 billion in debt, a legacy of Eldorado Resorts’ 2020 acquisition. The company posted a GAAP net loss of $250 million for 2025, compared to net income of $11 million in 2024, though 2024 was boosted by over $350 million in asset sales.
Free cash flow per share has recovered to $1.80 on a trailing 12-month basis, after turning negative in 2024. The company’s Price-to-Free-Cash-Flow ratio stands at 9.8, which ranks it 17th out of 82 companies in its sector per Stockopedia.
Reeg confirmed deleveraging plans remain on track, with capital expenditure staying near the previously guided $600 million, focused on Digital and property improvements. No M&A is planned.
On buybacks, Reeg said Caesars expects to be “more active in Q2 than Q1.” Since mid-2024, the company has repurchased 14.7 million shares for $420 million.
TD Cowen analyst Lance Vitanza cut his price target from $40 to $35 at the end of January, in line with the current Wall Street consensus.
CZR stock closed the regular session up 4.46% and added another 4.06% in post-market trading, reaching $19.72.
