| Metric | Value ($ M) | Q2 FY26 | Q3 FY25 |
|---|---|---|---|
| Revenue | 435.45 | 1.1% | 9.5% |
| Total Income | 435.45 | 1.1% | 9.5% |
| Expenditure | 125.51 | 27.9% | 107.6% |
| PBT | 214.36 | 9.0% | 13.9% |
| Net Profit | 207.64 | 9.1% | 13.9% |
| OPM | 71.18% | 6.03pp | 13.62pp |
| NPM | 47.68% | 5.37pp | 12.98pp |
| EPS | 0.71 | 11.3% | 16.5% |
Gaming and Leisure Properties Reports Record Third Quarter Results
30 Oct 2026 · 1d ago, 11:56 pm
Summary
Gaming and Leisure Properties, Inc. reported record results for the third quarter of 2026, with total revenue increasing 9.5% year-over-year to $435.4 million. The company also saw record growth in Adjusted Funds From Operations (AFFO), which rose 10.5% to $311.7 million, and Adjusted EBITDA, which increased 13.0% to $413.9 million. AFFO per share was up 7.2% to $1.04. Management highlighted the strength of their triple-net lease model and the resilience of regional gaming. The company also announced a significant joint venture with Prologis to develop a large warehouse and distribution park on a former casino site.
Key Highlights
- 1
Total revenue for the third quarter of 2026 reached a record $435.4 million, an increase of 9.5% year-over-year.
- 2
Adjusted Funds From Operations (AFFO) grew by 10.5% to a record $311.7 million in Q3 2026.
- 3
Adjusted EBITDA increased by 13.0% to a record $413.9 million for the third quarter of 2026.
- 4
AFFO per share rose by 7.2% to $1.04 in the third quarter of 2026.
- 5
The Company declared a third quarter dividend of $0.82 per share, representing an annualized dividend yield of 8.6% based on the period-end stock price.
- 6
GLPI entered into definitive agreements to form a joint venture with Prologis to develop the former Hollywood Casino Joliet site into a Class A warehouse and distribution park.
Management Comments
Peter Carlino
Our third quarter was another record for revenue, AFFO and Adjusted EBITDA. Total revenue rose 9.5% to $435.4 million, AFFO grew 10.5% to $311.7 million and Adjusted EBITDA increased 13.0% to $413.9 million, while AFFO per share rose 7.2% to $1.04. These results demonstrate the strength of our model which prioritizes long-term triple-net leases with built-in escalators, strong lease coverage, and the ability to structure and underwrite complex transactions and creative funding solutions for quality tenants. Despite this consistent execution, we believe GLPI’s share price remains significantly dislocated from its fundamentals, resulting in an attractive yield of over 8.5% based on the current quarterly cash dividend. Regional gaming has proven its resilience for decades, and it is doing so again. Same-store operator results delivered healthy year-over-year gains through the first nine months of 2026, and the durability of our rents and strong coverage stand out against the currently volatile macro backdrop.
Informational and educational content only. Not investment advice.