Caesars Entertainment Inc.
CZRFinancial Snapshot
ticker: CZR step: 04 generated: 2026-05-12 source: quick-research
Caesars Entertainment, Inc. (CZR) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | ~$11.53B | $11.52B | $11.25B | -2.4% |
| Gross Profit | $5.83B | $6.57B | $6.22B | -5.3% |
| Net Income | ~$(0.9B) | ~$(0.06B) | ~$(0.13B) | |
| EPS (diluted) | ~$(4.10) | ~$(0.28) | ~$(0.60) |
Caesars reports GAAP net losses due to massive depreciation/amortization and interest expense on ~$12B net debt. EBITDA and Adjusted EBITDA are the operative metrics. FY2023 Adj. EBITDA was ~$3.4B; FY2024 declined modestly as Las Vegas margin pressure emerged. Q1 2026 showed higher revenue and growing digital gaming contribution.
Cash Flow & Balance Sheet (FY2024/2025)
| Metric | Value |
|---|---|
| Net Debt | ~$12B (elevated post-2020 merger) |
| Debt-to-Equity | ~6.4x |
| Current Ratio | ~0.84 (tight) |
| FY2025 Free Cash Flow (expected) | ~$500M |
| Adj. EBITDA (FY2024) | ~$3.3–3.4B |
| Interest Expense | ~$1.8–2.0B/year |
Caesars is a highly leveraged story. FCF was constrained through 2022–2024 by elevated capex (Caesars Digital buildout, property renovations). FY2025 marks the expected FCF inflection as capex normalizes and digital segment approaches profitability. Annual interest expense of ~$1.8–2.0B consumes most EBITDA above capex.
Key Ratios (approximate)
- EV/EBITDA: ~8–9x | Net Debt/EBITDA: ~3.5x
- Adj. EBITDA Margin: ~30% of revenue
- iGaming Net Revenue Growth: +60%+ YoY
- Las Vegas RevPAR: growing (group/convention up 8% in Q1 2025)
Growth Profile
Caesars' financial narrative is: (1) regional and Las Vegas EBITDA stability/modest growth; (2) Caesars Digital moving from cash burn to FCF-positive as iGaming scales; (3) declining capex as major renovation cycles complete. The sum is a FCF inflection that management and bulls argue is coming in 2025–2026. If achieved, deleveraging could accelerate meaningfully. The core risk is that Las Vegas EBITDA softens (tourist slowdown, competition from new supply) before digital profitability arrives.
Forward Estimates
- FY2025 Adj. EBITDA: ~$3.4–3.6B (flat to modest growth)
- FY2025 FCF: ~$500M (mgmt target; inflection from prior years)
- FY2026 FCF: ~$700M–1B (consensus bull case as digital contributes)
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $CZR.