Gaming and Leisure Properties

GLPI
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Latest Q Revenue
$420M
Q1 2026 · +40.4% YoY

Financial Snapshot

ticker: GLPI step: 04 generated: 2026-05-13 source: quick-research

Gaming and Leisure Properties Inc. (GLPI) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue $1.31B $1.44B ~$1.55B +7.6%
Gross Margin ~94% ~94% ~94%
Operating Margin ~60% ~63% ~65%
Net Income ~$400M ~$450M ~$480M
AFFO/Share ~$3.37 $3.69 ~$3.80 +3%

Triple-net lease structure produces near-100% gross margins (tenants pay all operating costs). AFFO/share is the primary metric; GAAP net income reflects depreciation on the real estate asset base. FY2024 AFFO guidance was $1,041–$1,050M (full-year); Q3 2024 AFFO grew 6.8% YoY.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$950M
AFFO ~$1.04B
Cash & Equivalents ~$200M
Total Debt ~$6.5B
Net Debt / EBITDA ~5.5x

Key Ratios (approximate)

  • P/AFFO: ~12x | EV/EBITDA: ~15x | Dividend Yield: ~6.7%
  • Revenue Growth (FY2024): +7.6% | AFFO/Share Growth: ~3%
  • Quarterly Dividend: $0.76/share ($3.04 annualized)

Growth Profile

GLPI has delivered consistent mid-single-digit AFFO/share growth since its 2013 spin-off, driven by acquisitions, sale-leasebacks, and contractual rent escalators. The FY2023 portfolio expanded via $1.1B+ in transactions including multiple Bally's acquisitions and loan fundings. Q1 2026 delivered record results (+6.3% income from real estate YoY) and prompted upward guidance revision. A $1.8B capital commitment pipeline through 2027 (including up to $940M for the Bally's Chicago development) provides visibility into continued AFFO/share growth at accretive yields (~8% cap rates on recent deals).

Forward Estimates

  • FY2026 AFFO/Share: growing from ~$3.80 base; management raised guidance in Q1 2026
  • Capital pipeline: ~$1.8B through 2027 at ~8% cap rates
  • February 2026: Bally's Twin River Lincoln acquired for $700M ($56M annual rent, 8.0% cap rate)
  • Analyst consensus: Buy/Hold; 10-11 analysts; 12-month target ~$51.95 (~8% upside)

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $GLPI.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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