# Gaming and Leisure Properties (GLPI) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/GLPI/thesis · /stocks/GLPI/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/GLPI/fundamental

## Navigation

- Overview: /stocks/GLPI
- Financials (this page): /stocks/GLPI/financials
- Thesis: /stocks/GLPI/thesis
- Investment Memo: /stocks/GLPI/memo
- Coverage universe: /stocks