Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
Ticker Symbol and Holders of Record
Our common stock is quoted on the NASDAQ Global Select Market under the symbol “PENN.” As of February 23, 2026, there were 1,382 holders of record of our common stock.
Dividends
Since our initial public offering of common stock in May 1994, we have not paid any cash dividends on our common stock. We intend to retain all of our earnings to finance the development of our business, and thus, do not anticipate paying cash dividends on our common stock for the foreseeable future. Payment of any cash dividends in the future will be at the discretion of the Company’s Board of Directors (the “Board”) and will depend upon, among other things, our future earnings, operations and capital requirements, our general financial condition and general business conditions. In addition, our Amended Credit Facilities and senior unsecured notes limit, among other things, our ability to pay dividends. Future financing arrangements may also prohibit the payment of dividends under certain conditions.
Sales of Unregistered Equity Securities
We have not sold any equity securities during the year ended December 31, 2025 that were not previously disclosed in a quarterly report on Form 10-Q or a current report on Form 8-K that was filed during the year.
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Purchases of Equity Securities
On February 1, 2022, our Board authorized the repurchase of up to $750.0 million of our common stock from time to time on the open market or in privately negotiated transactions. The repurchase authorization expired on January 31, 2025. On December 6, 2022, our Board authorized an additional $750.0 million program for such repurchases, which expired on December 31, 2025 (the “December 2022 Authorization”). On October 30, 2025, the Board approved a new $750.0 million share repurchase program (the “October 2025 Authorization”), which commenced on January 1, 2026 and expires on December 31, 2028. Stock repurchases, if any, will be funded using our available liquidity. The timing and amount of stock repurchases, if any, will depend on a variety of factors, including but not limited to, market conditions and corporate and regulatory considerations. During the year ended December 31, 2025, the Company repurchased 20,090,831 shares of its common stock at an average price of $17.64 per share.
The following table presents the total number of shares of our common stock that we repurchased during the fourth quarter of the year ended December 31, 2025, the average price paid per share, the number of shares that we repurchased as part of our share repurchase program, and the approximate dollar value of shares that still could have been repurchased at the end of the applicable fiscal period pursuant to our share repurchase program:
(dollars in millions, except per share data) Total Number of Shares Purchased (1)
Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Program (2)
Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Program (2)
October 1, 2025 - October 31, 2025 4,890,581 $ 17.45 4,876,200 $ 395.4
November 1, 2025 – November 30, 2025 7,461 $ 15.98 — $ 395.4
December 1, 2025 - December 31, 2025 — $ — — $ 395.4
Total 4,898,042 $ 17.44 4,876,200
(1) Includes 14,381 and 7,461 shares withheld to pay taxes due upon the vesting of employee restricted stock for the months ended October 31, 2025 and November 30, 2025, respectively.
(2) We initiated share repurchases under the December 2022 Authorization. Stock repurchases are funded using our available liquidity. The timing and amount of stock repurchases will depend on a variety of factors, including market conditions as well as corporate and regulatory considerations.
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Stock Performance Graph
The following graph compares the cumulative total shareholder return for the Company's Common Stock since December 31, 2020 to the total returns of the S&P 500 Index and the Russell 3000 Casino and Gambling Index. The comparative returns shown in the graph assumes the investment of $100 in the Company’s Common Stock, the S&P 500 Index, and the Russell 3000 Casino and Gambling Index on December 31, 2020.
Period Ending December 31,
Index 2020 2021 2022 2023 2024 2025
PENN Entertainment, Inc. $ 100.00 $ 60.03 $ 34.39 $ 30.13 $ 22.95 $ 17.08
S&P 500 $ 100.00 $ 128.71 $ 105.40 $ 133.10 $ 166.40 $ 196.16
Russell 3000 Casino and Gambling Index $ 100.00 $ 98.54 $ 73.75 $ 92.81 $ 89.32 $ 85.84
A. Cumulative total return assumes reinvestment of all dividends paid during the measurement period.
B. The Company has not paid any cash dividends on its Common Stock during this period.
C. The index is reweighted daily using the market capitalization on the previous trading day.
D. If the last day of the applicable year is not a trading day, the preceding trading day is used.
E. Historical returns are not indicative of future returns.
ITEM 6. RESERVED