Penn Entertainment's stock soared 12.26% during intraday trading on Thursday, following the release of its first-quarter financial results that exceeded analyst expectations.

The company reported adjusted earnings per share of $0.11 for Q1 2026, beating consensus estimates which ranged from $0.04 to $0.07. Revenue climbed 6.4% year-over-year to $1.779 billion, also surpassing the expected $1.75 billion. Consolidated Adjusted EBITDA jumped 53.4% to $265.8 million, demonstrating significant operational improvement.

Management attributed the strong performance to increased customer visitation and higher spending per visit across its retail casino portfolio, which drove theoretical revenue growth across all rated segments. The company also noted continued momentum in its Interactive segment, with iCasino revenue growing approximately 15% year-over-year and achieving record quarterly revenues. Penn Entertainment provided a positive outlook, anticipating stable retail trends and planning a July launch of regulated iCasino and online sports betting in Alberta, subject to regulatory approvals.