Gaming and Leisure Properties Inc (GLPI) financial statements: income statement, balance sheet and cash flow
Gaming and Leisure Properties Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Gaming and Leisure Properties Inc reported net income of $850.4M (+5.3% year on year).
Income statement
Gaming and Leisure Properties Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Rental income
$1.4B
$1.3B
$1.3B
$1.2B
Income from direct financing lease
$195.6M
$185.4M
$153.0M
$138.3M
Income from investment in leases, sales type
$15.1M
$5.0M
—
—
Interest income from real estate loans
$16.0M
$10.5M
$1.0M
$0
Total income from real estate
$1.6B
$1.5B
$1.4B
$1.3B
Land rights and ground lease expense
$55.4M
$47.7M
$48.1M
$49.0M
General and administrative
$63.5M
$59.6M
$56.5M
$51.3M
Gains from dispositions of property
($125.0K)
($3.8M)
($22.0K)
($67.5M)
Impairment Charge and Property Tax Recovery
$0
—
—
—
Depreciation
$265.9M
$260.2M
$262.9M
$238.7M
Accounts Receivable, Credit Loss Expense (Reversal)
$8.7M
$37.3M
$6.5M
—
Total operating expenses
$393.3M
$400.9M
$371.7M
$281.8M
Income from operations
$1.2B
$1.1B
$1.1B
$1.0B
Interest expense
($373.9M)
($366.9M)
($323.4M)
($309.3M)
Interest income
$28.8M
$46.0M
$12.6M
$1.9M
Losses on debt extinguishment
($3.8M)
$0
($556.0K)
($2.2M)
Total other expenses
($348.9M)
($320.9M)
($311.3M)
($309.6M)
Income before income taxes
$852.6M
$809.8M
$757.4M
$720.3M
Income tax expense
$2.2M
$2.1M
$2.0M
$17.1M
Net income
$850.4M
$807.6M
$755.4M
$703.3M
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Nonredeemable
($25.2M)
($23.0M)
($21.1M)
($18.6M)
Net income
$825.1M
$784.6M
$734.3M
$684.7M
Basic earnings per common share (in dollars per share)
$2.95
$2.87
$2.78
$2.71
Diluted earnings per common share (in dollars per share)
$2.95
$2.87
$2.77
$2.70
Reclassification of derivative gain to interest expense
($33.0K)
—
—
—
Gain on cash flow hedges
$967.0K
—
—
—
Comprehensive income
$851.3M
—
—
—
Comprehensive income attributable to non-controlling interest in the Operating Partnership
($25.3M)
—
—
—
Comprehensive income attributable to common shareholders
$826.0M
—
—
—
Gaming and Leisure Properties Inc income statement, quarters
Interest and Fee Income, Loans, Real Estate Construction
$7.6M
$6.9M
$4.0M
$3.7M
Total income from real estate
$430.5M
$420.0M
$397.6M
$394.9M
Land rights and ground lease expense
$14.1M
$13.8M
$13.8M
$13.9M
General and administrative
$13.2M
$17.9M
$16.6M
$15.9M
Losses (gains) from dispositions of property
$1.2M
$0
$0
$0
Depreciation
$66.6M
$65.0M
$67.5M
$69.2M
Provision (benefit) for credit losses, net
$3.0M
($10.1M)
($37.4M)
$53.7M
Total operating expenses
$98.1M
$86.6M
$60.4M
$152.8M
Income from operations
$332.4M
$333.3M
$337.2M
$242.1M
Interest expense
($100.7M)
($95.9M)
($94.1M)
($89.9M)
Interest income
$3.9M
$2.7M
$9.7M
$4.6M
Losses on debt extinguishment
$0
($268.0K)
($3.8M)
—
Total other expenses
($96.8M)
($93.4M)
($88.1M)
($85.4M)
Income before income taxes
$235.5M
$240.0M
$249.0M
$156.7M
Income tax expense
$601.0K
$560.0K
$560.0K
$545.0K
Net income
$234.9M
$239.4M
$248.5M
$156.2M
Net income attributable to noncontrolling interest in the Operating Partnership
($6.5M)
($7.6M)
($7.3M)
($4.7M)
Net income
$228.4M
$231.8M
$241.2M
$151.4M
Basic earnings per common share (in dollars per share)
$0.80
$0.82
$0.85
$0.55
Diluted earnings per common share (in dollars per share)
$0.80
$0.82
$0.85
$0.54
Unrealized gain on cash flow hedges
$0
—
$103.0K
$864.0K
Reclassification of derivative gain to interest expense
($24.0K)
($24.0K)
($9.0K)
—
Comprehensive income
$234.9M
$239.4M
$248.6M
$157.0M
Comprehensive income attributable to noncontrolling interest in the Operating Partnership
($6.5M)
($7.6M)
($7.3M)
($4.8M)
Comprehensive income attributable to common shareholders
$228.4M
$231.8M
$241.3M
$152.3M
Balance sheet
Gaming and Leisure Properties Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Real estate investments, net
$8.5B
$8.1B
$8.2B
$7.7B
Net Investment in Lease
$2.6B
$2.3B
$2.0B
$1.9B
Right-of-use assets and land rights, net
$1.1B
$1.1B
$835.5M
$834.1M
Cash and cash equivalents
$224.3M
$462.6M
$684.0M
$239.1M
Other assets
$84.9M
$63.5M
$55.7M
$246.1M
Real estate loans, net
$248.0M
$160.6M
$39.0M
—
Net Investment in Sales Type Lease, before Allowance for Credit Loss
$248.4M
$254.8M
—
—
Short-Term Investments
$0
$560.8M
—
—
Total assets
$12.9B
$13.1B
$11.8B
$10.9B
Accounts payable and accrued expenses
$6.6M
$5.8M
$7.0M
$6.6M
Accrued interest
$106.3M
$105.8M
$83.1M
$82.3M
Accrued salaries and wages
$10.2M
$7.2M
$7.5M
$6.7M
Lease liabilities
$242.5M
$245.0M
$196.9M
$182.0M
Financing lease liabilities
$61.2M
$60.8M
$54.3M
$53.8M
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts
$7.2B
$7.7B
$6.6B
$6.1B
Rental income
$205.8M
$228.5M
$284.9M
$324.8M
Other liabilities
$65.0M
$41.6M
$36.6M
$27.7M
Total liabilities
$7.9B
$8.4B
$7.3B
$6.8B
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2025 and December 31, 2024)
0
0
0
0
Common stock ($.01 par value, 500,000,000 shares authorized, 274,422,549 shares and 270,922,719 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively)
2.8M
2.7M
2.7M
2.6M
Additional paid-in capital
$6.6B
$6.2B
$6.1B
$5.6B
Accumulated deficit
($2.0B)
($1.9B)
($1.9B)
($1.8B)
Accumulated Other Comprehensive Income (Loss), Net of Tax
$904.0K
—
—
—
Total equity attributable to Gaming and Leisure Properties
$4.6B
$4.3B
$4.2B
$3.8B
Non-controlling interests in GLPI's Operating Partnership (8,224,939 units outstanding at December 31, 2025 and December 31, 2024, respectively)
$381.8M
$377.0M
$352.0M
$340.1M
Total equity
$5.0B
$4.6B
$4.5B
$4.1B
Total liabilities and equity
$12.9B
$13.1B
$11.8B
$10.9B
Gaming and Leisure Properties Inc balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Real estate investments, net
$9.6B
$9.2B
$8.1B
$8.1B
Investment in leases, financing receivables, net
$2.6B
$2.6B
$2.3B
$2.3B
Investment in leases, sales-type, net
$251.8M
$250.5M
$248.3M
$243.4M
Real estate loans, net
$296.3M
$299.7M
$176.9M
$161.2M
Right-of-use assets and land rights, net
$1.1B
$1.1B
$1.1B
$1.1B
Cash and cash equivalents
$319.0M
$274.5M
$751.7M
$604.2M
Other assets
$101.1M
$86.0M
$79.0M
$70.8M
Total assets
$14.2B
$13.8B
$12.8B
$12.5B
Accounts payable and accrued expenses
$8.1M
$6.9M
$6.7M
$5.6M
Accrued interest
$116.8M
$81.4M
$55.0M
$93.6M
Accrued salaries and wages
$4.8M
$3.0M
$8.4M
$4.4M
Operating lease liabilities
$240.7M
$241.8M
$243.1M
$243.7M
Finance lease liability
$61.4M
$61.3M
$61.1M
$61.0M
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts
$8.1B
$8.1B
$7.2B
$6.9B
Deferred rental revenue
$207.6M
$206.2M
$208.1M
$213.5M
Other liabilities
$56.6M
$53.0M
$47.1M
$44.6M
Total liabilities
$8.8B
$8.7B
$7.8B
$7.6B
Preferred stock, par value (in dollars per share)
$0.01
—
$0.01
$0.01
Preferred stock, shares authorized
50.0M
—
50.0M
50.0M
Common stock, par value (in dollars per share)
$0.01
—
$0.01
$0.01
Common stock, shares authorized
500.0M
—
500.0M
500.0M
Common stock, shares issued
290.9M
—
283.0M
283.0M
Common stock, shares, outstanding
290.9M
—
283.0M
283.0M
Preferred Stock, Value, Issued
$0
$0
$0
$0
Common Stock, Value, Issued
$2.9M
$2.8M
$2.8M
$2.8M
Additional Paid in Capital, Common Stock
$7.0B
$6.6B
$6.6B
$6.6B
Accumulated deficit
($2.0B)
($2.0B)
($2.0B)
($2.1B)
Accumulated other comprehensive income
$858.0K
$881.0K
$927.0K
$837.0K
Total equity attributable to Gaming and Leisure Properties
$5.0B
$4.6B
$4.6B
$4.6B
Noncontrolling Interest in Operating Partnerships
$398.1M
$402.0M
$379.5M
$378.4M
Total equity
$5.4B
$5.0B
$5.0B
$4.9B
Total liabilities and equity
$14.2B
$13.8B
$12.8B
$12.5B
Cash flow statement
Gaming and Leisure Properties Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$850.4M
$807.6M
$755.4M
$703.3M
Depreciation, Depletion and Amortization
$282.9M
$273.4M
$276.4M
$254.5M
Amortization of items charged to interest expense
$13.3M
$11.2M
$9.9M
$10.0M
Accretion on investment in leases and adjustments to lease liabilities
($27.9M)
($28.5M)
($22.6M)
($19.0M)
Accretion on held to maturity investment securities
$10.8M
—
—
—
Gains on dispositions of property
($125.0K)
($3.8M)
$22.0K
$67.5M
Stock-based compensation
$21.2M
$24.3M
$22.9M
$20.4M
Straight line rent and deferred rent adjustments
($22.5M)
($56.1M)
($39.9M)
($4.3M)
Losses on debt extinguishment
$3.8M
$0
$556.0K
$5.5M
Provision for credit losses, net
$8.7M
$37.3M
$6.5M
$6.9M
Other assets
($22.6M)
($10.2M)
($7.9M)
$11.8M
Accounts payable, accrued expenses , accrued salary and wages
$2.9M
($1.4M)
—
—
Accrued interest
$501.0K
$22.6M
$815.0K
$10.5M
Other liabilities
$7.2M
$7.1M
$6.2M
($11.8M)
Net cash provided by operating activities
$1.1B
$1.1B
$1.0B
$920.1M
Capital project and maintenance expenditures
($304.4M)
($39.6M)
($47.4M)
($23.9M)
Return of contingent consideration from previous acquisition
$0
$1.8M
—
—
Acquisition of real estate assets and deposit payments
($285.0M)
($640.9M)
($463.2M)
($350.1M)
Fundings under the Tropicana Las Vegas Lease
$0
($48.5M)
—
—
Originations of real estate loans, net of origination discount
($85.3M)
($125.2M)
—
—
Investment in leases, financing receivables
($184.1M)
($203.5M)
($100.2M)
($129.0M)
Maturities of held to maturity investment securities
$550.0M
$341.0M
—
—
Acquisition of held to maturity investment securities
$0
($891.0M)
—
—
Net cash used in investing activities
($308.8M)
($1.6B)
($650.8M)
($354.5M)
Dividends paid
($871.9M)
($830.7M)
($834.0M)
($770.9M)
Non-controlling interest distributions
($25.8M)
($24.6M)
($24.1M)
($20.7M)
Taxes paid related to shares withheld for taxes on stock award vestings
-14.8M
-14.7M
-13.4M
-11.9M
ATM Program offering costs
$402.8M
$148.2M
$469.2M
$611.3M
Proceeds from issuance of long-term debt
$1.3B
$1.5B
$1.1B
$424.0M
Financing costs and costs paid to redeem senior unsecured notes
($15.4M)
($24.7M)
($4.0M)
($11.9M)
Repayments of long-term debt
($1.8B)
($463.6M)
($585.1M)
($1.3B)
Net cash provided by (used in) financing activities
($1.1B)
$311.8M
$86.4M
($1.1B)
Net increase in cash and cash equivalents
($238.3M)
($221.4M)
$444.9M
($485.5M)
Cash and cash equivalents at beginning of period
$462.6M
$684.0M
$239.1M
$724.6M
Cash and cash equivalents at end of period
$224.3M
$462.6M
$684.0M
$239.1M
Amortization of Deferred Hedge Gains
($52.0K)
—
—
—
Proceeds From Hedge, Operating Activities
$967.0K
—
—
—
Return of contingent consideration from previous acquisition
$125.0K
—
$0
$148.7M
Gaming and Leisure Properties Inc cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$474.3M
$239.4M
$575.0M
$326.5M
Depreciation and amortization
$140.2M
$69.3M
$214.5M
$142.8M
Amortization of items charged to interest expense
$7.1M
$3.5M
$9.9M
$6.5M
Amortization of Deferred Hedge Gains
($163.0K)
($81.0K)
($9.0K)
—
Accretion on investment in leases
($14.7M)
($7.4M)
($20.8M)
($13.8M)
Non-cash adjustment to financing lease liabilities
$204.0K
$98.0K
$317.0K
$205.0K
Losses (gains) from dispositions of property
$1.2M
$0
($125.0K)
($125.0K)
Stock-based compensation
$12.7M
$8.1M
$16.6M
$15.0M
Straight-line rent and deferred rent adjustments
$1.9M
$471.0K
($20.2M)
($14.8M)
Provision (benefit) for credit losses, net
($7.2M)
($10.1M)
$55.6M
$93.0M
Other assets
($7.5M)
($2.0M)
($17.4M)
($8.3M)
Accounts payable and accrued expenses
$966.0K
$625.0K
$1.1M
$582.0K
Accrued interest
$10.6M
($24.9M)
($50.7M)
($12.1M)
Accrued salaries and wages
($5.4M)
($7.2M)
$1.3M
($2.7M)
Other liabilities
$5.7M
$511.0K
$5.5M
$2.4M
Net cash provided by operating activities
$619.8M
$270.2M
$786.2M
$545.9M
Capital project and maintenance expenditures
($296.2M)
($111.5M)
($57.5M)
—
Proceeds from sales of property, net of costs
$0
$0
$125.0K
$125.0K
Expenditures for property and equipment, net
($9.1M)
—
—
—
Acquisition of real estate
($904.3M)
($688.0M)
($135.0M)
($5.0M)
Originations of real estate loans
($69.4M)
($54.1M)
($24.2M)
($10.7M)
Principal payments on real estate loans
$16.2M
—
—
—
Net cash provided by (used in) investing activities
($1.3B)
($853.5M)
$333.5M
$500.4M
Dividends paid
($459.7M)
($221.1M)
($650.9M)
($430.0M)
Noncontrolling interest distributions
$14.1M
($6.9M)
$19.3M
$12.8M
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings
-6.3M
-6.3M
-14.8M
-14.8M
ATM Program offering costs
$350.8M
($120.0K)
$402.9M
$403.0M
Repayments of long-term debt
($1.3B)
($1.3B)
($1.8B)
($850.1M)
Payments of Financing Costs
($9.1M)
—
($12.4M)
—
Net cash provided by (used in) financing activities
$737.6M
$633.5M
($830.6M)
($904.7M)
Net decrease in cash and cash equivalents
$94.7M
$50.2M
—
$141.5M
Cash and cash equivalents at beginning of period
$224.3M
$224.3M
$462.6M
$462.6M
Cash and cash equivalents at end of period
$319.0M
$274.5M
$751.7M
$604.2M
Interest and Dividend Income, Operating
$0
$0
$10.8M
$10.8M
Proceeds from Sale and Maturity of Held-to-Maturity Securities