Caesars Reports 4% Revenue Growth, Digital EBITDA Hits Record $85 Million
Caesars Entertainment reported Q4 net revenue of $2.9 billion, up 4% year-over-year, and adjusted EBITDA of $901 million, up 2%, while EPS fell to –$0.33 from $0.05 last year. Digital segment net revenue jumped 38.7% to $419 million with a record quarterly EBITDA of $85 million, offsetting declines in Las Vegas occupancy to 92% and a 5% drop in ADR.
1. Consolidated Q4 Financial Results
Caesars posted consolidated Q4 net revenue of $2.9 billion, a 4% year-over-year increase, and adjusted EBITDA of $901 million, up 2%, while quarterly EPS declined to –$0.33 from $0.05 a year earlier.
2. Segment Performance
Las Vegas segment saw occupancy drop to 92% from 96.5% and ADR fall 5%, delivering $447 million in adjusted EBITDA versus $477 million last year; regional revenue rose 4% with $407 million in EBITDA, and digital net revenue soared 38.7% to $419 million with an $85 million EBITDA record.
3. Outlook and Cash Flow Strategy
Management expects significant free cash flow generation in 2026 from lower capex, interest and taxes, plans debt paydown and share repurchases, anticipates EBITDA upside as digital marketing contracts expire, and highlighted 2026 tailwinds including Caesars Windsor ownership, a $200 million Tahoe renovation and Harrah’s Oklahoma opening.