GLPI Reports Record Q4 as Leverage Reverses Course

Split Rating Unchanged for Gaming and Leisure Properties

Published on Mar. 1, 2026

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Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) reported record fourth-quarter results, with revenue reaching $407.0 million and adjusted funds from operations rising 7.5% to $290.0 million. However, the company's net debt-to-EBITDA ratio increased from 4.4x to 4.6x, reversing a previous declining trajectory. GLPI has a $2.6 billion capital deployment pipeline, which could further impact its leverage.

Why it matters

GLPI's record AFFO has not closed the gap between the two investment-grade ratings and the one speculative-grade rating it holds. The company's leverage trajectory may determine whether the split rating narrows or widens, as the pace of capital deployment could amplify both the AFFO growth and leverage expansion.

The details

GLPI's Q4 2025 revenue grew 4.5% year-over-year to $407.0 million, exceeding the consensus estimate of $406.0 million. Adjusted funds from operations rose 7.5% to $290.0 million, and earnings per share came in at $0.99 versus the $0.98 consensus. For the full year, AFFO grew 5.6% to $1.120 billion on total revenue of $1,594.8 million. The company's board declared a first-quarter 2026 dividend of $0.78 per share and provided full-year 2026 AFFO guidance of $1.207 billion to $1.222 billion, implying 4.6% to 5.9% growth over 2025.

  • GLPI's net debt-to-EBITDA ratio stood at 4.4x in the previous quarter, 4.9x at the end of 2024, and 4.6x at the end of Q4 2025.
  • GLPI expects to fund $575 million to $650 million in capital deployments during 2026.

The players

Gaming and Leisure Properties, Inc.

A real estate investment trust that owns, acquires, and leases gaming and related facilities.

Peter Carlino

The CEO of Gaming and Leisure Properties, Inc.

Bally's

A casino and entertainment company that has partnered with GLPI on several real estate transactions.

The Cordish Companies

A real estate development company that has partnered with GLPI on the Live! Virginia Casino & Hotel project.

PENN Entertainment

A gaming and entertainment company that has worked with GLPI on the M Resort expansion project.

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What they’re saying

“Lease coverage across the five largest tenants 'remains strong.' Rent collection held at 100% through 2025.”

— Peter Carlino, CEO (Benzinga)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.