Caesars Entertainment, Inc.

For the period ended Dec 31, 2025. Filed Feb 17, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 17, 2026

CZR$29.30+0.1%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
(In millions)	2025	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$(437)	$(211)	$828
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	1,417	1,324	1,261
Amortization of deferred financing costs and discounts	178	179	200
Provision for credit losses	43	49	41
Loss on extinguishment of debt	4	89	200
Non-cash lease amortization	24	26	51
Gain on investments	(1)	(7)	(5)
Stock-based compensation expense	95	94	104
(Gain) loss on sale or disposal of property, equipment, trademark and businesses	17	(359)	22
Impairment charges	182	302	95
Deferred income taxes	(11)	87	(888)
Other non-cash adjustments to net (income) loss	(8)	(23)	(40)
Change in operating assets and liabilities:
Accounts receivable	(53)	86	(82)
Prepaid expenses and other assets	(49)	(13)	39
Income taxes receivable and payable, net	(81)	(48)	(27)
Accounts payable, accrued expenses and other liabilities	(18)	(500)	10
Net cash provided by operating activities	1,302	1,075	1,809
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(805)	(1,296)	(1,264)
Acquisition of intangible assets	(4)	(15)	(30)
Proceeds from sale of property, equipment, trademark and businesses	218	554	1
Proceeds from the sale of investments	8	14	4
Distributions from unconsolidated affiliate	23	39	—
Investments in unconsolidated affiliates	(6)	—	(3)
Other	(5)	—	36
Net cash used in investing activities	(571)	(704)	(1,256)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt and revolving credit facilities	1,580	7,525	5,460
Repayments of long-term debt and revolving credit facilities	(1,969)	(7,670)	(6,106)
Financing obligation payments	(26)	(8)	(8)
Debt issuance and extinguishment costs	—	(121)	(79)
Repurchase of common stock	(229)	(191)	—
Taxes paid related to net share settlement of equity awards	(17)	(17)	(27)
Payments to acquire ownership interest in subsidiary	—	—	(66)
Contributions from noncontrolling interest owners	—	—	116
Distributions to noncontrolling interest owners	(102)	(16)	(3)
Net cash used in financing activities	(763)	(498)	(713)
Decrease in cash, cash equivalents and restricted cash	(32)	(127)	(160)
Cash, cash equivalents and restricted cash, beginning of period	1,016	1,143	1,303
Cash, cash equivalents and restricted cash, end of period	$984	$1,016	$1,143

	Years Ended December 31,
(In millions)	2025	2024	2023
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO AMOUNTS REPORTED WITHIN THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	$887	$866	$1,005
Restricted cash	85	95	122
Restricted and escrow cash included in other long-term assets, net	12	55	16
Total cash, cash equivalents and restricted cash	$984	$1,016	$1,143
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash interest paid for debt	$813	$1,052	$846
Cash interest paid for rent related to financing obligations	1,349	1,324	1,286
Income taxes paid, net	81	48	26
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Payables for capital expenditures	109	174	169
Acquisition of intangible assets	3	32	—
Note receivable from WSOP trademark sale	—	250	—

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.