Bally's (BALY) FY 2025 earnings snapshot

Bally's (BALY) latest FY 2025 update centers on Q3 numbers, with revenue of US$663.7 million, a basic EPS loss of US$1.70, and net income loss of US$102.9 million as the company continues to operate in the red. Over recent quarters, revenue has ranged from US$580.4 million in Q4 2024 to US$663.7 million in Q3 2025, while quarterly basic EPS has moved between a loss of US$0.30 and a loss of US$5.10, underscoring pressure on profitability. For investors, the key storyline now is how these results fit with the existing view of a low multiple stock with persistent losses and what that means for margins going forward.

See our full analysis for Bally's.

With the headline numbers on the table, the next step is to compare them with the prevailing narratives around Bally's, highlighting where the data supports current views and where it may prompt investors to reconsider the story.

Trailing losses stay heavy at US$433.6 million

• On a trailing 12 month basis to Q3 FY 2025, Bally's reported a net income loss of US$433.6 million on US$2.5b of revenue, with basic EPS at a loss of US$7.69 across that period. This shows that the business is still firmly loss making despite the revenue scale.
• Bears point to the 48.8% annual growth in losses over the past five years and the current trailing 12 month loss to argue the business model is under pressure. The data here supports that concern, as losses of US$247.9 million in Q3 FY 2024 and US$228.4 million in Q2 FY 2025 sit alongside the latest Q3 FY 2025 loss of US$102.9 million, while basic EPS has stayed negative in every quarter shown.

Low 0.2x P/S against peers

• Bally's trades on a price to sales ratio of 0.2x compared with a peer average of 1.2x and a US Hospitality industry average of 1.5x. The dataset also shows a DCF fair value of US$51.63 against a current share price of US$12.11, highlighting a wide gap between market pricing and that discounted cash flow estimate.
• Supporters of a bullish view highlight this discount, and the numbers illustrate that the market price sits about 76.7% below the stated DCF fair value. The company is also flagged for 10% revenue growth over the last year on a trailing basis, although those same bullish arguments have to sit alongside the fact that net income remained a loss of US$433.6 million over the trailing 12 months and the business is shown as unprofitable in every quarter in the data.

To see how the community weighs this mix of low multiples and ongoing losses, including different long term storylines for Bally's, have a look at the Curious how numbers become stories that shape markets? Explore Community Narratives.

Less than one year of cash runway

• The analysis notes that Bally's has less than one year of cash runway while also recording a trailing 12 month net loss of US$433.6 million and basic EPS loss of US$7.69, so funding capacity sits front and centre alongside the income statement picture.
• Skeptical investors highlight this limited cash runway together with the forecast that Bally's is expected to remain unprofitable for the next three years. That view is consistent with the history in the data, where every quarterly EPS figure from Q2 FY 2024 to Q3 FY 2025 is a loss and trailing 12 month net income has stayed negative between US$410.3 million and US$760.3 million across the periods shown.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Bally's's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

Given the mix of pressure on earnings and potential upside in the numbers, it makes sense to review the details yourself. You can move quickly to a balanced view by checking the 2 key rewards and 2 important warning signs.

See What Else Is Out There

Bally's combines a low 0.2x P/S ratio with trailing 12 month net losses of US$433.6 million, less than one year of cash runway, and persistent negative EPS.

If you are concerned about ongoing losses and a thin cash cushion, it makes sense to focus on companies screened for stronger funding resilience through the solid balance sheet and fundamentals stocks screener (39 results).

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.