Penn National Gaming (Nasdaq: PENN) reported earnings on July 23. Here are the numbers you need to know.

The 10-second takeaway
 For the quarter ended June 30 (Q2), Penn National Gaming missed slightly on revenues and crushed expectations on earnings per share.

Compared to the prior-year quarter, revenue grew. Non-GAAP earnings per share expanded significantly. GAAP earnings per share dropped to a loss.

Gross margins grew, operating margins shrank, net margins dropped.

Revenue details
 Penn National Gaming booked revenue of $761.4 million. The 18 analysts polled by S&P Capital IQ hoped for net sales of $776.5 million on the same basis. GAAP reported sales were 6.9% higher than the prior-year quarter's $712.6 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 EPS came in at $0.80. The 16 earnings estimates compiled by S&P Capital IQ predicted $0.63 per share. Non-GAAP EPS of $0.80 for Q2 were 27% higher than the prior-year quarter's $0.63 per share. GAAP EPS were -$0.16 for Q2 against $0.63 per share for the prior-year quarter.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
 For the quarter, gross margin was 43.4%, 180 basis points better than the prior-year quarter. Operating margin was 15.9%, 160 basis points worse than the prior-year quarter. Net margin was -1.6%, much worse than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
 Next quarter's average estimate for revenue is $782.4 million. On the bottom line, the average EPS estimate is $0.63.

Next year's average estimate for revenue is $3.11 billion. The average EPS estimate is $2.49.

Investor sentiment
 The stock has a three-star rating (out of five) at Motley Fool CAPS, with 348 members out of 379 rating the stock outperform, and 31 members rating it underperform. Among 103 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 98 give Penn National Gaming a green thumbs-up, and five give it a red thumbs-down.

Looking for alternatives to Penn National Gaming? It takes more than great companies to build a fortune for the future. Learn the basic financial habits of millionaires next door and get focused stock ideas in our free report, "3 Stocks That Will Help You Retire Rich." Click here for instant access to this free report.