Revenue Growth Remains Modest
Total revenue grew 1.7% YoY to $17.54B in FY2025 from $17.24B in the prior year, indicating steady but slow top-line expansion across MGM's domestic and international resort portfolio.
Source: 10-K Income Statement
Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
MGM Resorts International reported FY2025 revenue of $17.5B (+1.7% YoY), but net income collapsed 72.4% to $205.9M as operating income fell 32.8% to $1.0B, even as operating cash flow improved 7.1% to $2.5B.
Revenue
$17.54B
+1.72% YoY
EPS (Diluted)
$0.76
-68.33% YoY
Operating Income
$1B
-32.79% YoY
Source: SEC XBRL
MGM Resorts International (MGM) reported FY2025 revenue of $17.54B, up 1.7% year over year. Operating margin was 5.7%, down 2.9 points from 8.6% a year earlier. Operating cash flow was $2.53B, up 7.1% year over year.
Last 4 quarters: 1 beat
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 0.59 | 0.58 | Beat +1.9% |
| Mar 2026 | 0.49 | 0.54 | Miss -9.2% |
| Dec 2025This filing | 0.57 | 0.57 | Miss -0.2% |
| Sep 2025 | 0.24 | 0.40 | Miss -40.2% |
Reported EPS of $0.57 versus the $0.57 analyst consensus — a -0.2% miss for Dec 2025.
Compiled by AI from this SEC filing
Total revenue grew 1.7% YoY to $17.54B in FY2025 from $17.24B in the prior year, indicating steady but slow top-line expansion across MGM's domestic and international resort portfolio.
Source: 10-K Income Statement
Operating income fell 32.8% to $1.00B from $1.49B, and net income dropped 72.4% to $205.9M from $746.6M, suggesting significant cost pressures or non-recurring charges weighed heavily on profitability in FY2025.
Source: 10-K Income Statement
SG&A expenses rose modestly by 1.1% to $4.88B, representing a substantial portion of revenue and contributing to margin compression alongside other cost headwinds.
Source: 10-K Income Statement
Operating cash flow improved 7.1% to $2.53B, demonstrating that MGM's core business continues to generate solid cash despite the significant decline in reported net income, which may reflect non-cash charges or accounting items.
Source: 10-K Cash Flow Statement
MGM repurchased $1.23B in shares during FY2025, slightly below the $1.36B in the prior year, reflecting ongoing commitment to returning capital even as net income declined sharply.
Source: 10-K Cash Flow Statement
Compiled by AI from this SEC filing · 2 high, 3 medium, 0 low
MGM's debt-to-equity ratio stands at an extremely elevated 15.68x, with long-term debt of $6.23B and total liabilities of $38.1B against stockholders' equity of only $2.43B. This level of leverage leaves the company highly sensitive to interest rate changes and economic downturns, limiting financial flexibility.
Source: 10-K Balance Sheet
Net income declined 72.4% YoY to $205.9M and EPS (diluted) fell 68.3% to $0.76, while operating margin compressed from 8.6% to 5.7%. The magnitude of this decline raises questions about the sustainability of profitability and the nature of underlying cost pressures or impairments.
Source: 10-K Income Statement
Stockholders' equity fell 19.6% to $2.43B and cash & equivalents declined 14.6% to $2.06B, while current liabilities rose 4.8%. This combination tightens the company's liquidity cushion and could constrain future investment or debt repayment capacity.
Source: 10-K Balance Sheet
MGM spent $1.23B on share repurchases in FY2025 despite a 72.4% drop in net income, which may be viewed as prioritizing capital returns over balance sheet strengthening at a time of financial stress.
Source: 10-K Cash Flow Statement
Financing cash outflows increased 10.7% to -$1.73B in FY2025, driven by buybacks and debt-related payments, further reducing the company's cash position and adding pressure to an already leveraged capital structure.
Source: 10-K Cash Flow Statement
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 17.54 $B | 17.24 $B | +1.72% |
Operating Income $B | 1.00 $B | 1.49 $B | -32.79% |
Net Income $M | 205.86 $M | 746.56 $M | -72.43% |
EPS (Basic) $ | 0.77 $ | 2.42 $ | -68.18% |
EPS (Diluted) $ | 0.76 $ | 2.40 $ | -68.33% |
SG&A Expense $B | 4.88 $B | 4.83 $B | +1.08% |
Answers draw on this SEC filing and the data on this page
In Q2 FY2026, MGM Resorts International reported a 1.0% YoY increase in revenue to $4.45B and a 497.4% surge in net income to $292.4M, driven primarily by a $255M gain on the sale of MGM Northfield Park operations.
MGM Resorts reported Q1 FY2026 revenue of $4.45B (+4.2% YoY), but operating income fell 21.8% to $301M as SG&A costs surged 10.1%, compressing operating margin to 6.8% from 9.0% a year ago.
Other companies in Casinos & Gaming