A fixed rule set over this filing's XBRL figures and the number of high-severity risks found in it — no model judgement.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
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.
Revenue
$4.45B
+1.05% YoY
EPS (Diluted)
$1.11
+516.67% YoY
Operating Income
$503.64M
+24.49% YoY
MGM Resorts International (MGM) reported Q2 FY2026 revenue of $4.45B, up 1.0% year over year. The company posted net income of $292.43M, up 497.4% from a year earlier, with diluted EPS of $1.11. Operating income was $503.64M, up 24.5% year over year. MGM's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
MGM delivered Q2 FY2026 revenue of $4.45B (+1.0% YoY) and net income of $292.4M, supported by strong Las Vegas casino win rates and a $255M gain on the sale of MGM Northfield Park.
Last 4 quarters: 1 beat, 3 misses
Completed the sale of MGM Northfield Park operations for $546M in cash ($507M net proceeds), generating a $255M gain on property transactions and amending the VICI master lease to reduce annual cash rent by $53M.
Source: 10-Q Item 2 MD&A, p.20
Las Vegas Strip Resorts revenue rose 3% YoY to $2.17B, supported by a higher table games win percentage of 29.6% (vs. 22.9% prior year), while MGM Digital revenues grew 20% YoY to $196.3M.
Source: 10-Q Item 2 MD&A, p.21-23
Operating income increased 24.5% YoY to $503.6M, benefiting from asset disposition gains despite incurring a $111M goodwill impairment charge in the quarter.
Source: 10-Q Item 2 MD&A, p.20-21
MGM expects remaining cash commitments of approximately JPY 335.9B (~$2.1B) through 2028 for the MGM Osaka integrated resort development, alongside $1.8B in annual contractual triple-net lease rent payments over the next 12 months.
Source: 10-Q Item 2 MD&A, p.29-30
MGM maintains substantial long-term debt of $6.07B and a Debt to Equity ratio of 14.51. The company is obligated to pay up to $365M in annual cash interest and $1.8B in annual contractual cash rent, placing significant demands on ongoing cash flow.
Source: 10-Q Balance Sheet (XBRL) & Item 2 MD&A, p.29
Operations through MGM China are subject to foreign currency fluctuations, macroeconomic factors, regulatory changes, and local gaming concession requirements, which could impact consolidated operating margins.
Source: 10-Q Item 2 MD&A, p.23
The recording of a $111M goodwill impairment charge in Q2 FY2026 highlights ongoing exposure to adverse changes in macroeconomic conditions or asset-specific cash flow assumptions that could prompt further impairment charges.
Source: 10-Q Item 2 MD&A, p.21
This analysis does not extract a guidance section. Companies issue revenue and EPS outlook in the 8-K press release and on the earnings call rather than in the 10-Q itself — though the filing's management discussion can contain forward-looking statements, which appear in the highlights above where they were material.
MGM Resorts International (MGM) is next expected to report on , when the following quarter's results and any updated outlook will be available.
See the MGM earnings preview — expected date, analyst estimates and what to watch →
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $4.45B | $4.4B | +1.05% |
Operating Income | $503.64M | $404.56M | +24.49% |
Net Income | $292.43M | $48.95M | +497.40% |
EPS (Basic) | $1.12 | $0.18 | +522.22% |
EPS (Diluted) | $1.11 | $0.18 | +516.67% |
SG&A Expense | $1.26B | $1.21B | +4.08% |
MGM reported revenue of $4.45B (+1.0% YoY) and net income of $292.4M (+497.4% YoY) in Q2 FY2026. Financial performance was significantly boosted by a $255M gain on the sale of MGM Northfield Park and 20% revenue growth in MGM Digital.
Las Vegas Strip Resorts revenue rose 3% YoY to $2.17B in Q2 FY2026. Growth was driven by casino revenue, benefiting from an increased table games win percentage of 29.6% compared to 22.9% in Q2 FY2025, which helped offset lower room ADRs.
As of Q2 FY2026, MGM held $2.55B in cash and cash equivalents against $6.07B in long-term debt. The company maintains a healthy current ratio of 1.33 and $1.4B in remaining authorization under its stock repurchase plan.
MGM Resorts International (MGM) is next expected to report earnings on Oct 27, 2026. The date comes from the analyst earnings calendar and can shift until the company confirms it.
Expected release date, analyst estimates & what to watch
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.
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.
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