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.
来源: 10-K Income Statement
该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
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.
营收
175.38亿美元
同比 +1.72%
每股收益（稀释）
0.76美元
同比 -68.33%
营业利润
10.02亿美元
同比 -32.79%
SEC XBRL 原值
MGM Resorts International (MGM) FY2025 营收 175.38亿美元，同比增长 1.7%。 营业利润率 5.7%，较去年同期的 8.6% 收窄 2.9 个百分点。 经营活动现金流 25.29亿美元，同比增长 7.1%。
近 4 个季度：1 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 0.59 | 0.58 | 超预期 +1.9% |
| 2026年3月 | 0.49 | 0.54 | 不及预期 -9.2% |
| 2025年12月本次财报 | 0.57 | 0.57 | 不及预期 -0.2% |
| 2025年9月 | 0.24 | 0.40 | 不及预期 -40.2% |
2025年12月 实际 EPS 0.57美元，分析师一致预期 0.57美元，不及预期 -0.2%。
由 AI 基于本次 SEC 报告整理
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.
来源: 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.
来源: 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.
来源: 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.
来源: 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.
来源: 10-K Cash Flow Statement
由 AI 基于本次 SEC 报告整理 · 高 2 中 3 低 0
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.
来源: 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.
来源: 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.
来源: 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.
来源: 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.
来源: 10-K Cash Flow Statement
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 175.38 亿美元 | 172.41 亿美元 | +1.72% |
营业利润 亿美元 | 10.02 亿美元 | 14.90 亿美元 | -32.79% |
净利润 亿美元 | 2.06 亿美元 | 7.47 亿美元 | -72.43% |
每股收益（基本） 美元 | 0.77 美元 | 2.42 美元 | -68.18% |
每股收益（稀释） 美元 | 0.76 美元 | 2.40 美元 | -68.33% |
销售及管理费用 亿美元 | 48.78 亿美元 | 48.25 亿美元 | +1.08% |
答案基于本次 SEC 报告与本页数据