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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.
营业收入
$4.45B
同比 ++4.15%
每股收益（基本）
$0.49
同比 -5.77%
营业利润
$301.24M
同比 -21.77%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
MGM Resorts International (MGM) Q1 FY2026 营收 $4.45B，同比增长 4.2%。 净利润 $125.14M，同比下降 15.8%，稀释每股收益 $0.48。
MGM grew total revenue by 4.2% YoY to $4.45B in Q1 FY2026 (vs. $4.28B in Q1 FY2025), indicating continued demand for its casino, hotel, and entertainment offerings across its domestic and international properties.
来源: Source: 10-Q Income Statement
Operating income dropped 21.8% YoY to $301M from $385M, with operating margin contracting 230 basis points to 6.8%. The primary driver was a 10.1% surge in SG&A expenses to $1.28B (vs. $1.16B), suggesting elevated labor, marketing, or administrative costs outpacing revenue growth.
来源: Source: 10-Q Income Statement
Net income fell 15.8% YoY to $125M, and diluted EPS declined to $0.48 from $0.51, reflecting the margin compression at the operating level partially offset by below-the-line items.
来源: Source: 10-Q Income Statement
Despite weaker earnings, operating cash flow grew 3.8% YoY to $568M, suggesting the business continues to generate solid cash from operations. However, investing outflows increased significantly to -$373M (vs. -$227M), indicating higher capital expenditure or investment activity.
来源: Source: 10-Q Cash Flow Statement
Long-term debt stood at $6.40B with a debt-to-equity ratio of 15.6x, and stockholders' equity declined 14.7% YoY to $2.43B, reflecting ongoing share buybacks and accumulated losses. The current ratio of 1.33x suggests adequate near-term liquidity.
来源: Source: 10-Q Balance Sheet
MGM carries a debt-to-equity ratio of approximately 15.6x, with $6.40B in long-term debt. This elevated leverage increases interest expense burden and limits financial flexibility, particularly if operating income continues to decline. Any deterioration in cash flows could strain debt servicing capacity.
来源: Source: 10-Q Balance Sheet
SG&A expenses grew 10.1% YoY to $1.28B, significantly outpacing revenue growth of 4.2%, causing operating margin to fall from 9.0% to 6.8%. If cost inflation persists — driven by labor, marketing, or regulatory compliance — profitability could be further pressured in subsequent quarters.
来源: Source: 10-Q Income Statement
Stockholders' equity fell 14.7% YoY to $2.43B, partly due to share repurchases of $89M and net income that may not fully offset capital returns. Continued erosion of equity against a large liability base could weaken the company's balance sheet resilience over time.
来源: Source: 10-Q Balance Sheet
Investing cash outflows increased 64.2% YoY to -$373M, suggesting MGM is ramping up capital spending or acquisitions. While investment can drive future growth, it also consumes cash and may increase debt if not funded by operations, adding pressure to an already leveraged balance sheet.
来源: Source: 10-Q Cash Flow Statement
ROA stands at just 0.30%, reflecting that MGM's $41.4B asset base generates very thin returns. This is characteristic of capital-intensive gaming and hospitality businesses, but leaves little margin for error if revenues soften or costs rise further.
来源: Source: 10-Q Balance Sheet / Income Statement
Q1 FY2026 实际 EPS $0.49，分析师一致预期 $0.54，不及预期 -9.2%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $4.45B | $4.28B | +4.15% |
营业利润 | $301.24M | $385.06M | -21.77% |
净利润 | $125.14M | $148.55M | -15.76% |
每股收益（基本） | $0.49 | $0.52 | -5.77% |
每股收益（稀释） | $0.48 | $0.51 | -5.88% |
销售及管理费用 | $1.28B | $1.16B | +10.12% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $41.4B | $41.9B | -1.20% |
流动资产 | $4.53B | $4.14B | +9.41% |
总负债 | $38.07B | $38.28B | -0.55% |
流动负债 | $3.39B | $3.17B | +7.07% |
股东权益 | $2.43B | $2.85B | -14.72% |
现金及等价物 | $2.29B | $2.27B | +0.98% |
长期债务 | $6.4B | $6.41B | -0.18% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $567.79M | $547.08M | +3.79% |
投资活动现金流 | $-372.79M | $-227.04M | -64.20% |
筹资活动现金流 | $39.92M | $-470.22M | +108.49% |
股票回购 | $88.9M | $489.28M | -81.83% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 6.8% | 9.0% | -2.24% |
净利率 | 2.8% | — | — |
净资产收益率 | 5.1% | — | — |
总资产收益率 | 0.3% | — | — |
流动比率 | $1.335 | — | — |
资产负债率 | $15.645 | — | — |
MGM reported Q1 FY2026 revenue of $4.45B, up 4.2% year-over-year from $4.28B, reflecting continued demand across its casino and hospitality operations. However, revenue growth was outpaced by cost increases, leading to lower profitability.
MGM's operating income fell 21.8% YoY to $301M primarily because SG&A expenses surged 10.1% to $1.28B, growing much faster than the 4.2% revenue increase. This cost pressure compressed operating margin from 9.0% to 6.8% and pulled net income down 15.8% to $125M.
MGM maintains adequate near-term liquidity with a current ratio of 1.33x and $2.29B in cash, but carries significant leverage with a debt-to-equity ratio of 15.6x and $6.40B in long-term debt. Stockholders' equity declined 14.7% YoY to $2.43B, reflecting ongoing capital returns and earnings pressure.
MGM repurchased $89M worth of shares in Q1 FY2026, a significant reduction from the $489M in buybacks executed in Q1 FY2025 — an 81.8% YoY decline — suggesting the company is conserving cash or prioritizing other capital uses.
The most significant risks include MGM's very high financial leverage at 15.6x debt-to-equity, ongoing margin compression from rising SG&A costs that grew 10.1% YoY, and increased capital expenditure outflows that rose 64.2% YoY to $373M. Together, these factors could strain profitability and financial flexibility if revenue growth slows.