MGM Resorts International (MGM) FY2023 results: revenue $16.2 billion, up 23.1% on the year
MGM Resorts International (MGM) reported revenue of $16.2 billion for fiscal 2023, the year ended 31 December 2023, up 23.1% on the year before. Net income was $1.1 billion, down 22.5%, and diluted earnings per share $3.19. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.
Revenue
$16.2 billion
+23.1% on the year
FY2016FY2023
Operating margin
11.7%
11.0% a year earlier
FY2016FY2023
Net income
$1.1 billion
-22.5% on the year
FY2016FY2023
Diluted EPS
$3.19
-8.6% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
2,691
1,756
1,373
+53.2%
Capital expenditure
932
765
491
+21.8%
Free cash flow
1,759
991
883
+77.4%
Free cash flow margin
10.9%
7.6%
9.1%
Cash from investing
-714
2,118
1,544
Cash from financing
-5,005
-3,024
-2,814
Depreciation and amortisation
814
3,482
1,151
-76.6%
Share-based compensation
73.6
71.3
65.2
+3.2%
Buybacks
2,292
2,775
1,754
-17.4%
Dividends paid
0.0
4.0
4.8
Dividend per share
n/a
$0.01
$0.01
Diluted shares, weighted
359m
413m
487m
-13.2%
Shares outstanding at period end
327m
379m
454m
-13.9%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
3,811
4,832
6,071
-21.1%
Non-controlling interest
523
379
4,906
+38.1%
Redeemable equity
33.4
158
148
-78.9%
Debt
6,344
8,719
13,091
-27.2%
Operating lease liabilities
25,127
25,149
11,802
-0.1%
Finance lease liabilities
85.4
88.2
75.6
-3.2%
Other liabilities
6,444
6,367
4,806
+1.2%
Total liabilities and equity
42,369
45,692
40,899
-7.3%
Fixed assets
5,450
5,224
14,435
+4.3%
Goodwill
5,166
5,029
3,481
+2.7%
Intangible assets
1,725
1,551
3,616
+11.2%
Cash and equivalents
2,928
5,912
4,703
-50.5%
Receivables
929
852
584
+9.0%
Inventory
142
126
96.4
+12.4%
Other assets
26,030
26,998
13,983
-3.6%
Total assets
42,369
45,692
40,899
-7.3%
10-K for the year ended 31 December 2023, filed 23 February 2024: the filing.