MGM Resorts International (MGM) Q2 FY2025 earnings: revenue $4.4 billion, up 1.8% on the year

MGM Resorts International (MGM) reported revenue of $4.4 billion for Q2 FY2025, the quarter ended 30 June 2025, up 1.8% on the same quarter a year earlier. Net income was $49 million, down 73.8% on the year, and diluted earnings per share $0.18. The figures are the company's own, from the 10-Q it filed with the SEC on 30 July 2025.

Revenue

$4.4 billion

+1.8% on the year · +3.0% on the quarter

Q3 FY2023Q2 FY2025

Operating margin

9.2%

9.8% a year earlier

Q3 FY2023Q2 FY2025

Net income

$49 million

-73.8% on the year · -67.0% on the quarter

Q3 FY2023Q2 FY2025

Diluted EPS

$0.18

-70.0% on the year · -64.7% on the quarter

Q3 FY2023Q2 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q2 FY2025	Q1 FY2025	Q2 FY2024	On the quarter	On the year
Revenue	4,405	4,277	4,327	+3.0%	+1.8%
Selling, general and administrative	1,214	1,165	1,211	+4.2%	+0.2%
Operating income	405	385	426	+5.1%	-5.0%
Operating margin	9.2%	9.0%	9.8%
Interest expense	106	107	113	-1.6%	-6.3%
Pre-tax income	134	267	271	-49.9%	-50.7%
Income tax	15.7	40.1	-11.6	-60.9%
Effective tax rate	11.7%	15.0%	-4.3%
Net income	49.0	149	187	-67.0%	-73.8%
Net margin	1.1%	3.5%	4.3%
Diluted EPS	$0.18	$0.51	$0.60	-64.7%	-70.0%

$ million except per share.

Free 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	Q2 FY2025	Q1 FY2025	Q2 FY2024	On the quarter	On the year
Operating cash flow	646	547	474	+18.1%	+36.2%
Capital expenditure	268	228	238	+17.7%	+12.7%
Free cash flow	377	319	236	+18.3%	+59.9%
Free cash flow margin	8.6%	7.5%	5.5%
Cash from investing	-378	-227	-277
Cash from financing	-590	-470	-494
Depreciation and amortisation	242	236	192	+2.3%	+26.0%
Share-based compensation	16.5	28.7	12.5	-42.6%	+31.2%
Buybacks	228	489	409	-53.4%	-44.3%
Dividends paid	n/a	n/a	0.0
Diluted shares, weighted	276m	289m	314m	-4.7%	-12.3%
Shares outstanding at period end	272m	280m	305m	-2.7%	-10.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2025	Q1 FY2025	Q2 FY2024	On the quarter	On the year
Shareholders' equity	2,974	2,854	3,213	+4.2%	-7.4%
Non-controlling interest	737	733	601	+0.6%	+22.6%
Redeemable equity	31.7	35.1	32.2	-9.7%	-1.5%
Debt	6,205	6,415	6,293	-3.3%	-1.4%
Operating lease liabilities	25,012	25,057	25,111	-0.2%	-0.4%
Finance lease liabilities	209	226	205	-7.6%	+1.6%
Other liabilities	6,531	6,584	6,360	-0.8%	+2.7%
Total liabilities and equity	41,699	41,903	41,815	-0.5%	-0.3%
Fixed assets	6,251	6,190	5,716	+1.0%	+9.4%
Goodwill	5,189	5,162	5,153	+0.5%	+0.7%
Intangible assets	1,703	1,701	1,658	+0.1%	+2.7%
Cash and equivalents	1,958	2,271	2,414	-13.8%	-18.9%
Receivables	1,044	970	1,017	+7.6%	+2.6%
Inventory	127	135	148	-6.2%	-14.3%
Other assets	25,429	25,474	25,709	-0.2%	-1.1%
Total assets	41,699	41,903	41,815	-0.5%	-0.3%

Questions

What was MGM Resorts International's revenue in Q2 FY2025?

MGM Resorts International (MGM) reported revenue of $4.4 billion for Q2 FY2025, the quarter ended 30 June 2025, up 1.8% on the same quarter a year earlier.

How much did MGM Resorts International earn in Q2 FY2025?

Net income for Q2 FY2025 was $49 million, down 73.8% on the year, and diluted earnings per share $0.18.

When did MGM Resorts International report Q2 FY2025 results?

MGM Resorts International filed its 10-Q for the quarter ended 30 June 2025 with the SEC on 30 July 2025.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,057	2,854	3,265	3,416	3,592	3,873	3,942	3,973	4,376	4,383	4,327	4,183	4,347	4,277	4,405	4,250	4,605	4,455	4,451	4,212
SG&A	747	777	1,029	1,212	1,209	1,136	1,144	1,192	1,228	1,195	1,211	1,177	1,243	1,165	1,214	1,240	1,259	1,283	1,263	1,229
Operating income	369	106	2,381	-1,046	-1.9	731	371	370	419	458	426	315	292	385	405	-113	325	301	504	119
Operating margin	12%	4%	73%	-31%	-0%	19%	9%	9%	10%	10%	10%	8%	7%	9%	9%	-3%	7%	7%	11%	3%
Interest expense	201	196	137	125	137	130	112	111	107	110	113	112	109	107	106	102	104	101	102	103
Pre-tax income	147	-71.1	2,195	-1,186	-34.1	646	283	224	320	343	271	297	206	267	134	-220	99.8	202	414	21.9
Tax rate	21%	n/a	26%	n/a	n/a	26%	14%	6%	-19%	13%	-4%	18%	-16%	15%	12%	n/a	-283%	14%	22%	-79%
Net income	131	-18.0	1,784	-577	284	467	201	161	313	217	187	185	157	149	49.0	-285	294	125	292	-17.1
Net margin	4%	-1%	55%	-17%	8%	12%	5%	4%	7%	5%	4%	4%	4%	3%	1%	-7%	6%	3%	7%	-0%
Diluted EPS	$0.19	-$0.06	$4.20	-$1.45	$0.69	$1.24	$0.55	$0.46	$0.92	$0.67	$0.60	$0.61	$0.52	$0.51	$0.18	-$1.05	$1.11	$0.48	$1.11	-$0.07
Operating cash flow	487	420	512	401	423	704	577	694	716	549	474	667	672	547	646	681	655	568	559	532
Capital expenditure	169	102	135	220	308	140	253	210	329	172	238	336	404	228	268	276	296	155	241	222
Free cash flow	318	319	377	181	115	564	323	484	387	377	236	331	268	319	377	405	359	413	317	311
Buybacks	727	1,002	1,114	307	352	484	619	566	623	507	409	323	120	489	228	0.0	511	88.9	174	0.0
Dividends paid	1.2	1.1	1.0	1.0	1.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	454m	431m	398m	389m	379m	367m	353m	341m	327m	315m	305m	297m	294m	280m	272m	272m	258m	256m	252m	252m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2025, filed 30 July 2025: the filing.