MGM Resorts International (MGM) Q4 FY2025 earnings: revenue $4.6 billion, up 6.0% on the year

MGM Resorts International (MGM) reported revenue of $4.6 billion for Q4 FY2025, the quarter ended 31 December 2025, up 6.0% on the same quarter a year earlier. Net income was $294 million, up 86.5% on the year, and diluted earnings per share $1.11. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2026.

Revenue

$4.6 billion

+6.0% on the year · +8.3% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

7.1%

6.7% a year earlier

Q1 FY2024Q4 FY2025

Net income

$294 million

+86.5% on the year

Q1 FY2024Q4 FY2025

Diluted EPS

$1.11

+113.5% on the year

Q1 FY2024Q4 FY2025

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

What management said

Adjusted EBITDA rose 20%: Consolidated Adjusted EBITDA was $635 million, against $528 million a year earlier, with the reconciliation to net income included in the release.
Adjusted EPS $1.60 against $0.45: Adjusted EPS was $1.60, compared with $0.45 a year earlier; for the full year it was $3.31, against $2.59.
Las Vegas Strip profit fell 4%: Segment Adjusted EBITDAR for Las Vegas Strip Resorts was $735 million, down 4%, the company reported.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	4,605	4,250	4,347	+8.3%	+6.0%
Selling, general and administrative	1,259	1,240	1,243	+1.5%	+1.3%
Operating income	325	-113	292		+11.5%
Operating margin	7.1%	-2.7%	6.7%
Interest expense	104	102	109	+1.6%	-4.3%
Pre-tax income	99.8	-220	206		-51.5%
Income tax	-283	-12.9	-32.2
Effective tax rate	-283.4%	n/a	-15.7%
Net income	294	-285	157		+86.5%
Net margin	6.4%	-6.7%	3.6%
Diluted EPS	$1.11	-$1.05	$0.52		+113.5%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	655	681	672	-3.9%	-2.5%
Capital expenditure	296	276	404	+7.4%	-26.6%
Free cash flow	359	405	268	-11.6%	+34.0%
Free cash flow margin	7.8%	9.5%	6.2%
Cash from investing	-201	-335	-404
Cash from financing	-499	-172	-790
Depreciation and amortisation	279	261	209	+6.9%	+33.2%
Share-based compensation	31.1	14.3	28.5	+117.8%	+9.1%
Buybacks	511	0.0	120	+4,259,041.7%	+326.5%
Dividends paid	n/a	n/a	0.0
Diluted shares, weighted	269m	273m	299m	-1.3%	-10.1%
Shares outstanding at period end	258m	272m	294m	-5.1%	-12.2%

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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	2,430	2,676	3,023	-9.2%	-19.6%
Non-controlling interest	825	744	662	+10.8%	+24.6%
Redeemable equity	21.8	31.5	34.8	-30.8%	-37.4%
Debt	6,230	6,164	6,362	+1.1%	-2.1%
Operating lease liabilities	24,963	24,988	25,076	-0.1%	-0.5%
Finance lease liabilities	178	196	243	-9.2%	-26.8%
Other liabilities	6,727	6,612	6,830	+1.7%	-1.5%
Total liabilities and equity	41,374	41,411	42,232	-0.1%	-2.0%
Fixed assets	n/a	6,282	6,196
Goodwill	4,902	4,943	5,145	-0.8%	-4.7%
Intangible assets	1,357	1,616	1,715	-16.1%	-20.9%
Cash and equivalents	2,063	2,134	2,416	-3.3%	-14.6%
Receivables	1,123	932	1,071	+20.5%	+4.8%
Inventory	125	127	141	-2.0%	-11.4%
Other assets	31,805	25,377	25,548	+25.3%	+24.5%
Total assets	41,374	41,411	42,232	-0.1%	-2.0%

Questions

What was MGM Resorts International's revenue in Q4 FY2025?

MGM Resorts International (MGM) reported revenue of $4.6 billion for Q4 FY2025, the quarter ended 31 December 2025, up 6.0% on the same quarter a year earlier.

How much did MGM Resorts International earn in Q4 FY2025?

Net income for Q4 FY2025 was $294 million, up 86.5% on the year, and diluted earnings per share $1.11.

When did MGM Resorts International report Q4 FY2025 results?

MGM Resorts International filed its 10-K for the year that ended with the quarter on 11 February 2026; the fourth quarter is the year less the first three.

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-K for the period ended 31 December 2025, filed 11 February 2026: the filing.