MGM Resorts International (MGM) FY2025 results: revenue $17.5 billion, up 1.7% on the year
MGM Resorts International (MGM) reported revenue of $17.5 billion for fiscal 2025, the year ended 31 December 2025, up 1.7% on the year before. Net income was $206 million, down 72.4%, and diluted earnings per share $0.76. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
- 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.
- MGM China profit up 30%: MGM China segment Adjusted EBITDAR was $332 million, up 30%, on revenue of $1.2 billion, up 21%.
- Non-cash tax benefit of $277 million: The quarter included a non-cash income tax benefit of $277 million from a lower valuation allowance on foreign tax credit carryforwards.
From this 10-K
MGM Resorts International is a Delaware corporation incorporated in 1986 that acts largely as a holding company. Through subsidiaries it runs a gaming and entertainment business with domestic and international locations combining hotels and casinos, meeting and conference space, live and theatrical entertainment, restaurants, nightlife and retail, plus sports betting and online gaming. At the end of 2025 it operated 16 domestic casino properties and, through an approximate 56 percent controlling interest in MGM China Holdings, two casino properties in Macau. It had approximately 44,000 full-time and 18,000 part-time employees in the United States and 16,000 internationally at the end of 2025, with collective bargaining agreements covering approximately 37,000 of the United States employees. There are four reportable segments: Las Vegas Strip Resorts, Regional Operations, MGM China and MGM Digital.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 17,538 | 17,241 | 16,164 | +1.7% | |
| Selling, general and administrative | 4,878 | 4,825 | 4,701 | +1.1% | |
| Operating income | 1,002 | 1,490 | 1,891 | -32.8% | |
| Operating margin | 5.7% | 8.6% | 11.7% | ||
| Interest expense | 419 | 443 | 460 | -5.5% | |
| Pre-tax income | 281 | 1,117 | 1,473 | -74.9% | |
| Income tax | -240 | 52.5 | 158 | ||
| Effective tax rate | -85.5% | 4.7% | 10.7% | ||
| Net income | 206 | 747 | 1,142 | -72.4% | |
| Net margin | 1.2% | 4.3% | 7.1% | ||
| Diluted EPS | $0.76 | $2.40 | $3.19 | -68.3% |
Read more
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 | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 2,529 | 2,362 | 2,691 | +7.1% | |
| Capital expenditure | 1,069 | 1,151 | 932 | -7.1% | |
| Free cash flow | 1,460 | 1,212 | 1,759 | +20.5% | |
| Free cash flow margin | 8.3% | 7.0% | 10.9% | ||
| Cash from investing | -1,141 | -1,283 | -714 | ||
| Cash from financing | -1,731 | -1,564 | -5,005 | ||
| Depreciation and amortisation | 1,018 | 831 | 814 | +22.5% | |
| Share-based compensation | 90.5 | 80.2 | 73.6 | +12.8% | |
| Buybacks | 1,228 | 1,358 | 2,292 | -9.5% | |
| Dividends paid | n/a | 0.0 | 0.0 | ||
| Diluted shares, weighted | 277m | 310m | 359m | -10.6% | |
| Shares outstanding at period end | 258m | 294m | 327m | -12.2% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 2,430 | 3,023 | 3,811 | -19.6% | |
| Non-controlling interest | 825 | 662 | 523 | +24.6% | |
| Redeemable equity | 21.8 | 34.8 | 33.4 | -37.4% | |
| Debt | 6,230 | 6,362 | 6,344 | -2.1% | |
| Operating lease liabilities | 24,963 | 25,076 | 25,127 | -0.5% | |
| Finance lease liabilities | 178 | 243 | 85.4 | -26.8% | |
| Other liabilities | 6,727 | 6,830 | 6,444 | -1.5% | |
| Total liabilities and equity | 41,374 | 42,232 | 42,369 | -2.0% | |
| Fixed assets | n/a | 6,196 | 5,450 | ||
| Goodwill | 4,902 | 5,145 | 5,166 | -4.7% | |
| Intangible assets | 1,357 | 1,715 | 1,725 | -20.9% | |
| Cash and equivalents | 2,063 | 2,416 | 2,928 | -14.6% | |
| Receivables | 1,123 | 1,071 | 929 | +4.8% | |
| Inventory | 125 | 141 | 142 | -11.4% | |
| Other assets | 31,805 | 25,548 | 26,030 | +24.5% | |
| Total assets | 41,374 | 42,232 | 42,369 | -2.0% |
10-K for the year ended 31 December 2025, filed 11 February 2026: the filing.