MGM Resorts International (MGM) Q1 FY2026 earnings: revenue $4.5 billion, up 4.2% on the year

MGM Resorts International (MGM) reported revenue of $4.5 billion for Q1 FY2026, the quarter ended 31 March 2026, up 4.2% on the same quarter a year earlier. Net income was $125 million, down 15.8% on the year, and diluted earnings per share $0.48. The figures are the company's own, from the 10-Q it filed with the SEC on 29 April 2026.

Revenue

$4.5 billion

+4.2% on the year · -3.3% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

6.8%

9.0% a year earlier

Q2 FY2024Q1 FY2026

Net income

$125 million

-15.8% on the year · -57.4% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$0.48

-5.9% on the year · -56.8% on the quarter

Q2 FY2024Q1 FY2026

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

What management said

Record first-quarter revenue, led by China and digital: Consolidated net revenues were $4.5 billion, up 4% from the prior year quarter, with MGM China and MGM Digital named as the main drivers.
Profit declined on higher revenue: Consolidated Adjusted EBITDA was $580 million against $637 million. Net income attributable to MGM Resorts was $125 million against $149 million.
Las Vegas Strip EBITDAR fell 8%: Strip net revenues were $2.2 billion, slightly up. Segment Adjusted EBITDAR was $749 million against $811 million, a decline of 8%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	4,455	4,605	4,277	-3.3%	+4.2%
Selling, general and administrative	1,283	1,259	1,165	+1.9%	+10.1%
Operating income	301	325	385	-7.3%	-21.8%
Operating margin	6.8%	7.1%	9.0%
Interest expense	101	104	107	-3.1%	-6.1%
Pre-tax income	202	99.8	267	+102.6%	-24.2%
Income tax	27.5	-283	40.1		-31.4%
Effective tax rate	13.6%	-283.4%	15.0%
Net income	125	294	149	-57.4%	-15.8%
Net margin	2.8%	6.4%	3.5%
Diluted EPS	$0.48	$1.11	$0.51	-56.8%	-5.9%

$ 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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	568	655	547	-13.3%	+3.8%
Capital expenditure	155	296	228	-47.8%	-32.2%
Free cash flow	413	359	319	+15.2%	+29.5%
Free cash flow margin	9.3%	7.8%	7.5%
Cash from investing	-373	-201	-227
Cash from financing	39.9	-499	-470
Depreciation and amortisation	264	279	236	-5.4%	+11.5%
Share-based compensation	35.1	31.1	28.7	+13.0%	+22.6%
Buybacks	88.9	511	489	-82.6%	-81.8%
Diluted shares, weighted	259m	269m	289m	-3.8%	-10.5%
Shares outstanding at period end	256m	258m	280m	-1.0%	-8.5%

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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	2,433	2,430	2,854	+0.1%	-14.7%
Non-controlling interest	878	825	733	+6.5%	+19.8%
Redeemable equity	20.5	21.8	35.1	-6.1%	-41.7%
Debt	6,403	6,230	6,415	+2.8%	-0.2%
Operating lease liabilities	24,933	24,963	25,057	-0.1%	-0.5%
Finance lease liabilities	162	178	226	-8.9%	-28.2%
Other liabilities	6,572	6,727	6,584	-2.3%	-0.2%
Total liabilities and equity	41,402	41,374	41,903	+0.1%	-1.2%
Fixed assets	n/a	n/a	6,190
Goodwill	4,885	4,902	5,162	-0.3%	-5.4%
Intangible assets	1,309	1,357	1,701	-3.5%	-23.0%
Cash and equivalents	2,293	2,063	2,271	+11.1%	+1.0%
Receivables	1,127	1,123	970	+0.4%	+16.2%
Inventory	123	125	135	-1.1%	-8.8%
Other assets	31,664	31,805	25,474	-0.4%	+24.3%
Total assets	41,402	41,374	41,903	+0.1%	-1.2%

Questions

What was MGM Resorts International's revenue in Q1 FY2026?

MGM Resorts International (MGM) reported revenue of $4.5 billion for Q1 FY2026, the quarter ended 31 March 2026, up 4.2% on the same quarter a year earlier.

How much did MGM Resorts International earn in Q1 FY2026?

Net income for Q1 FY2026 was $125 million, down 15.8% on the year, and diluted earnings per share $0.48.

When did MGM Resorts International report Q1 FY2026 results?

MGM Resorts International filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 29 April 2026.

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 31 March 2026, filed 29 April 2026: the filing.