Red Rock Resorts (RRR) FY2025 results: revenue $2.0 billion, up 3.7% on the year
Red Rock Resorts, Inc. (RRR) reported revenue of $2.0 billion for fiscal 2025, the year ended 31 December 2025, up 3.7% on the year before. Net income was $188 million, up 22.1%, and diluted earnings per share $3.12. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.
Revenue
$2.0 billion
+3.7% on the year
FY2018FY2025
Operating margin
29.7%
29.3% a year earlier
FY2018FY2025
Net income
$188 million
+22.1% on the year
FY2018FY2025
Diluted EPS
$3.12
+23.3% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 2 new, 2 kept.
Net revenues grew 3.2%: Net revenues were $511.8 million, up $16.1 million from $495.7 million in the fourth quarter of 2024. Casino revenue was $343.0 million against $326.5 million.
Adjusted EBITDA rose 5.4%: Adjusted EBITDA reached $213.3 million, up $10.9 million from $202.4 million a year earlier.
Net income fell 3.5%: Net income was $84.6 million, down $3.1 million from $87.7 million. Net income attributable to Red Rock Resorts, Inc. was $44.7 million against $46.6 million.
Full-year Adjusted EBITDA up 6.6%: Adjusted EBITDA was $848.6 million for 2025, up $52.7 million from $795.9 million in 2024.
Las Vegas Adjusted EBITDA up 3.2%: Las Vegas Adjusted EBITDA was $231.1 million, up $7.2 million from $223.9 million in the same quarter of 2024.
$ 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
610
548
494
+11.2%
Capital expenditure
319
284
700
+12.4%
Free cash flow
291
264
-205
+9.9%
Free cash flow margin
14.4%
13.6%
-11.9%
Cash from investing
-246
-322
-654
Cash from financing
-386
-200
180
Depreciation and amortisation
197
187
133
+5.5%
Share-based compensation
32.1
30.9
19.7
+3.8%
Buybacks
79.0
3.9
0.0
+1,915.1%
Dividends paid
121
118
58.6
+2.0%
Diluted shares, weighted
103m
104m
103m
-1.0%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
208
215
169
-3.1%
Non-controlling interest
124
91.8
75.0
+35.1%
Debt
3,396
3,407
3,328
-0.3%
Operating lease liabilities
28.7
28.1
29.4
+1.8%
Finance lease liabilities
31.1
0.0
n/a
Other liabilities
379
303
353
+25.1%
Total liabilities and equity
4,167
4,046
3,955
+3.0%
Fixed assets
2,972
2,782
2,772
+6.8%
Goodwill
196
196
196
0.0%
Intangible assets
80.1
81.2
82.8
-1.4%
Cash and equivalents
142
164
138
-13.3%
Receivables
73.9
64.4
61.9
+14.8%
Inventory
17.9
16.4
15.3
+9.4%
Other assets
685
742
689
-7.6%
Total assets
4,167
4,046
3,955
+3.0%
10-K for the year ended 31 December 2025, filed 20 February 2026: the filing.