Red Rock Resorts, Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 3 November 2026: press release. Guidance figures: 1 raised, 1 kept. The quarter’s numbers.

Key takeaways

Net revenues rose 2.8%: Net revenues were $488.7 million, up $13.1 million from $475.6 million a year earlier, the company reported. Source
Net loss tied to anniversary costs: Net loss was $17.7 million against net income of $76.9 million a year earlier. Management attributed the change mainly to share-based compensation and one-time 50th anniversary expenses. Source
Adjusted EBITDA fell 4.3%: Adjusted EBITDA was $182.6 million, down $8.3 million from $190.9 million, including $5.8 million of one-time 50th anniversary expenses. Source
Las Vegas EBITDA fell 2.3%: Adjusted EBITDA from Las Vegas operations was $204.6 million, down $4.8 million from $209.4 million a year earlier. Source
Cash fell; debt reached $3.7 billion: Cash and cash equivalents were $128.3 million at September 30, 2026, against $136.5 million at June 30, 2026. Debt principal was $3.7 billion, up from $3.6 billion. Source
Fourth-quarter dividend kept at $0.26: Quarterly cash dividend of $0.26 per Class A share declared for the fourth quarter of 2026, unchanged from the second quarter. Source
Stock awards to employees: Stock awards were granted to substantially all full-time and part-time employees to commemorate the 50th anniversary. Source

“As a result, the Company recognized $79.1 million of share-based compensation expense related to this grant during the quarter.”
Red Rock Resorts, Inc., press release

Guidance

Area	Period	Figure	Against last quarter
Dividend Source	fourth quarter of 2026	$0.26 per Class A common share	Kept
Station Holdco distribution Source	before the fourth-quarter dividend payment	approximately $29.2 million	Raised from approximately $29.0 million

What changed from last quarter

Guidance kept: Fourth-quarter dividend stated at $0.26 per Class A share, the same as the amount declared for the second quarter. Source
Guidance raised: Station Holdco distribution rose from about $29.0 million in the second-quarter release to about $29.2 million. Source
New: 50th anniversary stock awards granted to substantially all full-time and part-time employees, with expense recognized in the third quarter. Source
New: Seventy Six by Station Casinos property list now includes Silverado Ranch; the second-quarter list had six properties without it. Source

Third-quarter results and drivers

Net revenues rose 2.8%: Net revenues were $488.7 million, up $13.1 million from $475.6 million a year earlier, the company reported. Source
Net loss tied to anniversary costs: Net loss was $17.7 million against net income of $76.9 million a year earlier. Management attributed the change mainly to share-based compensation and one-time 50th anniversary expenses. Source
Adjusted EBITDA fell 4.3%: Adjusted EBITDA was $182.6 million, down $8.3 million from $190.9 million, including $5.8 million of one-time 50th anniversary expenses. Source
Diluted EPS was $(0.17): Diluted loss per Class A share was $(0.17) in the third quarter of 2026, against $0.68 a year earlier. Source
Nine-month adjusted EBITDA declined: Nine-month adjusted EBITDA was $603.3 million, against $635.3 million a year earlier. Source

Las Vegas, Native American and corporate

Las Vegas revenue rose 2.2%: Las Vegas operations reported net revenues of $479.1 million, up $10.5 million from $468.6 million. Source
Las Vegas EBITDA fell 2.3%: Adjusted EBITDA from Las Vegas operations was $204.6 million, down $4.8 million from $209.4 million a year earlier. Source
Native American revenue rose 59.0%: Native American net revenues were $6.2 million, up $2.3 million; adjusted EBITDA from Native American activities was $5.1 million, up $1.2 million. Source
Corporate and other loss widened: Corporate and other adjusted EBITDA was a loss of $27.0 million, against $22.4 million a year earlier. Source

“In addition, the Company recognized $6.9 million of one-time expenses related to the 50 th anniversary.”
Red Rock Resorts, Inc., press release

Revenue by category and nine-month view

Casino revenue edged higher: Casino revenue was $323.9 million, against $319.5 million a year earlier; food and beverage was $88.2 million, against $85.5 million. Source
Room and other revenue increased: Room revenue was $42.8 million, against $41.6 million; other revenue was $27.6 million, against $25.1 million. Source
Nine-month net revenue slightly higher: Nine-month net revenues were $1,506.3 million, against $1,499.7 million a year earlier. Source

Operating costs and one-time items

Casino costs rose excluding one-time items: Casino expense was $115.6 million, or $89.5 million excluding one-time share-based compensation, against $83.3 million a year earlier. Source
Food and beverage costs rose: Food and beverage expense was $102.8 million, or $76.5 million excluding one-time share-based compensation, against $73.0 million. Source
SG&A rose excluding one-time items: SG&A was $146.2 million; excluding one-time share-based compensation and other 50th anniversary expenses it was $120.8 million, against $112.9 million. Source
Depreciation and amortization increased: Depreciation and amortization was $62.7 million, against $49.0 million a year earlier. Source

Cash, debt and dividends

Cash fell; debt reached $3.7 billion: Cash and cash equivalents were $128.3 million at September 30, 2026, against $136.5 million at June 30, 2026. Debt principal was $3.7 billion, up from $3.6 billion. Source
Dividends declared per share rose: Dividends declared per common share were $0.26 in the third quarter, against $0.25 a year earlier; nine-month total was $1.78, against $1.75. Source
Fourth-quarter dividend kept at $0.26: Quarterly cash dividend of $0.26 per Class A share declared for the fourth quarter of 2026, unchanged from the second quarter. Source

50th anniversary awards and share count

Stock awards to employees: Stock awards were granted to substantially all full-time and part-time employees to commemorate the 50th anniversary. Source
Share-based compensation rose to $89.8M: Total share-based compensation was $89.8 million in the third quarter, against $7.3 million a year earlier. Source
Diluted share count fell: Diluted weighted-average shares were 58.1 million in the third quarter, against 102.7 million a year earlier. Source

Coming up, as management said on 3 November 2026

Dividend payment and record dates: Dividend payment date is December 31, 2026; record date is December 15, 2026. Source
Station Holdco distribution timing: Station Holdco will make its cash distribution to unit holders before the fourth-quarter dividend is paid. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Red Rock Resorts Announces Third Quarter 2026 Results

LAS VEGAS, November 3, 2026 (PRNewswire) - Red Rock Resorts, Inc. (“Red Rock Resorts,” “we” or the “Company”) (NASDAQ: RRR) today reported financial results for the third quarter ended September 30, 2026.

Third Quarter Results

Consolidated Operations

Net revenues were $488.7 million for the third quarter of 2026, an increase of 2.8%, or $13.1 million, from $475.6 million in the same period of 2025.
Net loss was $17.7 million for the third quarter of 2026, a decrease of 123.0%, or $94.6 million, from net income of $76.9 million in the same period of 2025, primarily as a result of $79.1 million in share-based compensation expense related to the Company’s 50 anniversary stock awards issued in Q3 2026 and $6.9 million of one-time expenses related to the 50 anniversary.
Adjusted EBITDA was $182.6 million for the third quarter of 2026, a decrease of 4.3%, or $8.3 million, including $5.8 million of one-time expenses related to the 50 anniversary, from $190.9 million in the same period of 2025.

Las Vegas Operations

Net revenues from Las Vegas operations were $479.1 million for the third quarter of 2026, an increase of 2.2%, or $10.5 million, from $468.6 million in the same period of 2025.
Adjusted EBITDA from Las Vegas operations was $204.6 million for the third quarter of 2026, a decrease of 2.3%, or $4.8 million, from $209.4 million in the same period of 2025.

Native American

Net revenues from Native American activities were $6.2 million for the third quarter of 2026, an increase of 59.0%, or $2.3 million, from $3.9 million in the same period of 2025.
Adjusted EBITDA from Native American activities was $5.1 million for the third quarter of 2026, an increase of 30.8%, or $1.2 million, from $3.9 million in the same period of 2025.

50 Anniversary Expenses

To commemorate the Company’s 50 anniversary, stock awards were granted to substantially all full-time and part-time employees. As a result, the Company recognized $79.1 million of share-based compensation expense related to this grant during the quarter. In addition, the Company recognized $6.9 million of one-time expenses related to the 50 anniversary.

Balance Sheet Highlights

The Company’s cash and cash equivalents at September 30, 2026 were $128.3 million and total principal amount of debt outstanding at the end of the third quarter was $3.7 billion.

Quarterly Dividend

The Company’s Board of Directors has declared a cash dividend of $0.26 per Class A common share for the fourth quarter of 2026. The dividend will be payable on December 31, 2026 to all stockholders of record as of the close of business on December 15, 2026.

Prior to the payment of such dividend, Station Holdco LLC (“Station Holdco”) will make a cash distribution to all unit holders of record, including the Company, of $0.26 per unit for a total distribution of approximately $29.2 million, approximately $17.3 million of which is expected to be distributed to the Company and approximately $11.9 million of which is expected to be distributed to the other unit holders of record of Station Holdco.

Conference Call Information

The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial results. The conference call will consist of prepared remarks from the Company and include a question and answer session. Those interested in participating in the call should dial (888) 317-6003, or (412) 317-6061 for international callers, approximately 15 minutes before the call start time. Please use the passcode: 6050941. A replay of the call will be available from today through November 10, 2026 at www.redrockresorts.com. A live audio webcast of the call will also be available at www.redrockresorts.com.

Presentation of Financial Information

Adjusted EBITDA is a non-GAAP measure that is presented solely as a supplemental disclosure. We believe that Adjusted EBITDA is a widely used measure of operating performance in our industry and is a principal basis for valuation of gaming companies. We believe that in addition to net income, Adjusted EBITDA is a useful financial performance measurement for assessing our operating performance because it provides information about the performance of our ongoing core operations. Adjusted EBITDA for the three and nine months ended September 30, 2026 and 2025 includes net (loss) income plus depreciation and amortization, share-based compensation, write-downs and other, net (including gains and losses on asset disposals, preopening and development, business innovation and technology enhancements and non-routine items), interest expense, net, change in fair value of derivative instruments, gain on Native American development and (benefit) provision for income tax.
Selected Operating Costs and Expenses Excluding 50 Anniversary is presented solely as a supplemental disclosure to provide comparability to prior periods by excluding one-time expenses associated with the 50 anniversary.

Company Information and Forward Looking Statements

Red Rock Resorts is a holding company that owns an indirect equity interest in and manages Station Casinos LLC (“Station Casinos”). Station Casinos is the leading provider of gaming, hospitality and entertainment to the residents of Las Vegas, Nevada. Station Casinos’ properties, which are located throughout the Las Vegas valley, are regional entertainment destinations and include hotels as well as various amenities, including numerous restaurants, entertainment venues, movie theaters, bowling and convention/banquet space, as well as traditional casino gaming offerings such as video poker, slot machines, table games, bingo and race and sports wagering. Station Casinos owns and operates Red Rock Casino Resort Spa, Green Valley Ranch Resort Spa Casino, Durango Resort & Casino, Palace Station Hotel & Casino, Boulder Station Hotel & Casino, Sunset Station Hotel & Casino, Santa Fe Station Hotel & Casino, Wildfire Rancho, Wildfire Boulder, Wildfire Sunset, Wildfire Valley View, Wildfire Anthem, Wildfire Lake Mead, Wildfire on Fremont and Seventy Six by Station Casinos (North Lamb, Aliante, Union Village, Tropicana, Fort Apache, Park Highlands, and Silverado Ranch). Station Casinos also owns a 50% interest in Barley’s Casino & Brewing Company, Wildfire Casino & Lanes and The Greens.

Forward-looking statements notice

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, without limitation, statements regarding our expectations, hopes or intentions regarding the future. These forward-looking statements can often be identified by their use of words such as “will”, “might”, “predict”, “continue”, “forecast”, “expect”, “believe”, “anticipate”, “outlook”, “could”, “would”, “target”, “project”, “intend”, “plan”, “seek”, “estimate”, “pursue”, “should”, “may” and “assume”, or the negative thereof, as well as variations of such words and similar expressions referring to the future. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Certain important factors, including but not limited to, financial market risks, could cause our actual results to differ materially from those expressed in our forward-looking statements. Further information on potential factors which could affect our financial condition, results of operations and business includes, without limitation, the impact of rising inflation, higher interest rates and increased energy costs on consumer demand and the Company’s business, financial results and liquidity; the impact of unemployment and changes in general economic conditions on discretionary spending and consumer demand; the impact of our substantial indebtedness; the effects of local and national economic, credit and capital market conditions on consumer spending and the economy in general, and on the gaming and hotel industries in particular; the effects of competition, including locations of competitors and operating and market competition; changes in laws, including increased tax rates, regulations or accounting standards, third-party relations and approvals, and decisions of courts, regulators and governmental bodies; risks associated with construction projects, including disruption of our operations, shortages of materials or labor, unexpected costs, unforeseen permitting or regulatory issues and weather; litigation outcomes and judicial actions, including gaming legislative action, referenda and taxation; acts of war or terrorist incidents, pandemics, natural disasters or civil unrest; risks associated with the collection and retention of data about our customers, employees, suppliers and business partners; and other risks discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and in the Company’s other current and periodic reports filed from time to time with the Securities and Exchange Commission. All forward-looking statements in this document are made based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.

View source version on http://redrockresorts.investorroom.com/:

Condensed Consolidated Statements of Operations

(amounts in thousands, except per share data)

(unaudited)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Operating revenues:
Casino	$323,854	$319,490	$1,002,681	$997,531
Food and beverage	88,248	85,523	271,604	269,169
Room	42,816	41,568	134,988	142,925
Native American management and development fees	6,191	3,894	14,734	13,902
Other	27,592	25,097	82,275	76,179
Net revenues	488,701	475,572	1,506,282	1,499,706
Operating costs and expenses:
Casino	115,550	83,263	297,019	266,538
Food and beverage	102,753	72,989	255,639	222,644
Room	21,777	15,557	53,226	47,487
Other	10,354	8,014	28,037	23,776
Selling, general and administrative	146,228	112,853	378,521	329,595
Depreciation and amortization	62,673	48,976	177,513	145,295
Write-downs and other, net	2,698	2,436	9,987	10,506
	462,033	344,088	1,199,942	1,045,841
Operating income	26,668	131,484	306,340	453,865
Earnings from joint ventures	737	655	2,081	1,977
Operating income and earnings from joint ventures	27,405	132,139	308,421	455,842
Other (expense) income:
Interest expense, net	(50,894)	(50,486)	(150,043)	(152,228)
Change in fair value of derivative instruments	4,505	1,846	8,558	(5,653)
Gain on Native American development	-	-	-	8,476
(Loss) income before income tax	(18,984)	83,499	166,936	306,437
Benefit (provision) for income tax	1,246	(6,619)	(25,362)	(35,354)
Net (loss) income	(17,738)	76,880	141,574	271,083
Less: net (loss) income attributable to noncontrolling interests	(7,820)	34,626	69,485	127,676
Net (loss) income attributable to Red Rock Resorts, Inc.	$(9,918)	$42,254	$72,089	$143,407
(Loss) earnings per common share:
(Loss) earnings per share of Class A common stock, basic	$(0.17)	$0.72	$1.24	$2.43
(Loss) earnings per share of Class A common stock, diluted	$(0.17)	$0.68	$1.23	$2.37
Weighted-average common shares outstanding:
Basic	58,065	59,019	58,052	59,060
Diluted	58,065	102,663	59,081	102,925
Dividends declared per common share	$0.26	$0.25	$1.78	$1.75

Segment Information and Reconciliation of Net (Loss) Income to Adjusted EBITDA

(amounts in thousands)

(unaudited)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Net revenues
Las Vegas operations	$479,131	$468,576	$1,481,811	$1,476,791
Native American	6,191	3,894	14,734	13,902
Corporate and other	3,379	3,102	9,737	9,013
Net revenues	$488,701	$475,572	$1,506,282	$1,499,706
Net (loss) income	$(17,738)	$76,880	$141,574	$271,083
Adjustments
Depreciation and amortization	62,673	48,976	177,513	145,295
Share-based compensation	89,846	7,317	107,373	23,664
Write-downs and other, net	2,698	2,436	9,987	10,506
Interest expense, net	50,894	50,486	150,043	152,228
Change in fair value of derivative instruments	(4,505)	(1,846)	(8,558)	5,653
Gain on Native American development	-	-	-	(8,476)
(Benefit) provision for income tax	(1,246)	6,619	25,362	35,354
Adjusted EBITDA	$182,622	$190,868	$603,294	$635,307
Adjusted EBITDA
Las Vegas operations	$204,598	$209,407	$664,549	$684,751
Native American	5,069	3,894	10,803	13,902
Corporate and other	(27,045)	(22,433)	(72,058)	(63,346)
Adjusted EBITDA	$182,622	$190,868	$603,294	$635,307

Selected Operating Costs and Expenses Excluding 50th Anniversary

(amounts in thousands)

(unaudited)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Casino	$115,550	$83,263	$297,019	$266,538
Less one-time share-based compensation	26,018	-	26,018	-
Casino less one-time share-based compensation	$89,532	$83,263	$271,001	$266,538
Food and beverage	$102,753	$72,989	$255,639	$222,644
Less one-time share-based compensation	26,250	-	26,250	-
Food and beverage less one-time share-based compensation	$76,503	$72,989	$229,389	$222,644
Room	$21,777	$15,557	$53,226	$47,487
Less one-time share-based compensation	5,919	-	5,919	-
Room less one-time share-based compensation	$15,858	$15,557	$47,307	$47,487
Other	$10,354	$8,014	$28,037	$23,776
Less one-time share-based compensation	1,313	-	1,313	-
Other less one-time share-based compensation	$9,041	$8,014	$26,724	$23,776
Selling, general and administrative	$146,228	$112,853	$378,521	$329,595
Less one-time share-based compensation	19,609	-	19,609	-
Less other 50th anniversary expenses	5,801	-	5,801	-
Selling, general and administrative less one-time share-based compensation and other 50th anniversary expenses	$120,818	$112,853	$353,111	$329,595

Contacts
Stephen L. Cootey
Stephen.Cootey@redrockresorts.com
(702) 495-4214
Michael J. Britt
Michael.Britt@redrockresorts.com
(702) 495-3693