MGM Resorts International (MGM) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$0.58	$0.59	+1.7%	—	—	—
Q3 26	$0.53	$0.49	-7.5%	—	—	—
Q2 26	$0.55	$1.6	+190.9%	—	—	—
Q1 26	$0.3	$0.24	-20.0%	—	—	—
Q4 25	$0.55	$0.79	+43.6%	—	—	—
Q3 25	$0.45	$0.69	+53.3%	—	—	—
Q2 25	$0.34	$0.45	+32.4%	—	—	—
Q1 25	$0.61	$0.54	-11.5%	—	—	—
Q4 24	$0.59	$0.86	+45.8%	—	—	—
Q3 24	$0.58	$0.74	+27.6%	—	—	—
Q2 24	$0.71	$1.06	+49.3%	—	—	—
Q1 24	$0.49	$0.64	+30.6%	—	—	—
Q4 23	$0.54	$0.59	+9.3%	—	—	—
Q3 23	$0.1	$0.44	+340.0%	—	—	—
Q2 23	-$1.36	-$1.53	-12.5%	—	—	—
Q1 23	$0.24	-$1.39	-679.2%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.77	—	—	$17.5B	—
FY24	—	$2.42	—	—	$17.2B	—
FY23	—	$3.22	—	—	$16.2B	—
FY22	—	$3.52	—	—	$13.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$9.5B	$10.8B	$11.8B	$12.9B	$5.2B	$9.7B	$13.1B	$16.2B	$17.2B	$17.5B
YoY change	+3.14%	+13.9%	+8.94%	+9.66%	-60%	+87.5%	+35.6%	+23.1%	+6.66%	+1.72%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	9.5B	10.8B	11.8B	12.9B	5.2B	9.7B	13.1B	16.2B	17.2B	17.5B
Cost of revenue	5.5B	6.2B	6.9B	7.6B	3.5B	5B	6.7B	8.6B	9.4B	9.7B
Gross profit	4B	4.6B	4.8B	5.3B	1.7B	4.6B	6.5B	7.6B	7.8B	7.8B
Gross margin	41.7%	42.6%	41.2%	41.1%	33.1%	48%	49.3%	47.1%	45.5%	44.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.4B	1.6B	1.8B	2.1B	2.1B	2.5B	4.2B	4.7B	4.8B	4.9B
Operating expenses	1.7B	1.9B	2.2B	2.6B	2.6B	2.9B	4.7B	5.2B	5.3B	5.4B
Operating income	1.4B	1.7B	1.5B	1.4B	-2.1B	568.9M	-1.7B	1.6B	1.7B	1.3B
Operating margin	14.9%	15.7%	12.6%	11.1%	-40.4%	5.88%	-13.1%	9.8%	9.69%	7.63%
Non-operating income, net	536.1M	-64.9M	-78.8M	2.3B	1.2B	1.7B	3.2B	349.6M	-110.1M	-638M
Pretax income	1.3B	960.8M	634M	2.8B	-1.5B	1.5B	903.8M	1.5B	1.1B	280.8M
Income tax	21.7M	-1.1B	50.1M	632.3M	-191.6M	253.4M	697.1M	157.8M	52.5M	-240.1M
Net income	1.2B	2.1B	583.9M	2.2B	-1.3B	1.2B	206.7M	1.3B	1.1B	520.9M
Net margin	13%	19.3%	4.96%	17.2%	-25.6%	12.5%	1.57%	8.13%	6.18%	2.97%
EBITDA	2.5B	2.6B	2.6B	2.6B	-1B	1.8B	1.7B	2.4B	2.4B	2B
EPS	1.94	3.38	0.82	3.9	-2.02	2.44	3.52	3.22	2.42	0.77
Diluted EPS	1.92	3.34	0.81	3.88	-2.02	2.41	3.49	3.19	2.4	0.76

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	4B	4.4B	4.4B	4.3B	4.2B	4.3B	4.3B	4.4B	4.3B	4.6B	4.5B	4.5B
Cost of revenue	2.1B	2.4B	2.4B	2.3B	2.3B	2.4B	2.3B	2.4B	2.4B	2.6B	2.5B	2.5B
Gross profit	1.9B	2B	2B	2B	1.9B	2B	2B	2B	1.8B	2B	2B	2B
Gross margin	47.2%	45.7%	46.1%	46.3%	44.7%	44.9%	45.8%	44.5%	43.4%	44%	44.7%	44.5%
Research & development	—	—	1.1M	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.3B	1.3B	1.3B
Operating expenses	1.3B	1.4B	1.3B	1.3B	1.3B	1.4B	1.3B	1.3B	1.4B	1.4B	1.4B	1.4B
Operating income	359.7M	420.5M	500.7M	477.2M	332.9M	358.6M	413.5M	379.7M	219.4M	325.2M	306.4M	302.2M
Operating margin	9.05%	9.61%	11.4%	11%	7.96%	8.25%	9.67%	8.62%	5.16%	7.06%	6.88%	6.79%
Non-operating income, net	-24.2M	6.4M	-47.2M	-93.2M	75.7M	-44.3M	-39.5M	-140.3M	-336.7M	-121.5M	-3.5M	213.4M
Pretax income	224.3M	320.1M	343.4M	271.2M	296.7M	205.7M	266.8M	133.8M	-219.6M	99.8M	202.2M	413.5M
Income tax	12.4M	-59.5M	43.7M	-11.6M	52.6M	-32.2M	40.1M	15.7M	-12.9M	-282.9M	27.5M	90.7M
Net income	211.9M	379.6M	299.7M	282.8M	244.2M	237.9M	226.7M	118.1M	-206.7M	382.8M	174.8M	322.8M
Net margin	5.33%	8.68%	6.84%	6.54%	5.84%	5.47%	5.3%	2.68%	-4.86%	8.31%	3.92%	7.25%
EBITDA	549.6M	640M	650M	576.8M	642.5M	521M	610.5M	482.2M	399.6M	505.3M	567.6M	909.1M
EPS	0.46	—	0.68	0.6	0.61	0.52	0.52	0.18	-1.05	1.12	0.49	1.12
Diluted EPS	0.46	—	0.67	0.6	0.61	0.52	0.51	0.18	-1.05	1.11	0.48	1.11

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	16.4B	19.1B	13.2B	17.4B	15.6B	21.6B	—	—	—	—	8.2B
Enterprise value	27.9B	30.5B	26.8B	30.7B	31.3B	41.6B	—	—	—	—	36.5B
Shares outstanding	568.1M	572.3M	544.3M	524.2M	494.2M	481.9M	409.2M	354.9M	307.4M	275M	275M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	13.3	9.15	22.6	7.88	—	17.9	—	—	—	—	19.7
P/S	1.73	1.77	1.12	1.35	3.02	2.23	—	—	—	—	0.47
P/B	1.63	1.63	1.25	1.37	1.38	1.94	—	—	—	—	3.26
EV/EBITDA	11	11.6	10.3	11.8	-30.6	23.3	—	—	—	—	16.3
EV/Sales	2.95	2.83	2.28	2.38	6.07	4.3	—	—	—	—	2.05
Earnings yield	7.55%	10.9%	4.42%	12.7%	—	5.59%	—	—	—	—	5.07%
FCF yield	-4.45%	1.79%	1.79%	6.14%	-11.3%	4.08%	—	—	—	—	10.8%
PEG	—	—	—	—	—	—	—	—	—	—	0.04

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	41.7%	42.6%	41.2%	41.1%	33.1%	48%	49.3%	47.1%	45.5%	44.4%	44.5%
Operating margin	14.9%	15.7%	12.6%	11.1%	-40.4%	5.88%	-13.1%	9.8%	9.69%	7.63%	6.79%
Net margin	13%	19.3%	4.96%	17.2%	-25.6%	12.5%	1.57%	8.13%	6.18%	2.97%	2.4%
ROE	12.3%	17.9%	5.52%	17.3%	-11.7%	10.9%	3.85%	30.1%	28.6%	15.9%	18.9%
ROA	4.39%	7.16%	1.93%	6.54%	-3.62%	2.95%	0.45%	3.1%	2.52%	1.26%	1.77%
ROIC	6.45%	7.34%	5.65%	4.27%	-7.71%	1.51%	-1.17%	4.28%	4.84%	4.11%	3.76%
Return on tangible assets	7.55%	11.7%	3.13%	10%	-5.27%	4.53%	0.64%	4.6%	3.73%	1.81%	2.42%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.97	0.76	0.86	1.26	3.21	1.86	1.81	1.57	1.3	1.23	1.33
Quick ratio	0.93	0.72	0.82	1.22	3.16	1.84	1.78	1.53	1.26	1.2	1.3
Debt / equity	1.3	1.1	1.43	1.22	1.86	2.22	6.33	7.23	8.5	9.58	8.93
Debt / assets	0.46	0.44	0.5	0.46	0.57	0.6	0.74	0.74	0.75	0.76	0.75
Net debt / EBITDA	4.56	4.33	5.25	5.09	-15.4	11.2	16.8	12	12.2	14.7	11.5
Interest coverage	2.81	2.44	1.82	4.36	-1.23	2.83	2.52	4.2	3.52	1.67	2.21
Effective tax rate	1.73%	0%	7.9%	22.2%	0%	17.3%	77.1%	10.7%	4.7%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	16.7	18.9	21.6	24.6	10.4	20.1	32.1	45.5	56.1	63.8	67.7
EPS (basic)	1.94	3.38	0.82	3.9	-2.02	2.44	3.52	3.22	2.42	0.77	0.77
EPS (diluted)	1.92	3.34	0.81	3.88	-2.02	2.41	3.49	3.19	2.4	0.76	1.65
Book value per share	17.6	20.4	19.4	24.4	22.8	23.1	13.1	12.3	12.1	11.9	9.99
FCF per share	-1.28	0.6	0.43	2.04	-3.57	1.83	2.42	4.96	3.94	5.31	5.8
Cash per share	2.55	2.62	2.81	4.44	10.3	9.76	14.4	8.25	7.86	7.5	11
Capex per share	0.01	0	0.05	0	0.01	0.22	2.85	1.31	0.04	3.89	3.76

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.04%	0.01%	0.22%	0.02%	0.12%	1.1%	8.88%	2.88%	0.08%	6.1%	5.45%
Capex / operating cash flow	0.21%	0.03%	1.45%	0.07%	0.65%	11.4%	25.1%	18.9%	0.58%	42.3%	39.3%
Payout ratio	0%	12.1%	44.6%	12.3%	-5.88%	0.4%	1.96%	0%	0%	—	0%
Dividend yield	0%	1.32%	1.97%	1.56%	0.5%	0.02%	—	—	—	—	0.04%

Yield

0.04%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.0025

ex-dividend Dec 8, 2022

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Dec 8, 2022	$0.0025
Sep 8, 2022	$0.0025
Jun 9, 2022	$0.0025
Mar 9, 2022	$0.0025
Dec 9, 2021	$0.0025
Sep 9, 2021	$0.0025
Jun 9, 2021	$0.0025
Mar 9, 2021	$0.0025

Split history

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$4B	$4.4B	$4.4B	$4.3B	$4.2B	$4.3B	$4.3B	$4.4B	$4.3B	$4.6B	$4.5B	$4.5B
YoY change	+16.3%	+21.8%	+13.2%	+9.77%	+5.28%	-0.66%	-2.43%	+1.79%	+1.61%	+5.95%	+4.15%	+1.05%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.4B	1.5B	1.5B	2.3B	5.1B	4.7B	5.9B	2.9B	2.4B	2.1B
Receivables	542.9M	542.3M	657.2M	612.7M	316.5M	583.9M	852.1M	929.1M	1.1B	1.1B
Inventory	97.7M	102.3M	110.8M	102.9M	88.3M	96.4M	126.1M	141.7M	140.6M	124.5M
Total current assets	2.2B	2.4B	2.5B	4B	6B	6.4B	8.2B	4.9B	4.4B	4.3B
Property, plant & equipment	6.5B	7.4B	4.3B	7.4B	10.9B	13.7B	25.2B	24.6B	24.6B	23.7B
Goodwill & intangibles	11.8B	11.4B	11.5B	11.8B	11.5B	14.2B	13.2B	13.8B	13.7B	12.5B
Total assets	28.2B	29.2B	30.2B	33.9B	36.5B	40.9B	45.7B	42.4B	42.2B	41.4B
Accounts payable	250.5M	255M	302.6M	235.4M	142.5M	286.2M	369.8M	461.7M	412.7M	421.5M
Short-term debt	8.4M	158M	43.4M	95.4M	112M	1.1B	1.4B	84.2M	172.2M	182.9M
Total current liabilities	2.3B	3.1B	2.9B	3.2B	1.9B	3.4B	4.5B	3.1B	3.4B	3.5B
Long-term debt	13B	12.8B	15.1B	15.4B	20.8B	23.6B	32.6B	31.5B	31.4B	31.2B
Total liabilities	18.1B	17.5B	19.6B	21.1B	25.2B	29.8B	40.3B	38B	38.5B	38.1B
Shareholders' equity	10B	11.7B	10.6B	12.8B	11.2B	11.1B	5.4B	4.4B	3.7B	3.3B
Total debt	13B	12.9B	15.1B	15.5B	20.9B	24.7B	34B	31.6B	31.6B	31.4B
Net debt	11.5B	11.4B	13.6B	13.2B	15.8B	20B	28.1B	28.6B	29.2B	29.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	3.3B	2.9B	2.7B	2.4B	3B	2.4B	2.3B	2B	2.1B	2.1B	2.3B	2.5B
Receivables	812.2M	929.1M	924.1M	1B	964.7M	1.1B	970.1M	1B	932.1M	1.1B	1.1B	1.2B
Inventory	135.9M	141.7M	147.4M	147.9M	144.8M	140.6M	135M	126.7M	127.1M	124.5M	123.2M	123.4M
Total current assets	5.3B	4.9B	4.6B	4.4B	4.8B	4.4B	4.1B	3.9B	3.9B	4.3B	4.5B	4.4B
Property, plant & equipment	29.4B	24.6B	29.5B	29.5B	29.6B	24.6B	29.6B	29.5B	29.4B	23.7B	29.1B	27.8B
Goodwill & intangibles	13.8B	13.8B	13.7B	13.6B	13.9B	13.7B	13.7B	13.8B	13.1B	12.5B	12.4B	12.1B
Total assets	42.6B	42.4B	42.1B	41.8B	42.7B	42.2B	41.9B	41.7B	41.4B	41.4B	41.4B	39.8B
Accounts payable	412.8M	461.7M	448.2M	401.9M	391.8M	412.7M	380.8M	383.5M	421.1M	421.5M	404.5M	422.9M
Short-term debt	114.7M	84.2M	—	—	675M	172.2M	—	—	—	182.9M	—	—
Total current liabilities	3B	3.1B	3B	3B	3.9B	3.4B	3.2B	3.2B	3.2B	3.5B	3.4B	3.3B
Long-term debt	31.6B	31.5B	31.4B	31.4B	31.3B	31.4B	31.5B	31.2B	31.2B	31.2B	31.3B	29.8B
Total liabilities	38.1B	38B	38B	38B	38.9B	38.5B	38.3B	38B	38B	38.1B	38.1B	36.5B
Shareholders' equity	4.5B	4.4B	4.1B	3.8B	3.9B	3.7B	3.6B	3.7B	3.5B	3.3B	3.3B	3.4B
Total debt	31.7B	31.6B	31.4B	31.4B	32B	31.6B	31.5B	31.2B	31.2B	31.4B	31.3B	29.8B
Net debt	28.4B	28.6B	28.7B	29B	29.1B	29.2B	29.2B	29.3B	29B	29.3B	29B	27.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.2B	2.1B	583.9M	2.2B	-1.3B	1.2B	206.7M	1.3B	1.1B	520.9M
Depreciation & amortization	849.5M	993.5M	1.2B	1.3B	1.2B	1.2B	3.5B	814.1M	831.1M	1B
Stock-based compensation	55.5M	62.5M	70.2M	88.8M	107M	65.2M	71.3M	73.6M	80.2M	90.5M
Change in working capital	266.1M	343.7M	-121.8M	-718.8M	758.6M	-263.5M	-41.2M	-206.3M	-289.2M	-26.8M
Operating cash flow	1.9B	2.2B	1.8B	3.6B	943.5M	931.3M	4.7B	2.5B	2.3B	2.5B
Capital expenditure	3.9M	718K	25.6M	2.6M	6.1M	106.6M	1.2B	465.8M	13.2M	-1.1B
Investing cash flow	-555.8M	-17.7M	-918.8M	6.2M	-89.9M	-1.9B	-977.6M	335.2M	-282.8M	-1.3B
Dividends paid	0	-252M	-260.6M	-271.3M	-77.6M	-4.8M	-4M	0	0	—
Share repurchases	-100M	-327.5M	-1.3B	-1B	-353.7M	-1.8B	-2.8B	-2.3B	-1.4B	-1.2B
Financing cash flow	519.4M	-568.8M	389.2M	-8.2B	2.1B	-2.8B	-3B	-5B	-1.6B	-1.7B
Net change in cash	1.9B	1.7B	1.2B	-4.6B	3B	-3.7B	649.4M	-2.2B	421.3M	-508.4M
Free cash flow	-728.5M	342.3M	235.7M	1.1B	-1.8B	882.7M	991.4M	1.8B	1.2B	1.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	211.9M	379.6M	299.7M	282.8M	244.2M	237.9M	226.7M	118.1M	-206.7M	382.8M	174.8M	322.8M
Depreciation & amortization	201.8M	205.3M	196.6M	192M	233.3M	209.2M	236.4M	242M	260.7M	278.7M	263.7M	282.3M
Stock-based compensation	11.1M	27.4M	26.8M	12.5M	12.4M	28.5M	28.7M	16.5M	14.3M	31.1M	35.1M	15.7M
Change in working capital	-144.8M	-120M	81.8M	-233M	38.7M	-176.8M	146.7M	-79.3M	161.1M	-255.2M	103.9M	-6.9M
Operating cash flow	424.8M	456.1M	762.9M	410M	594.6M	500.9M	738.3M	645.9M	681.4M	655M	567.8M	558.8M
Capital expenditure	509K	-702K	547K	1.1M	1.8M	9.7M	60K	-268.4M	-276M	-296.5M	-154.7M	-241.4M
Investing cash flow	-152.6M	-17.3M	63.1M	-39.4M	-252.5M	9.7M	479K	-353.9M	-398.8M	-325.9M	-379M	-241.4M
Dividends paid	0	0	—	—	—	—	—	—	—	—	—	—
Share repurchases	-565.7M	-623M	-506.6M	-408.8M	-322.7M	-119.8M	-489.3M	-227.9M	-12K	-511.1M	-88.9M	-173.6M
Financing cash flow	-1.8B	-827.5M	-705.7M	-1.7B	330.6M	-771.4M	-470.2M	-89.7M	-172.5M	-498.7M	39.9M	-590.7M
Net change in cash	-1.5B	-388.7M	120.3M	-1.3B	672.7M	-260.8M	268.6M	202.3M	110.1M	-169.6M	228.7M	-273.3M
Free cash flow	484.3M	387.2M	377.2M	236M	331.2M	267.5M	319M	377.4M	405.4M	358.5M	413.1M	317.4M

May 19, 2005	2:1
Feb 28, 2000	2:1

MGM Resorts International Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement