Mgm Resorts Financials
This page shows Mgm Resorts (MGM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
MGM’s asset-heavy properties still throw off cash, but buybacks and margin compression are steadily thinning the balance-sheet equity cushion.
From FY2023 to FY2025, long-term debt barely moved, slipping from$6.3B to$6.2B . But debt-to-equity still worsened from 1.7x to 2.6x because repeated buybacks and lower retained earnings shrank the book-equity buffer, so the leverage story now comes more from a thinner cushion than from a bigger debt pile.
Cash conversion looks far stronger than GAAP profit: FY2025 produced
Sales kept climbing, reaching
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Mgm Resorts's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Mgm Resorts has an operating margin of 5.7%, meaning the company retains $6 of operating profit per $100 of revenue. This results in a moderate score of 40/100, indicating healthy but not exceptional operating efficiency. This is down from 8.6% the prior year.
Mgm Resorts's revenue grew a modest 1.7% year-over-year to $17.5B. This slow but positive growth earns a score of 40/100.
Mgm Resorts has a moderate D/E ratio of 2.56. This balance of debt and equity financing earns a leverage score of 50/100.
Mgm Resorts's current ratio of 1.23 is below the typical benchmark, resulting in a score of 20/100. However, the company holds substantial cash reserves (59% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
Mgm Resorts has a free cash flow margin of 8.3%, earning a moderate score of 46/100. The company generates positive cash flow after capital investments, but with room for improvement.
Mgm Resorts's ROE of 8.5% shows moderate profitability relative to equity, earning a score of 50/100. This is down from 24.7% the prior year.
Mgm Resorts scores 0.75, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Mgm Resorts passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Mgm Resorts generates $12.29 in operating cash flow ($2.5B OCF vs $205.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Mgm Resorts earns $2.4 in operating income for every $1 of interest expense ($1.0B vs $419.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Mgm Resorts generated $17.5B in revenue in fiscal year 2025. This represents an increase of 1.7% from the prior year.
Mgm Resorts's EBITDA was $2.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 13.0% from the prior year.
Mgm Resorts reported $205.9M in net income in fiscal year 2025. This represents a decrease of 72.4% from the prior year.
Mgm Resorts earned $0.76 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 68.3% from the prior year.
Cash & Balance Sheet
Mgm Resorts generated $1.5B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 20.5% from the prior year.
Mgm Resorts held $2.1B in cash against $6.2B in long-term debt as of fiscal year 2025.
Mgm Resorts had 256M shares outstanding in fiscal year 2025. This represents a decrease of 10.4% from the prior year.
Margins & Returns
Mgm Resorts's operating margin was 5.7% in fiscal year 2025, reflecting core business profitability. This is down 2.9 percentage points from the prior year.
Mgm Resorts's net profit margin was 1.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.2 percentage points from the prior year.
Mgm Resorts's ROE was 8.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 16.2 percentage points from the prior year.
Capital Allocation
Mgm Resorts spent $1.2B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 9.5% from the prior year.
Mgm Resorts invested $1.1B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 7.1% from the prior year.
MGM Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.5B-3.3% | $4.6B+8.3% | $4.3B-3.5% | $4.4B+3.0% | $4.3B-1.6% | $4.3B+3.9% | $4.2B-3.3% | $4.3B |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $1.3B+1.9% | $1.3B+1.5% | $1.2B+2.2% | $1.2B+4.2% | $1.2B-6.3% | $1.2B+5.6% | $1.2B-2.8% | $1.2B |
| Operating Income | $301.2M-7.3% | $325.0M+388.0% | -$112.9M-127.9% | $404.6M+5.1% | $385.1M+32.1% | $291.6M-7.4% | $314.9M-26.0% | $425.7M |
| Interest Expense | $100.7M-3.1% | $103.9M+1.6% | $102.3M-3.1% | $105.6M-1.6% | $107.3M-1.2% | $108.6M-2.9% | $111.9M-0.8% | $112.7M |
| Income Tax | $27.5M+109.7% | -$282.9M-2100.6% | -$12.9M-182.1% | $15.7M-60.9% | $40.1M+224.3% | -$32.2M-161.3% | $52.6M+555.0% | -$11.6M |
| Net Income | $125.1M-57.4% | $293.6M+202.9% | -$285.3M-682.7% | $49.0M-67.0% | $148.6M-5.6% | $157.4M-14.7% | $184.6M-1.3% | $187.1M |
| EPS (Diluted) | $0.48 | N/A | $-1.05-683.3% | $0.18-64.7% | $0.51 | N/A | $0.61+1.7% | $0.60 |
MGM Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $41.4B+0.1% | $41.4B-0.1% | $41.4B-0.7% | $41.7B-0.5% | $41.9B-0.8% | $42.2B-1.2% | $42.7B+2.2% | $41.8B |
| Current Assets | $4.5B+4.5% | $4.3B+10.2% | $3.9B+1.9% | $3.9B-6.8% | $4.1B-5.1% | $4.4B-9.7% | $4.8B+9.6% | $4.4B |
| Cash & Equivalents | $2.3B+11.1% | $2.1B-3.3% | $2.1B+9.0% | $2.0B-13.8% | $2.3B-6.0% | $2.4B-18.1% | $3.0B+22.2% | $2.4B |
| Inventory | $123.2M-1.1% | $124.5M-2.0% | $127.1M+0.3% | $126.7M-6.2% | $135.0M-3.9% | $140.6M-3.0% | $144.8M-2.0% | $147.9M |
| Accounts Receivable | $1.1B+0.4% | $1.1B+20.5% | $932.1M-10.7% | $1.0B+7.6% | $970.1M-9.5% | $1.1B+11.1% | $964.7M-5.1% | $1.0B |
| Goodwill | $4.9B-0.3% | $4.9B-0.8% | $4.9B-4.7% | $5.2B+0.5% | $5.2B+0.3% | $5.1B-0.6% | $5.2B+0.4% | $5.2B |
| Total Liabilities | $38.1B-0.1% | $38.1B+0.4% | $38.0B0.0% | $38.0B-0.8% | $38.3B-0.6% | $38.5B-2.5% | $39.5B+2.3% | $38.6B |
| Current Liabilities | $3.4B-3.4% | $3.5B+10.3% | $3.2B+0.5% | $3.2B-0.1% | $3.2B-5.4% | $3.4B-13.8% | $3.9B+29.6% | $3.0B |
| Long-Term Debt | $6.4B+2.8% | $6.2B+1.1% | $6.2B-0.7% | $6.2B-3.3% | $6.4B+0.8% | $6.4B+2.1% | $6.2B-0.9% | $6.3B |
| Total Equity | $2.4B+0.1% | $2.4B-9.2% | $2.7B-10.0% | $3.0B+4.2% | $2.9B-5.6% | $3.0B-6.4% | $3.2B+0.6% | $3.2B |
| Retained Earnings | $2.2B+3.2% | $2.1B-9.4% | $2.3B-10.9% | $2.6B-5.5% | $2.8B-10.4% | $3.1B+1.5% | $3.0B-4.3% | $3.2B |
MGM Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $567.8M-13.3% | $655.0M-3.9% | $681.4M+5.5% | $645.9M+18.1% | $547.1M-18.5% | $671.6M+0.6% | $667.4M+40.7% | $474.2M |
| Capital Expenditures | $154.7M-47.8% | $296.5M+7.4% | $276.0M+2.8% | $268.4M+17.7% | $228.0M-43.6% | $404.0M+20.2% | $336.3M+41.1% | $238.2M |
| Free Cash Flow | $413.1M+15.2% | $358.5M-11.6% | $405.4M+7.4% | $377.4M+18.3% | $319.0M+19.2% | $267.5M-19.2% | $331.2M+40.3% | $236.0M |
| Investing Cash Flow | -$372.8M-85.9% | -$200.6M+40.1% | -$334.9M+11.5% | -$378.3M-66.6% | -$227.0M+43.8% | -$403.9M+18.2% | -$493.8M-78.3% | -$277.0M |
| Financing Cash Flow | $39.9M+108.0% | -$498.7M-189.1% | -$172.5M+70.7% | -$589.7M-25.4% | -$470.2M+40.5% | -$790.5M-326.1% | $349.7M+170.7% | -$494.5M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $88.9M-82.6% | $511.1M+4259041.7% | $12K-100.0% | $227.9M-53.4% | $489.3M+308.3% | $119.8M-62.9% | $322.7M-21.0% | $408.8M |
MGM Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 6.8%-0.3pp | 7.1%+9.7pp | -2.7%-11.8pp | 9.2%+0.2pp | 9.0%+2.3pp | 6.7%-0.8pp | 7.5%-2.3pp | 9.8% |
| Net Margin | 2.8%-3.6pp | 6.4%+13.1pp | -6.7%-7.8pp | 1.1%-2.4pp | 3.5%-0.2pp | 3.6%-0.8pp | 4.4%+0.1pp | 4.3% |
| Return on Equity | 5.1%-6.9pp | 12.1%+22.7pp | -10.7%-12.3pp | 1.7%-3.6pp | 5.2%0.0pp | 5.2%-0.5pp | 5.7%-0.1pp | 5.8% |
| Return on Assets | 0.3%-0.4pp | 0.7%+1.4pp | -0.7%-0.8pp | 0.1%-0.2pp | 0.4%-0.0pp | 0.4%-0.1pp | 0.4%-0.0pp | 0.4% |
| Current Ratio | 1.33+0.1 | 1.230.0 | 1.23+0.0 | 1.22-0.1 | 1.310.0 | 1.30+0.1 | 1.24-0.2 | 1.47 |
| Debt-to-Equity | 2.63+0.1 | 2.56+0.3 | 2.30+0.2 | 2.09-0.2 | 2.25+0.1 | 2.10+0.2 | 1.93-0.0 | 1.96 |
| FCF Margin | 9.3%+1.5pp | 7.8%-1.8pp | 9.5%+1.0pp | 8.6%+1.1pp | 7.5%+1.3pp | 6.2%-1.8pp | 7.9%+2.5pp | 5.5% |
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Frequently Asked Questions
What is Mgm Resorts's annual revenue?
Mgm Resorts (MGM) reported $17.5B in total revenue for fiscal year 2025. This represents a 1.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Mgm Resorts's revenue growing?
Mgm Resorts (MGM) revenue grew by 1.7% year-over-year, from $17.2B to $17.5B in fiscal year 2025.
Is Mgm Resorts profitable?
Yes, Mgm Resorts (MGM) reported a net income of $205.9M in fiscal year 2025, with a net profit margin of 1.2%.
What is Mgm Resorts's EBITDA?
Mgm Resorts (MGM) had EBITDA of $2.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Mgm Resorts have?
As of fiscal year 2025, Mgm Resorts (MGM) had $2.1B in cash and equivalents against $6.2B in long-term debt.
What is Mgm Resorts's operating margin?
Mgm Resorts (MGM) had an operating margin of 5.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Mgm Resorts's net profit margin?
Mgm Resorts (MGM) had a net profit margin of 1.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Mgm Resorts's return on equity (ROE)?
Mgm Resorts (MGM) has a return on equity of 8.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Mgm Resorts's free cash flow?
Mgm Resorts (MGM) generated $1.5B in free cash flow during fiscal year 2025. This represents a 20.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Mgm Resorts's operating cash flow?
Mgm Resorts (MGM) generated $2.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Mgm Resorts's total assets?
Mgm Resorts (MGM) had $41.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Mgm Resorts's capital expenditures?
Mgm Resorts (MGM) invested $1.1B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Mgm Resorts's current ratio?
Mgm Resorts (MGM) had a current ratio of 1.23 as of fiscal year 2025, which is considered adequate.
What is Mgm Resorts's debt-to-equity ratio?
Mgm Resorts (MGM) had a debt-to-equity ratio of 2.56 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Mgm Resorts's return on assets (ROA)?
Mgm Resorts (MGM) had a return on assets of 0.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Mgm Resorts's Altman Z-Score?
Mgm Resorts (MGM) has an Altman Z-Score of 0.75, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Mgm Resorts's Piotroski F-Score?
Mgm Resorts (MGM) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Mgm Resorts's earnings high quality?
Mgm Resorts (MGM) has an earnings quality ratio of 12.29x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Mgm Resorts cover its interest payments?
Mgm Resorts (MGM) has an interest coverage ratio of 2.4x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Mgm Resorts?
Mgm Resorts (MGM) scores 41 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.