Wynn Resorts Financials
This page shows Wynn Resorts (WYNN) 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).
Stable operating cash generation is supporting a capital-intensive, liability-heavy model, even as free cash flow narrowed to 9.7% .
Between FY2024 and FY2025, operating margin stayed near16% while operating cash flow remained above$1.3B . Yet free cash flow fell to$692M and net margin to4.6% , indicating the pressure came less from weakening day-to-day operations than from heavier reinvestment and costs that sit below operating profit.
The balance sheet remains obligation-funded: liabilities still exceed assets, and year-end cash fell to
Capital intensity rose again as capex increased to
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 Wynn 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.
Wynn Resorts has an operating margin of 15.7%, meaning the company retains $16 of operating profit per $100 of revenue. This results in a moderate score of 56/100, indicating healthy but not exceptional operating efficiency. This is down from 15.9% the prior year.
Wynn Resorts's revenue grew a modest 0.1% year-over-year to $7.1B. This slow but positive growth earns a score of 41/100.
Wynn Resorts has elevated debt relative to equity (D/E of -38.25), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Wynn Resorts's current ratio of 1.63 is below the typical benchmark, resulting in a score of 28/100. However, the company holds substantial cash reserves (89% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
Wynn Resorts has a free cash flow margin of 9.7%, earning a moderate score of 54/100. The company generates positive cash flow after capital investments, but with room for improvement.
Wynn Resorts scores 1.22, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Wynn Resorts passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Wynn Resorts generates $4.13 in operating cash flow ($1.4B OCF vs $327.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Wynn Resorts earns $1.8 in operating income for every $1 of interest expense ($1.1B vs $625.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Wynn Resorts generated $7.1B in revenue in fiscal year 2025. This represents an increase of 0.1% from the prior year.
Wynn Resorts's EBITDA was $1.7B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 2.9% from the prior year.
Wynn Resorts reported $327.3M in net income in fiscal year 2025. This represents a decrease of 34.7% from the prior year.
Wynn Resorts earned $3.14 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 27.8% from the prior year.
Cash & Balance Sheet
Wynn Resorts generated $692.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 31.2% from the prior year.
Wynn Resorts held $1.5B in cash against $10.5B in long-term debt as of fiscal year 2025.
Wynn Resorts had 104M shares outstanding in fiscal year 2025. This represents a decrease of 2.3% from the prior year.
Margins & Returns
Wynn Resorts's operating margin was 15.7% in fiscal year 2025, reflecting core business profitability. This is down 0.2 percentage points from the prior year.
Wynn Resorts's net profit margin was 4.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.4 percentage points from the prior year.
Capital Allocation
Wynn Resorts spent $380.1M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 5.4% from the prior year.
Wynn Resorts invested $660.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 57.3% from the prior year.
WYNN Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.9B-0.5% | $1.9B+1.8% | $1.8B+5.5% | $1.7B+2.2% | $1.7B-7.5% | $1.8B+8.6% | $1.7B-2.3% | $1.7B |
| 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 | $275.2M-3.6% | $285.4M+3.8% | $275.0M-2.1% | $280.8M+1.9% | $275.7M+1.2% | $272.3M+0.2% | $271.8M+2.7% | $264.7M |
| Operating Income | $282.6M+2.9% | $274.7M-11.5% | $310.5M+17.3% | $264.6M-1.5% | $268.6M-26.8% | $366.9M+175.4% | $133.2M-50.6% | $269.7M |
| Interest Expense | $152.4M-2.2% | $155.8M-1.1% | $157.6M+2.0% | $154.6M-1.9% | $157.6M+131.4% | -$501.9M-398.9% | $167.9M-3.8% | $174.6M |
| Income Tax | $10.1M-54.5% | $22.3M-63.6% | $61.1M+477.4% | $10.6M-3.9% | $11.0M+126.6% | -$41.4M-341.7% | $17.1M+115.8% | $7.9M |
| Net Income | $120.5M+20.4% | $100.0M+13.2% | $88.3M+33.4% | $66.2M-9.0% | $72.7M-73.7% | $277.0M+964.1% | -$32.1M-128.6% | $111.9M |
| EPS (Diluted) | $1.04 | N/A | $0.85+32.8% | $0.64-7.2% | $0.69 | N/A | $-0.29-131.9% | $0.91 |
WYNN Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $12.9B-1.5% | $13.1B+2.4% | $12.8B+0.9% | $12.7B-0.3% | $12.7B-2.0% | $13.0B-8.0% | $14.1B+6.2% | $13.3B |
| Current Assets | $2.4B-9.5% | $2.7B+6.0% | $2.5B+1.1% | $2.5B-3.5% | $2.6B-11.2% | $2.9B-30.3% | $4.2B+24.3% | $3.4B |
| Cash & Equivalents | $1.2B-18.8% | $1.5B-1.5% | $1.5B-25.1% | $2.0B-4.1% | $2.1B-14.7% | $2.4B+0.8% | $2.4B+1.2% | $2.4B |
| Inventory | $91.6M+3.5% | $88.5M+0.7% | $87.8M+9.0% | $80.6M0.0% | $80.6M+6.4% | $75.8M+0.4% | $75.5M+4.6% | $72.2M |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | $18.5M-0.2% | $18.5M0.0% | $18.5M |
| Total Liabilities | $13.8B-2.1% | $14.1B+1.4% | $13.9B+0.3% | $13.9B+0.5% | $13.8B-0.9% | $13.9B-8.1% | $15.2B+6.9% | $14.2B |
| Current Liabilities | $2.0B+19.1% | $1.6B+14.0% | $1.4B-40.5% | $2.4B+1.1% | $2.4B+55.7% | $1.5B-43.9% | $2.7B+5.5% | $2.6B |
| Long-Term Debt | $10.0B-5.3% | $10.5B-0.2% | $10.6B+10.7% | $9.5B+0.3% | $9.5B-9.4% | $10.5B-0.4% | $10.5B+8.3% | $9.7B |
| Total Equity | -$211.8M+23.1% | -$275.5M+25.6% | -$370.0M+16.2% | -$441.5M-22.4% | -$360.7M-60.9% | -$224.2M+20.3% | -$281.4M-156.2% | -$109.8M |
| Retained Earnings | -$1.4B+6.5% | -$1.5B+4.8% | -$1.5B+3.9% | -$1.6B+2.5% | -$1.6B+2.8% | -$1.7B+13.0% | -$1.9B-3.2% | -$1.9B |
WYNN Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $153.5M-67.9% | $478.0M+42.4% | $335.8M-17.1% | $405.1M+202.8% | $133.8M-72.1% | $479.0M+71.5% | $279.3M-20.8% | $352.8M |
| Capital Expenditures | $179.1M+4.6% | $171.2M+4.4% | $164.0M-0.8% | $165.3M+3.3% | $159.9M+25.7% | $127.2M+25.5% | $101.4M+8.2% | $93.6M |
| Free Cash Flow | -$25.6M-108.3% | $306.8M+78.5% | $171.8M-28.4% | $239.8M+1016.8% | -$26.2M-107.4% | $351.8M+97.7% | $178.0M-31.3% | $259.1M |
| Investing Cash Flow | -$287.7M+37.1% | -$457.4M+38.5% | -$743.7M-217.1% | -$234.5M-5.9% | -$221.5M-5.4% | -$210.1M-152.8% | $398.1M+482.1% | -$104.2M |
| Financing Cash Flow | -$138.0M-228.6% | -$42.0M+56.0% | -$95.3M+61.7% | -$249.0M+6.7% | -$267.0M+81.7% | -$1.5B-360.9% | $558.1M+291.5% | -$291.4M |
| Dividends Paid | $26.9M+4.2% | $25.8M-57.4% | $60.6M-1.5% | $61.5M+129.5% | $26.8M-2.6% | $27.5M-34.4% | $41.9M-0.6% | $42.2M |
| Share Buybacks | $70.0M+15535.5% | $448K-77.8% | $2.0M-98.8% | $165.6M-21.9% | $212.0M+4.2% | $203.6M+73.3% | $117.5M+69.2% | $69.4M |
WYNN 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 | 15.2%+0.5pp | 14.7%-2.2pp | 16.9%+1.7pp | 15.2%-0.6pp | 15.8%-4.2pp | 20.0%+12.1pp | 7.9%-7.7pp | 15.6% |
| Net Margin | 6.5%+1.1pp | 5.4%+0.5pp | 4.8%+1.0pp | 3.8%-0.5pp | 4.3%-10.8pp | 15.1%+17.0pp | -1.9%-8.3pp | 6.5% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 0.9%+0.2pp | 0.8%+0.1pp | 0.7%+0.2pp | 0.5%-0.1pp | 0.6%-1.6pp | 2.1%+2.4pp | -0.2%-1.1pp | 0.8% |
| Current Ratio | 1.24-0.4 | 1.63-0.1 | 1.76+0.7 | 1.03-0.0 | 1.08-0.8 | 1.90+0.4 | 1.53+0.2 | 1.30 |
| Debt-to-Equity | -47.10-8.8 | -38.25-9.7 | -28.55-6.9 | -21.62+4.8 | -26.38+20.5 | -46.84-9.4 | -37.48+51.2 | -88.68 |
| FCF Margin | -1.4%-17.8pp | 16.4%+7.1pp | 9.4%-4.4pp | 13.8%+15.3pp | -1.5%-20.7pp | 19.1%+8.6pp | 10.5%-4.4pp | 14.9% |
Note: Shareholder equity is negative (-$275.5M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Wynn Resorts's annual revenue?
Wynn Resorts (WYNN) reported $7.1B in total revenue for fiscal year 2025. This represents a 0.1% 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 Wynn Resorts's revenue growing?
Wynn Resorts (WYNN) revenue grew by 0.1% year-over-year, from $7.1B to $7.1B in fiscal year 2025.
Is Wynn Resorts profitable?
Yes, Wynn Resorts (WYNN) reported a net income of $327.3M in fiscal year 2025, with a net profit margin of 4.6%.
What is Wynn Resorts's EBITDA?
Wynn Resorts (WYNN) had EBITDA of $1.7B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Wynn Resorts have?
As of fiscal year 2025, Wynn Resorts (WYNN) had $1.5B in cash and equivalents against $10.5B in long-term debt.
What is Wynn Resorts's operating margin?
Wynn Resorts (WYNN) had an operating margin of 15.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Wynn Resorts's net profit margin?
Wynn Resorts (WYNN) had a net profit margin of 4.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Wynn Resorts's free cash flow?
Wynn Resorts (WYNN) generated $692.2M in free cash flow during fiscal year 2025. This represents a -31.2% 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 Wynn Resorts's operating cash flow?
Wynn Resorts (WYNN) generated $1.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Wynn Resorts's total assets?
Wynn Resorts (WYNN) had $13.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Wynn Resorts's capital expenditures?
Wynn Resorts (WYNN) invested $660.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Wynn Resorts's current ratio?
Wynn Resorts (WYNN) had a current ratio of 1.63 as of fiscal year 2025, which is generally considered healthy.
What is Wynn Resorts's debt-to-equity ratio?
Wynn Resorts (WYNN) had a debt-to-equity ratio of -38.25 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Wynn Resorts's return on assets (ROA)?
Wynn Resorts (WYNN) had a return on assets of 2.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is Wynn Resorts's debt-to-equity ratio negative or unusual?
Wynn Resorts (WYNN) has negative shareholder equity of -$275.5M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Wynn Resorts's Altman Z-Score?
Wynn Resorts (WYNN) has an Altman Z-Score of 1.22, 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 Wynn Resorts's Piotroski F-Score?
Wynn Resorts (WYNN) has a Piotroski F-Score of 5 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 Wynn Resorts's earnings high quality?
Wynn Resorts (WYNN) has an earnings quality ratio of 4.13x, 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 Wynn Resorts cover its interest payments?
Wynn Resorts (WYNN) has an interest coverage ratio of 1.8x, meaning it can struggle to 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 Wynn Resorts?
Wynn Resorts (WYNN) scores 30 out of 100 on our Financial Profile, indicating weak 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.