MGM Resorts
MGM NYSE Casinos & Gaming Financials FY2016–FY2025
MGM Resorts' revenue rose 1.7% to $17.5 billion in fiscal 2025. Its operating margin was 5.7%, down from 8.7% a year earlier. Free cash flow was $1.5 billion, up 20.5%. It paid out $1.2 billion in dividends and buybacks, 84% of free cash flow. The diluted share count fell 10.6%.
What MGM Resorts does
MGM Resorts owns and runs casino resorts with hotels, restaurants, shows, shops and convention space, and it also runs online gaming and sports betting. At the end of 2025 it operated 16 casino properties in the United States and two in Macau, China. Its Las Vegas Strip resorts include Bellagio, Aria, MGM Grand and Mandalay Bay. It also holds a stake in a resort under development in Osaka, Japan.
It reports four segments: Las Vegas Strip Resorts, Regional Operations, MGM China and MGM Digital. Over half of the Las Vegas Strip segment's revenue usually comes from non-gaming sources such as hotel rooms, food and entertainment, while most of the regional segment's revenue comes from gambling. MGM China earns most of its revenue from gambling under a gaming concession in Macau. MGM Digital is mainly the online company LeoVegas, based in Sweden and Malta. The company also owns half of BetMGM, a U.S. online betting and gaming venture.
MGM owns about 56% of MGM China. It leases the land and buildings of its U.S. properties from landlords under long-term lease agreements, which it calls an asset-light approach. It says it competes with other casinos and hotels, with travel destinations such as Hawaii, with other Macau concession holders, and with other online gaming companies.
- Legal name
- MGM Resorts International
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 11, 2026
- Accession · CIK
- 0000789570-26-000018
0000789570
Revenue and margins
MGM Resorts had $17.5B of revenue in fiscal 2025, up 1.7% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew −9.8% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $1.5B in fiscal 2025, 8.3% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
MGM Resorts returned $1.2B to shareholders in fiscal 2025, 84% of free cash flow. The diluted share count fell 10.6%.
Value MGM Resorts yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$4.4B and divides by 277.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 17.3x · peers 17.3x · sector 17.9x.
Balance sheet
Cash, debt and the ratios that show how comfortably MGM Resorts can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $4.7B | $5.9B | $2.9B | $2.4B | $2.1B |
| Debt incl. finance leases | $12.9B | $8.9B | $6.4B | $6.7B | $6.5B |
| Net debt / EBITDA | 2.4x | 0.6x | 1.3x | 1.8x | 2.2x |
| Debt / equity | 2.1x | 1.8x | 1.7x | 2.2x | 2.7x |
| Interest coverage | 2.9x | 2.4x | 4.1x | 3.4x | 2.4x |
| Current ratio | 1.9x | 1.8x | 1.6x | 1.3x | 1.2x |
| Quick ratio | 1.8x | 1.8x | 1.5x | 1.3x | 1.2x |
| Total assets | $40.9B | $45.7B | $42.4B | $42.2B | $41.4B |
| Total liabilities | $29.9B | $40.5B | $38.0B | $38.5B | $38.1B |
| Shareholders' equity | $6.1B | $4.8B | $3.8B | $3.0B | $2.4B |
| Net debt (− = net cash) | $8.2B | $3.0B | $3.5B | $4.3B | $4.4B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$77.1M
1 insider
Sold, 12 months
$1.5M
2 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 22, 2026 | Daniel J TaylorDirector | Sold | 6,675 | $38.44 | $0.3M | Form 4 |
| Mar 24, 2026 | IAC Inc.10% owner | Bought | 450,000 | $37.13 | $16.7M | Form 4 |
| Mar 23, 2026 | IAC Inc.10% owner | Bought | 550,000 | $37.30 | $20.5M | Form 4 |
| Mar 9, 2026 | Keith A. MeisterDirector | Sold | 37,500 | $34.27 | $1.3M | Form 4 |
| Dec 5, 2025 | IAC Inc.10% owner | Bought | 1,098,748 | $36.30 | $39.9M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✓ |
| Current ratio rose | ✕ | ✕ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 6 / 8 | 5 / 8 | 6 / 8 |
| Accruals ratio | −3.5% | −3.8% | −5.6% |
| Altman Z'' | 0.98 | 0.73 | 0.55 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| MGM Resorts MGM | $7.2B | 1.7% | 5.7% | 8.3% | 12.8% | 17.3x | 6 | |
| Carnival CCL | $35.7B | 6.4% | 16.8% | 9.8% | 12.1% | 11.4x | 7 | Compare → |
| Disney DIS | $196.1B | 3.4% | 18.6% | 10.7% | 11.8% | 23.2x | 7 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $9.5B | $10.8B | $11.8B | $12.9B | $5.2B | $9.7B | $13.1B | $16.2B | $17.2B | $17.5B |
| Operating income | $2.1B | $1.7B | $1.5B | $3.9B | −$642M | $2.3B | $1.4B | $1.9B | $1.5B | $1.0B |
| Interest expense | $695M | $669M | $770M | $848M | $676M | $800M | $595M | $460M | $443M | $419M |
| Pretax income | $1.3B | $961M | $634M | $2.8B | −$1.5B | $1.5B | $904M | $1.5B | $1.1B | $281M |
| Income tax | $21.7M | −$1.1B | $50.1M | $632M | −$192M | $253M | $697M | $158M | $52.5M | −$240M |
| Net income | $1.1B | $2.0B | $467M | $2.0B | −$1.0B | $1.3B | $1.5B | $1.1B | $747M | $206M |
| Diluted EPS | $1.92 | $3.34 | $0.81 | $3.88 | −$2.02 | $2.41 | $3.49 | $3.19 | $2.40 | $0.76 |
| Diluted shares | 0.57B | 0.58B | 0.55B | 0.53B | 0.49B | 0.49B | 0.41B | 0.36B | 0.31B | 0.28B |
| Cash flow | ||||||||||
| Cash from operations | $1.5B | $2.2B | $1.7B | $1.8B | −$1.5B | $1.4B | $1.8B | $2.7B | $2.4B | $2.5B |
| Capital expenditure | $2.3B | $1.9B | $1.5B | $739M | $271M | $491M | $765M | $932M | $1.2B | $1.1B |
| Free cash flow | −$729M | $342M | $236M | $1.1B | −$1.8B | $883M | $991M | $1.8B | $1.2B | $1.5B |
| Depreciation and amortization | $850M | $994M | $1.2B | $1.3B | $1.2B | $1.2B | $3.5B | $814M | $831M | $1.0B |
| Stock-based compensation | $55.5M | $62.5M | $70.2M | $88.8M | $107M | $65.2M | $71.3M | $73.6M | $80.2M | $90.5M |
| Acquisitions | $559M | $0.0M | $0.0M | $0.0M | $0.0M | $1.8B | $1.9B | $122M | $114M | $0.0M |
| Share buybacks | $0.0M | $328M | $1.3B | $1.0B | $354M | $1.8B | $2.8B | $2.3B | $1.4B | $1.2B |
| Dividends paid | $0.0M | $252M | $261M | $271M | $77.6M | $4.8M | $4.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $580M | $1.5B | $1.3B | $431M | $1.8B | $2.8B | $2.3B | $1.4B | $1.2B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $1.4B | $1.5B | $1.5B | $2.3B | $5.1B | $4.7B | $5.9B | $2.9B | $2.4B | $2.1B |
| Total debt | $13.0B | $12.9B | $15.1B | $11.2B | $12.4B | $12.8B | $8.7B | $6.3B | $6.4B | $6.2B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $95.2M | $215M | $163M | $161M | $94.6M | $317M | $255M |
| Current assets | $2.2B | $2.4B | $2.5B | $4.0B | $6.0B | $6.4B | $8.2B | $4.9B | $4.4B | $4.3B |
| Current liabilities | $2.3B | $3.1B | $2.9B | $3.2B | $1.9B | $3.4B | $4.5B | $3.1B | $3.4B | $3.5B |
| Inventory | $97.7M | $102M | $111M | $103M | $88.3M | $96.4M | $126M | $142M | $141M | $125M |
| Property and equipment, net | $18.4B | $19.6B | $20.7B | $18.3B | $14.6B | $14.4B | $5.2B | $5.4B | $6.2B | $6.3B |
| Total assets | $28.2B | $29.2B | $30.2B | $33.9B | $36.5B | $40.9B | $45.7B | $42.4B | $42.2B | $41.4B |
| Total liabilities | $18.1B | $17.5B | $19.6B | $21.1B | $25.3B | $29.9B | $40.5B | $38.0B | $38.5B | $38.1B |
| Shareholders' equity | $6.2B | $7.6B | $6.5B | $7.7B | $6.5B | $6.1B | $4.8B | $3.8B | $3.0B | $2.4B |
| Margins | ||||||||||
| Operating margin | 21.9% | 15.9% | 12.5% | 30.6% | −12.5% | 23.5% | 11.0% | 11.7% | 8.7% | 5.7% |
| EBITDA margin | 30.9% | 25.1% | 22.5% | 40.7% | 11.0% | 35.4% | 37.5% | 16.7% | 13.5% | 11.5% |
| Net margin | 11.6% | 18.1% | 4.0% | 15.9% | −20.0% | 13.0% | 11.2% | 7.1% | 4.3% | 1.2% |
| FCF margin | −7.7% | 3.2% | 2.0% | 8.3% | −34.2% | 9.1% | 7.6% | 10.9% | 7.0% | 8.3% |
| Returns | ||||||||||
| Return on capital | 10.2% | 7.7% | 5.8% | 13.4% | −2.5% | 10.0% | 5.3% | 21.1% | 18.0% | 12.8% |
| Return on capital employed | 8.5% | 6.6% | 5.5% | 13.6% | −2.0% | 6.3% | 3.7% | 4.7% | 3.8% | 2.6% |
| Return on equity | 19.4% | 28.3% | 6.6% | 28.8% | −14.5% | 20.0% | 27.0% | 26.4% | 21.9% | 7.6% |
| Return on assets | 4.1% | 6.8% | 1.6% | 6.4% | −2.9% | 3.2% | 3.4% | 2.6% | 1.8% | 0.5% |
| Growth | ||||||||||
| Revenue growth | 3.1% | 13.9% | 8.9% | 9.7% | −60.0% | 87.5% | 35.6% | 23.1% | 6.7% | 1.7% |
| Net income growth | — | 77.4% | −76.1% | 339.0% | −150.4% | — | 17.4% | −22.5% | −34.6% | −72.4% |
| EPS growth | — | 74.0% | −75.8% | 379.0% | −152.1% | — | 44.8% | −8.6% | −24.8% | −68.3% |
| FCF growth | — | — | −31.2% | 354.6% | −264.6% | — | 12.3% | 77.4% | −31.1% | 20.5% |
| Share count change | 5.6% | 1.0% | −5.1% | −4.0% | −6.4% | −1.4% | −15.3% | −13.2% | −13.5% | −10.6% |
| Financial health | ||||||||||
| Net debt / EBITDA | 3.9x | 4.2x | 5.1x | 1.7x | 13.2x | 2.4x | 0.6x | 1.3x | 1.8x | 2.2x |
| Debt / equity | 2.1x | 1.7x | 2.3x | 1.5x | 1.9x | 2.1x | 1.8x | 1.7x | 2.2x | 2.7x |
| Interest coverage | 3.0x | 2.6x | 1.9x | 4.7x | −1.0x | 2.9x | 2.4x | 4.1x | 3.4x | 2.4x |
| Current ratio | 1.0x | 0.8x | 0.9x | 1.3x | 3.2x | 1.9x | 1.8x | 1.6x | 1.3x | 1.2x |
| Quick ratio | 0.9x | 0.7x | 0.8x | 1.2x | 3.2x | 1.8x | 1.8x | 1.5x | 1.3x | 1.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 23.9% | 17.3% | 12.6% | 5.7% | 5.2% | 5.1% | 5.8% | 5.8% | 6.7% | 6.1% |
| Stock comp / revenue | 0.6% | 0.6% | 0.6% | 0.7% | 2.1% | 0.7% | 0.5% | 0.5% | 0.5% | 0.5% |
| Payouts / FCF | — | 169.3% | 655.1% | 121.6% | — | 199.2% | 280.3% | 130.3% | 112.1% | 84.1% |
| Quality scores | ||||||||||
| Piotroski F-score | 6.0 | 6.0 | 6.0 | 7.0 | 2.0 | 7.0 | 7.0 | 6.0 | 5.0 | 6.0 |
| Altman Z'' | 1.1 | 1.2 | 1.1 | 2.0 | 1.4 | 1.6 | 1.2 | 1.0 | 0.7 | 0.6 |
| Accruals ratio | −1.6% | −0.9% | −4.2% | 0.8% | 1.3% | −0.3% | −0.7% | −3.5% | −3.8% | −5.6% |
Source: SEC EDGAR XBRL filings (CIK 0000789570). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.