Wynn Resorts
WYNN Nasdaq Casinos & Gaming Financials FY2016–FY2025
Wynn Resorts' revenue rose 0.1% to $7.1 billion in fiscal 2025. Its operating margin was 15.7%, down from 15.9% a year earlier. Free cash flow was $692 million, down 31.2%. It paid out $555 million in dividends and buybacks, 80% of free cash flow. The diluted share count fell 5.5%.
What Wynn Resorts does
Wynn Resorts builds and runs large resort hotels that combine casinos with luxury rooms, shops, restaurants, entertainment and convention space. It has four resorts: Wynn Palace and Wynn Macau in Macau, China, Wynn Las Vegas and Encore in Nevada, and Encore Boston Harbor in Massachusetts. Guests are gamblers, vacationers and groups attending meetings.
Its four resorts are its reporting segments, and it gets its money from casino gaming, hotel rooms, food and drink, retail space and entertainment. It owns about 72% of Wynn Macau, Limited, the company that runs its Macau resorts. Macau operators pay a special gaming tax of 35% of gross gaming revenue. Wynn Resorts competes with the other casinos in each market, including the 18 other casinos in Macau.
Its right to run casinos in Macau comes from a gaming concession (a government contract) that runs from 2023 to the end of 2032. It also owns a 40% stake in an unconsolidated resort, Wynn Al Marjan Island, which is under construction in Ras Al Khaimah, United Arab Emirates, and which it expects to open in 2027.
- Legal name
- WYNN RESORTS, LIMITED
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 2, 2026
- Accession · CIK
- 0001174922-26-000013
0001174922
Revenue and margins
Wynn Resorts had $7.1B of revenue in fiscal 2025, up 0.1% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 3.1% 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 $692M in fiscal 2025, 9.7% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Wynn Resorts returned $555M to shareholders in fiscal 2025, 80% of free cash flow. The diluted share count fell 5.5%.
Value Wynn 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 −$9.2B and divides by 104.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 17.4x · peers — · sector 17.9x.
Balance sheet
Cash, debt and the ratios that show how comfortably Wynn Resorts can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $2.5B | $3.7B | $2.9B | $2.4B | $1.5B |
| Debt incl. finance leases | $12.0B | $12.2B | $11.8B | $10.6B | $10.6B |
| Net debt / EBITDA | 29.5x | 14.4x | 5.8x | 4.6x | 5.3x |
| Interest coverage | −0.7x | −0.2x | 1.1x | 1.7x | 1.8x |
| Current ratio | 2.2x | 2.2x | 1.9x | 1.9x | 1.6x |
| Quick ratio | 2.2x | 2.2x | 1.9x | 1.9x | 1.6x |
| Total assets | $12.5B | $13.4B | $14.0B | $13.0B | $13.1B |
| Total liabilities | $13.4B | $15.1B | $15.1B | $13.9B | $14.1B |
| Shareholders' equity | −$214M | −$751M | −$251M | −$224M | −$276M |
| Net debt (− = net cash) | $9.5B | $8.5B | $8.9B | $8.2B | $9.2B |
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
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
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 | 7 / 8 | 6 / 8 | 5 / 8 |
| Accruals ratio | −3.8% | −6.9% | −7.9% |
| Altman Z'' | 0.80 | 0.79 | 0.66 |
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 | |
|---|---|---|---|---|---|---|---|---|
| Wynn Resorts WYNN | $7.5B | 0.1% | 15.7% | 9.7% | 11.6% | 17.4x | 5 | |
| Penn Entertainment PENN | $2.0B | 5.8% | −9.7% | −2.0% | −8.1% | — | 4 | Compare → |
| DraftKings DKNG | $10.4B | 27.0% | −0.3% | 10.7% | −0.7% | — | 8 | Compare → |
| Caesars Entertainment CZR | $5.9B | 2.1% | 16.2% | 4.3% | 9.6% | — | 6 | Compare → |
| Boyd Gaming BYD | $5.4B | 4.1% | 18.3% | 9.5% | 13.5% | 3.1x | 6 | Compare → |
10 years of figures
US$ 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 | $4.3B | $6.1B | $6.7B | $6.6B | $2.1B | $3.8B | $3.8B | $6.5B | $7.1B | $7.1B |
| Operating income | $522M | $1.1B | $736M | $878M | −$1.2B | −$395M | −$101M | $840M | $1.1B | $1.1B |
| Interest expense | $289M | $389M | $382M | $414M | $557M | $606M | $651M | $752M | $688M | $626M |
| Pretax income | $311M | $560M | $306M | $488M | −$1.8B | −$1.0B | −$700M | $285M | $643M | $514M |
| Income tax | $8.1M | −$329M | −$497M | $177M | $565M | $0.5M | $9.3M | −$497M | $3.7M | $105M |
| Net income | $242M | $747M | $572M | $123M | −$2.1B | −$756M | −$424M | $730M | $501M | $327M |
| Diluted EPS | $2.38 | $7.28 | $5.35 | $1.15 | −$19.37 | −$6.64 | −$3.73 | $6.32 | $4.35 | $3.14 |
| Diluted shares | 0.10B | 0.10B | 0.11B | 0.11B | 0.11B | 0.11B | 0.11B | 0.11B | 0.11B | 0.10B |
| Cash flow | ||||||||||
| Cash from operations | $971M | $1.9B | $962M | $901M | −$1.1B | −$223M | −$71.3M | $1.2B | $1.4B | $1.4B |
| Capital expenditure | $1.2B | $936M | $1.5B | $1.1B | $290M | $291M | $300M | $443M | $420M | $660M |
| Free cash flow | −$255M | $941M | −$514M | −$162M | −$1.4B | −$513M | −$371M | $805M | $1.0B | $692M |
| Depreciation and amortization | $405M | $552M | $551M | $625M | $726M | $716M | $692M | $687M | $659M | $621M |
| Stock-based compensation | $43.2M | $44.0M | $36.5M | $39.7M | $62.3M | $95.2M | $67.6M | $64.5M | $59.0M | $91.9M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $14.0M | $17.8M | $160M | $67.0M | $11.5M | $13.8M | $188M | $213M | $402M | $380M |
| Dividends paid | $325M | $321M | $570M | $567M | $109M | $1.6M | $1.4M | $84.7M | $140M | $175M |
| Dividends and buybacks | $339M | $339M | $729M | $634M | $120M | $15.4M | $189M | $297M | $541M | $555M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $2.6B | $3.0B | $2.2B | $2.4B | $3.5B | $2.5B | $3.7B | $2.9B | $2.4B | $1.5B |
| Total debt | $10.1B | $9.6B | $9.4B | $10.4B | $13.1B | $11.9B | $12.1B | $11.7B | $10.5B | $10.5B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $17.9M | $68.3M | $60.1M | $47.8M | $37.4M | $90.0M | $102M |
| Current assets | $3.0B | $3.4B | $2.6B | $2.9B | $3.8B | $2.9B | $4.0B | $4.2B | $2.9B | $2.7B |
| Current liabilities | $1.4B | $1.9B | $1.9B | $2.0B | $1.9B | $1.3B | $1.8B | $2.2B | $1.5B | $1.6B |
| Inventory | $91.5M | $71.6M | $66.6M | $88.5M | $66.3M | $70.0M | $70.1M | $75.6M | $75.8M | $88.5M |
| Property and equipment, net | $8.3B | $8.5B | $9.4B | $9.6B | $9.2B | $8.8B | $6.9B | $6.7B | $6.5B | $6.6B |
| Total assets | $12.0B | $12.7B | $13.2B | $13.9B | $13.9B | $12.5B | $13.4B | $14.0B | $13.0B | $13.1B |
| Total liabilities | $11.7B | $11.6B | $11.4B | $12.3B | $14.6B | $13.4B | $15.1B | $15.1B | $13.9B | $14.1B |
| Shareholders' equity | $158M | $948M | $2.0B | $1.7B | −$352M | −$214M | −$751M | −$251M | −$224M | −$276M |
| Margins | ||||||||||
| Operating margin | 12.0% | 17.4% | 11.0% | 13.3% | −58.8% | −10.5% | −2.7% | 12.9% | 15.9% | 15.7% |
| EBITDA margin | 21.3% | 26.5% | 19.2% | 22.7% | −24.2% | 8.5% | 15.8% | 23.4% | 25.1% | 24.4% |
| Net margin | 5.6% | 12.3% | 8.5% | 1.9% | −98.6% | −20.1% | −11.3% | 11.2% | 7.0% | 4.6% |
| FCF margin | −5.9% | 15.5% | −7.7% | −2.5% | −65.0% | −13.6% | −9.9% | 12.3% | 14.1% | 9.7% |
| Returns | ||||||||||
| Return on capital | 6.9% | 13.6% | 8.8% | 6.0% | −10.5% | −3.6% | −1.0% | 11.5% | 15.0% | 11.6% |
| Return on capital employed | 5.3% | 9.9% | 6.7% | 7.6% | −10.3% | −3.4% | −0.9% | 7.2% | 9.8% | 9.8% |
| Return on equity | — | — | 38.4% | 6.5% | −297.2% | — | — | — | — | — |
| Return on assets | 2.2% | 6.1% | 4.4% | 0.9% | −14.9% | −5.7% | −3.3% | 5.3% | 3.7% | 2.5% |
| Growth | ||||||||||
| Revenue growth | 6.6% | 39.7% | 10.7% | −1.6% | −68.3% | 79.6% | −0.2% | 73.9% | 9.1% | 0.1% |
| Net income growth | 23.9% | 208.8% | −23.4% | −78.5% | −1,780.9% | — | — | — | −31.4% | −34.7% |
| EPS growth | 24.0% | 205.9% | −26.5% | −78.5% | −1,784.4% | — | — | — | −31.2% | −27.8% |
| FCF growth | — | — | −154.7% | — | — | — | — | — | 25.0% | −31.2% |
| Share count change | 0.2% | 0.7% | 4.3% | −0.0% | −0.2% | 6.6% | −0.1% | −0.7% | −2.3% | −5.5% |
| Financial health | ||||||||||
| Net debt / EBITDA | 8.1x | 4.1x | 5.6x | 5.4x | — | 29.5x | 14.4x | 5.8x | 4.6x | 5.3x |
| Debt / equity | — | 10.2x | 4.6x | 6.0x | — | — | — | — | — | — |
| Interest coverage | 1.8x | 2.7x | 1.9x | 2.1x | −2.2x | −0.7x | −0.2x | 1.1x | 1.7x | 1.8x |
| Current ratio | 2.1x | 1.8x | 1.4x | 1.4x | 2.0x | 2.2x | 2.2x | 1.9x | 1.9x | 1.6x |
| Quick ratio | 2.1x | 1.7x | 1.4x | 1.4x | 2.0x | 2.2x | 2.2x | 1.9x | 1.9x | 1.6x |
| Capital allocation | ||||||||||
| Capex / revenue | 28.2% | 15.4% | 22.0% | 16.1% | 13.8% | 7.7% | 8.0% | 6.8% | 5.9% | 9.3% |
| Stock comp / revenue | 1.0% | 0.7% | 0.5% | 0.6% | 3.0% | 2.5% | 1.8% | 1.0% | 0.8% | 1.3% |
| Payouts / FCF | — | 36.0% | — | — | — | — | — | 36.9% | 53.8% | 80.1% |
| Quality scores | ||||||||||
| Piotroski F-score | 5.0 | 6.0 | 5.0 | 5.0 | 3.0 | 5.0 | 4.0 | 7.0 | 6.0 | 5.0 |
| Altman Z'' | 1.2 | 1.6 | 1.2 | 1.1 | −0.1 | −0.0 | 0.3 | 0.8 | 0.8 | 0.7 |
| Accruals ratio | −6.5% | −9.2% | −3.0% | −5.7% | −7.2% | −4.0% | −2.7% | −3.8% | −6.9% | −7.9% |
Source: SEC EDGAR XBRL filings (CIK 0001174922). 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.