MGM Resorts International (MGM) financials
NYSE · Consumer Cyclical · Gambling, Resorts & Casinos · 69,000 employees · CEO William Joseph Hornbuckle
- Price
- $29.96 +3.92%
- Market cap
- $7.58B
- Enterprise value
- $34.6B
- Last report
- Q3 '26 filed 2026-10-28
- Next report
- 2027-02-04 EPS est. $0.32
Revenue (TTM)$17.7B+2.6% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)7.0%+1.4 pp vs a year agoOperating income $1.25B
Net income (TTM)$694M+896.6% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$1.58B+15.2% vs a year agoCapex $914M
Diluted EPS (TTM)$2.63+1,543.8% vs a year agoSum of the last 4 quarters
Net cash-$27B+8.0% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $7.58B EV $34.6B
- Revenue
- $17.7B Trailing 12 months
- Revenue growth
- 0% FY2026 consensus
- Profit margin
- 3.9% Net income / revenue, TTM
- P/E
- 11.3× Forward 19.1× (FY2026)
- P/S
- 0.4× Price / sales, TTM
- EV / EBITDA
- 15.4× TTM
- Free cash flow
- $1.58B Trailing 12 months
- Net income
- $694M Trailing 12 months
- Revenue estimate
- $17.6B FY2026 consensus
- Earnings
- 2027-02-04 Revenue est. $4.42B
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-28): revenue in line, EPS missed by 405.6%Revenue $4.21B vs $4.21B expected (-0.1%); EPS -$0.11 vs $0.04 (-405.6%).
- Revenue growth slowing: -0.9% year on yearQ3 '26 revenue $4.21B, against an average of 3.2% over the four quarters before.
- Operating margin 7.0% (TTM), +1.4 pp on a year agoOperating income grew 28.9% while revenue grew 2.6%.
- 47.8% of pre-tax profit is eaten by non-operating lossesPre-tax income $845M vs operating income $1.25B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 5.2% of revenue (a year ago 6.8%)$914M invested in the last 4 quarters (-22.3% on a year earlier). Free cash flow $1.58B = 227.1% of net income.
- Returned $774M to shareholders = 49.0% of free cash flowBuybacks $774M (a year earlier $837M), dividends $0, stock-based pay $96.9M (TTM).
- Diluted share count down 7.5% in a year252M diluted shares in Q3 '26, 273M a year earlier.
- Net debt $27BCash + short-term investments $2.4B, debt incl. leases $29.4B; a year ago net debt $29.4B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $4.21B | $4.25B | -0.9% |
| Gross margin | 41.2% | 43.4% | -2.3 pp |
| Operating income | $119M | -$113M | +205.2% |
| Operating margin | 2.8% | -2.7% | +5.5 pp |
| Net income | -$17.1M | -$285M | +94.0% |
| Diluted EPS | -$0.07 | -$1.05 | +93.3% |
| Operating cash flow | $532M | $681M | -21.9% |
| Capex | $222M | $276M | -19.7% |
| Free cash flow | $311M | $405M | -23.3% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $15M | $14.3M | +5.2% |
Reported vs consensus
2026-10-28| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $4.21B | $4.21B | -0.1% |
| EPS (as estimated) | -$0.11 | $0.04 | -405.6% |
From the report of 2026-10-28 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Casino | $2.3B | +0.5% | 54.7% | $9.64B | +6.1% | |
| Occupancy | $763M | -4.1% | 18.1% | $3.34B | -3.6% | |
| Food And Beverage | $741M | -1.0% | 17.6% | $3.1B | +1.6% | |
| Entertainment Retail And Other | $403M | -2.3% | 9.6% | $1.65B | -4.2% |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Las Vegas Strip Resorts | $1.95B | -1.5% | 100.0% | $12.8B | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $2.49B
- Capex
- -$914M
- Buybacks
- -$774M
- Dividends
- $0
- Acquisitions
- -$29.4M
- Net debt issued
- -$524M
- Stock-based compensation
- $96.9M
- Free cash flow
- $1.58B
- Returned to shareholders / FCF
- 49.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 11.3× | 31.9× | 13.9× – 65.7× |
| EV / EBITDA | 15.4× | 18.6× | 8.4× – 37.1× |
| EV / Sales | 2.0× | 3.2× | 2.3× – 4.3× |
| Price / FCF | 4.8× | 12.4× | 5.8× – 24.5× |
| Price / Book | 3.0× | 3.6× | 2.8× – 4.2× |
| FCF yield | 20.8% | 10.2% | 4.1% – 17.3% |
| Return on invested capital | 3.4% | 3.2% | 0.8% – 4.9% |
| Return on equity | 28.1% | 22.9% | 8.5% – 30.5% |
Analysts
Consensus target $42.18 (+40.8%)
range $26.00 – $55.00 · rating Buy
Strong buy0
Buy19
Hold17
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $17.6B | +0.1% | $1.57 | +106.7% | 19.1× | 8 |
| FY2027 | $17.6B | +0.6% | $1.55 | -1.3% | 19.3× | 9 |
| FY2028 | $18B | +2.2% | $1.76 | +13.3% | 17.1× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 228 figures MGM Resorts International tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $425M | $421M | +1.0% | $422M | $413M | +2.1% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $1.07B | $932M | +15.0% | $1.12B | $1.07B | +4.8% |
| Accounts Receivable, Allowance for Credit Loss, Current | $166M | $142M | +16.9% | $139M | $135M | +3.0% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | – | – | – | $57.1M | $56.4M | +1.2% |
| Accounts Receivable, before Allowance for Credit Loss, Current | $1.26B2025-12-31 | $1.21B | +4.6% | $1.26B | $1.21B | +4.6% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $23.5M | $9.61M | +144.9% | $61.1M | $61.1M | +0.1% |
| Accrual for Taxes Other than Income Taxes, Current | $365M2025-12-31 | $383M | -4.7% | $365M | $383M | -4.7% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $6.11B2025-12-31 | $5.64B | +8.3% | $6.11B | $5.64B | +8.3% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $199M | $348M | -42.9% | $320M | -$61.2M | +623.6% |
| Additional Paid in Capital, Common Stock | $11.5M | $1.13M | +923.6% | $0 | $0 | – |
| Adjustments to Additional Paid in Capital, Other | $7.51M | -$14.2M | +153.0% | -$21.1M | -$8.58M | -145.8% |
| Advertising Expense | – | – | – | $398M | $384M | +3.6% |
| Amortization of Debt Issuance Costs and Discounts | $6.2M | $6.39M | -2.9% | $26.7M | $27.2M | -2.0% |
| Amortization of Intangible Assets | – | – | – | $139M | $119M | +16.8% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $14.9M | $13.8M | +8.6% | $89.5M | $79.7M | +12.2% |
| Assets | $39.5B | $41.4B | -4.7% | $41.4B | $42.2B | -2.0% |
| Assets, Current | $4.19B | $3.93B | +6.5% | $4.33B | $4.36B | -0.7% |
| Cash and Cash Equivalents, at Carrying Value | $2.4B | $2.13B | +12.3% | $2.06B | $2.42B | -14.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $2.48B | $2.22B | +11.8% | $2.15B | $2.5B | -14.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$151M | $176M | -185.9% | -$353M | -$512M | +31.1% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 1B | 1B | 0.0% | 1B | 1B | 0.0% |
| Common Stock, Shares, Issued | 252M | 272M | -7.6% | 258M | 294M | -12.2% |
| Common Stock, Shares, Outstanding | 252M | 272M | -7.6% | 258M | 294M | -12.2% |
| Common Stock, Value, Issued | $2.52M | $2.72M | -7.6% | $2.58M | $2.94M | -12.3% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $55.9M | $86M | -35.0% | $314M | $322M | -2.3% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$20.9M | -$299M | +93.0% | $588M | $541M | +8.5% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $35.1M | -$213M | +116.5% | $902M | $863M | +4.5% |
| Costs and Expenses | $4.12B | $4.39B | -6.0% | $16.6B | $15.7B | +6.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | -$17.6M | $127M | -113.9% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $3.42M | -$2.36M | +244.9% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $32.9M | $10.5M | +213.7% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $32.2M | $33M | -2.4% | $30.2M | $41M | -26.4% |
| Debt Securities | $456M | $493M | -7.5% | $369M | $253M | +45.8% |
| Deferred Income Tax Assets, Net | $128M | $69M | +86.0% | $89.8M | $39.6M | +126.8% |
| Deferred Income Tax Expense (Benefit) | -$19.4M | $25.1M | -177.1% | -$246M | -$85.1M | -188.5% |
| Deferred Income Tax Liabilities, Net | $2.59B | $2.84B | -8.7% | $2.62B | $2.81B | -6.9% |
| Deferred Tax Assets, Net | $69M2025-12-31 | $153M | -54.9% | $69M | $153M | -54.9% |
| Deferred Tax Assets, Net of Valuation Allowance | $6.04B2025-12-31 | $6.03B | +0.3% | $6.04B | $6.03B | +0.3% |
| Deferred Tax Assets, Valuation Allowance | $421M2025-12-31 | $1.04B | -59.5% | $421M | $1.04B | -59.5% |
| Deferred Tax Liabilities, Gross | $8.57B2025-12-31 | $8.8B | -2.6% | $8.57B | $8.8B | -2.6% |
| Deferred Tax Liabilities, Net | $2.53B2025-12-31 | $2.77B | -8.8% | $2.53B | $2.77B | -8.8% |
| Depreciation, Depletion and Amortization, Nonproduction | $276M | $261M | +6.0% | $1.02B | $831M | +22.5% |
| Disposal Group, Including Discontinued Operation, Assets, Current | $0 | – | – | $315M | $0 | – |
| Disposal Group, Including Discontinued Operation, Liabilities, Current | $0 | – | – | $25.6M | $0 | – |
| Earnings Per Share, Basic | -$0.07 | -$1.05 | +93.3% | $0.77 | $2.42 | -68.2% |
| Earnings Per Share, Diluted | -$0.07 | -$1.05 | +93.3% | $0.76 | $2.40 | -68.3% |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $5.94M | $2.22M | +167.5% | $4.41M | -$26.9M | +116.4% |
| Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | – | – | – | $59M | – | – |
| Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | – | – | – | 21.0% | 21.0% | 0.0% |
| Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | – | – | – | -0.9%2024-12-31 | -10.4% | +91.3% |
| Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | – | – | – | -19.5%2024-12-31 | -3.6% | -441.7% |
| Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Percent | – | – | – | 0.2%2024-12-31 | 0.1% | +100.0% |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | – | – | – | $53.8M | – | – |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent | – | – | – | 19.2% | – | – |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount | – | – | – | $26M | – | – |
| Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent | – | – | – | 9.3% | – | – |
| Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | – | – | – | -$18.2M | – | – |
| Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | – | – | – | -6.5% | 0.7% | -1,028.6% |
| Effective Income Tax Rate Reconciliation, Percent | -79.1% | 5.9% | -1,440.7% | -85.5% | 4.7% | -1,919.1% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-02