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Mgm Resorts Financials

MGM
Source SEC Filings (10-K/10-Q) Updated Feb 11, 2026 Currency USD FYE February

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 35 / 100
Financial Profile 35/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
53

Mgm Resorts has an operating margin of 10.6%, meaning the company retains $11 of operating profit per $100 of revenue. This results in a moderate score of 53/100, indicating healthy but not exceptional operating efficiency. This is up from 8.6% the prior year.

Growth
0

Mgm Resorts's revenue declined 99.9% year-over-year, from $17.2B to $9.5M. This contraction results in a growth score of 0/100.

Leverage
16

Mgm Resorts has elevated debt relative to equity (D/E of 2.56), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 16/100, reflecting increased financial risk.

Liquidity
29

Mgm Resorts's current ratio of 1.23 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 29/100, which could limit financial flexibility.

Cash Flow
77

Mgm Resorts converts 15.4% of revenue into free cash flow ($1.5M). This strong cash generation earns a score of 77/100.

Returns
34

Mgm Resorts's ROE of 8.5% shows moderate profitability relative to equity, earning a score of 34/100. This is down from 24.7% the prior year.

Altman Z-Score Safe
137.96

Mgm Resorts scores 137.96, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($8.7B) relative to total liabilities ($38.1M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral
5/9

Mgm 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.

Earnings Quality Cash-Backed
12.29x

For every $1 of reported earnings, Mgm Resorts generates $12.29 in operating cash flow ($2.5M OCF vs $206K net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate
2.4x

Mgm Resorts earns $2.4 in operating income for every $1 of interest expense ($1.0M vs $419K). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

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).

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Key Financial Metrics

Revenue
$9.5M
YoY-99.9%
5Y CAGR-71.7%
10Y CAGR-49.7%

Mgm Resorts generated $9.5M in revenue in fiscal year 2025. This represents a decrease of 99.9% from the prior year.

EBITDA
$2.0M
YoY-99.9%
5Y CAGR-67.6%
10Y CAGR-44.0%

Mgm Resorts's EBITDA was $2.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 99.9% from the prior year.

Free Cash Flow
$1.5M
YoY-99.9%

Mgm Resorts generated $1.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 99.9% from the prior year.

Net Income
$206K
YoY-100.0%

Mgm Resorts reported $206K in net income in fiscal year 2025. This represents a decrease of 100.0% from the prior year.

EPS (Diluted)
$0.76
YoY-68.3%

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 & Debt
$2.1M
YoY-99.9%
5Y CAGR-79.0%
10Y CAGR-48.8%

Mgm Resorts held $2.1M in cash against $6.2M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
256M
YoY-10.4%
5Y CAGR-12.3%
10Y CAGR-7.6%

Mgm Resorts had 256M shares outstanding in fiscal year 2025. This represents a decrease of 10.4% from the prior year.

Gross Margin
43.5%

Mgm Resorts's gross margin was 43.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs.

Operating Margin
10.6%
YoY+2.0pp
5Y CAGR+23.0pp
10Y CAGR+12.3pp

Mgm Resorts's operating margin was 10.6% in fiscal year 2025, reflecting core business profitability. This is up 2.0 percentage points from the prior year.

Net Margin
2.2%
YoY-2.1pp
5Y CAGR+22.2pp
10Y CAGR+7.0pp

Mgm Resorts's net profit margin was 2.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.1 percentage points from the prior year.

Return on Equity
8.5%
YoY-16.2pp

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.

R&D Spending
N/A
Share Buybacks
$1.2M
YoY-99.9%
5Y CAGR-67.8%

Mgm Resorts spent $1.2M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 99.9% from the prior year.

Capital Expenditures
$1.1M
YoY-99.9%
5Y CAGR-66.9%
10Y CAGR-51.4%

Mgm Resorts invested $1.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 99.9% from the prior year.

MGM Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $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-1.3% $4.4B
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+1.5% $1.2B+2.2% $1.2B+4.2% $1.2B-6.3% $1.2B+5.6% $1.2B-2.8% $1.2B+1.4% $1.2B
Operating Income $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-7.1% $458.4M
Interest Expense $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+2.5% $110.0M
Income Tax -$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-126.5% $43.7M
Net Income $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-14.0% $217.5M
EPS (Diluted) $1.12+206.7% $-1.05-683.3% $0.18-64.7% $0.51-1.9% $0.52-14.8% $0.61+1.7% $0.60-10.4% $0.67

MGM Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $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-0.6% $42.1B
Current Assets $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-3.6% $4.6B
Cash & Equivalents $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-11.3% $2.7B
Inventory $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+0.3% $147.4M
Accounts Receivable $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+10.0% $924.1M
Goodwill $4.9B-0.8% $4.9B-4.7% $5.2B+0.5% $5.2B+0.3% $5.1B-0.6% $5.2B+0.4% $5.2B0.0% $5.2B
Total Liabilities $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-0.1% $38.6B
Current Liabilities $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-1.1% $3.0B
Long-Term Debt $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+0.4% $6.3B
Total Equity $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-7.1% $3.5B
Retained Earnings $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-6.5% $3.4B

MGM Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $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-13.7% $549.3M
Capital Expenditures $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+38.4% $172.1M
Free Cash Flow $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-37.4% $377.2M
Investing Cash Flow -$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-155.5% -$108.4M
Financing Cash Flow -$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+21.4% -$629.0M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $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-19.3% $506.6M

MGM Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin N/A N/A N/A N/A N/A N/A N/A N/A
Operating Margin 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%-0.6pp 10.5%
Net Margin 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%-0.6pp 5.0%
Return on Equity 12.1% N/A 1.7%-3.6pp 5.2%0.0pp 5.2%-0.5pp 5.7%-0.1pp 5.8%-0.5pp 6.3%
Return on Assets 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%-0.1pp 0.5%
Current Ratio 1.230.0 1.23+0.0 1.22-0.1 1.310.0 1.30+0.1 1.24-0.2 1.47-0.0 1.51
Debt-to-Equity 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+0.1 1.81
FCF Margin 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%-3.1pp 8.6%

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Frequently Asked Questions

What is Mgm Resorts's annual revenue?

Mgm Resorts (MGM) reported $9.5M in total revenue for fiscal year 2025. This represents a -99.9% 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 declined by 99.9% year-over-year, from $17.2B to $9.5M in fiscal year 2025.

Is Mgm Resorts profitable?

Yes, Mgm Resorts (MGM) reported a net income of $206K in fiscal year 2025, with a net profit margin of 2.2%.

What is Mgm Resorts's earnings per share (EPS)?

Mgm Resorts (MGM) reported diluted earnings per share of $0.76 for fiscal year 2025. This represents a -68.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Mgm Resorts's EBITDA?

Mgm Resorts (MGM) had EBITDA of $2.0M 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 $2.1M in cash and equivalents against $6.2M in long-term debt.

What is Mgm Resorts's gross margin?

Mgm Resorts (MGM) had a gross margin of 43.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Mgm Resorts's operating margin?

Mgm Resorts (MGM) had an operating margin of 10.6% 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 2.2% 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 $1.5M in free cash flow during fiscal year 2025. This represents a -99.9% 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 $2.5M 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 $41.4M 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 $1.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Mgm Resorts buy back shares?

Yes, Mgm Resorts (MGM) spent $1.2M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Mgm Resorts have outstanding?

Mgm Resorts (MGM) had 256M shares outstanding as of fiscal year 2025.

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 137.96, placing it in the Safe Zone (low 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 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 7–9 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 35 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.