Red Rock Resorts Announces Fourth Quarter and Full Year 2025 Results
Rhea-AI Summary
Red Rock Resorts (NASDAQ: RRR) reported fourth-quarter and full-year 2025 results for the period ended December 31, 2025. FY 2025 net revenues were $2.01 billion, up 3.7%, and net income was $355.7 million, up 22.1% year-over-year. Adjusted EBITDA was $848.6 million for 2025, up 6.6%.
The company ended 2025 with $142.5 million cash and $3.4 billion debt. The board declared a $1.00 special dividend payable Feb 27, 2026 and a $0.26 quarterly dividend payable Mar 31, 2026.
Positive
- Net income +22.1% year-over-year for FY 2025 to $355.7 million
- $1.00 special dividend declared payable Feb 27, 2026
- $0.26 quarterly dividend declared payable Mar 31, 2026
Negative
- Total debt $3.4B at December 31, 2025
- Cash $142.5M at year-end versus $3.4B debt, indicating leverage pressure
News Market Reaction
On the day this news was published, RRR gained 1.95%, reflecting a mild positive market reaction. This price movement added approximately $135M to the company's valuation, bringing the market cap to $7.07B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
RRR’s modest gain of 0.09% came alongside broad peer strength: MGM (1.04%), MTN (2.37%), CZR (0.49%), MLCO (0.31%), and BYD (0.02%) also rose, suggesting a sector-supportive backdrop even as no high-momentum prints appeared on the scanner.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 28 | Quarterly earnings | Positive | +1.4% | Q3 2025 revenue, net income and Adjusted EBITDA all grew year over year. |
| Jul 30 | Peer earnings | Positive | +2.2% | VICI reported higher Q2 2025 revenues, net income and raised AFFO guidance. |
| Jul 29 | Quarterly earnings | Positive | +9.1% | Q2 2025 showed strong revenue, net income and Adjusted EBITDA growth for RRR. |
| May 01 | Quarterly earnings | Positive | +3.6% | Q1 2025 revenue and earnings grew, with regular and special dividends declared. |
| Apr 30 | Peer earnings | Positive | -1.0% | VICI posted higher Q1 2025 revenues and raised AFFO guidance, but shares fell. |
Earnings headlines for RRR and key peers have usually produced positive price reactions, with only one negative move despite strong results.
Over the past year, earnings-related news for Red Rock and key peers has generally been followed by positive moves. RRR’s own reports on Apr 30, May 01, Jul 29, and Oct 28 2025 all highlighted revenue and Adjusted EBITDA growth plus recurring dividends, and shares reacted positively each time. A VICI earnings beat on Apr 30 2025 was the lone negative reaction, showing that strong fundamentals do not always translate into upside.
Historical Comparison
In the past year, earnings-related headlines around RRR and peers led to an average move of 3.06%. Today’s earnings release with a 0.09% move looks relatively muted versus those prior reactions.
Across 2025, RRR’s quarterly earnings showed consistent revenue and Adjusted EBITDA growth, supported by recurring regular dividends and periodic special dividends, framing this full-year 2025 report as a continuation of that trajectory.
Market Pulse Summary
This announcement highlights steady growth for 2025, with net revenues reaching $2.01 billion and net income of $355.7 million, alongside Adjusted EBITDA of $848.6 million. Management paired these results with a regular $0.26 dividend and a $1.00 special dividend, while ending the year with $142.5 million in cash and $3.4 billion in debt. Future updates to watch include Las Vegas segment trends and ongoing Native American development fees.
Key Terms
adjusted ebitda financial
non-gaap financial
AI-generated analysis. Not financial advice.
Fourth Quarter Results
Consolidated Operations
- Net revenues were
$511.8 million 3.2% , or$16.1 million $495.7 million - Net income was
$84.6 million 3.5% , or$3.1 million $87.7 million - Adjusted EBITDA(1) was
$213.3 million 5.4% , or$10.9 million $202.4 million
Las Vegas Operations
- Net revenues from
Las Vegas operations were$505.0 million 2.5% , or$12.4 million $492.6 million - Adjusted EBITDA from
Las Vegas operations was$231.1 million 3.2% , or$7.2 million $223.9 million
Native American
- Net revenues and Adjusted EBITDA from Native American activities were
$3.7 million
Full Year Results
Consolidated Operations
- Net revenues were
$2.01 billion 3.7% , or$72.5 million $1.94 billion - Net income was
$355.7 million 22.1% , or$64.4 million $291.3 million - Adjusted EBITDA was
$848.6 million 6.6% , or$52.7 million $795.9 million
Las Vegas Operations
- Net revenues from
Las Vegas operations were$1.98 billion 2.9% , or$55.7 million $1.93 billion - Adjusted EBITDA from
Las Vegas operations was$915.9 million 4.2% , or$36.5 million $879.4 million
Native American
- Net revenues and Adjusted EBITDA from Native American activities were
$17.6 million
Balance Sheet Highlights
The Company's cash and cash equivalents at December 31, 2025 were
Quarterly Dividend
The Company's Board of Directors has declared a cash dividend of
Prior to the payment of such dividend, Station Holdco LLC ("Station Holdco") will make a cash distribution to all unit holders of record, including the Company, of
Special Dividend
The Company's Board of Directors has declared a special dividend of
Prior to the payment of such dividend, Station Holdco will make a cash distribution to all unit holders of record, including the Company, of
Conference Call Information
The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial results. The conference call will consist of prepared remarks from the Company and include a question and answer session. Those interested in participating in the call should dial (888) 317-6003, or (412) 317-6061 for international callers, approximately 15 minutes before the call start time. Please use the passcode: 4242029. A replay of the call will be available from today through February 17, 2026 at www.redrockresorts.com. A live audio webcast of the call will also be available at www.redrockresorts.com.
Presentation of Financial Information
(1) Adjusted EBITDA is a non-GAAP measure that is presented solely as a supplemental disclosure. We believe that Adjusted EBITDA is a widely used measure of operating performance in our industry and is a principal basis for valuation of gaming companies. We believe that in addition to net income, Adjusted EBITDA is a useful financial performance measurement for assessing our operating performance because it provides information about the performance of our ongoing core operations. Adjusted EBITDA for the years ended December 31, 2025 and 2024 includes net income plus depreciation and amortization, share-based compensation, write-downs and other, net (including gains and losses on asset disposals, preopening and development, business innovation and technology enhancements and non-routine items), interest expense, net, change in fair value of derivative instruments, loss on extinguishment/modification of debt, gain on Native American development and provision for income tax.
Company Information and Forward Looking Statements
Red Rock Resorts is a holding company that owns an indirect equity interest in and manages Station Casinos LLC ("Station Casinos"). Station Casinos is the leading provider of gaming, hospitality and entertainment to the residents of
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, without limitation, statements regarding our expectations, hopes or intentions regarding the future. These forward-looking statements can often be identified by their use of words such as "will", "might", "predict", "continue", "forecast", "expect", "believe", "anticipate", "outlook", "could", "would", "target", "project", "intend", "plan", "seek", "estimate", "pursue", "should", "may" and "assume", or the negative thereof, as well as variations of such words and similar expressions referring to the future. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Certain important factors, including but not limited to, financial market risks, could cause our actual results to differ materially from those expressed in our forward-looking statements. Further information on potential factors which could affect our financial condition, results of operations and business includes, without limitation, the impact of rising inflation, higher interest rates and increased energy costs on consumer demand and the Company's business, financial results and liquidity; the impact of unemployment and changes in general economic conditions on discretionary spending and consumer demand; the impact of our substantial indebtedness; the effects of local and national economic, credit and capital market conditions on consumer spending and the economy in general, and on the gaming and hotel industries in particular; the effects of competition, including locations of competitors and operating and market competition; changes in laws, including increased tax rates, regulations or accounting standards, third-party relations and approvals, and decisions of courts, regulators and governmental bodies; risks associated with construction projects, including disruption of our operations, shortages of materials or labor, unexpected costs, unforeseen permitting or regulatory issues and weather; litigation outcomes and judicial actions, including gaming legislative action, referenda and taxation; acts of war or terrorist incidents, pandemics, natural disasters or civil unrest; risks associated with the collection and retention of data about our customers, employees, suppliers and business partners; and other risks discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in the Company's other current and periodic reports filed from time to time with the Securities and Exchange Commission. All forward-looking statements in this document are made based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.
View source version on http://redrockresorts.investorroom.com/:
Investors:
Stephen L. Cootey
Stephen.Cootey@redrockresorts.com
(702) 495-4214
Media:
Michael J. Britt
Michael.Britt@redrockresorts.com
(702) 495-3693
Red Rock Resorts, Inc. | |||||||
Consolidated Statements of Income | |||||||
(amounts in thousands, except per share data) | |||||||
(unaudited) | |||||||
Three Months Ended | Year Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Operating revenues: | |||||||
Casino | |||||||
Food and beverage | 93,255 | 92,065 | 362,424 | 360,388 | |||
Room | 47,203 | 52,322 | 190,128 | 200,517 | |||
Development fees | 3,730 | — | 17,632 | — | |||
Other | 24,591 | 24,767 | 100,770 | 100,857 | |||
Net revenues | 511,777 | 495,695 | 2,011,483 | 1,939,011 | |||
Operating costs and expenses: | |||||||
Casino | 95,125 | 93,634 | 361,663 | 354,597 | |||
Food and beverage | 76,990 | 75,590 | 299,634 | 295,193 | |||
Room | 16,197 | 16,320 | 63,684 | 63,768 | |||
Other | 7,551 | 7,629 | 31,327 | 30,669 | |||
Selling, general and administrative | 111,729 | 107,112 | 441,324 | 432,276 | |||
Depreciation and amortization | 52,110 | 48,164 | 197,405 | 187,112 | |||
Write-downs and other, net | 8,513 | 4,956 | 19,019 | 6,705 | |||
368,215 | 353,405 | 1,414,056 | 1,370,320 | ||||
Operating income | 143,562 | 142,290 | 597,427 | 568,691 | |||
Earnings from joint ventures | 629 | 454 | 2,606 | 2,447 | |||
Operating income and earnings from joint ventures | 144,191 | 142,744 | 600,033 | 571,138 | |||
Other (expense) income: | |||||||
Interest expense, net | (49,648) | (56,171) | (201,876) | (228,804) | |||
Loss on extinguishment/modification of debt | (25) | — | (25) | (14,402) | |||
Change in fair value of derivative instruments | 1,365 | 11,945 | (4,288) | 274 | |||
Gain on Native American development | — | — | 8,476 | — | |||
Income before income tax | 95,883 | 98,518 | 402,320 | 328,206 | |||
Provision for income tax | (11,296) | (10,796) | (46,650) | (36,914) | |||
Net income | 84,587 | 87,722 | 355,670 | 291,292 | |||
Less: net income attributable to noncontrolling interests | 39,928 | 41,134 | 167,604 | 137,241 | |||
Net income attributable to Red Rock Resorts, Inc. | $ 44,659 | $ 46,588 | $ 188,066 | $ 154,051 | |||
Earnings per common share: | |||||||
Earnings per share of Class A common stock, basic | $ 0.76 | $ 0.79 | $ 3.19 | $ 2.61 | |||
Earnings per share of Class A common stock, diluted | $ 0.75 | $ 0.76 | $ 3.12 | $ 2.53 | |||
Weighted-average common shares outstanding: | |||||||
Basic | 58,680 | 59,136 | 58,964 | 59,025 | |||
Diluted | 101,626 | 103,536 | 102,595 | 103,666 | |||
Dividends declared per common share | |||||||
Red Rock Resorts, Inc. | |||||||
Segment Information and Reconciliation of Net Income to Adjusted EBITDA | |||||||
(amounts in thousands) | |||||||
(unaudited) | |||||||
Three Months Ended | Year Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Net revenues | |||||||
Native American | 3,730 | — | 17,632 | — | |||
Reportable segment net revenues | 508,721 | 492,638 | 1,999,414 | 1,926,128 | |||
Corporate and other | 3,056 | 3,057 | 12,069 | 12,883 | |||
Net revenues | |||||||
Net income | $ 84,587 | $ 87,722 | $ 355,670 | $ 291,292 | |||
Adjustments | |||||||
Depreciation and amortization | 52,110 | 48,164 | 197,405 | 187,112 | |||
Share-based compensation | 8,470 | 6,534 | 32,134 | 30,945 | |||
Write-downs and other, net | 8,513 | 4,956 | 19,019 | 6,705 | |||
Interest expense, net | 49,648 | 56,171 | 201,876 | 228,804 | |||
Loss on extinguishment/modification of debt | 25 | — | 25 | 14,402 | |||
Change in fair value of derivative instruments | (1,365) | (11,945) | 4,288 | (274) | |||
Gain on Native American development | — | — | (8,476) | — | |||
Provision for income tax | 11,296 | 10,796 | 46,650 | 36,914 | |||
Adjusted EBITDA | $ 848,591 | $ 795,900 | |||||
Adjusted EBITDA | |||||||
$ 915,884 | $ 879,360 | ||||||
Native American | 3,730 | — | 17,632 | — | |||
Reportable segment Adjusted EBITDA | 234,863 | 223,897 | 933,516 | 879,360 | |||
Corporate and other | (21,579) | (21,499) | (84,925) | (83,460) | |||
Adjusted EBITDA | $ 848,591 | $ 795,900 | |||||
View original content:https://www.prnewswire.com/news-releases/red-rock-resorts-announces-fourth-quarter-and-full-year-2025-results-302683157.html
SOURCE Red Rock Resorts, Inc.
FAQ
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