Red Rock Resorts (NASDAQ: RRR) lifts 2025 profit and declares $1 special dividend

Rhea-AI Filing Summary

Red Rock Resorts reported higher full-year 2025 results, with net revenues of $2.0 billion and net income of $355.7 million, both above 2024 levels. Adjusted EBITDA rose to $848.6 million, reflecting stronger Las Vegas and Native American operations.

The Board declared a regular cash dividend of $0.26 per Class A share for first-quarter 2026 and a special dividend of $1.00 per Class A share. Station Holdco will distribute approximately $111.0 million in cash to unit holders before the special dividend. At December 31, 2025, the company held $142.5 million in cash and cash equivalents and had $3.4 billion of total principal debt.

Positive

• Strong earnings growth: Full-year 2025 net income rose to $355.7 million from $291.3 million, with Adjusted EBITDA increasing to $848.6 million from $795.9 million.
• Shareholder returns: The Board approved a regular $0.26 first-quarter 2026 dividend and a sizable $1.00 special dividend per Class A share, backed by over $100 million of Station Holdco cash distributions.

Negative

• None.

Insights

Equity analyst

Full-year profit growth and a sizable special dividend mark a shareholder-friendly year for Red Rock Resorts.

Red Rock Resorts delivered full-year 2025 net revenues of $2,011.5 million, up from $1,939.0 million, and net income of $355.7 million versus $291.3 million in 2024. Adjusted EBITDA increased to $848.6 million, driven mainly by Las Vegas operations and additional Native American revenue.

The balance sheet showed cash and cash equivalents of $142.5 million against total principal debt of $3.4 billion at December 31, 2025. While leverage remains significant, stable operating income and earnings from joint ventures support ongoing interest costs and capital needs.

The Board’s regular quarterly dividend of $0.26 per Class A share and a special $1.00 per Class A share indicate substantial cash returns. Station Holdco distributions of about $28.9 million for the regular dividend and $111.0 million for the special dividend, including $65.1 million to the company, highlight strong cash generation in 2025.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

false 0001653653 0001653653 2026-02-10 2026-02-10

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): February 10, 2026

RED ROCK RESORTS, INC.

(Exact Name of Registrant as Specified in Charter)

Delaware		001-37754		47-5081182
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(I.R.S. Employer Identification Number)

1505 South Pavilion Center Drive, Las Vegas, Nevada 89135

(Address of Principal Executive Offices) (Zip Code)

702-495-3000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A Common Stock, $0.01 par value		RRR		NASDAQ Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On February 10, 2026, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

Exhibit 99.1. Press release dated February 10, 2026

Exhibit 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				RED ROCK RESORTS, INC.
Date: February 10, 2026				By:		/s/ Stephen L. Cootey
						Stephen L. Cootey
						Executive Vice President, Chief Financial Officer and Treasurer

Exhibit 99.1

Red Rock Resorts Announces Fourth Quarter and Full Year 2025 Results

LAS VEGAS, February 10, 2026 (PRNewswire)—Red Rock Resorts, Inc. (“Red Rock Resorts,” “we” or the “Company”) (NASDAQ: RRR) today reported financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter Results

Consolidated Operations

• Net revenues were $511.8 million for the fourth quarter of 2025, an increase of 3.2%, or $16.1 million, from $495.7 million in the same period of 2024.

• Net income was $84.6 million for the fourth quarter of 2025, a decrease of 3.5%, or $3.1 million, from $87.7 million in the same period of 2024.

• Adjusted EBITDA⁽¹⁾ was $213.3 million for the fourth quarter of 2025, an increase of 5.4%, or $10.9 million, from $202.4 million in the same period of 2024.

Las Vegas Operations

• Net revenues from Las Vegas operations were $505.0 million for the fourth quarter of 2025, an increase of 2.5%, or $12.4 million, from $492.6 million in the same period of 2024.

• Adjusted EBITDA from Las Vegas operations was $231.1 million for the fourth quarter of 2025, an increase of 3.2%, or $7.2 million, from $223.9 million in the same period of 2024.

Native American

• Net revenues and Adjusted EBITDA from Native American activities were $3.7 million for the fourth quarter of 2025, representing revenue related to development fees.

Full Year Results

Consolidated Operations

• Net revenues were $2.01 billion in 2025, an increase of 3.7%, or $72.5 million, from $1.94 billion in 2024.

• Net income was $355.7 million in 2025, an increase of 22.1%, or $64.4 million, from $291.3 million in 2024.

• Adjusted EBITDA was $848.6 million in 2025, an increase of 6.6%, or $52.7 million, from $795.9 million in 2024.

Las Vegas Operations

• Net revenues from Las Vegas operations were $1.98 billion in 2025, an increase of 2.9%, or $55.7 million, from $1.93 billion in 2024.

• Adjusted EBITDA from Las Vegas operations was $915.9 million in 2025, an increase of 4.2%, or $36.5 million, from $879.4 million in 2024.

Native American

• Net revenues and Adjusted EBITDA from Native American activities were $17.6 million in 2025, representing revenue related to development fees.

Balance Sheet Highlights

The Company’s cash and cash equivalents at December 31, 2025 were $142.5 million and total principal amount of debt outstanding at the end of the fourth quarter was $3.4 billion.

Quarterly Dividend

The Company’s Board of Directors has declared a cash dividend of $0.26 per Class A common share for the first quarter of 2026. The dividend will be payable on March 31, 2026 to all stockholders of record as of the close of business on March 16, 2026.

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 $0.26 per unit for a total distribution of approximately $28.9 million, approximately $16.9 million of which is expected to be distributed to the Company and approximately $12.0 million of which is expected to be distributed to the other unit holders of record of Station Holdco.

Special Dividend

The Company’s Board of Directors has declared a special dividend of $1.00 per Class A common share. The dividend will be payable on February 27, 2026 to all stockholders of record as of the close of business on February 20, 2026.

Prior to the payment of such dividend, Station Holdco will make a cash distribution to all unit holders of record, including the Company, of $1.00 per unit for a total distribution of approximately $111.0 million, approximately $65.1 million of which is expected to be distributed to the Company and approximately $45.9 million of which is expected to be distributed to the other unit holders of record of Station Holdco.

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 Las Vegas, Nevada. Station Casinos’ properties, which are located throughout the Las Vegas valley, are regional entertainment destinations and include hotels as well as various amenities, including numerous restaurants, entertainment venues, movie theaters, bowling and convention/banquet space, as well as traditional casino gaming offerings such as video poker, slot machines, table games, bingo and race and sports wagering. Station Casinos owns and operates Red Rock Casino Resort Spa, Green Valley Ranch Resort Spa Casino, Durango Resort & Casino, Palace Station Hotel & Casino, Boulder Station Hotel & Casino, Sunset Station Hotel & Casino, Santa Fe Station Hotel & Casino, Wildfire Rancho, Wildfire Boulder, Wildfire Sunset, Wildfire Valley View, Wildfire Anthem, Wildfire Lake Mead, Wildfire on Fremont and Seventy Six by Station Casinos (North Lamb, Aliante & Union Village). Station Casinos also owns a 50% interest in Barley’s Casino & Brewing Company, Wildfire Casino & Lanes and The Greens.

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 December 31,								Year Ended December 31,
		2025				2024				2025				2024
Operating revenues:
Casino		$	342,998			$	326,541			$	1,340,529			$	1,277,249
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		$	0.26			$	0.25			$	2.01			$	2.00

Red Rock Resorts, Inc.

Segment Information and Reconciliation of Net Income to Adjusted EBITDA

(amounts in thousands)

(unaudited)

		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Net revenues
Las Vegas operations		$	504,991			$	492,638			$	1,981,782			$	1,926,128
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		$	511,777			$	495,695			$	2,011,483			$	1,939,011
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		$	213,284			$	202,398			$	848,591			$	795,900
Adjusted EBITDA
Las Vegas operations		$	231,133			$	223,897			$	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		$	213,284			$	202,398			$	848,591			$	795,900

FAQ

How did Red Rock Resorts (RRR) perform financially in full-year 2025?

Red Rock Resorts’ full-year 2025 net revenues were $2,011.5 million, up from $1,939.0 million in 2024. Net income increased to $355.7 million versus $291.3 million, and Adjusted EBITDA rose to $848.6 million from $795.9 million, reflecting stronger operations.

What dividends did Red Rock Resorts (RRR) announce with these results?

The Board declared a regular cash dividend of $0.26 per Class A common share for first-quarter 2026 and a $1.00 per share special dividend. Both dividends are supported by cash distributions from Station Holdco to its unit holders, including the company.

When will Red Rock Resorts’ new dividends be paid and to whom?

The regular $0.26 dividend will be paid on March 31, 2026 to stockholders of record on March 16, 2026. The $1.00 special dividend will be paid on February 27, 2026 to stockholders of record on February 20, 2026.

How much cash will Station Holdco distribute related to Red Rock Resorts’ dividends?

Before paying dividends, Station Holdco will distribute about $28.9 million for the regular dividend and about $111.0 million for the special dividend. Approximately $16.9 million and $65.1 million, respectively, are expected to be distributed to Red Rock Resorts.

What were Red Rock Resorts’ key balance sheet figures at December 31, 2025?

At December 31, 2025, Red Rock Resorts reported $142.5 million in cash and cash equivalents and total principal debt of $3.4 billion. These figures provide context for its ability to fund operations, service debt and support dividends.

How did Red Rock Resorts’ Las Vegas and Native American segments perform in 2025?

For 2025, Las Vegas operations generated reportable segment net revenues of $1,981.8 million, while Native American operations contributed $17.6 million. Reportable segment Adjusted EBITDA reached $933.5 million, with Las Vegas operations accounting for $915.9 million and Native American operations $17.6 million.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 100.2 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 2.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 16.8 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 10.6 KB