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Gambling & casinos · Consumer Cyclical · Fiscal year ends Dec 31
MGM Resorts International reported revenue of $17.5B in the fiscal year ended Dec 2025, up 1.7% from the year before. Operating income was $1B, an operating margin of 5.7%, and net income was $206M. Operating cash flow of $2.5B less capital expenditure of $1.1B left free cash flow of $1.5B. Net debt was $4.2B.
Ranks among the 8 gambling & casinos companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 9,680 | 13,127 | 16,164 | 17,241 | 17,538 |
| Selling, general & admin | 2,507 | 4,227 | 4,701 | 4,825 | 4,878 |
| Operating income | 2,279 | 1,439 | 1,891 | 1,490 | 1,002 |
| Interest expense | 800 | 595 | 460 | 443 | 419 |
| Pre-tax income | 1,462 | 904 | 1,473 | 1,117 | 281 |
| Income tax | 253 | 697 | 158 | 52.5 | −240 |
| Net income | 1,254 | 1,473 | 1,142 | 747 | 206 |
| Diluted EPS | 2.41 | 3.49 | 3.19 | 2.40 | 0.76 |
| Diluted shares | 487 | 413 | 359 | 310 | 277 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 4,703 | 5,912 | 2,928 | 2,416 | 2,063 |
| Receivables | 584 | 852 | 929 | 1,071 | 1,123 |
| Inventory | 96.4 | 126 | 142 | 141 | 125 |
| Current assets | 6,416 | 8,155 | 4,911 | 4,364 | 4,332 |
| Net PP&E | 14,435 | 5,224 | 5,450 | 6,196 | 6,306 |
| Goodwill | 3,481 | 5,029 | 5,166 | 5,145 | 4,902 |
| Total assets | 40,899 | 45,692 | 42,369 | 42,232 | 41,374 |
| Payables | 286 | 370 | 462 | 413 | 422 |
| Current liabilities | 3,442 | 4,516 | 3,126 | 3,352 | 3,512 |
| Short-term debt | 1,000 | 1,286 | 0.0 | – | – |
| Long-term debt | 11,771 | 7,433 | 6,344 | 6,362 | 6,230 |
| Total liabilities | 29,922 | 40,482 | 38,001 | 38,512 | 38,097 |
| Shareholders' equity | 6,071 | 4,832 | 3,811 | 3,023 | 2,430 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,373 | 1,756 | 2,691 | 2,362 | 2,529 |
| Capital expenditure | 491 | 765 | 932 | 1,151 | 1,069 |
| Free cash flow | 883 | 991 | 1,759 | 1,212 | 1,460 |
| Depreciation & amortisation | 1,151 | 3,482 | 814 | 831 | 1,018 |
| Stock-based compensation | 65.2 | 71.3 | 73.6 | 80.2 | 90.5 |
| Acquisitions | 1,790 | 1,889 | 122 | 114 | 0.0 |
| Share buybacks | 1,754 | 2,775 | 2,292 | 1,358 | 1,228 |
| Dividends paid | 4.8 | 4.0 | 0.0 | 0.0 | – |
| Dividend per share | 0.01 | 0.01 | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 35.6% | 23.1% | 6.7% | 1.7% |
| Operating income growth (YoY) | – | −36.8% | 31.4% | −21.2% | −32.8% |
| EPS growth (YoY) | – | 44.8% | −8.6% | −24.8% | −68.3% |
| Operating margin | 23.5% | 11.0% | 11.7% | 8.6% | 5.7% |
| Net margin | 13.0% | 11.2% | 7.1% | 4.3% | 1.2% |
| Return on equityBlank when equity is negative | 20.7% | 30.5% | 30.0% | 24.7% | 8.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.1% | 3.5% | 4.8% | 3.8% | 2.6% |
| Free cash flow margin | 9.1% | 7.6% | 10.9% | 7.0% | 8.3% |
| Cash conversion (CFO ÷ net income) | 1.09x | 1.19x | 2.36x | 3.16x | 12.3x |
| Receivable days | 22 | 24 | 21 | 23 | 23 |
| Interest cover | 2.85x | 2.42x | 4.11x | 3.36x | 2.39x |
| Debt ÷ equity | 2.10x | 1.80x | 1.66x | 2.10x | 2.56x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 8,068 | 2,807 | 3,416 | 3,947 | 4,167 |
| Current ratio | 1.86x | 1.81x | 1.57x | 1.30x | 1.23x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.