Loading financials from SEC filings…
Lodging · Consumer Cyclical · Fiscal year ends Dec 31
Red Rock Resorts reported revenue of $2B in the fiscal year ended Dec 2025, up 3.7% from the year before. Operating income was $597M, an operating margin of 29.7%, and net income was $188M. Operating cash flow of $610M less capital expenditure of $319M left free cash flow of $291M. Net debt was $3.3B.
Ranks among the 14 lodging 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 | 1,618 | 1,664 | 1,724 | 1,939 | 2,011 |
| Selling, general & admin | 347 | 353 | 374 | 432 | 441 |
| Operating income | 402 | 561 | 559 | 569 | 597 |
| Interest expense | 103 | 130 | 181 | 229 | 202 |
| Pre-tax income | 286 | 435 | 381 | 328 | 402 |
| Income tax | −69.3 | 44.5 | 43.0 | 36.9 | 46.7 |
| Net income | 242 | 205 | 176 | 154 | 188 |
| Diluted EPS | 2.84 | 3.36 | 2.94 | 2.53 | 3.12 |
| Diluted shares | 116 | 105 | 103 | 104 | 103 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 275 | 117 | 138 | 164 | 142 |
| Receivables | 36.7 | 43.6 | 61.9 | 64.4 | 73.9 |
| Inventory | 11.7 | 13.2 | 15.3 | 16.4 | 17.9 |
| Current assets | 379 | 221 | 282 | 295 | 287 |
| Net PP&E | 2,010 | 2,195 | 2,772 | 2,782 | 2,972 |
| Goodwill | 196 | 196 | 196 | 196 | 196 |
| Total assets | 3,140 | 3,346 | 3,955 | 4,046 | 4,167 |
| Payables | 17.5 | 11.4 | 25.4 | 31.8 | 21.6 |
| Deferred revenue | – | – | – | – | 11.3 |
| Current liabilities | 205 | 293 | 349 | 325 | 363 |
| Short-term debt | 25.9 | 26.1 | 26.1 | 52.9 | 17.2 |
| Long-term debt | 2,828 | 2,959 | 3,302 | 3,355 | 3,379 |
| Total liabilities | 3,090 | 3,314 | 3,711 | 3,739 | 3,835 |
| Shareholders' equity | 59.5 | 43.8 | 169 | 215 | 208 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 610 | 542 | 494 | 548 | 610 |
| Capital expenditure | 61.3 | 329 | 700 | 284 | 319 |
| Free cash flow | 549 | 214 | −205 | 264 | 291 |
| Depreciation & amortisation | 158 | 128 | 133 | 187 | 197 |
| Stock-based compensation | 12.7 | 17.5 | 19.7 | 30.9 | 32.1 |
| Share buybacks | 500 | 142 | 0.0 | 3.9 | 79.0 |
| Dividends paid | 204 | 117 | 58.6 | 118 | 121 |
| Dividend per share | 3.00 | 3.00 | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 2.8% | 3.6% | 12.5% | 3.7% |
| Operating income growth (YoY) | – | 39.8% | −0.5% | 1.8% | 5.1% |
| EPS growth (YoY) | – | 18.3% | −12.5% | −13.9% | 23.3% |
| Operating margin | 24.8% | 33.7% | 32.4% | 29.3% | 29.7% |
| Net margin | 14.9% | 12.3% | 10.2% | 7.9% | 9.3% |
| Return on equityBlank when equity is negative | 406.5% | 469.3% | 104.2% | 71.6% | 90.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 13.7% | 18.4% | 15.5% | 15.3% | 15.7% |
| Free cash flow margin | 33.9% | 12.8% | −11.9% | 13.6% | 14.4% |
| Cash conversion (CFO ÷ net income) | 2.52x | 2.64x | 2.81x | 3.56x | 3.24x |
| Receivable days | 8 | 10 | 13 | 12 | 13 |
| Interest cover | 3.89x | 4.32x | 3.09x | 2.49x | 2.96x |
| Debt ÷ equity | 48.0x | 68.2x | 19.7x | 15.8x | 16.3x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,578 | 2,867 | 3,190 | 3,243 | 3,253 |
| Current ratio | 1.85x | 0.75x | 0.81x | 0.91x | 0.79x |
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.