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Gambling & casinos · Consumer Cyclical · Fiscal year ends Dec 31
WYNN Resorts reported revenue of $7.1B in the fiscal year ended Dec 2025, up 0.1% from the year before. Operating income was $1.1B, an operating margin of 15.7%, and net income was $327M. Operating cash flow of $1.4B less capital expenditure of $660M left free cash flow of $692M. Net debt was $9.1B.
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 | 3,764 | 3,757 | 6,532 | 7,128 | 7,138 |
| Selling, general & admin | 797 | 830 | 1,065 | 1,080 | 1,117 |
| Operating income | −395 | −101 | 840 | 1,133 | 1,118 |
| Interest expense | 606 | 651 | 752 | 688 | 626 |
| Pre-tax income | −1,012 | −700 | 285 | 643 | 514 |
| Income tax | 0.5 | 9.3 | −497 | 3.7 | 105 |
| Net income | −756 | −424 | 730 | 501 | 327 |
| Diluted EPS | −6.64 | −3.73 | 6.32 | 4.35 | 3.14 |
| Diluted shares | 114 | 114 | 113 | 110 | 104 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 2,523 | 3,650 | 2,879 | 2,426 | 1,463 |
| Receivables | 199 | 216 | 342 | 324 | 403 |
| Inventory | 70.0 | 70.1 | 75.6 | 75.8 | 88.5 |
| Current assets | 2,876 | 4,030 | 4,242 | 2,922 | 2,684 |
| Net PP&E | 8,765 | 6,896 | 6,688 | 6,521 | 6,626 |
| Goodwill | 130 | 90.5 | 18.5 | 18.5 | – |
| Total assets | 12,531 | 13,415 | 13,996 | 12,978 | 13,108 |
| Payables | 171 | 197 | 208 | 205 | 255 |
| Deferred revenue | 436 | 506 | 543 | 509 | 570 |
| Current liabilities | 1,288 | 1,811 | 2,200 | 1,540 | 1,643 |
| Short-term debt | 50.0 | 548 | 710 | 41.3 | 9.4 |
| Long-term debt | 11,885 | 11,569 | 11,029 | 10,500 | 10,537 |
| Total liabilities | 13,367 | 15,055 | 15,097 | 13,947 | 14,139 |
| Shareholders' equity | −214 | −751 | −251 | −224 | −275 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −223 | −71.3 | 1,248 | 1,426 | 1,353 |
| Capital expenditure | 291 | 300 | 443 | 420 | 660 |
| Free cash flow | −513 | −371 | 805 | 1,006 | 692 |
| Depreciation & amortisation | 716 | 692 | 687 | 659 | 621 |
| Stock-based compensation | 95.2 | 67.6 | 64.5 | 59.0 | 91.9 |
| Share buybacks | 13.8 | 187 | 212 | 402 | 380 |
| Dividends paid | 1.6 | 1.4 | 84.7 | 140 | 175 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −0.2% | 73.9% | 9.1% | 0.1% |
| Operating income growth (YoY) | – | – | – | 34.8% | −1.3% |
| EPS growth (YoY) | – | – | – | −31.2% | −27.8% |
| Operating margin | −10.5% | −2.7% | 12.9% | 15.9% | 15.7% |
| Net margin | −20.1% | −11.3% | 11.2% | 7.0% | 4.6% |
| ROCEEBIT ÷ (assets − current liabilities) | −3.5% | −0.9% | 7.1% | 9.9% | 9.8% |
| Free cash flow margin | −13.6% | −9.9% | 12.3% | 14.1% | 9.7% |
| Cash conversion (CFO ÷ net income) | 0.29x | 0.17x | 1.71x | 2.85x | 4.13x |
| Receivable days | 19 | 21 | 19 | 17 | 21 |
| Interest cover | −0.65x | −0.15x | 1.12x | 1.65x | 1.79x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 9,412 | 8,466 | 8,859 | 8,116 | 9,083 |
| Current ratio | 2.23x | 2.22x | 1.93x | 1.90x | 1.63x |
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.