MGM Resorts International

MGM · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988
Valuation
Market cap	$9,980	$10,317	$15,262	$12,876	$21,047	$14,777	$15,602	$11,377	$15,659	$13,520	$10,655	$10,471	$11,510	$5,684	$5,097	$6,689	$3,452	$3,850	$24,098	$16,235	$10,234	$10,133	$5,590	$5,205	$4,627	$4,081	$2,926	$1,508	$2,090	$1,815	$1,117	$1,182	$1,855	$801	$346	$245	$328	$183
Enterprise value	$64,898	$40,173	$44,473	$41,338	$45,943	$35,368	$33,873	$28,939	$31,102	$28,810	$24,326	$25,775	$26,986	$21,687	$20,867	$18,437	$15,709	$17,019	$34,857	$28,777	$22,211	$15,157	$10,841	$10,214	$9,881	$9,734	$4,135	$1,979	$2,124	$1,847	$1,570	$1,593	$2,143	$726	$137	$323	$231	$212
P/E (TTM) at period end	47.28×	13.87×	13.34×	8.93×	17.90×	–	7.62×	25.54×	8.10×	12.29×	–	–	–	–	1.64×	–	–	–	15.21×	25.04×	23.09×	24.57×	22.94×	17.80×	27.25×	25.39×	34.02×	21.89×	18.81×	41.52×	23.96×	15.86×	–	–	–	–	12.82×	42.67×
P/S (TTM) at period end	0.57×	0.60×	0.94×	0.98×	2.17×	2.86×	1.21×	0.97×	1.45×	1.43×	1.16×	1.04×	1.17×	0.62×	0.65×	1.10×	0.57×	0.53×	3.13×	2.26×	1.58×	2.39×	1.43×	1.29×	1.15×	1.16×	2.10×	1.95×	2.53×	2.25×	1.55×	1.59×	32.09×	16.01×	2.36×	1.39×	1.54×	0.88×
P/B at period end	4.11×	3.41×	4.00×	2.67×	3.47×	2.27×	2.02×	1.75×	2.07×	2.18×	2.08×	2.56×	2.73×	1.30×	0.84×	2.28×	0.89×	0.97×	3.98×	4.22×	3.16×	3.66×	2.21×	1.95×	1.84×	1.71×	2.86×	1.56×	1.90×	1.86×	1.91×	2.23×	3.85×	1.52×	0.78×	0.95×	1.24×	0.90×
EV / EBITDA (TTM)	32.13×	17.30×	16.44×	8.40×	13.40×	62.25×	6.46×	10.93×	11.49×	9.84×	36.47×	12.05×	13.58×	20.67×	4.28×	–	–	26.24×	9.77×	11.95×	11.38×	10.94×	9.33×	8.56×	9.42×	11.29×	12.21×	9.42×	7.45×	7.36×	9.33×	8.95×	–	–	196.26×	–	11.03×	–
EV / Sales (TTM)	3.70×	2.33×	2.75×	3.15×	4.75×	6.85×	2.63×	2.46×	2.88×	3.04×	2.65×	2.56×	2.75×	2.37×	2.66×	3.04×	2.61×	2.36×	4.53×	4.01×	3.43×	3.58×	2.77×	2.53×	2.46×	2.77×	2.97×	2.56×	2.57×	2.30×	2.18×	2.15×	37.07×	14.53×	0.94×	1.83×	1.08×	1.02×
Returns
Return on equity	8.7%	24.6%	30.0%	29.8%	19.4%	(15.3%)	26.5%	6.8%	25.5%	17.8%	(8.7%)	(3.7%)	(4.1%)	(40.5%)	51.2%	(49.0%)	(33.4%)	(21.5%)	26.1%	16.8%	13.7%	14.9%	9.6%	11.0%	6.8%	6.7%	8.4%	7.1%	10.1%	4.5%	8.0%	14.1%	(24.4%)	(3.8%)	(2.7%)	(9.1%)	9.7%	2.1%
Return on invested capital	1.7%	4.3%	5.1%	1.0%	6.1%	(2.1%)	11.8%	5.6%	7.4%	9.5%	(0.8%)	2.1%	3.8%	0.6%	18.6%	(5.1%)	(3.9%)	(0.8%)	11.0%	7.0%	5.8%	7.7%	6.1%	6.3%	5.0%	4.0%	6.0%	5.8%	12.4%	13.9%	4.3%	8.2%	(15.2%)	(4.1%)	(6.3%)	(6.9%)	3.5%	2.4%
Dividend yield	–	–	–	0.0%	0.0%	0.5%	1.7%	2.3%	1.6%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.3%	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.23×	1.30×	1.57×	1.81×	1.86×	3.21×	1.26×	0.86×	0.76×	0.96×	1.08×	0.89×	1.23×	1.30×	1.61×	1.17×	1.28×	0.51×	0.65×	0.92×	0.66×	0.88×	0.99×	0.79×	0.75×	0.65×	0.93×	1.10×	0.94×	1.19×	1.78×	1.83×	1.61×	10.23×	11.81×	1.66×	5.63×	1.07×
Debt / equity	2.59×	2.13×	1.66×	1.80×	2.10×	1.90×	1.45×	2.32×	1.70×	2.10×	2.48×	3.43×	3.23×	3.16×	2.25×	4.11×	3.63×	3.39×	1.84×	3.38×	3.82×	1.97×	2.18×	1.96×	2.18×	2.47×	1.30×	0.57×	0.06×	0.10×	0.96×	0.92×	1.04×	0.96×	0.00×	0.32×	0.00×	0.22×
Effective tax rate	(85.5%)	4.7%	10.7%	77.1%	17.3%	12.7%	22.2%	7.9%	(117.3%)	1.7%	0.5%	69.0%	33.5%	6.8%	(14.2%)	35.1%	35.8%	(27.8%)	35.1%	35.0%	34.7%	37.1%	33.0%	37.2%	38.5%	39.6%	36.6%	37.1%	36.1%	24.8%	59.5%	40.8%	5.0%	(71.4%)	–	32.0%	35.5%	34.8%
Share count
Diluted shares outstanding	277	310	359	413	487	494	528	550	579	573	543	491	490	489	561	450	379	280	298	292	290	288	305	320	320	295	239	226	236	218	197	196	190	168	122	100	84	72

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988
Revenue and gross profit
Revenue	$17,761	$17,538	$17,241	$16,164	$13,127	$9,680	$5,162	$12,900	$11,763	$10,797	$9,478	$9,180	$10,082	$9,810	$9,161	$7,849	$6,056	$6,011	$7,209	$7,692	$7,176	$6,482	$4,238	$3,909	$4,031	$4,010	$3,519	$1,392	$774	$828	$805	$722	$742	$58	$50	$147	$176	$213	$208
Cost of revenue	($9,919)	($9,748)	($9,394)	($8,554)	($6,653)	($5,031)	($3,208)	($7,603)	($6,919)	($6,193)	($5,496)	($5,625)	($6,369)	($6,259)	($5,921)	($5,026)	($3,758)	($3,539)	($4,144)	($4,139)	($3,813)	($3,547)	($2,293)	($2,162)	($2,195)	($2,207)	($1,676)	($591)	($409)	($405)	($404)	($386)	($405)	($105)	($35)	($101)	($139)	($154)	($136)
Gross profit	$7,843	$7,790	$7,847	$7,611	$6,475	$4,650	$1,709	$5,296	$4,844	$4,604	$3,959	$3,565	$3,713	$3,551	$3,240	$2,823	$2,262	$2,439	$3,065	$3,552	$3,363	$2,935	$1,945	$1,747	$1,836	$1,802	$1,843	$801	$365	$422	$401	$336	$337	($47)	$15	$46	$37	$59	$72
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($5,045)	($4,878)	($4,825)	($4,701)	($4,227)	($2,507)	($2,122)	($2,101)	($1,765)	($1,560)	($1,379)	($1,309)	($1,319)	($1,278)	($1,240)	($1,183)	($1,129)	($1,100)	($1,279)	($1,426)	($1,228)	($1,073)	($662)	($687)	($647)	($665)	($524)	($309)	($213)	($166)	($206)	($167)	($159)	($65)	($22)	($46)	($56)	($38)	($53)
Total operating expenses	($6,826)	($6,788)	($6,357)	($5,719)	($5,035)	($2,371)	($2,352)	($1,356)	($3,375)	($2,892)	($1,881)	($3,718)	($2,390)	($2,414)	($3,118)	$1,234	($3,421)	($3,403)	($3,195)	($689)	($1,604)	($1,578)	($994)	($1,034)	($1,069)	($1,174)	($1,306)	($591)	($233)	($203)	($215)	($226)	($207)	($76)	($34)	($61)	($72)	($49)	($63)
Total costs and expenses	($16,744)	($16,536)	($15,750)	($14,273)	($11,688)	($7,401)	($5,805)	($8,959)	($10,294)	($9,085)	($7,400)	($9,332)	($8,758)	($8,672)	($9,039)	($3,792)	($7,215)	($6,974)	($7,338)	($4,828)	($5,418)	($5,125)	($3,287)	($3,196)	($3,265)	($3,382)	($2,981)	($1,182)	($642)	($608)	($618)	($612)	($612)	($181)	($69)	($162)	($211)	($204)	($199)
Operating income	$1,017	$1,002	$1,490	$1,891	$1,439	$2,279	($642)	$3,940	$1,469	$1,713	$2,078	($153)	$1,324	$1,137	$121	$4,057	($1,159)	($964)	($130)	$2,864	$1,758	$1,357	$951	$713	$767	$628	$538	$210	$132	$220	$187	$110	$130	($123)	($19)	($15)	($34)	$9	$8
Earnings
EBITDA	$2,102	$2,020	$2,322	$2,706	$4,921	$3,429	$568	$5,245	$2,648	$2,706	$2,928	$667	$2,139	$1,987	$1,049	$4,874	($526)	($275)	$649	$3,569	$2,409	$1,951	$1,385	$1,162	$1,194	$1,049	$862	$339	$210	$285	$251	$168	$178	($112)	($7)	$1	($18)	$21	–
Interest income	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($409)	($419)	($443)	($460)	($595)	($800)	($676)	($848)	($770)	($669)	($695)	($798)	($817)	($857)	($1,116)	($1,087)	($1,114)	($775)	($609)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$496	$281	$1,117	$1,473	$904	$1,462	($1,511)	$2,847	$634	$961	$1,258	($1,043)	$411	$62	($1,734)	$2,832	($2,216)	($2,013)	($669)	$2,158	$978	$679	$556	$354	$466	$278	$275	$150	$110	$180	$99	$106	$136	($111)	($2)	($12)	($35)	$40	$7
Income tax expense	$178	$240	($52)	($158)	($697)	($253)	$192	($632)	($50)	$1,127	($22)	$5	($284)	($21)	$117	$403	$779	$721	($186)	($758)	($342)	($236)	($206)	($117)	($174)	($107)	($109)	($55)	($41)	($65)	($25)	($63)	($55)	$6	($2)	–	$11	($14)	($2)
Net income	$426	$206	$747	$1,142	$1,473	$1,254	($1,033)	$2,049	$467	$1,952	$1,100	($446)	($150)	($172)	($1,768)	$3,115	($1,437)	($1,292)	($855)	$1,584	$648	$443	$412	$244	$292	$170	$161	$86	$69	$111	$44	$47	$74	($118)	($20)	($12)	($24)	$26	$4
Per share
Diluted EPS (GAAP)	$1.65	$0.76	$2.40	$3.19	$3.49	$2.41	($2.02)	$3.88	$0.81	$3.34	$1.92	($0.82)	($0.31)	($0.35)	($3.62)	$5.62	($3.19)	($3.41)	($3.06)	$5.31	$2.22	$1.50	$1.43	$0.80	$0.92	$0.53	$0.55	$0.36	$0.31	$0.47	$0.20	$0.24	$0.38	($0.62)	($0.12)	($0.10)	($0.23)	$0.31	$0.06
Basic EPS (GAAP)	$1.67	$0.77	$2.42	$3.22	$3.52	$2.44	($2.02)	$3.90	$0.82	$3.38	$1.94	($0.82)	($0.31)	($0.35)	($3.62)	$6.37	($3.19)	($3.41)	($3.06)	$5.52	$2.29	$1.56	$1.48	$0.82	$0.93	$0.53	$0.56	$0.37	$0.31	$0.48	$0.21	$0.24	$0.38	($0.62)	($0.12)	($0.10)	($0.23)	$0.31	$0.06
Basic shares outstanding	262	275	307	355	409	482	494	524	544	572	568	543	491	490	489	489	450	379	280	287	283	279	279	297	316	320	290	233	222	231	208	194	196	190	168	122	100	84	72
Margins
Gross margin	44.2%	44.4%	45.5%	47.1%	49.3%	48.0%	33.1%	41.1%	41.2%	42.6%	41.8%	38.8%	36.8%	36.2%	35.4%	36.0%	37.3%	40.6%	42.5%	46.2%	46.9%	45.3%	45.9%	44.7%	45.6%	44.9%	52.4%	57.6%	47.1%	51.0%	49.9%	46.5%	45.4%	(81.5%)	30.6%	31.4%	21.1%	27.5%	34.4%
Operating margin	5.7%	5.7%	8.6%	11.7%	11.0%	23.5%	(12.4%)	30.5%	12.5%	15.9%	21.9%	(1.7%)	13.1%	11.6%	1.3%	51.7%	(19.1%)	(16.0%)	(1.8%)	37.2%	24.5%	20.9%	22.4%	18.2%	19.0%	15.7%	15.3%	15.1%	17.0%	26.5%	23.2%	15.2%	17.5%	(213.1%)	(37.2%)	(10.1%)	(19.4%)	4.3%	4.1%
Net margin	2.4%	1.2%	4.3%	7.1%	11.2%	13.0%	(20.0%)	15.9%	4.0%	18.1%	11.6%	(4.9%)	(1.5%)	(1.8%)	(19.3%)	39.7%	(23.7%)	(21.5%)	(11.9%)	20.6%	9.0%	6.8%	9.7%	6.2%	7.3%	4.2%	4.6%	6.2%	8.9%	13.4%	5.4%	6.5%	10.0%	(203.5%)	(40.2%)	(8.3%)	(13.4%)	12.0%	2.1%

Analyst consensus

Buy37 analysts

Bearish · 1 · Hold · 17 · Bullish · 19

Earnings history

	EPS	Estimate
Q3 2024	$0.54	$0.61	Miss
Q4 2024	$0.45	$0.37	Beat
Q1 2025	$0.69	$0.50	Beat
Q2 2025	$0.79	$0.58	Beat
Q3 2025	$0.24	$0.37	Miss
Q4 2025	$1.60	$0.64	Beat
Q1 2026	$0.49	$0.50	Miss
Q2 2026	$0.59	$0.56	Beat

Peers

Company overview

IPO dateMay 2, 1988

CEOWilliam Joseph Hornbuckle

Employees69,000

SectorConsumer Cyclical

IndustryGambling, Resorts & Casinos

CountryUS

ExchangeNew York Stock Exchange

Websitewww.mgmresorts.com

MGM Resorts International, through its various divisions, manages and possesses casino, lodging, and entertainment complexes across the United States and Macau. The company's operations are segmented into three main areas: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its resort properties offer a comprehensive suite of amenities including gaming facilities, accommodation, convention spaces, dining options, entertainment venues, retail outlets, and more. Beyond traditional slots and table games, its casino activities also encompass online sports wagering and iGaming through its BetMGM platform. As of February 17, 2021, its extensive portfolio comprised 29 distinct hotel and gaming destinations. Notable assets include its properties on the Las Vegas Strip and the Fallen Oak golf course. The company caters to a diverse clientele, including high-stakes gamblers, vacationers, wholesale travel groups, business travelers, and organizational clients such as conventions, trade groups, and small conferences. Originally known as MGM MIRAGE, the firm rebranded to MGM Resorts International in June 2010. Established in 1986, MGM Resorts International is headquartered in Las Vegas, Nevada.

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