MGM Resorts

Consumer Discretionary Casinos & Gaming Paradise, Nevada Last filing Feb 11, 2026 · FY2025

                    Revenue
                    FY2025
                
$17.5B
                    3y CAGR +10.1%
                    
                    P71
                    
                    +1.7%
                    
                    Net income
                    FY2025
                
$205.9M
                    Net margin +1.2%
                    
                    P10
                    
                    -72.4%
                    
                    Total assets
                    FY2025
                
$41.4B
                    ROA +0.5%
                    
                    P8
                    
                    -2.0%
                    
                    Operating cash flow
                    FY2025
                
$2.5B
                    FCF margin +8.3%
                    
                    P40
                    
                    +7.1%

18 yrs · FY2008–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

30 accounts · 5 years

Total assets $41.4B

Total liabilities $38.1B

Shareholders equity $2.4B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	5.2%	5.9%	7.1%	13.2%	12.7%
Accounts Receivable	2.7%	2.5%	2.2%	1.9%	1.4%
Inventory	0.3%	0.3%	0.3%	0.3%	0.2%
Prepaid Expenses	1.2%	1.1%	1.8%	1.3%	0.6%
Other Current Assets	1.2%	1.1%	1.8%	1.3%	0.6%
Total Current Assets	10.5%	10.3%	11.6%	17.8%	15.7%
Property,Plant and Equipment	15.2%	14.7%	12.9%	11.4%	35.3%
Operating Lease Assets	55.6%	55.7%	56.7%	53.7%	28.1%
Goodwill	11.8%	12.2%	12.2%	11.0%	8.5%
Intangible Assets	3.3%	4.1%	4.1%	3.4%	8.8%
Deferred Tax Assets	0.2%	0.1%	14.1%	13.1%	7.8%
Other Noncurrent Assets	2.1%	2.0%	2.0%	2.3%	1.2%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	1.0%	1.0%	1.1%	0.8%	0.6%
Accrued Liabilities	7.4%	1.1%	0.8%	0.5%	0.4%
Operating Lease Liabilities	0.3%	0.2%	0.2%	0.1%	0.1%
Other Current Liabilities	7.2%	6.8%	6.1%	4.9%	4.8%
Total Current Liabilities	8.5%	7.9%	7.4%	9.9%	8.4%
Long Term Debt	15.1%	15.1%	15.0%	16.3%	28.8%
Operating Lease Liabilities Noncurrent	60.3%	59.4%	59.3%	55.0%	28.9%
Deferred Tax Liabilities	6.3%	6.7%	6.8%	6.5%	6.0%
Other Noncurrent Liabilities	1.9%	2.2%	1.3%	0.0%	0.0%
Total Liabilities	92.1%	91.2%	—	—	—
Equity
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	0.0%	0.0%	0.0%	0.0%	4.3%
Retained Earnings	5.1%	7.3%	8.6%	10.5%	10.6%
Accumulated Other Comprehensive Income	0.8%	-0.1%	0.3%	0.1%	-0.1%
Noncontrolling Interest	2.0%	1.6%	1.2%	0.8%	12.0%
Total Stockholders Equity	5.9%	7.2%	9.0%	10.6%	14.8%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

16 accounts · 5 years

Revenue $17.5B

Operating income $1.0B

Net income $205.9M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	42.4%	40.8%	38.2%	28.7%	23.7%
Expenses Cost of Revenue	40.1%	37.1%	33.5%	25.2%	18.3%
Expenses Selling,General and Administrative	11.8%	11.4%	11.1%	9.3%	6.1%
Expenses Depreciation and Amortization	2.5%	2.0%	1.9%	7.6%	2.8%
Expenses Share Based Compensation	0.2%	0.2%	0.2%	0.2%	0.2%
Expenses Operating Expenses	40.1%	37.1%	33.5%	25.2%	18.3%
Other Income Expense Operating Income	2.4%	3.5%	4.5%	3.2%	5.6%
Other Income Expense Other Income/expense	-0.7%	0.2%	0.1%	0.2%	0.2%
Other Income Expense Income Before Tax	0.7%	2.6%	3.5%	2.0%	3.6%
Income Tax Income Tax Expense	-0.6%	0.1%	0.4%	1.5%	0.6%
net Income net Income	0.5%	1.8%	2.7%	3.2%	3.1%
net Income Comprehensive Income	1.4%	1.3%	3.0%	3.3%	3.1%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	0.7%	0.7%	0.8%	0.9%	1.2%
Earnings Per Share Weighted Average Shares Diluted	0.7%	0.7%	0.8%	0.9%	1.2%

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 5 years

Operating cash flow $2.5B

Investing cash flow $-1.1B

Financing cash flow $-1.7B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	0.5%	1.8%	2.7%	3.2%	3.1%
Operating Activities Depreciation and Amortization	2.5%	2.0%	1.9%	7.6%	2.8%
Operating Activities Stock Based Compensation	0.2%	0.2%	0.2%	0.2%	0.2%
Operating Activities Deferred Income Taxes	-0.6%	-0.2%	-0.3%	1.1%	0.6%
Operating Activities Changes In Operating Assets and Liabilities	0.2%	0.3%	0.5%	0.6%	0.7%
Operating Activities Other Non Cash Items	-0.0%	0.3%	0.1%	-0.1%	-0.3%
Operating Activities net Cash From Operating Activities	6.1%	5.6%	6.4%	3.8%	3.4%
Investing Activities Capital Expenditures	2.6%	2.7%	2.2%	1.7%	1.2%
Investing Activities Business Acquisitions	0.0%	0.3%	0.3%	4.1%	4.4%
Investing Activities Other Investing Activities	0.1%	-0.4%	0.3%	1.1%	-0.1%
Investing Activities net Cash From Investing Activities	-2.8%	-3.0%	-1.7%	4.6%	3.8%
Financing Activities Proceeds From Debt	0.9%	5.0%	0.0%	0.0%	1.8%
Financing Activities Repayment of Debt	1.2%	5.2%	3.0%	2.3%	0.0%
Financing Activities Repurchase of Common Stock	3.0%	3.2%	5.4%	6.1%	4.3%
Financing Activities Dividends Paid	0.4%	0.0%	0.0%	0.0%	0.0%
Financing Activities Other Financing Activities	-0.4%	-0.0%	-0.3%	-0.2%	-0.4%
Financing Activities net Cash From Financing Activities	-4.2%	-3.7%	-11.8%	-6.6%	-6.9%
Cash Reconciliation Effect of Exchange Rate On Cash	0.0%	-0.1%	-0.0%	0.0%	-0.0%
Cash Reconciliation net Change In Cash	-0.9%	-1.2%	-7.1%	1.8%	0.2%
Cash Reconciliation Cash At Beginning of Period	5.2%	5.9%	7.1%	13.2%	12.7%
Cash Reconciliation Cash At End of Period	5.2%	5.9%	7.1%	13.2%	12.7%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+5.3%	+9.2%	+12.1%	+12.2%	+22.7%
Operating margin	+5.7%	+8.6%	+11.7%	+11.0%	+23.5%
Net margin	+1.2%	+4.3%	+7.1%	+11.2%	+13.0%
FCF margin	+8.3%	+7.0%	+10.9%	+7.6%	+9.1%
Growth
Revenue CAGR (3y)	+10.1%	+21.2%	+46.3%	+0.6%	-6.3%
Returns
ROE	+8.5%	+24.7%	+30.0%	+30.5%	+20.7%
ROA	+0.5%	+1.8%	+2.7%	+3.2%	+3.1%
ROIC	+15.4%	+20.6%	+23.7%	+4.4%	+13.8%
Liquidity
Current ratio	1.23x	1.30x	1.57x	1.81x	1.86x
Quick ratio	0.93x	1.07x	1.26x	1.53x	1.68x
Leverage
D/E	15.68x	12.74x	10.12x	8.46x	5.74x
Interest coverage	—	—	4.11x	2.42x	2.85x
Efficiency
Asset turnover	0.42x	0.41x	0.38x	0.29x	0.24x
Cash conversion cycle	+17d	+16d	+13d	+16d	+14d

Valuation

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FY2025 fundamentals · no price

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MGM Resorts

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