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

Balance Sheet

Assets, liabilities, and equity

30 accounts · 10 years

Total assets $41.4B

Total liabilities $38.1B

Shareholders equity $2.4B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	$2.2B -14.1%	$2.5B -17.0%	$3.0B -50.1%	$6.0B 16.0%	$5.2B 2.0%	$5.1B 119.0%	$2.3B 52.6%	$1.5B 1.8%	$1.5B 3.7%	$1.4B
Accounts Receivable	$1.1B 4.8%	$1.1B 15.3%	$929.1M 9.0%	$852.1M 45.9%	$583.9M 84.5%	$316.5M -48.3%	$612.7M -6.8%	$657.2M 21.6%	$540.5M -0.4%	$542.9M
Inventory	$124.5M -11.4%	$140.6M -0.8%	$141.7M 12.4%	$126.1M 30.8%	$96.4M 9.1%	$88.3M -14.2%	$102.9M -7.2%	$110.8M 8.3%	$102.3M 4.7%	$97.7M
Prepaid Expenses	$486.4M 1.6%	$478.6M -37.9%	$770.5M 32.1%	$583.1M 125.2%	$259.0M 29.0%	$200.8M 0.2%	$200.3M -1.6%	$203.5M 7.6%	$189.2M 32.9%	$142.3M
Other Current Assets	$486.4M 1.6%	$478.6M -37.9%	$770.5M 32.1%	$583.1M 125.2%	$259.0M 29.0%	$200.8M 0.2%	$200.3M -1.6%	$203.5M 7.6%	$189.2M 32.9%	$142.3M
Total Current Assets	$4.3B -0.7%	$4.4B -11.1%	$4.9B -39.8%	$8.2B 27.1%	$6.4B 7.8%	$6.0B 48.5%	$4.0B 58.6%	$2.5B 6.4%	$2.4B 6.5%	$2.2B
Property,Plant and Equipment	$6.3B 1.8%	$6.2B 13.7%	$5.4B 4.3%	$5.2B -63.8%	$14.4B -1.3%	$14.6B -20.0%	$18.3B -11.8%	$20.7B 5.6%	$19.6B 6.6%	$18.4B
Operating Lease Assets	$23.0B -2.3%	$23.5B -2.1%	$24.0B -2.1%	$24.5B 113.4%	$11.5B 38.7%	$8.3B 88.7%	$4.4B	—	—	—
Goodwill	$4.9B -4.7%	$5.1B -0.4%	$5.2B 2.7%	$5.0B 44.5%	$3.5B 66.5%	$2.1B 0.3%	$2.1B 14.4%	$1.8B 0.8%	$1.8B -0.6%	$1.8B
Intangible Assets	$1.4B -20.9%	$1.7B -0.5%	$1.7B 11.2%	$1.6B -57.1%	$3.6B -0.8%	$3.6B -4.8%	$3.8B -3.0%	$3.9B 1.7%	$3.9B -5.1%	$4.1B
Deferred Tax Assets	$89.8M 126.8%	$39.6M -99.3%	$6.0B -0.3%	$6.0B 87.3%	$3.2B 21.3%	$2.6B 89.5%	$1.4B 67.9%	$827.7M -6.5%	$884.9M 20.6%	$733.5M
Other Noncurrent Assets	$848.5M -1.2%	$859.0M 1.1%	$849.9M -17.4%	$1.0B 109.9%	$490.2M 10.6%	$443.4M -2.9%	$456.8M 0.3%	$455.3M 5.8%	$430.4M 9.4%	$393.4M
Total Assets	$41.4B -2.0%	$42.2B -0.3%	$42.4B -7.3%	$45.7B 11.7%	$40.9B 12.1%	$36.5B 7.7%	$33.9B 12.1%	$30.2B 3.6%	$29.2B 3.5%	$28.2B
Liabilities
Accounts Payable	$421.5M 2.1%	$412.7M -10.6%	$461.7M 24.9%	$369.8M 40.6%	$263.1M 84.6%	$142.5M -39.5%	$235.4M -22.2%	$302.6M 18.6%	$255.0M 1.8%	$250.5M
Accrued Liabilities	$3.1B 541.3%	$477.9M 48.8%	$321.2M 37.0%	$234.5M 29.4%	$181.3M 9.6%	$165.3M -27.3%	$227.4M -12.8%	$260.9M 46.3%	$178.3M -1.1%	$180.3M
Operating Lease Liabilities	$106.0M 8.1%	$98.0M 30.7%	$75.0M 38.9%	$54.0M 70.3%	$31.7M -0.4%	$31.8M -52.8%	$67.5M	—	—	—
Other Current Liabilities	$3.0B 4.3%	$2.9B 10.2%	$2.6B 16.4%	$2.2B 12.7%	$2.0B 28.4%	$1.5B -23.7%	$2.0B -5.9%	$2.2B 4.0%	$2.1B 29.7%	$1.6B
Total Current Liabilities	$3.5B 4.8%	$3.4B 7.2%	$3.1B -30.8%	$4.5B 31.2%	$3.4B 85.4%	$1.9B -41.8%	$3.2B 8.2%	$2.9B -4.6%	$3.1B 34.8%	$2.3B
Long Term Debt	$6.2B -2.1%	$6.4B 0.3%	$6.3B -14.7%	$7.4B -36.9%	$11.8B -4.9%	$12.4B 10.8%	$11.2B -26.0%	$15.1B 18.3%	$12.8B -1.8%	$13.0B
Operating Lease Liabilities Noncurrent	$25.0B -0.5%	$25.1B -0.2%	$25.1B -0.1%	$25.1B 113.1%	$11.8B 40.7%	$8.4B 96.1%	$4.3B	—	—	—
Deferred Tax Liabilities	$2.6B -6.9%	$2.8B -1.7%	$2.9B -3.7%	$3.0B 21.7%	$2.4B 13.3%	$2.2B 2.2%	$2.1B 56.9%	$1.3B 2.9%	$1.3B -48.9%	$2.6B
Other Noncurrent Liabilities	$775.4M -14.8%	$910.1M 67.7%	$542.7M	$0	$0	$0	$0 -100.0%	$259.2M -8.9%	$284.4M -12.8%	$326.0M
Total Liabilities	$38.1B -1.1%	$38.5B	—	—	—	—	—	$19.6B 12.7%	$17.4B -4.0%	$18.1B
Equity
Common Stock	$2.6M -12.3%	$2.9M -9.9%	$3.3M -13.8%	$3.8M -16.5%	$4.5M -8.2%	$4.9M -1.7%	$5.0M -4.6%	$5.3M -6.9%	$5.7M -1.4%	$5.7M
Additional Paid In Capital	$0	$0	$0	$0 -100.0%	$1.8B -49.1%	$3.4B -2.6%	$3.5B -13.7%	$4.1B -23.6%	$5.4B -5.2%	$5.7B
Retained Earnings	$2.1B -31.6%	$3.1B -15.9%	$3.7B -23.6%	$4.8B 10.5%	$4.3B 40.4%	$3.1B -26.4%	$4.2B 73.4%	$2.4B 7.6%	$2.3B 312.8%	$545.8M
Accumulated Other Comprehensive Income	$320.5M 623.6%	$-61.2M -142.5%	$143.9M 329.6%	$33.5M 236.1%	$-24.6M 19.8%	$-30.7M -200.7%	$-10.2M -19.2%	$-8.6M -137.0%	$-3.6M -124.0%	$15.1M
Noncontrolling Interest	$824.6M 24.6%	$661.7M 26.5%	$523.0M 38.1%	$378.6M -92.3%	$4.9B 4.9%	$4.7B -5.3%	$4.9B 24.7%	$4.0B -1.9%	$4.0B 7.6%	$3.7B
Total Stockholders Equity	$2.4B -19.6%	$3.0B -20.7%	$3.8B -21.1%	$4.8B -20.4%	$6.1B -6.7%	$6.5B -15.8%	$7.7B 18.7%	$6.5B -14.5%	$7.6B 22.4%	$6.2B
Total Liabilitiesand Equity	$41.4B -2.0%	$42.2B -0.3%	$42.4B -7.3%	$45.7B 11.7%	$40.9B 12.1%	$36.5B 7.7%	$33.9B 12.1%	$30.2B 3.6%	$29.2B 3.5%	$28.2B

Income Statement

Revenue, expense, and profitability

16 accounts · 10 years

Revenue $17.5B

Operating income $1.0B

Net income $205.9M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	$17.5B 1.7%	$17.2B 6.7%	$16.2B 23.1%	$13.1B 35.6%	$9.7B 87.5%	$5.2B -60.0%	$12.9B 9.7%	$11.8B 8.9%	$10.8B 13.9%	$9.5B
Expenses Cost of Revenue	$16.6B 6.0%	$15.7B 10.2%	$14.2B 23.3%	$11.5B 54.0%	$7.5B 28.0%	$5.8B -35.6%	$9.1B -13.0%	$10.4B 13.1%	$9.2B 16.4%	$7.9B
Expenses Selling,General and Administrative	$4.9B 1.1%	$4.8B 2.7%	$4.7B 11.2%	$4.2B 68.6%	$2.5B 18.1%	$2.1B 1.0%	$2.1B 19.1%	$1.8B 13.1%	$1.6B 13.1%	$1.4B
Expenses Depreciation and Amortization	$1.0B 22.5%	$831.1M 2.1%	$814.1M -76.6%	$3.5B 202.6%	$1.2B -5.0%	$1.2B -7.2%	$1.3B 10.7%	$1.2B 18.6%	$993.5M 16.9%	$849.5M
Expenses Share Based Compensation	$90.5M 12.8%	$80.2M 9.0%	$73.6M 3.2%	$71.3M 9.4%	$65.2M -39.1%	$107.0M 20.4%	$88.8M 26.6%	$70.2M 12.3%	$62.5M 12.6%	$55.5M
Expenses Operating Expenses	$16.6B 6.0%	$15.7B 10.2%	$14.2B 23.3%	$11.5B 54.0%	$7.5B 28.0%	$5.8B -35.6%	$9.1B -13.0%	$10.4B 13.1%	$9.2B 16.4%	$7.9B
Other Income Expense Operating Income	$1.0B -32.8%	$1.5B -21.2%	$1.9B 31.4%	$1.4B -36.8%	$2.3B 454.7%	$-642.4M -116.3%	$3.9B 168.1%	$1.5B -14.2%	$1.7B -17.6%	$2.1B
Other Income Expense Other Income/expense	$-303.1M -529.5%	$70.6M 65.7%	$42.6M -48.6%	$82.8M 25.6%	$65.9M 173.8%	$-89.4M 51.2%	$-183.3M -910.3%	$-18.1M 62.4%	$-48.2M 33.6%	$-72.7M
Other Income Expense Income Before Tax	$280.8M -74.9%	$1.1B -24.2%	$1.5B 63.0%	$903.8M -38.2%	$1.5B 196.7%	$-1.5B -153.1%	$2.8B 349.0%	$634.0M -34.0%	$960.8M -23.6%	$1.3B
Income Tax Income Tax Expense	$-240.1M -557.7%	$52.5M -66.8%	$157.8M -77.4%	$697.1M 175.1%	$253.4M 232.3%	$-191.6M -130.3%	$632.3M 1161.9%	$50.1M 104.4%	$-1.1B -5285.1%	$21.7M
net Income net Income	$205.9M -72.4%	$746.6M -34.6%	$1.1B -22.5%	$1.5B 17.4%	$1.3B 221.5%	$-1.0B -150.4%	$2.0B 339.0%	$466.8M -76.1%	$2.0B 77.4%	$1.1B
net Income Comprehensive Income	$587.6M 8.5%	$541.4M -56.8%	$1.3B -17.6%	$1.5B 21.3%	$1.3B 218.2%	$-1.1B -151.9%	$2.0B 342.9%	$461.8M -76.1%	$1.9B 75.7%	$1.1B
Earnings Per Share Basic Eps	$1 -68.2%	$2 -24.8%	$3 -8.5%	$4 44.3%	$2 220.8%	$-2 -151.8%	$4 375.6%	$1 -75.7%	$3 74.2%	$2
Earnings Per Share Diluted Eps	$1 -68.3%	$2 -24.8%	$3 -8.6%	$3 44.8%	$2 219.3%	$-2 -152.1%	$4 379.0%	$1 -75.7%	$3 74.0%	$2
Earnings Per Share Weighted Average Shares Basic	$275.0M -10.5%	$307.4M -13.4%	$354.9M -13.3%	$409.2M -15.1%	$481.9M -2.5%	$494.2M -5.7%	$524.2M -3.7%	$544.3M -4.9%	$572.3M 0.7%	$568.1M
Earnings Per Share Weighted Average Shares Diluted	$277.3M -10.6%	$310.2M -13.5%	$358.6M -13.2%	$413.0M -15.3%	$487.4M -1.4%	$494.2M -6.3%	$527.6M -4.0%	$549.5M -5.1%	$578.8M 1.0%	$573.3M

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 10 years

Operating cash flow $2.5B

Investing cash flow $-1.1B

Financing cash flow $-1.7B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	$205.9M -72.4%	$746.6M -34.6%	$1.1B -22.5%	$1.5B 17.4%	$1.3B 221.5%	$-1.0B -150.4%	$2.0B 339.0%	$466.8M -76.1%	$2.0B 77.4%	$1.1B
Operating Activities Depreciation and Amortization	$1.0B 22.5%	$831.1M 2.1%	$814.1M -76.6%	$3.5B 202.6%	$1.2B -5.0%	$1.2B -7.2%	$1.3B 10.7%	$1.2B 18.6%	$993.5M 16.9%	$849.5M
Operating Activities Stock Based Compensation	$90.5M 12.8%	$80.2M 9.0%	$73.6M 3.2%	$71.3M 9.4%	$65.2M -39.1%	$107.0M 20.4%	$88.8M 26.6%	$70.2M 12.3%	$62.5M 12.6%	$55.5M
Operating Activities Deferred Income Taxes	$-245.6M -188.5%	$-85.1M 27.4%	$-117.3M -123.6%	$496.2M 105.1%	$241.9M 1218.7%	$18.3M -96.9%	$595.0M 1173.6%	$46.7M 103.7%	$-1.3B -1451.3%	$-81.2M
Operating Activities Changes In Operating Assets and Liabilities	$70.0M -42.3%	$121.3M -38.9%	$198.7M -21.4%	$252.7M -6.3%	$269.7M 127.7%	$-974.8M -236.8%	$712.5M 329.0%	$166.1M 114.7%	$77.4M 8813.2%	$868.0K
Operating Activities Other Non Cash Items	$-7.8M -106.3%	$124.2M 216.6%	$39.2M 214.9%	$-34.1M 75.3%	$-138.2M -183.5%	$-48.8M -35.8%	$-35.9M -4.1%	$-34.5M -62.9%	$-21.2M 46.7%	$-39.8M
Operating Activities net Cash From Operating Activities	$2.5B 7.1%	$2.4B -12.2%	$2.7B 53.2%	$1.8B 27.9%	$1.4B 192.0%	$-1.5B -182.5%	$1.8B 5.1%	$1.7B -21.9%	$2.2B 43.8%	$1.5B
Investing Activities Capital Expenditures	$1.1B -7.1%	$1.2B 23.5%	$931.8M 21.8%	$765.1M 55.9%	$490.7M 81.4%	$270.6M -63.4%	$739.0M -50.3%	$1.5B -20.2%	$1.9B -17.6%	$2.3B
Investing Activities Business Acquisitions	$0 -100.0%	$113.9M -6.7%	$122.1M -93.5%	$1.9B 5.6%	$1.8B	—	—	—	$0 -100.0%	$559.4M
Investing Activities Other Investing Activities	$48.5M 132.8%	$-147.9M -217.4%	$125.9M -75.9%	$523.4M 1235.0%	$-46.1M -5181.8%	$-873.0K -102.8%	$31.1M 80.8%	$17.2M 905.1%	$1.7M -85.4%	$11.7M
Investing Activities net Cash From Investing Activities	$-1.1B 11.1%	$-1.3B -79.7%	$-714.2M -133.7%	$2.1B 37.2%	$1.5B -28.5%	$2.2B -38.6%	$3.5B 269.0%	$-2.1B -31.8%	$-1.6B 30.6%	$-2.3B
Financing Activities Proceeds From Debt	$353.8M -83.2%	$2.1B	$0	$0 -100.0%	$749.8M -78.9%	$3.5B 9.2%	$3.2B 225.0%	$1.0B 185.7%	$350.0M -82.9%	$2.0B
Financing Activities Repayment of Debt	$500.0M -77.0%	$2.2B 69.2%	$1.3B 20.1%	$1.1B	$0 -100.0%	$846.8M -77.5%	$3.8B 166088.4%	$2.3M -99.5%	$502.7M -77.7%	$2.3B
Financing Activities Repurchase of Common Stock	$1.2B -9.5%	$1.4B -40.8%	$2.3B -17.4%	$2.8B 58.3%	$1.8B 395.7%	$353.7M -65.7%	$1.0B -19.6%	$1.3B 291.9%	$327.5M	$0
Financing Activities Dividends Paid	$169.2M	$0	$0 -100.0%	$4.0M -15.5%	$4.8M -93.8%	$77.6M -71.4%	$271.3M 4.1%	$260.6M 3.4%	$252.0M	$0
Financing Activities Other Financing Activities	$-153.1M -1616.4%	$-8.9M 93.2%	$-131.2M -18.3%	$-110.9M 30.4%	$-159.3M -195.3%	$-53.9M -28.8%	$-41.9M 7.7%	$-45.4M 22.8%	$-58.8M -249.8%	$-16.8M
Financing Activities net Cash From Financing Activities	$-1.7B -10.7%	$-1.6B 68.7%	$-5.0B -65.5%	$-3.0B -7.5%	$-2.8B -233.8%	$2.1B 146.4%	$-4.5B -1263.7%	$389.2M 168.4%	$-568.8M -209.5%	$519.4M
Cash Reconciliation Effect of Exchange Rate On Cash	$4.4M 116.4%	$-26.9M -38.6%	$-19.4M -317.4%	$8.9M 675.5%	$-1.6M -166.1%	$2.3M -9.8%	$2.6M 231.0%	$-2.0M 45.3%	$-3.6M -293.8%	$-921.0K
Cash Reconciliation net Change In Cash	$-352.7M 31.1%	$-511.8M 83.1%	$-3.0B -462.6%	$833.3M 721.6%	$101.4M -96.3%	$2.8B 245.3%	$802.8M 2899.4%	$26.8M -49.9%	$53.4M 123.9%	$-223.7M
Cash Reconciliation Cash At Beginning of Period	$2.2B -14.1%	$2.5B -17.0%	$3.0B -50.1%	$6.0B 16.0%	$5.2B 2.0%	$5.1B 119.0%	$2.3B 52.6%	$1.5B 1.8%	$1.5B 3.7%	$1.4B
Cash Reconciliation Cash At End of Period	$2.2B -14.1%	$2.5B -17.0%	$3.0B -50.1%	$6.0B 16.0%	$5.2B 2.0%	$5.1B 119.0%	$2.3B 52.6%	$1.5B 1.8%	$1.5B 3.7%	$1.4B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+5.3%	+9.2%	+12.1%	+12.2%	+22.7%	-13.3%	+29.6%	+11.2%	+14.5%	+16.4%
Operating margin	+5.7%	+8.6%	+11.7%	+11.0%	+23.5%	-12.4%	+30.5%	+12.5%	+15.9%	+21.9%
Net margin	+1.2%	+4.3%	+7.1%	+11.2%	+13.0%	-20.0%	+15.9%	+4.0%	+18.1%	+11.6%
FCF margin	+8.3%	+7.0%	+10.9%	+7.6%	+9.1%	-34.2%	+8.3%	+2.0%	+3.2%	-7.7%
Growth
Revenue CAGR (3y)	+10.1%	+21.2%	+46.3%	+0.6%	-6.3%	-21.8%	+10.8%	+8.6%	+2.3%	-1.1%
Returns
ROE	+8.5%	+24.7%	+30.0%	+30.5%	+20.7%	-15.9%	+26.5%	+7.2%	+25.6%	+17.7%
ROA	+0.5%	+1.8%	+2.7%	+3.2%	+3.1%	-2.8%	+6.0%	+1.5%	+6.7%	+3.9%
ROIC	+15.4%	+20.6%	+23.7%	+4.4%	+13.8%	-4.7%	+18.5%	+6.7%	+9.0%	+11.5%
Liquidity
Current ratio	1.23x	1.30x	1.57x	1.81x	1.86x	3.21x	1.26x	0.86x	0.77x	0.97x
Quick ratio	0.93x	1.07x	1.26x	1.53x	1.68x	2.92x	0.92x	0.74x	0.66x	0.87x
Leverage
D/E	15.68x	12.74x	10.12x	8.46x	5.74x	4.61x	3.38x	3.02x	2.29x	2.92x
Interest coverage	—	—	4.11x	2.42x	2.85x	-0.95x	4.65x	1.91x	2.56x	2.99x
Efficiency
Asset turnover	0.42x	0.41x	0.38x	0.29x	0.24x	0.14x	0.38x	0.39x	0.37x	0.34x
Cash conversion cycle	+17d	+16d	+13d	+16d	+14d	+19d	+12d	+14d	+12d	+14d

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