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 revenue.

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	12.3%	14.5%	18.7%	46.0%	53.7%	98.8%	18.1%	13.0%	13.9%	15.3%
Accounts Receivable	6.4%	6.2%	5.7%	6.5%	6.0%	6.1%	4.7%	5.6%	5.0%	5.7%
Inventory	0.7%	0.8%	0.9%	1.0%	1.0%	1.7%	0.8%	0.9%	0.9%	1.0%
Prepaid Expenses	2.8%	2.8%	4.8%	4.4%	2.7%	3.9%	1.6%	1.7%	1.8%	1.5%
Other Current Assets	2.8%	2.8%	4.8%	4.4%	2.7%	3.9%	1.6%	1.7%	1.8%	1.5%
Total Current Assets	24.7%	25.3%	30.4%	62.1%	66.3%	115.3%	31.1%	21.5%	22.0%	23.5%
Property,Plant and Equipment	36.0%	35.9%	33.7%	39.8%	149.1%	283.5%	141.8%	176.2%	181.9%	194.4%
Operating Lease Assets	131.2%	136.5%	148.6%	186.9%	118.7%	160.5%	34.1%	—	—	—
Goodwill	28.0%	29.8%	32.0%	38.3%	36.0%	40.5%	16.2%	15.5%	16.7%	19.2%
Intangible Assets	7.7%	9.9%	10.7%	11.8%	37.4%	70.6%	29.7%	33.5%	35.9%	43.1%
Deferred Tax Assets	0.5%	0.2%	36.9%	45.6%	33.0%	51.0%	10.8%	7.0%	8.2%	7.7%
Other Noncurrent Assets	4.8%	5.0%	5.3%	7.8%	5.1%	8.6%	3.5%	3.9%	4.0%	4.2%
Total Assets	235.9%	245.0%	262.1%	348.1%	422.5%	707.0%	262.6%	256.8%	270.1%	297.2%
Liabilities
Accounts Payable	2.4%	2.4%	2.9%	2.8%	2.7%	2.8%	1.8%	2.6%	2.4%	2.6%
Accrued Liabilities	17.5%	2.8%	2.0%	1.8%	1.9%	3.2%	1.8%	2.2%	1.7%	1.9%
Operating Lease Liabilities	0.6%	0.6%	0.5%	0.4%	0.3%	0.6%	0.5%	—	—	—
Other Current Liabilities	17.1%	16.6%	16.1%	17.0%	20.5%	29.9%	15.7%	18.3%	19.2%	16.8%
Total Current Liabilities	20.0%	19.4%	19.3%	34.4%	35.6%	36.0%	24.7%	25.1%	28.6%	24.2%
Long Term Debt	35.5%	36.9%	39.2%	56.6%	121.6%	239.8%	86.6%	128.3%	118.1%	136.9%
Operating Lease Liabilities Noncurrent	142.3%	145.4%	155.5%	191.6%	121.9%	162.5%	33.2%	—	—	—
Deferred Tax Liabilities	14.9%	16.3%	17.7%	22.6%	25.2%	41.7%	16.3%	11.4%	12.1%	26.9%
Other Noncurrent Liabilities	4.4%	5.3%	3.4%	0.0%	0.0%	0.0%	0.0%	2.2%	2.6%	3.4%
Total Liabilities	217.2%	223.4%	—	—	—	—	—	167.0%	161.5%	191.5%
Equity
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%	0.0%	0.0%	0.1%	0.1%
Additional Paid In Capital	0.0%	0.0%	0.0%	0.0%	18.1%	66.6%	27.4%	34.8%	49.6%	59.6%
Retained Earnings	12.0%	17.9%	22.7%	36.5%	44.8%	59.9%	32.6%	20.6%	20.9%	5.8%
Accumulated Other Comprehensive Income	1.8%	-0.4%	0.9%	0.3%	-0.3%	-0.6%	-0.1%	-0.1%	-0.0%	0.2%
Noncontrolling Interest	4.7%	3.8%	3.2%	2.9%	50.7%	90.6%	38.3%	33.6%	37.4%	39.6%
Total Stockholders Equity	13.9%	17.5%	23.6%	36.8%	62.7%	126.0%	59.9%	55.4%	70.5%	65.6%
Total Liabilitiesand Equity	235.9%	245.0%	262.1%	348.1%	422.5%	707.0%	262.6%	256.8%	270.1%	297.2%

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	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	94.7%	90.8%	87.9%	87.8%	77.3%	113.3%	70.4%	88.8%	85.5%	83.6%
Expenses Selling,General and Administrative	27.8%	28.0%	29.1%	32.2%	25.9%	41.1%	16.3%	15.0%	14.4%	14.5%
Expenses Depreciation and Amortization	5.8%	4.8%	5.0%	26.5%	11.9%	23.5%	10.1%	10.0%	9.2%	9.0%
Expenses Share Based Compensation	0.5%	0.5%	0.5%	0.5%	0.7%	2.1%	0.7%	0.6%	0.6%	0.6%
Expenses Operating Expenses	94.7%	90.8%	87.9%	87.8%	77.3%	113.3%	70.4%	88.8%	85.5%	83.6%
Other Income Expense Operating Income	5.7%	8.6%	11.7%	11.0%	23.5%	-12.4%	30.5%	12.5%	15.9%	21.9%
Other Income Expense Other Income/expense	-1.7%	0.4%	0.3%	0.6%	0.7%	-1.7%	-1.4%	-0.2%	-0.4%	-0.8%
Other Income Expense Income Before Tax	1.6%	6.5%	9.1%	6.9%	15.1%	-29.3%	22.1%	5.4%	8.9%	13.3%
Income Tax Income Tax Expense	-1.4%	0.3%	1.0%	5.3%	2.6%	-3.7%	4.9%	0.4%	-10.4%	0.2%
net Income net Income	1.2%	4.3%	7.1%	11.2%	13.0%	-20.0%	15.9%	4.0%	18.1%	11.6%
net Income Comprehensive Income	3.4%	3.1%	7.7%	11.6%	13.0%	-20.6%	15.9%	3.9%	17.9%	11.6%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	-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%	-0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.6%	1.8%	2.2%	3.1%	5.0%	9.6%	4.1%	4.6%	5.3%	6.0%
Earnings Per Share Weighted Average Shares Diluted	1.6%	1.8%	2.2%	3.1%	5.0%	9.6%	4.1%	4.7%	5.4%	6.0%

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	1.2%	4.3%	7.1%	11.2%	13.0%	-20.0%	15.9%	4.0%	18.1%	11.6%
Operating Activities Depreciation and Amortization	5.8%	4.8%	5.0%	26.5%	11.9%	23.5%	10.1%	10.0%	9.2%	9.0%
Operating Activities Stock Based Compensation	0.5%	0.5%	0.5%	0.5%	0.7%	2.1%	0.7%	0.6%	0.6%	0.6%
Operating Activities Deferred Income Taxes	-1.4%	-0.5%	-0.7%	3.8%	2.5%	0.4%	4.6%	0.4%	-11.7%	-0.9%
Operating Activities Changes In Operating Assets and Liabilities	0.4%	0.7%	1.2%	1.9%	2.8%	-18.9%	5.5%	1.4%	0.7%	0.0%
Operating Activities Other Non Cash Items	-0.0%	0.7%	0.2%	-0.3%	-1.4%	-0.9%	-0.3%	-0.3%	-0.2%	-0.4%
Operating Activities net Cash From Operating Activities	14.4%	13.7%	16.6%	13.4%	14.2%	-28.9%	14.0%	14.6%	20.4%	16.2%
Investing Activities Capital Expenditures	6.1%	6.7%	5.8%	5.8%	5.1%	5.2%	5.7%	12.6%	17.3%	23.9%
Investing Activities Business Acquisitions	0.0%	0.7%	0.8%	14.4%	18.5%	—	—	—	0.0%	5.9%
Investing Activities Other Investing Activities	0.3%	-0.9%	0.8%	4.0%	-0.5%	-0.0%	0.2%	0.1%	0.0%	0.1%
Investing Activities net Cash From Investing Activities	-6.5%	-7.4%	-4.4%	16.1%	15.9%	41.8%	27.3%	-17.7%	-14.6%	-24.0%
Financing Activities Proceeds From Debt	2.0%	12.2%	0.0%	0.0%	7.7%	68.8%	25.2%	8.5%	3.2%	21.6%
Financing Activities Repayment of Debt	2.9%	12.6%	8.0%	8.2%	0.0%	16.4%	29.2%	0.0%	4.7%	23.8%
Financing Activities Repurchase of Common Stock	7.0%	7.9%	14.2%	21.1%	18.1%	6.9%	8.0%	10.9%	3.0%	0.0%
Financing Activities Dividends Paid	1.0%	0.0%	0.0%	0.0%	0.0%	1.5%	2.1%	2.2%	2.3%	0.0%
Financing Activities Other Financing Activities	-0.9%	-0.1%	-0.8%	-0.8%	-1.6%	-1.0%	-0.3%	-0.4%	-0.5%	-0.2%
Financing Activities net Cash From Financing Activities	-9.9%	-9.1%	-31.0%	-23.0%	-29.1%	40.7%	-35.1%	3.3%	-5.3%	5.5%
Cash Reconciliation Effect of Exchange Rate On Cash	0.0%	-0.2%	-0.1%	0.1%	-0.0%	0.0%	0.0%	-0.0%	-0.0%	-0.0%
Cash Reconciliation net Change In Cash	-2.0%	-3.0%	-18.7%	6.3%	1.0%	53.7%	6.2%	0.2%	0.5%	-2.4%
Cash Reconciliation Cash At Beginning of Period	12.3%	14.5%	18.7%	46.0%	53.7%	98.8%	18.1%	13.0%	13.9%	15.3%
Cash Reconciliation Cash At End of Period	12.3%	14.5%	18.7%	46.0%	53.7%	98.8%	18.1%	13.0%	13.9%	15.3%

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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