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 · 3 years

Total assets $41.4B

Total liabilities $38.1B

Shareholders equity $2.4B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	12.3%	14.5%	18.7%
Accounts Receivable	6.4%	6.2%	5.7%
Inventory	0.7%	0.8%	0.9%
Prepaid Expenses	2.8%	2.8%	4.8%
Other Current Assets	2.8%	2.8%	4.8%
Total Current Assets	24.7%	25.3%	30.4%
Property,Plant and Equipment	36.0%	35.9%	33.7%
Operating Lease Assets	131.2%	136.5%	148.6%
Goodwill	28.0%	29.8%	32.0%
Intangible Assets	7.7%	9.9%	10.7%
Deferred Tax Assets	0.5%	0.2%	36.9%
Other Noncurrent Assets	4.8%	5.0%	5.3%
Total Assets	235.9%	245.0%	262.1%
Liabilities
Accounts Payable	2.4%	2.4%	2.9%
Accrued Liabilities	17.5%	2.8%	2.0%
Operating Lease Liabilities	0.6%	0.6%	0.5%
Other Current Liabilities	17.1%	16.6%	16.1%
Total Current Liabilities	20.0%	19.4%	19.3%
Long Term Debt	35.5%	36.9%	39.2%
Operating Lease Liabilities Noncurrent	142.3%	145.4%	155.5%
Deferred Tax Liabilities	14.9%	16.3%	17.7%
Other Noncurrent Liabilities	4.4%	5.3%	3.4%
Total Liabilities	217.2%	223.4%	—
Equity
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	0.0%	0.0%	0.0%
Retained Earnings	12.0%	17.9%	22.7%
Accumulated Other Comprehensive Income	1.8%	-0.4%	0.9%
Noncontrolling Interest	4.7%	3.8%	3.2%
Total Stockholders Equity	13.9%	17.5%	23.6%
Total Liabilitiesand Equity	235.9%	245.0%	262.1%

Income Statement

Revenue, expense, and profitability

16 accounts · 3 years

Revenue $17.5B

Operating income $1.0B

Net income $205.9M

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Cost of Revenue	94.7%	90.8%	87.9%
Expenses Selling,General and Administrative	27.8%	28.0%	29.1%
Expenses Depreciation and Amortization	5.8%	4.8%	5.0%
Expenses Share Based Compensation	0.5%	0.5%	0.5%
Expenses Operating Expenses	94.7%	90.8%	87.9%
Other Income Expense Operating Income	5.7%	8.6%	11.7%
Other Income Expense Other Income/expense	-1.7%	0.4%	0.3%
Other Income Expense Income Before Tax	1.6%	6.5%	9.1%
Income Tax Income Tax Expense	-1.4%	0.3%	1.0%
net Income net Income	1.2%	4.3%	7.1%
net Income Comprehensive Income	3.4%	3.1%	7.7%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.6%	1.8%	2.2%
Earnings Per Share Weighted Average Shares Diluted	1.6%	1.8%	2.2%

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 3 years

Operating cash flow $2.5B

Investing cash flow $-1.1B

Financing cash flow $-1.7B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	1.2%	4.3%	7.1%
Operating Activities Depreciation and Amortization	5.8%	4.8%	5.0%
Operating Activities Stock Based Compensation	0.5%	0.5%	0.5%
Operating Activities Deferred Income Taxes	-1.4%	-0.5%	-0.7%
Operating Activities Changes In Operating Assets and Liabilities	0.4%	0.7%	1.2%
Operating Activities Other Non Cash Items	-0.0%	0.7%	0.2%
Operating Activities net Cash From Operating Activities	14.4%	13.7%	16.6%
Investing Activities Capital Expenditures	6.1%	6.7%	5.8%
Investing Activities Business Acquisitions	0.0%	0.7%	0.8%
Investing Activities Other Investing Activities	0.3%	-0.9%	0.8%
Investing Activities net Cash From Investing Activities	-6.5%	-7.4%	-4.4%
Financing Activities Proceeds From Debt	2.0%	12.2%	0.0%
Financing Activities Repayment of Debt	2.9%	12.6%	8.0%
Financing Activities Repurchase of Common Stock	7.0%	7.9%	14.2%
Financing Activities Dividends Paid	1.0%	0.0%	0.0%
Financing Activities Other Financing Activities	-0.9%	-0.1%	-0.8%
Financing Activities net Cash From Financing Activities	-9.9%	-9.1%	-31.0%
Cash Reconciliation Effect of Exchange Rate On Cash	0.0%	-0.2%	-0.1%
Cash Reconciliation net Change In Cash	-2.0%	-3.0%	-18.7%
Cash Reconciliation Cash At Beginning of Period	12.3%	14.5%	18.7%
Cash Reconciliation Cash At End of Period	12.3%	14.5%	18.7%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+5.3%	+9.2%	+12.1%
Operating margin	+5.7%	+8.6%	+11.7%
Net margin	+1.2%	+4.3%	+7.1%
FCF margin	+8.3%	+7.0%	+10.9%
Growth
Revenue CAGR (3y)	+10.1%	+21.2%	+46.3%
Returns
ROE	+8.5%	+24.7%	+30.0%
ROA	+0.5%	+1.8%	+2.7%
ROIC	+15.4%	+20.6%	+23.7%
Liquidity
Current ratio	1.23x	1.30x	1.57x
Quick ratio	0.93x	1.07x	1.26x
Leverage
D/E	15.68x	12.74x	10.12x
Interest coverage	—	—	4.11x
Efficiency
Asset turnover	0.42x	0.41x	0.38x
Cash conversion cycle	+17d	+16d	+13d

Valuation

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MGM Resorts

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