Red Rock Resorts (RRR) Financials

$52.56 -1.92 (-3.52%)

Closing price 04:00 PM Eastern

Extended Trading

$52.55 -0.01 (-0.01%)

As of 06:53 PM Eastern

Annual Income Statements for Red Rock Resorts

This table shows Red Rock Resorts' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	138	92	35	158	-3.35	-150	242	205	176	154	188
Consolidated Net Income / (Loss)	143	156	64	219	-6.74	-175	355	390	338	291	356
Net Income / (Loss) Continuing Operations	143	156	64	219	-6.74	-175	355	390	338	291	356
Total Pre-Tax Income	143	164	198	243	-8.47	-60	286	435	381	328	402
Total Operating Income	287	310	331	372	186	89	402	561	559	569	597
Total Gross Profit	795	850	883	887	907	681	1,065	1,075	1,098	1,195	1,255
Total Revenue	1,352	1,476	1,642	1,681	1,857	1,182	1,618	1,664	1,724	1,939	2,011
Operating Revenue	1,385	1,402	1,642	1,681	1,857	1,182	1,618	1,664	1,724	1,939	2,011
Total Cost of Revenue	557	626	759	794	950	501	552	589	626	744	756
Operating Cost of Revenue	557	626	759	794	950	501	552	589	626	744	756
Total Operating Expenses	508	540	552	515	721	593	664	514	539	626	658
Selling, General & Admin Expense	353	358	381	390	416	325	347	353	374	432	441
Depreciation Expense	138	157	178	180	222	231	158	128	133	187	197
Other Operating Expenses / (Income)	11	25	-9.37	-56	82	37	-19	-48	32	6.71	19
Total Other Income / (Expense), net	-144	-146	-135	-131	-194	-149	-116	-126	-178	-240	-195
Interest Expense	145	147	148	143	177	128	117	130	181	243	202
Interest & Investment Income	0.81	1.91	1.63	2.19	1.93	1.10	3.29	3.47	3.10	2.45	2.61
Other Income / (Expense), net	-0.00	0.04	14	12	-20	-22	-2.59	0.00	0.00	0.27	4.19
Income Tax Expense	0.00	8.24	135	24	-1.73	114	-69	45	43	37	47
Net Income / (Loss) Attributable to Noncontrolling Interest	5.59	64	28	62	-3.39	-24	113	185	162	137	168
Basic Earnings per Share	$1.53	$1.04	$0.53	$2.28	($0.05)	($2.13)	$3.50	$3.48	$3.04	$2.61	$3.19
Weighted Average Basic Shares Outstanding	9.89M	34.14M	67.40M	69.12M	69.57M	70.54M	69.07M	58.98M	57.88M	59.03M	58.96M
Diluted Earnings per Share	$1.53	$1.03	$0.42	$1.77	($0.05)	($2.13)	$2.84	$3.36	$2.94	$2.53	$3.12
Weighted Average Diluted Shares Outstanding	9.89M	34.29M	115.93M	116.86M	69.57M	70.54M	116.45M	104.66M	103.22M	103.67M	102.60M
Weighted Average Basic & Diluted Shares Outstanding	90M	89.30M	68.10M	116.62M	117.29M	117.31M	107.26M	104.14M	105.19M	106.04M	105.03M

This table shows Red Rock Resorts' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	36	56	43	36	29	47	45	56	42	45	43
Consolidated Net Income / (Loss)	68	109	78	70	55	88	86	108	77	85	83
Net Income / (Loss) Continuing Operations	68	109	78	70	55	88	86	108	77	85	83
Total Pre-Tax Income	78	124	85	82	63	99	99	124	83	96	96
Total Operating Income	123	172	156	140	131	142	154	168	131	144	144
Total Gross Profit	262	292	307	300	284	303	311	332	296	316	319
Total Revenue	412	463	489	486	468	496	498	526	476	512	507
Operating Revenue	412	463	489	486	468	496	498	526	476	512	507
Total Cost of Revenue	150	171	182	186	184	193	186	194	180	196	189
Operating Cost of Revenue	150	171	182	186	184	193	186	194	180	196	189
Total Operating Expenses	139	120	152	160	154	160	157	164	164	172	175
Selling, General & Admin Expense	92	97	105	111	109	107	105	112	113	112	114
Depreciation Expense	33	36	45	47	47	48	48	48	49	52	56
Other Operating Expenses / (Income)	15	-	2.14	2.19	-2.59	4.96	4.06	4.01	2.44	8.51	4.71
Total Other Income / (Expense), net	-45	-47	-71	-59	-67	-43	-56	-44	-48	-48	-48
Interest Expense	46	49	72	57	58	56	51	51	50	50	50
Interest & Investment Income	0.64	0.80	0.72	0.72	0.55	0.45	0.71	0.61	0.66	0.63	0.71
Other Income / (Expense), net	0.00	-	0.00	-1.92	-9.75	12	-5.19	6.17	1.85	1.37	0.97
Income Tax Expense	9.25	15	6.27	12	8.06	11	13	16	6.62	11	13
Net Income / (Loss) Attributable to Noncontrolling Interest	33	53	36	34	26	41	41	52	35	40	40
Basic Earnings per Share	$0.61	$0.98	$0.73	$0.60	$0.49	$0.79	$0.76	$0.96	$0.72	$0.75	$0.74
Weighted Average Basic Shares Outstanding	57.96M	57.88M	58.78M	59.07M	59.09M	59.03M	59.20M	58.96M	59.02M	58.96M	58.20M
Diluted Earnings per Share	$0.60	$0.94	$0.68	$0.59	$0.48	$0.78	$0.75	$0.95	$0.68	$0.74	$0.73
Weighted Average Diluted Shares Outstanding	103.21M	103.22M	103.73M	60.75M	103.69M	103.67M	103.39M	102.73M	102.66M	102.60M	59.37M
Weighted Average Basic & Diluted Shares Outstanding	104.38M	105.19M	105.60M	105.60M	105.62M	106.04M	106.08M	105.49M	105.86M	105.03M	104.35M

This table details how cash moves in and out of Red Rock Resorts' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-6.69	20	99	-116	19	-7.21	367	-190	-2.28	40	-35
Net Cash From Operating Activities	349	346	290	346	317	213	610	542	494	548	610
Net Cash From Continuing Operating Activities	349	346	290	346	320	-67	796	542	472	562	596
Net Income / (Loss) Continuing Operations	143	156	64	219	-6.74	-175	355	390	338	291	356
Consolidated Net Income / (Loss)	143	156	64	219	-6.74	-175	355	390	338	291	356
Depreciation Expense	138	157	178	180	222	231	158	128	133	187	197
Amortization Expense	19	17	17	16	16	10	9.59	9.63	9.61	7.40	7.14
Non-Cash Adjustments To Reconcile Net Income	42	7.60	26	-18	61	39	197	20	-11	33	43
Changes in Operating Assets and Liabilities, net	7.11	8.71	5.17	-51	28	-174	76	-7.13	3.06	43	-7.72
Net Cash From Investing Activities	-106	-442	-282	-607	-405	-70	586	-442	-654	-322	-246
Net Cash From Continuing Investing Activities	-106	-442	-282	-607	-405	-70	586	-442	-654	-322	-246
Purchase of Property, Plant & Equipment	-130	-162	-248	-615	-411	-58	-66	-329	-700	-284	-319
Sale of Property, Plant & Equipment	26	11	1.05	4.70	0.94	0.58	678	122	59	0.37	0.42
Other Investing Activities, net	-3.65	12	-36	-7.19	-6.48	2.37	-13	-235	-14	-38	73
Net Cash From Financing Activities	-250	115	90	144	103	-150	-1,015	-290	180	-200	-386
Net Cash From Continuing Financing Activities	-250	115	90	144	103	-150	-1,015	-290	180	-200	-386
Repayment of Debt	-94	-1,641	-1,198	-225	-582	-1,946	-1,243	-172	-139	-2,470	-416
Repurchase of Common Equity	-	-	-	-	-0.38	0.00	-503	-142	0.00	-3.92	-85
Payment of Dividends	-222	-638	-65	-48	-47	-12	-441	-269	-135	-245	-257
Issuance of Debt	75	1,873	1,356	440	733	1,808	1,175	298	475	2,535	399
Other Financing Activities, net	-8.95	-11	-1.98	-23	-	0.32	-2.25	-4.53	-21	-16	-27
Cash Interest Paid	122	116	119	124	143	109	98	120	171	210	198

This table details how cash moves in and out of Red Rock Resorts' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	22	-7.82	-17	5.57	-38	84	-24	-1.57	-8.92	-0.82	-6.51
Net Cash From Operating Activities	100	159	126	143	131	148	126	158	168	157	140
Net Cash From Continuing Operating Activities	100	136	118	141	112	185	116	162	172	146	142
Net Income / (Loss) Continuing Operations	68	109	78	70	55	88	86	108	77	85	83
Consolidated Net Income / (Loss)	68	109	78	70	55	88	86	108	77	85	83
Depreciation Expense	33	36	45	47	47	48	48	48	49	52	56
Amortization Expense	2.41	2.44	2.29	1.67	1.70	1.74	1.75	1.77	1.79	1.82	1.81
Non-Cash Adjustments To Reconcile Net Income	3.12	-16	-6.45	11	-7.41	30	-3.72	5.38	3.96	38	5.50
Changes in Operating Assets and Liabilities, net	-6.27	4.39	-1.48	12	15	17	-16	-1.08	40	-31	-4.12
Net Cash From Investing Activities	-136	-133	-100	-85	-101	-36	-93	20	-94	-79	-118
Net Cash From Continuing Investing Activities	-136	-133	-100	-85	-101	-36	-93	20	-94	-79	-118
Purchase of Property, Plant & Equipment	-135	-187	-98	-79	-80	-27	-68	-78	-94	-79	-117
Sale of Property, Plant & Equipment	-	59	0.00	-	-	0.37	0.00	-	-	0.42	0.00
Other Investing Activities, net	-0.99	-5.53	-1.91	-6.49	-21	-9.30	-24	98	-0.13	-1.01	-1.02
Net Cash From Financing Activities	58	-11	-34	-51	-49	-66	-47	-184	-90	-64	-30
Net Cash From Continuing Financing Activities	58	-11	-34	-51	-49	-66	-47	-184	-90	-64	-30
Repayment of Debt	-6.49	-86	-2,306	-40	-50	-74	-84	-194	-89	-48	-69
Repurchase of Common Equity	-	-	-	-3.92	-	-	0.00	-	-5.58	-48	-38
Payment of Dividends	-35	-26	-132	-37	-45	-31	-27	-158	-26	-45	-133
Issuance of Debt	101	106	2,416	31	49	40	70	200	50	79	220
Other Financing Activities, net	-0.57	-5.26	-13	-0.31	-2.63	-0.03	-5.76	-0.82	-19	-1.62	-9.27
Cash Interest Paid	54	22	50	40	78	41	63	39	60	35	59
Cash Income Taxes Paid	6.30	-	0.00	9.60	14	6.70	0.00	20	0.06	-	0.02

This table presents Red Rock Resorts' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,932	3,526	3,620	4,010	4,114	3,740	3,140	3,346	3,955	4,046	4,167
Total Current Assets	212	250	342	262	282	225	379	221	282	295	287
Cash & Equivalents	116	134	231	115	129	121	275	117	138	164	142
Accounts Receivable	36	44	49	51	57	35	37	44	62	64	74
Inventories, net	10	12	13	15	18	13	12	13	15	16	18
Prepaid Expenses	8.87	11	19	34	18	14	20	24	28	23	23
Current Deferred & Refundable Income Taxes	20	28	22	23	24	24	27	23	39	28	29
Plant, Property, & Equipment, net	2,141	2,438	2,542	3,012	3,062	2,858	2,010	2,195	2,772	2,782	2,972
Total Noncurrent Assets	580	838	736	735	771	657	752	930	900	968	909
Noncurrent Note & Lease Receivables	18	0.00	-	-	-	-	-	-	-	0.00	39
Goodwill	196	196	196	196	196	196	196	196	196	196	196
Intangible Assets	150	149	128	117	109	101	87	84	83	81	80
Noncurrent Deferred & Refundable Income Taxes	0.00	244	133	112	113	0.00	99	76	43	56	35
Other Noncurrent Operating Assets	202	238	270	302	345	353	371	574	579	635	559
Total Liabilities & Shareholders' Equity	2,932	3,526	3,620	4,010	4,114	3,740	3,140	3,346	3,955	4,046	4,167
Total Liabilities	2,358	2,893	2,988	3,193	3,332	3,135	3,090	3,314	3,711	3,739	3,835
Total Current Liabilities	259	247	245	334	276	200	205	293	349	325	363
Short-Term Debt	89	46	30	34	34	23	26	26	26	53	17
Accounts Payable	24	31	22	26	34	11	17	11	25	32	22
Accrued Expenses	132	153	183	266	201	146	147	235	280	178	183
Current Deferred & Payable Income Tax Liabilities	-	1.02	0.02	0.00	-	-	0.00	6.63	1.66	1.35	3.48
Other Current Liabilities	-	-	-	-	-	-	-	-	-	33	114
Other Current Nonoperating Liabilities	14	16	11	7.42	7.48	20	14	14	16	27	24
Total Noncurrent Liabilities	2,099	2,646	2,743	2,859	3,056	2,935	2,885	3,020	3,361	3,413	3,472
Long-Term Debt	2,066	2,376	2,588	2,821	2,999	2,879	2,828	2,959	3,302	3,355	3,379
Other Noncurrent Operating Liabilities	33	12	14	12	31	28	31	40	39	40	93
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	574	633	632	817	783	605	50	32	244	307	332
Total Preferred & Common Equity	553	350	379	520	501	353	59	44	169	215	208
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	553	350	379	520	501	353	59	44	169	215	208
Common Stock	0.00	330	350	363	377	386	56	0.58	7.94	19	0.59
Retained Earnings	0.00	18	26	156	124	-33	3.85	43	161	196	208
Noncontrolling Interest	21	284	253	297	282	252	-9.46	-12	75	92	124

This table presents Red Rock Resorts' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	3,204	3,517	3,688	3,861	3,980	4,013	3,995	4,086	4,032	4,096	4,223
Total Current Assets	212	218	210	290	275	286	267	292	287	268	278
Cash & Equivalents	101	108	101	123	130	136	117	151	145	130	134
Accounts Receivable	35	44	42	77	63	66	63	69	68	56	68
Inventories, net	13	13	14	14	16	16	17	16	16	16	18
Prepaid Expenses	28	27	28	33	30	31	35	28	25	32	29
Current Deferred & Refundable Income Taxes	28	26	26	25	37	38	35	28	32	34	30
Plant, Property, & Equipment, net	2,097	2,364	2,534	2,632	2,795	2,805	2,787	2,805	2,842	2,897	3,024
Total Noncurrent Assets	894	936	944	940	910	923	941	989	904	931	921
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	-	-	-	41	51
Goodwill	196	196	196	196	196	196	196	196	196	196	196
Intangible Assets	85	84	84	83	82	82	82	81	80	80	80
Noncurrent Deferred & Refundable Income Taxes	95	76	77	77	43	51	49	56	56	38	32
Other Noncurrent Operating Assets	519	579	588	584	589	594	616	657	571	577	562
Total Liabilities & Shareholders' Equity	3,204	3,517	3,688	3,861	3,980	4,013	3,995	4,086	4,032	4,096	4,223
Total Liabilities	3,196	3,424	3,567	3,704	3,795	3,788	3,755	3,716	3,735	3,765	3,976
Total Current Liabilities	289	336	320	362	307	305	261	316	322	359	345
Short-Term Debt	26	26	26	26	17	21	17	53	52	52	17
Accounts Payable	14	16	11	13	20	23	34	28	16	22	17
Accrued Expenses	226	269	262	301	249	225	195	207	220	261	174
Current Deferred & Payable Income Tax Liabilities	9.67	12	5.58	8.62	1.17	1.17	1.17	15	11	0.99	14
Other Current Liabilities	-	-	-	-	-	-	-	-	-	9.67	109
Other Current Nonoperating Liabilities	12	12	14	13	20	36	14	14	24	13	13
Total Noncurrent Liabilities	2,907	3,088	3,247	3,341	3,488	3,482	3,494	3,401	3,413	3,407	3,631
Long-Term Debt	2,854	3,027	3,184	3,280	3,430	3,419	3,423	3,342	3,349	3,312	3,531
Other Noncurrent Operating Liabilities	53	61	63	62	59	63	71	59	64	95	100
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	8.10	94	121	158	185	226	240	370	297	331	248
Total Preferred & Common Equity	32	75	100	123	135	159	176	247	203	220	143
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	32	75	100	123	135	159	176	247	203	220	143
Common Stock	0.58	1.75	1.69	4.05	5.92	8.88	11	22	0.60	1.64	0.59
Retained Earnings	32	73	98	119	129	150	164	226	203	218	142
Noncontrolling Interest	-24	19	21	34	50	67	64	123	94	111	105

This table displays calculated financial ratios and metrics derived from Red Rock Resorts' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.69%	9.14%	11.27%	2.37%	10.44%	-36.31%	36.83%	2.84%	3.62%	12.47%	3.74%
EBITDA Growth	-1.13%	8.97%	11.69%	7.44%	-30.28%	-23.79%	83.56%	23.48%	0.22%	8.94%	5.59%
EBIT Growth	0.40%	7.86%	11.39%	11.37%	-56.74%	-59.89%	498.43%	40.70%	-0.47%	1.84%	5.74%
NOPAT Growth	21.15%	2.43%	-63.92%	216.31%	-61.21%	-52.37%	704.64%	0.97%	-1.63%	1.84%	4.64%
Net Income Growth	61.71%	8.87%	-59.26%	245.46%	-103.07%	-2,490.81%	303.29%	10.01%	-13.47%	-13.76%	22.10%
EPS Growth	36.61%	-32.68%	-59.22%	321.43%	-102.82%	-4,160.00%	233.33%	18.31%	-12.50%	-13.95%	23.32%
Operating Cash Flow Growth	29.52%	-0.86%	-16.30%	19.33%	-8.49%	-32.80%	186.65%	-11.11%	-8.83%	10.91%	11.17%
Free Cash Flow Firm Growth	0.00%	99.19%	183.19%	-1,390.21%	100.61%	28,441.25%	256.24%	-81.41%	-117.16%	1,045.97%	31.58%
Invested Capital Growth	0.00%	11.98%	3.09%	17.82%	3.63%	-7.84%	-22.11%	10.28%	18.37%	3.70%	0.89%
Revenue Q/Q Growth	0.00%	4.97%	-1.06%	1.89%	1.60%	-9.03%	5.13%	0.19%	2.21%	1.73%	0.81%
EBITDA Q/Q Growth	0.00%	-0.81%	39.16%	-21.96%	4.07%	5.03%	11.06%	9.41%	-5.96%	-0.84%	-0.65%
EBIT Q/Q Growth	0.00%	-3.67%	78.12%	-30.28%	3.08%	32.68%	25.40%	12.51%	-8.15%	-3.02%	-1.52%
NOPAT Q/Q Growth	0.00%	-8.49%	-47.08%	6.89%	-5.98%	26.40%	58.04%	-8.50%	-10.39%	-4.52%	-0.01%
Net Income Q/Q Growth	0.00%	-4.46%	7.95%	-13.00%	-1,584.25%	19.69%	73.64%	-7.11%	-15.36%	-6.78%	-0.87%
EPS Q/Q Growth	0.00%	0.00%	61.54%	-11.94%	-150.00%	-460.53%	616.36%	-5.88%	-16.00%	-5.95%	-1.27%
Operating Cash Flow Q/Q Growth	0.00%	2.56%	0.35%	-6.33%	4.96%	14.69%	0.98%	-1.52%	7.42%	-1.92%	1.39%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	-90.35%	-42.85%	100.70%	7.82%	-1.84%	-8.73%	-337.18%	23.26%	-5.76%
Invested Capital Q/Q Growth	0.00%	0.12%	1.87%	4.02%	-1.26%	-1.72%	5.90%	4.39%	2.86%	0.02%	0.87%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	58.82%	57.58%	53.76%	52.76%	48.83%	57.60%	65.85%	64.62%	63.67%	61.62%	62.40%
EBITDA Margin	32.84%	32.79%	32.91%	34.54%	21.81%	26.09%	35.00%	42.03%	40.65%	39.37%	40.08%
Operating Margin	21.24%	20.99%	20.17%	22.14%	10.02%	7.49%	24.82%	33.74%	32.40%	29.33%	29.70%
EBIT Margin	21.24%	20.99%	21.01%	22.86%	8.95%	5.64%	24.66%	33.74%	32.40%	29.34%	29.91%
Profit (Net Income) Margin	10.59%	10.57%	3.87%	13.06%	-0.36%	-14.76%	21.93%	23.46%	19.59%	15.02%	17.68%
Tax Burden Percent	99.88%	94.98%	32.04%	90.19%	79.53%	288.68%	124.27%	89.76%	88.71%	88.75%	88.40%
Interest Burden Percent	49.94%	53.01%	57.48%	63.33%	-5.10%	-90.69%	71.57%	77.48%	68.15%	57.68%	66.87%
Effective Tax Rate	0.00%	5.02%	67.96%	9.81%	0.00%	0.00%	-24.27%	10.24%	11.29%	11.25%	11.60%
Return on Invested Capital (ROIC)	21.99%	10.63%	3.57%	10.22%	3.60%	1.75%	16.53%	18.13%	15.58%	14.37%	14.70%
ROIC Less NNEP Spread (ROIC-NNEP)	7.87%	4.24%	1.75%	5.68%	-1.26%	-6.57%	11.18%	13.99%	10.39%	7.77%	9.43%
Return on Net Nonoperating Assets (RNNOA)	27.95%	15.22%	6.47%	20.08%	-4.44%	-26.92%	91.86%	930.75%	229.07%	91.42%	96.60%
Return on Equity (ROE)	49.94%	25.84%	10.04%	30.30%	-0.84%	-25.16%	108.40%	948.88%	244.65%	105.79%	111.30%
Cash Return on Invested Capital (CROIC)	-178.01%	-0.68%	0.53%	-6.14%	0.03%	9.91%	41.40%	8.36%	-1.25%	10.73%	13.81%
Operating Return on Assets (OROA)	9.79%	9.59%	9.66%	10.07%	4.09%	1.70%	11.60%	17.31%	15.31%	14.22%	14.65%
Return on Assets (ROA)	4.89%	4.83%	1.78%	5.75%	-0.17%	-4.44%	10.31%	12.04%	9.25%	7.28%	8.66%
Return on Common Equity (ROCE)	48.13%	19.33%	5.78%	18.79%	-0.54%	-15.48%	68.23%	1,191.10%	188.38%	73.74%	73.73%
Return on Equity Simple (ROE_SIMPLE)	25.91%	44.59%	16.78%	42.24%	-1.35%	-49.50%	596.41%	891.54%	200.06%	135.44%	0.00%
Net Operating Profit after Tax (NOPAT)	287	294	106	336	130	62	499	504	496	505	528
NOPAT Margin	21.24%	19.93%	6.46%	19.97%	7.01%	5.24%	30.84%	30.28%	28.75%	26.03%	26.26%
Net Nonoperating Expense Percent (NNEP)	14.12%	6.38%	1.82%	4.54%	4.86%	8.32%	5.36%	4.15%	5.19%	6.59%	5.27%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	16.70%	13.88%	13.59%	14.17%
Cost of Revenue to Revenue	41.18%	42.42%	46.24%	47.24%	51.17%	42.40%	34.15%	35.38%	36.33%	38.38%	37.60%
SG&A Expenses to Revenue	26.13%	24.26%	23.20%	23.23%	22.43%	27.46%	21.45%	21.22%	21.72%	22.29%	21.94%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	37.58%	36.59%	33.59%	30.62%	38.81%	50.11%	41.03%	30.88%	31.26%	32.29%	32.70%
Earnings before Interest and Taxes (EBIT)	287	310	345	384	166	67	399	561	559	569	602
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	444	484	540	581	405	309	566	699	701	763	806
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	6.20	8.50	3.79	4.75	7.12	96.31	89.64	31.80	22.71	31.00
Price to Tangible Book Value (P/TBV)	0.00	445.32	58.47	9.53	12.09	44.74	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	1.47	1.96	1.17	1.28	2.12	3.54	2.36	3.11	2.52	3.21
Price to Earnings (P/E)	0.00	23.60	90.87	12.51	0.00	0.00	23.69	19.10	30.50	31.70	34.34
Dividend Yield	0.00%	1.07%	1.44%	2.37%	1.97%	1.87%	6.00%	5.30%	1.94%	4.33%	3.29%
Earnings Yield	0.00%	4.24%	1.10%	7.99%	0.00%	0.00%	4.22%	5.23%	3.28%	3.15%	2.91%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.62	1.94	1.41	1.51	1.63	3.14	2.33	2.50	2.30	2.73
Enterprise Value to Revenue (EV/Rev)	0.00	3.20	3.56	2.97	2.99	4.68	5.13	4.08	5.01	4.24	4.89
Enterprise Value to EBITDA (EV/EBITDA)	0.00	9.77	10.81	8.60	13.71	17.92	14.65	9.70	12.32	10.76	12.20
Enterprise Value to EBIT (EV/EBIT)	0.00	15.27	16.94	13.00	33.39	82.95	20.80	12.08	15.45	14.45	16.35
Enterprise Value to NOPAT (EV/NOPAT)	0.00	16.08	55.07	14.88	42.62	89.18	16.63	13.46	17.42	16.28	18.62
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	13.65	20.16	14.44	17.53	25.99	13.61	12.51	17.47	14.99	16.14
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	373.96	0.00	4,516.80	15.77	6.64	29.20	0.00	21.80	19.82
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.76	3.82	4.14	3.50	3.88	4.80	57.03	92.57	13.64	11.11	10.22
Long-Term Debt to Equity	3.60	3.75	4.10	3.45	3.83	4.76	56.51	91.76	13.54	10.93	10.17
Financial Leverage	3.55	3.59	3.70	3.53	3.52	4.10	8.22	66.54	22.05	11.76	10.24
Leverage Ratio	5.11	5.35	5.65	5.27	5.08	5.66	10.51	78.83	26.44	14.53	12.85
Compound Leverage Factor	2.55	2.84	3.25	3.34	-0.26	-5.13	7.52	61.08	18.02	8.38	8.59
Debt to Total Capital	78.98%	79.27%	80.56%	77.75%	79.49%	82.76%	98.28%	98.93%	93.17%	91.74%	91.09%
Short-Term Debt to Total Capital	3.26%	1.51%	0.93%	0.92%	0.89%	0.65%	0.89%	0.86%	0.73%	1.42%	0.46%
Long-Term Debt to Total Capital	75.72%	77.77%	79.63%	76.83%	78.60%	82.11%	97.38%	98.07%	92.44%	90.31%	90.62%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.76%	9.28%	7.79%	8.10%	7.39%	7.19%	-0.33%	-0.38%	2.10%	2.47%	3.32%
Common Equity to Total Capital	20.26%	11.45%	11.65%	14.15%	13.12%	10.06%	2.05%	1.45%	4.73%	5.79%	5.59%
Debt to EBITDA	4.85	5.01	4.84	4.92	7.49	9.41	5.04	4.27	4.75	4.46	4.21
Net Debt to EBITDA	4.56	4.70	4.39	4.70	7.14	8.97	4.55	4.10	4.55	4.25	4.04
Long-Term Debt to EBITDA	4.65	4.91	4.79	4.86	7.41	9.33	4.99	4.23	4.71	4.39	4.19
Debt to NOPAT	7.50	8.23	24.67	8.51	23.30	46.80	5.72	5.92	6.71	6.75	6.43
Net Debt to NOPAT	7.05	7.74	22.36	8.13	22.21	44.64	5.17	5.69	6.44	6.43	6.16
Long-Term Debt to NOPAT	7.19	8.08	24.38	8.40	23.04	46.43	5.67	5.87	6.66	6.65	6.40
Altman Z-Score	0.00	1.17	1.46	1.14	1.06	0.85	2.12	1.75	1.81	1.79	2.02
Noncontrolling Interest Sharing Ratio	3.62%	25.22%	42.42%	37.99%	36.21%	38.49%	37.05%	-25.53%	23.00%	30.29%	33.75%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.82	1.01	1.39	0.79	1.02	1.12	1.85	0.75	0.81	0.91	0.79
Quick Ratio	0.59	0.72	1.14	0.50	0.67	0.78	1.52	0.55	0.57	0.70	0.60
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,325	-19	16	-202	1.23	351	1,249	232	-40	377	496
Operating Cash Flow to CapEx	337.31%	229.00%	117.21%	56.66%	77.29%	367.41%	0.00%	261.90%	77.20%	193.39%	191.32%
Free Cash Flow to Firm to Interest Expense	-16.08	-0.13	0.11	-1.41	0.01	2.73	10.71	1.79	-0.22	1.55	2.46
Operating Cash Flow to Interest Expense	2.42	2.35	1.95	2.42	1.79	1.66	5.23	4.17	2.73	2.25	3.02
Operating Cash Flow Less CapEx to Interest Expense	1.70	1.32	0.29	-1.85	-0.53	1.21	10.48	2.58	-0.81	1.09	1.44
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.46	0.46	0.46	0.44	0.46	0.30	0.47	0.51	0.47	0.48	0.49
Accounts Receivable Turnover	38.08	37.34	35.59	33.59	34.37	25.76	45.02	41.40	32.67	30.70	29.09
Inventory Turnover	53.91	56.19	61.91	57.79	58.14	32.51	44.53	47.22	44.03	47.01	44.03
Fixed Asset Turnover	0.63	0.64	0.66	0.61	0.61	0.40	0.66	0.79	0.69	0.70	0.70
Accounts Payable Turnover	22.95	22.78	29.01	33.42	31.74	22.19	38.54	40.82	34.10	26.04	28.30
Days Sales Outstanding (DSO)	9.58	9.78	10.26	10.87	10.62	14.17	8.11	8.82	11.17	11.89	12.55
Days Inventory Outstanding (DIO)	6.77	6.50	5.90	6.32	6.28	11.23	8.20	7.73	8.29	7.76	8.29
Days Payable Outstanding (DPO)	15.90	16.02	12.58	10.92	11.50	16.45	9.47	8.94	10.70	14.02	12.90
Cash Conversion Cycle (CCC)	0.45	0.25	3.57	6.26	5.40	8.95	6.83	7.60	8.76	5.63	7.94
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,612	2,925	3,015	3,553	3,682	3,393	2,643	2,914	3,450	3,577	3,609
Invested Capital Turnover	1.04	0.53	0.55	0.51	0.51	0.33	0.54	0.60	0.54	0.55	0.56
Increase / (Decrease) in Invested Capital	2,612	313	90	537	129	-289	-750	272	535	128	32
Enterprise Value (EV)	0.00	4,729	5,845	4,997	5,550	5,530	8,299	6,781	8,634	8,219	9,836
Market Capitalization	0.00	2,170	3,219	1,971	2,376	2,510	5,730	3,925	5,369	4,884	6,459
Book Value per Share	$55.92	$3.02	$3.26	$4.46	$4.27	$3.01	$0.52	$0.42	$1.62	$2.04	$1.97
Tangible Book Value per Share	$20.96	$0.04	$0.47	$1.77	$1.68	$0.48	($1.95)	($2.27)	($1.05)	($0.59)	($0.64)
Total Capital	2,729	3,056	3,250	3,672	3,816	3,507	2,904	3,017	3,572	3,714	3,728
Total Debt	2,155	2,422	2,618	2,855	3,033	2,902	2,854	2,985	3,328	3,407	3,396
Total Long-Term Debt	2,066	2,376	2,588	2,821	2,999	2,879	2,828	2,959	3,302	3,355	3,379
Net Debt	2,025	2,276	2,373	2,728	2,892	2,768	2,578	2,867	3,190	3,243	3,253
Capital Expenditures (CapEx)	104	151	247	611	410	58	-612	207	640	284	319
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-75	-87	-108	-156	-93	-78	-76	-163	-178	-141	-202
Debt-free Net Working Capital (DFNWC)	42	49	126	-38	40	47	200	-46	-41	23	-59
Net Working Capital (NWC)	-47	3.06	96	-72	5.63	24	174	-72	-67	-30	-76
Net Nonoperating Expense (NNE)	144	138	43	116	137	237	144	113	158	213	172
Net Nonoperating Obligations (NNO)	2,038	2,291	2,384	2,736	2,899	2,788	2,593	2,882	3,206	3,270	3,277
Total Depreciation and Amortization (D&A)	157	174	195	196	239	242	167	138	142	195	205
Debt-free, Cash-free Net Working Capital to Revenue	-5.51%	-5.90%	-6.60%	-9.28%	-5.03%	-6.64%	-4.68%	-9.83%	-10.35%	-7.29%	-10.02%
Debt-free Net Working Capital to Revenue	3.10%	3.33%	7.70%	-2.25%	2.13%	4.00%	12.34%	-2.78%	-2.37%	1.19%	-2.94%
Net Working Capital to Revenue	-3.48%	0.21%	5.87%	-4.27%	0.30%	2.06%	10.74%	-4.34%	-3.88%	-1.54%	-3.80%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$1.03	$0.52	$2.28	($0.05)	($2.13)	$3.50	$3.48	$3.04	$2.61	$3.19
Adjusted Weighted Average Basic Shares Outstanding	0.00	34.14M	67.40M	69.12M	69.57M	70.54M	69.07M	58.98M	57.88M	59.03M	58.96M
Adjusted Diluted Earnings per Share	$0.00	$1.03	$0.42	$1.77	($0.05)	($2.13)	$2.84	$3.36	$2.94	$2.53	$3.12
Adjusted Weighted Average Diluted Shares Outstanding	0.00	34.29M	115.93M	116.86M	69.57M	70.54M	116.45M	104.66M	103.22M	103.67M	102.60M
Adjusted Basic & Diluted Earnings per Share	$0.00	$1.03	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	115.85M	116.18M	116.62M	117.29M	117.31M	107.26M	104.14M	105.19M	106.04M	105.03M
Normalized Net Operating Profit after Tax (NOPAT)	205	294	233	336	130	62	405	576	496	505	528
Normalized NOPAT Margin	15.19%	19.93%	14.20%	19.97%	7.01%	5.24%	25.06%	34.60%	28.75%	26.03%	26.26%
Pre Tax Income Margin	10.61%	11.13%	12.08%	14.48%	-0.46%	-5.11%	17.65%	26.14%	22.08%	16.93%	20.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.99	2.10	2.33	2.69	0.94	0.52	3.42	4.32	3.09	2.34	2.98
NOPAT to Interest Expense	1.99	1.99	0.72	2.35	0.74	0.48	4.28	3.88	2.74	2.08	2.62
EBIT Less CapEx to Interest Expense	1.27	1.07	0.66	-1.58	-1.38	0.07	8.67	2.73	-0.45	1.17	1.40
NOPAT Less CapEx to Interest Expense	1.27	0.97	-0.95	-1.92	-1.58	0.03	9.52	2.29	-0.80	0.91	1.04
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	155.13%	408.92%	102.73%	21.70%	-692.33%	-6.83%	124.28%	68.94%	40.05%	84.14%	72.29%
Augmented Payout Ratio	155.13%	408.92%	102.73%	21.70%	-697.91%	-6.83%	266.04%	105.20%	40.05%	85.49%	96.08%

This table displays calculated financial ratios and metrics derived from Red Rock Resorts' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	105,026,832.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	105,026,832.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.41
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.68%	8.75%	12.74%	16.89%	13.70%	7.13%	1.83%	8.20%	1.61%	3.24%	1.90%
EBITDA Growth	-9.43%	-17.42%	18.71%	15.21%	7.93%	-3.06%	-1.70%	19.96%	8.31%	-2.58%	1.54%
EBIT Growth	-12.91%	-22.39%	13.29%	8.98%	-1.34%	-10.31%	-4.09%	25.95%	10.29%	-6.03%	-3.03%
NOPAT Growth	-13.81%	-27.06%	17.40%	5.16%	5.66%	-16.09%	-6.71%	22.09%	6.15%	-0.04%	-7.69%
Net Income Growth	-28.32%	-36.01%	-8.37%	-6.81%	-19.05%	-19.46%	9.67%	55.07%	38.80%	-3.57%	-3.76%
EPS Growth	-27.71%	-37.33%	-9.33%	-9.23%	-20.00%	-17.02%	10.29%	61.02%	41.67%	-5.13%	-2.67%
Operating Cash Flow Growth	-28.31%	27.38%	-10.01%	50.58%	30.75%	-6.74%	-0.19%	11.15%	28.43%	5.62%	10.78%
Free Cash Flow Firm Growth	-165.72%	-495.42%	7.24%	64.29%	76.09%	99.75%	109.06%	166.86%	209.86%	10,097.75%	157.33%
Invested Capital Growth	20.14%	18.37%	15.45%	9.90%	6.64%	3.70%	2.97%	0.33%	0.05%	0.89%	1.32%
Revenue Q/Q Growth	-1.09%	12.42%	5.66%	-0.51%	-3.78%	5.91%	0.44%	5.71%	-9.63%	7.61%	-0.87%
EBITDA Q/Q Growth	-2.81%	33.71%	-3.75%	-7.89%	-8.95%	20.10%	-2.40%	12.41%	-17.80%	8.02%	1.73%
EBIT Q/Q Growth	-3.45%	40.34%	-9.56%	-11.07%	-12.59%	27.58%	-3.29%	16.79%	-23.46%	8.70%	-0.20%
NOPAT Q/Q Growth	-5.39%	39.89%	-4.63%	-16.68%	-4.94%	11.09%	6.03%	9.04%	-17.35%	4.62%	-2.09%
Net Income Q/Q Growth	-8.66%	59.18%	-28.04%	-10.92%	-20.66%	58.37%	-2.02%	25.95%	-28.98%	10.02%	-2.21%
EPS Q/Q Growth	-7.69%	56.67%	-27.66%	-13.24%	-18.64%	62.50%	-3.85%	26.67%	-28.42%	8.82%	-1.35%
Operating Cash Flow Q/Q Growth	5.87%	58.59%	-20.43%	12.72%	-8.07%	13.12%	-14.84%	25.52%	6.22%	-6.97%	-10.68%
Free Cash Flow Firm Q/Q Growth	19.41%	15.36%	14.88%	38.49%	46.04%	99.13%	3,230.60%	354.15%	-11.34%	-20.68%	-19.42%
Invested Capital Q/Q Growth	3.38%	2.86%	2.11%	1.22%	0.31%	0.02%	1.39%	-1.38%	0.03%	0.87%	1.82%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	63.65%	63.11%	62.86%	61.77%	60.78%	61.03%	62.56%	63.10%	62.19%	61.73%	62.80%
EBITDA Margin	38.26%	45.51%	41.46%	38.38%	36.32%	41.18%	40.02%	42.56%	38.71%	38.86%	39.88%
Operating Margin	29.77%	37.16%	31.81%	28.83%	27.91%	28.71%	31.00%	31.93%	27.65%	28.05%	28.32%
EBIT Margin	29.77%	37.16%	31.81%	28.44%	25.83%	31.11%	29.96%	33.10%	28.04%	28.32%	28.51%
Profit (Net Income) Margin	16.62%	23.54%	16.03%	14.35%	11.83%	17.70%	17.26%	20.57%	16.17%	16.53%	16.31%
Tax Burden Percent	88.09%	87.81%	92.59%	85.55%	87.30%	89.04%	87.03%	87.18%	92.07%	88.22%	86.31%
Interest Burden Percent	63.39%	72.13%	54.43%	59.00%	52.48%	63.88%	66.21%	71.28%	62.63%	66.16%	66.26%
Effective Tax Rate	11.91%	12.19%	7.41%	14.45%	12.70%	10.96%	12.97%	12.82%	7.93%	11.78%	13.69%
Return on Invested Capital (ROIC)	14.40%	17.68%	15.95%	13.40%	13.40%	14.11%	14.70%	15.49%	14.20%	13.85%	13.53%
ROIC Less NNEP Spread (ROIC-NNEP)	13.07%	16.30%	13.86%	11.85%	11.61%	12.90%	13.24%	14.34%	12.86%	12.57%	12.29%
Return on Net Nonoperating Assets (RNNOA)	471.77%	359.34%	312.57%	221.05%	190.83%	151.72%	157.24%	181.57%	148.34%	128.76%	133.17%
Return on Equity (ROE)	486.16%	377.02%	328.51%	234.45%	204.23%	165.83%	171.94%	197.06%	162.54%	142.61%	146.70%
Cash Return on Invested Capital (CROIC)	-0.30%	-1.25%	1.36%	5.90%	8.83%	10.73%	10.93%	14.28%	14.72%	13.81%	12.87%
Operating Return on Assets (OROA)	14.22%	17.55%	15.10%	13.66%	12.53%	15.08%	14.47%	16.36%	13.83%	13.87%	13.87%
Return on Assets (ROA)	7.94%	11.12%	7.61%	6.89%	5.74%	8.58%	8.34%	10.16%	7.97%	8.10%	7.93%
Return on Common Equity (ROCE)	456.85%	290.31%	247.55%	175.28%	153.58%	115.60%	118.43%	136.61%	112.55%	94.47%	92.65%
Return on Equity Simple (ROE_SIMPLE)	323.64%	0.00%	244.46%	204.77%	178.02%	0.00%	120.97%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	108	151	144	120	114	127	134	146	121	127	124
NOPAT Margin	26.22%	32.63%	29.45%	24.67%	24.37%	25.56%	26.98%	27.83%	25.46%	24.75%	24.44%
Net Nonoperating Expense Percent (NNEP)	1.32%	1.38%	2.09%	1.55%	1.80%	1.20%	1.47%	1.16%	1.34%	1.28%	1.24%
Return On Investment Capital (ROIC_SIMPLE)	-	4.23%	-	-	-	3.41%	3.57%	3.96%	3.28%	3.40%	3.27%
Cost of Revenue to Revenue	36.35%	36.89%	37.14%	38.23%	39.22%	38.97%	37.44%	36.90%	37.81%	38.27%	37.20%
SG&A Expenses to Revenue	22.32%	20.89%	21.44%	22.89%	23.30%	21.61%	21.03%	21.29%	23.73%	21.83%	22.54%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	33.88%	25.94%	31.05%	32.94%	32.87%	32.32%	31.56%	31.17%	34.54%	33.68%	34.48%
Earnings before Interest and Taxes (EBIT)	123	172	156	138	121	154	149	174	133	145	145
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	157	211	203	187	170	204	199	224	184	199	202
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	33.46	31.80	45.95	36.49	32.75	22.71	18.61	27.13	29.33	31.00	39.27
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.45	3.11	3.49	3.14	3.02	2.52	2.36	2.78	3.23	3.21	2.77
Price to Earnings (P/E)	19.51	30.50	35.68	34.05	35.11	31.70	29.49	31.24	33.90	34.34	30.10
Dividend Yield	5.06%	1.94%	3.36%	3.64%	3.67%	4.33%	2.31%	3.84%	3.28%	3.29%	5.66%
Earnings Yield	5.12%	3.28%	2.80%	2.94%	2.85%	3.15%	3.39%	3.20%	2.95%	2.91%	3.32%
Enterprise Value to Invested Capital (EV/IC)	2.19	2.50	2.72	2.57	2.55	2.30	2.20	2.48	2.74	2.73	2.48
Enterprise Value to Revenue (EV/Rev)	4.35	5.01	5.38	4.96	4.79	4.24	4.09	4.46	4.90	4.89	4.51
Enterprise Value to EBITDA (EV/EBITDA)	9.85	12.32	13.08	12.11	11.87	10.76	10.48	11.12	12.06	12.20	11.27
Enterprise Value to EBIT (EV/EBIT)	12.07	15.45	16.61	15.59	15.57	14.45	14.16	14.82	16.02	16.35	15.28
Enterprise Value to NOPAT (EV/NOPAT)	13.28	17.42	18.57	17.56	17.28	16.28	16.08	17.00	18.53	18.62	17.62
Enterprise Value to Operating Cash Flow (EV/OCF)	15.96	17.47	19.95	17.36	16.34	14.99	14.53	15.73	16.28	16.14	14.64
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	214.38	45.65	29.86	21.80	20.38	17.40	18.59	19.82	19.41
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	20.97	13.64	18.58	15.24	14.35	11.11	9.18	11.45	10.17	10.22	14.33
Long-Term Debt to Equity	20.81	13.54	18.49	15.15	14.28	10.93	9.04	11.28	10.01	10.17	14.26
Financial Leverage	36.08	22.05	22.55	18.66	16.44	11.76	11.88	12.66	11.54	10.24	10.83
Leverage Ratio	42.63	26.44	26.86	22.23	19.77	14.53	14.53	15.39	14.18	12.85	13.46
Compound Leverage Factor	27.02	19.07	14.62	13.12	10.37	9.28	9.62	10.97	8.88	8.50	8.92
Debt to Total Capital	95.45%	93.17%	94.89%	93.84%	93.48%	91.74%	90.18%	91.97%	91.04%	91.09%	93.48%
Short-Term Debt to Total Capital	0.75%	0.73%	0.47%	0.57%	0.46%	1.42%	1.40%	1.41%	1.41%	0.46%	0.45%
Long-Term Debt to Total Capital	94.70%	92.44%	94.42%	93.27%	93.02%	90.31%	88.78%	90.56%	89.64%	90.62%	93.02%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.99%	2.10%	1.38%	1.82%	1.75%	2.47%	3.26%	2.53%	3.01%	3.32%	2.76%
Common Equity to Total Capital	3.56%	4.73%	3.72%	4.34%	4.77%	5.79%	6.56%	5.50%	5.94%	5.59%	3.76%
Debt to EBITDA	4.44	4.75	4.70	4.54	4.47	4.46	4.47	4.27	4.15	4.21	4.38
Net Debt to EBITDA	4.27	4.55	4.53	4.36	4.32	4.25	4.27	4.08	3.99	4.04	4.22
Long-Term Debt to EBITDA	4.40	4.71	4.68	4.51	4.45	4.39	4.40	4.20	4.08	4.19	4.36
Debt to NOPAT	5.98	6.71	6.68	6.59	6.51	6.75	6.85	6.52	6.37	6.43	6.85
Net Debt to NOPAT	5.75	6.44	6.43	6.33	6.29	6.43	6.55	6.24	6.12	6.16	6.59
Long-Term Debt to NOPAT	5.93	6.66	6.65	6.55	6.48	6.65	6.74	6.42	6.27	6.40	6.82
Altman Z-Score	1.23	1.48	1.59	1.54	1.55	1.45	1.41	1.58	1.67	1.66	1.47
Noncontrolling Interest Sharing Ratio	6.03%	23.00%	24.65%	25.24%	24.80%	30.29%	31.12%	30.68%	30.75%	33.75%	36.84%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.80	0.81	0.90	0.94	1.02	0.91	0.92	0.89	0.75	0.79	0.81
Quick Ratio	0.55	0.57	0.63	0.66	0.69	0.70	0.70	0.66	0.52	0.60	0.59
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-454	-384	-327	-201	-109	-0.95	30	135	119	95	76
Operating Cash Flow to CapEx	74.01%	124.38%	128.93%	181.39%	163.09%	559.49%	185.01%	202.67%	179.58%	199.52%	119.28%
Free Cash Flow to Firm to Interest Expense	-9.98	-7.89	-4.57	-3.50	-1.87	-0.02	0.58	2.66	2.36	1.91	1.54
Operating Cash Flow to Interest Expense	2.20	3.26	1.77	2.48	2.26	2.64	2.47	3.13	3.33	3.15	2.82
Operating Cash Flow Less CapEx to Interest Expense	-0.77	0.64	0.40	1.11	0.87	2.17	1.13	1.59	1.48	1.57	0.46
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.48	0.47	0.47	0.48	0.49	0.48	0.48	0.49	0.49	0.49	0.49
Accounts Receivable Turnover	30.11	32.67	33.36	34.39	27.30	30.70	29.63	29.67	33.61	29.09	29.46
Inventory Turnover	45.83	44.03	44.54	46.57	47.32	47.01	46.39	48.14	45.26	44.03	44.79
Fixed Asset Turnover	0.71	0.69	0.69	0.69	0.70	0.70	0.70	0.70	0.70	0.70	0.69
Accounts Payable Turnover	43.59	34.10	36.46	40.22	30.55	26.04	31.82	39.59	27.09	28.30	33.89
Days Sales Outstanding (DSO)	12.12	11.17	10.94	10.61	13.37	11.89	12.32	12.30	10.86	12.55	12.39
Days Inventory Outstanding (DIO)	7.96	8.29	8.20	7.84	7.71	7.76	7.87	7.58	8.06	8.29	8.15
Days Payable Outstanding (DPO)	8.37	10.70	10.01	9.08	11.95	14.02	11.47	9.22	13.47	12.90	10.77
Cash Conversion Cycle (CCC)	11.71	8.76	9.13	9.37	9.14	5.63	8.72	10.67	5.45	7.94	9.77
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,354	3,450	3,522	3,565	3,576	3,577	3,627	3,577	3,578	3,609	3,675
Invested Capital Turnover	0.55	0.54	0.54	0.54	0.55	0.55	0.54	0.56	0.56	0.56	0.55
Increase / (Decrease) in Invested Capital	562	535	471	321	223	128	105	12	1.73	32	48
Enterprise Value (EV)	7,344	8,634	9,582	9,171	9,136	8,219	7,966	8,869	9,786	9,836	9,123
Market Capitalization	4,126	5,369	6,215	5,800	5,749	4,884	4,599	5,519	6,441	6,459	5,604
Book Value per Share	$1.18	$1.62	$2.30	$1.51	$1.66	$2.04	$2.33	$1.92	$2.08	$1.97	$1.36
Tangible Book Value per Share	($1.49)	($1.05)	($2.43)	($1.12)	($0.96)	($0.59)	($0.28)	($0.69)	($0.53)	($0.64)	($1.26)
Total Capital	3,463	3,572	3,632	3,666	3,680	3,714	3,764	3,699	3,694	3,728	3,795
Total Debt	3,306	3,328	3,447	3,440	3,440	3,407	3,395	3,402	3,364	3,396	3,548
Total Long-Term Debt	3,280	3,302	3,430	3,419	3,423	3,355	3,342	3,349	3,312	3,379	3,531
Net Debt	3,183	3,190	3,317	3,304	3,323	3,243	3,244	3,256	3,234	3,253	3,414
Capital Expenditures (CapEx)	135	128	98	79	80	26	68	78	94	78	117
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-169	-178	-144	-135	-95	-141	-122	-128	-169	-202	-183
Debt-free Net Working Capital (DFNWC)	-46	-41	-15	1.54	23	23	29	17	-39	-59	-49
Net Working Capital (NWC)	-73	-67	-32	-19	5.81	-30	-24	-36	-91	-76	-67
Net Nonoperating Expense (NNE)	40	42	66	50	59	39	48	38	44	42	41
Net Nonoperating Obligations (NNO)	3,196	3,206	3,337	3,340	3,337	3,270	3,258	3,280	3,247	3,277	3,427
Total Depreciation and Amortization (D&A)	35	39	47	48	49	50	50	50	51	54	58
Debt-free, Cash-free Net Working Capital to Revenue	-10.04%	-10.35%	-8.11%	-7.29%	-4.96%	-7.29%	-6.25%	-6.46%	-8.47%	-10.02%	-9.08%
Debt-free Net Working Capital to Revenue	-2.75%	-2.37%	-0.82%	0.08%	1.20%	1.19%	1.48%	0.84%	-1.96%	-2.94%	-2.45%
Net Working Capital to Revenue	-4.30%	-3.88%	-1.77%	-1.05%	0.30%	-1.54%	-1.22%	-1.79%	-4.57%	-3.80%	-3.30%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.61	$0.98	$0.73	$0.60	$0.49	$0.79	$0.76	$0.96	$0.72	$0.75	$0.74
Adjusted Weighted Average Basic Shares Outstanding	57.96M	57.88M	58.78M	59.07M	59.09M	59.03M	59.20M	58.96M	59.02M	58.96M	58.20M
Adjusted Diluted Earnings per Share	$0.60	$0.94	$0.68	$0.59	$0.48	$0.78	$0.75	$0.95	$0.68	$0.74	$0.73
Adjusted Weighted Average Diluted Shares Outstanding	103.21M	103.22M	103.73M	60.75M	103.69M	103.67M	103.39M	102.73M	102.66M	102.60M	59.37M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	104.38M	105.19M	105.60M	105.60M	105.62M	106.04M	106.08M	105.49M	105.86M	105.03M	104.35M
Normalized Net Operating Profit after Tax (NOPAT)	108	151	144	120	114	127	134	146	121	127	124
Normalized NOPAT Margin	26.22%	32.63%	29.45%	24.67%	24.37%	25.56%	26.98%	27.83%	25.46%	24.75%	24.44%
Pre Tax Income Margin	18.87%	26.81%	17.31%	16.78%	13.56%	19.87%	19.84%	23.60%	17.56%	18.74%	18.89%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.69	3.53	2.17	2.41	2.08	2.75	2.92	3.44	2.64	2.92	2.92
NOPAT to Interest Expense	2.37	3.10	2.01	2.09	1.97	2.26	2.63	2.89	2.40	2.55	2.50
EBIT Less CapEx to Interest Expense	-0.28	0.91	0.80	1.04	0.70	2.27	1.58	1.90	0.78	1.34	0.55
NOPAT Less CapEx to Interest Expense	-0.60	0.48	0.64	0.72	0.58	1.78	1.29	1.35	0.54	0.97	0.14
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	62.23%	40.05%	72.68%	70.72%	76.82%	84.14%	47.17%	77.60%	67.71%	72.29%	102.94%
Augmented Payout Ratio	62.23%	40.05%	72.68%	71.92%	78.07%	85.49%	47.17%	86.75%	77.86%	96.08%	137.83%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, data-driven view of Red Rock Resorts (NASDAQ: RRR) over the last four years, focusing on revenue, profitability, cash flow, and balance-sheet trends. The bullets highlight notable moves that could impact long-term value for investors, based on the quarterly data you provided.

Revenue and gross profit rising over time: Operating revenue increased from about $425.5 million in 2022 Q4 to $511.8 million in 2025 Q4, while total gross profit grew from roughly $273.9 million to about $315.9 million over the same span, signaling a stronger top line and gross efficiency.
Operating profitability improving: Total Operating Income rose to about $143.6 million in 2025 Q4, with the operating margin expanding relative to earlier years, reflecting better control of core operations.
Net income generation remains positive and consistent: Net income attributable to common shareholders stayed in positive territory across the period (e.g., about $44.7 million in 2025 Q4 and $46.6 million in 2024 Q4), indicating ongoing profitability and earnings power.
Healthy cash flow from operations (quarterly): Net cash from continuing operating activities was strong in 2025, with 2025 Q4 at roughly $145.9 million, and other 2025 quarters also producing positive operating cash flow, underscoring cash-generating capability.

Capex remains material but manageable: Quarterly capital expenditures typically run in the $68–$94 million range (e.g., 2025 Q1–Q4 CAPEX values around $68–$93 million), indicating ongoing investments in properties and infrastructure while still allowing positive operating cash flow.
Liquidity on the balance sheet is solid but modest relative to leverage: Cash & equivalents sit around $130–$150 million in 2025, providing a cushion but well below the level of long-term debt, which remains substantial.
Debt load persists at a high level: Long-term debt sits in the $3.3–3.4 billion band across 2025 quarters, underscoring a heavy leverage position that could weigh on risk if interest costs rise or cash flows slow.

Financing activity continues to outflow cash: Net cash from continuing financing activities has been negative across recent quarters (e.g., 2025 Q4 around −$64.4 million, 2025 Q3 around −$89.9 million, 2025 Q2 around −$183.9 million), indicating ongoing use of cash for debt and shareholder actions rather than funding from operations alone.
Cash balance and liquidity are pressured by investing/financing outflows: Net change in cash & equivalents has been negative in several quarters (for example, 2025 Q3 and Q2 showing sizable outflows), which can stress liquidity if the cash-flow mix worsens.
Interest expense remains a meaningful quarterly burden: Interest expense runs around $50 million per quarter (e.g., 2025 Q4 about $49.7 million; 2025 Q3 about $50.5 million), contributing to ongoing pressure on margins and cash flow if revenue growth slows.

05/11/26 07:07 PM ETAI Generated. May Contain Errors.

Red Rock Resorts Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Red Rock Resorts' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Red Rock Resorts' net income appears to be on an upward trend, with a most recent value of $355.67 million in 2025, rising from $143.25 million in 2015. The previous period was $291.29 million in 2024. See where experts think Red Rock Resorts is headed by visiting Red Rock Resorts' forecast page.

Red Rock Resorts' total operating income in 2025 was $597.43 million, based on the following breakdown:

Total Gross Profit: $1.26 billion
Total Operating Expenses: $657.75 million

Over the last 10 years, Red Rock Resorts' total revenue changed from $1.35 billion in 2015 to $2.01 billion in 2025, a change of 48.8%.

Red Rock Resorts' total liabilities were at $3.83 billion at the end of 2025, a 2.6% increase from 2024, and a 62.6% increase since 2015.

In the past 10 years, Red Rock Resorts' cash and equivalents has ranged from $114.61 million in 2018 to $275.28 million in 2021, and is currently $142.47 million as of their latest financial filing in 2025.

Over the last 10 years, Red Rock Resorts' book value per share changed from 55.92 in 2015 to 1.97 in 2025, a change of -96.5%.

Related Companies

Financial statements for NASDAQ:RRR last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Red Rock Resorts (RRR) Financials

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Red Rock Resorts (RRR) Financials

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When does Red Rock Resorts' financial year end?

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How has Red Rock Resorts' revenue changed over the last 10 years?

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How has Red Rock Resorts' book value per share changed over the last 10 years?

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