MGM Resorts International (MGM) Financials

$33.78 -0.16 (-0.47%)

Closing price 06/20/2025 03:59 PM Eastern

Extended Trading

$33.83 +0.05 (+0.14%)

As of 06/20/2025 08:00 PM Eastern

Annual Income Statements for MGM Resorts International

This table shows MGM Resorts International's 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
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
Net Income / (Loss) Attributable to Common Shareholders	-448	1,100	1,952	467	2,049	-1,033	1,254	1,473	1,142	747
Consolidated Net Income / (Loss)	-1,040	1,236	2,088	584	2,214	-1,320	1,208	207	1,315	1,065
Net Income / (Loss) Continuing Operations	-1,040	1,236	2,088	584	2,214	-1,320	1,208	207	1,315	1,065
Total Pre-Tax Income	-1,046	1,258	961	634	2,847	-1,511	1,462	904	1,473	1,117
Total Operating Income	-156	2,078	1,713	1,469	3,940	-642	2,279	1,439	1,891	1,490
Total Gross Profit	3,975	3,818	4,645	4,844	5,296	1,709	4,650	6,475	7,611	7,847
Total Revenue	9,190	9,478	10,797	11,763	12,900	5,162	9,680	13,127	16,164	17,241
Total Cost of Revenue	5,215	5,661	6,152	6,919	7,603	3,453	5,031	6,653	8,554	9,394
Operating Cost of Revenue	5,215	5,661	6,152	6,919	7,603	3,453	5,031	6,653	8,554	9,394
Total Operating Expenses	4,131	1,740	2,932	3,375	1,356	2,352	2,371	5,035	5,719	6,357
Selling, General & Admin Expense	1,584	1,691	1,916	2,184	2,566	2,582	2,930	4,706	5,213	5,346
Depreciation Expense	820	850	993	1,178	1,305	1,211	1,151	3,482	814	831
Other Operating Expenses / (Income)	446	17	50	161	-2,395	94	-63	-1,037	-371	81
Other Special Charges / (Income)	-187	-818	-28	-148	-120	-1,535	-1,647	-2,116	63	99
Total Other Income / (Expense), net	-890	-821	-752	-835	-1,093	-869	-817	-536	-419	-373
Interest Expense	798	695	669	770	848	676	800	595	460	443
Other Income / (Expense), net	-92	-126	-83	-66	-246	-193	-17	59	42	70
Income Tax Expense	-6.59	22	-1,127	50	632	-192	253	697	158	52
Net Income / (Loss) Attributable to Noncontrolling Interest	-592	135	136	117	165	-287	-46	-1,266	173	318
Basic Earnings per Share	($0.82)	$1.94	$3.38	$0.82	$3.90	($2.02)	$2.44	$3.52	$3.22	$2.42
Weighted Average Basic Shares Outstanding	542.87M	568.13M	572.25M	544.25M	524.17M	494.15M	481.93M	409.20M	354.93M	307.41M
Diluted Earnings per Share	($0.82)	$1.92	$3.34	$0.81	$3.88	($2.02)	$2.41	$3.49	$3.19	$2.40
Weighted Average Diluted Shares Outstanding	542.87M	573.32M	578.80M	549.54M	527.65M	494.15M	487.36M	412.99M	358.63M	310.23M
Weighted Average Basic & Diluted Shares Outstanding	542.87M	567.80M	577.50M	569.20M	492.43M	494.85M	439.17M	373.91M	319.68M	285.55M

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

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-577	284	467	201	161	313	217	187	185	157	149
Consolidated Net Income / (Loss)	-1,061	-320	480	244	212	380	300	283	244	238	227
Net Income / (Loss) Continuing Operations	-1,061	-320	480	244	212	380	300	283	244	238	227
Total Pre-Tax Income	-1,186	-34	646	283	224	320	343	271	297	206	267
Total Operating Income	-1,046	-1.90	731	371	370	419	458	426	315	292	385
Total Gross Profit	1,696	1,739	1,877	1,858	1,876	2,000	2,023	2,004	1,868	1,952	1,957
Total Revenue	3,416	3,592	3,873	3,942	3,973	4,376	4,383	4,327	4,183	4,347	4,277
Operating Revenue	3,416	-	3,873	-	-	-	4,383	-	-	-	4,277
Total Cost of Revenue	1,721	1,853	1,997	2,084	2,097	2,375	2,361	2,323	2,315	2,394	2,320
Operating Cost of Revenue	1,721	1,853	1,997	2,084	2,097	2,375	2,361	2,323	2,315	2,394	2,320
Total Operating Expenses	2,741	1,742	1,146	1,487	1,506	1,581	1,564	1,579	1,553	1,661	1,572
Selling, General & Admin Expense	1,330	1,340	1,263	1,261	1,314	1,374	1,324	1,335	1,302	1,384	1,307
Depreciation Expense	1,406	1,422	204	204	202	205	197	192	233	209	236
Other Operating Expenses / (Income)	-12	-1,061	-396	5.61	12	7.58	18	16	25	21	16
Other Special Charges / (Income)	17	42	75	16	-22	-6.38	25	35	-7.47	46	13
Total Other Income / (Expense), net	-140	-32	-85	-89	-146	-99	-115	-154	-18	-86	-118
Interest Expense	125	137	130	112	111	107	110	113	112	109	107
Other Income / (Expense), net	-15	105	45	23	-34	7.63	-4.94	-42	94	23	-11
Income Tax Expense	-125	286	166	39	12	-60	44	-12	53	-32	40
Net Income / (Loss) Attributable to Noncontrolling Interest	-484	-604	13	43	51	66	82	96	60	80	78
Basic Earnings per Share	($1.45)	$0.79	$1.25	$0.56	$0.46	$0.95	$0.68	$0.60	$0.61	$0.53	$0.52
Weighted Average Basic Shares Outstanding	393.30M	409.20M	374.09M	361.05M	347.35M	354.93M	320.49M	311.18M	300.50M	307.41M	287.13M
Diluted Earnings per Share	($1.45)	$0.80	$1.24	$0.55	$0.46	$0.94	$0.67	$0.60	$0.61	$0.52	$0.51
Weighted Average Diluted Shares Outstanding	393.30M	412.99M	378.10M	365.34M	351.39M	358.63M	323.76M	314.42M	303.48M	310.23M	289.10M
Weighted Average Basic & Diluted Shares Outstanding	384.02M	373.91M	363.80M	350.89M	341.58M	319.68M	313.68M	303.77M	297.74M	285.55M	272.15M

This table details how cash moves in and out of MGM Resorts International's 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
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
Net Change in Cash & Equivalents	-47	-224	53	27	803	2,772	101	833	-3,021	-512
Net Cash From Operating Activities	-463	1,534	2,206	1,723	1,810	-1,493	1,373	1,756	2,691	2,362
Net Cash From Continuing Operating Activities	1,005	1,534	2,206	1,723	1,810	-1,493	1,373	1,756	2,691	2,362
Net Income / (Loss) Continuing Operations	-1,040	1,236	2,088	584	2,214	-1,320	1,208	207	1,315	1,065
Consolidated Net Income / (Loss)	-1,040	1,236	2,088	584	2,214	-1,320	1,208	207	1,315	1,065
Depreciation Expense	820	850	993	1,178	1,305	1,211	1,151	3,482	814	831
Amortization Expense	46	40	33	41	39	34	40	33	28	27
Non-Cash Adjustments To Reconcile Net Income	-36	-757	81	38	-2,061	-763	-1,272	-2,555	459	762
Changes in Operating Assets and Liabilities, net	-254	165	-989	-118	313	-655	246	590	75	-323
Net Cash From Investing Activities	-1,365	-2,276	-1,581	-2,083	3,519	2,159	1,544	2,118	-714	-1,283
Net Cash From Continuing Investing Activities	-795	-2,276	-1,581	-2,083	3,519	2,159	1,544	2,118	-714	-1,283
Purchase of Property, Plant & Equipment	-1,467	-2,262	-1,864	-1,487	-739	-271	-491	-765	-932	-1,151
Acquisitions	-196	-563	-17	-1,091	-618	-97	-2,016	-2,144	-283	-296
Sale of Property, Plant & Equipment	8.03	3.94	0.72	26	4,154	2,462	3,995	4,486	158	13
Divestitures	92	0.00	0.00	164	652	0.00	0.00	1,054	460	0.00
Sale and/or Maturity of Investments	202	542	301	323	101	64	9.69	10	8.34	2.32
Other Investing Activities, net	-4.03	3.30	-1.71	-17	-31	0.87	46	-523	-126	148
Net Cash From Financing Activities	-258	519	-569	389	-4,530	2,103	-2,814	-3,024	-5,005	-1,564
Net Cash From Continuing Financing Activities	-258	519	-569	389	-4,530	2,103	-2,814	-3,024	-5,005	-1,564
Repayment of Debt	-5,076	-4,352	-571	-124	-7,503	-2,558	-178	-1,183	-1,438	-2,222
Repurchase of Common Equity	0.00	-75	-328	-1,283	-1,032	-354	-1,754	-2,775	-2,292	-1,358
Payment of Dividends	-307	-103	-422	-446	-495	-364	-329	-215	-177	-189
Issuance of Debt	5,119	3,895	365	2,242	3,250	4,855	-1,346	1,148	-1,097	2,204
Other Net Changes in Cash	-	-0.92	-3.63	-	2.60	2.35	-1.55	-17	6.54	-27
Cash Interest Paid	777	661	659	724	827	640	706	574	452	406
Cash Income Taxes Paid	12	68	182	-10	28	8.54	43	23	344	267

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

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-489	741	-1,444	-662	-527	-388	-206	-308	537	-535	-145
Net Cash From Operating Activities	401	423	704	577	694	716	549	474	667	672	547
Net Cash From Continuing Operating Activities	401	423	704	577	694	716	549	474	667	672	547
Net Income / (Loss) Continuing Operations	-1,061	-320	480	244	212	380	300	283	244	238	227
Consolidated Net Income / (Loss)	-1,061	-320	480	244	212	380	300	283	244	238	227
Depreciation Expense	1,406	1,422	204	204	202	205	197	192	233	209	236
Amortization Expense	7.13	7.37	7.13	6.75	6.97	7.00	7.02	6.69	6.69	6.83	6.82
Non-Cash Adjustments To Reconcile Net Income	177	-863	-136	174	190	232	206	232	190	134	263
Changes in Operating Assets and Liabilities, net	-128	177	150	-51	84	-108	-160	-239	-6.95	83	-186
Net Cash From Investing Activities	-644	536	212	-271	-362	-294	-108	-277	-494	-404	-227
Net Cash From Continuing Investing Activities	-644	536	212	-271	-362	-294	-108	-277	-494	-404	-227
Purchase of Property, Plant & Equipment	-220	-308	-140	-253	-210	-329	-172	-238	-336	-404	-228
Acquisitions	-351	-28	-36	-38	-193	-17	-11	-31	-254	-	0.00
Sale of Property, Plant & Equipment	0.77	102	158	0.44	0.51	-0.70	0.55	1.13	1.79	9.71	0.06
Sale and/or Maturity of Investments	8.94	0.50	0.55	5.47	0.77	1.55	0.60	0.61	0.56	0.56	0.52
Other Investing Activities, net	-83	-285	-223	6.86	40	51	73	-9.33	94	-10	0.42
Net Cash From Financing Activities	-241	-244	-2,380	-949	-848	-828	-629	-494	350	-790	-470
Net Cash From Continuing Financing Activities	-241	-244	-2,380	-949	-848	-828	-629	-494	350	-790	-470
Repayment of Debt	-31	-99	-1,291	-15	-102	-30	-34	-1,537	58	-709	-20
Repurchase of Common Equity	-307	-352	-484	-619	-566	-623	-507	-409	-323	-120	-489
Payment of Dividends	-2.52	-3.86	-18	-144	-7.48	-8.00	-12	-83	-8.63	-85	-12
Issuance of Debt	99	211	-586	-172	-173	-166	-77	1,534	623	123	50
Other Net Changes in Cash	-4.12	26	19	-18	-12	17	-18	-11	14	-12	5.09
Cash Interest Paid	82	162	92	158	51	151	48	163	50	144	70
Cash Income Taxes Paid	46	10	0.37	217	70	58	2.33	164	59	42	-0.16

This table presents MGM Resorts International's 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
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
Total Assets	25,215	28,173	29,160	30,211	33,876	36,495	40,899	45,692	42,369	42,232
Total Current Assets	2,409	2,230	2,376	2,527	4,008	5,951	6,416	8,155	4,911	4,364
Cash & Equivalents	1,670	1,447	1,500	1,527	2,330	5,102	4,703	5,912	2,928	2,416
Accounts Receivable	481	543	542	657	613	317	584	852	929	1,071
Inventories, net	104	98	102	111	103	88	96	126	142	141
Prepaid Expenses	138	142	189	204	200	201	259	583	771	479
Current Deferred & Refundable Income Taxes	16	0.00	43	28	27	243	274	73	141	258
Plant, Property, & Equipment, net	15,372	18,425	19,635	20,730	18,286	14,632	14,435	5,224	5,450	6,196
Total Noncurrent Assets	7,435	7,519	7,148	6,954	11,583	15,912	20,047	32,314	32,008	31,672
Long-Term Investments	1,491	1,220	1,033	733	822	1,447	967	173	241	381
Goodwill	1,431	1,817	1,807	1,821	2,085	2,091	3,481	5,029	5,166	5,145
Intangible Assets	4,165	4,088	3,878	3,944	3,827	3,644	3,616	1,551	1,725	1,715
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	0.00	40
Other Noncurrent Operating Assets	348	393	430	455	4,849	8,730	11,983	25,560	24,877	24,391
Total Liabilities & Shareholders' Equity	25,215	28,173	29,160	30,211	33,876	36,495	40,899	45,692	42,369	42,232
Total Liabilities	17,445	18,150	17,469	19,639	21,108	25,248	29,775	40,324	38,001	38,512
Total Current Liabilities	2,238	2,293	3,138	2,949	3,191	1,857	3,442	4,516	3,126	3,352
Accounts Payable	182	250	255	303	235	143	286	370	462	413
Other Current Liabilities	1,562	1,865	2,589	2,463	2,834	1,575	1,983	2,236	2,604	2,869
Other Current Nonoperating Liabilities	166	159	136	140	122	139	173	623	60	70
Total Noncurrent Liabilities	15,207	15,856	14,331	16,690	17,917	23,392	26,333	35,808	34,875	35,160
Long-Term Debt	12,368	12,979	12,751	15,347	11,532	12,849	12,091	7,433	6,344	6,362
Noncurrent Deferred & Payable Income Tax Liabilities	2,681	2,551	1,295	1,343	2,107	2,153	2,439	2,969	2,861	2,812
Other Noncurrent Operating Liabilities	158	326	284	0.00	4,278	8,390	11,802	25,406	25,670	25,986
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	6.25	54	80	102	105	67	148	158	33	35
Total Equity & Noncontrolling Interests	7,764	9,969	11,611	10,470	12,663	11,180	10,977	5,210	4,334	3,685
Total Preferred & Common Equity	5,120	6,220	7,577	6,512	7,727	6,505	6,071	4,832	3,811	3,023
Total Common Equity	5,120	6,220	7,577	6,512	7,727	6,505	6,071	4,832	3,811	3,023
Common Stock	5,662	5,659	5,363	4,097	3,536	3,444	1,755	3.79	3.27	2.94
Retained Earnings	-556	546	2,217	2,423	4,201	3,091	4,341	4,794	3,664	3,082
Accumulated Other Comprehensive Income / (Loss)	14	15	-3.61	-8.56	-10	-31	-25	33	144	-61
Noncontrolling Interest	2,645	3,749	4,034	3,958	4,936	4,675	4,906	379	523	662

This table presents MGM Resorts International's 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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Total Assets	47,330	45,692	43,542	42,906	42,572	42,369	42,079	41,815	42,741	42,232	41,903
Total Current Assets	8,783	8,155	6,231	5,617	5,259	4,911	4,574	4,409	4,832	4,364	4,139
Cash & Equivalents	5,295	5,912	4,505	3,843	3,316	2,928	2,722	2,414	2,951	2,416	2,271
Accounts Receivable	710	852	753	704	812	929	924	1,017	965	1,071	970
Inventories, net	113	126	129	131	136	142	147	148	145	141	135
Prepaid Expenses	407	583	842	809	835	771	688	623	560	479	553
Current Deferred & Refundable Income Taxes	233	73	2.06	129	160	141	92	208	213	258	210
Plant, Property, & Equipment, net	5,089	5,224	5,141	5,233	5,257	5,450	5,630	5,716	5,950	6,196	6,190
Total Noncurrent Assets	33,458	32,314	32,170	32,055	32,056	32,008	31,875	31,691	31,958	31,672	31,574
Long-Term Investments	186	173	154	157	232	241	246	238	414	381	394
Goodwill	4,945	5,029	5,025	5,029	5,143	5,166	5,153	5,153	5,176	5,145	5,162
Intangible Assets	2,806	1,551	1,756	1,734	1,733	1,725	1,686	1,658	1,777	1,715	1,701
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	0.00	-	-	-	40	48
Other Noncurrent Operating Assets	25,521	25,560	25,236	25,135	24,948	24,877	24,790	24,641	24,592	24,391	24,269
Total Liabilities & Shareholders' Equity	47,330	45,692	43,542	42,906	42,572	42,369	42,079	41,815	42,741	42,232	41,903
Total Liabilities	41,368	40,324	38,310	38,061	38,111	38,001	38,019	37,969	38,886	38,512	38,282
Total Current Liabilities	5,896	4,516	2,844	2,749	2,962	3,126	3,034	3,000	3,887	3,352	3,169
Accounts Payable	404	370	347	359	413	462	448	402	392	413	381
Other Current Liabilities	2,068	2,236	2,280	2,295	2,435	2,604	2,471	2,541	2,708	2,869	2,688
Other Current Nonoperating Liabilities	2,072	623	114	60	115	60	115	58	112	70	100
Total Noncurrent Liabilities	35,473	35,808	35,466	35,311	35,149	34,875	34,986	34,969	34,999	35,160	35,112
Long-Term Debt	7,210	7,433	6,841	6,674	6,506	6,344	6,270	6,293	6,234	6,362	6,415
Noncurrent Deferred & Payable Income Tax Liabilities	2,847	2,969	3,009	3,007	2,991	2,861	2,850	2,797	2,793	2,812	2,810
Other Noncurrent Operating Liabilities	25,416	25,406	25,616	25,631	25,653	25,670	25,866	25,879	25,973	25,986	25,887
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	137	158	9.66	9.72	33	33	32	32	33	35	35
Total Equity & Noncontrolling Interests	5,825	5,210	5,222	4,835	4,429	4,334	4,027	3,814	3,822	3,685	3,586
Total Preferred & Common Equity	4,842	4,832	4,840	4,416	3,966	3,811	3,457	3,213	3,232	3,023	2,854
Total Common Equity	4,842	4,832	4,840	4,416	3,966	3,811	3,457	3,213	3,232	3,023	2,854
Common Stock	3.89	3.79	3.67	3.53	3.41	3.27	3.15	3.05	2.97	2.94	2.80
Retained Earnings	4,872	4,794	4,799	4,383	3,963	3,664	3,394	3,172	3,037	3,082	2,763
Accumulated Other Comprehensive Income / (Loss)	-34	33	37	30	-0.62	144	60	37	192	-61	88
Noncontrolling Interest	983	379	382	419	463	523	571	601	590	662	733

This table displays calculated financial ratios and metrics derived from MGM Resorts International's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
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
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-8.85%	3.14%	13.92%	8.94%	9.66%	-59.98%	87.52%	35.61%	23.13%	6.66%
EBITDA Growth	-70.33%	360.31%	-6.56%	-1.26%	92.11%	-91.87%	742.40%	45.22%	-44.65%	-12.84%
EBIT Growth	-120.25%	885.14%	-16.54%	-13.87%	163.24%	-122.60%	370.79%	-33.72%	28.98%	-19.28%
NOPAT Growth	-126.70%	1,967.43%	82.25%	-63.64%	126.48%	-114.67%	518.87%	-82.52%	412.94%	-15.89%
Net Income Growth	-917.48%	218.87%	68.97%	-72.04%	279.24%	-159.61%	191.55%	-82.89%	536.06%	-19.04%
EPS Growth	-164.52%	334.15%	73.96%	-75.75%	379.01%	-152.06%	219.31%	44.81%	-8.60%	-24.76%
Operating Cash Flow Growth	-140.94%	431.37%	43.84%	-21.93%	5.10%	-182.47%	191.99%	27.89%	53.19%	-12.20%
Free Cash Flow Firm Growth	-26.30%	-321.61%	304.46%	-114.20%	2,062.27%	-44.38%	-56.90%	679.07%	-80.02%	-20.73%
Invested Capital Growth	-3.08%	17.35%	8.29%	7.39%	-10.79%	-16.86%	3.01%	-55.99%	-5.17%	-3.25%
Revenue Q/Q Growth	-2.06%	3.18%	1.06%	4.03%	1.04%	-24.68%	19.26%	4.25%	5.09%	-0.17%
EBITDA Q/Q Growth	-70.27%	114.14%	-2.01%	7.42%	100.68%	-88.74%	26.44%	21.18%	-24.34%	-4.31%
EBIT Q/Q Growth	-120.55%	317.54%	-4.07%	8.89%	211.82%	-135.36%	46.99%	-14.08%	20.13%	-6.74%
NOPAT Q/Q Growth	-122.74%	385.83%	192.26%	-71.21%	387.77%	-123.35%	43.90%	-69.30%	108.82%	-10.39%
Net Income Q/Q Growth	-810.26%	503.16%	182.92%	-70.76%	1,336.14%	-209.81%	89.90%	-67.84%	113.71%	-11.75%
EPS Q/Q Growth	-1,071.43%	336.36%	227.45%	-74.77%	38,700.00%	-174.26%	83.97%	21.18%	4.59%	-14.89%
Operating Cash Flow Q/Q Growth	-154.74%	1,111.27%	10.49%	-17.58%	7.56%	-87.73%	113.51%	-3.49%	12.21%	-1.84%
Free Cash Flow Firm Q/Q Growth	272.94%	-10.13%	347.28%	-114.17%	1,674.39%	-61.47%	108.47%	1.05%	-11.03%	3.77%
Invested Capital Q/Q Growth	-7.39%	1.58%	5.70%	0.70%	-11.33%	-0.51%	-1.19%	-11.79%	0.92%	-2.08%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.25%	40.28%	43.02%	41.18%	41.06%	33.11%	48.03%	49.32%	47.08%	45.51%
EBITDA Margin	6.72%	29.99%	24.60%	22.30%	39.06%	7.94%	35.66%	38.19%	17.17%	14.03%
Operating Margin	-1.70%	21.93%	15.86%	12.49%	30.55%	-12.45%	23.54%	10.96%	11.70%	8.65%
EBIT Margin	-2.71%	20.60%	15.09%	11.93%	28.64%	-16.18%	23.36%	11.42%	11.96%	9.05%
Profit (Net Income) Margin	-11.31%	13.04%	19.34%	4.96%	17.17%	-25.57%	12.48%	1.57%	8.13%	6.18%
Tax Burden Percent	99.37%	98.27%	217.34%	92.10%	77.79%	87.33%	82.66%	22.87%	89.28%	95.30%
Interest Burden Percent	420.75%	64.41%	58.96%	45.17%	77.05%	180.99%	64.64%	60.30%	76.19%	71.59%
Effective Tax Rate	0.00%	1.73%	-117.34%	7.90%	22.21%	0.00%	17.34%	77.13%	10.72%	4.70%
Return on Invested Capital (ROIC)	-0.62%	10.76%	17.43%	5.88%	13.59%	-2.31%	10.49%	2.51%	21.62%	18.99%
ROIC Less NNEP Spread (ROIC-NNEP)	-9.87%	2.76%	1.86%	-0.59%	5.77%	-13.96%	0.51%	-0.01%	8.92%	8.63%
Return on Net Nonoperating Assets (RNNOA)	-12.89%	3.13%	1.80%	-0.63%	5.39%	-8.68%	0.31%	0.00%	5.39%	7.34%
Return on Equity (ROE)	-13.50%	13.89%	19.23%	5.25%	18.98%	-10.99%	10.80%	2.51%	27.01%	26.33%
Cash Return on Invested Capital (CROIC)	2.51%	-5.21%	9.47%	-1.25%	24.99%	16.10%	7.53%	80.27%	26.93%	22.29%
Operating Return on Assets (OROA)	-0.96%	7.31%	5.68%	4.73%	11.53%	-2.37%	5.84%	3.46%	4.39%	3.69%
Return on Assets (ROA)	-4.01%	4.63%	7.28%	1.97%	6.91%	-3.75%	3.12%	0.48%	2.99%	2.52%
Return on Common Equity (ROCE)	-8.08%	8.85%	12.22%	3.32%	11.58%	-6.51%	6.07%	1.66%	23.98%	22.25%
Return on Equity Simple (ROE_SIMPLE)	-20.31%	19.87%	27.56%	8.97%	28.66%	-20.29%	19.91%	4.28%	34.50%	35.21%
Net Operating Profit after Tax (NOPAT)	-109	2,042	3,722	1,353	3,065	-450	1,884	329	1,689	1,420
NOPAT Margin	-1.19%	21.55%	34.47%	11.50%	23.76%	-8.71%	19.46%	2.51%	10.45%	8.24%
Net Nonoperating Expense Percent (NNEP)	9.26%	7.99%	15.57%	6.47%	7.81%	11.65%	9.98%	2.51%	12.71%	10.36%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	2.36%	15.82%	14.14%
Cost of Revenue to Revenue	56.75%	59.72%	56.98%	58.82%	58.94%	66.89%	51.97%	50.68%	52.92%	54.49%
SG&A Expenses to Revenue	17.23%	17.84%	17.75%	18.57%	19.89%	50.03%	30.27%	35.85%	32.25%	31.01%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	44.95%	18.35%	27.16%	28.69%	10.51%	45.56%	24.49%	38.36%	35.38%	36.87%
Earnings before Interest and Taxes (EBIT)	-249	1,952	1,630	1,404	3,695	-835	2,261	1,499	1,933	1,560
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	617	2,842	2,656	2,623	5,038	410	3,452	5,014	2,775	2,419
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.36	2.51	2.39	1.91	2.20	2.39	3.47	2.67	4.00	3.41
Price to Tangible Book Value (P/TBV)	0.00	49.52	9.57	16.68	9.36	20.21	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.32	1.65	1.68	1.06	1.32	3.01	2.17	0.98	0.94	0.60
Price to Earnings (P/E)	0.00	14.19	9.28	26.68	8.29	0.00	16.77	8.74	13.36	13.82
Dividend Yield	0.00%	0.00%	1.38%	2.03%	1.58%	0.50%	0.02%	0.03%	0.00%	0.00%
Earnings Yield	0.00%	7.05%	10.78%	3.75%	12.06%	0.00%	5.96%	11.44%	7.48%	7.24%
Enterprise Value to Invested Capital (EV/IC)	1.39	1.45	1.47	1.24	1.43	1.50	1.81	2.00	2.50	1.98
Enterprise Value to Revenue (EV/Rev)	2.64	3.14	3.02	2.52	2.36	5.15	3.41	1.22	1.18	0.85
Enterprise Value to EBITDA (EV/EBITDA)	39.32	10.46	12.28	11.30	6.04	64.90	9.56	3.20	6.84	6.03
Enterprise Value to EBIT (EV/EBIT)	0.00	15.23	20.01	21.12	8.23	0.00	14.60	10.71	9.83	9.34
Enterprise Value to NOPAT (EV/NOPAT)	0.00	14.56	8.76	21.91	9.92	0.00	17.53	48.74	11.25	10.26
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	19.39	14.78	17.21	16.80	0.00	24.04	9.14	7.06	6.17
Enterprise Value to Free Cash Flow (EV/FCFF)	54.39	0.00	16.12	0.00	5.40	8.48	24.43	1.52	9.03	8.74
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.63	1.30	1.10	1.46	0.90	1.14	1.18	1.62	1.45	1.71
Long-Term Debt to Equity	1.59	1.29	1.09	1.45	0.90	1.14	1.09	1.38	1.45	1.71
Financial Leverage	1.31	1.13	0.97	1.07	0.93	0.62	0.60	0.59	0.60	0.85
Leverage Ratio	3.36	3.00	2.64	2.67	2.75	2.93	3.46	5.25	9.04	10.46
Compound Leverage Factor	14.16	1.93	1.56	1.20	2.12	5.30	2.24	3.17	6.89	7.49
Debt to Total Capital	62.03%	56.44%	52.48%	59.28%	47.46%	53.33%	54.06%	61.89%	59.23%	63.10%
Short-Term Debt to Total Capital	1.60%	0.04%	0.64%	0.17%	0.00%	0.00%	4.13%	9.13%	0.00%	0.00%
Long-Term Debt to Total Capital	60.43%	56.40%	51.83%	59.11%	47.46%	53.33%	49.93%	52.76%	59.23%	63.10%
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%
Noncontrolling Interests to Total Capital	12.95%	16.53%	16.72%	15.64%	20.74%	19.68%	20.87%	3.81%	5.19%	6.91%
Common Equity to Total Capital	25.02%	27.03%	30.80%	25.08%	31.80%	27.00%	25.07%	34.30%	35.58%	29.99%
Debt to EBITDA	20.56	4.57	4.86	5.87	2.29	31.35	3.79	1.74	2.29	2.63
Net Debt to EBITDA	15.44	3.63	3.91	5.01	1.66	15.37	2.00	0.53	1.14	1.47
Long-Term Debt to EBITDA	20.03	4.57	4.80	5.85	2.29	31.35	3.50	1.48	2.29	2.63
Debt to NOPAT	-116.10	6.36	3.47	11.37	3.76	-28.57	6.95	26.48	3.76	4.48
Net Debt to NOPAT	-87.19	5.05	2.79	9.70	2.73	-14.01	3.67	8.00	1.88	2.51
Long-Term Debt to NOPAT	-113.09	6.36	3.43	11.34	3.76	-28.57	6.42	22.58	3.76	4.48
Altman Z-Score	0.73	1.11	1.25	1.02	1.43	0.69	1.08	0.83	0.94	0.82
Noncontrolling Interest Sharing Ratio	40.19%	36.27%	36.46%	36.71%	38.99%	40.74%	43.79%	33.90%	11.23%	15.49%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.08	0.97	0.76	0.86	1.26	3.21	1.86	1.81	1.57	1.30
Quick Ratio	0.96	0.87	0.65	0.74	0.92	2.92	1.54	1.50	1.23	1.04
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	446	-989	2,023	-287	5,637	3,136	1,351	10,529	2,104	1,668
Operating Cash Flow to CapEx	-31.73%	67.92%	118.41%	117.88%	0.00%	0.00%	0.00%	0.00%	347.71%	207.71%
Free Cash Flow to Firm to Interest Expense	0.56	-1.42	3.02	-0.37	6.65	4.64	1.69	17.70	4.57	3.76
Operating Cash Flow to Interest Expense	-0.58	2.21	3.30	2.24	2.14	-2.21	1.72	2.95	5.85	5.33
Operating Cash Flow Less CapEx to Interest Expense	-2.41	-1.04	0.51	0.34	6.16	1.03	6.10	9.21	4.16	2.76
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.35	0.36	0.38	0.40	0.40	0.15	0.25	0.30	0.37	0.41
Accounts Receivable Turnover	19.27	18.52	19.90	19.61	20.32	11.11	21.50	18.28	18.15	17.24
Inventory Turnover	50.09	56.06	61.52	64.93	71.15	36.11	54.47	59.82	63.89	66.56
Fixed Asset Turnover	0.62	0.56	0.57	0.58	0.66	0.31	0.67	1.34	3.03	2.96
Accounts Payable Turnover	30.12	26.18	24.34	24.82	28.27	18.27	23.47	20.28	20.57	21.49
Days Sales Outstanding (DSO)	18.94	19.71	18.34	18.61	17.97	32.85	16.98	19.96	20.11	21.18
Days Inventory Outstanding (DIO)	7.29	6.51	5.93	5.62	5.13	10.11	6.70	6.10	5.71	5.48
Days Payable Outstanding (DPO)	12.12	13.94	14.99	14.71	12.91	19.98	15.55	18.00	17.74	16.99
Cash Conversion Cycle (CCC)	14.11	12.27	9.28	9.52	10.18	22.98	8.12	8.07	8.08	9.67
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	17,472	20,503	22,202	23,843	21,271	17,685	18,218	8,018	7,603	7,356
Invested Capital Turnover	0.52	0.50	0.51	0.51	0.57	0.27	0.54	1.00	2.07	2.31
Increase / (Decrease) in Invested Capital	-556	3,032	1,699	1,641	-2,572	-3,585	532	-10,200	-415	-247
Enterprise Value (EV)	24,279	29,739	32,603	29,645	30,415	26,598	33,015	16,048	18,993	14,579
Market Capitalization	12,094	15,615	18,113	12,454	16,994	15,556	21,041	12,876	15,262	10,317
Book Value per Share	$9.09	$10.85	$13.38	$12.35	$15.00	$13.17	$12.94	$12.58	$11.16	$10.15
Tangible Book Value per Share	($0.84)	$0.55	$3.34	$1.42	$3.53	$1.56	($2.19)	($4.55)	($9.01)	($12.89)
Total Capital	20,467	23,011	24,600	25,963	24,300	24,095	24,215	14,088	10,711	10,082
Total Debt	12,697	12,988	12,909	15,391	11,532	12,849	13,091	8,719	6,344	6,362
Total Long-Term Debt	12,368	12,979	12,751	15,347	11,532	12,849	12,091	7,433	6,344	6,362
Net Debt	9,535	10,321	10,376	13,131	8,381	6,300	6,921	2,634	3,175	3,566
Capital Expenditures (CapEx)	1,459	2,259	1,863	1,461	-3,415	-2,191	-3,504	-3,721	774	1,137
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,171	-1,502	-2,104	-1,905	-1,513	-1,008	-1,229	-987	-1,143	-1,404
Debt-free Net Working Capital (DFNWC)	499	-55	-604	-379	816	4,094	3,974	4,925	1,785	1,012
Net Working Capital (NWC)	171	-64	-762	-422	816	4,094	2,974	3,639	1,785	1,012
Net Nonoperating Expense (NNE)	930	806	1,634	769	851	870	675	123	374	356
Net Nonoperating Obligations (NNO)	9,701	10,480	10,512	13,271	8,503	6,439	7,093	2,649	3,235	3,636
Total Depreciation and Amortization (D&A)	866	890	1,026	1,219	1,344	1,245	1,191	3,515	842	858
Debt-free, Cash-free Net Working Capital to Revenue	-12.74%	-15.85%	-19.49%	-16.20%	-11.73%	-19.52%	-12.70%	-7.52%	-7.07%	-8.14%
Debt-free Net Working Capital to Revenue	5.43%	-0.59%	-5.59%	-3.22%	6.33%	79.31%	41.05%	37.52%	11.04%	5.87%
Net Working Capital to Revenue	1.86%	-0.67%	-7.06%	-3.59%	6.33%	79.31%	30.72%	27.72%	11.04%	5.87%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.82)	$1.94	$3.39	$0.82	$3.90	($2.02)	$2.44	$3.52	$3.22	$2.42
Adjusted Weighted Average Basic Shares Outstanding	564.86M	574.20M	572.25M	544.25M	524.17M	494.15M	481.93M	409.20M	354.93M	307.41M
Adjusted Diluted Earnings per Share	($0.82)	$1.92	$3.35	$0.81	$3.88	($2.02)	$2.41	$3.49	$3.19	$2.40
Adjusted Weighted Average Diluted Shares Outstanding	564.86M	574.20M	578.80M	549.54M	527.65M	494.15M	487.36M	412.99M	358.63M	310.23M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$3.90	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	564.86M	574.20M	566.37M	536.92M	492.43M	494.85M	439.17M	373.91M	319.68M	285.55M
Normalized Net Operating Profit after Tax (NOPAT)	788	1,238	1,179	1,217	2,972	-1,524	522	-473	1,745	1,514
Normalized NOPAT Margin	8.57%	13.06%	10.92%	10.35%	23.04%	-29.53%	5.39%	-3.61%	10.79%	8.78%
Pre Tax Income Margin	-11.38%	13.27%	8.90%	5.39%	22.07%	-29.28%	15.10%	6.88%	9.11%	6.48%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.31	2.81	2.44	1.82	4.36	-1.23	2.83	2.52	4.20	3.52
NOPAT to Interest Expense	-0.14	2.94	5.57	1.76	3.61	-0.66	2.36	0.55	3.67	3.20
EBIT Less CapEx to Interest Expense	-2.14	-0.44	-0.35	-0.08	8.38	2.01	7.21	8.77	2.52	0.95
NOPAT Less CapEx to Interest Expense	-1.97	-0.31	2.78	-0.14	7.64	2.58	6.74	6.81	1.99	0.64
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-29.55%	8.36%	20.23%	76.30%	22.34%	-27.58%	27.22%	103.88%	13.47%	17.71%
Augmented Payout Ratio	-29.55%	14.44%	35.91%	296.09%	68.92%	-54.38%	172.34%	1,446.31%	187.77%	145.26%

This table displays calculated financial ratios and metrics derived from MGM Resorts International's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	26.17%	17.51%	35.70%	20.75%	16.31%	21.81%	13.17%	9.77%	5.28%	-0.66%	-2.43%
EBITDA Growth	-83.35%	133.57%	132.75%	-77.65%	54.91%	-58.27%	-33.41%	-3.67%	19.17%	-17.04%	-6.04%
EBIT Growth	-158.31%	-70.45%	520.98%	-83.08%	131.61%	314.31%	-41.56%	-2.70%	21.79%	-26.40%	-17.51%
NOPAT Growth	-146.84%	-100.46%	633.53%	-81.82%	147.72%	37,571.45%	-26.35%	38.70%	-25.86%	-32.19%	-18.21%
Net Income Growth	-179.31%	-375.67%	1,479.25%	-84.99%	119.97%	218.62%	-37.54%	16.12%	15.23%	-37.33%	-24.35%
EPS Growth	-152.35%	321.05%	2,166.67%	-86.90%	131.72%	17.50%	-45.97%	9.09%	32.61%	-44.68%	-23.88%
Operating Cash Flow Growth	-22.71%	-13.05%	67.44%	12.59%	73.28%	69.18%	-21.98%	-17.77%	-3.84%	-6.20%	-0.40%
Free Cash Flow Firm Growth	854.66%	4,325.33%	2,819.39%	-73.12%	-77.89%	-91.06%	-95.54%	-79.25%	-85.26%	-35.94%	-32.38%
Invested Capital Growth	-50.70%	-55.99%	-57.95%	-22.06%	-17.12%	-5.17%	-1.18%	-0.92%	-0.29%	-3.25%	-0.05%
Revenue Q/Q Growth	4.63%	5.16%	7.82%	1.78%	0.79%	10.13%	0.18%	-1.28%	-3.33%	3.91%	-1.60%
EBITDA Q/Q Growth	-87.02%	336.02%	-35.60%	-38.69%	-10.02%	17.45%	2.78%	-11.32%	11.32%	-18.24%	16.40%
EBIT Q/Q Growth	-145.51%	109.71%	652.96%	-49.14%	-14.98%	27.27%	6.20%	-15.32%	6.41%	-23.09%	19.02%
NOPAT Q/Q Growth	-141.60%	99.82%	41,027.52%	-41.10%	9.21%	42.33%	-19.55%	10.92%	-41.62%	30.18%	-2.97%
Net Income Q/Q Growth	-165.39%	69.84%	249.96%	-49.25%	-13.00%	79.16%	-21.04%	-5.65%	-13.66%	-2.56%	-4.70%
EPS Q/Q Growth	-134.52%	155.17%	55.00%	-55.65%	-16.36%	104.35%	-28.72%	-10.45%	1.67%	-14.75%	-1.92%
Operating Cash Flow Q/Q Growth	-21.80%	5.65%	66.37%	-18.09%	20.35%	3.15%	-23.28%	-13.66%	40.74%	0.62%	-18.54%
Free Cash Flow Firm Q/Q Growth	-6.42%	18.37%	7.55%	-77.43%	-23.03%	-52.12%	-46.35%	4.94%	-45.31%	108.04%	-43.37%
Invested Capital Q/Q Growth	-6.96%	-11.79%	-5.65%	0.65%	-1.06%	0.92%	-1.67%	0.92%	-0.43%	-2.08%	1.58%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	49.63%	48.42%	48.45%	47.14%	47.21%	45.71%	46.14%	46.31%	44.66%	44.91%	45.76%
EBITDA Margin	10.29%	42.65%	25.47%	15.34%	13.70%	14.61%	14.99%	13.46%	15.51%	12.20%	14.43%
Operating Margin	-30.62%	-0.05%	18.87%	9.42%	9.31%	9.58%	10.46%	9.84%	7.53%	6.71%	9.00%
EBIT Margin	-31.07%	2.87%	20.03%	10.01%	8.44%	9.76%	10.34%	8.87%	9.77%	7.23%	8.75%
Profit (Net Income) Margin	-31.06%	-8.91%	12.39%	6.18%	5.33%	8.68%	6.84%	6.54%	5.84%	5.47%	5.30%
Tax Burden Percent	89.43%	939.09%	74.32%	86.15%	94.45%	118.60%	87.28%	104.26%	82.28%	115.67%	84.99%
Interest Burden Percent	111.79%	-33.07%	83.21%	71.63%	66.86%	74.97%	75.73%	70.64%	72.62%	65.45%	71.32%
Effective Tax Rate	0.00%	0.00%	25.68%	13.85%	5.55%	-18.60%	12.72%	-4.26%	17.72%	-15.67%	15.01%
Return on Invested Capital (ROIC)	-19.61%	-0.04%	15.53%	13.84%	16.27%	23.52%	20.24%	23.08%	14.22%	17.89%	17.54%
ROIC Less NNEP Spread (ROIC-NNEP)	-26.33%	-6.58%	14.30%	10.90%	11.84%	19.52%	16.75%	18.10%	13.77%	14.99%	14.77%
Return on Net Nonoperating Assets (RNNOA)	-14.52%	-3.89%	9.67%	4.65%	7.04%	11.80%	10.36%	13.47%	11.14%	12.74%	13.98%
Return on Equity (ROE)	-34.13%	-3.92%	25.20%	18.49%	23.32%	35.32%	30.60%	36.55%	25.36%	30.62%	31.52%
Cash Return on Invested Capital (CROIC)	75.71%	80.27%	88.78%	25.23%	28.45%	26.93%	22.06%	23.28%	21.36%	22.29%	18.12%
Operating Return on Assets (OROA)	-8.82%	0.87%	6.90%	3.25%	2.89%	3.58%	4.03%	3.57%	3.95%	2.95%	3.57%
Return on Assets (ROA)	-8.82%	-2.70%	4.26%	2.01%	1.82%	3.19%	2.66%	2.63%	2.36%	2.23%	2.16%
Return on Common Equity (ROCE)	-22.45%	-2.59%	16.38%	15.40%	19.70%	31.36%	27.32%	32.09%	21.95%	25.88%	25.89%
Return on Equity Simple (ROE_SIMPLE)	13.28%	0.00%	14.91%	-14.89%	15.52%	0.00%	32.83%	36.54%	37.32%	0.00%	34.75%
Net Operating Profit after Tax (NOPAT)	-732	-1.33	543	320	349	497	400	444	259	337	327
NOPAT Margin	-21.43%	-0.04%	14.02%	8.12%	8.79%	11.37%	9.13%	10.26%	6.19%	7.76%	7.65%
Net Nonoperating Expense Percent (NNEP)	6.72%	6.54%	1.23%	2.94%	4.44%	4.00%	3.49%	4.98%	0.44%	2.89%	2.77%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.01%	-	-	-	4.66%	-	-	-	3.36%	3.27%
Cost of Revenue to Revenue	50.37%	51.58%	51.55%	52.86%	52.79%	54.29%	53.86%	53.69%	55.35%	55.09%	54.24%
SG&A Expenses to Revenue	38.93%	37.29%	32.61%	32.00%	33.08%	31.41%	30.21%	30.85%	31.12%	31.85%	30.56%
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	80.24%	48.49%	29.58%	37.72%	37.90%	36.13%	35.69%	36.48%	37.13%	38.21%	36.76%
Earnings before Interest and Taxes (EBIT)	-1,061	103	776	395	335	427	453	384	409	314	374
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	351	1,532	987	605	544	639	657	583	649	530	617
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.41	2.67	3.43	3.62	3.25	4.00	4.67	4.34	3.67	3.41	2.97
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)	0.93	0.98	1.17	1.08	0.84	0.94	0.97	0.82	0.69	0.60	0.49
Price to Earnings (P/E)	8.85	8.74	8.48	42.63	11.59	13.36	18.06	15.86	13.16	13.82	12.49
Dividend Yield	0.03%	0.03%	0.02%	0.02%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	11.30%	11.44%	11.79%	2.35%	8.63%	7.48%	5.54%	6.31%	7.60%	7.24%	8.01%
Enterprise Value to Invested Capital (EV/IC)	1.75	2.00	2.54	2.51	2.17	2.50	2.68	2.41	2.14	1.98	1.74
Enterprise Value to Revenue (EV/Rev)	1.26	1.22	1.36	1.29	1.06	1.18	1.20	1.07	0.93	0.85	0.76
Enterprise Value to EBITDA (EV/EBITDA)	3.84	3.20	3.45	5.50	4.46	6.84	8.19	7.52	6.35	6.03	5.46
Enterprise Value to EBIT (EV/EBIT)	9.10	10.71	8.94	90.01	10.16	9.83	12.44	11.38	9.59	9.34	8.77
Enterprise Value to NOPAT (EV/NOPAT)	14.81	48.74	20.91	502.45	20.22	11.25	12.76	10.75	10.12	10.26	9.61
Enterprise Value to Operating Cash Flow (EV/OCF)	8.73	9.14	9.42	9.08	6.82	7.06	7.90	7.48	6.67	6.17	5.50
Enterprise Value to Free Cash Flow (EV/FCFF)	1.52	1.52	1.69	8.72	6.92	9.03	12.07	10.32	9.98	8.74	9.59
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.44	1.62	1.31	1.38	1.46	1.45	1.54	1.64	1.79	1.71	1.77
Long-Term Debt to Equity	1.21	1.38	1.31	1.38	1.46	1.45	1.54	1.64	1.62	1.71	1.77
Financial Leverage	0.55	0.59	0.68	0.43	0.59	0.60	0.62	0.74	0.81	0.85	0.95
Leverage Ratio	5.00	5.25	5.39	7.50	8.63	9.04	9.22	9.75	10.26	10.46	10.93
Compound Leverage Factor	5.59	-1.74	4.49	5.37	5.77	6.78	6.98	6.89	7.45	6.85	7.80
Debt to Total Capital	58.95%	61.89%	56.80%	58.07%	59.32%	59.23%	60.70%	62.06%	64.19%	63.10%	63.92%
Short-Term Debt to Total Capital	9.31%	9.13%	0.30%	0.30%	0.00%	0.00%	0.00%	0.00%	6.27%	0.00%	0.00%
Long-Term Debt to Total Capital	49.64%	52.76%	56.50%	57.76%	59.32%	59.23%	60.70%	62.06%	57.92%	63.10%	63.92%
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	7.71%	3.81%	3.24%	3.71%	4.52%	5.19%	5.84%	6.25%	5.79%	6.91%	7.65%
Common Equity to Total Capital	33.34%	34.30%	39.97%	38.22%	36.16%	35.58%	33.47%	31.69%	30.03%	29.99%	28.43%
Debt to EBITDA	2.07	1.74	1.23	1.93	1.77	2.29	2.56	2.60	2.73	2.63	2.70
Net Debt to EBITDA	0.74	0.53	0.40	0.78	0.81	1.14	1.35	1.50	1.40	1.47	1.58
Long-Term Debt to EBITDA	1.74	1.48	1.23	1.92	1.77	2.29	2.56	2.60	2.47	2.63	2.70
Debt to NOPAT	7.98	26.48	7.48	176.35	8.04	3.76	3.99	3.71	4.36	4.48	4.75
Net Debt to NOPAT	2.87	8.00	2.41	71.20	3.66	1.88	2.10	2.15	2.24	2.51	2.78
Long-Term Debt to NOPAT	6.72	22.58	7.44	175.43	8.04	3.76	3.99	3.71	3.93	4.48	4.75
Altman Z-Score	0.58	0.73	0.89	0.85	0.79	0.83	0.84	0.81	0.74	0.72	0.69
Noncontrolling Interest Sharing Ratio	34.22%	33.90%	35.02%	16.71%	15.50%	11.23%	10.71%	12.23%	13.45%	15.49%	17.85%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.49	1.81	2.19	2.04	1.78	1.57	1.51	1.47	1.24	1.30	1.31
Quick Ratio	1.02	1.50	1.85	1.65	1.39	1.23	1.20	1.14	1.01	1.04	1.02
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	8,616	10,199	10,968	2,475	1,905	912	489	514	281	584	331
Operating Cash Flow to CapEx	182.94%	205.21%	0.00%	227.91%	331.70%	217.31%	320.21%	200.01%	199.56%	170.31%	239.97%
Free Cash Flow to Firm to Interest Expense	68.83	74.37	84.18	22.11	17.14	8.53	4.45	4.55	2.51	5.38	3.08
Operating Cash Flow to Interest Expense	3.20	3.09	5.40	5.15	6.24	6.70	4.99	4.21	5.97	6.18	5.10
Operating Cash Flow Less CapEx to Interest Expense	1.45	1.58	5.54	2.89	4.36	3.62	3.43	2.10	2.98	2.55	2.97
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.28	0.30	0.34	0.32	0.34	0.37	0.39	0.40	0.40	0.41	0.41
Accounts Receivable Turnover	20.28	18.28	21.01	21.60	20.21	18.15	19.89	19.83	19.44	17.24	18.09
Inventory Turnover	61.34	59.82	62.22	62.23	64.46	63.89	64.60	65.70	66.79	66.56	66.24
Fixed Asset Turnover	1.28	1.34	1.47	2.89	2.97	3.03	3.10	3.12	3.08	2.96	2.90
Accounts Payable Turnover	18.80	20.28	22.85	21.32	19.67	20.57	22.42	24.07	23.30	21.49	22.56
Days Sales Outstanding (DSO)	18.00	19.96	17.37	16.90	18.06	20.11	18.35	18.41	18.78	21.18	20.17
Days Inventory Outstanding (DIO)	5.95	6.10	5.87	5.87	5.66	5.71	5.65	5.56	5.46	5.48	5.51
Days Payable Outstanding (DPO)	19.42	18.00	15.98	17.12	18.55	17.74	16.28	15.16	15.66	16.99	16.18
Cash Conversion Cycle (CCC)	4.53	8.07	7.26	5.65	5.16	8.08	7.73	8.80	8.58	9.67	9.51
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,089	8,018	7,565	7,614	7,534	7,603	7,476	7,544	7,512	7,356	7,472
Invested Capital Turnover	0.91	1.00	1.11	1.71	1.85	2.07	2.22	2.25	2.30	2.31	2.29
Increase / (Decrease) in Invested Capital	-9,348	-10,200	-10,425	-2,155	-1,556	-415	-89	-70	-22	-247	-3.66
Enterprise Value (EV)	15,882	16,048	19,220	19,116	16,352	18,993	20,030	18,214	16,042	14,579	12,982
Market Capitalization	11,682	12,876	16,609	15,978	12,899	15,262	16,126	13,940	11,874	10,317	8,464
Book Value per Share	$12.32	$12.58	$12.94	$12.14	$11.30	$11.16	$10.79	$10.24	$10.64	$10.15	$9.99
Tangible Book Value per Share	($7.40)	($4.55)	($5.19)	($6.45)	($8.29)	($9.01)	($10.55)	($11.47)	($12.25)	($12.89)	($14.04)
Total Capital	14,523	14,088	12,110	11,554	10,967	10,711	10,329	10,139	10,764	10,082	10,036
Total Debt	8,561	8,719	6,878	6,709	6,506	6,344	6,270	6,293	6,909	6,362	6,415
Total Long-Term Debt	7,210	7,433	6,841	6,674	6,506	6,344	6,270	6,293	6,234	6,362	6,415
Net Debt	3,080	2,634	2,219	2,709	2,957	3,175	3,301	3,641	3,545	3,566	3,750
Capital Expenditures (CapEx)	219	206	-18	253	209	329	172	237	334	394	228
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,056	-987	-1,082	-941	-1,019	-1,143	-1,182	-1,005	-1,330	-1,404	-1,301
Debt-free Net Working Capital (DFNWC)	4,239	4,925	3,423	2,903	2,297	1,785	1,540	1,409	1,621	1,012	970
Net Working Capital (NWC)	2,888	3,639	3,387	2,868	2,297	1,785	1,540	1,409	946	1,012	970
Net Nonoperating Expense (NNE)	329	319	63	76	138	118	100	161	15	99	101
Net Nonoperating Obligations (NNO)	3,128	2,649	2,333	2,769	3,072	3,235	3,416	3,698	3,657	3,636	3,851
Total Depreciation and Amortization (D&A)	1,413	1,429	211	210	209	212	204	199	240	216	243
Debt-free, Cash-free Net Working Capital to Revenue	-8.39%	-7.52%	-7.65%	-6.35%	-6.63%	-7.07%	-7.09%	-5.89%	-7.70%	-8.14%	-7.59%
Debt-free Net Working Capital to Revenue	33.66%	37.52%	24.20%	19.58%	14.93%	11.04%	9.23%	8.26%	9.38%	5.87%	5.66%
Net Working Capital to Revenue	22.93%	27.72%	23.94%	19.34%	14.93%	11.04%	9.23%	8.26%	5.48%	5.87%	5.66%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.45)	$0.79	$1.25	$0.56	$0.46	$0.95	$0.68	$0.60	$0.61	$0.53	$0.52
Adjusted Weighted Average Basic Shares Outstanding	393.30M	409.20M	374.09M	361.05M	347.35M	354.93M	320.49M	311.18M	300.50M	307.41M	287.13M
Adjusted Diluted Earnings per Share	($1.45)	$0.80	$1.24	$0.55	$0.46	$0.94	$0.67	$0.60	$0.61	$0.52	$0.51
Adjusted Weighted Average Diluted Shares Outstanding	393.30M	412.99M	378.10M	365.34M	351.39M	358.63M	323.76M	314.42M	303.48M	310.23M	289.10M
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	384.02M	373.91M	363.80M	350.89M	341.58M	319.68M	313.68M	303.77M	297.74M	285.55M	272.15M
Normalized Net Operating Profit after Tax (NOPAT)	-720	28	599	334	328	289	422	322	253	236	338
Normalized NOPAT Margin	-21.08%	0.77%	15.46%	8.47%	8.26%	6.61%	9.63%	7.45%	6.05%	5.44%	7.91%
Pre Tax Income Margin	-34.73%	-0.95%	16.67%	7.17%	5.65%	7.32%	7.83%	6.27%	7.09%	4.73%	6.24%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-8.48	0.75	5.96	3.53	3.02	3.99	4.12	3.41	3.65	2.89	3.49
NOPAT to Interest Expense	-5.85	-0.01	4.17	2.86	3.14	4.65	3.64	3.94	2.32	3.11	3.05
EBIT Less CapEx to Interest Expense	-10.23	-0.75	6.09	1.26	1.14	0.91	2.56	1.30	0.66	-0.74	1.36
NOPAT Less CapEx to Interest Expense	-7.60	-1.51	4.31	0.60	1.26	1.57	2.08	1.83	-0.67	-0.53	0.93
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	46.16%	103.88%	15.74%	-25.54%	28.11%	13.47%	15.05%	9.40%	9.25%	17.71%	19.04%
Augmented Payout Ratio	536.23%	1,446.31%	328.69%	-293.52%	356.58%	187.77%	218.97%	188.62%	163.53%	145.26%	154.23%

Key Financial Trends

The first quarter of fiscal 2025 saw MGM deliver solid profit‐and‐margin improvements even as revenues dipped modestly. Total operating revenue of $4.277 billion was down 2.4% year-over-year, but operating income rose to $385 million and net income was $227 million. Management continues to focus on cost control, driving sequential margin expansion and a more attractive valuation.

Operating margin expansion: Q1 2025 operating margin improved to 9.0% from 6.7% in Q4 2024, reflecting better cost leverage.
Higher EBITDA margin: EBITDA margin rose to 14.4% vs. 12.2% in the prior quarter.
Reduced SG&A intensity: SG&A expenses fell to 30.6% of revenue from 31.9% in Q4 2024.
Valuation tailwinds: P/E multiple compressed to 12.5x (from 13.8x) and EV/EBITDA to 5.46x (from 6.03x).
Modest revenue decline: Total revenue down 2.4% year-over-year.
Net income nearly flat: $226.7 million vs. $237.9 million in Q4 2024 (–4.7%).
Stable leverage: Debt/EBITDA remained around 2.7x.
OCF contraction: Operating cash flow fell 18.4% sequentially to $547 million.
Rising net debt: Net debt increased to $3.75 billion from $3.57 billion at YE 2024.
Free cash flow dip: FCFF declined 32.4% year-over-year to $331 million.

06/21/25 01:41 PMAI Generated. May Contain Errors.

Frequently Asked Questions About MGM Resorts International's Financials

When does MGM Resorts International's financial year end?

According to the most recent income statement we have on file, MGM Resorts International's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has MGM Resorts International's net income changed over the last 9 years?

MGM Resorts International's net income appears to be on an upward trend, with a most recent value of $1.06 billion in 2024, falling from -$1.04 billion in 2015. The previous period was $1.31 billion in 2023. Find out what analysts predict for MGM Resorts International in the coming months.

What is MGM Resorts International's operating income?

MGM Resorts International's total operating income in 2024 was $1.49 billion, based on the following breakdown:

Total Gross Profit: $7.85 billion
Total Operating Expenses: $6.36 billion

How has MGM Resorts International's revenue changed over the last 9 years?

Over the last 9 years, MGM Resorts International's total revenue changed from $9.19 billion in 2015 to $17.24 billion in 2024, a change of 87.6%.

How much debt does MGM Resorts International have?

MGM Resorts International's total liabilities were at $38.51 billion at the end of 2024, a 1.3% increase from 2023, and a 120.8% increase since 2015.

How much cash does MGM Resorts International have?

In the past 9 years, MGM Resorts International's cash and equivalents has ranged from $1.45 billion in 2016 to $5.91 billion in 2022, and is currently $2.42 billion as of their latest financial filing in 2024.

How has MGM Resorts International's book value per share changed over the last 9 years?

Over the last 9 years, MGM Resorts International's book value per share changed from 9.09 in 2015 to 10.15 in 2024, a change of 11.8%.

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This page (NYSE:MGM) was last updated on 6/21/2025 by MarketBeat.com Staff

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