MGM Resorts International (MGM) Financials

$36.04 -1.05 (-2.84%)

Closing price 05/19/2026 03:59 PM Eastern

Extended Trading

$36.14 +0.10 (+0.27%)

As of 05/19/2026 07:58 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	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	-448	1,100	1,952	467	2,049	-1,033	1,254	1,473	1,142	747	206
Consolidated Net Income / (Loss)	-1,040	1,236	2,088	584	2,214	-1,320	1,208	207	1,315	1,065	521
Net Income / (Loss) Continuing Operations	-1,040	1,236	2,088	584	2,214	-1,320	1,208	207	1,315	1,065	521
Total Pre-Tax Income	-1,046	1,258	961	634	2,847	-1,511	1,462	904	1,473	1,117	281
Total Operating Income	-156	2,078	1,713	1,469	3,940	-642	2,279	1,439	1,891	1,490	1,002
Total Gross Profit	3,975	3,818	4,645	4,844	5,296	1,709	4,650	6,475	7,611	7,847	7,790
Total Revenue	9,190	9,478	10,797	11,763	12,900	5,162	9,680	13,127	16,164	17,241	17,538
Operating Revenue	9,942	9,478	10,797	11,763	12,900	5,162	9,680	-	16,164	17,241	17,538
Total Cost of Revenue	5,215	5,661	6,152	6,919	7,603	3,453	5,031	6,653	8,554	9,394	9,748
Operating Cost of Revenue	5,215	5,661	6,152	6,919	7,603	3,453	5,031	6,653	8,554	9,394	9,748
Total Operating Expenses	4,131	1,740	2,932	3,375	1,356	2,352	2,371	5,035	5,719	6,357	6,788
Selling, General & Admin Expense	1,584	1,691	1,916	2,184	2,566	2,582	2,930	4,706	5,213	5,346	5,434
Depreciation Expense	820	850	993	1,178	1,305	1,211	1,151	3,482	814	831	1,018
Other Operating Expenses / (Income)	446	17	50	161	-2,395	94	-63	-1,037	-370	89	127
Impairment Charge	1,468	-	-	-	-	-	-	-	0.00	0.00	279
Other Special Charges / (Income)	-187	-818	-28	-148	-120	-1,535	-1,647	-2,116	62	91	-70
Total Other Income / (Expense), net	-890	-821	-752	-835	-1,093	-869	-817	-536	-419	-373	-721
Interest Expense	798	695	669	770	848	676	800	595	460	443	419
Other Income / (Expense), net	-92	-126	-83	-66	-246	-193	-17	59	42	70	-302
Income Tax Expense	-6.59	22	-1,127	50	632	-192	253	697	158	52	-240
Net Income / (Loss) Attributable to Noncontrolling Interest	-592	135	136	117	165	-287	-46	-1,266	173	318	315
Basic Earnings per Share	($0.82)	$1.94	$3.38	$0.82	$3.90	($2.02)	$2.44	$3.52	$3.22	$2.42	$0.77
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	275.05M
Diluted Earnings per Share	($0.82)	$1.92	$3.34	$0.81	$3.88	($2.02)	$2.41	$3.49	$3.19	$2.40	$0.76
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	277.28M
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	255.83M

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 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	161	313	217	187	185	157	149	49	-285	294	125
Consolidated Net Income / (Loss)	212	380	300	283	244	238	227	118	-207	383	175
Net Income / (Loss) Continuing Operations	212	380	300	283	244	238	227	118	-207	383	175
Total Pre-Tax Income	224	320	343	271	297	206	267	134	-220	100	202
Total Operating Income	370	419	458	426	315	292	385	405	-113	325	301
Total Gross Profit	1,876	2,000	2,023	2,004	1,868	1,952	1,957	1,959	1,846	2,028	1,990
Total Revenue	3,973	4,376	4,383	4,327	4,183	4,347	4,277	4,405	4,250	4,605	4,455
Operating Revenue	-	-	4,383	4,327	4,183	-	4,277	4,405	4,250	4,605	4,455
Total Cost of Revenue	2,097	2,375	2,361	2,323	2,315	2,394	2,320	2,445	2,405	2,577	2,465
Operating Cost of Revenue	2,097	2,375	2,361	2,323	2,315	2,394	2,320	2,445	2,405	2,577	2,465
Total Operating Expenses	1,506	1,581	1,564	1,579	1,553	1,661	1,572	1,555	1,958	1,703	1,689
Selling, General & Admin Expense	1,314	1,374	1,324	1,335	1,302	1,384	1,307	1,338	1,365	1,424	1,420
Depreciation Expense	202	205	197	192	233	209	236	242	261	279	264
Other Operating Expenses / (Income)	12	7.58	18	17	26	21	16	0.97	102	8.79	15
Other Special Charges / (Income)	-22	-6.38	25	34	-7.99	46	13	-26	-26	-31	-10
Total Other Income / (Expense), net	-146	-99	-115	-154	-18	-86	-118	-271	-107	-225	-99
Interest Expense	111	107	110	113	112	109	107	106	102	104	101
Other Income / (Expense), net	-34	7.63	-4.94	-42	94	23	-11	-165	-4.45	-121	1.70
Income Tax Expense	12	-60	44	-12	53	-32	40	16	-13	-283	27
Net Income / (Loss) Attributable to Noncontrolling Interest	51	66	82	96	60	80	78	69	79	89	50
Basic Earnings per Share	$0.46	$0.95	$0.68	$0.60	$0.61	$0.53	$0.52	$0.18	($1.05)	$1.12	$0.49
Weighted Average Basic Shares Outstanding	347.35M	354.93M	320.49M	311.18M	300.50M	307.41M	287.13M	273.33M	272.52M	275.05M	256.35M
Diluted Earnings per Share	$0.46	$0.94	$0.67	$0.60	$0.61	$0.52	$0.51	$0.18	($1.05)	$1.12	$0.48
Weighted Average Diluted Shares Outstanding	351.39M	358.63M	323.76M	314.42M	303.48M	310.23M	289.10M	275.62M	272.52M	277.28M	258.88M
Weighted Average Basic & Diluted Shares Outstanding	341.58M	319.68M	313.68M	303.77M	297.74M	285.55M	272.15M	272.19M	273.51M	255.83M	255.85M

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	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	-47	-224	53	27	803	2,772	101	833	-3,021	-512	-353
Net Cash From Operating Activities	-463	1,534	2,206	1,723	1,810	-1,493	1,373	1,756	2,691	2,362	2,529
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	2,529
Net Income / (Loss) Continuing Operations	-1,040	1,236	2,088	584	2,214	-1,320	1,208	207	1,315	1,065	521
Consolidated Net Income / (Loss)	-1,040	1,236	2,088	584	2,214	-1,320	1,208	207	1,315	1,065	521
Depreciation Expense	820	850	993	1,178	1,305	1,211	1,151	3,482	814	831	1,018
Amortization Expense	46	40	33	41	39	34	40	33	28	27	27
Non-Cash Adjustments To Reconcile Net Income	-36	-757	81	38	-2,061	-763	-1,272	-2,555	459	762	1,322
Changes in Operating Assets and Liabilities, net	-254	165	-989	-118	313	-655	246	590	75	-323	-358
Net Cash From Investing Activities	-1,365	-2,276	-1,581	-2,083	3,519	2,159	1,544	2,118	-714	-1,283	-1,141
Net Cash From Continuing Investing Activities	-795	-2,276	-1,581	-2,083	3,519	2,159	1,544	2,118	-714	-1,283	-1,141
Purchase of Property, Plant & Equipment	-1,467	-2,262	-1,864	-1,487	-739	-271	-491	-765	-932	-1,151	-1,069
Acquisitions	-196	-563	-17	-1,091	-618	-97	-2,016	-2,144	-283	-296	-238
Sale of Property, Plant & Equipment	8.03	3.94	0.72	26	4,154	2,462	3,995	4,486	158	13	7.11
Divestitures	92	0.00	0.00	164	652	0.00	0.00	1,054	460	0.00	0.00
Sale and/or Maturity of Investments	202	542	301	323	101	64	9.69	10	8.34	2.32	207
Other Investing Activities, net	-4.03	3.30	-1.71	-17	-31	0.87	46	-523	-126	148	-48
Net Cash From Financing Activities	-258	519	-569	389	-4,530	2,103	-2,814	-3,024	-5,005	-1,564	-1,731
Net Cash From Continuing Financing Activities	-258	519	-569	389	-4,530	2,103	-2,814	-3,024	-5,005	-1,564	-1,731
Repayment of Debt	-5,076	-4,352	-571	-124	-7,503	-2,558	-178	-1,183	-1,438	-2,222	-694
Repurchase of Common Equity	0.00	-75	-328	-1,283	-1,032	-354	-1,754	-2,775	-2,292	-1,358	-1,228
Payment of Dividends	-307	-103	-422	-446	-495	-364	-329	-215	-177	-189	-169
Issuance of Debt	5,119	3,895	365	2,242	3,250	4,855	-1,346	1,148	-1,097	2,204	360
Other Net Changes in Cash	-	-0.92	-3.63	-	2.60	2.35	-1.55	-17	6.54	-27	-10
Cash Interest Paid	777	661	659	724	827	640	706	574	452	406	389

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 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	-527	-388	-206	-308	537	-535	-145	-313	176	-71	229
Net Cash From Operating Activities	694	716	549	474	667	672	547	646	681	655	568
Net Cash From Continuing Operating Activities	694	716	549	474	667	672	547	646	681	655	568
Net Income / (Loss) Continuing Operations	212	380	300	283	244	238	227	118	-207	383	175
Consolidated Net Income / (Loss)	212	380	300	283	244	238	227	118	-207	383	175
Depreciation Expense	202	205	197	192	233	209	236	242	261	279	264
Amortization Expense	6.97	7.00	7.02	6.69	6.69	6.83	6.82	7.04	6.39	6.43	6.38
Non-Cash Adjustments To Reconcile Net Income	190	232	206	232	190	134	263	352	457	249	175
Changes in Operating Assets and Liabilities, net	84	-108	-160	-239	-6.95	83	-186	-73	164	-262	-52
Net Cash From Investing Activities	-362	-294	-108	-277	-494	-404	-227	-378	-335	-201	-373
Net Cash From Continuing Investing Activities	-362	-294	-108	-277	-494	-404	-227	-378	-335	-201	-373
Purchase of Property, Plant & Equipment	-210	-329	-172	-238	-336	-404	-228	-268	-276	-296	-155
Acquisitions	-193	-17	-11	-31	-254	-	0.00	-85	-123	-29	-138
Sale of Property, Plant & Equipment	0.51	-0.70	0.55	1.13	1.79	9.71	0.06	0.03	0.52	6.50	5.63
Sale and/or Maturity of Investments	0.77	1.55	0.60	0.61	0.56	0.56	0.52	0.57	70	137	0.61
Other Investing Activities, net	40	51	73	-9.33	94	-10	0.42	-25	-6.22	-18	-87
Net Cash From Financing Activities	-848	-828	-629	-494	350	-790	-470	-590	-172	-499	40
Net Cash From Continuing Financing Activities	-848	-828	-629	-494	350	-790	-470	-590	-172	-499	40
Repayment of Debt	-102	-30	-34	-1,537	58	-709	-20	-583	-44	-48	-44
Repurchase of Common Equity	-566	-623	-507	-409	-323	-120	-489	-228	-0.01	-511	-89
Payment of Dividends	-7.48	-8.00	-12	-83	-8.63	-85	-12	-68	-79	-10	-5.40
Issuance of Debt	-173	-166	-77	1,534	623	123	50	289	-50	71	178
Other Net Changes in Cash	-12	17	-18	-11	14	-12	5.09	8.78	2.22	-26	-5.71
Cash Interest Paid	51	151	48	163	50	144	70	127	72	120	71
Cash Income Taxes Paid	70	58	2.33	164	59	42	-0.16	63	-98	-	-87

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	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	25,215	28,173	29,160	30,211	33,876	36,495	40,899	45,692	42,369	42,232	41,374
Total Current Assets	2,409	2,230	2,376	2,527	4,008	5,951	6,416	8,155	4,911	4,364	4,332
Cash & Equivalents	1,670	1,447	1,500	1,527	2,330	5,102	4,703	5,912	2,928	2,416	2,063
Accounts Receivable	481	543	542	657	613	317	584	852	929	1,071	1,123
Inventories, net	104	98	102	111	103	88	96	126	142	141	125
Prepaid Expenses	138	142	189	204	200	201	259	583	771	479	486
Current Deferred & Refundable Income Taxes	16	0.00	43	28	27	243	274	73	141	258	220
Other Current Nonoperating Assets	-	-	-	-	-	-	0.00	608	-	0.00	315
Plant, Property, & Equipment, net	15,372	18,425	19,635	20,730	18,286	14,632	14,435	5,224	5,450	6,196	6,306
Total Noncurrent Assets	7,435	7,519	7,148	6,954	11,583	15,912	20,047	32,314	32,008	31,672	30,736
Long-Term Investments	1,491	1,220	1,033	733	822	1,447	967	173	241	381	536
Goodwill	1,431	1,817	1,807	1,821	2,085	2,091	3,481	5,029	5,166	5,145	4,902
Intangible Assets	4,165	4,088	3,878	3,944	3,827	3,644	3,616	1,551	1,725	1,715	1,357
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	0.00	40	90
Other Noncurrent Operating Assets	348	393	430	455	4,849	8,730	11,983	25,560	24,877	24,391	23,851
Total Liabilities & Shareholders' Equity	25,215	28,173	29,160	30,211	33,876	36,495	40,899	45,692	42,369	42,232	41,374
Total Liabilities	17,445	18,150	17,469	19,639	21,108	25,248	29,775	40,324	38,001	38,512	38,097
Total Current Liabilities	2,238	2,293	3,138	2,949	3,191	1,857	3,442	4,516	3,126	3,352	3,512
Accounts Payable	182	250	255	303	235	143	286	370	462	413	422
Other Current Liabilities	1,562	1,865	2,589	2,463	2,834	1,575	1,983	2,236	2,604	2,869	2,993
Other Current Nonoperating Liabilities	166	159	136	140	122	139	173	623	60	70	97
Total Noncurrent Liabilities	15,207	15,856	14,331	16,690	17,917	23,392	26,333	35,808	34,875	35,160	34,585
Long-Term Debt	12,368	12,979	12,751	15,347	11,532	12,849	12,091	7,433	6,344	6,362	6,230
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	2,617
Other Noncurrent Operating Liabilities	158	326	284	0.00	4,278	8,390	11,802	25,406	25,670	25,986	25,738
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	6.25	54	80	102	105	67	148	158	33	35	22
Total Equity & Noncontrolling Interests	7,764	9,969	11,611	10,470	12,663	11,180	10,977	5,210	4,334	3,685	3,255
Total Preferred & Common Equity	5,120	6,220	7,577	6,512	7,727	6,505	6,071	4,832	3,811	3,023	2,430
Total Common Equity	5,120	6,220	7,577	6,512	7,727	6,505	6,071	4,832	3,811	3,023	2,430
Common Stock	5,662	5,659	5,363	4,097	3,536	3,444	1,755	3.79	3.27	2.94	2.58
Retained Earnings	-556	546	2,217	2,423	4,201	3,091	4,341	4,794	3,664	3,082	2,107
Accumulated Other Comprehensive Income / (Loss)	14	15	-3.61	-8.56	-10	-31	-25	33	144	-61	320
Noncontrolling Interest	2,645	3,749	4,034	3,958	4,936	4,675	4,906	379	523	662	825

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	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	3/31/2026
Total Assets	42,906	42,572	42,369	42,079	41,815	42,741	42,232	41,903	41,699	41,411	41,402
Total Current Assets	5,617	5,259	4,911	4,574	4,409	4,832	4,364	4,139	3,858	3,932	4,529
Cash & Equivalents	3,843	3,316	2,928	2,722	2,414	2,951	2,416	2,271	1,958	2,134	2,293
Accounts Receivable	704	812	929	924	1,017	965	1,071	970	1,044	932	1,127
Inventories, net	131	136	142	147	148	145	141	135	127	127	123
Prepaid Expenses	809	835	771	688	623	560	479	553	503	574	571
Current Deferred & Refundable Income Taxes	129	160	141	92	208	213	258	210	227	165	100
Other Current Nonoperating Assets	0.00	0.00	-	-	-	-	-	-	-	-	314
Plant, Property, & Equipment, net	5,233	5,257	5,450	5,630	5,716	5,950	6,196	6,190	6,251	6,282	6,202
Total Noncurrent Assets	32,055	32,056	32,008	31,875	31,691	31,958	31,672	31,574	31,590	31,197	30,672
Long-Term Investments	157	232	241	246	238	414	381	394	484	540	660
Goodwill	5,029	5,143	5,166	5,153	5,153	5,176	5,145	5,162	5,189	4,943	4,885
Intangible Assets	1,734	1,733	1,725	1,686	1,658	1,777	1,715	1,701	1,703	1,616	1,309
Noncurrent Deferred & Refundable Income Taxes	-	-	0.00	-	-	-	40	48	56	69	99
Other Noncurrent Operating Assets	25,135	24,948	24,877	24,790	24,641	24,592	24,391	24,269	24,158	24,029	23,718
Total Liabilities & Shareholders' Equity	42,906	42,572	42,369	42,079	41,815	42,741	42,232	41,903	41,699	41,411	41,402
Total Liabilities	38,061	38,111	38,001	38,019	37,969	38,886	38,512	38,282	37,957	37,959	38,070
Total Current Liabilities	2,749	2,962	3,126	3,034	3,000	3,887	3,352	3,169	3,167	3,184	3,394
Accounts Payable	359	413	462	448	402	392	413	381	383	421	404
Other Current Liabilities	2,295	2,435	2,604	2,471	2,541	2,708	2,869	2,688	2,712	2,668	2,868
Other Current Nonoperating Liabilities	60	115	60	115	58	112	70	100	71	95	122
Total Noncurrent Liabilities	35,311	35,149	34,875	34,986	34,969	34,999	35,160	35,112	34,789	34,775	34,677
Long-Term Debt	6,674	6,506	6,344	6,270	6,293	6,234	6,362	6,415	6,205	6,164	6,403
Noncurrent Deferred & Payable Income Tax Liabilities	3,007	2,991	2,861	2,850	2,797	2,793	2,812	2,810	2,801	2,839	2,615
Other Noncurrent Operating Liabilities	25,631	25,653	25,670	25,866	25,879	25,973	25,986	25,887	25,783	25,772	25,659
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	9.72	33	33	32	32	33	35	35	32	31	20
Total Equity & Noncontrolling Interests	4,835	4,429	4,334	4,027	3,814	3,822	3,685	3,586	3,711	3,420	3,312
Total Preferred & Common Equity	4,416	3,966	3,811	3,457	3,213	3,232	3,023	2,854	2,974	2,676	2,433
Total Common Equity	4,416	3,966	3,811	3,457	3,213	3,232	3,023	2,854	2,974	2,676	2,433
Common Stock	3.53	3.41	3.27	3.15	3.05	2.97	2.94	2.80	2.72	3.85	2.56
Retained Earnings	4,383	3,963	3,664	3,394	3,172	3,037	3,082	2,763	2,610	2,324	2,174
Accumulated Other Comprehensive Income / (Loss)	30	-0.62	144	60	37	192	-61	88	362	348	257
Noncontrolling Interest	419	463	523	571	601	590	662	733	737	744	878

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	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	-8.85%	3.14%	13.92%	8.94%	9.66%	-59.98%	87.52%	35.61%	23.13%	6.66%	1.72%
EBITDA Growth	-70.33%	360.31%	-6.56%	-1.26%	92.11%	-91.87%	742.40%	45.22%	-44.65%	-12.84%	-27.88%
EBIT Growth	-120.25%	885.14%	-16.54%	-13.87%	163.24%	-122.60%	370.79%	-33.72%	28.98%	-19.28%	-55.15%
NOPAT Growth	-126.70%	1,967.43%	82.25%	-63.64%	126.48%	-114.67%	518.87%	-82.52%	412.94%	-15.89%	30.83%
Net Income Growth	-917.48%	218.87%	68.97%	-72.04%	279.24%	-159.61%	191.55%	-82.89%	536.06%	-19.04%	-51.07%
EPS Growth	-164.52%	334.15%	73.96%	-75.75%	379.01%	-152.06%	219.31%	44.81%	-8.60%	-24.76%	-68.33%
Operating Cash Flow Growth	-140.94%	431.37%	43.84%	-21.93%	5.10%	-182.47%	191.99%	27.89%	53.19%	-12.20%	7.06%
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%	51.41%
Invested Capital Growth	-3.08%	17.35%	8.29%	7.39%	-10.79%	-16.86%	3.01%	-55.99%	-5.17%	-3.25%	-9.06%
Revenue Q/Q Growth	-2.06%	3.18%	1.06%	4.03%	1.04%	-24.68%	19.26%	4.25%	5.09%	-0.17%	1.50%
EBITDA Q/Q Growth	-70.27%	114.14%	-2.01%	7.42%	100.68%	-88.74%	26.44%	21.18%	-24.34%	-4.31%	-2.32%
EBIT Q/Q Growth	-120.55%	317.54%	-4.07%	8.89%	211.82%	-135.36%	46.99%	-14.08%	20.13%	-6.74%	-13.64%
NOPAT Q/Q Growth	-122.74%	385.83%	192.26%	-71.21%	387.77%	-123.35%	43.90%	-69.30%	108.82%	-10.39%	97.34%
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%	38.53%
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%	375.00%
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%	-0.65%
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%	78.19%
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%	-4.93%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.25%	40.28%	43.02%	41.18%	41.06%	33.11%	48.03%	49.32%	47.08%	45.51%	44.42%
EBITDA Margin	6.72%	29.99%	24.60%	22.30%	39.06%	7.94%	35.66%	38.19%	17.17%	14.03%	9.95%
Operating Margin	-1.70%	21.93%	15.86%	12.49%	30.55%	-12.45%	23.54%	10.96%	11.70%	8.65%	5.71%
EBIT Margin	-2.71%	20.60%	15.09%	11.93%	28.64%	-16.18%	23.36%	11.42%	11.96%	9.05%	3.99%
Profit (Net Income) Margin	-11.31%	13.04%	19.34%	4.96%	17.17%	-25.57%	12.48%	1.57%	8.13%	6.18%	2.97%
Tax Burden Percent	99.37%	98.27%	217.34%	92.10%	77.79%	87.33%	82.66%	22.87%	89.28%	95.30%	185.51%
Interest Burden Percent	420.75%	64.41%	58.96%	45.17%	77.05%	180.99%	64.64%	60.30%	76.19%	71.59%	40.12%
Effective Tax Rate	0.00%	1.73%	-117.34%	7.90%	22.21%	0.00%	17.34%	77.13%	10.72%	4.70%	-85.51%
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%	26.46%
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%	-11.49%
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%	-11.57%
Return on Equity (ROE)	-13.50%	13.89%	19.23%	5.25%	18.98%	-10.99%	10.80%	2.51%	27.01%	26.33%	14.89%
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%	35.95%
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%	1.67%
Return on Assets (ROA)	-4.01%	4.63%	7.28%	1.97%	6.91%	-3.75%	3.12%	0.48%	2.99%	2.52%	1.25%
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%	11.61%
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%	0.00%
Net Operating Profit after Tax (NOPAT)	-109	2,042	3,722	1,353	3,065	-450	1,884	329	1,689	1,420	1,858
NOPAT Margin	-1.19%	21.55%	34.47%	11.50%	23.76%	-8.71%	19.46%	2.51%	10.45%	8.24%	10.60%
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%	37.95%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	2.36%	15.82%	14.14%	19.59%
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%	55.58%
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%	30.99%
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	44.95%	18.35%	27.16%	28.69%	10.51%	45.56%	24.49%	38.36%	35.38%	36.87%	38.71%
Earnings before Interest and Taxes (EBIT)	-249	1,952	1,630	1,404	3,695	-835	2,261	1,499	1,933	1,560	700
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	1,744
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	4.11
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	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	0.57
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	48.48
Dividend Yield	0.00%	0.00%	1.38%	2.03%	1.58%	0.50%	0.02%	0.03%	0.00%	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%	2.06%
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	2.16
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	0.82
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	8.29
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	20.66
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	7.78
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	5.72
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	5.73
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	1.90
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	1.90
Financial Leverage	1.31	1.13	0.97	1.07	0.93	0.62	0.60	0.59	0.60	0.85	1.01
Leverage Ratio	3.36	3.00	2.64	2.67	2.75	2.93	3.46	5.25	9.04	10.46	11.95
Compound Leverage Factor	14.16	1.93	1.56	1.20	2.12	5.30	2.24	3.17	6.89	7.49	4.79
Debt to Total Capital	62.03%	56.44%	52.48%	59.28%	47.46%	53.33%	54.06%	61.89%	59.23%	63.10%	65.54%
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%	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%	65.54%
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	12.95%	16.53%	16.72%	15.64%	20.74%	19.68%	20.87%	3.81%	5.19%	6.91%	8.90%
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%	25.56%
Debt to EBITDA	20.56	4.57	4.86	5.87	2.29	31.35	3.79	1.74	2.29	2.63	3.57
Net Debt to EBITDA	15.44	3.63	3.91	5.01	1.66	15.37	2.00	0.53	1.14	1.47	2.08
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	3.57
Debt to NOPAT	-116.10	6.36	3.47	11.37	3.76	-28.57	6.95	26.48	3.76	4.48	3.35
Net Debt to NOPAT	-87.19	5.05	2.79	9.70	2.73	-14.01	3.67	8.00	1.88	2.51	1.95
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	3.35
Altman Z-Score	0.73	1.11	1.25	1.02	1.43	0.69	1.08	0.83	0.94	0.82	0.73
Noncontrolling Interest Sharing Ratio	40.19%	36.27%	36.46%	36.71%	38.99%	40.74%	43.79%	33.90%	11.23%	15.49%	22.05%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.08	0.97	0.76	0.86	1.26	3.21	1.86	1.81	1.57	1.30	1.23
Quick Ratio	0.96	0.87	0.65	0.74	0.92	2.92	1.54	1.50	1.23	1.04	0.91
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	2,525
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%	238.21%
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	6.03
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	6.04
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	3.50
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.35	0.36	0.38	0.40	0.40	0.15	0.25	0.30	0.37	0.41	0.42
Accounts Receivable Turnover	19.27	18.52	19.90	19.61	20.32	11.11	21.50	18.28	18.15	17.24	15.98
Inventory Turnover	50.09	56.06	61.52	64.93	71.15	36.11	54.47	59.82	63.89	66.56	73.54
Fixed Asset Turnover	0.62	0.56	0.57	0.58	0.66	0.31	0.67	1.34	3.03	2.96	2.81
Accounts Payable Turnover	30.12	26.18	24.34	24.82	28.27	18.27	23.47	20.28	20.57	21.49	23.37
Days Sales Outstanding (DSO)	18.94	19.71	18.34	18.61	17.97	32.85	16.98	19.96	20.11	21.18	22.83
Days Inventory Outstanding (DIO)	7.29	6.51	5.93	5.62	5.13	10.11	6.70	6.10	5.71	5.48	4.96
Days Payable Outstanding (DPO)	12.12	13.94	14.99	14.71	12.91	19.98	15.55	18.00	17.74	16.99	15.62
Cash Conversion Cycle (CCC)	14.11	12.27	9.28	9.52	10.18	22.98	8.12	8.07	8.08	9.67	12.18
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	6,689
Invested Capital Turnover	0.52	0.50	0.51	0.51	0.57	0.27	0.54	1.00	2.07	2.31	2.50
Increase / (Decrease) in Invested Capital	-556	3,032	1,699	1,641	-2,572	-3,585	532	-10,200	-415	-247	-666
Enterprise Value (EV)	24,279	29,739	32,603	29,645	30,415	26,598	33,015	16,048	18,993	14,579	14,458
Market Capitalization	12,094	15,615	18,113	12,454	16,994	15,556	21,041	12,876	15,262	10,317	9,980
Book Value per Share	$9.09	$10.85	$13.38	$12.35	$15.00	$13.17	$12.94	$12.58	$11.16	$10.15	$8.88
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)	($14.00)
Total Capital	20,467	23,011	24,600	25,963	24,300	24,095	24,215	14,088	10,711	10,082	9,506
Total Debt	12,697	12,988	12,909	15,391	11,532	12,849	13,091	8,719	6,344	6,362	6,230
Total Long-Term Debt	12,368	12,979	12,751	15,347	11,532	12,849	12,091	7,433	6,344	6,362	6,230
Net Debt	9,535	10,321	10,376	13,131	8,381	6,300	6,921	2,634	3,175	3,566	3,631
Capital Expenditures (CapEx)	1,459	2,259	1,863	1,461	-3,415	-2,191	-3,504	-3,721	774	1,137	1,062
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	-1,243
Debt-free Net Working Capital (DFNWC)	499	-55	-604	-379	816	4,094	3,974	4,925	1,785	1,012	820
Net Working Capital (NWC)	171	-64	-762	-422	816	4,094	2,974	3,639	1,785	1,012	820
Net Nonoperating Expense (NNE)	930	806	1,634	769	851	870	675	123	374	356	1,338
Net Nonoperating Obligations (NNO)	9,701	10,480	10,512	13,271	8,503	6,439	7,093	2,649	3,235	3,636	3,413
Total Depreciation and Amortization (D&A)	866	890	1,026	1,219	1,344	1,245	1,191	3,515	842	858	1,044
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%	-7.09%
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%	4.68%
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%	4.68%
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	$0.77
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	275.05M
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	$0.76
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	277.28M
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	$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	255.83M
Normalized Net Operating Profit after Tax (NOPAT)	788	1,238	1,179	1,217	2,972	-1,524	522	-473	1,745	1,514	848
Normalized NOPAT Margin	8.57%	13.06%	10.92%	10.35%	23.04%	-29.53%	5.39%	-3.61%	10.79%	8.78%	4.83%
Pre Tax Income Margin	-11.38%	13.27%	8.90%	5.39%	22.07%	-29.28%	15.10%	6.88%	9.11%	6.48%	1.60%
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	1.67
NOPAT to Interest Expense	-0.14	2.94	5.57	1.76	3.61	-0.66	2.36	0.55	3.67	3.20	4.43
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	-0.86
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	1.90
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%	32.49%
Augmented Payout Ratio	-29.55%	14.44%	35.91%	296.09%	68.92%	-54.38%	172.34%	1,446.31%	187.77%	145.26%	268.30%

This table displays calculated financial ratios and metrics derived from MGM Resorts International's 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	-	-	-	-	-	-	-	-	-	-	255,828,519.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	255,828,519.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.49
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	16.31%	21.81%	13.17%	9.77%	5.28%	-0.66%	-2.43%	1.79%	1.61%	5.95%	4.15%
EBITDA Growth	54.91%	-58.27%	-33.41%	-3.67%	19.17%	-17.04%	-6.04%	-16.18%	-76.90%	-7.83%	-7.17%
EBIT Growth	131.61%	314.31%	-41.56%	-2.70%	21.79%	-26.40%	-17.51%	-37.67%	-128.71%	-35.17%	-19.01%
NOPAT Growth	147.72%	37,571.45%	-26.35%	38.70%	-25.86%	-32.19%	-18.21%	-19.51%	-130.49%	269.52%	-20.44%
Net Income Growth	119.97%	218.62%	-37.54%	16.12%	15.23%	-37.33%	-24.35%	-58.24%	-184.67%	60.89%	-22.91%
EPS Growth	131.72%	17.50%	-45.97%	9.09%	32.61%	-44.68%	-23.88%	-70.00%	-272.13%	115.38%	-5.88%
Operating Cash Flow Growth	73.28%	69.18%	-21.98%	-17.77%	-3.84%	-6.20%	-0.40%	36.19%	2.10%	-2.47%	3.79%
Free Cash Flow Firm Growth	-77.89%	-91.06%	-95.54%	-79.25%	-85.26%	-35.94%	-32.38%	-36.83%	41.05%	227.34%	245.32%
Invested Capital Growth	-17.12%	-5.17%	-1.18%	-0.92%	-0.29%	-3.25%	-0.05%	0.43%	-6.33%	-9.06%	-11.81%
Revenue Q/Q Growth	0.79%	10.13%	0.18%	-1.28%	-3.33%	3.91%	-1.60%	2.99%	-3.51%	8.35%	-3.27%
EBITDA Q/Q Growth	-10.02%	17.45%	2.78%	-11.32%	11.32%	-18.24%	16.40%	-20.89%	-69.32%	226.30%	17.23%
EBIT Q/Q Growth	-14.98%	27.27%	6.20%	-15.32%	6.41%	-23.09%	19.02%	-36.01%	-149.01%	273.68%	48.70%
NOPAT Q/Q Growth	9.21%	42.33%	-19.55%	10.92%	-41.62%	30.18%	-2.97%	9.15%	-122.12%	1,677.58%	-79.11%
Net Income Q/Q Growth	-13.00%	79.16%	-21.04%	-5.65%	-13.66%	-2.56%	-4.70%	-47.91%	-275.05%	285.16%	-54.34%
EPS Q/Q Growth	-16.36%	104.35%	-28.72%	-10.45%	1.67%	-14.75%	-1.92%	-64.71%	-683.33%	206.67%	-57.14%
Operating Cash Flow Q/Q Growth	20.35%	3.15%	-23.28%	-13.66%	40.74%	0.62%	-18.54%	18.06%	5.51%	-3.88%	-13.31%
Free Cash Flow Firm Q/Q Growth	-23.03%	-52.12%	-46.35%	4.94%	-45.31%	108.04%	-43.37%	-1.96%	22.12%	382.80%	-40.26%
Invested Capital Q/Q Growth	-1.06%	0.92%	-1.67%	0.92%	-0.43%	-2.08%	1.58%	1.41%	-7.13%	-4.93%	-1.49%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	47.21%	45.71%	46.14%	46.31%	44.66%	44.91%	45.76%	44.48%	43.42%	44.03%	44.68%
EBITDA Margin	13.70%	14.61%	14.99%	13.46%	15.51%	12.20%	14.43%	11.09%	3.52%	10.61%	12.86%
Operating Margin	9.31%	9.58%	10.46%	9.84%	7.53%	6.71%	9.00%	9.18%	-2.66%	7.06%	6.76%
EBIT Margin	8.44%	9.76%	10.34%	8.87%	9.77%	7.23%	8.75%	5.43%	-2.76%	4.42%	6.80%
Profit (Net Income) Margin	5.33%	8.68%	6.84%	6.54%	5.84%	5.47%	5.30%	2.68%	-4.86%	8.31%	3.92%
Tax Burden Percent	94.45%	118.60%	87.28%	104.26%	82.28%	115.67%	84.99%	88.29%	94.14%	383.44%	86.42%
Interest Burden Percent	66.86%	74.97%	75.73%	70.64%	72.62%	65.45%	71.32%	55.89%	187.20%	49.00%	66.76%
Effective Tax Rate	5.55%	-18.60%	12.72%	-4.26%	17.72%	-15.67%	15.01%	11.71%	0.00%	-283.44%	13.58%
Return on Invested Capital (ROIC)	16.27%	23.52%	20.24%	23.08%	14.22%	17.89%	17.54%	18.46%	-4.41%	67.58%	14.73%
ROIC Less NNEP Spread (ROIC-NNEP)	11.84%	19.52%	16.75%	18.10%	13.77%	14.99%	14.77%	12.11%	-7.94%	43.08%	12.32%
Return on Net Nonoperating Assets (RNNOA)	7.04%	11.80%	10.36%	13.47%	11.14%	12.74%	13.98%	12.02%	-7.87%	43.41%	12.59%
Return on Equity (ROE)	23.32%	35.32%	30.60%	36.55%	25.36%	30.62%	31.52%	30.48%	-12.29%	110.99%	27.32%
Cash Return on Invested Capital (CROIC)	28.45%	26.93%	22.06%	23.28%	21.36%	22.29%	18.12%	16.48%	19.48%	35.95%	40.86%
Operating Return on Assets (OROA)	2.89%	3.58%	4.03%	3.57%	3.95%	2.95%	3.57%	2.24%	-1.13%	1.86%	2.89%
Return on Assets (ROA)	1.82%	3.19%	2.66%	2.63%	2.36%	2.23%	2.16%	1.11%	-2.00%	3.49%	1.67%
Return on Common Equity (ROCE)	19.70%	31.36%	27.32%	32.09%	21.95%	25.88%	25.89%	24.85%	-9.94%	86.51%	20.77%
Return on Equity Simple (ROE_SIMPLE)	15.52%	0.00%	32.83%	36.54%	37.32%	0.00%	34.75%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	349	497	400	444	259	337	327	357	-79	1,246	260
NOPAT Margin	8.79%	11.37%	9.13%	10.26%	6.19%	7.76%	7.65%	8.11%	-1.86%	27.06%	5.84%
Net Nonoperating Expense Percent (NNEP)	4.44%	4.00%	3.49%	4.98%	0.44%	2.89%	2.77%	6.35%	3.53%	24.50%	2.41%
Return On Investment Capital (ROIC_SIMPLE)	-	4.66%	-	-	-	3.36%	3.27%	3.60%	-0.82%	13.14%	2.68%
Cost of Revenue to Revenue	52.79%	54.29%	53.86%	53.69%	55.35%	55.09%	54.24%	55.52%	56.58%	55.97%	55.32%
SG&A Expenses to Revenue	33.08%	31.41%	30.21%	30.85%	31.12%	31.85%	30.56%	30.37%	32.12%	30.92%	31.88%
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	37.90%	36.13%	35.69%	36.48%	37.13%	38.21%	36.76%	35.30%	46.08%	36.98%	37.91%
Earnings before Interest and Taxes (EBIT)	335	427	453	384	409	314	374	239	-117	204	303
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	544	639	657	583	649	530	617	488	150	489	573
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.25	4.00	4.67	4.34	3.67	3.41	2.97	3.15	3.53	4.11	3.89
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)	0.84	0.94	0.97	0.82	0.69	0.60	0.49	0.54	0.55	0.57	0.53
Price to Earnings (P/E)	11.59	13.36	18.06	15.86	13.16	13.82	12.49	17.35	135.39	48.48	51.90
Dividend Yield	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	8.63%	7.48%	5.54%	6.31%	7.60%	7.24%	8.01%	5.76%	0.74%	2.06%	1.93%
Enterprise Value to Invested Capital (EV/IC)	2.17	2.50	2.68	2.41	2.14	1.98	1.74	1.83	1.95	2.16	2.10
Enterprise Value to Revenue (EV/Rev)	1.06	1.18	1.20	1.07	0.93	0.85	0.76	0.81	0.79	0.82	0.78
Enterprise Value to EBITDA (EV/EBITDA)	4.46	6.84	8.19	7.52	6.35	6.03	5.46	6.08	7.67	8.29	8.13
Enterprise Value to EBIT (EV/EBIT)	10.16	9.83	12.44	11.38	9.59	9.34	8.77	10.40	16.91	20.66	21.98
Enterprise Value to NOPAT (EV/NOPAT)	20.22	11.25	12.76	10.75	10.12	10.26	9.61	10.87	14.55	7.78	6.94
Enterprise Value to Operating Cash Flow (EV/OCF)	6.82	7.06	7.90	7.48	6.67	6.17	5.50	5.49	5.38	5.72	5.42
Enterprise Value to Free Cash Flow (EV/FCFF)	6.92	9.03	12.07	10.32	9.98	8.74	9.59	11.15	9.67	5.73	4.81
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.46	1.45	1.54	1.64	1.79	1.71	1.77	1.66	1.79	1.90	1.92
Long-Term Debt to Equity	1.46	1.45	1.54	1.64	1.62	1.71	1.77	1.66	1.79	1.90	1.92
Financial Leverage	0.59	0.60	0.62	0.74	0.81	0.85	0.95	0.99	0.99	1.01	1.02
Leverage Ratio	8.63	9.04	9.22	9.75	10.26	10.46	10.93	11.00	11.52	11.95	11.98
Compound Leverage Factor	5.77	6.78	6.98	6.89	7.45	6.85	7.80	6.15	21.56	5.86	8.00
Debt to Total Capital	59.32%	59.23%	60.70%	62.06%	64.19%	63.10%	63.92%	62.38%	64.10%	65.54%	65.77%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	6.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	59.32%	59.23%	60.70%	62.06%	57.92%	63.10%	63.92%	62.38%	64.10%	65.54%	65.77%
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	4.52%	5.19%	5.84%	6.25%	5.79%	6.91%	7.65%	7.73%	8.06%	8.90%	9.23%
Common Equity to Total Capital	36.16%	35.58%	33.47%	31.69%	30.03%	29.99%	28.43%	29.89%	27.83%	25.56%	25.00%
Debt to EBITDA	1.77	2.29	2.56	2.60	2.73	2.63	2.70	2.72	3.45	3.57	3.77
Net Debt to EBITDA	0.81	1.14	1.35	1.50	1.40	1.47	1.58	1.65	1.95	2.08	2.03
Long-Term Debt to EBITDA	1.77	2.29	2.56	2.60	2.47	2.63	2.70	2.72	3.45	3.57	3.77
Debt to NOPAT	8.04	3.76	3.99	3.71	4.36	4.48	4.75	4.85	6.55	3.35	3.22
Net Debt to NOPAT	3.66	1.88	2.10	2.15	2.24	2.51	2.78	2.94	3.71	1.95	1.73
Long-Term Debt to NOPAT	8.04	3.76	3.99	3.71	3.93	4.48	4.75	4.85	6.55	3.35	3.22
Altman Z-Score	0.79	0.83	0.84	0.81	0.74	0.72	0.69	0.69	0.66	0.69	0.71
Noncontrolling Interest Sharing Ratio	15.50%	11.23%	10.71%	12.23%	13.45%	15.49%	17.85%	18.48%	19.14%	22.05%	23.97%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.78	1.57	1.51	1.47	1.24	1.30	1.31	1.22	1.23	1.23	1.33
Quick Ratio	1.39	1.23	1.20	1.14	1.01	1.04	1.02	0.95	0.96	0.91	1.01
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,905	912	489	514	281	584	331	324	396	1,913	1,143
Operating Cash Flow to CapEx	331.70%	217.31%	320.21%	200.01%	199.56%	170.31%	239.97%	240.63%	247.37%	225.90%	380.98%
Free Cash Flow to Firm to Interest Expense	17.14	8.53	4.45	4.55	2.51	5.38	3.08	3.07	3.87	18.41	11.35
Operating Cash Flow to Interest Expense	6.24	6.70	4.99	4.21	5.97	6.18	5.10	6.12	6.66	6.30	5.64
Operating Cash Flow Less CapEx to Interest Expense	4.36	3.62	3.43	2.10	2.98	2.55	2.97	3.58	3.97	3.51	4.16
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.34	0.37	0.39	0.40	0.40	0.41	0.41	0.41	0.41	0.42	0.43
Accounts Receivable Turnover	20.21	18.15	19.89	19.83	19.44	17.24	18.09	16.71	18.22	15.98	16.89
Inventory Turnover	64.46	63.89	64.60	65.70	66.79	66.56	66.24	69.02	70.34	73.54	76.63
Fixed Asset Turnover	2.97	3.03	3.10	3.12	3.08	2.96	2.90	2.88	2.83	2.81	2.86
Accounts Payable Turnover	19.67	20.57	22.42	24.07	23.30	21.49	22.56	24.13	23.53	23.37	25.19
Days Sales Outstanding (DSO)	18.06	20.11	18.35	18.41	18.78	21.18	20.17	21.85	20.03	22.83	21.61
Days Inventory Outstanding (DIO)	5.66	5.71	5.65	5.56	5.46	5.48	5.51	5.29	5.19	4.96	4.76
Days Payable Outstanding (DPO)	18.55	17.74	16.28	15.16	15.66	16.99	16.18	15.13	15.51	15.62	14.49
Cash Conversion Cycle (CCC)	5.16	8.08	7.73	8.80	8.58	9.67	9.51	12.01	9.71	12.18	11.88
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,534	7,603	7,476	7,544	7,512	7,356	7,472	7,577	7,037	6,689	6,590
Invested Capital Turnover	1.85	2.07	2.22	2.25	2.30	2.31	2.29	2.28	2.38	2.50	2.52
Increase / (Decrease) in Invested Capital	-1,556	-415	-89	-70	-22	-247	-3.66	33	-475	-666	-882
Enterprise Value (EV)	16,352	18,993	20,030	18,214	16,042	14,579	12,982	13,891	13,700	14,458	13,817
Market Capitalization	12,899	15,262	16,126	13,940	11,874	10,317	8,464	9,359	9,434	9,980	9,468
Book Value per Share	$11.30	$11.16	$10.79	$10.24	$10.64	$10.15	$9.99	$10.93	$9.83	$8.88	$9.51
Tangible Book Value per Share	($8.29)	($9.01)	($10.55)	($11.47)	($12.25)	($12.89)	($14.04)	($14.40)	($14.27)	($14.00)	($14.70)
Total Capital	10,967	10,711	10,329	10,139	10,764	10,082	10,036	9,948	9,615	9,506	9,735
Total Debt	6,506	6,344	6,270	6,293	6,909	6,362	6,415	6,205	6,164	6,230	6,403
Total Long-Term Debt	6,506	6,344	6,270	6,293	6,234	6,362	6,415	6,205	6,164	6,230	6,403
Net Debt	2,957	3,175	3,301	3,641	3,545	3,566	3,750	3,763	3,490	3,631	3,450
Capital Expenditures (CapEx)	209	329	172	237	334	394	228	268	275	290	149
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,019	-1,143	-1,182	-1,005	-1,330	-1,404	-1,301	-1,267	-1,386	-1,243	-1,158
Debt-free Net Working Capital (DFNWC)	2,297	1,785	1,540	1,409	1,621	1,012	970	691	747	820	1,135
Net Working Capital (NWC)	2,297	1,785	1,540	1,409	946	1,012	970	691	747	820	1,135
Net Nonoperating Expense (NNE)	138	118	100	161	15	99	101	239	128	863	86
Net Nonoperating Obligations (NNO)	3,072	3,235	3,416	3,698	3,657	3,636	3,851	3,834	3,585	3,413	3,258
Total Depreciation and Amortization (D&A)	209	212	204	199	240	216	243	249	267	285	270
Debt-free, Cash-free Net Working Capital to Revenue	-6.63%	-7.07%	-7.09%	-5.89%	-7.70%	-8.14%	-7.59%	-7.36%	-8.02%	-7.09%	-6.53%
Debt-free Net Working Capital to Revenue	14.93%	11.04%	9.23%	8.26%	9.38%	5.87%	5.66%	4.02%	4.33%	4.68%	6.41%
Net Working Capital to Revenue	14.93%	11.04%	9.23%	8.26%	5.48%	5.87%	5.66%	4.02%	4.33%	4.68%	6.41%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.46	$0.95	$0.68	$0.60	$0.61	$0.53	$0.52	$0.18	($1.05)	$1.12	$0.49
Adjusted Weighted Average Basic Shares Outstanding	347.35M	354.93M	320.49M	311.18M	300.50M	307.41M	287.13M	273.33M	272.52M	275.05M	256.35M
Adjusted Diluted Earnings per Share	$0.46	$0.94	$0.67	$0.60	$0.61	$0.52	$0.51	$0.18	($1.05)	$1.12	$0.48
Adjusted Weighted Average Diluted Shares Outstanding	351.39M	358.63M	323.76M	314.42M	303.48M	310.23M	289.10M	275.62M	272.52M	277.28M	258.88M
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	341.58M	319.68M	313.68M	303.77M	297.74M	285.55M	272.15M	272.19M	273.51M	255.83M	255.85M
Normalized Net Operating Profit after Tax (NOPAT)	328	289	422	322	253	236	338	334	82	206	252
Normalized NOPAT Margin	8.26%	6.61%	9.63%	7.45%	6.05%	5.44%	7.91%	7.59%	1.94%	4.46%	5.65%
Pre Tax Income Margin	5.65%	7.32%	7.83%	6.27%	7.09%	4.73%	6.24%	3.04%	-5.17%	2.17%	4.54%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.02	3.99	4.12	3.41	3.65	2.89	3.49	2.27	-1.15	1.96	3.01
NOPAT to Interest Expense	3.14	4.65	3.64	3.94	2.32	3.11	3.05	3.38	-0.77	11.99	2.59
EBIT Less CapEx to Interest Expense	1.14	0.91	2.56	1.30	0.66	-0.74	1.36	-0.28	-3.84	-0.83	1.53
NOPAT Less CapEx to Interest Expense	1.26	1.57	2.08	1.83	-0.67	-0.53	0.93	0.84	-3.47	9.20	1.11
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	28.11%	13.47%	15.05%	9.40%	9.25%	17.71%	19.04%	21.00%	64.82%	32.49%	34.72%
Augmented Payout Ratio	356.58%	187.77%	218.97%	188.62%	163.53%	145.26%	154.23%	161.25%	287.42%	268.30%	211.27%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, investor-focused read on MGM Resorts International (NYSE: MGM) using the last four years of quarterly statements provided. The big themes are steady revenue recovery and solid operating cash flow, offset by ongoing debt financing and interest costs.

Revenue growth: MGM’s quarterly revenue trended higher from about $3.59B in Q4 2022 to about $4.60B in Q4 2025, signaling a multi-year rebound post-pandemic.
Gross margin remained in the mid-40% range across 2024–2025, with Q4 2025 gross profit around $2.03B on $4.61B of revenue (roughly 44%), similar to prior years’ mid-40% levels.
Operating cash flow strength: Net cash from continuing operating activities was consistently positive in 2025, with Q4 2025 CFO around $655M and Q3 2025 CFO around $681M, showing ongoing cash generation from core operations.
Free cash flow in the latest quarter: For Q4 2025, roughly $359M of free cash flow (CFO about $655M minus capex of about $296M), indicating cash generation after capital investments in the period.
Earnings per share and profitability: Q4 2025 showed positive net income attributable to common shareholders of about $293.6M, with basic and diluted EPS at $1.12 in that quarter, reflecting continued profitability on a per-share basis.
Debt level is substantial but relatively stable: Long-term debt sits around $6.2–$6.6B across the latest quarters, and total liabilities remain high (roughly $37–$38B). This is a structural factor rather than a trend improvement in the near term.
Strong liquidity backdrop with sizable cash: Cash & equivalents typically hover around $2.1–$2.4B in recent periods, providing a substantial liquidity buffer despite ongoing financing activity.
Financing activity remains a headwind: Net cash from financing activities has been consistently negative across recent quarters (outflows), reflecting debt servicing and potential repurchases or other financing actions.
Ongoing financing outflows and net cash use: In several quarters, net cash from financing activities and overall net cash change were negative (for example, Q4 2025 net cash from financing activities around -$498.7M and net change in cash around -$70.6M), indicating continued cash outflows tied to debt and capital returns.
Interest expense remains a meaningful drag: Interest expense consistently runs around $100M per quarter in the latest periods (e.g., approximately $103–$108M in Q4 2025 and nearby quarters), weighing on net income.

05/20/26 12:56 AM ETAI Generated. May Contain Errors.

MGM Resorts International Financials - Frequently Asked Questions

According to the most recent income statement we have on file, MGM Resorts International's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

MGM Resorts International's net income appears to be on an upward trend, with a most recent value of $520.87 million in 2025, falling from -$1.04 billion in 2015. The previous period was $1.06 billion in 2024. Find out what analysts predict for MGM Resorts International in the coming months.

MGM Resorts International's total operating income in 2025 was $1.00 billion, based on the following breakdown:

Total Gross Profit: $7.79 billion
Total Operating Expenses: $6.79 billion

Over the last 10 years, MGM Resorts International's total revenue changed from $9.19 billion in 2015 to $17.54 billion in 2025, a change of 90.8%.

MGM Resorts International's total liabilities were at $38.10 billion at the end of 2025, a 1.1% decrease from 2024, and a 118.4% increase since 2015.

In the past 10 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 $2.06 billion as of their latest financial filing in 2025.

Over the last 10 years, MGM Resorts International's book value per share changed from 9.09 in 2015 to 8.88 in 2025, a change of -2.2%.

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Financial statements for NYSE:MGM last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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MGM Resorts International (MGM) Financials

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MGM Resorts International (MGM) Financials

Annual Income Statements for MGM Resorts International

Quarterly Income Statements for MGM Resorts International

Annual Cash Flow Statements for MGM Resorts International

Quarterly Cash Flow Statements for MGM Resorts International

Annual Balance Sheets for MGM Resorts International

Quarterly Balance Sheets for MGM Resorts International

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Quarterly Metrics And Ratios for MGM Resorts International

Financials Breakdown Chart

Key Financial Trends

MGM Resorts International Financials - Frequently Asked Questions

When does MGM Resorts International's fiscal year end?

How has MGM Resorts International's net income changed over the last 10 years?

What is MGM Resorts International's operating income?

How has MGM Resorts International's revenue changed over the last 10 years?

How much debt does MGM Resorts International have?

How much cash does MGM Resorts International have?

How has MGM Resorts International's book value per share changed over the last 10 years?

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