MGM earnings analysis
What we found in MGM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
MGM Resorts International reported Q1 2026 financial results with consolidated net revenues of $4.45 billion, representing a 4% increase from the prior year. However, diluted EPS came in at $0.48, missing the estimate of $0.54. Segment performance varied, with growth in MGM China (9%) and MGM Digital (43%), while the Las Vegas Strip Resorts segment remained flat.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Increase vs. Prior Year
- Consolidated net revenues rose to $4.45 billion, a 4% increase from $4.28 billion in Q1 2025.
- MGM China Growth
- MGM China revenues increased by 9%, reaching $1.12 billion compared to $1.03 billion in the prior year.
- MGM Digital Growth
- MGM Digital reported a revenue surge of 43%, up to $182.7 million from $128.1 million YoY.
- Operating Income
- The operating income decreased by 22% to $301.2 million from $385.1 million in Q1 2025.
- Increase in Operating Cash Flow
- Operating cash provided was $568 million, up from $547 million in Q1 2025.
- Debt Increases
- Net borrowings of debt amounted to $178 million during the quarter, up from $50 million in the same quarter last year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Diluted EPS Missed Estimates
- Diluted EPS was $0.48, lower than the expected $0.54, reflecting a concerning trend in profitability.
- Decline in Las Vegas Strip Segment Performance
- The Las Vegas Strip Resorts segment reported flat revenues at $2.18 billion, compared to $2.18 billion in Q1 2025.
- Decrease in Net Income
- Net income decreased to $174.8 million from $226.7 million in the prior year, indicating potential profitability pressures.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.48
- Segment
- Las Vegas Strip: $2.18B, MGM China: $1.12B, Regional Operations: $917M, MGM Digital: $182.7M
What they said about what is next.
Future outlook signals positive trends from convention bookings and promotions.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 11, 2026
- MGM’s 2025 Form 10-K emphasizes an asset-light, omni-channel strategy: monetize real estate, reinvest in core resorts, and scale digital via consolidated LeoVegas and a 50% stake in BetMGM. The company operates 16…
- 10-Q · April 30, 2025
- MGM reported first-quarter revenue of $4,277,082 (in thousands), down from $4,383,470 in Q1 2024, with operating income of $385,057 (in thousands) and diluted EPS of $0.51 (down from $0.67). Operating cash flow remained…
- 10-K · February 18, 2025
- MGM’s 2024 Form 10-K emphasizes an asset-light, omni-channel growth strategy: monetize real estate, reinvest in core resorts, and scale digital (consolidated LeoVegas and a 50% stake in BetMGM). The company highlights…
- 10-Q · July 31, 2024
- MGM reported quarter revenues of $4,327,375,000 (up from $3,942,207,000 in Q2 2023) and operating income of $425,656,000 (up from $371,378,000), driving diluted EPS of $0.60 (up from $0.55). Operating cash flow remains…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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