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…
Earnings analysis · 10-Q
MGM earnings analysis
Filed April 29, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.48
- Segment
- Las Vegas Strip: $2.18B, MGM China: $1.12B, Regional Operations: $917M, MGM Digital: $182.7M
What stood out
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Revenue Increase vs. Prior Year
Consolidated net revenues rose to $4.45 billion, a 4% increase from $4.28 billion in Q1 2025.
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MGM China Growth
MGM China revenues increased by 9%, reaching $1.12 billion compared to $1.03 billion in the prior year.
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MGM Digital Growth
MGM Digital reported a revenue surge of 43%, up to $182.7 million from $128.1 million YoY.
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Operating Income
The operating income decreased by 22% to $301.2 million from $385.1 million in Q1 2025.
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Increase in Operating Cash Flow
Operating cash provided was $568 million, up from $547 million in Q1 2025.
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Debt Increases
Net borrowings of debt amounted to $178 million during the quarter, up from $50 million in the same quarter last year.
What to watch
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Diluted EPS Missed Estimates
Diluted EPS was $0.48, lower than the expected $0.54, reflecting a concerning trend in profitability.
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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.
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Decrease in Net Income
Net income decreased to $174.8 million from $226.7 million in the prior year, indicating potential profitability pressures.
Management's outlook
Future outlook signals positive trends from convention bookings and promotions.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.