10-K · February 20, 2026
Red Rock positions itself as a locally-focused, asset-light operator of Las Vegas regional casinos emphasizing operational discipline, customer loyalty and master-planned expansions (Durango). For 2025 the company…
Earnings analysis · 10-Q
RRR earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Red Rock Resorts reported Q1 2026 net revenues of $507.3 million, reflecting a modest year-over-year growth of 1.9%, while diluted EPS reached $0.73, exceeding the consensus estimate. Despite these results, operating…
Read full summary
Red Rock Resorts reported Q1 2026 net revenues of $507.3 million, reflecting a modest year-over-year growth of 1.9%, while diluted EPS reached $0.73, exceeding the consensus estimate. Despite these results, operating income decreased by 6.9% primarily due to increased SG&A expenses and a notable drop in room revenues based on renovation disruptions.
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
- $0.73
- Segment
- Las Vegas Operations
- Segment
- Native American Management
What stood out
-
Revenue Growth
Net revenues increased to $507.3 million, up 1.9% from $497.9 million in Q1 2025.
-
EPS Surprise
Diluted EPS rose to $0.73, beating estimates of $0.54 by 35.2%.
-
Casino Revenue Increase
Casino revenues increased 2.2% to $340.5 million, compared to $333.2 million last year.
-
Operating Cash Flow Improvement
Net cash from operating activities grew to $139.8 million from $126.2 million in Q1 2025.
-
Free Cash Flow
FCF for the quarter was reported at $39.6 million, down from $58 million in Q1 2025 due to increased capital expenditures.
-
Native American Management Fees
Revenue from Native American management fees amounted to $4.7 million, contributing to overall revenues.
What to watch
-
Decline in Room Revenues
Room revenues fell 9.3% year-over-year from $50.17 million to $45.51 million, impacted by renovations.
-
Increased SG&A Expenses
SG&A expenses grew by 9.2%, totaling $114.4 million, up from $104.7 million in the prior period.
-
Potential Economic Headwinds
Management highlighted risks from inflation and rising interest rates affecting consumer spending.
Management's outlook
No numeric guidance was provided for future periods.
Earlier filings 4
10-Q · November 6, 2025
Red Rock reported Q3 net revenues of $475,572 (amounts in thousands) and diluted Class A EPS of $0.68. Results show modest year-over-year top-line and EPS improvement, stable operating income of $131,484 and strong…
10-Q · May 8, 2025
Red Rock Resorts reported net revenues of $497,861,000 and operating income of $154,353,000 for the three months ended March 31, 2025, producing diluted Class A EPS of $0.75. Revenues and EPS were up versus the year-ago…
10-Q · May 9, 2024
Q1 net revenue of $488.9M (+$55.3M, +12.7% vs. Q1 2023) and operating income of $155.5M (+$18.2M, +13.3% YoY). All major revenue segments grew YoY (Casino, Food & Beverage, Rooms, Other). Operating cash flow was strong…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.