10-K · March 2, 2026
Wynn Resorts describes a strategy centered on luxury integrated resorts, regular reinvestment and superior service, with growth driven by Macau recovery and a large UAE development (Wynn Al Marjan Island). Operationally…
Earnings analysis · 10-Q
WYNN earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Wynn Resorts delivered solid Q1 2026 results with revenue of $1.86 billion, exceeding estimates of $1.82 billion and showing a 9.2% increase year-over-year. Diluted EPS rose substantially to $1.04 from $0.69 in the…
Read full summary
Wynn Resorts delivered solid Q1 2026 results with revenue of $1.86 billion, exceeding estimates of $1.82 billion and showing a 9.2% increase year-over-year. Diluted EPS rose substantially to $1.04 from $0.69 in the prior year, driven by robust performance in casino operations, particularly in Macau and Las Vegas.
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
- $1.25
- Segment
- Macau Operations
- Segment
- Las Vegas Operations
- Segment
- Encore Boston Harbor
What stood out
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Revenue Exceeds Estimates
Actual revenue of $1.86B surpassed estimates of $1.82B, reflecting a 9.2% year-over-year growth.
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Significant EPS Growth
Diluted EPS jumped to $1.04, a 50.7% increase from $0.69 in the same period last year.
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Increased Casino Revenues
Casino revenues increased by 13.1%, driven by higher VIP and mass market gaming volumes.
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Strong Performance at Wynn Palace
Wynn Palace operating revenues rose by 23.0%, contributing an additional $123.4M year-over-year.
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Operating Cash Flow Growth
Operating cash flows improved to $153.5M, up from $133.8M in the prior year.
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Robust Free Cash Flow
Despite significant capex, free cash flow improved to $70.0M from a negative $26M year-over-year.
What to watch
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Decrease in Encore Boston Harbor Revenues
Encore Boston Harbor experienced a revenue decline of 1.7%, indicating potential challenges in this segment.
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Increased Operating Expenses
Total operating expenses surged by 9.9% to $1.57B, which could pressure future margins.
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Currency Risks in Macau Operations
Foreign currency remeasurement losses of $29.4M were noted, signaling exposure to exchange rate fluctuations.
Management's outlook
Management remains optimistic about growth in gaming volumes but has not provided specific numeric guidance.
Earlier filings 4
10-Q · August 7, 2025
Wynn reported Q2 operating revenues of $1,737,797,000 (up slightly vs. $1,732,932,000 in Q2 2024) and operating income of $264,600,000. Diluted EPS declined to $0.64 from $0.91 in prior-year Q2, cash and cash…
10-Q · May 7, 2024
Wynn reported a strong Q1 with revenues of $1,862,909,000 (up from $1,423,679,000 a year ago) and operating income of $362,941,000 (vs. $169,515,000 prior year), driving net income attributable to Wynn Resorts of…
10-K · February 27, 2023
Wynn Resorts’ 2022 10-K emphasizes a luxury, reinvestment-led strategy focused on integrated resorts, digital gaming (WynnBET) and selective international development. The company entered a new 10-year Macau gaming…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.