WYNN earnings analysis
What we found in WYNN'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
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Exceeds Estimates
- Actual revenue of $1.86B surpassed estimates of $1.82B, reflecting a 9.2% year-over-year growth.
- Significant EPS Growth
- Diluted EPS jumped to $1.04, a 50.7% increase from $0.69 in the same period last year.
- Increased Casino Revenues
- Casino revenues increased by 13.1%, driven by higher VIP and mass market gaming volumes.
- Strong Performance at Wynn Palace
- Wynn Palace operating revenues rose by 23.0%, contributing an additional $123.4M year-over-year.
- Operating Cash Flow Growth
- Operating cash flows improved to $153.5M, up from $133.8M in the prior year.
- Robust Free Cash Flow
- Despite significant capex, free cash flow improved to $70.0M from a negative $26M year-over-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.
- Decrease in Encore Boston Harbor Revenues
- Encore Boston Harbor experienced a revenue decline of 1.7%, indicating potential challenges in this segment.
- Increased Operating Expenses
- Total operating expenses surged by 9.9% to $1.57B, which could pressure future margins.
- Currency Risks in Macau Operations
- Foreign currency remeasurement losses of $29.4M were noted, signaling exposure to exchange rate fluctuations.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.25
- Segment
- Macau Operations
- Segment
- Las Vegas Operations
- Segment
- Encore Boston Harbor
What they said about what is next.
Management remains optimistic about growth in gaming volumes but has not provided specific numeric guidance.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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