MGM Resorts International

MGM 10-K · Q4 2025
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Income Statement

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Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 4,605,267 4,346,562 +6.0%
Show Product Lines breakouts
Casino 2,574,945 2,210,746 +16.5%
Casino · Las Vegas Strip Resorts 568,588 501,425 +13.4%
Casino · MGM China 1,088,911 885,200 +23.0%
Casino · MGM Digital 188,244 139,855 +34.6%
Casino · Regional Operations 694,706 676,119 +2.7%
Entertainment, retail and other 422,951 441,294 -4.2%
Entertainment, retail and other · Las Vegas Strip Resorts 319,802 341,686 -6.4%
Entertainment, retail and other · MGM China 10,777 10,970 -1.8%
Entertainment, retail and other · Regional Operations 62,775 63,764 -1.6%
Food And Beverage 749,016 751,868 -0.4%
Food And Beverage · Las Vegas Strip Resorts 542,366 558,609 -2.9%
Food And Beverage · MGM China 87,963 73,167 +20.2%
Food And Beverage · Regional Operations 118,687 120,092 -1.2%
Occupancy 858,355 942,654 -8.9%
Occupancy · Las Vegas Strip Resorts 735,298 821,689 -10.5%
Occupancy · MGM China 48,799 49,383 -1.2%
Occupancy · Regional Operations 74,259 71,582 +3.7%
Show Business Segments breakouts
Las Vegas Strip Resorts · Operating Segments 2,166,054 2,223,409 -2.6%
MGM China · Operating Segments 1,236,450 1,018,720 +21.4%
Regional Operations · Operating Segments 950,427 931,557 +2.0%
Show Consolidation Items breakouts
Corporate and other 64,092 33,021 +94.1%
Operating Segments 4,541,175 4,313,541 +5.3%
Cost of Revenue (Q) — — —
Show Product Lines breakouts
Casino 1,440,163 1,259,135 +14.4%
Entertainment, retail and other 284,879 295,064 -3.5%
Food And Beverage 570,952 560,000 +2.0%
Occupancy 281,379 280,193 +0.4%
Show Business Segments breakouts
Las Vegas Strip Resorts · Operating Segments 132,122 135,464 -2.5%
MGM China · Operating Segments 31,126 26,813 +16.1%
Regional Operations · Operating Segments 42,836 44,690 -4.1%
Selling, General & Administrative 1,258,771 1,242,937 +1.3%
Corporate Income Expense 165,248 141,410 +16.9%
Preopening And Start Up Income Expense 121 5,503 -97.8%
Property Transactions Net 8,668 22,192 -60.9%
Depreciation And Amortization 278,658 209,229 +33.2%
Total Costs & Expenses 4,311,633 4,015,663 +7.4%
Show Business Segments breakouts
Las Vegas Strip Resorts · Operating Segments 1,430,706 1,457,980 -1.9%
MGM China · Operating Segments 904,153 763,999 +18.3%
MGM Digital 195,212 161,531 +20.9%
Regional Operations · Operating Segments 670,419 650,466 +3.1%
Income Loss From Unconsolidated Affiliates 31,376 -39,334 +179.8%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
BetMGM North America Venture 29,340 -42,298 +169.4%
Other 2,036 2,964 -31.3%
Operating Income 325,010 291,565 +11.5%
Interest Expense -103,902 -108,581 +4.3%
Non Operating Expense Income From Unconsolidated Affiliates -1,014 -2,777 +63.5%
Other Non-Operating Income (Expense) -120,268 25,477 -572.1%
Non-Operating Income (Expense) -225,184 -85,881 -162.2%
Income Before Taxes 99,826 205,684 -51.5%
Income Tax Expense (Benefit) 282,950 32,232 +777.9%
Net Income 382,776 237,916 +60.9%
Net Income Loss Attributable To Noncontrolling Interest -89,164 -80,484 -10.8%
Net Income 293,612 157,432 +86.5%
EPS (Basic) 1.09 0.52 +109.6%
EPS (Diluted) 1.08 0.52 +107.7%
Wtd Avg Shares (Basic) -2,564 -3,280 +21.8%
Wtd Avg Shares (Diluted) -335 -3,620 +90.7%
Comprehensive Income 266,267 -95,359 +379.2%
Net Income Loss Available To Common Stockholders Basic 299,227 154,512 +93.7%
Labor And Related Expense (Q) — — —
Show Business Segments breakouts
Las Vegas Strip Resorts · Operating Segments 655,695 664,200 -1.3%
MGM China · Operating Segments 175,284 149,699 +17.1%
MGM Digital · Operating Segments 31,521 22,694 +38.9%
Regional Operations · Operating Segments 236,973 232,402 +2.0%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Cash & Cash Equivalents 2,062,994 2,415,532 -14.6%
Accounts Receivable 1,122,940 1,071,412 +4.8%
Inventory 124,535 140,559 -11.4%
Income Taxes Receivable 220,154 257,514 -14.5%
Prepaid Expenses & Other Current Assets 486,419 478,582 +1.6%
Assets Of Disposal Group Including Discontinued Operation Current 315,382 — —
Total Current Assets 4,332,424 4,363,599 -0.7%
Non-Current Assets
Goodwill 4,901,960 5,145,004 -4.7%
Show Business Segments breakouts
Las Vegas Strip Resorts · Operating Segments 2,707,009 2,707,009 0.0%
MGM China · Operating Segments 1,354,115 1,356,625 -0.2%
MGM Digital · Operating Segments 453,944 420,430 +8.0%
Regional Operations · Operating Segments 386,892 660,940 -41.5%
Operating Lease Right-of-Use Assets 23,002,707 23,532,287 -2.3%
Show Lease Contractual Term breakouts
Bellagio [Member] 3.3 3.4 -2.9%
Deferred Tax Assets 89,792 39,591 +126.8%
Other Non-Current Assets 848,547 858,980 -1.2%
Total Assets 41,373,786 42,231,627 -2.0%
Intangible Assets 658,170 583,917 +12.7%
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Lists 109,108 145,885 -25.2%
Gaming rights 223,788 246,097 -9.1%
Technology and other 325,274 191,935 +69.5%
Other Assets
Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization 6,305,614 6,196,159 +1.8%
Investments In Affiliates Subsidiaries Associates And Joint Ventures 536,066 380,626 +40.8%
Intangible Assets Net Excluding Goodwill 1,356,676 1,715,381 -20.9%
Current Liabilities
Accounts Payable 421,502 412,662 +2.1%
Interest Payable Current 71,845 69,916 +2.8%
Other Liabilities Current 2,993,179 2,869,105 +4.3%
Liabilities Of Disposal Group Including Discontinued Operation Current 25,581 — —
Total Current Liabilities 3,512,107 3,351,683 +4.8%
Deferred Revenue (Current) (Q) — — —
Show Product Lines breakouts
Advance deposits and ticket sales 287,243 271,474 +5.8%
Casino front money 334,159 324,956 +2.8%
Customer Advances and Other 860,126 825,236 +4.2%
Loyalty Program 216,579 215,005 +0.7%
Outstanding Chip Liability 204,020 215,710 -5.4%
Unpaid wagers and other 238,724 228,806 +4.3%
Non-Current Liabilities
Deferred Tax Liabilities 2,617,067 2,811,663 -6.9%
Long-Term Debt 6,230,141 6,362,098 -2.1%
Operating Lease Liabilities 24,962,742 25,076,139 -0.5%
Show Lease Contractual Term breakouts
Bellagio [Member] 3.8 3.8 0.0%
Other Non-Current Liabilities 775,411 910,088 -14.8%
Total Liabilities 38,097,468 38,511,671 -1.1%
Long-Term Debt 6,230,141 6,362,098 -2.1%
Other Liabilities
Redeemable Noncontrolling Interest Equity Carrying Amount 21,777 34,805 -37.4%
Stockholders' Equity
Common Stock 2,583 2,944 -12.3%
Retained Earnings 2,106,836 3,081,753 -31.6%
Accumulated Other Comprehensive Income 320,498 -61,216 +623.6%
Total Stockholders' Equity 2,429,917 3,023,481 -19.6%
Minority Interest 824,624 661,670 +24.6%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 3,254,541 3,685,151 -11.7%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 320,498 -61,216 +623.6%
Common Stock 2,583 2,944 -12.3%
Noncontrolling Interest 824,624 661,670 +24.6%
Parent 2,429,917 3,023,481 -19.6%
Retained Earnings 2,106,836 3,081,753 -31.6%
Total Liabilities & Equity 41,373,786 42,231,627 -2.0%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Amortization Of Financing Costs And Discounts 6,429 6,831 -5.9%
Provision For Doubtful Accounts 21,763 11,396 +91.0%
Stock-Based Compensation 31,087 28,504 +9.1%
Foreign Currency Transaction Gain Loss Before Tax 2,550 -156,891 +101.6%
Noncash Lease Expense 126,133 128,991 -2.2%
Gain Loss On Investments 57,696 43,371 +33.0%
Income Loss From Equity Method Investments -30,362 42,111 -172.1%
Equity Method Investment Dividends Or Distributions 8,908 9,539 -6.6%
Deferred Income Taxes -242,714 -16,174 -1400.6%
Change in Accounts Receivable -217,667 -117,418 -85.4%
Change in Inventory 2,269 4,304 -47.3%
Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable -39,846 -63,639 +37.4%
Change in Prepaid & Other Assets 86,630 68,639 +26.2%
Increase Decrease In Accounts Payable And Accrued Liabilities 122,484 125,234 -2.2%
Other Operating Activities Cash Flow Statement 26,739 82,346 -67.5%
Net Cash from Operations 654,995 671,555 -2.5%
Investing Activities
Capital Expenditures -296,455 -404,017 +26.6%
Proceeds From Sale Of Property Plant And Equipment 6,500 9,707 -33.0%
Payments To Acquire Equity Method Investments -29,416 0 —
Show Geography breakouts
JP · MGM Osaka -4.6 0 —
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 136,516 562 +24191.1%
Other Investing Activities -17,725 -10,177 -74.2%
Net Cash from Investing -200,580 -403,925 +50.3%
Financing Activities
Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less -282,936 123,477 -329.1%
Repayments Of Long Term Debt 0 -675,000 +100.0%
Debt Issuance Costs 0 -50 +100.0%
Payments Of Dividends Minority Interest -10,488 -84,998 +87.7%
Share Repurchases -511,097 -119,826 -326.5%
Proceeds From Payments For Other Financing Activities -47,951 -34,085 -40.7%
Net Cash from Financing -498,694 -790,482 +36.9%
Supplemental
Interest Paid 119,639 144,237 -17.1%
Income Taxes Paid -230 -225,013 +99.9%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents -11,678 -12,147 +3.9%
Net Change in Cash -70,562 -534,999 +86.8%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 2,150,364 2,503,064 -14.1%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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