FirmAtlas
Company handbook · MGM · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
MGM · CIK 789570 · LATEST FILING: 10-Q JUN '26 · FILED JUL 29, 2026
MGM Resorts International
$28.60
−0.88 (−2.99%)
Close, Oct 16, 2026 · 52-week $28–52
Last fiscal year
MGM Resorts International reported revenue of $17.5B for the year ended Dec 31, 2025 (FY25), up 1.7% from FY24. Net income was $206M, operating cash flow $2.5B and free cash flow $1.5B. Source: 10-K filed Feb 11, 2026.
Market cap
$7.4B
P/E
17.4
EV/EBITDA
5.7x
P/B
2.9
ROIC
14.8%
Revenue 1Y
1.7%/yr
EPS 1Y
−68.3%/yr
Shares 1Y
−12%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOWilliam J. Hornbuckle
HQLas Vegas, NV
AuditorDeloitte & Touche LLP
Employees78,000
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
1.1%
−9.8%
−8.2%
−9.8%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$4.9B deployed
Capex
$2.2B
45.1%
Acquisitions
$114M
2.3%
Buybacks
$2.6B
52.6%
Operating cash flow over the period: $4.9B. Total debt changed by −$129M.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
17,241
17,538+1.7%
17,761
YoY
+1.7%
Operating income
1,490
1,002−32.8%
1,017
Operating margin
8.6%
5.7%−2.9 pp
—
EBITDA
2,322
2,020−13.0%
—
EBITDA margin
13.5%
11.5%−2.0 pp
—
Interest expense
443
419−5.5%
—
Interest coverage
5.24x
4.82x−0.42x
—
Net income
747
206−72.4%
426
YoY
−72.4%
Net margin
4.3%
1.2%−3.2 pp
—
EPS (diluted, $)
2.40
0.76−68.3%
1.68
YoY
−68.3%
Balance sheet
Total assets
42,232
41,374−2.0%
39,848
Cash & short-term investments
2,503
2,150−14.1%
—
Accounts receivable
1,071
1,123+4.8%
—
Inventory
141
125−11.4%
—
Net PP&E
6,196
6,306+1.8%
—
Other assets
32,320
31,670−2.0%
—
Total liabilities
39,208
38,944−0.7%
37,335
Accounts payable
413
422+2.1%
—
Total debt
6,436
6,307−2.0%
6,141
Other liabilities
32,359
32,215−0.4%
—
Shareholders’ equity
3,023
2,430−19.6%
2,514
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
2,362
2,529+7.1%
2,463
Net income
1,065
521−51.1%
—
Depreciation & amortization
831
1,018+22.5%
—
Stock-based compensation
80
90+12.8%
—
Working capital & other
387
900+132.9%
—
Cash from investing
(1,283)
(1,141)n/m
—
Capex
(1,151)
(1,069)n/m
—
PP&E sold
13
7−46.0%
—
Acquisitions
(114)
0n/m
—
Other investing
(32)
(79)n/m
—
Cash from financing
(1,564)
(1,731)n/m
—
Debt raised
2,100
354−83.2%
—
Debt repaid
(2,175)
(500)n/m
—
Dividends
0
—
—
Buybacks
(1,358)
(1,228)n/m
—
Other financing
(131)
(357)n/m
—
Net change in cash
(512)
(353)n/m
—
Free cash flow (OCF − capex)
1,212
1,460+20.5%
1,495
Where the cash went
Operating cash flow
2,362
2,529+7.1%
2,463
Reinvested in the business
1,264
1,069−15.5%
—
% of operating cash flow
53.5%
42.3%
Capex
1,151
1,069−7.1%
968
Acquisitions
114
0−100.0%
—
Free cash flow
1,212
1,460+20.5%
1,495
YoY
+20.5%
Returned to shareholders
1,358
1,228−9.5%
—
% of free cash flow
112.0%
84.1%
Dividends
0
—
—
Buybacks
1,358
1,228−9.5%
—
Change in total debt
—
(129)
—
Cash left over
—
103
—
FCF conversion (FCF ÷ net income)
162.3%
709.4%+547.1 pp
—
Owner earnings
—
128
—
Owner earnings margin
—
0.7%
—
Returns & ratios
ROIC (all capital)
20.4%
14.8%−5.6 pp
—
ROIC (operating)
20.3%
14.2%−6.1 pp
—
Net debt / EBITDA
1.69x
2.06x+0.36x
—
Debt / equity
2.13x
2.60x+0.47x
—
ROE
24.7%
8.5%−16.2 pp
—
ROA
1.8%
0.5%−1.3 pp
—
ROCE
3.8%
2.6%−1.2 pp
—
NOPAT
1,420
1,002−29.5%
—
Invested capital (operating)
6,995
7,132+1.9%
—
Invested capital (all)
6,957
6,587−5.3%
—
Reinvestment rate
—
13.6%
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
4,250
4,605
4,455
4,451
vs year-ago quarter
Operating income
(113)
325
301
504
Net income
(285)
294
125
292
vs year-ago quarter
Net margin
−6.7%
6.4%
2.8%
6.6%
EPS (diluted, $)
−1.05
1.14
0.48
1.11
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
41,411
41,374
41,402
39,848
Cash & equivalents
2,221
2,150
2,380
2,634
Total debt
6,239
6,307
6,483
6,141
Shareholders’ equity
2,676
2,430
2,433
2,514
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
681
655
568
559
Capex
276
296
155
241
Free cash flow
405
359
413
317
vs year-ago quarter