NASDAQ : MLCO
Melco Resorts & Entertainment Limited — Financial statements
Consumer Discretionary · Resorts & Casinos · Hong Kong
Last price 3.84 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.46B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Melco Resorts & Entertainment Limited (MLCO) reported revenue of 5.22B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 5.22B | 5.16B | 4.64B | 3.78B | 1.35B | 2.01B |
| Cost of Revenue | 3.23B | 3.20B | 2.97B | 2.38B | 1.10B | 1.52B |
| Gross Profit | 1.99B | 1.96B | 1.67B | 1.39B | 250.13M | 493.65M |
| Selling, General & Admin | 749.50M | 722.13M | 636.03M | 554.45M | 474.78M | 506.29M |
| Amortization of Goodwill & Intangibles | 32.78M | 57.28M | ||||
| Operating Expenses | 1.29B | 1.30B | 1.18B | 1.12B | 989.64M | 1.07B |
| Operating Income | 699.73M | 662.50M | 487.94M | 272.57M | -739.51M | -573.81M |
| Interest Expense | -450.32M | -464.90M | -486.72M | -492.39M | -376.72M | -350.54M |
| Interest & Investment Income | 6.09M | 8.48M | 15.77M | 23.30M | 26.46M | 6.62M |
| Currency Exchange Gain (Loss) | -4.47M | 8.74M | -15.49M | 2.23M | 3.90M | 4.57M |
| Other Non Operating Income (Expenses) | 4.11M | -3.70M | -3.53M | -1.62M | -2.47M | -7.95M |
| EBT Excluding Unusual Items | 255.13M | 211.11M | -2.03M | -195.91M | -1.09B | -921.12M |
| Impairment of Goodwill | -57.92M | -57.92M | ||||
| Asset Writedown | -4.14M | -4.14M | -3.32M | -207.61M | -3.60M | -3.64M |
| Other Unusual Items | -2.14M | -756.00K | -1.00M | 1.61M | -28.82M | |
| Pretax Income | 190.92M | 148.28M | -6.35M | -401.91M | -1.09B | -953.58M |
| Income Tax Expense | 1.14M | 2.83M | 21.61M | 13.42M | 5.24M | 2.88M |
| Earnings From Continuing Operations | 189.78M | 145.46M | -27.96M | -415.33M | -1.10B | -956.46M |
| Minority Interest in Earnings | 45.03M | 39.59M | 71.50M | 88.41M | 166.64M | 144.71M |
| Net Income | 234.81M | 185.04M | 43.54M | -326.92M | -930.53M | -811.75M |
| Net Income to Common | 234.81M | 185.04M | 43.54M | -326.92M | -930.53M | -811.75M |
| Shares Outstanding (Basic) | 389.79M | 397.99M | 432.12M | 438.20M | 463.72M | 478.03M |
| Shares Outstanding (Diluted) | 392.91M | 400.63M | 433.14M | 438.20M | 463.72M | 478.03M |
| EPS (Basic) | 0.60 | 0.46 | 0.10 | -0.75 | -2.01 | -1.70 |
| EPS (Diluted) | 0.60 | 0.46 | 0.10 | -0.75 | -2.01 | -1.70 |
| Free Cash Flow | 495.02M | 364.71M | 365.67M | -1.23B | -940.59M | |
| Free Cash Flow Per Share | 1.24 | 0.84 | 0.83 | -2.65 | -1.97 | |
| Gross Margin | 38.19% | 37.94% | 35.93% | 36.86% | 18.53% | 24.53% |
| Operating Margin | 13.40% | 12.83% | 10.52% | 7.22% | -54.78% | -28.51% |
| Profit Margin | 4.50% | 3.58% | 0.94% | -8.66% | -68.93% | -40.34% |
| Free Cash Flow Margin | 9.59% | 7.86% | 9.69% | -91.04% | -46.74% | |
| EBITDA | 1.24B | 1.21B | 1.03B | 815.96M | -217.57M | 6.04M |
| EBITDA Margin | 23.83% | 23.36% | 22.20% | 21.61% | -16.12% | 0.30% |
| D&A For EBITDA | 544.57M | 543.56M | 541.54M | 543.40M | 521.94M | 579.85M |
| EBIT | 699.73M | 662.50M | 487.94M | 272.57M | -739.51M | -573.81M |
| EBIT Margin | 13.40% | 12.83% | 10.52% | 7.22% | -54.78% | -28.51% |
| Effective Tax Rate | 0.60% | 1.91% | ||||
| Revenue as Reported | 5.22B | 5.16B | 4.64B | 3.78B | 1.35B | 2.01B |
| Advertising Expenses | 168.10M | 165.30M | 100.25M | 29.42M | 39.81M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 912.89M | 1.02B | 1.15B | 1.31B | 1.81B | 1.65B |
| Cash & Short-Term Investments | 912.89M | 1.02B | 1.15B | 1.31B | 1.81B | 1.65B |
| Accounts Receivable | 117.48M | 126.41M | 144.21M | 91.64M | 55.99M | 54.49M |
| Other Receivables | 2.19M | 887.00K | 2.42M | 797.00K | 630.00K | 384.00K |
| Receivables | 119.67M | 127.29M | 146.63M | 92.44M | 56.62M | 54.88M |
| Inventory | 36.22M | 36.92M | 32.45M | 29.43M | 26.42M | 29.59M |
| Prepaid Expenses | 85.80M | 41.62M | 59.26M | 67.03M | 77.77M | 109.33M |
| Restricted Cash | 368.00K | 27.00K | 50.99M | 285.00K | ||
| Other Current Assets | 40.17M | 43.26M | 44.65M | 50.15M | 21.78M | |
| Total Current Assets | 1.15B | 1.27B | 1.43B | 1.54B | 2.07B | 1.87B |
| Property, Plant & Equipment | 5.10B | 5.23B | 5.36B | 5.60B | 5.93B | 5.98B |
| Goodwill | 23.30M | 23.49M | 82.09M | 81.58M | 81.61M | 81.72M |
| Other Intangible Assets | 797.82M | 815.96M | 855.06M | 887.43M | 714.48M | 773.19M |
| Long-Term Accounts Receivable | 1.51M | |||||
| Long-Term Deferred Tax Assets | 638.00K | 4.03M | ||||
| Long-Term Deferred Charges | 48.63M | 52.76M | 16.18M | 27.22M | 35.99M | |
| Other Long-Term Assets | 297.46M | 204.52M | 204.60M | 209.23M | 473.55M | 141.29M |
| Total Assets | 7.37B | 7.60B | 7.99B | 8.34B | 9.30B | 8.88B |
| Accounts Payable | 19.51M | 25.91M | 24.79M | 11.75M | 6.73M | 5.99M |
| Accrued Expenses | 1.02B | 578.66M | 579.28M | 535.76M | 366.63M | 366.02M |
| Current Portion of Long-Term Debt | 14.51M | 513.00K | 21.60M | 322.50M | 128.00K | |
| Current Portion of Leases | 51.15M | 52.33M | 52.41M | 54.99M | 47.72M | 65.32M |
| Current Income Taxes Payable | 29.07M | 29.21M | 38.01M | 28.18M | 11.61M | 11.91M |
| Current Unearned Revenue | 384.94M | 375.86M | 369.97M | 331.51M | 406.21M | |
| Other Current Liabilities | 112.75M | 98.92M | 102.97M | 111.92M | 166.29M | |
| Total Current Liabilities | 1.14B | 1.18B | 1.19B | 1.10B | 1.20B | 1.02B |
| Long-Term Debt | 7.04B | 6.75B | 7.14B | 7.47B | 8.09B | 6.56B |
| Long-Term Leases | 207.06M | 224.70M | 246.61M | 241.33M | 254.12M | 410.52M |
| Long-Term Deferred Tax Liabilities | 36.44M | 34.59M | 36.71M | 34.96M | 39.68M | 41.03M |
| Other Long-Term Liabilities | 276.73M | 303.67M | 315.30M | 322.59M | 33.71M | 30.52M |
| Total Liabilities | 8.70B | 8.50B | 8.93B | 9.18B | 9.62B | 8.06B |
| Common Stock | 13.52M | 13.52M | 13.52M | 14.05M | 14.45M | 14.56M |
| Additional Paid-In Capital | 2.60B | 2.99B | 2.99B | 3.11B | 3.22B | 3.24B |
| Retained Earnings | -3.73B | -3.83B | -4.01B | -4.06B | -3.73B | -2.80B |
| Treasury Stock | -409.83M | -356.83M | -216.63M | -255.07M | -241.75M | -132.86M |
| Comprehensive Income & Other | -113.37M | -63.71M | -95.75M | -98.60M | -111.97M | -76.01M |
| Total Common Equity | -1.64B | -1.25B | -1.33B | -1.29B | -850.33M | 244.75M |
| Minority Interest | 311.34M | 342.97M | 386.50M | 447.23M | 535.96M | 575.14M |
| Shareholders' Equity | -1.32B | -903.63M | -939.96M | -840.05M | -314.36M | 819.88M |
| Total Liabilities & Equity | 7.37B | 7.60B | 7.99B | 8.34B | 9.30B | 8.88B |
| Total Debt | 7.31B | 7.03B | 7.46B | 7.77B | 8.71B | 7.04B |
| Net Cash (Debt) | -6.40B | -6.01B | -6.31B | -6.46B | -6.90B | -5.38B |
| Net Cash Per Share | -16.28 | -15.00 | -14.57 | -14.74 | -14.88 | -11.26 |
| Filing Date Shares Outstanding | 380.24M | 390.69M | 419.71M | 437.09M | 445.10M | 474.46M |
| Total Common Shares Outstanding | 380.24M | 390.69M | 419.71M | 437.09M | 445.10M | 474.46M |
| Working Capital | 15.49M | 84.89M | 238.30M | 440.67M | 876.05M | 846.86M |
| Book Value Per Share | -4.30 | -3.19 | -3.16 | -2.95 | -1.91 | 0.52 |
| Tangible Book Value | -2.46B | -2.09B | -2.26B | -2.26B | -1.65B | -610.17M |
| Tangible Book Value Per Share | -6.46 | -5.34 | -5.39 | -5.16 | -3.70 | -1.29 |
| Land | 62.14M | 54.96M | 58.47M | 56.53M | 59.81M | |
| Buildings | 7.68B | 7.65B | 7.62B | 6.19B | 6.31B | |
| Machinery | 1.81B | 1.69B | 1.64B | 1.55B | 1.56B | |
| Construction In Progress | 2.17M | 721.00K | 1.49M | 1.46B | 1.02B | |
| Leasehold Improvements | 1.28B | 1.18B | 1.09B | 1.08B | 1.17B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 185.04M | 43.54M | -326.92M | -930.53M | -811.75M | |
| Depreciation & Amortization | 543.56M | 541.54M | 543.40M | 521.94M | 579.85M | |
| Other Amortization | 20.25M | 20.77M | 19.46M | 17.06M | 16.28M | |
| Loss (Gain) From Sale of Assets | 2.30M | 1.59M | -4.03M | 7.75M | 807.00K | |
| Asset Writedown & Restructuring Costs | 62.07M | 3.32M | 207.61M | 3.60M | 3.64M | |
| Stock-Based Compensation | 29.27M | 27.37M | 35.47M | 71.81M | 67.96M | |
| Provision & Write-off of Bad Debts | 12.50M | 2.93M | -3.35M | -433.00K | 6.45M | |
| Other Operating Activities | -43.23M | -79.52M | -91.49M | -177.77M | -95.66M | |
| Change in Accounts Receivable | 4.95M | -53.94M | -31.53M | -396.00K | 67.57M | |
| Change in Inventory | 20.50M | 5.12M | 20.18M | 4.19M | 16.13M | |
| Change in Accounts Payable | -16.85M | 82.01M | 212.38M | -121.29M | -178.85M | |
| Change in Other Net Operating Assets | -2.25M | 31.93M | 41.51M | -15.35M | 58.80M | |
| Operating Cash Flow | 818.12M | 626.66M | 622.69M | -619.43M | -268.77M | |
| Capital Expenditures | -323.10M | -261.94M | -257.02M | -609.61M | -671.82M | |
| Sale of Property, Plant & Equipment | 205.00K | 374.00K | 15.38M | 15.98M | 4.84M | |
| Sale (Purchase) of Intangibles | -18.88M | -39.24M | -6.86M | -12.48M | -7.58M | |
| Other Investing Activities | 200.00M | -200.00M | ||||
| Investing Cash Flow | -341.77M | -300.81M | -48.51M | -806.11M | -674.55M | |
| Long-Term Debt Issued | 1.67B | 850.28M | 1.25B | 1.85B | 1.42B | |
| Long-Term Debt Repaid | -2.09B | -1.17B | -2.20B | -502.98M | ||
| Net Debt Issued (Repaid) | -423.20M | -319.30M | -950.02M | 1.85B | 913.03M | |
| Issuance of Common Stock | 682.00K | 226.00K | 7.10M | |||
| Repurchase of Common Stock | -166.01M | -112.29M | -169.84M | -189.16M | -52.03M | |
| Common Dividends Paid | -78.00K | -344.00K | -314.00K | -196.00K | ||
| Other Financing Activities | -14.51M | -46.42M | -9.18M | 122.80M | -46.36M | |
| Financing Cash Flow | -603.12M | -478.35M | -1.13B | 1.78B | 821.75M | |
| Foreign Exchange Rate Adjustments | 2.14M | -10.26M | 2.33M | -22.60M | 19.36M | |
| Net Cash Flow | -124.64M | -162.76M | -552.62M | 335.14M | -102.22M | |
| Free Cash Flow | 495.02M | 364.71M | 365.67M | -1.23B | -940.59M | |
| Free Cash Flow Margin | 9.59% | 7.86% | 9.69% | -91.04% | -46.74% | |
| Free Cash Flow Per Share | 1.24 | 0.84 | 0.83 | -2.65 | -1.97 | |
| Levered Free Cash Flow | 425.19M | 309.09M | 445.64M | -883.05M | -608.16M | |
| Unlevered Free Cash Flow | 695.50M | 592.52M | 733.92M | -664.65M | -405.35M | |
| Cash Interest Paid | 460.63M | 473.23M | 490.91M | 350.74M | 310.32M | |
| Cash Income Tax Paid | 13.75M | 10.14M | 1.00M | 2.99M | 4.52M | |
| Change in Working Capital | 6.34M | 65.12M | 242.54M | -132.85M | -36.35M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.50B | 2.96B | 2.43B | 3.88B | 5.12B | 4.86B |
| Enterprise Value | 7.89B | 9.46B | 9.19B | 10.99B | 12.22B | 10.58B |
| Last Close Price | 3.94 | 7.57 | 5.79 | 8.87 | 11.50 | 10.18 |
| PE Ratio | 6.59 | 15.98 | 55.81 | |||
| Forward PE | 9.02 | 9.90 | 18.12 | 14.45 | 18.15 | 18.15 |
| PS Ratio | 0.29 | 0.57 | 0.52 | 1.03 | 3.79 | 2.41 |
| PB Ratio | -3.27 | -2.58 | -4.62 | -16.28 | 5.92 | |
| P/FCF Ratio | 3.03 | 5.97 | 6.66 | 10.60 | ||
| P/OCF Ratio | 3.62 | 3.88 | 6.23 | |||
| PEG Ratio | 0.44 | 0.10 | 0.88 | 0.88 | 0.88 | 0.88 |
| EV/Sales Ratio | 1.51 | 1.83 | 1.98 | 2.91 | 9.05 | 5.26 |
| EV/EBITDA Ratio | 6.34 | 7.84 | 8.92 | 13.46 | 1,752.19 | |
| EV/EBIT Ratio | 11.28 | 14.28 | 18.83 | 40.31 | ||
| EV/FCF Ratio | 15.95 | 19.11 | 25.19 | 30.05 | ||
| Debt / Equity Ratio | -5.52 | -7.78 | -7.93 | -9.25 | -27.72 | 8.58 |
| Debt / EBITDA Ratio | 5.63 | 5.58 | 6.91 | 9.03 | 119.77 | |
| Debt / FCF Ratio | 14.21 | 20.45 | 21.25 | |||
| Net Debt / Equity Ratio | -4.83 | -6.65 | -6.71 | -7.69 | -21.95 | 6.57 |
| Net Debt / EBITDA Ratio | 5.14 | 4.98 | 6.13 | 7.92 | -31.72 | 891.36 |
| Net Debt / FCF Ratio | 12.14 | 17.30 | 17.66 | -5.62 | -5.72 | |
| Asset Turnover | 0.69 | 0.66 | 0.57 | 0.43 | 0.15 | 0.23 |
| Inventory Turnover | 93.41 | 92.39 | 96.05 | 85.36 | 39.28 | 45.42 |
| Quick Ratio | 0.91 | 0.97 | 1.09 | 1.27 | 1.56 | 1.67 |
| Current Ratio | 1.01 | 1.07 | 1.20 | 1.40 | 1.73 | 1.83 |
| Return on Equity (ROE) | -434.07% | -71.97% | ||||
| Return on Assets (ROA) | 5.76% | 5.31% | 3.74% | 1.93% | -5.08% | -4.01% |
| Return on Invested Capital (ROIC) | 11.40% | 9.84% | 6.96% | 3.55% | -10.34% | -9.27% |
| Return on Capital Employed (ROCE) | 11.20% | 10.30% | 7.20% | 3.80% | -9.10% | -7.30% |
| Earnings Yield | 15.17% | 6.26% | 1.79% | -8.43% | -18.18% | -16.71% |
| FCF Yield | 33.04% | 16.74% | 15.01% | 9.43% | -24.01% | -19.36% |
| Payout Ratio | 0.04% | 0.79% | ||||
| Buyback Yield / Dilution | 5.62% | 7.51% | 1.15% | 5.50% | 2.99% | -0.14% |
| Total Shareholder Return | 5.62% | 7.51% | 1.15% | 5.50% | 2.99% | -0.14% |