NYSE : MGM
MGM Resorts International — Financial statements
Consumer Discretionary · Resorts & Casinos · United States
Last price 29.96 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 7.58B
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Financial statements
MGM Resorts International (MGM) reported revenue of 17.72B 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 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 17.72B | 17.54B | 17.24B | 16.16B | 13.13B | 9.45B |
| Revenue | 17.72B | 17.54B | 17.24B | 16.16B | 13.13B | 9.45B |
| Cost of Revenue | 9.99B | 9.75B | 9.39B | 8.55B | 6.65B | 4.80B |
| Gross Profit | 7.73B | 7.79B | 7.85B | 7.61B | 6.47B | 4.65B |
| Selling, General & Admin | 5.60B | 5.43B | 5.35B | 5.21B | 4.71B | 2.93B |
| Operating Expenses | 6.70B | 6.45B | 6.18B | 6.03B | 8.19B | 4.09B |
| Operating Income | 1.03B | 1.34B | 1.66B | 1.58B | -1.72B | 563.81M |
| Interest Expense | -409.33M | -419.04M | -443.23M | -460.29M | -594.95M | -799.59M |
| Interest & Investment Income | 54.00M | 49.00M | 81.00M | |||
| Earnings From Equity Investments | 95.83M | 71.12M | -91.39M | -63.14M | -183.67M | 1.58M |
| Currency Exchange Gain (Loss) | 64.00M | -288.00M | 129.00M | -106.00M | ||
| Other Non Operating Income (Expenses) | 161.25M | -167.13M | -173.74M | 146.32M | 43.05M | 105.68M |
| EBT Excluding Unusual Items | 993.30M | 582.71M | 1.16B | 1.10B | -2.45B | -128.53M |
| Impairment of Goodwill | -133.81M | -278.93M | ||||
| Gain (Loss) on Sale of Investments | -122.00M | -23.00M | -47.00M | -26.00M | 10.00M | 28.00M |
| Gain (Loss) on Sale of Assets | 398.79M | 3.34B | ||||
| Other Unusual Items | 1.56B | |||||
| Pretax Income | 737.49M | 280.78M | 1.12B | 1.47B | 903.80M | 1.46B |
| Income Tax Expense | -182.07M | -240.09M | 52.46M | 157.84M | 697.07M | 253.41M |
| Earnings From Continuing Operations | 919.56M | 520.87M | 1.06B | 1.31B | 206.73M | 1.21B |
| Minority Interest in Earnings | -225.49M | -315.01M | -318.05M | -172.74M | 1.27B | 45.98M |
| Net Income | 694.07M | 205.86M | 746.56M | 1.14B | 1.47B | 1.25B |
| Preferred Dividends & Other Adjustments | 2.92M | -5.23M | 2.91M | -2.13M | 31.89M | 78.30M |
| Net Income to Common | 691.15M | 211.09M | 743.65M | 1.14B | 1.44B | 1.18B |
| Shares Outstanding (Basic) | 257.42M | 275.05M | 307.41M | 354.93M | 409.20M | 481.93M |
| Shares Outstanding (Diluted) | 262.15M | 277.27M | 310.23M | 358.63M | 412.99M | 487.36M |
| EPS (Basic) | 2.68 | 0.77 | 2.42 | 3.22 | 3.52 | 2.44 |
| EPS (Diluted) | 2.64 | 0.76 | 2.40 | 3.19 | 3.49 | 2.41 |
| Free Cash Flow | 1.40B | 1.46B | 1.21B | 1.76B | 991.39M | 882.73M |
| Free Cash Flow Per Share | 5.34 | 5.27 | 3.91 | 4.91 | 2.40 | 1.81 |
| Dividend Per Share | 0.01 | 0.01 | ||||
| Gross Margin | 43.62% | 44.42% | 45.52% | 47.08% | 49.32% | 49.18% |
| Operating Margin | 5.80% | 7.62% | 9.64% | 9.79% | -13.06% | 5.96% |
| Profit Margin | 3.90% | 1.20% | 4.31% | 7.08% | 10.98% | 12.44% |
| Free Cash Flow Margin | 7.90% | 8.33% | 7.03% | 10.88% | 7.55% | 9.34% |
| EBITDA | 2.13B | 2.35B | 2.49B | 2.40B | 1.77B | 1.71B |
| EBITDA Margin | 12.01% | 13.43% | 14.46% | 14.83% | 13.46% | 18.13% |
| D&A For EBITDA | 1.10B | 1.02B | 831.10M | 814.13M | 3.48B | 1.15B |
| EBIT | 1.03B | 1.34B | 1.66B | 1.58B | -1.72B | 563.81M |
| EBIT Margin | 5.80% | 7.62% | 9.64% | 9.79% | -13.06% | 5.96% |
| Effective Tax Rate | 4.70% | 10.72% | 77.13% | 17.34% | ||
| Revenue as Reported | 17.72B | 17.54B | 17.24B | 16.16B | 13.13B | 9.68B |
| Advertising Expenses | 398.00M | 384.00M | 299.00M | 235.00M | 121.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.40B | 2.06B | 2.42B | 2.93B | 5.91B | 4.70B |
| Trading Asset Securities | 213.39M | 210.16M | 200.15M | |||
| Cash & Short-Term Investments | 2.61B | 2.27B | 2.62B | 2.93B | 5.91B | 4.70B |
| Accounts Receivable | 1.07B | 1.12B | 1.07B | 929.13M | 852.15M | 583.91M |
| Other Receivables | 36.11M | 220.15M | 257.51M | 141.44M | 73.02M | 273.86M |
| Receivables | 1.11B | 1.34B | 1.33B | 1.07B | 925.16M | 857.78M |
| Inventory | 123.51M | 124.53M | 140.56M | 141.68M | 126.06M | 96.37M |
| Prepaid Expenses | 347.59M | 276.26M | 278.43M | 769.50M | 583.13M | 258.97M |
| Restricted Cash | 500.00M | |||||
| Other Current Assets | 315.38M | 1.00M | 608.44M | |||
| Total Current Assets | 4.19B | 4.33B | 4.36B | 4.91B | 8.15B | 6.42B |
| Property, Plant & Equipment | 27.72B | 29.31B | 29.73B | 29.48B | 29.75B | 25.93B |
| Long-Term Investments | 962.38M | 891.07M | 768.63M | 675.80M | 492.76M | 923.82M |
| Goodwill | 4.77B | 4.90B | 5.15B | 5.17B | 5.03B | 3.48B |
| Other Intangible Assets | 1.23B | 1.36B | 1.72B | 1.72B | 1.55B | 3.62B |
| Long-Term Deferred Tax Assets | 128.32M | 89.79M | 39.59M | |||
| Other Long-Term Assets | 481.11M | 493.55M | 470.98M | 414.87M | 542.33M | 378.44M |
| Total Assets | 39.47B | 41.37B | 42.23B | 42.37B | 45.69B | 40.90B |
| Accounts Payable | 350.49M | 421.50M | 412.66M | 461.72M | 369.82M | 286.20M |
| Accrued Expenses | 1.37B | 1.60B | 1.51B | 1.40B | 1.01B | 993.72M |
| Current Portion of Long-Term Debt | 1.29B | 1.00B | ||||
| Current Portion of Leases | 189.84M | 182.92M | 172.21M | 84.15M | 126.40M | 119.37M |
| Current Unearned Revenue | 1.24B | 1.28B | 1.26B | 1.18B | 1.19B | 960.68M |
| Other Current Liabilities | 231.00M | 25.58M | 539.83M | 82.29M | ||
| Total Current Liabilities | 3.38B | 3.51B | 3.35B | 3.13B | 4.52B | 3.44B |
| Long-Term Debt | 5.67B | 6.23B | 6.36B | 6.34B | 7.43B | 11.77B |
| Long-Term Leases | 23.87B | 25.14B | 25.32B | 25.21B | 25.24B | 11.88B |
| Long-Term Deferred Tax Liabilities | 2.59B | 2.62B | 2.81B | 2.86B | 2.97B | 2.44B |
| Other Long-Term Liabilities | 578.85M | 597.36M | 666.83M | 457.32M | 168.10M | 244.35M |
| Total Liabilities | 36.10B | 38.10B | 38.51B | 38.00B | 40.32B | 29.77B |
| Common Stock | 2.52M | 2.58M | 2.94M | 3.27M | 3.79M | 4.54M |
| Additional Paid-In Capital | 11.54M | 1.75B | ||||
| Retained Earnings | 2.29B | 2.11B | 3.08B | 3.66B | 4.79B | 4.34B |
| Comprehensive Income & Other | 198.74M | 320.50M | -61.22M | 143.90M | 33.50M | -24.62M |
| Total Common Equity | 2.50B | 2.43B | 3.02B | 3.81B | 4.83B | 6.07B |
| Minority Interest | 872.85M | 846.40M | 696.48M | 556.33M | 536.94M | 5.05B |
| Shareholders' Equity | 3.38B | 3.28B | 3.72B | 4.37B | 5.37B | 11.12B |
| Total Liabilities & Equity | 39.47B | 41.37B | 42.23B | 42.37B | 45.69B | 40.90B |
| Total Debt | 29.73B | 31.55B | 31.85B | 31.64B | 34.08B | 24.77B |
| Net Cash (Debt) | -27.12B | -29.28B | -29.24B | -28.71B | -28.17B | -20.07B |
| Net Cash Per Share | -103.46 | -105.60 | -94.25 | -80.06 | -68.21 | -41.17 |
| Filing Date Shares Outstanding | 253.01M | 255.83M | 285.55M | 319.68M | 373.91M | 439.17M |
| Total Common Shares Outstanding | 251.60M | 258.32M | 294.37M | 326.55M | 379.09M | 453.80M |
| Working Capital | 803.94M | 820.32M | 1.01B | 1.78B | 3.64B | 2.97B |
| Book Value Per Share | 9.95 | 9.41 | 10.27 | 11.67 | 12.75 | 13.38 |
| Tangible Book Value | -3.49B | -3.83B | -3.84B | -3.08B | -1.75B | -1.03B |
| Tangible Book Value Per Share | -13.87 | -14.82 | -13.03 | -9.43 | -4.61 | -2.26 |
| Land | 484.07M | 484.34M | 489.71M | 438.95M | 4.08B | |
| Buildings | 5.66B | 5.15B | 4.91B | 4.51B | 12.24B | |
| Machinery | 5.66B | 5.30B | 4.63B | 4.39B | 5.72B | |
| Construction In Progress | 379.56M | 600.95M | 506.24M | 647.26M | 421.44M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 694.07M | 205.86M | 746.56M | 1.14B | 1.47B | 1.25B |
| Depreciation & Amortization | 1.10B | 1.02B | 831.10M | 814.13M | 3.48B | 1.15B |
| Other Amortization | 25.32M | 26.68M | 27.23M | 27.84M | 32.77M | 40.33M |
| Loss (Gain) From Sale of Assets | -398.79M | -3.34B | ||||
| Asset Writedown & Restructuring Costs | 133.81M | 278.93M | ||||
| Loss (Gain) From Sale of Investments | 121.50M | 22.42M | 32.24M | 1.11M | -12.43M | -28.42M |
| Loss (Gain) on Equity Investments | -76.61M | -53.96M | 113.32M | 83.26M | 221.10M | 97.79M |
| Stock-Based Compensation | 96.92M | 90.47M | 80.22M | 73.61M | 71.30M | 65.18M |
| Provision & Write-off of Bad Debts | 95.39M | 61.13M | 61.09M | 48.98M | 22.74M | 21.85M |
| Other Operating Activities | 123.00M | 984.77M | 832.31M | 745.50M | -317.83M | -1.37B |
| Change in Accounts Receivable | -238.38M | -90.11M | -157.66M | -132.29M | -211.69M | -236.18M |
| Change in Inventory | 3.06M | 15.68M | 1.27M | -15.52M | -26.63M | 3.11M |
| Change in Accounts Payable | 86.35M | -82.37M | -107.39M | 410.13M | 183.84M | 442.63M |
| Change in Income Taxes | 132.71M | 47.65M | -132.84M | -58.49M | 197.10M | -30.44M |
| Change in Other Net Operating Assets | 15.83M | 4.45M | 35.06M | -50.88M | -14.42M | -36.61M |
| Operating Cash Flow | 2.31B | 2.53B | 2.36B | 2.69B | 1.76B | 1.37B |
| Capital Expenditures | -914.16M | -1.07B | -1.15B | -931.81M | -765.07M | -490.70M |
| Sale of Property, Plant & Equipment | 13.13M | 7.11M | 13.18M | 5.43M | 112.02M | 106.60M |
| Cash Acquisitions | -113.88M | -122.06M | -1.89B | -1.79B | ||
| Divestitures | 513.46M | 460.39M | 1.05B | |||
| Sale (Purchase) of Real Estate | 4.37B | 3.89B | ||||
| Investment in Securities | -133.56M | -78.97M | -31.87M | -278.64M | -767.79M | -171.09M |
| Other Investing Activities | 152.52M | |||||
| Investing Cash Flow | -521.13M | -1.14B | -1.28B | -714.17M | 2.12B | 1.54B |
| Short-Term Debt Issued | 6.61M | 104.42M | 1.15B | |||
| Long-Term Debt Issued | 353.78M | 2.10B | 749.77M | |||
| Total Debt Issued | 820.84M | 360.38M | 2.20B | 1.15B | 749.77M | |
| Short-Term Debt Repaid | -1.10B | -2.10B | ||||
| Long-Term Debt Repaid | -500.00M | -2.17B | -1.29B | -1.07B | ||
| Total Debt Repaid | -1.30B | -500.00M | -2.17B | -2.38B | -1.07B | -2.10B |
| Net Debt Issued (Repaid) | -482.71M | -139.62M | 29.42M | -2.38B | 77.94M | -1.35B |
| Repurchase of Common Stock | -773.60M | -1.23B | -1.36B | -2.29B | -2.78B | -1.75B |
| Common Dividends Paid | -4.05M | -4.79M | ||||
| Other Financing Activities | -271.58M | -363.21M | -235.81M | -329.81M | -322.97M | 290.64M |
| Financing Cash Flow | -1.53B | -1.73B | -1.56B | -5.00B | -3.02B | -2.81B |
| Foreign Exchange Rate Adjustments | -20.54M | 4.41M | -26.88M | -19.40M | 8.93M | -1.55M |
| Miscellaneous Cash Flow Adjustments | 17.20M | -14.61M | 25.94M | -25.94M | ||
| Net Cash Flow | 261.70M | -352.70M | -511.83M | -3.02B | 833.33M | 101.42M |
| Free Cash Flow | 1.40B | 1.46B | 1.21B | 1.76B | 991.39M | 882.73M |
| Free Cash Flow Margin | 7.90% | 8.33% | 7.03% | 10.88% | 7.55% | 9.34% |
| Free Cash Flow Per Share | 5.34 | 5.27 | 3.91 | 4.91 | 2.40 | 1.81 |
| Levered Free Cash Flow | 889.27M | 477.95M | 922.36M | 884.45M | 1.63B | 364.46M |
| Unlevered Free Cash Flow | 1.12B | 713.18M | 1.17B | 1.14B | 1.97B | 823.88M |
| Cash Interest Paid | 382.80M | 389.13M | 406.26M | 452.16M | 573.63M | 705.68M |
| Cash Income Tax Paid | -34.62M | 267.00M | 344.40M | 22.95M | 43.02M | |
| Change in Working Capital | -432.00K | -104.71M | -361.56M | 152.95M | 128.20M | 142.50M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.80B | 9.98B | 10.32B | 15.26B | 12.88B | 21.05B |
| Enterprise Value | 34.92B | 39.93B | 40.41B | 44.26B | 42.63B | 45.10B |
| Last Close Price | 29.96 | 36.49 | 34.65 | 44.68 | 33.53 | 44.87 |
| PE Ratio | 11.70 | 47.28 | 13.87 | 13.34 | 8.93 | 17.90 |
| Forward PE | 26.83 | 16.48 | 15.23 | 18.15 | 103.23 | 78.15 |
| PS Ratio | 0.43 | 0.57 | 0.60 | 0.94 | 0.98 | 2.23 |
| PB Ratio | 3.01 | 3.05 | 2.77 | 3.49 | 2.40 | 1.89 |
| P/FCF Ratio | 5.41 | 6.83 | 8.51 | 8.68 | 12.99 | 23.84 |
| P/OCF Ratio | 3.28 | 3.95 | 4.37 | 5.67 | 7.33 | 15.32 |
| PEG Ratio | 0.50 | 1.86 | 4.54 | 4.54 | 4.54 | 7.10 |
| EV/Sales Ratio | 1.96 | 2.28 | 2.34 | 2.74 | 3.25 | 4.77 |
| EV/EBITDA Ratio | 16.30 | 16.96 | 16.21 | 18.46 | 24.13 | 26.31 |
| EV/EBIT Ratio | 33.77 | 29.87 | 24.31 | 27.96 | 79.99 | |
| EV/FCF Ratio | 24.79 | 27.34 | 33.34 | 25.16 | 43.00 | 51.09 |
| Debt / Equity Ratio | 8.80 | 9.63 | 8.56 | 7.25 | 6.35 | 2.23 |
| Debt / EBITDA Ratio | 6.83 | 6.84 | 6.64 | 6.73 | 9.08 | 9.58 |
| Debt / FCF Ratio | 21.24 | 21.61 | 26.28 | 17.99 | 34.38 | 28.06 |
| Net Debt / Equity Ratio | 8.03 | 8.94 | 7.86 | 6.57 | 5.25 | 1.80 |
| Net Debt / EBITDA Ratio | 12.74 | 12.44 | 11.73 | 11.98 | 15.94 | 11.70 |
| Net Debt / FCF Ratio | 19.37 | 20.05 | 24.13 | 16.32 | 28.42 | 22.73 |
| Asset Turnover | 0.44 | 0.42 | 0.41 | 0.37 | 0.30 | 0.24 |
| Inventory Turnover | 79.74 | 73.54 | 66.56 | 63.89 | 59.82 | 52.03 |
| Quick Ratio | 1.10 | 1.03 | 1.18 | 1.28 | 1.51 | 1.61 |
| Current Ratio | 1.24 | 1.23 | 1.30 | 1.57 | 1.81 | 1.86 |
| Return on Equity (ROE) | 26.93% | 14.89% | 26.33% | 27.01% | 2.51% | 10.80% |
| Return on Assets (ROA) | 1.59% | 2.00% | 2.46% | 2.25% | -2.48% | 0.91% |
| Return on Invested Capital (ROIC) | 3.35% | 4.08% | 4.80% | 4.24% | -1.21% | 1.59% |
| Return on Capital Employed (ROCE) | 2.80% | 3.50% | 4.30% | 4.00% | -4.20% | 1.50% |
| Earnings Yield | 8.55% | 2.06% | 7.24% | 7.48% | 11.44% | 5.96% |
| FCF Yield | 18.47% | 14.63% | 11.75% | 11.53% | 7.70% | 4.19% |
| Dividend Yield | 0.03% | 0.02% | ||||
| Payout Ratio | 0.27% | 0.38% | ||||
| Buyback Yield / Dilution | 7.38% | 10.62% | 13.49% | 13.16% | 15.26% | 1.38% |
| Total Shareholder Return | 7.38% | 10.62% | 13.49% | 13.16% | 15.29% | 1.40% |