Company file · MGM
MGM Resorts
Casino was MGM Resorts' fastest-growing product or service in FY2025, up 7.6%
Revenue rose 1.7% to $17.5B in FY2025, from $17.2B in FY2024. Net income fell 72.4% to $206M. Casino was the largest product or service, at 54% of revenue.
Key facts
MGM Resorts (NYSE: MGM) reported revenue of $17.5B for fiscal 2025, the year ended Dec 31, 2025, up 1.7% from fiscal 2024. Net income was $206M, down 72.4%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $4.2B, down 0.9% from the same quarter a year earlier, and net income was −$17M. The largest piece by product or service was Casino, at 54% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 11, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026).
Source: 10-K FY2025, filed Feb 11, 2026
Source: 10-Q filed Apr 29, 2026 · 10-Q filed Jul 29, 2026 · 10-Q filed Oct 28, 2026
How it makes money
By product or service, FY2025
- LineAmountSharevs FY2024
- Casino$9.5B54%+7.6%
- Occupancy$3.4B19%−8.3%
- Food and Beverage$3.0B17%−1.1%
- Entertainment Retail and Other$1.7B9%−1.8%
Source: 10-K FY2025, XBRL breakdown
By product or service in FY2025: Casino (54%), Occupancy (19%), Food and Beverage (17%) and Entertainment Retail and Other (9%), as shares of total revenue. Total revenue was $17.5B.
Source: 10-K FY2025
By region, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
A hatched bar is a loss, drawn by its size. The % change isn't shown when either quarter is a loss.
Source: MGM Resorts 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026
By product or service
Source: MGM Resorts 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026
The bull case and the bear case
The bull case
- Revenue rose 1.7% in FY2025 to $17.5B, from $17.2B a year earlier. 10-K, FY2025
- Operating cash flow rose 7.1% in FY2025 to $2.5B. 10-K, FY2025
- Diluted shares fell 10.6% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
- Casino revenue grew 7.6% in FY2025 to $9.5B. 10-K, FY2025
The bear case
- Net income fell 72.4% in FY2025 to $206M, from $747M. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $4.2B, down 0.9% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Occupancy revenue fell 8.3% in FY2025 to $3.4B. 10-K, FY2025
- United States revenue fell 2.0% in FY2025 to $12.4B. 10-K, FY2025
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
MGM Resorts is in the casinos & gaming industry, part of the consumer discretionary sector. The SEC files it under Hotels & Motels.
The full description of MGM Resorts' business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service and region.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the casinos & gaming industry. They are not a summary of MGM Resorts’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Consumer spendingShoppers cut back on non-essentials when budgets are tight.
- CompetitionRivals, online sellers and changing tastes pressure prices and traffic.
- CostsWages, freight and product costs can squeeze margins.
- Supply chain and tariffsImported goods make it sensitive to trade policy and shipping disruptions.
- Brand and reputationProduct problems or public criticism can hurt demand.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $16.2B | $17.2B | $17.5B |
| Net income | $1.1B | $747M | $206M |
| Operating cash flow | $2.7B | $2.4B | $2.5B |
| Cash & equivalents (year end) | $2.9B | $2.4B | $2.1B |
| Total debt (year end) | $6.3B | $6.4B | $6.2B |
| Diluted shares | 359M | 310M | 277M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Net debt and net cash
- Debt-to-equity ratio
- The cash flow statement
- Risk factors (Item 1A)
- Return on equity (ROE)
- Critical accounting estimates
- Credit ratings
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 28, 2026 | Sep 30, 2026 |
| 10-Q | Jul 29, 2026 | Jun 30, 2026 |
| 10-Q | Apr 29, 2026 | Mar 31, 2026 |
| DEF 14A | Mar 27, 2026 | May 6, 2026 |
| 10-K | Feb 11, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about MGM Resorts
How does MGM Resorts make money?
MGM Resorts's revenue was $17.5B in fiscal 2025. By product or service in FY2025: Casino (54%), Occupancy (19%), Food and Beverage (17%) and Entertainment Retail and Other (9%), as shares of total revenue. Total revenue was $17.5B. Source: 10-K for fiscal 2025, filed Feb 11, 2026.
What was MGM Resorts's revenue in fiscal 2025?
$17.5B of revenue for the fiscal year ended Dec 31, 2025, up 1.7% from $17.2B in fiscal 2024. Fiscal 2023 was $16.2B. Source: 10-K for fiscal 2025, filed Feb 11, 2026.
Is MGM Resorts profitable?
MGM Resorts reported net income of $206M for fiscal 2025, down 72.4% from $747M in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was −$17M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 11, 2026.
What did MGM Resorts report in its latest quarterly filing?
Revenue was $4.2B in the quarter ended Sep 30, 2026, down 0.9% from $4.3B a year earlier. Net income was −$17M, compared with −$285M from −$285M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026.
How much cash and debt does MGM Resorts have?
MGM Resorts had $2.4B in cash and cash equivalents and $5.7B of total debt on Sep 30, 2026. Total debt here is long-term debt, at carrying value. Source: 10-Q filed Oct 28, 2026.
What are the main risks MGM Resorts faces?
MGM Resorts's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 11, 2026. Risks that are common among companies in the casinos & gaming industry include Consumer spending; competition; costs; supply chain and tariffs; brand and reputation. The first: Shoppers cut back on non-essentials when budgets are tight. Source: 10-K, Item 1A Risk Factors.
Where do these MGM Resorts numbers come from?
From MGM Resorts's own SEC filings: the 10-K for fiscal 2025 (filed Feb 11, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning MGM Resorts
- Corvex Management: 5,347,978 shares, reported value $255.7M at Jun 30, 2026 (same number of shares as in the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Point72 Asset Management: 2,922,084 shares, reported value $139.7M at Jun 30, 2026 (−31.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Two Sigma Investments: 1,998,075 shares, reported value $95.5M at Jun 30, 2026 (+120.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 457,615 shares, reported value $21.9M at Jun 30, 2026 (+72.4% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Bridgewater Associates: 60,791 shares, reported value $2.9M at Jun 30, 2026 (+59.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Markel Group: 87,500 shares, reported value $2.7M at Sep 30, 2026 (same number of shares as in the filing for Jun 30, 2026). Form 13F filed Oct 30, 2026.
- Soros Fund Management: 38,752 shares, reported value $1.9M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Millennium Management: 13,253 shares, reported value $0.6M at Jun 30, 2026 (−92.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in MGM
- The editor holds no position in MGM Resorts (MGM). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell MGM from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 10, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold MGM, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| MGM ResortsMGM | FY2025 | $17.5B | +1.7% | $206M |
| Las Vegas SandsLVS | FY2025 | $13.0B | +15.2% | $1.6B |
| Wynn ResortsWYNN | FY2025 | $7.1B | +0.1% | $327M |
| AmazonAMZN | FY2025 | $716.9B | +12.4% | $77.7B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
More company files
- MAR Marriott International
- ABNB Airbnb
- RCL Royal Caribbean Group
- HLT Hilton Worldwide
- DASH DoorDash
- GRMN Garmin
- NKE Nike
- DHI D. R. Horton
- CCL Carnival
- EXPE Expedia Group
- WSM Williams-Sonoma
- ULTA Ulta Beauty
- RL Ralph Lauren
- PHM PulteGroup
- TPR Tapestry
- BBY Best Buy
- LEN Lennar
- APTV Aptiv
- NCLH Norwegian Cruise Line Holdings
- TSCO Tractor Supply
- GPC Genuine Parts
- HAS Hasbro
- NVR
- DECK Deckers Brands
- LULU Lululemon Athletica
- AAPL Apple
- MSFT Microsoft
- NVDA Nvidia
- GOOGL Alphabet
- META
New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.