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MGM Resorts (MGM) stock

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NYSE: MGM NYSE Casinos & Gaming Next results ~February 4, 2027

C+ Fundamentals grade

MGM Resorts is a US-listed company in the casinos & gaming industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($97.80) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($97.80) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating. We'll show the comparison once resolved.

MGM Resorts valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 2 selling0 purchases and 2 sales by directors and officers, last 12 monthsInsider trades
  • Funds295 adding, 306 cuttingOf 75 active managers that changed their stake, 43 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter MGM Resorts files

10-Q filed October 28: MGM Resorts

Revenue for the twelve months to September 2026 was $17.7bn, up 2.6% on a year earlier, slower than the 3.2% growth a quarter earlier. Free-cash-flow margin held at 7.9%. The diluted share count is down 8.4% on a year earlier, which lifts each remaining share.

Our model value for MGM Resorts is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 29: MGM Resorts

MGM Resorts generated $17.7bn in revenue over the twelve months to June 2026, up 2.6% on a year earlier. That marks a deceleration from the 3.2% growth recorded a quarter earlier, and ranks the company 9th of 11 among the casinos and gaming names we cover on this measure. Margins told a steadier story: free-cash-flow margin held at 7.9%, unchanged from before. Meanwhile, the diluted share count fell 8.4% year-on-year, concentrating earnings among fewer remaining shares and offering some support to per-share metrics even as top-line momentum cools. Taken together, these shifts nudge our fundamentals grade for MGM from C to C+, reflecting modest improvement despite the slower growth trend.

10-Q on SEC EDGAR

Where MGM Resorts stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $17.8bn, up 3.2% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin held at 8.4%. Operating margin narrowed to 5.7% from 8.1%. The diluted share count is down 9.1% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 7 financial-health checks.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 4, 2027 (estimated)

MGM Resorts's trailing-twelve-month revenue grew 2.6% year on year, with a free-cash-flow margin of 7.9%. Where it stands out: long-term debt as % of assets of 14.4% ranks 2 of 17 casinos & gaming companies we cover.

Our discounted-cash-flow model values the business at ~$98 per share in the base case (~$69–$140 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 2.2% while net income grew 896.1%: a 894pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 8.4% in a year, so each share owns more of the business.

Things to watch

  • Below peers: days sales outstanding. Days sales outstanding of 22 days ranks 14 of 18 casinos & gaming companies we cover (median 13 days).
  • Below peers: revenue growth. Revenue growth of 2.6% ranks 16 of 21 casinos & gaming companies we cover (median 6.1%).
  • Heavily shorted. 19.1% of the shares available to trade are sold short (4.1 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 24.8% over 90 days.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
-$0.11 against an average estimate of $0.08: missed by 231.7%
Revenue
$4.21bn, down 0.9% on a year earlier
Share reaction
+3.0% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Next report
October 28, 2026; average EPS estimate $0.39

MGM Resorts' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.0%
  • 1 week+7.1%
  • 1 month+0.3%
  • This year-16.3%
  • 1 year-4.6%
  • 5 years-37.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$17.7B
Operating margin
7.0%
Net margin
3.9%
EPS (TTM, diluted)
$2.67

Growth

Revenue growth
+2.6%
Change in growth rate
−0.6 pts
Share count change
−8.4%

Cash

Free cash flow (TTM)
$1.4B
FCF margin
7.9%
Stock pay % of revenue
0.5%

Earnings

Last results
October 28, 2026
Next results (est.)
February 4, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Announcement
  4. Agreement
  5. Announcement
  6. Announcement
  7. Announcement
  8. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

MGM Resorts valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($97.80) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of MGM Resorts's free cash flow after stock-based pay ( $1.6B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value MGM Resorts as an operating company, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.01 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$98 ~$69–$140 Left out: far from the other models (more than 3x away from their median)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$25 ~$20–$29 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$26 ~$19–$35 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$26 ~$23–$31 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare MGM Resorts with Casinos & Gaming in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$21.46$27.23$31.99$23.62$32.99$31.49$44.86$33.53$44.68$34.65$36.49$30.56
Market value$11.6bn$15.6bn$18.5bn$13.0bn$17.4bn$15.6bn$21.9bn$13.8bn$16.0bn$10.7bn$10.1bn$7.9bn
+ Net debt (− = net cash)$11.2bn$11.7bn$11.5bn$13.7bn$8.9bn$7.4bn$8.2bn$2.8bn$3.4bn$4.0bn$4.2bn$3.3bn
Enterprise value$22.8bn$27.3bn$30.0bn$26.7bn$26.4bn$22.9bn$30.0bn$16.7bn$19.5bn$14.7bn$14.3bn$11.3bn
Multiples
Price / sales 1.3x1.6x1.7x1.1x1.3x3.0x2.3x1.1x1.0x0.6x0.6x0.4x
Price / earnings —14.2x9.5x27.8x8.5x—17.4x9.4x14.0x14.4x49.1x11.5x
Price / free cash flow ——54.1x55.1x16.2x—24.8x14.0x9.1x8.9x6.9x5.7x
EV / EBITDA 34.4x9.3x11.1x10.1x5.0x40.4x8.8x3.4x7.2x6.3x7.1x4.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

52 /100

Moderate moat

How hard MGM Resorts's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 2.1% of total assets over 10 years.

  • Durability 10 / 20

    Operating margin has been a median 11.2%; its worst year was 5.6%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 8 of 10 years, at a median 7.5% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 47.1% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.43 −57% $17.5bn 0%
Next $1.57 +9% $17.7bn +1%

Next year's EPS estimate has moved −24.8% in 90 days, across 13 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −23.6% on 90 days ago. In the last 30 days, 0 analysts raised MGM Resorts's forecast and 1 cut it.

Consensus EPS forecast MGM Resorts, last 90 days
$1.40 $1.60 $1.80 $2.00 $2.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.88 Current fiscal year, 60 days ago: $1.82 Current fiscal year, 30 days ago: $1.80 Current fiscal year, 7 days ago: $1.67 Current fiscal year, Now: $1.43 $1.43 Next fiscal year, 90 days ago: $2.08 Next fiscal year, 60 days ago: $2.04 Next fiscal year, 30 days ago: $1.98 Next fiscal year, 7 days ago: $1.77 Next fiscal year, Now: $1.57 $1.57

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.88$2.08
60 days ago $1.82$2.04
30 days ago $1.80$1.98
7 days ago $1.67$1.77
Now $1.43$1.57

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.08 −$0.11 −231.7%
Jun 2026 $0.58 $0.59 +2.2%
Mar 2026 $0.53 $0.49 −7.8%
Dec 2025 $0.55 $1.60 +189.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026

No numeric guidance in MGM Resorts's latest earnings release (filed October 28, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows MGM Resorts's revenue by +1.0% next year and +2.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-0.4%, weight 68%) and the company's own record (+3.7%, weight 32%) . How the weights are set.

Analyst recommendations

23 analysts, Oct 2026
Buy1148%
Hold1043%
Sell29%

Monthly trend

  1. Oct 20262910223
  2. Sep 20262811223
  3. Aug 2026811222
  4. Jul 2026811222

Counts of recommendations published by analysts covering MGM Resorts, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
19.1%
of tradable shares
Days to cover
4.11
at average volume
Short interest, 1 month
+19%
to October 15, 2026
Held by institutions
67%
of shares
Held by insiders
27.8%
of shares
Employees
60,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −4.6%

$32.03 on October 31, 2025 to $30.56

ThenNowEffect
Revenue (last 12 months) $17.2bn $17.8bn +3.2%
Net margin 3.1% 2.4% −23.5%
P/E multiple 17.3x 19.0x +9.8%
Share count 292m 265m +10.0%

Biggest factor: net margin.

Last 3 years −19.9%

$38.16 on November 3, 2023 to $30.56

ThenNowEffect
Revenue (last 12 months) $14.8bn $17.8bn +19.8%
Net margin 2.5% 2.4% −5.1%
P/E multiple 39.0x 19.0x −51.2%
Share count 383m 265m +44.3%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MGM+43%−25%+33%−22%+5%−16%
Industry peers (median)+24%−19%+13%−4%−11%−18%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MGM67%33%67%42%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MGM−24%−44%−33%−30%−36%−46%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 80% from January 29, 2018 to March 18, 2020. Getting back needed a 411% gain, reached on February 10, 2021, 329 days after the low.

Price behaviour

52-week range
$27.27 – $50.69
From 52-week high
−39.7%
vs 50-day average
−11.5%
vs 200-day average
−21.7%
Volatility (1 year)
40%
Beta vs S&P 500
0.75

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±5.8%
After a week
4 up, 7 down
typical move ±6.1%
After a month
5 up, 6 down
typical move ±6.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +3.0% 0.0% — —
July 29, 2026 −1.2% +0.1% −3.7% −7.0%
April 29, 2026 −2.0% +1.0% −3.9% +9.9%
February 5, 2026 +1.5% +0.6% −7.4% −3.5%
February 4, 2026 +6.2% −1.7% +6.4% +4.1%
October 29, 2025 −3.8% −1.1% +0.2% +10.5%
July 30, 2025 −2.6% −0.5% −6.2% +5.8%
April 30, 2025 −3.0% +0.7% −0.2% −0.5%
February 12, 2025 +17.8% +0.7% +11.8% −7.3%
October 30, 2024 −12.2% −2.3% −10.9% −8.7%
July 31, 2024 −12.8% +0.2% −14.8% −12.6%
May 1, 2024 +3.6% +0.6% +1.5% +1.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

MGM Resorts in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) MGM Resorts
$16B $16.5B $17B $17.5B $18B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $16.2B Revenue (TTM), FY24 Q1: $16.7B Revenue (TTM), FY24 Q2: $17.1B Revenue (TTM), FY24 Q3: $17.3B Revenue (TTM), FY24 Q4: $17.2B Revenue (TTM), FY25 Q1: $17.1B Revenue (TTM), FY25 Q2: $17.2B Revenue (TTM), FY25 Q3: $17.3B Revenue (TTM), FY25 Q4: $17.5B Revenue (TTM), FY26 Q1: $17.7B Revenue (TTM), FY26 Q2: $17.8B Revenue (TTM), FY26 Q3: $17.7B $17.7B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $16.2B
FY24 Q1 $16.7B
FY24 Q2 $17.1B
FY24 Q3 $17.3B
FY24 Q4 $17.2B
FY25 Q1 $17.1B
FY25 Q2 $17.2B
FY25 Q3 $17.3B
FY25 Q4 $17.5B
FY26 Q1 $17.7B
FY26 Q2 $17.8B
FY26 Q3 $17.7B
Revenue growth, TTM YoY MGM Resorts
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 23.1% Revenue growth, TTM YoY, FY24 Q1: 17.9% Revenue growth, TTM YoY, FY24 Q2: 15.1% Revenue growth, TTM YoY, FY24 Q3: 12.3% Revenue growth, TTM YoY, FY24 Q4: 6.7% Revenue growth, TTM YoY, FY25 Q1: 2.8% Revenue growth, TTM YoY, FY25 Q2: 0.9% Revenue growth, TTM YoY, FY25 Q3: 0.1% Revenue growth, TTM YoY, FY25 Q4: 1.7% Revenue growth, TTM YoY, FY26 Q1: 3.4% Revenue growth, TTM YoY, FY26 Q2: 3.2% Revenue growth, TTM YoY, FY26 Q3: 2.6% 2.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 23.1%
FY24 Q1 17.9%
FY24 Q2 15.1%
FY24 Q3 12.3%
FY24 Q4 6.7%
FY25 Q1 2.8%
FY25 Q2 0.9%
FY25 Q3 0.1%
FY25 Q4 1.7%
FY26 Q1 3.4%
FY26 Q2 3.2%
FY26 Q3 2.6%
Operating margin (TTM) MGM Resorts
4% 6% 8% 10% 12% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 11.7% Operating margin (TTM), FY24 Q1: 9.7% Operating margin (TTM), FY24 Q2: 9.8% Operating margin (TTM), FY24 Q3: 9.4% Operating margin (TTM), FY24 Q4: 8.6% Operating margin (TTM), FY25 Q1: 8.3% Operating margin (TTM), FY25 Q2: 8.1% Operating margin (TTM), FY25 Q3: 5.6% Operating margin (TTM), FY25 Q4: 5.7% Operating margin (TTM), FY26 Q1: 5.2% Operating margin (TTM), FY26 Q2: 5.7% Operating margin (TTM), FY26 Q3: 7.0% 7.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 11.7%
FY24 Q1 9.7%
FY24 Q2 9.8%
FY24 Q3 9.4%
FY24 Q4 8.6%
FY25 Q1 8.3%
FY25 Q2 8.1%
FY25 Q3 5.6%
FY25 Q4 5.7%
FY26 Q1 5.2%
FY26 Q2 5.7%
FY26 Q3 7.0%
FCF margin (TTM) MGM Resorts
6% 8% 10% 12% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 10.9% FCF margin (TTM), FY24 Q1: 9.4% FCF margin (TTM), FY24 Q2: 8.7% FCF margin (TTM), FY24 Q3: 7.7% FCF margin (TTM), FY24 Q4: 7.0% FCF margin (TTM), FY25 Q1: 6.7% FCF margin (TTM), FY25 Q2: 7.5% FCF margin (TTM), FY25 Q3: 7.9% FCF margin (TTM), FY25 Q4: 8.3% FCF margin (TTM), FY26 Q1: 8.8% FCF margin (TTM), FY26 Q2: 8.4% FCF margin (TTM), FY26 Q3: 7.9% 7.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 10.9%
FY24 Q1 9.4%
FY24 Q2 8.7%
FY24 Q3 7.7%
FY24 Q4 7.0%
FY25 Q1 6.7%
FY25 Q2 7.5%
FY25 Q3 7.9%
FY25 Q4 8.3%
FY26 Q1 8.8%
FY26 Q2 8.4%
FY26 Q3 7.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar MGM Resorts took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $17.5B
  2. Selling, general and admin $4.9B · 27.8%
  3. Other operating costs $11.7B · 66.5%
  4. Operating income $1B · 5.7%
  5. Interest and other $796M · 4.5%
  6. Net income $206M · 1.2%

Shares of revenue. Source: MGM Resorts's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 6.0 6.1 7.8 9.2 9.8 10.1 9.2 9.5 10.8 11.8 12.9 5.2 9.7 13.1 16.2 17.2 17.5 17.7
EBITDA −0.3 −0.5 4.9 1.0 2.0 2.1 0.7 2.9 2.7 2.6 5.2 0.6 3.4 4.9 2.7 2.3 2.0 2.3
Operating income −1.0 −1.2 4.1 0.1 1.1 1.3 −0.2 2.1 1.7 1.5 3.9 −0.6 2.3 1.4 1.9 1.5 1.0 1.2
Net income −1.3 −1.4 3.1 −1.8 −0.2 −0.1 −0.4 1.1 2.0 0.5 2.0 −1.0 1.3 1.5 1.1 0.7 0.2 0.7
Diluted EPS −$3.41 −$3.19 $5.62 −$3.62 −$0.35 −$0.31 −$0.82 $1.92 $3.34 $0.81 $3.88 −$2.02 $2.41 $3.49 $3.19 $2.40 $0.76 $2.67
Growth (year on year)
Revenue −16.6% +0.8% +29.6% +16.7% +7.1% +2.8% −8.8% +3.1% +13.9% +8.9% +9.7% −60.0% +87.5% +35.6% +23.1% +6.7% +1.7% +2.6%
EBITDA −142.3% — — −78.5% +89.4% +7.7% −69.0% +341.2% −7.6% −2.2% +98.1% −89.2% +503.6% +43.5% −45.0% −14.2% −13.0% +22.6%
Operating income — — — −97.0% — +16.4% −111.8% — −17.6% −14.2% +168.1% −116.3% — −36.8% +31.4% −21.2% −32.8% +28.9%
Net income — — — −156.8% — — — — +77.4% −76.1% +339.0% −150.4% — +17.4% −22.5% −34.6% −72.4% —
Diluted EPS — — — −164.4% — — — — +74.0% −75.7% +379.0% −152.1% — +44.8% −8.6% −24.8% −68.3% —
Margins
EBITDA margin −4.6% −8.7% 62.1% 11.5% 20.3% 21.2% 7.2% 30.9% 25.1% 22.5% 40.7% 11.0% 35.4% 37.5% 16.7% 13.5% 11.5% 13.3%
Operating margin −16.0% −19.1% 51.7% 1.3% 11.6% 13.1% −1.7% 21.9% 15.9% 12.5% 30.5% −12.4% 23.5% 11.0% 11.7% 8.6% 5.7% 7.0%
Net margin −21.5% −23.7% 39.7% −19.3% −1.8% −1.5% −4.9% 11.6% 18.1% 4.0% 15.9% −20.0% 13.0% 11.2% 7.1% 4.3% 1.2% 3.9%
Free-cash-flow margin 7.5% 4.9% 4.8% 5.3% 7.6% 2.6% −5.0% −7.7% 3.2% 2.0% 8.3% −34.2% 9.1% 7.6% 10.9% 7.0% 8.3% 7.9%
Cash flow
Cash from operations 0.6 0.5 0.7 0.9 1.3 1.1 1.0 1.5 2.2 1.7 1.8 −1.5 1.4 1.8 2.7 2.4 2.5 2.3
Capital spending 0.1 0.2 0.3 0.4 0.6 0.9 1.5 2.3 1.9 1.5 0.7 0.3 0.5 0.8 0.9 1.2 1.1 0.9
Free cash flow 0.5 0.3 0.4 0.5 0.7 0.3 −0.5 −0.7 0.3 0.2 1.1 −1.8 0.9 1.0 1.8 1.2 1.5 1.4
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 0.4 0.3 0.3 0.4 0.7 0.2 −0.5 −0.8 0.3 0.2 1.0 −1.9 0.8 0.9 1.7 1.1 1.4 1.3
Balance sheet
Cash 2.1 0.5 1.9 1.5 1.8 1.7 1.7 1.4 1.5 1.5 2.3 5.1 4.7 5.9 2.9 2.4 2.1 2.4
Total debt 14.1 12.0 13.6 13.6 13.5 14.2 12.8 13.1 13.0 15.3 11.3 12.5 12.9 8.8 6.4 6.4 6.3 5.7
Net debt (negative = net cash) 12.0 11.5 11.8 12.1 11.7 12.5 11.2 11.7 11.5 13.7 8.9 7.4 8.2 2.8 3.4 4.0 4.2 3.3
Diluted shares 379m 450m 561m 489m 490m 491m 543m 573m 579m 550m 528m 494m 487m 413m 359m 310m 277m 260m
Returned to shareholders
Dividends — — — — — — 0.0 0.0 0.3 0.3 0.3 0.1 0.0 0.0 0.0 0.0 — —
Buybacks — — — — — — 0.0 0.0 0.3 1.3 1.0 0.4 1.8 2.8 2.3 1.4 1.2 0.8
Total returned — — — — — — 0.0 0.0 0.6 1.5 1.3 0.4 1.8 2.8 2.3 1.4 1.2 0.8

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · September 30, 2026
What it owns · $39.5bn
Short-term assets $4.2bnLonger-term assets $35.3bn
What it owes, and who funded it · $38.6bn
Short-term liabilities $3.4bnLonger-term liabilities $32.7bnShareholders' equity $2.5bn
  • Short-term assets cover short-term liabilities $4.2bn of assets due within a year against $3.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4.2bn short-term assets against $32.7bn of longer-dated liabilities.
  • More cash than debt $2.4bn of cash against $5.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 226% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 207% to 226% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.3bn of operating cash flow against $5.7bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.2bn against $409m of interest.

From MGM Resorts's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$774M
Buybacks, last 3 fiscal years
$4.9B
Diluted share count
−8.4%
year over year
Total shareholder yield
10.1%
dividends 0.0% + buybacks 10.1% of market value
Sales & admin spending
28.4%
of revenue
Days sales outstanding
22 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in casinos & gaming
Last 12 months unless stated MGM LVS CZR WYNN PENN DKNG Median
Revenue, last 12 months $17.7bn $13.6bn $11.7bn $7.4bn $7.2bn $6.2bn $2.4bn
Revenue growth, last 12 months 2.6% 10.9% 3.1% 6.4% 6.1% 15.0% 5.5%
Revenue growth, 3-year average 4.8% 16.6% 0.6% 14.7% 3.0% 27.5% 6.5%
Revenue growth, latest quarter −0.9% −3.5% 2.5% 6.9% 5.2% −4.6% 2.4%
Operating margin 7.0% 20.9% 15.4% 15.7% −7.9% −2.9% 10.1%
Operating margin, 3-year average 7.3% 21.7% 18.0% 15.1% −7.5% −6.9% 7.1%
Net margin 3.9% 11.8% −4.5% 6.1% −12.7% −2.7% 3.1%
Cash from operations / revenue 13.1% 25.6% 10.6% 19.7% 9.1% 10.8% 14.4%
Free-cash-flow margin 7.9% 17.7% 5.0% 10.7% 1.3% 10.5% 8.5%
Free-cash-flow margin, 3-year average 7.8% 15.2% 2.4% 11.6% −1.0% 7.8% 4.5%
Stock pay / revenue 0.5% 0.5% 0.8% 1.2% 0.8% 5.2% 0.9%
Change in share count −8.4% −6.1% −3.0% −3.2% −14.1% 0.5% −2.6%

Median of all 22 companies we cover in casinos & gaming. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

22 casinos & gaming companies
Measure Company Peer median Rank
Revenue growth Growth 2.6% 6.1% 16 of 21
Change in growth rate Growth -0.6pp -0.4pp 13 of 21
Operating margin Profitability 7.0% 10.1% 13 of 20
Net margin Profitability 3.9% 3.6% 10 of 22
Free-cash-flow margin Cash generation 7.9% 8.5% 12 of 21
Stock pay as % of revenue Cash generation 0.5% 0.9% 3 of 20
Long-term debt as % of assets Balance sheet 14.4% 44.3% 2 of 17
Change in share count Balance sheet -8.4% -3.0% 2 of 16
Days sales outstanding Balance sheet 22 days 13 days 14 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Casino $9.5B 53.9% ▲ 7.6%
Occupancy $3.4B 19.3% ▼ 8.3%
Food and Beverage $3B 17.4% ▼ 1.1%
Entertainment Retail and Other $1.7B 9.5% ▼ 1.8%
Geography
Region Revenue Share YoY
United States $12.4B 70.8% ▼ 2.0%
China $4.5B 25.5% ▲ 11.0%
Non US Other $662M 3.8% ▲ 19.2%

From MGM Resorts's 10-K filed February 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$7.7B
Institutions reporting
659
Shares held vs prior quarter
▼ 5.4%
Positions opened / closed
119 / 72

Top buyers and sellers, Q2 2026: 295 institutions bought and 306 sold ; the biggest buyer was Vaughan Nelson Investment Management, L.P (+1.7M shares) and the biggest seller Goldentree Asset Management LP (−3.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Davis Selected Advisers $1.1B 23.9M 14.9% ▼ 1.6%
Blackrock, Inc. $604M 12.6M 7.9% ▼ 2.1%
Vanguard Capital Management LLC $581M 12.2M 7.6% ▲ 0.6%
Vanguard Portfolio Management LLC $395M 8.3M 5.2% ▼ 0.4%
State Street Corp $337M 7.0M 4.4% ▲ 0.8%
Invesco Ltd. $257M 5.4M 3.4% ▼ 19.3%
Corvex Management LP $256M 5.3M 3.3% 0.0%
Geode Capital Management, LLC $241M 5.0M 3.1% ▼ 0.8%
Morgan Stanley $227M 4.7M 3.0% ▼ 3.9%
Goldman Sachs Group Inc $150M 3.1M 2.0% ▼ 3.2%
Point72 Asset Management, L.P. $140M 2.9M 1.8% ▼ 31.4%
Dimensional Fund Advisors LP $113M 2.4M 1.5% ▼ 1.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not MGM Resorts's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $1.5M 2 trades by 2 insiders · 0% under pre-set plans
Net ▼ $1.5M net selling
Insider Date Trade Shares Price Value
Taylor Daniel J Director May 22, 2026 Sell 6,675 $38.44 $256,587
Meister Keith A. Director March 9, 2026 Sell 37,500 $34.27 $1.3M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 6 trades and filings

No trades in MGM Resorts disclosed in the last 12 months; 6 earlier trades on record.

  • Susie Lee(D-NV 3):Sale (full), $1,001 - $15,000, traded March 14, 2025, filed April 11, 2025
  • Thomas R. Suozzi(D-NY 3):Sale (full), $15,001 - $50,000, traded September 17, 2021, filed October 5, 2021
  • Thomas R. Suozzi(D-NY 3):Purchase, $15,001 - $50,000, traded June 3, 2021, filed September 23, 2021

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 4, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 29, 2026
  • February 5, 2026
  • February 4, 2026
  • October 29, 2025

Recent SEC filings

Data status

When each part of this page on MGM Resorts was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

MGM Resorts in brief

What does MGM Resorts do?
MGM Resorts is a US-listed company in the casinos & gaming industry. Its financial year ends in December.
What is MGM Resorts's stock ticker?
MGM Resorts trades under the ticker MGM on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is MGM Resorts's revenue, and how fast is it growing?
Over its most recent trailing twelve months, MGM Resorts reported revenue of $17.7B, 2.6% higher than a year earlier, according to its SEC filings.
What is MGM Resorts's free cash flow?
MGM Resorts's free-cash-flow margin is 7.9% of revenue over the trailing twelve months, ranking 12 of the 21 casinos & gaming companies we cover.
Who are MGM Resorts's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Davis Selected Advisers, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is MGM Resorts buying back stock, and does it pay a dividend?
MGM Resorts spent $774M on share repurchases over the trailing twelve months, and its diluted share count fell 8.4% over the year.
What is MGM Resorts's market cap?
On November 2, 2026, MGM Resorts's market capitalisation was about $7.9B, with a price-to-earnings ratio of 11.5 and net debt of $3.3B. Market figures come from third-party market data and may be delayed.
How much debt does MGM Resorts have?
MGM Resorts's debt-to-equity ratio is 226.4%, from its latest balance sheet (207.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are MGM Resorts's competitors?
In our Casinos & Gaming peer group, the companies closest to MGM Resorts are Las Vegas Sands, Caesars Entertainment, Inc., Wynn Resorts, Penn Entertainment, Inc. and Draftkings Inc. The side-by-side comparison below sets their revenue, margins and growth against MGM Resorts's.
Are insiders buying or selling MGM Resorts stock?
Over the last 12 months, MGM Resorts's directors and officers reported 0 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is MGM Resorts's next earnings date?
Around February 4, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — MGM Resorts announces its own schedule.