MGM Resorts International (MGM) financial statements
MGM Resorts International reported revenue of $17.5B in fiscal 2025, up 7.1% a year over 9 years.
Net income was $206M and the operating margin 5.7%, against 21.9% in 2016.
Free cash flow was $1.5B, and the company returned $1.2B in net buybacks.
The diluted share count fell 52% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from MGM Resorts International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.5B | $10.8B | $11.8B | $12.9B | $5.2B | $9.7B | $13.1B | $16.2B | $17.2B | $17.5B |
| Selling, general and admin | $1.4B | $1.6B | $1.8B | $2.1B | $2.1B | $2.5B | $4.2B | $4.7B | $4.8B | $4.9B |
| Operating income | $2.1B | $1.7B | $1.5B | $3.9B | -$642M | $2.3B | $1.4B | $1.9B | $1.5B | $1.0B |
| Interest expense | $695M | $669M | $770M | $848M | $676M | $800M | $595M | $460M | $443M | $419M |
| Pre-tax income | $1.3B | $961M | $634M | $2.8B | -$1.5B | $1.5B | $904M | $1.5B | $1.1B | $281M |
| Income tax | $22M | -$1.1B | $50M | $632M | -$192M | $253M | $697M | $158M | $52M | -$240M |
| Net income | $1.1B | $2.0B | $467M | $2.0B | -$1.0B | $1.3B | $1.5B | $1.1B | $747M | $206M |
| EPS (diluted) | $1.92 | $3.34 | $0.81 | $3.88 | -$2.02 | $2.41 | $3.49 | $3.19 | $2.40 | $0.76 |
| Diluted shares | 573M | 579M | 550M | 528M | 494M | 487M | 413M | 359M | 310M | 277M |
| Operating margin | 21.9% | 15.9% | 12.5% | 30.5% | -12.4% | 23.5% | 11.0% | 11.7% | 8.6% | 5.7% |
| Net margin | 11.6% | 18.1% | 4.0% | 15.9% | -20.0% | 13.0% | 11.2% | 7.1% | 4.3% | 1.2% |
Balance sheet
Fiscal years, from MGM Resorts International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.4B | $1.5B | $1.5B | $2.3B | $5.1B | $4.7B | $5.9B | $2.9B | $2.4B | $2.1B |
| Receivables | $543M | $542M | $657M | $613M | $317M | $584M | $852M | $929M | $1.1B | $1.1B |
| Inventory | $98M | $102M | $111M | $103M | $88M | $96M | $126M | $142M | $141M | $125M |
| Total current assets | $2.2B | $2.4B | $2.5B | $4.0B | $6.0B | $6.4B | $8.2B | $4.9B | $4.4B | $4.3B |
| Property, plant and equipment | $18.4B | $19.6B | $20.7B | $18.3B | $14.6B | $14.4B | $5.2B | $5.4B | $6.2B | $6.3B |
| Goodwill | $1.8B | $1.8B | $1.8B | $2.1B | $2.1B | $3.5B | $5.0B | $5.2B | $5.1B | $4.9B |
| Total assets | $28.2B | $29.2B | $30.2B | $33.9B | $36.5B | $40.9B | $45.7B | $42.4B | $42.2B | $41.4B |
| Total current liabilities | $2.3B | $3.1B | $2.9B | $3.2B | $1.9B | $3.4B | $4.5B | $3.1B | $3.4B | $3.5B |
| Long-term debt | $13.0B | $12.8B | $15.1B | $11.2B | $12.4B | $11.8B | $7.4B | $6.3B | $6.4B | $6.2B |
| Total liabilities | $18.1B | $17.5B | $19.6B | $21.1B | $25.3B | $29.9B | $40.5B | $38.0B | $38.5B | $38.1B |
| Shareholders' equity | $6.2B | $7.6B | $6.5B | $7.7B | $6.5B | $6.1B | $4.8B | $3.8B | $3.0B | $2.4B |
| Net debt | $11.5B | $11.4B | $13.6B | $8.8B | $7.3B | $8.1B | $2.8B | $3.4B | $3.9B | $4.2B |
Cash flow
Fiscal years, from MGM Resorts International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.5B | $2.2B | $1.7B | $1.8B | -$1.5B | $1.4B | $1.8B | $2.7B | $2.4B | $2.5B |
| Capital spending | $2.3B | $1.9B | $1.5B | $739M | $271M | $491M | $765M | $932M | $1.2B | $1.1B |
| Free cash flow | -$729M | $342M | $236M | $1.1B | -$1.8B | $883M | $991M | $1.8B | $1.2B | $1.5B |
| Stock-based compensation | $55M | $62M | $70M | $89M | $107M | $65M | $71M | $74M | $80M | $90M |
| Dividends paid | $0 | $252M | $261M | $271M | $78M | $5M | $4M | $0 | $0 | — |
| Share buybacks (net) | $0 | -$328M | -$1.3B | -$1.0B | -$354M | -$1.8B | -$2.8B | -$2.3B | -$1.4B | -$1.2B |
| Net borrowing | $1.5B | $350M | $1.0B | $3.2B | $2.7B | $750M | -$1.1B | -$1.3B | -$75M | -$146M |
| Free cash flow margin | -7.7% | 3.2% | 2.0% | 8.3% | -34.2% | 9.1% | 7.6% | 10.9% | 7.0% | 8.3% |
| Dividends per share | — | $0.44 | $0.47 | $0.51 | $0.16 | $0.01 | $0.01 | — | — | — |
Questions
What was MGM Resorts International's revenue in 2025?
$17.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does MGM Resorts International generate?
$1.5B in fiscal 2025 (operating cash flow minus capital spending).
From MGM Resorts International's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.