Melco Resorts & Entertainment (MLCO) financial statements
Melco Resorts & Entertainment reported revenue of $5.2B in fiscal 2025, up 1.5% a year over 9 years.
Net income was $185M and the operating margin 11.6%, against 8.0% in 2016.
Free cash flow was $802M, and the company returned $78,000 in dividends.
The diluted share count fell 21% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Melco Resorts & Entertainment's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.5B | $5.3B | $5.2B | $5.7B | $1.7B | $2.0B | $1.3B | $3.8B | $4.6B | $5.2B |
| Selling, general and admin | $447M | $467M | $506M | $559M | $424M | $426M | $423M | $488M | $569M | $657M |
| Operating income | $363M | $605M | $613M | $748M | -$941M | -$577M | -$743M | $65M | $485M | $600M |
| Interest expense | $224M | $256M | $265M | $310M | $341M | $351M | $377M | $492M | $487M | $465M |
| Pre-tax income | $75M | $312M | $339M | $403M | -$1.5B | -$954M | -$1.1B | -$402M | -$6M | $148M |
| Income tax | $8M | -$10,000 | $238,000 | $8M | -$3M | $3M | $5M | $13M | $22M | $3M |
| Net income | $176M | $345M | $340M | $373M | -$1.3B | -$812M | -$931M | -$327M | $44M | $185M |
| EPS (diluted) | $0.12 | $0.23 | $0.22 | $0.26 | -$0.88 | -$0.57 | -$0.67 | -$0.25 | $0.03 | $0.15 |
| Diluted shares | 1.53B | 1.50B | 1.52B | 1.44B | 1.43B | 1.43B | 1.39B | 1.31B | 1.30B | 1.20B |
| Operating margin | 8.0% | 11.4% | 11.8% | 13.0% | -54.4% | -28.7% | -55.0% | 1.7% | 10.4% | 11.6% |
| Net margin | 3.9% | 6.5% | 6.6% | 6.5% | -73.1% | -40.3% | -68.9% | -8.7% | 0.9% | 3.6% |
Balance sheet
Fiscal years, from Melco Resorts & Entertainment's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.7B | $1.5B | $1.6B | $1.4B | $1.8B | $1.7B | $1.8B | $1.3B | $1.1B | $1.0B |
| Receivables | $225M | $177M | $242M | $284M | $130M | $54M | $56M | $92M | $144M | $126M |
| Inventory | $33M | $35M | $41M | $44M | $37M | $30M | $26M | $29M | $32M | $37M |
| Total current assets | $2.3B | $1.8B | $2.1B | $1.9B | $2.0B | $1.9B | $2.1B | $1.5B | $1.4B | $1.3B |
| Property, plant and equipment | $5.7B | $5.7B | $5.8B | $5.7B | $5.7B | $5.9B | $5.9B | $5.5B | $5.3B | $5.2B |
| Goodwill | $82M | $82M | $81M | $96M | $82M | $82M | $82M | $82M | $82M | $23M |
| Total assets | $9.3B | $9.2B | $9.1B | $9.5B | $9.0B | $8.9B | $9.3B | $8.3B | $8.0B | $7.6B |
| Total current liabilities | $1.5B | $1.7B | $2.1B | $1.5B | $1.1B | $1.0B | $1.2B | $1.1B | $1.2B | $1.2B |
| Long-term debt | $3.7B | $3.5B | $3.7B | $4.4B | $5.6B | $6.6B | $8.1B | $7.5B | $7.1B | $6.7B |
| Total liabilities | $5.5B | $5.6B | $6.1B | $6.3B | $7.2B | $8.1B | $9.6B | $9.2B | $8.9B | $8.5B |
| Shareholders' equity | $3.3B | $2.9B | $2.3B | $2.4B | $1.1B | $245M | -$850M | -$1.3B | -$1.3B | -$1.2B |
| Net debt | $2.0B | $2.1B | $2.6B | $3.0B | $3.9B | $4.9B | $6.6B | $6.2B | $6.0B | $5.7B |
Cash flow
Fiscal years, from Melco Resorts & Entertainment's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.2B | $1.2B | $1.1B | $836M | -$861M | -$269M | -$619M | $623M | $627M | $818M |
| Capital spending | $0 | $342M | $278M | $9M | $228M | $533M | $480M | $133M | $34M | $16M |
| Free cash flow | $1.2B | $820M | $776M | $828M | -$1.1B | -$801M | -$1.1B | $490M | $592M | $802M |
| Stock-based compensation | $18M | $17M | $25M | $32M | $54M | $68M | $72M | $35M | $27M | $29M |
| Dividends paid | $386M | $821M | $272M | $301M | $79M | $0 | $196,000 | $314,000 | $344,000 | $78,000 |
| Share buybacks (net) | -$803M | $0 | — | — | — | — | — | — | — | — |
| Net borrowing | -$124M | -$194M | $503M | $341M | $1.3B | $913M | $1.8B | -$950M | -$319M | -$423M |
| Free cash flow margin | 25.6% | 15.5% | 14.9% | 14.4% | -63.0% | -39.8% | -81.4% | 13.0% | 12.8% | 15.5% |
| Dividends per share | $0.25 | $0.55 | $0.18 | $0.21 | $0.06 | — | $0.00 | $0.00 | $0.00 | $0.00 |
Questions
What was Melco Resorts & Entertainment's revenue in 2025?
$5.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Melco Resorts & Entertainment generate?
$802M in fiscal 2025 (operating cash flow minus capital spending).
From Melco Resorts & Entertainment's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.