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MGM Resorts

MGM Clue Score48
United States Fiscal year ends December CIK 0000789570
$29.27 -2.47% Close, 9 Oct 2026
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Price $29.27 −34.11% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue9.48Operating income2.08Net income1.10EPS, diluted1.92Fiscal year 2017Revenue10.80 +13.9%Operating income1.71Net income1.95 +77.4%EPS, diluted3.34 +74.0%Fiscal year 2018Revenue11.76 +8.9%Operating income1.47Net income0.47 −76.1%EPS, diluted0.81 −75.7%Fiscal year 2019Revenue12.90 +9.7%Operating income3.94Net income2.05 +339.0%EPS, diluted3.88 +379.0%Fiscal year 2020Revenue5.16 −60.0%Operating income−0.64Net income−1.03 −150.4%EPS, diluted−2.02 −152.1%Fiscal year 2021Revenue9.68 +87.5%Operating income2.28Net income1.25EPS, diluted2.41Fiscal year 2022Revenue13.13 +35.6%Operating income1.44Net income1.47 +17.4%EPS, diluted3.49 +44.8%Fiscal year 2023Revenue16.16 +23.1%Operating income1.89Net income1.14 −22.5%EPS, diluted3.19 −8.6%Fiscal year 2024Revenue17.24 +6.7%Operating income1.49Net income0.75 −34.6%EPS, diluted2.40 −24.8%Fiscal year 2025Revenue17.54 +1.7%Operating income1.00Net income0.21 −72.4%EPS, diluted0.76 −68.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 9.48 10.80 11.76 12.90 5.16 9.68 13.13 16.16 17.24 17.54
Growth +13.9% +8.9% +9.7% −60.0% +87.5% +35.6% +23.1% +6.7% +1.7%
Operating income 2.08 1.71 1.47 3.94 −0.64 2.28 1.44 1.89 1.49 1.00
Net income 1.10 1.95 0.47 2.05 −1.03 1.25 1.47 1.14 0.75 0.21
Growth +77.4% −76.1% +339.0% −150.4% +17.4% −22.5% −34.6% −72.4%
EPS, diluted 1.92 3.34 0.81 3.88 −2.02 2.41 3.49 3.19 2.40 0.76
Growth +74.0% −75.7% +379.0% −152.1% +44.8% −8.6% −24.8% −68.3%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin21.9%Net margin11.6%Free cash flow margin−7.7%Fiscal year 2017Operating margin15.9%Net margin18.1%Free cash flow margin3.2%Fiscal year 2018Operating margin12.5%Net margin4.0%Free cash flow margin2.0%Fiscal year 2019Operating margin30.5%Net margin15.9%Free cash flow margin8.3%Fiscal year 2020Operating margin−12.4%Net margin−20.0%Free cash flow margin−34.2%Fiscal year 2021Operating margin23.5%Net margin13.0%Free cash flow margin9.1%Fiscal year 2022Operating margin11.0%Net margin11.2%Free cash flow margin7.6%Fiscal year 2023Operating margin11.7%Net margin7.1%Free cash flow margin10.9%Fiscal year 2024Operating margin8.6%Net margin4.3%Free cash flow margin7.0%Fiscal year 2025Operating margin5.7%Net margin1.2%Free cash flow margin8.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
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%
Free cash flow margin −7.7% 3.2% 2.0% 8.3% −34.2% 9.1% 7.6% 10.9% 7.0% 8.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow1.53Capital expenditure−2.26Free cash flow−0.73Buybacks0.00Dividends paid0.00Fiscal year 2017Operating cash flow2.21Capital expenditure−1.86Free cash flow0.34Buybacks−0.33Dividends paid−0.25Fiscal year 2018Operating cash flow1.72Capital expenditure−1.49Free cash flow0.24 −31.1%Buybacks−1.28Dividends paid−0.26Fiscal year 2019Operating cash flow1.81Capital expenditure−0.74Free cash flow1.07 +354.6%Buybacks−1.03Dividends paid−0.27Fiscal year 2020Operating cash flow−1.49Capital expenditure−0.27Free cash flow−1.76 −264.6%Buybacks−0.35Dividends paid−0.08Fiscal year 2021Operating cash flow1.37Capital expenditure−0.49Free cash flow0.88Buybacks−1.75Dividends paid−0.00Fiscal year 2022Operating cash flow1.76Capital expenditure−0.77Free cash flow0.99 +12.3%Buybacks−2.78Dividends paid−0.00Fiscal year 2023Operating cash flow2.69Capital expenditure−0.93Free cash flow1.76 +77.4%Buybacks−2.29Dividends paid0.00Fiscal year 2024Operating cash flow2.36Capital expenditure−1.15Free cash flow1.21 −31.1%Buybacks−1.36Dividends paid0.00Fiscal year 2025Operating cash flow2.53Capital expenditure−1.07Free cash flow1.46 +20.5%Buybacks−1.23
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 1.53 2.21 1.72 1.81 −1.49 1.37 1.76 2.69 2.36 2.53
Capital expenditure −2.26 −1.86 −1.49 −0.74 −0.27 −0.49 −0.77 −0.93 −1.15 −1.07
Free cash flow −0.73 0.34 0.24 1.07 −1.76 0.88 0.99 1.76 1.21 1.46
Growth −31.1% +354.6% −264.6% +12.3% +77.4% −31.1% +20.5%
Buybacks 0.00 −0.33 −1.28 −1.03 −0.35 −1.75 −2.78 −2.29 −1.36 −1.23
Dividends paid 0.00 −0.25 −0.26 −0.27 −0.08 −0.00 −0.00 0.00 0.00 n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash1.45Total debt12.99Net cash (debt)−11.54Shareholders’ equity6.22Debt to equity2.09Fiscal year 2017Cash1.50Total debt12.91Net cash (debt)−11.41Shareholders’ equity7.58Debt to equity1.70Fiscal year 2018Cash1.53Total debt15.13Net cash (debt)−13.60Shareholders’ equity6.51Debt to equity2.32Fiscal year 2019Cash2.33Total debt11.17Net cash (debt)−8.84Shareholders’ equity7.73Debt to equity1.45Fiscal year 2020Cash5.10Total debt12.38Net cash (debt)−7.28Shareholders’ equity6.50Debt to equity1.90Fiscal year 2021Cash4.70Total debt12.77Net cash (debt)−8.07Shareholders’ equity6.07Debt to equity2.10Fiscal year 2022Cash5.91Total debt8.72Net cash (debt)−2.81Shareholders’ equity4.83Debt to equity1.80Fiscal year 2023Cash2.93Total debt6.34Net cash (debt)−3.42Shareholders’ equity3.81Debt to equity1.66Fiscal year 2024Cash2.42Total debt6.36Net cash (debt)−3.95Shareholders’ equity3.02Debt to equity2.10Fiscal year 2025Cash2.06Total debt6.23Net cash (debt)−4.17Shareholders’ equity2.43Debt to equity2.56
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 1.45 1.50 1.53 2.33 5.10 4.70 5.91 2.93 2.42 2.06
Total debt 12.99 12.91 15.13 11.17 12.38 12.77 8.72 6.34 6.36 6.23
Net cash (debt) −11.54 −11.41 −13.60 −8.84 −7.28 −8.07 −2.81 −3.42 −3.95 −4.17
Shareholders’ equity 6.22 7.58 6.51 7.73 6.50 6.07 4.83 3.81 3.02 2.43
Debt to equity 2.09 1.70 2.32 1.45 1.90 2.10 1.80 1.66 2.10 2.56

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
9.48 10.80 11.76 12.90 5.16 9.68 13.13 16.16 17.24 17.54
Growth +13.9% +8.9% +9.7% −60.0% +87.5% +35.6% +23.1% +6.7% +1.7%
1.38 1.56 1.76 2.10 2.12 2.51 4.23 4.70 4.83 4.88
2.08 1.71 1.47 3.94 −0.64 2.28 1.44 1.89 1.49 1.00
Growth −17.6% −14.2% +168.1% −116.3% −36.8% +31.4% −21.2% −32.8%
1.26 0.96 0.63 2.85 −1.51 1.46 0.90 1.47 1.12 0.28
0.02 −1.13 0.05 0.63 −0.19 0.25 0.70 0.16 0.05 −0.24
1.10 1.95 0.47 2.05 −1.03 1.25 1.47 1.14 0.75 0.21
Growth +77.4% −76.1% +339.0% −150.4% +17.4% −22.5% −34.6% −72.4%
Per share
1.94 3.38 0.82 3.90 −2.02 2.44 3.52 3.22 2.42 0.77
1.92 3.34 0.81 3.88 −2.02 2.41 3.49 3.19 2.40 0.76
Growth +74.0% −75.7% +379.0% −152.1% +44.8% −8.6% −24.8% −68.3%
568.1 572.3 544.3 524.2 494.2 481.9 409.2 354.9 307.4 275.0
573.3 578.8 549.5 527.6 494.2 487.4 413.0 358.6 310.2 277.3
Growth +1.0% −5.1% −4.0% −6.3% −1.4% −15.3% −13.2% −13.5% −10.6%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 27.7% a year over five years.
  • The diluted share count fell 43.9% in five years, so buybacks did some of the work per share.
  • Operating margin is up 18.2 points on five years ago, at 5.7%.
  • A net loss in 1 of 10 years on file.