MGM Resorts International (MGM) Income Statement
MGM 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMGM revenue and net income
Where MGM's revenue goes
2025Each bar shows an amount and its share of revenue. MGM kept 1.2% of revenue as net income.
MGM profit margins
MGM growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +1.7% | +10.1% | +29.0% | +6.7% |
| Gross profit | −0.7% | +6.4% | +35.4% | +8.1% |
| Operating income | −32.8% | −11.4% | — | — |
| Net income | −72.4% | −48.1% | — | — |
| EPS (diluted) | +28.2% | — | — | +18.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MGM quarterly EPS vs estimates
MGM Resorts beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 28, 2026 (estimate $0.25).
MGM income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.54B | $17.24B | $16.16B | $13.13B | $9.68B | $4.92B | $12.90B | $11.76B | $10.80B | $9.46B |
| Cost of revenue | $9.75B | $9.39B | $8.55B | $6.65B | $5.03B | $3.21B | $7.60B | $6.92B | $6.19B | $5.50B |
| Gross profit | $7.79B | $7.85B | $7.61B | $6.47B | $4.65B | $1.71B | $5.30B | $4.84B | $4.60B | $3.96B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $4.88B | $4.83B | $5.00B | $4.46B | $2.51B | $2.21B | $2.10B | $1.99B | $1.78B | $1.38B |
| Total operating expenses | $6.79B | $6.36B | $5.72B | $5.04B | $2.37B | $2.35B | $1.36B | $3.51B | $3.03B | $2.68B |
| Operating income | $1.00B | $1.49B | $1.89B | $1.44B | $2.28B | −$642.4M | $3.94B | $1.47B | $1.71B | $2.08B |
| Interest income | $162.9M | $397.0M | $429.3M | $618.4M | $882.8M | $779.7M | $910.2M | $817.3M | $703.5M | $747.9M |
| Interest expense | $419.0M | $443.2M | $460.3M | $595.0M | $799.6M | $676.4M | $847.9M | $769.5M | $668.7M | $694.8M |
| Income before taxes | $388.0M | $1.12B | $1.47B | $903.8M | $1.46B | −$1.51B | $2.85B | $634.0M | $960.8M | $1.26B |
| Income taxes | −$44.1M | $52.5M | $157.8M | $697.1M | $253.4M | −$191.6M | $632.3M | $50.1M | −$1.13B | $22.3M |
| Net income | $206.2M | $746.6M | $1.14B | $1.47B | $1.25B | −$1.03B | $2.05B | $466.8M | $1.95B | $1.10B |
| EBITDA | $1.72B | $2.39B | $2.40B | $4.98B | $3.41B | −$779.8M | $5.00B | $2.51B | $2.57B | $2.80B |
| EPS (diluted) | $3.32 | $2.59 | $2.73 | −$2.88 | −$0.66 | −$3.95 | $0.80 | $0.77 | $3.42 | $1.14 |
| Gross margin | 44.4% | 45.5% | 47.1% | 49.3% | 48.0% | 34.8% | 41.1% | 41.2% | 42.6% | 41.9% |
| Operating margin | 5.7% | 8.6% | 11.7% | 11.0% | 23.5% | −13.1% | 30.5% | 12.5% | 15.9% | 22.0% |
| Net margin | 1.2% | 4.3% | 7.1% | 11.2% | 13.0% | −21.0% | 15.9% | 4.0% | 18.1% | 11.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.45B | $4.45B | $4.61B | $4.25B | $4.40B | $4.28B | $4.35B | $4.18B | $4.33B | $4.38B | $4.41B | $3.96B |
| Cost of revenue | $2.47B | $2.46B | $2.58B | $2.40B | $2.45B | $2.32B | $2.39B | $2.32B | $2.32B | $2.36B | $2.41B | $2.09B |
| Gross profit | $1.98B | $1.99B | $2.03B | $1.85B | $1.96B | $1.96B | $1.95B | $1.87B | $2.00B | $2.02B | $2.00B | $1.88B |
| Research & development | — | — | — | — | — | — | — | — | — | $1.1M | — | — |
| Sales, general & admin | $1.39B | $1.42B | $1.26B | $1.24B | $1.21B | $1.16B | $1.24B | $1.18B | $1.21B | $1.19B | $1.53B | $1.19B |
| Total operating expenses | $1.48B | $1.69B | $1.70B | $1.96B | $1.55B | $1.57B | $1.66B | $1.55B | $1.58B | $1.56B | $1.58B | $1.51B |
| Operating income | $503.6M | $301.2M | $325.0M | −$112.9M | $404.6M | $385.1M | $291.6M | $314.9M | $425.7M | $458.4M | $419.3M | $369.9M |
| Interest income | — | — | $123.1M | $102.3M | $108.6M | $139.0M | $143.4M | $159.5M | — | — | — | $167.7M |
| Interest expense | $102.1M | $100.7M | $103.9M | $102.3M | $105.6M | $107.3M | $108.6M | $111.9M | $112.7M | $110.0M | $106.9M | $111.2M |
| Income before taxes | $413.5M | $202.2M | $207.0M | −$219.6M | $133.8M | $266.8M | $205.7M | $296.7M | $271.2M | $343.4M | $320.1M | $224.3M |
| Income taxes | $90.7M | $27.5M | −$87.0M | −$12.9M | $15.7M | $40.1M | −$32.2M | $52.6M | −$11.6M | $43.7M | −$59.5M | $12.4M |
| Net income | $292.4M | $125.1M | $294.0M | −$285.3M | $49.0M | $148.6M | $157.4M | $184.6M | $187.1M | $217.5M | $313.5M | $161.1M |
| EBITDA | $798.0M | $566.7M | $482.4M | $143.4M | $481.3M | $610.5M | $523.5M | $641.9M | $668.3M | $650.0M | $625.8M | $561.5M |
| EPS (diluted) | $0.59 | $0.49 | $1.60 | $0.24 | $0.79 | $0.69 | $0.45 | $0.54 | $0.86 | $0.74 | $1.06 | $0.64 |
| Gross margin | 44.5% | 44.7% | 44.0% | 43.4% | 44.5% | 45.8% | 44.9% | 44.7% | 46.3% | 46.1% | 45.4% | 47.3% |
| Operating margin | 11.3% | 6.8% | 7.1% | −2.7% | 9.2% | 9.0% | 6.7% | 7.5% | 9.8% | 10.5% | 9.5% | 9.3% |
| Net margin | 6.6% | 2.8% | 6.4% | −6.7% | 1.1% | 3.5% | 3.6% | 4.4% | 4.3% | 5.0% | 7.1% | 4.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MGM's financial statements (latest annual report filed February 11, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MGM financial results
In fiscal year 2025 (ended December 31, 2025), MGM Resorts reported revenue of $17.5 billion, up 1.7% from the year before. It had net income of $206.2 million (down 72.4%), a net profit margin of 1.2%. Diluted earnings per share came to $3.32. Over five years revenue grew at an average rate of 29.0% a year.
See the MGM stock overview for the latest quote and news, or the MGM chart for price history and technical indicators.
MGM income statement FAQ
What is MGM Resorts's annual revenue?
MGM Resorts reported total revenue of $17.5 billion for fiscal year 2025, which ended on December 31, 2025. That was up 1.7% from $17.2 billion the previous year.
Is MGM Resorts profitable?
Yes. MGM Resorts reported net income of $206.2 million in fiscal 2025, a net profit margin of 1.2%; its operating margin was 5.7%.
What is MGM Resorts's gross margin?
MGM Resorts's gross margin was 44.4% in fiscal 2025: for every $100 of revenue, MGM Resorts kept $44 after the direct cost of its products and services.
How fast is MGM Resorts growing?
Revenue grew 29.0% a year on average over the last five fiscal years, from $4.9 billion to $17.5 billion.
What are MGM Resorts's earnings per share?
MGM Resorts earned $3.32 per diluted share in fiscal 2025, compared with $2.59 a year earlier.
When will MGM Resorts report its next earnings?
MGM Resorts is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 after the market closes.
When does MGM Resorts's fiscal year end?
MGM Resorts's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 11, 2026.