Studio City International Holdings Limited (MSC) Income Statement
MSC 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMSC revenue and net income
Where MSC's revenue goes
2025Each bar shows an amount and its share of revenue. MSC kept −8.5% of revenue as net income.
MSC profit margins
MSC growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +8.7% | +291.8% | +69.8% | +25.9% |
| Gross profit | +12.2% | — | — | +27.6% |
| Operating income | +83.6% | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MSC quarterly EPS vs estimates
Next report: November 5, 2026.
MSC income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $694.6M | $639.1M | $445.5M | $11.5M | $106.9M | $49.2M | $626.7M | $571.2M | $539.8M | $424.5M |
| Cost of revenue | $228.6M | $223.9M | $172.5M | $78.8M | $82.2M | $79.6M | $145.3M | $128.3M | $130.2M | $166.5M |
| Gross profit | $466.0M | $415.3M | $273.0M | −$67.2M | $24.6M | −$30.4M | $481.4M | $442.9M | $409.6M | $258.0M |
| Sales, general & admin | $183.4M | $175.4M | $115.2M | $79.8M | $87.6M | $89.0M | $128.9M | $132.6M | $152.7M | $136.9M |
| Total operating expenses | $395.9M | $377.1M | $302.1M | $210.0M | $216.2M | $249.5M | $303.4M | $305.1M | $329.1M | $312.8M |
| Operating income | $70.0M | $38.1M | −$29.0M | −$277.2M | −$191.6M | −$279.9M | $178.0M | $137.9M | $80.5M | −$54.8M |
| Interest income | $124.9M | $4.1M | $10.4M | $83.5M | $81.7M | $107.0M | $130.4M | $155.0M | $149.7M | $135.9M |
| Interest expense | $128.1M | $133.6M | $129.6M | $92.4M | $91.0M | $104.8M | $132.3M | $160.5M | $159.9M | $160.9M |
| Income before taxes | −$56.7M | −$98.5M | −$146.2M | −$360.9M | −$302.5M | −$406.1M | $44.0M | −$20.2M | −$76.7M | −$242.3M |
| Income taxes | $7.6M | $7.4M | −$81,000 | $382,000 | −$457,000 | −$1.0M | $402,000 | $544,000 | −$239,000 | $474,000 |
| Net income | −$58.8M | −$96.7M | −$133.5M | −$326.5M | −$252.6M | −$321.6M | $33.6M | −$21.6M | −$76.4M | −$242.8M |
| EBITDA | $281.6M | $240.2M | $152.8M | −$141.6M | −$83.9M | −$141.0M | $348.3M | $308.2M | $259.6M | $88.8M |
| EPS (diluted) | −$0.21 | −$0.32 | −$0.40 | −$1.16 | −$1.44 | −$4.30 | $0.56 | −$0.97 | −$1.03 | −$48.56 |
| Gross margin | 67.1% | 65.0% | 61.3% | −582.0% | 23.0% | −61.8% | 76.8% | 77.5% | 75.9% | 60.8% |
| Operating margin | 10.1% | 6.0% | −6.5% | −2,400.6% | −179.3% | −568.9% | 28.4% | 24.1% | 14.9% | −12.9% |
| Net margin | −8.5% | −15.1% | −30.0% | −2,826.9% | −236.3% | −653.6% | 5.4% | −3.8% | −14.2% | −57.2% |
| 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 | $164.6M | $176.7M | $160.3M | $182.5M | $190.1M | $161.7M | $152.9M | $174.6M | $161.5M | $150.2M | $141.3M | $137.6M |
| Cost of revenue | $101.9M | $51.4M | $50.9M | $58.3M | $66.0M | $53.3M | $54.4M | $61.2M | $59.8M | $48.6M | $42.0M | $51.4M |
| Gross profit | $62.7M | $125.3M | $109.3M | $124.2M | $124.1M | $108.4M | $98.5M | $113.4M | $101.7M | $101.6M | $99.2M | $86.2M |
| Sales, general & admin | $47.9M | $45.5M | $48.8M | $46.3M | $47.8M | $41.5M | $43.4M | $45.6M | $47.7M | $35.4M | $35.3M | $29.9M |
| Total operating expenses | $47.7M | $97.3M | $102.1M | $100.2M | $101.0M | $93.1M | $95.4M | $97.4M | $98.8M | $85.5M | $85.9M | $82.9M |
| Operating income | $15.0M | $28.0M | $7.3M | $24.0M | $23.1M | $15.3M | $3.1M | $16.0M | $3.0M | $16.1M | $13.3M | $3.2M |
| Interest income | $388,000 | $166,000 | $30.4M | $205,000 | $243,000 | $30.2M | $619,000 | $524,000 | $1.3M | $1.6M | $2.5M | $2.8M |
| Interest expense | $30.3M | $30.5M | $30.8M | $30.9M | $33.1M | $32.5M | $32.7M | $32.8M | $33.6M | $34.8M | $35.9M | $36.5M |
| Income before taxes | −$15.2M | $6.2M | −$23.0M | −$17.1M | −$1.0M | −$15.5M | −$30.2M | −$20.4M | −$32.0M | −$15.9M | −$20.4M | −$31.1M |
| Income taxes | $1.8M | $3.1M | −$591,000 | $3.2M | $3.1M | $1.9M | $199,000 | $2.5M | $4.6M | $43,000 | −$4,000 | −$11,000 |
| Net income | −$15.6M | $2.9M | −$20.5M | −$18.6M | −$3.7M | −$16.0M | −$27.7M | −$21.0M | −$33.4M | −$16.0M | −$7.8M | −$28.4M |
| EBITDA | $67.3M | $88.0M | $60.1M | $67.7M | $84.3M | $69.4M | $55.0M | $64.2M | $52.0M | $69.0M | $66.1M | $50.7M |
| EPS (diluted) | −$0.08 | $0.01 | −$0.11 | −$0.10 | $0.08 | −$0.08 | $0.04 | −$0.11 | −$0.17 | −$0.08 | −$0.10 | −$0.15 |
| Gross margin | 38.1% | 70.9% | 68.2% | 68.0% | 65.3% | 67.0% | 64.4% | 65.0% | 63.0% | 67.7% | 70.2% | 62.6% |
| Operating margin | 9.1% | 15.9% | 4.5% | 13.1% | 12.1% | 9.4% | 2.0% | 9.1% | 1.8% | 10.7% | 9.4% | 2.3% |
| Net margin | −9.5% | 1.6% | −12.8% | −10.2% | −2.0% | −9.9% | −18.2% | −12.0% | −20.7% | −10.6% | −5.5% | −20.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MSC's financial statements (latest annual report filed March 13, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MSC financial results
In fiscal year 2025 (ended December 31, 2025), Studio City International reported revenue of $694.6 million, up 8.7% from the year before. It had a net loss of $58.8 million, a net profit margin of −8.5%. Diluted earnings per share came to −$0.21. Over five years revenue grew at an average rate of 69.8% a year.
See the MSC stock overview for the latest quote and news, or the MSC chart for price history and technical indicators.
MSC income statement FAQ
What is Studio City International's annual revenue?
Studio City International reported total revenue of $694.6 million for fiscal year 2025, which ended on December 31, 2025. That was up 8.7% from $639.1 million the previous year.
Is Studio City International profitable?
No. Studio City International reported a net loss of $58.8 million in fiscal 2025, a net profit margin of −8.5%; its operating margin was 10.1%.
What is Studio City International's gross margin?
Studio City International's gross margin was 67.1% in fiscal 2025: for every $100 of revenue, Studio City International kept $67 after the direct cost of its products and services.
How fast is Studio City International growing?
Revenue grew 69.8% a year on average over the last five fiscal years, from $49.2 million to $694.6 million.
What are Studio City International's earnings per share?
Studio City International earned $-0.21 per diluted share in fiscal 2025, compared with $-0.32 a year earlier.
When will Studio City International report its next earnings?
Studio City International is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does Studio City International's fiscal year end?
Studio City International's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 13, 2026.