Las Vegas mix
Convention and group bookings, high-end gaming volume, and broader leisure travel each move differently through economic cycles. Watch which segment is driving Strip results at any given time.
Stock research
MGM Resorts International (MGM) Stock Research
MGM Resorts operates casino hotels on the Las Vegas Strip and in regional markets plus online gaming.
For the fiscal year ended December 31, 2025, MGM Resorts International reported revenue of $17.5B and net income of $206M, with operating cash flow of $2.5B. Source: Form 10-K filed February 11, 2026
- $17.5B
- FY ending 2025-12-31
- $206M
- FY ending 2025-12-31
- $0.76
- 1.2%
Reported SEC XBRL figures. Each metric’s period and original filing are listed below.
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About MGM Resorts International
- NYSE: MGM
- Consumer Discretionary
- Hotels & Motels (SIC 7011)
- December 31
MGM key financials
Reported figures from MGM Resorts International's filings, pulled directly from SEC XBRL data rather than a third-party terminal. Each row links to the filing it came from.
| Metric | Value | Period | Source |
|---|---|---|---|
| Revenue | $17.5B | 2025-01-01 – 2025-12-31 | SEC filing |
| Net income | $206M | 2025-01-01 – 2025-12-31 | SEC filing |
| Operating cash flow | $2.5B | 2025-01-01 – 2025-12-31 | SEC filing |
| Diluted EPS | $0.76 | 2025-01-01 – 2025-12-31 | SEC filing |
| Net margin | 1.2% | 2025-01-01 – 2025-12-31 | SEC filing |
| Shares outstanding | 256M | As of 2026-02-09 | SEC filing |
Values are as tagged by the issuer in XBRL. Revenue for banks and insurers is net of interest expense where that is the reported line. Fiscal years that do not follow the calendar are shown by their period-end date. No price, market cap, or valuation multiple is shown because Yield Theory does not republish unlicensed market data.
Diluted EPS is the earnings figure behind the price-to-earnings ratio; the P/E multiple compression calculator shows how a change in that multiple moves a share price. Shares outstanding multiplied by the share price gives market capitalization.
What investors should watch in MGM
For MGM Resorts International, the most important recurring operating and market variables are:
- ◆Las Vegas Strip visitation, convention business, and gaming versus non-gaming revenue mix
- ◆Regional US casino market performance
- ◆Online sports betting and iGaming growth through the BetMGM joint venture
- ◆International exposure through Macau joint ventures
Key questions for the MGM thesis
Each question starts with what the filings show, then why it matters. None of these is a rating or a forecast.
Regional casino competition
Many US state gaming markets are maturing or facing new competition as more states legalize or expand casino gambling, which can cap growth for MGM's regional properties.
BetMGM path to profitability
Online sports betting and iGaming require heavy promotional spending to acquire customers. Track BetMGM's market share and margin trajectory against larger-scale competitors in the space.
Capital allocation
MGM has sold and leased back much of its real estate, including to Vici Properties. Assess how that structure affects leverage, fixed lease costs, and capital available for shareholder returns.
Does MGM's reported profit turn into cash?
Operating cash flow was $2.5B, 12.29 times net income of $206M, for the fiscal year ended December 31, 2025.
Cash from operations exceeded reported earnings. Non-cash charges such as depreciation, amortization and stock-based compensation usually explain the gap; the cash-flow statement shows which.
How much of MGM's revenue is left as profit?
Net income was 1.2% of revenue for the fiscal year ended December 31, 2025, based on revenue and net income reported for the same period.
Net margin reflects the business model as much as execution, so compare it with companies in the same SEC industry and read the income statement for one-time items before treating it as a run rate.
Members-only research
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The thesis, the numbers behind it, and what would break it. Full access is $39 a month.
Read the full researchMGM primary sources
- Latest annual report: Form 10-K filed February 11, 2026
- Latest quarterly report: Form 10-Q filed July 29, 2026
- MGM Resorts International investor relations
- MGM Resorts International filings at the SEC
- All MGM filings on SEC EDGAR
How we source and review company pages: research methodology.
Congressional trading in MGM
| Politician | Trade date | Type | Owner | Amount | Source |
|---|---|---|---|---|---|
| Alan Armstrong | 2026-03-27 | Purchase | Self | $1,001 - $15,000 | Filing #fda235b3-bad7-4637-8fa1-053f354d929c |
| Susie Lee | 2025-03-14 | Sale | Self | $1,001 - $15,000 | Filing #20029082 |
Congressional disclosures are delayed, range-based records—not real-time signals or proof of motive. See the source-linked tracker for scope and limitations.
Compare MGM with similar companies
MGM Resorts International peers
MGM — frequently asked questions
What does MGM Resorts International do?
MGM Resorts operates casino hotels on the Las Vegas Strip and in regional markets plus online gaming.
What were MGM's latest reported annual revenue and net income?
For the fiscal year ended December 31, 2025, MGM Resorts International reported revenue of $17.5B and net income of $206M, with operating cash flow of $2.5B. The figures come from MGM Resorts International's SEC XBRL filings.
When does MGM Resorts International's fiscal year end?
The SEC lists MGM Resorts International's fiscal year end as December 31.
Do members of Congress trade MGM?
The current verified House and Senate snapshot contains 2 transaction rows for MGM, each linked to the original filing.
Is MGM a good investment?
This page does not rate MGM as a buy or sell. It sets out what MGM Resorts International reports, what investors should watch and the questions a thesis has to answer, with links to the SEC filings. It is research, not investment advice.
This page is independent research and educational information, not investment advice or a recommendation to buy or sell any security. Company facts are compiled from public sources. Do your own research.
What do the MGM numbers leave unanswered?
Financials describe the business. The next question is which assumptions an investment thesis depends on. Explore the member reports below for analysis of catalysts, risks, and what would change the view. $39/month or $249/year.
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