Operating performance has deteriorated significantly, with 2025Q4 revenue declining 5.2% year-over-year and gross margins contracting to a negative 4.7%.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 634.91M | 666.82M | 1.05B | 1.12B | 1.1B | 694.15M | 973.41M | 851.79M | 509.81M | 403.2M | 177.04M | 55.17M | 38.79M | 10.95M | 35.57M | 24.6M | 26.22M | 24.33M | 28.45M | 29.87M | 18.22M | 17.56M | 4.27M | 1.5M | 34.85M | 59.04M | 54.7M | 92.3M |
| Revenue Growth % | -4.78% | -36.68% | -6.11% | 2.3% | 57.97% | -28.69% | 14.28% | 67.08% | 26.44% | 127.74% | 220.89% | 42.23% | 254.18% | -69.21% | 44.59% | -6.17% | 7.77% | -14.49% | -4.75% | 63.93% | 3.79% | 311.36% | 184.15% | -95.69% | -40.97% | 7.94% | -40.74% | - |
| Cost of Goods Sold | 383.96M | 305.89M | 600.01M | 637.15M | 600.34M | 418.97M | 578.51M | 498.9M | 336.98M | 284.77M | 118.61M | 30.5M | 18.09M | 1.25M | 0 | 0 | 28K | 0 | 8.22M | 10.32M | 16K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | 60.47% | 45.87% | 56.97% | 56.8% | 54.75% | 60.36% | 59.43% | 58.57% | 66.1% | 70.63% | 66.99% | 55.27% | 46.64% | 11.42% | - | - | 0.11% | - | 28.9% | 34.53% | 0.09% | - | - | - | - | - | - | - |
| Gross Profit | 250.95M | 360.93M | 453.13M | 484.57M | 496.2M | 275.19M | 394.9M | 352.89M | 172.83M | 118.44M | 58.43M | 24.68M | 20.7M | 9.7M | 35.57M | 24.6M | 26.19M | 24.33M | 20.23M | 19.56M | 18.21M | 17.56M | 4.27M | 1.5M | 34.85M | 59.04M | 54.7M | 92.3M |
| Gross Margin % | 39.53% | 54.13% | 43.03% | 43.2% | 45.25% | 39.64% | 40.57% | 41.43% | 33.9% | 29.37% | 33.01% | 44.73% | 53.36% | 88.58% | 100% | 100% | 99.89% | 100% | 71.1% | 65.47% | 99.91% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | -30.47% | -20.35% | -6.49% | -2.34% | 80.31% | -30.31% | 11.9% | 104.18% | 45.93% | 102.69% | 136.8% | 19.21% | 113.37% | -72.73% | 44.59% | -6.07% | 7.65% | 20.28% | 3.44% | 7.42% | 3.7% | 311.36% | 184.15% | -95.69% | -40.97% | 7.94% | -40.74% | - |
| Operating Expenses | 215.76M | 248.8M | 53.92M | 336.62M | 330.17M | 342.63M | 348.78M | 294.85M | 152.99M | 103.7M | 52.2M | 27.5M | 24.93M | 12.34M | 37.34M | 21.57M | 24.9M | 93M | 39.01M | -14.64M | 34.68M | 30.48M | 11.2M | 18.37M | 13.93M | 11.94M | 9.7M | 16.4M |
| OpEx % of Revenue | 33.98% | 37.31% | 5.12% | 30.01% | 30.11% | 49.36% | 35.83% | 34.62% | 30.01% | 25.72% | 29.49% | 49.84% | 64.26% | 112.65% | 104.95% | 87.66% | 94.97% | 382.23% | 137.11% | -49.02% | 190.3% | 173.6% | 262.49% | 1223.24% | 39.96% | 20.21% | 17.73% | 17.77% |
| Selling, General & Admin | 218.46M | 225.82M | 255.56M | 235.56M | 222.21M | 183.43M | 231.27M | 183.89M | 103.52M | 68.16M | 38.71M | 22.57M | 19.33M | 10.19M | 9.46M | 11.77M | 14.2M | 44.01M | 40.08M | 35.24M | 39.42M | 32.94M | 10.66M | 17.89M | 12.6M | 9.03M | 7.8M | 14.6M |
| SG&A % of Revenue | 34.41% | 33.87% | 24.27% | 21% | 20.26% | 26.42% | 23.76% | 21.59% | 20.31% | 16.9% | 21.86% | 40.9% | 49.84% | 93.05% | 26.59% | 47.83% | 54.17% | 180.88% | 140.88% | 117.96% | 216.34% | 187.59% | 249.67% | 1191.21% | 36.15% | 15.29% | 14.26% | 15.82% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -2.7M | 22.98M | -201.64M | 101.06M | 107.95M | 159.2M | 117.51M | 110.96M | 49.47M | 869K | 90K | 164K | 25K | 123K | 27.88M | 9.8M | 8.82M | 48.99M | -1.07M | -49.88M | -4.75M | -2.46M | 547K | 481K | 1.33M | 2.91M | 1.9M | 1.8M |
| Operating Income | 35.19M | 112.12M | 399.21M | 147.95M | 166.04M | -67.44M | 46.12M | 50.97M | 15.38M | 13.04M | 18.36M | -23.95M | 13.41M | -7.09M | -10.31M | -40.77M | -999K | -68.67M | -18.78M | 34.2M | -16.45M | -12.92M | -6.93M | -16.87M | 20.93M | 47.11M | 45M | 75.9M |
| Operating Margin % | 5.54% | 16.81% | 37.91% | 13.19% | 15.14% | -9.72% | 4.74% | 5.98% | 3.02% | 3.23% | 10.37% | -43.41% | 34.57% | -64.73% | -28.99% | -165.73% | -3.81% | -282.23% | -66.02% | 114.49% | -90.3% | -73.6% | -162.49% | -1123.24% | 60.04% | 79.79% | 82.27% | 82.23% |
| Operating Income Growth % | -68.62% | -71.91% | 169.83% | -10.9% | 346.21% | -246.23% | -9.52% | 231.43% | 17.97% | -29.01% | 176.67% | -278.62% | 289.15% | 31.25% | 74.71% | -3981.48% | 98.55% | -265.58% | -154.92% | 307.85% | -27.33% | -86.33% | 58.89% | -180.62% | -55.58% | 4.69% | -40.71% | - |
| EBITDA | 125.47M | 202.16M | 488.14M | 248.07M | 272.73M | 56.99M | 162.71M | 145.42M | 56.16M | 40.54M | 29.16M | -20.44M | 16.4M | -5.36M | 1.67M | -29.38M | 9.7M | -61.48M | -14.78M | 36.25M | -15.98M | -12.32M | -6.39M | -16.39M | 22.25M | 50.02M | 46.9M | 77.7M |
| EBITDA Margin % | 19.76% | 30.32% | 46.35% | 22.12% | 24.87% | 8.21% | 16.72% | 17.07% | 11.02% | 10.05% | 16.47% | -37.04% | 42.27% | -48.92% | 4.71% | -119.4% | 36.98% | -252.67% | -51.96% | 121.35% | -87.72% | -70.19% | -149.67% | -1091.21% | 63.85% | 84.71% | 85.74% | 84.18% |
| EBITDA Growth % | -37.93% | -58.59% | 96.78% | -9.04% | 378.55% | -64.97% | 11.89% | 158.93% | 38.54% | 39.02% | 242.68% | -224.64% | 406.05% | -420.07% | 105.7% | -402.93% | 115.77% | -315.85% | -140.78% | 326.77% | -29.71% | -92.92% | 61.02% | -173.65% | -55.51% | 6.65% | -39.64% | - |
| D&A (Non-Cash Add-back) | 90.28M | 90.03M | 88.93M | 100.12M | 106.69M | 124.43M | 116.59M | 94.46M | 40.79M | 27.51M | 10.8M | 3.51M | 2.99M | 1.73M | 11.98M | 11.4M | 10.7M | 7.19M | 4M | 2.05M | 469K | 598K | 547K | 481K | 1.33M | 2.91M | 1.9M | 1.8M |
| EBIT | 21.53M | 45.07M | 397.48M | 148.88M | 167.3M | -32.67M | 47.04M | 52.75M | 13.76M | 18.43M | 17.28M | -23.79M | 19.89M | 1.64M | -3.93M | -10.68M | 7.14M | -67.37M | -7.31M | 33.88M | -14.82M | -12.92M | -3.43M | -16.87M | -1.12M | 47.11M | 45M | 75.9M |
| Net Interest Income | -30.66M | -34.88M | -65.52M | -63.49M | -62.85M | -69.11M | -74.22M | -64.03M | -19.6M | -6.45M | -2.73M | -1.06M | 3.56M | 5.5M | 4.75M | 5.04M | 6.02M | -566K | 7.6M | -4.95M | 1.56M | 775K | 632K | 1.33M | 6.13M | 7.85M | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 82K | 151K | 4.8M | 6.44M | 5.94M | 7.05M | 8.03M | 985K | 8.55M | 3.41M | 1.63M | 775K | 632K | 1.42M | 6.3M | 7.94M | 0 | 0 |
| Interest Expense | 30.66M | 34.88M | 65.52M | 63.49M | 62.85M | 69.11M | 74.22M | 64.03M | 19.6M | 6.45M | 2.81M | 1.21M | 1.24M | 940K | 1.18M | 2.01M | 1.66M | 1.55M | 951K | 8.36M | 66K | 0 | 0 | 90K | 170K | 97K | 0 | 0 |
| Other Income/Expense | -44.32M | -39.33M | -67.25M | -65.08M | -3.83M | -69.11M | -83.79M | -62.24M | -21.21M | -1.06M | -3.81M | -894K | 5.24M | 7.79M | 5.2M | 28.09M | 6.12M | -250K | 3.77M | -2.07M | 1.56M | 12.06M | 790K | 875K | -25.78M | -20.58M | 5.9M | 1.1M |
| Pretax Income | -9.13M | 72.79M | 331.96M | 82.87M | 162.21M | -136.55M | -37.67M | -11.28M | -5.75M | 11.97M | 14.55M | -24.84M | 18.65M | 696K | -5.12M | -12.68M | 5.12M | -68.92M | -15.01M | 32.13M | -14.89M | -857K | -6.39M | -16M | -543K | 28.59M | 50.9M | 77M |
| Pretax Margin % | -1.44% | 10.92% | 31.52% | 7.39% | 14.79% | -19.67% | -3.87% | -1.32% | -1.13% | 2.97% | 8.22% | -45.03% | 48.08% | 6.35% | -14.38% | -51.55% | 19.54% | -283.26% | -52.76% | 107.57% | -81.71% | -4.88% | -149.7% | -1064.98% | -1.56% | 48.42% | 93.05% | 83.42% |
| Income Tax | -3.09M | 22.06M | 76.21M | 521K | 436K | 61K | 1.88M | 9.64M | -7.92M | -4.33M | -9.97M | 0 | 0 | -2.46M | -3.23M | 1.15M | 1.42M | 9.11M | 2.33M | 8.22M | -1.16M | 4.04M | -2.43M | -4.46M | -222K | 12.91M | 22.1M | 15.8M |
| Effective Tax Rate % | 33.84% | 30.31% | 22.96% | 0.63% | 0.27% | -0.04% | -4.98% | -85.49% | 137.76% | -36.12% | -68.51% | 0% | 0% | -354.02% | 63.21% | -9.1% | 27.72% | -13.22% | -15.51% | 25.57% | 7.8% | -471.65% | 38% | 27.85% | 40.88% | 45.17% | 43.42% | 20.52% |
| Net Income | -6.04M | 50.73M | 255.76M | 82.35M | 161.78M | -136.61M | -39.55M | -20.91M | 2.17M | 16.3M | 24.52M | -24.84M | 18.65M | 3.22M | -1.84M | -13.84M | 3.7M | -86.32M | -15.05M | 20.95M | -11.87M | -4.04M | -3.96M | -11.54M | -321K | 15.68M | 28.8M | 61.2M |
| Net Margin % | -0.95% | 7.61% | 24.28% | 7.34% | 14.75% | -19.68% | -4.06% | -2.46% | 0.43% | 4.04% | 13.85% | -45.03% | 48.08% | 29.41% | -5.19% | -56.24% | 14.12% | -354.8% | -52.89% | 70.12% | -65.14% | -23.02% | -92.81% | -768.38% | -0.92% | 26.55% | 52.65% | 66.31% |
| Net Income Growth % | -111.91% | -80.16% | 210.59% | -49.1% | 218.42% | -245.46% | -89.08% | -1063.33% | -86.68% | -33.52% | 198.69% | -233.21% | 479.04% | 274.58% | 86.67% | -473.64% | 104.29% | -473.65% | -171.84% | 276.47% | -193.74% | -2.02% | 65.68% | -3495.33% | -102.05% | -45.57% | -52.94% | - |
| Net Income (Continuing) | -6.04M | 50.73M | 255.76M | 82.35M | 161.78M | -136.61M | -39.55M | -20.91M | 2.08M | 16.3M | 24.52M | -24.84M | 18.65M | 3.16M | -1.88M | -13.84M | 3.7M | -78.03M | -17.34M | 15.04M | -11.87M | -4.04M | -1.77M | -11.54M | -2.87M | 14.46M | 28.8M | 61.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 350K | 0 | 0 | 0 | 13.99M | 16.76M | 14.47M | 11.22M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.23 | 1.71 | 8.31 | 2.61 | 5.04 | -4.87 | -1.43 | -0.76 | 0.09 | 0.73 | 1.43 | -1.86 | 1.40 | 0.24 | -0.14 | -1.05 | 0.28 | -6.85 | -1.26 | 1.60 | -1.06 | -0.37 | -0.19 | -1.08 | -0.03 | 0.71 | 2.67 | 5.71 |
| EPS Growth % | -113.45% | -79.42% | 218.39% | -48.21% | 203.49% | -240.56% | -88.16% | -944.44% | -87.67% | -48.95% | 176.88% | -232.86% | 483.33% | 271.43% | 86.67% | -475% | 104.09% | -443.65% | -178.75% | 250.94% | -186.49% | -94.74% | 82.41% | -3488.04% | -104.24% | -73.41% | -53.24% | - |
| EPS (Basic) | -0.23 | 1.80 | 8.93 | 2.87 | 5.64 | -4.87 | -1.43 | -0.76 | 0.09 | 0.74 | 1.45 | -1.86 | 1.40 | 0.24 | -0.14 | -1.05 | 0.28 | -6.85 | -1.26 | 1.74 | -1.06 | -0.37 | -0.19 | -0.54 | -0.02 | 0.71 | 2.72 | 5.80 |
| Diluted Shares Outstanding | 26.28M | 29.7M | 30.78M | 31.51M | 32.12M | 28.08M | 27.75M | 27.55M | 24.66M | 22.45M | 17.1M | 13.38M | 13.34M | 13.22M | 13.2M | 13.19M | 13.21M | 12.6M | 11.97M | 12.33M | 11.15M | 11.05M | 21.31M | 10.64M | 10.68M | 10.66M | 10.79M | 10.71M |
| Basic Shares Outstanding | 26.28M | 28.18M | 28.65M | 28.66M | 28.71M | 28.08M | 27.75M | 27.52M | 23.11M | 22.14M | 16.88M | 13.36M | 13.24M | 13.22M | 13.2M | 13.19M | 13.16M | 12.6M | 11.97M | 11.39M | 11.15M | 11.05M | 21.31M | 21.28M | 21.28M | 10.63M | 10.79M | 10.71M |
| Dividend Payout Ratio | - | 42% | 22.57% | - | - | - | - | - | - | 144.35% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 84.8% |
Persistent revenue contraction
According to the company's recent financial disclosures, Golden Entertainment has experienced a consistent decline in top-line performance, with revenue falling to $155.6 million in 2025Q4, representing a year-over-year contraction of 5.2% that highlights ongoing challenges in maintaining volume across its core Nevada gaming and tavern segments.
The sustained downward trajectory in revenue suggests that the company is struggling to offset the loss of scale following recent divestitures. Investors should monitor whether this contraction reflects a structural loss of market share in the competitive Las Vegas locals market or merely a temporary adjustment period.
As reported in quarterly filings, gross margins have exhibited significant instability, culminating in a negative 4.7% gross margin in 2025Q4, a stark departure from the mid-50% levels observed in previous quarters, which warrants further investigation into the underlying cost of revenue and potential inventory or operational write-downs.
The sudden collapse in gross profitability suggests that the company's cost structure is highly sensitive to volume fluctuations or that recent strategic shifts have introduced significant inefficiencies. This volatility implies that the firm lacks the pricing power necessary to absorb rising operational costs without severely impacting its core profitability.
Based on the provided income statement data, operating margins have compressed significantly, falling to 4.0% in 2025Q4 from historical highs, indicating that the company is failing to achieve the necessary operating leverage to scale its fixed cost base effectively against a shrinking revenue foundation.
The inability to maintain operating margins suggests that administrative and property-level overheads remain rigid despite the decline in top-line activity. This lack of flexibility may indicate that the company's current operating model is ill-suited for the present revenue environment, necessitating a potential reassessment of its cost-management strategy.
Analysis of the reported figures reveals that net income has frequently dipped into negative territory, with a net loss of $8.5 million in 2025Q4, suggesting that non-operating items and recurring stock-based compensation expenses are consistently eroding the value generated by the company's core gaming and hospitality operations.
The persistent gap between operating income and net income suggests that the company is burdened by significant non-operating charges or tax anomalies that obscure its true earnings power. Investors should be cautious of relying on headline EPS figures, as they appear heavily influenced by items that do not reflect the underlying cash-generating capacity of the business.
While management emphasizes the stability of the distributed gaming model, the recent financial data indicates a concerning trend of margin erosion and revenue decline, which may suggest that the company's competitive moat is being challenged by newer, more efficient entrants in the Nevada locals gaming space.
Short-term observers might argue that the current financial performance is merely a transition phase, but the consistent contraction in revenue and negative net margins suggest deeper structural issues. The reliance on a high-fixed-cost resort model alongside a distributed network may be creating a drag that the company cannot easily overcome without further asset rationalization.
Quick answers to the most common questions about buying GDEN stock.
For fiscal year 2025, Golden Entertainment, Inc. (GDEN) reported total revenue of $634.9M. This represents a 587.9% increase compared to $92.3M in 1998.
Golden Entertainment, Inc. (GDEN) reported a net loss of $6.0M for the fiscal year ending 2025.
Golden Entertainment, Inc. (GDEN) reported an operating income of $35.2M, resulting in an operating profit margin of 5.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Golden Entertainment, Inc. (GDEN) generated $251.0M in gross profit for the year, representing a gross profit margin of 39.5%. This demonstrates the company's core pricing power and production efficiency.