Revenue growth remains steady at 8.9% year-over-year as of 2026Q1, though gross margins exhibit significant sensitivity to seasonal shifts, fluctuating between 42.2% and 57.9% historically.
| Metric | TTM | 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 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 556.28M | 545.13M | 522.19M | 501.48M | 477.87M | 395.38M | 184.41M | 249.17M | 240.31M | 230.73M | 217.03M | 202.25M | 187.77M | 188.75M | 170.36M | 140.63M | 142.03M | 133.73M | 141.37M | 159.86M | 151.97M | 139.78M | 129.46M | 115.95M | 111.04M | 104.52M | 96.96M | 78.87M | 62.5M | 59.1M | 53.6M |
| Revenue Growth % | 5.77% | 4.39% | 4.13% | 4.94% | 20.86% | 114.4% | -25.99% | 3.68% | 4.16% | 6.31% | 7.31% | 7.71% | -0.52% | 10.8% | 21.14% | -0.98% | 6.21% | -5.4% | -11.56% | 5.19% | 8.72% | 7.98% | 11.65% | 4.42% | 6.24% | 7.79% | 22.95% | 26.19% | 5.75% | 10.26% | 0.37% |
| Cost of Goods Sold | 269.12M | 299.09M | 241.37M | 232.3M | 218.28M | 177.72M | 84.71M | 122.29M | 117.06M | 112.2M | 105.24M | 98.97M | 92.53M | 89.22M | 80.34M | 66.85M | 66.42M | 62.86M | 65.63M | 66.05M | 63.5M | 59.82M | 58.58M | 55.28M | 53.08M | 52.64M | 51.6M | 43.64M | 31.8M | 29.9M | 28.2M |
| COGS % of Revenue | - | 54.87% | 46.22% | 46.32% | 45.68% | 44.95% | 45.94% | 49.08% | 48.71% | 48.63% | 48.49% | 48.94% | 49.28% | 47.27% | 47.16% | 47.54% | 46.77% | 47% | 46.43% | 41.32% | 41.79% | 42.8% | 45.25% | 47.68% | 47.8% | 50.37% | 53.21% | 55.33% | 50.88% | 50.59% | 52.61% |
| Gross Profit | 287.16M | 246.03M | 280.82M | 269.18M | 259.59M | 217.66M | 99.7M | 126.87M | 123.26M | 118.52M | 111.79M | 103.28M | 95.24M | 99.52M | 90.02M | 73.78M | 75.61M | 70.88M | 75.74M | 93.8M | 88.47M | 79.96M | 70.88M | 60.67M | 57.96M | 51.87M | 45.37M | 35.23M | 30.7M | 29.2M | 25.4M |
| Gross Margin % | 51.62% | 45.13% | 53.78% | 53.68% | 54.32% | 55.05% | 54.06% | 50.92% | 51.29% | 51.37% | 51.51% | 51.06% | 50.72% | 52.73% | 52.84% | 52.46% | 53.23% | 53% | 53.57% | 58.68% | 58.21% | 57.2% | 54.75% | 52.32% | 52.2% | 49.63% | 46.79% | 44.67% | 49.12% | 49.41% | 47.39% |
| Gross Profit Growth % | - | -12.39% | 4.32% | 3.69% | 19.26% | 118.31% | -21.42% | 2.93% | 4% | 6.02% | 8.24% | 8.44% | -4.31% | 10.56% | 22.01% | -2.42% | 6.68% | -6.42% | -19.26% | 6.03% | 10.64% | 12.81% | 16.84% | 4.67% | 11.73% | 14.34% | 28.78% | 14.75% | 5.14% | 14.96% | 1.2% |
| Operating Expenses | 148.45M | 109.38M | 188.31M | 159.02M | 148.15M | 127.78M | 84.43M | 87.3M | 80.42M | 77.85M | 72.56M | 70.71M | 72.67M | 69.07M | 71.88M | 64.01M | 61.58M | 61.73M | 61.05M | 58.11M | 54.98M | 46.89M | 44.61M | 43.46M | 40.76M | 37.74M | 35.82M | 31.25M | 21.9M | 20.3M | 19.3M |
| OpEx % of Revenue | - | 20.06% | 36.06% | 31.71% | 31% | 32.32% | 45.78% | 35.04% | 33.46% | 33.74% | 33.44% | 34.96% | 38.7% | 36.59% | 42.19% | 45.52% | 43.35% | 46.16% | 43.19% | 36.35% | 36.18% | 33.55% | 34.46% | 37.48% | 36.71% | 36.11% | 36.94% | 39.62% | 35.04% | 34.35% | 36.01% |
| Selling, General & Admin | 109.94M | 109.38M | 108.29M | 105.82M | 97.6M | 84.43M | 60.4M | 69.31M | 65.8M | 62.72M | 57.73M | 54.78M | 52.99M | 52.43M | 55.23M | 50.63M | 48.3M | 47.87M | 51.16M | 49.97M | 46.31M | 38.51M | 34.98M | 32.66M | 30.44M | 27.66M | 25.54M | 23.33M | 17.3M | 16M | 15.2M |
| SG&A % of Revenue | - | 20.06% | 20.74% | 21.1% | 20.42% | 21.35% | 32.75% | 27.82% | 27.38% | 27.18% | 26.6% | 27.09% | 28.22% | 27.78% | 32.42% | 36% | 34% | 35.79% | 36.19% | 31.26% | 30.47% | 27.55% | 27.02% | 28.17% | 27.42% | 26.46% | 26.34% | 29.58% | 27.68% | 27.07% | 28.36% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.48K | 106.48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.01% | 0.07% | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2.54M | 0 | 80.03M | 53.2M | 50.55M | 43.36M | 24.04M | 17.99M | 14.62M | 15.13M | 14.84M | 15.93M | 19.69M | 16.64M | 16.65M | 13.38M | 13.28M | 13.87M | 9.89M | 8.14M | 8.56M | 8.38M | 9.63M | 10.8M | 10.32M | 10.09M | 10.28M | 7.92M | 4.6M | 4.3M | 4.1M |
| Operating Income | 138.71M | 136.66M | 92.5M | 110.15M | 111.44M | 89.88M | 15.27M | 39.58M | 42.83M | 40.67M | 38.55M | 32.55M | 22.22M | 30.46M | 15.98M | 9.77M | 14.03M | 9.14M | 14.69M | 35.69M | 33.49M | 33.07M | 26.27M | 17.21M | 17.2M | 14.13M | 9.55M | 3.98M | 8.8M | 8.9M | 6.1M |
| Operating Margin % | 24.93% | 25.07% | 17.71% | 21.97% | 23.32% | 22.73% | 8.28% | 15.88% | 17.82% | 17.63% | 17.76% | 16.1% | 11.83% | 16.14% | 9.38% | 6.95% | 9.88% | 6.84% | 10.39% | 22.32% | 22.04% | 23.66% | 20.3% | 14.84% | 15.49% | 13.52% | 9.85% | 5.05% | 14.08% | 15.06% | 11.38% |
| Operating Income Growth % | - | 47.73% | -16.02% | -1.16% | 23.99% | 488.55% | -61.41% | -7.59% | 5.31% | 5.49% | 18.41% | 46.52% | -27.04% | 90.55% | 63.59% | -30.38% | 53.5% | -37.75% | -58.85% | 6.56% | 1.28% | 25.87% | 52.67% | 0.08% | 21.68% | 47.97% | 139.83% | -54.75% | -1.12% | 45.9% | -3.17% |
| EBITDA | 189.98M | 191.11M | 143.86M | 157.45M | 154.88M | 128.29M | 32.59M | 54.45M | 57.44M | 55.8M | 53.38M | 48.49M | 40.04M | 47.09M | 32.63M | 23.15M | 27.31M | 21.64M | 24.6M | 43.97M | 42.09M | 41.59M | 36.08M | 28.19M | 27.7M | 24.4M | 19.83M | 11.9M | 13.4M | 13.2M | 10.2M |
| EBITDA Margin % | 34.15% | 35.06% | 27.55% | 31.4% | 32.41% | 32.45% | 17.68% | 21.85% | 23.9% | 24.18% | 24.6% | 23.97% | 21.33% | 24.95% | 19.16% | 16.46% | 19.23% | 16.18% | 17.4% | 27.51% | 27.7% | 29.75% | 27.87% | 24.31% | 24.94% | 23.34% | 20.45% | 15.09% | 21.44% | 22.34% | 19.03% |
| EBITDA Growth % | 30.04% | 32.84% | -8.63% | 1.65% | 20.73% | 293.58% | -40.14% | -5.21% | 2.95% | 4.52% | 10.1% | 21.09% | -14.97% | 44.31% | 40.97% | -15.25% | 26.2% | -12.01% | -44.06% | 4.48% | 1.21% | 15.27% | 27.99% | 1.77% | 13.52% | 23.06% | 66.58% | -11.18% | 1.52% | 29.41% | -0.97% |
| D&A (Non-Cash Add-back) | 51.27M | 54.46M | 51.36M | 47.29M | 43.44M | 38.41M | 17.32M | 14.88M | 14.62M | 15.13M | 14.84M | 15.93M | 17.82M | 16.64M | 16.65M | 13.38M | 13.28M | 12.5M | 9.91M | 8.29M | 8.6M | 8.52M | 9.8M | 10.98M | 10.5M | 10.26M | 10.28M | 7.92M | 4.6M | 4.3M | 4.1M |
| EBIT | 139.92M | 131.37M | 92.5M | 110.15M | 111.44M | 89.88M | 15.27M | 39.58M | 42.83M | 40.67M | 39.23M | 32.56M | 22.56M | 30.46M | 15.98M | 9.77M | 14.03M | 9.27M | 15.06M | 37.62M | 33.49M | 33.07M | 26.14M | 17.21M | 17.2M | 14.13M | 9.55M | 3.8M | 8.1M | 8.9M | 6.1M |
| Net Interest Income | 1.07M | -1.94M | -104K | -1.63M | -2.42M | -4.51M | -273K | 1K | -177K | -967K | -616K | -679K | -1.1M | -1.86M | -2.02M | -914.31K | -1.46M | -1.98M | -168.05K | 1.78M | 368.33K | -1.01M | -1.45M | -1.61M | -3.93M | -7.24M | -8.16M | 0 | -2.2M | 0 | -3.6M |
| Interest Income | 1.64M | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 124.66K | 370.63K | 1.93M | 466.05K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 575K | 1.94M | 104K | 1.63M | 2.42M | 4.51M | 273K | 0 | 177K | 967K | 616K | 679K | 1.1M | 1.86M | 2.02M | 914.31K | 1.46M | 2.1M | 538.68K | 152.27K | 97.72K | 1.01M | 1.45M | 1.61M | 3.93M | 7.24M | 8.16M | 0 | 2.2M | 0 | 3.6M |
| Other Income/Expense | 634K | -7.22M | -104K | -1.63M | -2.42M | -4.51M | -273K | 1K | -177K | -967K | -616K | -679K | -1.1M | -1.86M | -4.17M | -914.31K | -1.46M | -1.98M | -168.05K | 1.78M | -831.67K | -1.01M | -1.58M | -2.64M | -4.16M | -7.24M | -8.16M | -4.74M | -2.4M | -3.2M | -4.8M |
| Pretax Income | 139.34M | 129.43M | 92.4M | 108.53M | 109.02M | 85.37M | 15M | 39.58M | 42.65M | 39.7M | 37.93M | 31.88M | 21.11M | 28.59M | 13.96M | 8.86M | 12.58M | 7.16M | 14.52M | 37.46M | 33.86M | 32.06M | 24.69M | 14.57M | 13.03M | 6.89M | 1.39M | -944.54K | 5.7M | 5.7M | 1.3M |
| Pretax Margin % | 25.05% | 23.74% | 17.69% | 21.64% | 22.81% | 21.59% | 8.13% | 15.88% | 17.75% | 17.21% | 17.48% | 15.76% | 11.25% | 15.15% | 8.19% | 6.3% | 8.85% | 5.36% | 10.27% | 23.44% | 22.28% | 22.93% | 19.07% | 12.57% | 11.74% | 6.59% | 1.43% | -1.2% | 9.12% | 9.64% | 2.43% |
| Income Tax | 30.22M | 28.04M | 19.63M | 26.08M | 21.54M | 16.88M | -8.68M | 7.76M | 8.55M | 14.16M | 13.36M | 11.22M | 6.93M | 10.63M | 5.05M | 3.18M | 4.34M | 2.32M | 4.98M | 12.98M | 11.78M | 11.02M | 8.16M | 4.97M | 4.43M | 2.29M | 425.43K | -359.67K | 1.9M | 2M | 500K |
| Effective Tax Rate % | 21.69% | 21.66% | 21.24% | 24.03% | 19.76% | 19.78% | -57.87% | 19.61% | 20.05% | 35.67% | 35.22% | 35.19% | 32.82% | 37.19% | 36.17% | 35.91% | 34.5% | 32.41% | 34.28% | 34.66% | 34.79% | 34.38% | 33.06% | 34.08% | 33.99% | 33.2% | 30.71% | 38.08% | 33.33% | 35.09% | 38.46% |
| Net Income | 109.12M | 101.39M | 72.77M | 82.45M | 87.48M | 68.49M | 23.68M | 31.82M | 34.1M | 25.54M | 24.57M | 20.66M | 14.19M | 17.96M | 8.91M | 5.68M | 8.24M | 4.84M | 9.54M | 24.48M | 22.08M | 21.04M | 16.53M | 9.61M | 8.6M | 4.6M | 960.08K | -584.87K | 3.8M | 3.5M | 800K |
| Net Margin % | 19.62% | 18.6% | 13.94% | 16.44% | 18.31% | 17.32% | 12.84% | 12.77% | 14.19% | 11.07% | 11.32% | 10.21% | 7.55% | 9.52% | 5.23% | 4.04% | 5.8% | 3.62% | 6.75% | 15.31% | 14.53% | 15.05% | 12.77% | 8.28% | 7.75% | 4.4% | 0.99% | -0.74% | 6.08% | 5.92% | 1.49% |
| Net Income Growth % | 46.75% | 39.33% | -11.74% | -5.75% | 27.73% | 189.25% | -25.58% | -6.69% | 33.52% | 3.92% | 18.95% | 45.64% | -21.02% | 101.56% | 57% | -31.09% | 70.12% | -49.26% | -61.03% | 10.87% | 4.97% | 27.28% | 72.04% | 11.65% | 86.96% | 379.31% | 264.15% | -115.39% | 8.57% | 337.5% | -50% |
| Net Income (Continuing) | 109.12M | 101.39M | 72.77M | 82.45M | 87.48M | 68.49M | 23.68M | 31.82M | 34.1M | 25.54M | 24.57M | 20.66M | 14.19M | 17.96M | 8.91M | 5.68M | 8.24M | 4.84M | 9.54M | 24.48M | 22.08M | 21.04M | 16.53M | 9.61M | 8.6M | 4.6M | 960.08K | -584.87K | 3.8M | 3.7M | 800K |
| 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 | 0 | 0 | 0 |
| Minority Interest | 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 | 0 | 0 | 0 |
| EPS (Diluted) | 6.00 | 5.43 | 3.84 | 4.20 | 4.47 | 3.53 | 1.25 | 1.70 | 1.84 | 1.39 | 1.39 | 1.19 | 0.83 | 1.06 | 0.55 | 0.35 | 0.51 | 0.30 | 0.56 | 1.27 | 1.15 | 1.10 | 0.88 | 0.51 | 0.45 | 0.25 | 0.05 | -0.03 | 0.20 | 0.19 | 0.05 |
| EPS Growth % | 16.37% | 41.41% | -8.57% | -6.04% | 26.63% | 182.4% | -26.47% | -7.61% | 32.37% | 0% | 16.81% | 43.37% | -21.7% | 92.73% | 57.14% | -31.37% | 70% | -46.43% | -55.91% | 10.43% | 4.55% | 25% | 72.55% | 13.33% | 80% | 400% | 261.29% | -115.5% | 5.26% | 322.22% | -43.75% |
| EPS (Basic) | - | 5.55 | 3.91 | 4.28 | 4.61 | 3.68 | 1.30 | 1.77 | 1.91 | 1.45 | 1.42 | 1.22 | 0.85 | 1.10 | 0.55 | 0.35 | 0.51 | 0.30 | 0.56 | 1.28 | 1.16 | 1.12 | 0.88 | 0.51 | 0.46 | 0.25 | 0.05 | -0.03 | 0.20 | 0.19 | 0.05 |
| Diluted Shares Outstanding | 18.2M | 18.74M | 18.97M | 19.62M | 19.58M | 19.43M | 18.88M | 18.68M | 18.57M | 18.37M | 17.66M | 17.34M | 17.11M | 16.94M | 16.25M | 16.23M | 16.21M | 16.16M | 17.02M | 19.33M | 19.27M | 19.09M | 18.81M | 18.82M | 19.04M | 18.96M | 18.95M | 18.87M | 19M | 18.92M | 20M |
| Basic Shares Outstanding | 17.84M | 18.3M | 18.61M | 19.24M | 19M | 18.62M | 18.22M | 18.02M | 17.85M | 17.59M | 17.3M | 16.95M | 16.73M | 16.3M | 16.14M | 16.14M | 16.13M | 16.12M | 16.96M | 19.06M | 18.99M | 18.85M | 18.76M | 18.76M | 18.92M | 18.87M | 18.87M | 18.87M | 18.87M | 18.92M | 19M |
| Dividend Payout Ratio | - | 21.59% | 30.6% | 136.84% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regional gaming tax volatility
As reported in recent quarterly filings, Monarch Casino & Resort has maintained a steady revenue growth trajectory, with the most recent quarter showing an 8.9% year-over-year increase, suggesting that the company is successfully leveraging its expanded Black Hawk capacity to capture higher-value regional gaming demand.
The revenue performance appears to reflect a transition from heavy capital investment to operational optimization. Investors should monitor whether this growth rate remains sustainable as the initial benefits of the Black Hawk expansion normalize against a backdrop of regional competition.
Based on the provided income statement data, gross margins have exhibited significant quarterly fluctuations, ranging from 42.2% to 57.9%, which suggests that the company's profitability is highly sensitive to seasonal shifts and the variable costs inherent in its luxury hospitality and gaming service model.
The wide variance in gross margins implies that management may be navigating complex trade-offs between promotional discounting and premium pricing strategies. This volatility warrants further investigation into whether these margin swings are purely cyclical or indicative of intensifying competitive pressure in the Denver-metro market.
According to the latest financial statements, Monarch has demonstrated effective control over its overhead, with SG&A expenses remaining remarkably consistent near $27M per quarter, allowing operating income to scale efficiently as the company moves past the intensive construction phase of its recent resort expansion.
The stability of SG&A relative to revenue growth suggests a disciplined approach to cost management that enhances the company's operating leverage. This efficiency appears to be a core driver of the firm's ability to maintain strong profitability despite the high fixed-cost nature of the casino industry.
While the company displays strong profitability, the potential for margin compression remains a significant risk, as evidenced by the 2024Q4 operating margin dip to 2.9%, which highlights the vulnerability of the business to sudden shifts in regional gaming tax structures or increased competitive reinvestment requirements.
Short-term fluctuations in operating income suggest that the company's earnings quality may be more susceptible to external shocks than the current valuation implies. Investors should monitor whether the recent expansion of tribal gaming in Northern California begins to erode the Reno property's pricing power.
Quick answers to the most common questions about buying MCRI stock.
For fiscal year 2025, Monarch Casino & Resort, Inc. (MCRI) reported total revenue of $545.1M. This represents a 917.0% increase compared to $53.6M in 1996.
Monarch Casino & Resort, Inc. (MCRI) is profitable, generating $101.4M in net income for the fiscal year ending 2025 with a net profit margin of 18.6%.
Monarch Casino & Resort, Inc. (MCRI) reported an operating income of $136.7M, resulting in an operating profit margin of 25.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Monarch Casino & Resort, Inc. (MCRI) generated $246.0M in gross profit for the year, representing a gross profit margin of 45.1%. This demonstrates the company's core pricing power and production efficiency.