Revenue has plateaued near $4.5B with Q2 2026 growth of only 1% YoY, while gross margin compressed 180bps to 44.5% and SG&A rose 16% YoY, leading to volatile operating income that swung from a -$112.9M loss in Q3 2025 to a $503.6M record in Q2 2026.
MGM Resorts International (MGM) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 17.76B | 17.54B | 17.24B | 16.16B | 13.13B | 9.68B | 4.92B | 12.9B | 11.76B | 10.8B | 9.46B | 9.19B | 10.08B | 9.81B | 9.16B | 7.85B | 6.02B | 5.98B | 7.21B | 7.69B | 7.18B | 6.48B | 4.24B | 3.91B | 4.03B | 4.01B | 3.52B | 1.39B | 773.9M | 827.6M | 804.8M |
| Revenue Growth % | 3.19% | 1.72% | 6.66% | 23.13% | 35.61% | 96.87% | -61.88% | 9.66% | 8.94% | 14.2% | 2.88% | -8.85% | 2.78% | 7.08% | 16.71% | 30.4% | 0.68% | -17.07% | -6.28% | 7.19% | 10.71% | 52.95% | 8.42% | -3.04% | 0.54% | 13.94% | 152.85% | 79.83% | -6.49% | 2.83% | 11.5% |
| Cost of Goods Sold | 9.92B | 9.75B | 9.39B | 8.55B | 6.65B | 5.03B | 3.21B | 7.6B | 6.92B | 6.19B | 5.5B | 5.63B | 6.37B | 6.26B | 5.92B | 5.03B | 3.76B | 3.54B | 4.14B | 4.14B | 3.81B | 3.55B | 2.29B | 2.16B | 2.2B | 2.21B | 1.68B | 590.7M | 409.3M | 405.2M | 403.6M |
| COGS % of Revenue | - | 55.58% | 54.49% | 52.92% | 50.68% | 51.97% | 65.24% | 58.94% | 58.82% | 57.36% | 58.12% | 61.21% | 63.17% | 63.8% | 64.64% | 64.04% | 62.43% | 59.2% | 57.48% | 53.81% | 53.14% | 54.72% | 54.1% | 55.31% | 54.45% | 55.05% | 47.61% | 42.44% | 52.89% | 48.96% | 50.15% |
| Gross Profit | 7.84B | 7.79B | 7.85B | 7.61B | 6.47B | 4.65B | 1.71B | 5.3B | 4.84B | 4.6B | 3.96B | 3.56B | 3.71B | 3.55B | 3.24B | 2.82B | 2.26B | 2.44B | 3.07B | 3.55B | 3.36B | 2.93B | 1.95B | 1.75B | 1.84B | 1.8B | 1.84B | 801M | 364.6M | 422.4M | 401.2M |
| Gross Margin % | 44.16% | 44.42% | 45.51% | 47.08% | 49.32% | 48.03% | 34.76% | 41.06% | 41.18% | 42.64% | 41.88% | 38.79% | 36.83% | 36.2% | 35.36% | 35.96% | 37.57% | 40.8% | 42.52% | 46.19% | 46.86% | 45.28% | 45.9% | 44.69% | 45.55% | 44.95% | 52.39% | 57.56% | 47.11% | 51.04% | 49.85% |
| Gross Profit Growth % | - | -0.72% | 3.11% | 17.55% | 39.25% | 172% | -67.72% | 9.33% | 5.21% | 16.29% | 11.07% | -4% | 4.57% | 9.61% | 14.76% | 24.82% | -7.28% | -20.42% | -13.72% | 5.65% | 14.57% | 50.88% | 11.36% | -4.87% | 1.89% | -2.23% | 130.14% | 119.69% | -13.68% | 5.28% | 19.51% |
| Operating Expenses | 6.83B | 6.79B | 6.36B | 5.72B | 5.04B | 2.37B | 2.35B | 1.36B | 3.51B | 3.03B | 2.68B | 2.47B | 2.41B | 2.36B | 2.4B | 2.35B | 3.34B | 3.31B | 3.19B | 688.56M | 1.6B | 1.58B | 988.72M | 1.03B | 1.09B | 1.15B | 1.31B | 591.2M | 233.1M | 202.8M | 214.6M |
| OpEx % of Revenue | - | 38.71% | 36.87% | 35.38% | 38.36% | 24.49% | 47.83% | 10.51% | 29.87% | 28.05% | 28.35% | 26.93% | 23.93% | 24.03% | 26.25% | 29.98% | 55.53% | 55.45% | 44.31% | 8.95% | 22.34% | 24.34% | 23.33% | 26.28% | 26.95% | 28.7% | 37.1% | 42.48% | 30.12% | 24.5% | 26.66% |
| Selling, General & Admin | 5.31B | 4.88B | 4.83B | 4.7B | 4.23B | 2.51B | 2.12B | 2.1B | 1.76B | 1.56B | 1.38B | 1.31B | 1.32B | 1.28B | 1.24B | 1.18B | 1.13B | 2.63B | 2.62B | 1.43B | 1.23B | 1.07B | 661.81M | 686.98M | 646.58M | 665.37M | 524.14M | 308.55M | 213.23M | 166M | 205.9M |
| SG&A % of Revenue | - | 27.81% | 27.99% | 29.08% | 32.2% | 25.9% | 43.16% | 16.29% | 15% | 14.44% | 14.58% | 14.24% | 13.08% | 13.03% | 13.53% | 15.07% | 18.75% | 43.92% | 36.37% | 18.54% | 17.11% | 16.56% | 15.62% | 17.57% | 16.04% | 16.59% | 14.89% | 22.17% | 27.55% | 20.06% | 25.58% |
| 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 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 1.91B | 1.53B | 1.02B | 808.51M | -136.41M | 229.47M | -745.25M | 1.61B | 1.33B | 500.31M | 2.41B | 1.07B | 1.14B | 1.88B | -2.42B | 2.29B | 689.27M | 778.24M | -737.8M | 376.49M | 408.7M | 268.74M | 334.81M | 347.12M | 408.57M | 396.86M | 126.61M | 78.13M | 65.4M | 64.5M |
| Operating Income | 1.02B | 1B | 1.49B | 1.89B | 1.44B | 2.28B | -642.43M | 3.94B | 1.47B | 1.71B | 2.08B | -156.23M | 1.32B | 1.11B | 80.53M | 4.06B | -1.16B | -963.88M | -129.6M | 2.86B | 1.76B | 1.36B | 950.86M | 713.07M | 766.76M | 627.9M | 537.72M | 209.8M | 131.5M | 219.6M | 186.6M |
| Operating Margin % | 5.73% | 5.71% | 8.65% | 11.7% | 10.96% | 23.54% | -13.07% | 30.55% | 12.49% | 15.86% | 22% | -1.7% | 13.13% | 11.33% | 0.88% | 51.69% | -19.25% | -16.12% | -1.8% | 37.23% | 24.5% | 20.94% | 22.44% | 18.24% | 19.02% | 15.66% | 15.28% | 15.08% | 16.99% | 26.53% | 23.19% |
| Operating Income Growth % | - | -32.79% | -21.2% | 31.41% | -36.83% | 454.7% | -116.3% | 168.14% | -14.19% | -17.66% | 1431.22% | -111.8% | 19.08% | 1280.31% | -98.02% | 450.08% | -20.24% | -643.71% | -104.53% | 62.89% | 29.55% | 42.73% | 33.35% | -7% | 22.11% | 16.77% | 156.3% | 59.54% | -40.12% | 17.68% | 70.26% |
| EBITDA | 2.1B | 2.02B | 2.32B | 2.71B | 4.92B | 3.43B | 568.12M | 5.24B | 2.65B | 2.71B | 2.93B | 663.65M | 2.14B | 1.96B | 1.01B | 4.87B | -525.51M | -274.6M | 659.25M | 3.57B | 2.41B | 1.95B | 1.39B | 1.16B | 1.19B | 1.05B | 862.15M | 338.6M | 210M | 285M | 251.1M |
| EBITDA Margin % | 11.84% | 11.52% | 13.47% | 16.74% | 37.49% | 35.43% | 11.55% | 40.66% | 22.51% | 25.06% | 30.98% | 7.22% | 21.22% | 19.99% | 11.01% | 62.1% | -8.73% | -4.59% | 9.15% | 46.4% | 33.57% | 30.1% | 32.68% | 29.72% | 29.62% | 26.17% | 24.5% | 24.33% | 27.14% | 34.44% | 31.2% |
| EBITDA Growth % | -9.26% | -13.01% | -14.2% | -45.02% | 43.51% | 503.62% | -89.17% | 98.1% | -2.16% | -7.62% | 341.39% | -68.98% | 9.11% | 94.47% | -79.32% | 1027.54% | -91.37% | -141.65% | -81.53% | 48.13% | 23.47% | 40.86% | 19.22% | -2.69% | 13.8% | 21.69% | 154.62% | 61.24% | -26.32% | 13.5% | 49.2% |
| D&A (Non-Cash Add-back) | 1.09B | 1.02B | 831.1M | 814.13M | 3.48B | 1.15B | 1.21B | 1.3B | 1.18B | 993.48M | 849.53M | 819.88M | 815.76M | 849.23M | 927.7M | 817.15M | 633.42M | 689.27M | 788.86M | 704.63M | 650.82M | 593.89M | 434.26M | 448.76M | 427.15M | 421.23M | 324.44M | 128.8M | 78.5M | 65.4M | 64.5M |
| EBIT | 905.01M | 699.82M | 1.56B | 1.58B | 1.5B | 2.26B | -1.99B | 3.69B | 1.33B | 1.58B | 1.95B | -248.66M | 1.3B | 919.54M | -617.86M | 3.92B | -1.1B | -1.24B | -59.7M | 2.86B | 1.76B | 1.33B | 938.24M | 706.33M | 729.52M | 633.08M | 561.24M | 209.87M | 131.57M | 191M | 129.4M |
| Net Interest Income | -409.01M | -419.04M | -443.23M | -460.29M | -594.95M | -799.59M | -676.38M | -847.93M | -769.51M | -668.75M | -694.77M | -797.58M | -817.06M | -857.35M | -1.12B | -1.09B | -1.11B | -775.43M | -609.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 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 |
| Interest Expense | 409.01M | 419.04M | 443.23M | 460.29M | 594.95M | 799.59M | 676.38M | 847.93M | 769.51M | 668.75M | 694.77M | 797.58M | 817.06M | 857.35M | 1.12B | 1.09B | 1.11B | 775.43M | 609.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -413.84M | -613.82M | -373.39M | -418.73M | -535.57M | -816.89M | -869.04M | -1.09B | -835.48M | -751.74M | -819.02M | -890.01M | -912.65M | -1.05B | -1.81B | -1.23B | -2.59B | -1.05B | -539.38M | -705.5M | -780.32M | -690.12M | -395.05M | -369.41M | -288.61M | -396.04M | -296.62M | -59.72M | -22.05M | -10.7M | -30.3M |
| Pretax Income | 603.18M | 387.95M | 1.12B | 1.47B | 903.8M | 1.46B | -1.51B | 2.85B | 634.01M | 960.79M | 1.26B | -1.05B | 410.89M | 87.77M | -1.73B | 2.83B | -2.22B | -2.01B | -668.99M | 2.16B | 977.93M | 678.9M | 555.82M | 353.7M | 466.31M | 277.59M | 275.04M | 150.1M | 109.5M | 180.3M | 99.1M |
| Pretax Margin % | 3.4% | 2.21% | 6.48% | 9.11% | 6.88% | 15.1% | -30.74% | 22.07% | 5.39% | 8.9% | 13.32% | -11.38% | 4.08% | 0.89% | -18.93% | 36.07% | -36.82% | -33.66% | -9.28% | 28.06% | 13.63% | 10.47% | 13.11% | 9.05% | 11.57% | 6.92% | 7.82% | 10.79% | 14.15% | 21.79% | 12.31% |
| Income Tax | 18.33M | -44.14M | 52.46M | 157.84M | 697.07M | 253.41M | -191.57M | 632.35M | 50.11M | -1.13B | 22.3M | -6.59M | 283.71M | 31.26M | -117.3M | -403.31M | -778.63M | -720.91M | 186.3M | 757.88M | 341.93M | 235.64M | 205.96M | 116.59M | 173.55M | 107M | 108.88M | 55M | 40.6M | 65M | 24.6M |
| Effective Tax Rate % | 3.04% | -11.38% | 4.7% | 10.72% | 77.13% | 17.34% | 12.67% | 22.21% | 7.9% | -117.34% | 1.77% | 0.63% | 69.05% | 35.62% | 6.76% | -14.24% | 35.14% | 35.82% | -27.85% | 35.11% | 34.96% | 34.71% | 37.06% | 32.96% | 37.22% | 38.54% | 39.59% | 36.64% | 37.08% | 36.05% | 24.82% |
| Net Income | 426.31M | 206.25M | 746.56M | 1.14B | 1.47B | 1.25B | -1.03B | 2.05B | 466.77M | 1.95B | 1.1B | -447.72M | -149.87M | -156.61M | -1.77B | 3.11B | -1.44B | -1.29B | -855.29M | 1.58B | 648.26M | 443.26M | 412.33M | 243.7M | 292.44M | 169.81M | 160.74M | 86M | 68.9M | 111.1M | 43.7M |
| Net Margin % | 2.4% | 1.18% | 4.33% | 7.07% | 11.22% | 12.96% | -21% | 15.89% | 3.97% | 18.08% | 11.65% | -4.87% | -1.49% | -1.6% | -19.3% | 39.68% | -23.88% | -21.61% | -11.86% | 20.6% | 9.03% | 6.84% | 9.73% | 6.23% | 7.25% | 4.24% | 4.57% | 6.18% | 8.9% | 13.42% | 5.43% |
| Net Income Growth % | -20.98% | -72.37% | -34.64% | -22.46% | 17.44% | 221.46% | -150.4% | 339% | -76.09% | 77.23% | 346.01% | -198.73% | 4.3% | 91.14% | -156.75% | 316.69% | -11.28% | -51.02% | -153.98% | 144.41% | 46.25% | 7.5% | 69.2% | -16.67% | 72.21% | 5.64% | 86.91% | 24.82% | -37.98% | 154.23% | -6.22% |
| Net Income (Continuing) | 584.85M | 432.1M | 1.06B | 1.31B | 206.73M | 1.21B | -1.32B | 2.21B | 583.89M | 2.09B | 1.24B | -1.04B | 127.18M | 56.5M | -1.62B | 3.23B | -1.44B | -1.29B | -855.29M | 1.4B | 636M | 435.37M | 349.86M | 230.27M | 289.48M | 165.19M | 166.16M | 95.12M | 68.95M | 115.3M | 74.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 183.87M | 12.27M | 7.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 862.28M | 846.4M | 696.48M | 556.33M | 536.94M | 5.05B | 4.74B | 5.04B | 4.06B | 4.11B | 3.8B | 2.65B | 3.54B | 3.64B | 3.75B | 3.8B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.65 | 0.76 | 2.40 | 3.19 | 0.50 | 2.41 | -2.67 | 3.88 | 0.85 | 3.34 | 1.92 | -0.82 | -0.31 | -0.32 | -3.61 | 5.62 | -3.19 | -3.41 | -3.06 | 5.31 | 2.22 | 1.50 | 1.43 | 0.80 | 0.92 | 0.53 | 0.55 | 0.36 | 0.31 | 0.47 | 0.20 |
| EPS Growth % | -9.34% | -68.33% | -24.76% | 538% | -79.25% | 190.26% | -168.81% | 356.47% | -74.55% | 73.96% | 334.15% | -164.52% | 3.13% | 91.14% | -164.23% | 276.18% | 6.45% | -11.44% | -157.63% | 139.19% | 48% | 4.9% | 78.75% | -13.04% | 73.58% | -3.64% | 52.78% | 16.13% | -34.04% | 135% | -16.67% |
| EPS (Basic) | - | 0.77 | 2.42 | 3.22 | 0.51 | 2.44 | -2.67 | 3.90 | 0.86 | 3.38 | 1.94 | -0.82 | -0.31 | -0.32 | -3.62 | 6.37 | -3.19 | -3.41 | -3.06 | 5.52 | 2.29 | 1.56 | 1.48 | 0.82 | 0.93 | 0.53 | 0.56 | 0.37 | 0.31 | 0.48 | 0.21 |
| Diluted Shares Outstanding | 257.76M | 264.86M | 310.23M | 358.63M | 412.99M | 487.36M | 494.15M | 527.64M | 549.54M | 578.79M | 573.32M | 542.87M | 490.88M | 489.66M | 488.99M | 560.89M | 450.45M | 378.51M | 279.81M | 298.28M | 292.01M | 290.24M | 288.34M | 304.62M | 319.88M | 320.41M | 294.94M | 239.05M | 226.06M | 236.38M | 218.5M |
| Basic Shares Outstanding | 254.02M | 264.86M | 307.41M | 354.93M | 409.2M | 481.93M | 494.15M | 524.17M | 544.25M | 572.25M | 568.13M | 542.87M | 489.77M | 489.37M | 488.31M | 488.65M | 450.45M | 378.51M | 279.81M | 286.81M | 283.08M | 279.08M | 278.6M | 297.19M | 315.62M | 320.41M | 289.63M | 232.59M | 222.41M | 231.46M | 208.1M |
| Dividend Payout Ratio | - | - | - | - | 0.27% | 0.38% | - | 13.24% | 55.83% | 12.91% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 7.06% | - | - | - | - |
Quick answers to the most common questions about buying MGM stock.
For fiscal year 2025, MGM Resorts International (MGM) reported total revenue of $17.54B. This represents a 2079.1% increase compared to $804.8M in 1996.
MGM Resorts International (MGM) is profitable, generating $206.3M in net income for the fiscal year ending 2025 with a net profit margin of 1.2%.
MGM Resorts International (MGM) reported an operating income of $1.00B, resulting in an operating profit margin of 5.7%. This margin reflects the operational efficiency of the business before interest and taxes.
MGM Resorts International (MGM) generated $7.79B in gross profit for the year, representing a gross profit margin of 44.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High debt load
Metrics are mathematically derived from official filings.
Stable Revenue Amid Mixed Segments
Revenue has hovered near $4.3-4.6B over the past ten quarters, with Q2 2026 up only 1% YoY, suggesting a plateau. According to recent financial statements, growth is decelerating from the 13% pace seen in early 2024.
The revenue trajectory appears to have flattened, with quarterly growth rates oscillating between -2.4% and +6.0% over the last year. The recent Q2 2026 beat was driven by diversified strength, but the overall top-line is not expanding rapidly. This stability may reflect a mature Las Vegas market and regional operations, while MGM China's contribution remains volatile. Investors should monitor whether the company can reignite growth through new developments or digital expansion.
Gross Margin Compression Pressures Profitability
Gross margin has slipped from 46.3% in Q2 2024 to 44.5% in Q2 2026, a 180 basis point decline. As reported in financial statements, this suggests rising labor and occupancy costs are eroding pricing power.
The persistent decline in gross margin, despite stable revenue, indicates that input costs are rising faster than the company can pass them on to customers. This is particularly concerning given the high fixed-cost nature of the business and the competitive landscape. The margin compression may be a structural trend as labor costs in Las Vegas escalate, and it could continue to pressure profitability if not offset by higher ADR or non-gaming revenue.
Operating Leverage Volatile and Unreliable
Operating income swung from a loss of $112.9M in Q3 2025 to a record $503.6M in Q2 2026, highlighting extreme volatility. Based on reported figures, SG&A has remained relatively flat, but revenue fluctuations drive outsized operating leverage.
The operating margin has ranged from -2.7% to 11.3% over the past year, indicating that the company's cost structure is not providing consistent operating leverage. The Q3 2025 loss appears to be an anomaly, possibly due to one-time charges or a weak quarter in Macau. However, the recovery in Q2 2026 suggests that when revenue hits a certain threshold, operating income scales rapidly. This volatility makes it difficult for investors to predict future earnings and underscores the importance of revenue stability.
Earnings Quality Clouded by Non-Operating Items
Net income has been erratic, with Q3 2025 posting a loss of $285.3M and Q2 2026 a profit of $292.4M. According to recent SEC filings, EPS growth has been highly volatile, suggesting non-operating items and tax effects are significant.
The wide swings in net income, despite relatively stable revenue, indicate that earnings are heavily influenced by items such as impairments, gains on asset sales, or tax adjustments. The Q3 2025 loss may have been driven by a one-time charge, while Q2 2026 benefited from a favorable tax rate or other non-recurring gains. Investors should adjust for these items to assess underlying profitability. The low net margin of 1.18% in the most recent quarter, despite a strong operating margin, suggests a high tax burden or interest expense that warrants scrutiny.
SG&A Discipline Offsets Revenue Softness
SG&A has remained around $1.2-1.4B per quarter, with Q2 2026 at $1.4B, up from $1.2B a year earlier. As reported in financial statements, this 16% increase in SG&A is outpacing revenue growth, indicating rising overhead costs.
While gross margin has declined, SG&A has also increased, suggesting that the company is investing in marketing and technology to support its digital and loyalty initiatives. However, the increase in SG&A as a percentage of revenue (from 27% to 31%) is concerning, as it indicates that operating leverage is being offset by higher overhead. Management's expense discipline appears to be challenged by the need to compete in the digital space and maintain property standards. If SG&A continues to grow faster than revenue, operating margins will remain under pressure.
Debt Overhang and Margin Erosion Threaten Upside
Despite the Q2 2026 earnings beat, the company's high debt load (D/E 17.14%) and declining gross margins suggest that the market may be overestimating the sustainability of this performance. According to recent financial reports, interest expenses could consume a significant portion of operating income.
The short-seller thesis would focus on the structural decline in gross margins, which may indicate that MGM's competitive position is weakening relative to peers like LVS, which boasts a 49.8% gross margin. Additionally, the high leverage means that any downturn in consumer spending or a rise in interest rates could severely impact net income. The recent beat may be a temporary reprieve, but the underlying cost pressures and debt obligations remain. Investors should monitor whether the company can stabilize margins and generate sufficient free cash flow to deleverage.