Revenue growth has decelerated to 4.9% in 2025Q4, while operating margins remain volatile, contracting from a 13.1% peak in 2025Q3 to 4.5% in the most recent quarter.
Studio City International Holdings Limited (MSC) annual income statement — 11-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 |
|---|
| Sales/Revenue | 709.57M | 694.57M | 639.14M | 445.54M | 11.55M | 106.87M | 49.21M | 626.73M | 571.21M | 539.81M | 424.53M | 69.33M |
| Revenue Growth % | 9.05% | 8.67% | 43.45% | 3758.14% | -89.19% | 117.18% | -92.15% | 9.72% | 5.82% | 27.16% | 512.3% | - |
| Cost of Goods Sold | 226.71M | 228.62M | 223.86M | 172.53M | 78.76M | 82.25M | 79.59M | 145.3M | 128.27M | 130.25M | 166.5M | 28.76M |
| COGS % of Revenue | - | 32.91% | 35.02% | 38.72% | 682.02% | 76.96% | 161.75% | 23.18% | 22.46% | 24.13% | 39.22% | 41.48% |
| Gross Profit | 482.87M | 465.95M | 415.29M | 273.01M | -67.21M | 24.62M | -30.39M | 481.44M | 442.94M | 409.57M | 258.04M | 40.57M |
| Gross Margin % | 68.05% | 67.09% | 64.98% | 61.28% | -582.02% | 23.04% | -61.75% | 76.82% | 77.54% | 75.87% | 60.78% | 58.52% |
| Gross Profit Growth % | - | 12.2% | 52.11% | 506.19% | -372.98% | 181.03% | -106.31% | 8.69% | 8.15% | 58.72% | 535.96% | - |
| Operating Expenses | 400.53M | 395.91M | 377.14M | 302.05M | 210M | 216.19M | 249.54M | 303.44M | 305.08M | 329.12M | 312.8M | 229.85M |
| OpEx % of Revenue | - | 57% | 59.01% | 67.79% | 1818.53% | 202.3% | 507.11% | 48.42% | 53.41% | 60.97% | 73.68% | 331.51% |
| Selling, General & Admin | 188.37M | 183.39M | 171.27M | 115.2M | 79.78M | 87.58M | 89.01M | 128.93M | 132.64M | 152.68M | 136.9M | 35.37M |
| SG&A % of Revenue | - | 26.4% | 26.8% | 25.86% | 690.9% | 81.95% | 180.88% | 20.57% | 23.22% | 28.28% | 32.25% | 51.02% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 212.53M | 205.87M | 186.85M | 130.22M | 128.62M | 160.53M | 174.51M | 172.44M | 176.44M | 175.91M | 194.48M |
| Operating Income | 82.34M | 70.04M | 38.15M | -29.04M | -277.22M | -191.57M | -279.93M | 178M | 137.86M | 80.45M | -54.77M | -189.28M |
| Operating Margin % | 11.6% | 10.08% | 5.97% | -6.52% | -2400.55% | -179.26% | -568.87% | 28.4% | 24.14% | 14.9% | -12.9% | -272.99% |
| Operating Income Growth % | - | 83.6% | 231.35% | 89.52% | -44.71% | 31.56% | -257.27% | 29.11% | 71.36% | 246.9% | 71.07% | - |
| EBITDA | 293.67M | 282.05M | 243.21M | 140.35M | -150.26M | -63.94M | -119.59M | 349.94M | 305.75M | 256.78M | 117.1M | -148.31M |
| EBITDA Margin % | 41.39% | 40.61% | 38.05% | 31.5% | -1301.18% | -59.83% | -243.04% | 55.84% | 53.53% | 47.57% | 27.58% | -213.91% |
| EBITDA Growth % | 21% | 15.97% | 73.28% | 193.41% | -135.01% | 46.54% | -134.18% | 14.45% | 19.07% | 119.29% | 178.95% | - |
| D&A (Non-Cash Add-back) | 211.33M | 212.02M | 205.06M | 169.4M | 126.96M | 127.63M | 160.33M | 171.94M | 167.89M | 176.33M | 171.86M | 40.97M |
| EBIT | 88.86M | 69.58M | 35.12M | -16.6M | -268.57M | -211.49M | -301.3M | 176.32M | 140.31M | 83.24M | -83.08M | -208.92M |
| Net Interest Income | -124.42M | -127.19M | -129.53M | -118.89M | -85.93M | -87.91M | -103.52M | -126.85M | -157.35M | -158.17M | -159.73M | -36.73M |
| Interest Income | 806K | 914K | 4.06M | 10.68M | 6.43M | 3.06M | 1.28M | 5.86M | 3.58M | 2.17M | 1.15M | 4.64M |
| Interest Expense | 125.23M | 128.1M | 133.59M | 129.57M | 92.36M | 90.97M | 104.8M | 132.29M | 160.51M | 159.92M | 160.88M | 41.37M |
| Other Income/Expense | -117.31M | -126.73M | -136.63M | -117.12M | -83.71M | -110.89M | -126.17M | -133.97M | -158.06M | -157.13M | -187.55M | -42.93M |
| Pretax Income | -34.98M | -56.69M | -98.48M | -146.16M | -360.93M | -302.46M | -406.1M | 44.03M | -20.2M | -76.68M | -242.31M | -232.21M |
| Pretax Margin % | -4.93% | -8.16% | -15.41% | -32.81% | -3125.43% | -283.02% | -825.28% | 7.03% | -3.54% | -14.2% | -57.08% | -334.91% |
| Income Tax | 8.72M | 7.61M | 7.35M | -81K | 382K | -457K | -1.01M | 402K | 544K | -239K | 474K | 353K |
| Effective Tax Rate % | -24.93% | -13.42% | -7.47% | 0.06% | -0.11% | 0.15% | 0.25% | 0.91% | -2.69% | 0.31% | -0.2% | -0.15% |
| Net Income | -39.94M | -58.77M | -96.73M | -133.52M | -326.45M | -252.56M | -321.63M | 33.56M | -21.6M | -76.44M | -242.79M | -232.56M |
| Net Margin % | -5.63% | -8.46% | -15.13% | -29.97% | -2826.91% | -236.32% | -653.61% | 5.36% | -3.78% | -14.16% | -57.19% | -335.42% |
| Net Income Growth % | 59.3% | 39.25% | 27.56% | 59.1% | -29.26% | 21.48% | -1058.25% | 255.4% | 71.74% | 68.52% | -4.4% | - |
| Net Income (Continuing) | -43.69M | -64.3M | -105.83M | -146.08M | -361.31M | -302M | -405.09M | 43.63M | -20.75M | -76.44M | -242.79M | -232.56M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 47.51M | 49.49M | 55.78M | 0 | 0 | 0 | 0 | 0 | 252.93M | 0 | 0 | 0 |
| EPS (Diluted) | -0.83 | -1.24 | -2.00 | -2.76 | -7.36 | -10.92 | -17.32 | 0.56 | -0.43 | -1.03 | -3.27 | -1.88 |
| EPS Growth % | 57.79% | 38% | 27.54% | 62.5% | 32.6% | 36.95% | -3192.86% | 230.23% | 58.25% | 68.5% | -73.94% | - |
| EPS (Basic) | - | -1.24 | -2.00 | -2.76 | -7.36 | -10.92 | -17.32 | 0.56 | -0.43 | -1.03 | -3.27 | -1.88 |
| Diluted Shares Outstanding | 48.15M | 48.15M | 48.15M | 48.15M | 48.94M | 23.15M | 23.15M | 60.45M | 47.88M | 74.27M | 74.27M | 74.27M |
| Basic Shares Outstanding | 48.15M | 48.15M | 48.15M | 48.15M | 44.41M | 23.15M | 23.15M | 60.45M | 47.88M | 74.27M | 74.27M | 74.27M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying MSC stock.
For fiscal year 2025, Studio City International Holdings Limited (MSC) reported total revenue of $694.6M. This represents a 901.8% increase compared to $69.3M in 2015.
Studio City International Holdings Limited (MSC) reported a net loss of $58.8M for the fiscal year ending 2025.
Studio City International Holdings Limited (MSC) reported an operating income of $70.0M, resulting in an operating profit margin of 10.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Studio City International Holdings Limited (MSC) generated $466.0M in gross profit for the year, representing a gross profit margin of 67.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent Negative Net Margins
Revenue Growth Faces Cyclical Headwinds
According to the latest quarterly income statements, MSC's revenue growth has decelerated to 4.9% in 2025Q4, a significant cooling from the triple-digit expansion observed in early 2024, suggesting that the initial post-reopening recovery phase has largely matured and is now sensitive to broader macroeconomic conditions in Macau.
The volatility in top-line growth reflects the company's high sensitivity to regional visitation patterns and the fluidity of Mainland China's travel policies. While the property benefits from its unique entertainment-heavy infrastructure, the slowing growth trajectory indicates that the market may be reaching a saturation point for current capacity levels.
Gross Margin Stability Masks Profitability
As reported in financial filings, MSC maintains a relatively stable gross margin profile, averaging approximately 66% over the last ten quarters, which highlights the structural efficiency of its gaming-adjacent service model despite the ongoing challenges in translating this performance into positive bottom-line results for shareholders.
The consistency in gross margins suggests that the company possesses a degree of pricing power within its niche entertainment segments. However, the inability to expand these margins further implies that direct costs, including gaming taxes and service fees, remain a rigid constraint on overall profitability.
Operating Leverage Constrained by Overhang
Based on the provided income statement data, operating margins have fluctuated significantly, reaching a peak of 13.1% in 2025Q3 before contracting to 4.5% in 2025Q4, which demonstrates that the company struggles to achieve consistent operating leverage despite the recent completion of its Phase 2 expansion project.
The erratic nature of operating income suggests that fixed costs, particularly depreciation and property maintenance, continue to exert heavy pressure on the income statement. Investors should monitor whether future increases in foot traffic can effectively scale operating income faster than the associated overhead costs.
Fixed Cost Burden Impedes Profitability
Analysis of the company's cost structure reveals that while SG&A expenses have been managed within a range of $35M to $48M, the persistent negative net income, including a $20.5M loss in 2025Q4, indicates that the capital-intensive nature of the resort remains a primary drag on earnings.
The high depreciation associated with the Phase 2 expansion appears to be the primary factor preventing the company from reaching net profitability. Management's expense discipline is evident in the controlled SG&A, yet the structural debt and depreciation load necessitate a higher utilization rate to achieve break-even status.
Structural Risks to Earnings Recovery
Data from recent periods suggests that MSC's reliance on a single-asset model in a highly regulated market creates significant downside risk, as evidenced by the consistent net losses that have persisted even during periods of moderate revenue growth throughout the 2024 and 2025 fiscal years.
Short-term observers may point to the negative net margins as a sign of fundamental distress, questioning whether the current business model can ever achieve sustainable profitability. The lack of diversification compared to larger Macau concessionaires leaves the company uniquely vulnerable to any localized regulatory or economic shocks.