Revenue growth stabilized at 6.9% in 2026Q2 with gross margin recovering to 40.9% from a 32.0% trough, though still below peers like LVS (49.8%).
Wynn Resorts, Limited (WYNN) annual income statement — 24-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 |
|---|
| Sales/Revenue | 7.41B | 7.14B | 7.13B | 6.53B | 3.76B | 3.76B | 2.1B | 6.61B | 6.72B | 6.31B | 4.47B | 4.08B | 5.43B | 5.62B | 5.15B | 5.27B | 4.18B | 3.05B | 2.99B | 2.69B | 1.43B | 721.98M | 195K | 1.02M | 1.16M |
| Revenue Growth % | 6.36% | 0.14% | 9.13% | 73.87% | -0.18% | 79.58% | -68.3% | -1.59% | 6.52% | 41.2% | 9.58% | -24.99% | -3.33% | 9.05% | -2.19% | 25.93% | 37.4% | 1.95% | 11.16% | 87.64% | 98.38% | 370146.67% | -80.84% | -12.17% | - |
| Cost of Goods Sold | 4.55B | 4.8B | 4.03B | 3.71B | 2.39B | 2.56B | 1.74B | 4.07B | 4.09B | 3.96B | 2.77B | 2.53B | 3.32B | 3.48B | 3.25B | 3.31B | 2.7B | 1.99B | 1.94B | 1.63B | 842.71M | 398.1M | 82.04M | 47.12M | 25.15M |
| COGS % of Revenue | - | 67.27% | 56.49% | 56.78% | 63.62% | 67.98% | 83.17% | 61.52% | 60.83% | 62.85% | 62.11% | 62.08% | 61.03% | 61.89% | 63.08% | 62.81% | 64.51% | 65.32% | 64.88% | 60.47% | 58.84% | 55.14% | 42071.79% | 4628.59% | 2169.72% |
| Gross Profit | 2.86B | 2.34B | 3.1B | 2.82B | 1.37B | 1.21B | 352.64M | 2.54B | 2.63B | 2.34B | 1.69B | 1.55B | 2.12B | 2.14B | 1.9B | 1.96B | 1.49B | 1.06B | 1.05B | 1.06B | 589.54M | 323.88M | -81.84M | -46.1M | -23.99M |
| Gross Margin % | 38.56% | 32.73% | 43.51% | 43.22% | 36.38% | 32.02% | 16.83% | 38.48% | 39.17% | 37.15% | 37.89% | 37.92% | 38.97% | 38.11% | 36.92% | 37.19% | 35.49% | 34.68% | 35.12% | 39.53% | 41.16% | 44.86% | -41971.79% | -4528.59% | -2069.72% |
| Gross Profit Growth % | - | -24.67% | 9.85% | 106.59% | 13.4% | 241.73% | -86.14% | -3.32% | 12.31% | 38.45% | 9.5% | -27.01% | -1.16% | 12.58% | -2.91% | 31.96% | 40.6% | 0.69% | -1.26% | 80.22% | 82.03% | 495.72% | -77.53% | -92.18% | - |
| Operating Expenses | 1.67B | 1.18B | 1.97B | 1.98B | 1.47B | 1.6B | 1.58B | 1.67B | 1.36B | 1.26B | 1.12B | 876.16M | 840.63M | 834.88M | 833.46M | 951.52M | 859.83M | 792.86M | 736.51M | 633.05M | 1.42B | 348.44M | 7.95M | 7.23M | 10.41M |
| OpEx % of Revenue | - | 16.52% | 27.62% | 30.36% | 39.06% | 42.5% | 75.61% | 25.2% | 20.25% | 19.95% | 24.98% | 21.5% | 15.47% | 14.85% | 16.17% | 18.06% | 20.55% | 26.03% | 24.65% | 23.56% | 99.01% | 48.26% | 4078.46% | 710.61% | 898.36% |
| Selling, General & Admin | 1.11B | 1.12B | 1.08B | 1.07B | 830.45M | 796.59M | 720.85M | 896.67M | 761.41M | 685.49M | 548.14M | 464.79M | 492.46M | 448.79M | 441.7M | 519.7M | 425.97M | 368.6M | 424.26M | 353.99M | 345.46M | 246.42M | 335K | 1.5M | 1.5M |
| SG&A % of Revenue | - | 15.65% | 15.16% | 16.3% | 22.11% | 21.17% | 34.39% | 13.56% | 11.33% | 10.87% | 12.27% | 11.4% | 9.06% | 7.98% | 8.57% | 9.86% | 10.18% | 12.1% | 14.2% | 13.17% | 24.12% | 34.13% | 171.79% | 146.86% | 129.34% |
| 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 62.54M | 888.33M | 918.14M | 636.83M | 803.03M | 863.84M | 769.07M | -73.41M | -81.41M | 64.31M | 53.59M | -182K | 4.86M | 3.01M | 431.82M | 433.86M | 424.25M | 312.25M | 279.06M | 1.07B | 102.01M | 7.62M | 5.74M | 8.91M |
| Operating Income | 1.19B | 1.16B | 1.13B | 840.17M | -100.68M | -394.54M | -1.23B | 878.3M | 747.29M | 1.06B | 521.66M | 658.81M | 1.27B | 1.29B | 1.03B | 1.01B | 625.25M | 234.96M | 313.85M | 429.4M | 70.9M | -24.56M | -89.8M | -53.34M | -34.4M |
| Operating Margin % | 16.1% | 16.21% | 15.89% | 12.86% | -2.68% | -10.48% | -58.78% | 13.29% | 11.12% | 16.74% | 11.68% | 16.16% | 23.3% | 22.95% | 19.97% | 19.13% | 14.94% | 7.71% | 10.51% | 15.98% | 4.95% | -3.4% | -46050.26% | -5239.19% | -2968.08% |
| Operating Income Growth % | - | 2.13% | 34.82% | 934.53% | 74.48% | 67.98% | -240.28% | 17.53% | -29.2% | 102.35% | -20.82% | -47.97% | -1.85% | 25.34% | 2.09% | 61.25% | 166.11% | -25.14% | -26.91% | 505.65% | 388.72% | 72.65% | -68.37% | -55.04% | - |
| EBITDA | 1.83B | 1.78B | 1.79B | 1.53B | 591.64M | 321.42M | -506.54M | 1.5B | 1.3B | 1.61B | 926.39M | 981.44M | 1.58B | 1.66B | 1.4B | 1.41B | 1.03B | 645.51M | 576.7M | 668.64M | 269.78M | 97.51M | -18.82M | -31.39M | -25.15M |
| EBITDA Margin % | 24.71% | 24.9% | 25.14% | 23.38% | 15.75% | 8.54% | -24.17% | 22.74% | 19.32% | 25.5% | 20.74% | 24.08% | 29.09% | 29.55% | 27.21% | 26.69% | 24.63% | 21.19% | 19.3% | 24.88% | 18.84% | 13.51% | -9650.26% | -3083.89% | -2170.32% |
| EBITDA Growth % | 11.06% | -0.79% | 17.3% | 158.17% | 84.07% | 163.45% | -133.7% | 15.82% | -19.28% | 73.57% | -5.61% | -37.9% | -4.86% | 18.44% | -0.27% | 36.42% | 59.69% | 11.93% | -13.75% | 147.85% | 176.67% | 618.17% | 40.06% | -24.81% | - |
| D&A (Non-Cash Add-back) | 638.25M | 620.63M | 658.89M | 687.27M | 692.32M | 715.96M | 725.5M | 624.88M | 550.6M | 552.37M | 404.73M | 322.63M | 314.12M | 371.05M | 373.2M | 398.04M | 405.56M | 410.55M | 262.85M | 239.24M | 198.88M | 122.06M | 70.98M | 21.94M | 9.25M |
| EBIT | 1.31B | 1.14B | 1.33B | 1.04B | -49.15M | -405.95M | -1.21B | 902.25M | 1.2B | 1.06B | 545.86M | 658.81M | 1.27B | 1.3B | 1.02B | 1.04B | 559.91M | 253.49M | 321.61M | 377.31M | 947.25M | -24.56M | -89.8M | -53.34M | -34.4M |
| Net Interest Income | -560.78M | -559.05M | -558.07M | -575.72M | -621.13M | -602.35M | -541.09M | -389.58M | -351.98M | -357.47M | -275.83M | -293.68M | -294.62M | -283.31M | -276.22M | -222.26M | -220.37M | -209.65M | -151.18M | -97.92M | -101.01M | 0 | 0 | 0 | 0 |
| Interest Income | 57.16M | 66.51M | 130.34M | 175.78M | 29.76M | 3.21M | 15.38M | 24.45M | 29.87M | 31.19M | 13.54M | 7.23M | 20.44M | 15.71M | 12.54M | 7.65M | 2.5M | 1.74M | 21.52M | 47.26M | 47.01M | 0 | 0 | 0 | 0 |
| Interest Expense | 617.94M | 625.56M | 688.41M | 751.51M | 650.88M | 605.56M | 556.47M | 414.03M | 381.85M | 388.66M | 289.37M | 300.91M | 315.06M | 299.02M | 288.76M | 229.92M | 222.86M | 211.38M | 172.69M | 145.18M | 148.02M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -499.79M | -642.74M | -489.33M | -554.79M | -599.36M | -616.98M | -530.23M | -390.09M | -429.8M | -495.3M | -211.06M | -369.57M | -307.42M | -303.57M | -296.28M | -202.67M | -288.21M | -192.86M | -162.85M | -100.12M | 728.33M | -64.95M | -114.37M | 4K | 21K |
| Pretax Income | 693.56M | 514.14M | 643.4M | 285.38M | -700.04M | -1.01B | -1.76B | 488.22M | 317.49M | 560.27M | 310.6M | 289.25M | 958.86M | 986.52M | 733M | 805.57M | 337.04M | 42.11M | 149.28M | 327.23M | 799.23M | -90.84M | -213.22M | -53.33M | -34.38M |
| Pretax Margin % | 9.36% | 7.2% | 9.03% | 4.37% | -18.63% | -26.88% | -84.08% | 7.38% | 4.73% | 8.88% | 6.95% | 7.1% | 17.65% | 17.55% | 14.22% | 15.29% | 8.05% | 1.38% | 5% | 12.18% | 55.8% | -12.58% | -109346.15% | -5238.8% | -2966.26% |
| Income Tax | 109.68M | 105M | 3.68M | -496.83M | 9.33M | 474K | 564.67M | 176.84M | -497.34M | -328.99M | 8.13M | 7.72M | -3.78M | -17.63M | 4.3M | -19.55M | 20.45M | 3M | -60.92M | 69.08M | 170.5M | 67.61M | 115.79M | -4.44M | -2.69M |
| Effective Tax Rate % | 15.81% | 20.42% | 0.57% | -174.09% | -1.33% | -0.05% | -32.04% | 36.22% | -156.65% | -58.72% | 2.62% | 2.67% | -0.39% | -1.79% | 0.59% | -2.43% | 6.07% | 7.12% | -40.81% | 21.11% | 21.33% | -74.43% | -54.3% | 8.33% | 7.82% |
| Net Income | 448.88M | 327.33M | 501.08M | 729.99M | -423.86M | -755.79M | -2.07B | 122.98M | 584.18M | 747.18M | 241.97M | 195.29M | 731.55M | 728.65M | 502.04M | 613.37M | 160.13M | 20.65M | 210.21M | 258.15M | 628.73M | -90.84M | -205.59M | -48.89M | -31.71M |
| Net Margin % | 6.05% | 4.59% | 7.03% | 11.18% | -11.28% | -20.08% | -98.63% | 1.86% | 8.7% | 11.85% | 5.42% | 4.79% | 13.46% | 12.96% | 9.74% | 11.64% | 3.83% | 0.68% | 7.04% | 9.61% | 43.9% | -12.58% | -105428.72% | -4802.75% | -2736.24% |
| Net Income Growth % | 16.93% | -34.67% | -31.36% | 272.23% | 43.92% | 63.44% | -1780.89% | -78.95% | -21.82% | 208.78% | 23.91% | -73.3% | 0.4% | 45.14% | -18.15% | 283.05% | 675.28% | -90.17% | -18.57% | -58.94% | 792.16% | 55.82% | -320.49% | -54.17% | - |
| Net Income (Continuing) | 583.88M | 409.13M | 639.72M | 782.22M | -709.37M | -1.01B | -2.33B | 311.38M | 803.08M | 889.25M | 302.47M | 281.52M | 962.64M | 1B | 728.7M | 825.11M | 316.6M | 39.11M | 210.48M | 196.34M | 628.73M | -90.84M | -204.17M | -48.89M | -31.71M |
| 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 |
| Minority Interest | -737.22M | -755.79M | -744.44M | -849.55M | -889.53M | -621.8M | -385.32M | -201.57M | -219.33M | 130.5M | 99.93M | 133.82M | 239.87M | 316.86M | 362.97M | 134.43M | 142.64M | 126.03M | 0 | 0 | 0 | 0 | 0 | 1.05M | 4.18M |
| EPS (Diluted) | 4.34 | 3.14 | 4.35 | 6.32 | -3.73 | -6.64 | -19.37 | 2.91 | 5.46 | 7.28 | 2.38 | 1.92 | 7.18 | 7.17 | 4.82 | 4.88 | 1.29 | 0.17 | 1.92 | 1.80 | 6.24 | -0.92 | -2.37 | -0.50 | -0.80 |
| EPS Growth % | 22.65% | -27.82% | -31.17% | 269.44% | 43.83% | 65.72% | -765.64% | -46.7% | -25% | 205.88% | 23.96% | -73.26% | 0.14% | 48.76% | -1.23% | 278.29% | 658.82% | -91.15% | 6.67% | -71.15% | 778.26% | 61.18% | -374% | 37.5% | - |
| EPS (Basic) | - | 3.16 | 4.56 | 6.49 | -3.73 | -6.64 | -19.37 | 2.92 | 5.48 | 7.32 | 2.39 | 1.93 | 7.25 | 7.25 | 4.87 | 4.94 | 1.30 | 0.17 | 1.94 | 1.85 | 6.29 | -0.92 | -2.37 | -0.50 | -0.80 |
| Diluted Shares Outstanding | 103.39M | 104.24M | 110.27M | 112.86M | 113.62M | 113.76M | 106.75M | 106.98M | 107.03M | 102.6M | 101.86M | 101.67M | 101.93M | 101.64M | 104.25M | 125.67M | 123.94M | 120.19M | 109.44M | 112.69M | 111.63M | 98.31M | 86.78M | 97.78M | 39.74M |
| Basic Shares Outstanding | 102.83M | 103.7M | 109.97M | 112.52M | 113.62M | 113.76M | 106.75M | 106.75M | 106.53M | 102.07M | 101.44M | 101.16M | 100.93M | 100.54M | 103.09M | 124.04M | 122.79M | 119.84M | 108.41M | 106.03M | 100M | 98.31M | 86.78M | 97.78M | 39.74M |
| Dividend Payout Ratio | - | 53.36% | 27.85% | 11.61% | - | - | - | 460.64% | 97.54% | 42.93% | 134.4% | 255.57% | 128.89% | 142.04% | 190.32% | 168.49% | 744.5% | 2371.82% | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying WYNN stock.
For fiscal year 2025, Wynn Resorts, Limited (WYNN) reported total revenue of $7.14B. This represents a 615769.2% increase compared to $1.2M in 2002.
Wynn Resorts, Limited (WYNN) is profitable, generating $327.3M in net income for the fiscal year ending 2025 with a net profit margin of 4.6%.
Wynn Resorts, Limited (WYNN) reported an operating income of $1.16B, resulting in an operating profit margin of 16.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Wynn Resorts, Limited (WYNN) generated $2.34B in gross profit for the year, representing a gross profit margin of 32.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Macau regulatory and demand volatility
Metrics are mathematically derived from official filings.
Revenue Growth Stabilizing After Volatility
WYNN's revenue has hovered near $1.7-1.9B over the past ten quarters, with recent growth of 6.9% in 2026Q2, suggesting a plateau after earlier swings.
Revenue growth has decelerated from 30.9% in 2024Q1 to a range of -8.7% to 9.2% over the last year, indicating a mature phase. The 2026Q2 growth of 6.9% is modest and may reflect stable demand in Macau and Las Vegas, but the lack of acceleration suggests limited pricing power or volume expansion. Investors should monitor whether growth can sustain above mid-single digits given the cyclical nature of gaming.
Gross Margin Recovery but Below Peers
Gross margin improved to 40.9% in 2026Q2 from a trough of 32.0% in 2025Q4, yet remains below LVS's 49.8% and MGM's 44.4%.
The gross margin recovery is encouraging, but WYNN's structural cost base appears heavier than peers, possibly due to property mix and operating leverage. The 2025Q4 dip to 32.0% was an anomaly, likely from higher gaming taxes or promotional costs, but the rebound to ~41% suggests normalization. However, the gap to LVS indicates less pricing power or higher direct costs, which may cap margin expansion.
Operating Leverage Limited by SG&A
Operating income grew 13.2% in 2026Q2 despite only 6.9% revenue growth, but SG&A has remained sticky around $270-285M, limiting operating leverage.
The 2026Q2 operating margin of 16.1% is above the 2025 average of ~15.8%, but SG&A has not scaled down with revenue fluctuations, indicating fixed cost intensity. In 2025Q4, SG&A rose to $285.4M even as revenue dipped, compressing operating margin to 15.5%. This suggests that WYNN's cost structure is not highly flexible, and any revenue softness could disproportionately impact operating income.
Earnings Volatility Driven by Non-Operating Items
Net income swung from -$32.1M in 2024Q3 to $277.0M in 2024Q4, with EPS of $2.36, indicating significant non-operating influences beyond core operations.
The 2024Q4 net income spike of $277.0M appears to include one-time gains or tax benefits, as operating income was only $366.9M and net margin reached 15.1%, far above the typical 4-7% range. Conversely, 2024Q3's net loss of -$32.1M despite positive operating income suggests impairment or other charges. Stock-based compensation has been modest at $14-29M per quarter, but the earnings volatility warrants scrutiny of recurring earnings power.
COGS and SG&A Drive Margin Fluctuations
COGS as a percentage of revenue rose to 59.1% in 2025Q4, compressing gross margin to 32.0%, while SG&A has remained stable near $270-285M.
The primary cost driver is COGS, which includes gaming taxes, food and beverage, and room costs. The 2025Q4 spike in COGS to $1.3B suggests higher promotional or operational costs, possibly due to seasonal factors or increased competition. SG&A has been remarkably stable, indicating disciplined overhead management, but the lack of reduction during revenue dips means fixed costs are a drag. Investors should monitor whether COGS volatility is a recurring pattern or a one-off.
Margin Compression and Revenue Stagnation Risks
Despite recent margin recovery, WYNN's gross margin remains below peers, and revenue growth has been flat, raising concerns about competitive positioning and cost inflation.
Short-sellers might argue that WYNN's gross margin of ~41% is structurally lower than LVS's 49.8%, indicating weaker pricing power or higher cost exposure. The 2025Q4 margin collapse to 32.0% shows vulnerability to cost shocks. Additionally, revenue has been range-bound around $1.7-1.9B for two years, suggesting limited market share gains. If Macau's recovery stalls or competition intensifies, operating leverage could work against the company, compressing margins further.