Revenue growth has decelerated sharply from 83.1% in 2023Q4 to 9.2% in 2026Q1, while operating margins have simultaneously compressed from 19.5% to 15.9% over the same period.
| 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 | 7.29B | 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 % | 4.72% | 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 | 4.63B | 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 | 2.66B | 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 % | 36.52% | 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 | 1.51B | 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 | 1.12B | 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 | 1.16B | 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 % | 15.89% | 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 | 1.78B | 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 % | 24.46% | 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 % | 6.36% | -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) | 625.74M | 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 | 1.18B | 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 | -560.07M | -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 | 60.24M | 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 | 620.31M | 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 | -576.39M | -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 | 582.38M | 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 % | 7.98% | 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 | 104.11M | 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 % | 17.88% | 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 | 375.04M | 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 % | 5.14% | 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 % | -12.7% | -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) | 478.27M | 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 | -730.52M | -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) | 3.61 | 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 % | -4.9% | -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 | 103.8M | 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 | 103.08M | 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% | - | - | - | - | - | - | - |
Geopolitical Macau Regulatory Exposure
According to the latest quarterly income statements, WYNN's revenue growth has exhibited significant volatility, decelerating from a peak of 83.1% in 2023Q4 to 9.2% in 2026Q1, reflecting the inherent sensitivity of the luxury gaming segment to broader macroeconomic shifts and regional travel capacity constraints.
The inconsistent top-line performance suggests that the company's reliance on high-net-worth discretionary spending remains vulnerable to external shocks. Investors should monitor whether the recent 9.2% growth in 2026Q1 represents a sustainable recovery or merely a temporary rebound from previous periods of stagnation.
As reported in financial filings, gross margins have contracted from 44.5% in 2024Q1 to 31.5% by 2026Q1, indicating that the company is struggling to maintain its premium pricing power amidst rising operational costs and a shifting mix of gaming versus non-gaming revenue streams.
This downward trend in gross profitability warrants further investigation into whether the company is facing increased competitive intensity or if the cost of delivering luxury amenities is outpacing revenue gains. The erosion of margin suggests that the firm's high-barrier-to-entry model may be facing unforeseen cost inflation.
Based on the provided income statement data, operating income has failed to scale proportionally with revenue, as evidenced by the decline in operating margins from 19.5% in 2024Q1 to 15.9% in 2026Q1, suggesting that fixed costs remain a significant burden on profitability.
The inability to expand operating margins during periods of revenue growth implies that the company's cost structure is heavily weighted toward fixed obligations. This lack of operating leverage may limit the company's ability to drive meaningful bottom-line expansion without significant improvements in asset utilization.
Data from recent income statements reveals that net income has fluctuated wildly, ranging from a loss of $32.1M in 2024Q3 to a peak of $729.2M in 2023Q4, highlighting the impact of non-operating items and accounting adjustments on the company's reported bottom-line results.
The significant variance in net income suggests that headline EPS figures may not accurately reflect the core operational health of the business. Investors should be cautious of these swings, as they appear to be driven by factors beyond recurring gaming and hospitality operations.
Analysis of the income statement suggests that the company's pivot toward direct-to-consumer premium play may be insufficient to offset the margin compression observed, as evidenced by the consistent decline in gross margins over the last ten quarters despite management's strategic focus on high-value customers.
Short-term observers may point to the declining margin profile as evidence that the luxury-only ecosystem is losing its pricing power. This trend raises questions about whether the company can successfully navigate the transition away from the junket model without sacrificing its long-term profitability.
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.