MGM Resorts International
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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FY2025 · Filed Feb 11, 2026
MGM$32.91+1.8%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Operations
(In thousands, except per share data)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenues | |||
| Casino | $9,450,887 | $8,785,649 | $8,087,917 |
| Rooms | 3,377,400 | 3,681,617 | 3,500,926 |
| Food and beverage | 3,045,965 | 3,078,731 | 2,891,483 |
| Entertainment, retail and other | 1,663,431 | 1,694,548 | 1,683,923 |
| 17,537,683 | 17,240,545 | 16,164,249 | |
| Expenses | |||
| Casino | 5,340,097 | 4,958,020 | 4,316,547 |
| Rooms | 1,101,061 | 1,119,108 | 1,017,650 |
| Food and beverage | 2,262,434 | 2,253,031 | 2,153,795 |
| Entertainment, retail and other | 1,043,960 | 1,063,382 | 1,065,570 |
| General and administrative | 4,877,538 | 4,825,313 | 4,700,657 |
| Corporate expense | 556,952 | 520,197 | 512,399 |
| Preopening and start-up expenses | 1,086 | 7,972 | 415 |
| Property transactions, net | 126,036 | 81,316 | (370,513) |
| Goodwill impairment | 278,927 | — | — |
| Depreciation and amortization | 1,017,794 | 831,097 | 814,128 |
| 16,605,885 | 15,659,436 | 14,210,648 | |
| Income (loss) from unconsolidated affiliates | 69,982 | (90,653) | (62,104) |
| Operating income | 1,001,780 | 1,490,456 | 1,891,497 |
| Non-operating income (expense) | |||
| Interest expense, net of amounts capitalized | (419,042) | (443,230) | (460,293) |
| Non-operating items from unconsolidated affiliates | 1,135 | (734) | (1,032) |
| Other, net | (303,094) | 70,573 | 42,591 |
| (721,001) | (373,391) | (418,734) | |
| Income before income taxes | 280,779 | 1,117,065 | 1,472,763 |
| Benefit (provision) for income taxes | 240,093 | (52,457) | (157,839) |
| Net income | 520,872 | 1,064,608 | 1,314,924 |
| Less: Net income attributable to noncontrolling interests | (315,010) | (318,050) | (172,744) |
| Net income attributable to MGM Resorts International | $205,862 | $746,558 | $1,142,180 |
| Earnings per share | |||
| Basic | $0.77 | $2.42 | $3.22 |
| Diluted | $0.76 | $2.40 | $3.19 |
| Weighted average common shares outstanding | |||
| Basic | 275,046 | 307,408 | 354,926 |
| Diluted | 277,275 | 310,232 | 358,627 |
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