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MGM Resorts International cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$311M in Q3 2026 · $1.4B over twelve months

Operating cash flow$532M
Capital spending−$222M
Free cash flow+$311M
Cash / net income13.6×

Analysis

In Q3 2026, MGM Resorts International generated $532M of operating cash flow and spent $222M on capital projects, leaving free cash flow of $311M. That is $94.6M less than in Q3 2025 ($405M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.3B; the largest uses were capital spending ($914M), buybacks ($774M), net borrowing (+) / repaid (−) ($554M); besides operations, cash came from asset & business sales ($527M); the cash balance rose by $262M.

Operating cash flow was $532M against net income of $39.2M — 13.6× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$276M, receivables +$114M, payables +$81.9M.

Free cash flow

MGM Resorts International: free cash flow by quarterMGM Resorts International: free cash flow by quarter$268MQ4 2024$319MQ1 2025$377MQ2 2025$405MQ3 2025$359MQ4 2025$413MQ1 2026$317MQ2 2026$311MQ3 2026
Operating cash flow less capital spending.
MGM Resorts International: operating cash flow against capital spendingMGM Resorts International: operating cash flow against capital spendingOperating cash flowCapital spending$672M$404MQ4 2024$547M$228MQ1 2025$646M$268MQ2 2025$681M$276MQ3 2025$655M$296MQ4 2025$568M$155MQ1 2026$559M$241MQ2 2026$532M$222MQ3 2026
Latest (Q3 2026): Operating cash flow $532M, Capital spending $222M.

Capital allocation, year by year

MGM Resorts International: where the cash came from (up) and went (down), by fiscal yearMGM Resorts International: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.4BFY2021: Net borrowing −$1.4BFY2021: Capital spending −$491MFY2021: Acquisitions −$1.8BFY2021: Buybacks −$1.8BFY2021: Dividends −$4.8M$1.4BFY2021FY2022: Operating cash flow $1.8BFY2022: Net borrowing $77.9MFY2022: Asset sales $1.2BFY2022: Capital spending −$765MFY2022: Acquisitions −$1.9BFY2022: Buybacks −$2.8BFY2022: Dividends −$4.0M$3.0BFY2022FY2023: Operating cash flow $2.7BFY2023: Net borrowing −$2.5BFY2023: Asset sales $466MFY2023: Capital spending −$932MFY2023: Acquisitions −$122MFY2023: Buybacks −$2.3B$3.2BFY2023FY2024: Operating cash flow $2.4BFY2024: Net borrowing −$25.4MFY2024: Asset sales $13.2MFY2024: Capital spending −$1.2BFY2024: Acquisitions −$114MFY2024: Buybacks −$1.4B$2.4BFY2024FY2025: Operating cash flow $2.5BFY2025: Net borrowing −$210MFY2025: Asset sales $7.1MFY2025: Capital spending −$1.1BFY2025: Buybacks −$1.2B$2.5BFY2025
Over these 5 years operating cash flow totalled $10.7B; the largest uses were buybacks ($9.4B) and capital spending ($4.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.4B
Debt$5.7B
Net debt$3.3B
Due within a year$1.1B

MGM Resorts International funds itself: free cash flow was $1.4B over the last twelve months, and $2.4B of cash and investments stands against $5.7B of debt ($1.1B due within a year, 2.1× covered by cash).

MGM Resorts International: debt maturities by year (FY2025)MGM Resorts International: debt maturities by year (FY2025)$1.1BYear 1$1.4BYear 2$750MYear 3$850MYear 4$835MYear 5$1.3BAfter year 5
Principal due in each year as disclosed in the annual report, against $2.4B of cash and investments now.

Where the cash came from and went

MGM Resorts International: sources (+) and uses (−) of cash, Q3 2026MGM Resorts International: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$532MNet borrowing (+) / repaid (−)−$413MCapital spending−$222MCash drawn (+) / kept (−)$151MPartners−$55.8MOther financing−$9.8MAsset & business sales$7.5MExchange rates$5.9MOther investing$2.7M
MGM Resorts International: sources (+) and uses (−) of cash, TTM to Q3 2026MGM Resorts International: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$2.3BCapital spending−$914MBuybacks−$774MNet borrowing (+) / repaid (−)−$554MAsset & business sales$527MCash drawn (+) / kept (−)−$262MPartners−$149MOther investing−$134MOther financing−$50.8MExchange rates−$20.5MNot reconciled$17.2M

From profit to cash

MGM Resorts International: net income to operating cash flow, Q3 2026MGM Resorts International: net income to operating cash flow, Q3 2026Net income$39.2MDepreciation & amortization$276MStock-based pay$15.0MDeferred taxes−$19.4MGains on investments$44.3MReceivables$114MInventory−$152KPayables$81.9MPrepaid and other assets−$48.5MIncome taxes payable−$58.3MOperating cash flow$532M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$532M−$222M—−$413M$151M$311M
Q2 2026$559M−$241M−$174M−$340M−$255M$317M
Q1 2026$568M−$155M−$88.9M$178M−$229M$413M
Q4 2025$655M−$296M−$511M$70.8M$70.6M$359M
Q3 2025$681M−$276M−$12K−$49.8M−$176M$405M
Q2 2025$646M−$268M−$228M$270M$313M$377M
Q1 2025$547M−$228M−$489M$50.4M$145M$319M
Q4 2024$672M−$404M−$120M−$552M$535M$268M

MGM Resorts International: income statement and cash flow

MGM Resorts International, Q3 2026: revenue $4.2B (-0.9% year over year), operating margin 2.8%. The chart follows the revenue to costs, profit and cash.

MGM Resorts International: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.