Filing Flows › MGM Resorts International (MGM) › Q1 2026
MGM Resorts International (MGM) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 29, 2026
MGM Resorts International (MGM) reported revenue of $4.5B for the first quarter 2026 (Q1 2026), +4% from a year earlier and -3% from the quarter before. Operating margin was 6.8%, net earnings $125M (2.8% of revenue).
MGM Resorts International, Q1 2026: revenue $4.5B (+4% year over year), operating margin 6.8%, net earnings $125M, operating cash flow $568M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.5B | -3% | +4% |
| Operating profit | $301M | -7% | -22% |
| Net earnings | $125M | -57% | -16% |
| Operating cash flow | $568M | -13% | +4% |
| Free cash flow | $413M | +15% | +29% |
What changed
Revenue was $4.5B in Q1 2026, up 4% year over year and down 3% from the previous quarter. Casino was the largest line at 53% of revenue. Casino added $0.13B year over year (up 6%), 71% of the total change.
Operating profit was $0.30B, a 6.8% margin (down 2.2 points year over year). Operating profit fell $0.08B even though revenue rose $0.18B versus Q1 2025, so costs grew faster than sales. Total costs grew 7% against revenue growth of 4%. The fastest-growing cost line was SG&A (+10%). Net earnings were $0.13B, down 16% year over year. The effective tax rate was 13.6%.
Operating cash flow was $0.57B (up 4% year over year), 325% of net income including minority interests. Non-cash charges added back $0.26B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items added $0.09B. Capital expenditures of $0.15B left free cash flow of $0.41B.
Questions
What was MGM Resorts International's revenue in the first quarter 2026?
MGM Resorts International (MGM) reported revenue of $4.5B for the first quarter 2026 (Q1 2026), +4% from a year earlier and -3% from the quarter before.
Was MGM Resorts International profitable in the first quarter 2026?
Operating profit was $301M (6.8% of revenue) and net earnings $125M.