Filing Flows › MGM Resorts International (MGM) › Q3 2025
MGM Resorts International (MGM) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
MGM Resorts International (MGM) reported revenue of $4.3B for the third quarter 2025 (Q3 2025), +2% from a year earlier and -4% from the quarter before. Operating margin was -2.7%, net loss $207M (4.9% of revenue).
MGM Resorts International, Q3 2025: revenue $4.3B (+2% year over year), operating margin -2.7%, net loss $207M, operating cash flow $681M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.3B | -4% | +2% |
| Operating profit | −$113M | -128% | — |
| Net earnings | −$207M | -522% | — |
| Operating cash flow | $681M | +6% | +2% |
| Free cash flow | $405M | +7% | +22% |
What changed
Revenue was $4.3B in Q3 2025, up 2% year over year and down 4% from the previous quarter. Casino was the largest line at 54% of revenue. Casino added $0.17B year over year (up 8%), 257% of the total change. Rooms declined 10%.
Operating costs exceeded revenue by $0.11B, an operating margin of -2.7%. Total costs grew 13% against revenue growth of 2%. The fastest-growing cost line was Other operating costs (+16%). The quarter ended with a net loss of $0.21B, after a profit of $0.12B the previous quarter. Net interest and other expense of $0.11B was the main reason.
Operating cash flow was $0.68B (up 2% year over year). Non-cash charges added back $0.26B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.61B. Capital expenditures of $0.28B left free cash flow of $0.41B.
Questions
What was MGM Resorts International's revenue in the third quarter 2025?
MGM Resorts International (MGM) reported revenue of $4.3B for the third quarter 2025 (Q3 2025), +2% from a year earlier and -4% from the quarter before.
Was MGM Resorts International profitable in the third quarter 2025?
Operating loss was $113M (-2.7% of revenue) and net loss $207M.