Filing Flows › MGM Resorts International (MGM) › Q4 2025
MGM Resorts International (MGM) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 11, 2026
MGM Resorts International (MGM) reported revenue of $4.6B for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and +8% from the quarter before. Operating margin was 7.1%, net earnings $294M (6.4% of revenue).
MGM Resorts International, Q4 2025: revenue $4.6B (+6% year over year), operating margin 7.1%, net earnings $294M, operating cash flow $655M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.6B | +8% | +6% |
| Operating profit | $325M | — | +11% |
| Net earnings | $294M | — | +87% |
| Operating cash flow | $655M | -4% | -2% |
| Free cash flow | $359M | -12% | +34% |
What changed
Revenue was $4.6B in Q4 2025, up 6% year over year and up 8% from the previous quarter. Casino was the largest line at 56% of revenue.
Operating profit was $0.33B, a 7.1% margin (up 0.3 points year over year). Of the extra revenue versus a year earlier, 13% reached operating profit, above the 7% margin then. Total costs grew 6% against revenue growth of 6%. Net earnings were $0.29B, up 87% year over year. The tax line was a benefit of $0.28B on pre-tax earnings of $0.10B.
Operating cash flow was $0.65B (down 2% year over year), 171% of net income including minority interests. Non-cash charges added back $0.28B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items used $0.04B. Capital expenditures of $0.30B left free cash flow of $0.36B.
Questions
What was MGM Resorts International's revenue in the fourth quarter 2025?
MGM Resorts International (MGM) reported revenue of $4.6B for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and +8% from the quarter before.
Was MGM Resorts International profitable in the fourth quarter 2025?
Operating profit was $325M (7.1% of revenue) and net earnings $294M.