MGM Resorts (MGM): financials, SEC filings and peers
MGM Resorts (MGM) is a casinos & gaming company in the Consumer Discretionary sector of the S&P 500, headquartered in Paradise, Nevada.
It was founded in 1986 and joined the S&P 500 on July 26, 2017.
Its fiscal year ends in December, and its shares trade on the NYSE.
In its SEC filings it is classified as “Hotels & Motels”.
MGM Resorts at a glance
- Revenue (12 months)
- $17.7B
- Revenue growth
- +2.6%
- Operating margin
- 7.0%
- Net income (12 months)
- $694M
- Free cash flow (12 months)
- $1.4B
- Cash
- $2.4B
- Debt
- $5.7B
- Diluted EPS (12 months)
- $2.60
Twelve months to September 30, 2026, from the 10-Q filed October 28, 2026.
Latest twelve months
Over the twelve months to September 30, 2026, MGM Resorts reported revenue of $17.7 billion, about the same as a year earlier (+2.6%).
Its operating margin was 7.0%, up 1.4 percentage points from a year earlier: for every $100 of sales, about $7 was left as operating profit.
Net income was $694 million (3.9% of revenue), 896.1% higher than a year earlier.
Operating cash flow was $2.3 billion and capital spending $914 million, leaving free cash flow of $1.4 billion (7.9% of revenue).
At the end of the period it held $2.4 billion in cash and $5.7 billion in debt, a net debt position of $3.3 billion.
The diluted share count fell 7.5% in a year, typically the result of buybacks.
Five-year trend
- Revenue went from $5.2 billion in fiscal 2020 to $17.5 billion in fiscal 2025, about 27.7% a year.
- Revenue has grown for 5 fiscal years in a row.
- Operating margin widened from -12.4% to 5.7% over the same years.
- Free cash flow was negative in 1 of the last 6 fiscal years.
- MGM Resorts reported a net loss in 1 of the last 6 fiscal years.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $9.7B | $13.1B | $16.2B | $17.2B | $17.5B |
| Revenue growth | 87.5% | 35.6% | 23.1% | 6.7% | 1.7% |
| Operating margin | 23.5% | 11.0% | 11.7% | 8.6% | 5.7% |
| Net income | $1.3B | $1.5B | $1.1B | $747M | $206M |
| Free cash flow | $883M | $991M | $1.8B | $1.2B | $1.5B |
| Diluted EPS | $2.41 | $3.49 | $3.19 | $2.40 | $0.76 |
Fiscal years as reported in MGM Resorts’s 10-K filings. Free cash flow is operating cash flow minus capital spending.
Recent SEC filings
- 10-Q filed October 28, 2026 — quarterly report
- 8-K filed October 28, 2026 — Earnings results
- 8-K filed October 28, 2026 — Material agreement; Regulation FD disclosure
- 10-Q filed July 29, 2026 — quarterly report
- 8-K filed July 29, 2026 — Earnings results
- 8-K filed May 14, 2026 — Material agreement; New debt obligation
- 8-K filed May 8, 2026 — Shareholder vote results
- 10-Q filed April 29, 2026 — quarterly report
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Questions about MGM Resorts
Is MGM Resorts's revenue growing?
Yes. Revenue for the twelve months to September 30, 2026 was $17.7 billion, up 2.6% from a year earlier, according to its SEC filings.
Is MGM Resorts profitable?
Yes. It earned $694 million in net income over the twelve months to September 30, 2026, a net margin of 3.9%.
Does MGM Resorts have more cash or more debt?
At September 30, 2026 it had $2.4 billion in cash and $5.7 billion in debt, so more debt than cash.
When did MGM Resorts last file financial results?
Its latest quarterly report (10-Q) was filed with the SEC on October 28, 2026.
Which companies are similar to MGM Resorts?
In the S&P 500, MGM Resorts is grouped in Casinos & Gaming within the Consumer Discretionary sector. Las Vegas Sands (LVS), Wynn Resorts (WYNN) are in the same group.
Understand the numbers
Source: MGM Resorts’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved November 11, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.