MGM Resorts International
Financial Performance
MGM Resorts Revenue & Financials
Revenue
$17.5B (FY2025)
Market Cap
$8.5B
Net Income
$205.9M
Employees
78,000
What is MGM Resorts's revenue?
MGM Resorts had $17.5B in revenue for fiscal year 2025, up 1.7% from 2024. Net income was $205.9M.
- Latest revenue
- $17.5B (FY2025)
- Year-over-year
- +1.7%
- Growth rate (CAGR)
- 7.1% over 9 years
- Peak revenue
- $17.5B (FY2025)
- Years of data
- 10
- Employees
- 78,000
- What is MGM Resorts's operating income?
- MGM Resorts reported operating income of $1B for fiscal year 2025. sec.gov
- How much profit does MGM Resorts make?
- MGM Resorts reported net income of $205.9M for fiscal year 2025. sec.gov
- How many employees does MGM Resorts have?
- MGM Resorts has about 78,000 employees.
Financial Analysis
MGM reported 2025 revenue of $17.54 billion, up 1.7% from $17.24 billion in 2024, while net income attributable to MGM fell to $206 million from $747 million. Fourth-quarter 2025 revenue was $4.6 billion with Consolidated Adjusted EBITDA of $635 million, and BetMGM distributed $135 million to MGM in that quarter. MGM repurchased 37.5 million shares in 2025, cutting its share count by about 48% since the start of 2021. In Q2 2026, revenue reached a record $4.5 billion (+1%), net income attributable to MGM was $292 million versus $49 million a year earlier, and Consolidated Adjusted EBITDA was $610 million versus $648 million. MGM Resorts International is a colossal American global hospitality and entertainment company, commanding a market valuation typically over $15 billion.
Revenue Trend Analysis
YoY Change
+1.7%
9-Year CAGR
+7.1%
Peak Year
2025
Trend
Consistent Growth
MGM Resorts International has 10 full fiscal year figures on this page, compounding at +7.1% annually over 9 years. The most recent year saw a 1.7% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $17.5B. Of 9 comparable year-over-year steps, 8 showed growth and 1 showed a decline.
Annual revenue history
Click any row to see year details.
MGM Resorts International balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $2.5B | $1.1B | $41.4B | $38.1B | $2.4B | $1.5B | Form 10-K |
| FY2024ended Dec 31, 2024 | $2.4B | $1.2B | $42.2B | $38.5B | $3B | $1.2B | Form 10-K |
| FY2023ended Dec 31, 2023 | $2.7B | $931.8M | $42.4B | $38B | $3.8B | $1.8B | Form 10-K |
| FY2022ended Dec 31, 2022 | $1.8B | $765.1M | $45.7B | — | $4.8B | $991.4M | Form 10-K |
| FY2021ended Dec 31, 2021 | $1.4B | $490.7M | $40.9B | — | $6.1B | $882.7M | Form 10-K |
| FY2020ended Dec 31, 2020 | -$1.5B | $270.6M | $36.5B | — | $6.5B | -$1.8B | Form 10-K |
| FY2019ended Dec 31, 2019 | $1.8B | $739M | $33.9B | $21.1B | $7.7B | $1.1B | Form 10-K |
| FY2018ended Dec 31, 2018 | $1.7B | $1.5B | $30.2B | $19.6B | $6.5B | $235.7M | Form 10-K |
| FY2017ended Dec 31, 2017 | $2.2B | $1.9B | $29.2B | $17.5B | $7.6B | $342.3M | Form 10-K |
| FY2016ended Dec 31, 2016 | $1.5B | $2.3B | $28.2B | $18.1B | $6.2B | -$728.5M | Form 10-K |
Keep researching MGM Resorts
MGM Resorts Revenue and Financial FAQ
What is MGM Resorts International's annual consolidated revenue and operating income?
MGM Resorts reported 2025 revenue of $17.54 billion, up from $17.24 billion in 2024, and net income attributable to MGM of $206 million. In Q2 2026 revenue was a record $4.5 billion.
What are the primary revenue contributions by operating segment for MGM Resorts?
Las Vegas Strip Resorts contribute approximately $8.5B to $9.0B (over 50% of group revenue), Regional Operations (including MGM Grand Detroit, Borgata in Atlantic City, and MGM National Harbor) generate ~$3.7B, and MGM China in Macau generates ~$3.5B to $4.0B.
What is MGM's capital allocation and share repurchase policy?
MGM repurchased 37.5 million shares in 2025, including 15 million in the fourth quarter, reducing shares outstanding by about 48% since the beginning of 2021.
What is MGM's liquidity and corporate debt maturity profile?
MGM maintains strong liquidity of over $3.0 billion to $4.5 billion (including cash, cash equivalents, and undrawn revolving credit facilities), managing senior notes with staggered long-term maturities and conservative lease-adjusted leverage ratios.
How did the 2023 cybersecurity incident financially impact MGM Resorts?
In September 2023, a sophisticated social-engineering cyberattack temporarily disrupted hotel check-in systems, slot machines, and digital keys across MGM's US properties. The company contained the incident without paying a ransom, incurring an estimated $100 million negative EBITDAR impact that was largely recovered through cybersecurity insurance.
What was the financial impact of the 2022 Cosmopolitan of Las Vegas acquisition?
In May 2022, MGM acquired the operations of The Cosmopolitan of Las Vegas from Blackstone for $1.625 billion. The luxury resort immediately generated substantial cash flows, integrating smoothly with neighboring CityCenter properties (Bellagio and ARIA) and generating over $350 million in annual incremental EBITDAR.
What are MGM Resorts' credit ratings from major global rating agencies?
MGM Resorts holds stable credit ratings (Ba3 from Moody's and BB- from S&P Global), supported by prime Strip property dominance, substantial cash reserves, and strong post-pandemic international travel recovery.
What is the return on capital target for the upcoming MGM Osaka project?
MGM anticipates the $10+ billion MGM Osaka integrated resort will generate tens of billions in annual gross gaming and hospitality revenue upon opening around 2030, targeting high double-digit returns on invested equity and serving over 20 million domestic and Asian tourists annually.
How heavy are MGM's lease obligations following the asset-light transition?
Under its triple-net master leases with VICI Properties and Blackstone, MGM pays over $1.7 billion annually in contractual rent. While this fixed overhead creates operating leverage during economic downturns, it eliminates traditional property depreciation and allowed MGM to hold a multi-billion-dollar cash cushion while unlocking unmatched return on equity during travel boom periods.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "MGM Resorts Revenue & Financials." CorpDigest, https://corpdigest.com/company/mgm-resorts/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>MGM Resorts reported $17.5B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/mgm-resorts/financials" target="_blank" rel="noopener">CorpDigest — MGM Resorts financials</a></div>Related Financial Audits
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