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How MGM Resorts International (MGM) makes money: Q2 2026 revenue breakdown
The quarter in brief
Revenue grew 1.0% y/y to $4.45B, operating margin 11.3% vs 9.2%, net income $292M (+497.4% y/y).
Key growth driver: Food and beverage — the fastest-growing revenue line: $802, +3% y/y. · by the Q2 2026 report
Net income attributable to MGM Resorts International
$292M
up 497% y/y
Total revenues
$4,451M
up 1.0% y/y
Operating income
$504M
up 24.5% y/y
Next report
not announced yet
How does MGM Resorts International make money?
MGM Resorts International brought in $4.45 billion of revenue in Q2 2026, up 1.0% year over year. The largest source was Casino: $2.38 billion, or 54% of the total, followed by Rooms ($849M, 19%) and Food and beverage ($802M, 18%); other lines add the remaining 9%. Net income for the quarter was $292 million, up 497% year over year.
Revenue by source, Q2 2026
- Casino$2.38B · 54% · +2.3%
- Rooms$849M · 19% · −1.3%
- Food and beverage$802M · 18% · +3.1%
- Entertainment, retail and other$416M · 9% · −4.6%
Shares of $4.45B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
All figures in $M.
| Line item | Amount and change |
|---|---|
| Casino | $2,383 · +2.3% |
| Rooms | $849 · −1.3% |
| Food and beverage | $802 · +3.1% |
| Entertainment, retail and other | $416 · −4.6% |
| Total revenues | $4,451 · +1.0% |
| Casino, rooms, food and beverage and entertainment expenses (calculated) | $2,472 · +1.1% |
| General and administrative | $1,263 · +4.1% |
| Depreciation and amortization | $282 · +16.7% |
| Corporate and preopening expenses (calculated) | $132 · +5.3% |
| Goodwill impairment | $111 · vs $0 |
| Property transactions, net | $287 · vs −$0.1 |
| Income from unconsolidated affiliates | $25.8 · −0.1% |
| Operating income | $504 · +24.5% · 11.3% margin |
| Interest expense, net of amounts capitalized | $102 · −3.3% |
| Other non-operating items, net (calculated) | $12 · vs −$165 |
| Income before income taxes | $414 · +209% |
| Provision for income taxes | $90.7 · +479% · 21.9% effective rate |
| Net income attributable to noncontrolling interests | $30.4 · −56.1% |
| Net income attributable to MGM Resorts International | $292 · +497% · $1.11/sh · 6.6% margin |
Verdict: revenue grew 1.0% y/y to $4.45B, operating margin 11.3% vs 9.2%, net income $292M (+497.4% y/y).
Diluted EPS $1.11 vs $0.18 a year earlier; adjusted EPS $0.59 vs $0.79 and consolidated adjusted EBITDA $610 million vs $648 million (non-GAAP).
Source and notation
Source: MGM Resorts International earnings release, 8-K EX-99 of 07/29/2026 (SEC EDGAR). The income statement lines were taken from the release by hand; the program found every figure in the release text and checked the accounting identities and the chart balance; revenue and net income match SEC XBRL.
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
- Net income attributable to MGM Resorts rose to $292 million from $49 million mainly because of a $286.7M gain on property transactions, partly offset by a $111.0M goodwill impairment; adjusted EPS fell.
- Las Vegas Strip Resorts revenue rose to $2.2 billion from $2.1 billion; Regional Operations revenue fell to $924 million from $965 million.
- Operating income was $504M, a 11.3% margin vs 9.2% a year earlier.
- The effective tax rate was 21.9% vs 11.7% a year earlier.
- Diluted EPS was $1.11 vs $0.18 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
Who runs the company now
- William J. HornbuckleChief Executive Officer and President [1]
- Jonathan S. HalkyardChief Financial Officer [2]
As of 10/20/2026, per the company’s SEC filings: signatures on the latest report and leadership-change filings.
Positions: the company’s SEC filings. Spotted an error, or is this you and you’d like it corrected or removed? Contact us
How this is compiled
Who runs the company now comes from primary sources only: for US companies, the CEO and CFO signatures on the latest SEC report, and a separate board chair from the proxy statement (DEF 14A); for Russian and Kazakh issuers, the company website and its disclosures. We recheck weekly; if a name can’t be confirmed, or a leadership-change filing came out after the report, we don’t show it until it’s reviewed. History comes from proxy statements, disclosures, Wikipedia and Wikidata; years show when a term started and ended, “since” means the person is in office now. An outcome for a previous employer is shown only when the linked document states it.
Sources · 2
- SEC EDGAR: 10-Q 2026-07-29 · SEC EDGAR · 10/20/2026
- SEC EDGAR: 10-Q 2026-07-29 · SEC EDGAR · 10/20/2026
MGM Resorts International is an American multinational hospitality, sports and entertainment company. · Text: Wikipedia, CC BY-SA 4.0, abridged
It operates resorts in Las Vegas, Massachusetts, Michigan, Mississippi, Maryland, New Jersey, Macau, Shanghai, Chengdu, Hangzhou and Sanya, including the Bellagio, Mandalay Bay, MGM Grand and Park MGM.
Company guidance
Same quarter a year ago (ended September 30, 2025): revenue $4.25B, EPS (GAAP) −$1.05
How we calculate
Year-ago figures are GAAP, from the company's SEC filings (XBRL); EPS is diluted.
MGM earnings history: past report dates
| Jul 29, 2026 Wed | 4:15 pmafter market close | Jun 30, 2026 | $4.5B+1% y/y | $1.11+517% y/y |
| Apr 29, 2026 Wed | 4:15 pmafter market close | Mar 31, 2026 | $4.5B+4% y/y | $0.48−6% y/y |
| Feb 4, 2026 Wed | 12:20 pmduring market hours | Dec 31, 2025 | ≈$4.6B+6% y/y | ≈$1.12+115% y/y |
| Oct 29, 2025 Wed | 4:15 pmafter market close | Sep 30, 2025 | $4.3B+2% y/y | −$1.05 |
| Jul 30, 2025 Wed | 4:15 pmafter market close | Jun 30, 2025 | $4.4B+2% y/y | $0.18−70% y/y |
| Apr 30, 2025 Wed | 4:15 pmafter market close | Mar 31, 2025 | $4.3B−2% y/y | $0.51−24% y/y |
| Feb 12, 2025 Wed | 4:10 pmafter market close | Dec 31, 2024 | ≈$4.3B−1% y/y | ≈$0.52−45% y/y |
| Oct 30, 2024 Wed | 4:15 pmafter market close | Sep 30, 2024 | $4.2B+5% y/y | $0.61+33% y/y |
| Jul 31, 2024 Wed | 4:16 pmafter market close | Jun 30, 2024 | $4.3B+10% y/y | $0.60+9% y/y |
| May 1, 2024 Wed | 4:15 pmafter market close | Mar 31, 2024 | $4.4B+13% y/y | $0.67−46% y/y |
| Feb 13, 2024 Tue | 4:14 pmafter market close | Dec 31, 2023 | ≈$4.4B+22% y/y | ≈$0.94+34% y/y |
| Oct 5, 2023 Thu | 5:15 pmafter market close | Sep 30, 2023 | $4.0B+16% y/y | $0.46 |
| Aug 2, 2023 Wed | 4:16 pmafter market close | Jun 30, 2023 | $3.9B+21% y/y | $0.55−87% y/y |
| May 1, 2023 Mon | 4:15 pmafter market close | Mar 31, 2023 | $3.9B+36% y/y | $1.24 |
| Feb 8, 2023 Wed | 4:28 pmafter market close | Dec 31, 2022 | ≈$3.6B+18% y/y | ≈$0.70+192% y/y |
| Nov 2, 2022 Wed | 4:24 pmafter market close | Sep 30, 2022 | $3.4B+26% y/y | −$1.45 |
| Aug 3, 2022 Wed | 4:31 pmafter market close | Jun 30, 2022 | $3.3B+44% y/y | $4.20 |
| Apr 21, 2022 Thu | 9:01 ambefore market open | Mar 31, 2022 | $2.9B+73% y/y | −$0.06+91% y/y |
| Feb 9, 2022 Wed | 4:30 pmafter market close | Dec 31, 2021 | ≈$3.1B+105% y/y | ≈$0.24 |
| Nov 3, 2021 Wed | 4:30 pmafter market close | Sep 30, 2021 | $2.7B+140% y/y | $2.77 |
| Aug 4, 2021 Wed | 4:31 pmafter market close | Jun 30, 2021 | $2.3B+683% y/y | $0.14 |
| Apr 28, 2021 Wed | 4:30 pmafter market close | Mar 31, 2021 | $1.6B−27% y/y | −$0.69 |
| Feb 10, 2021 Wed | 4:31 pmafter market close | Dec 31, 2020 | ≈$1.5B−53% y/y | ≈−$0.92 |
| Oct 29, 2020 Thu | 4:25 pmafter market close | Sep 30, 2020 | $1.1B−66% y/y | −$1.08 |
| Jul 30, 2020 Thu | 7:48 pmafter market close | Jun 30, 2020 | $290M−91% y/y | −$1.67 |
| Apr 23, 2020 Thu | 9:20 ambefore market open | Mar 31, 2020 | $2.3B−29% y/y | $1.64 |
| Feb 12, 2020 Wed | 4:49 pmafter market close | Dec 31, 2019 | $3.2B+4% y/y | $3.91 |
| Oct 30, 2019 Wed | 4:25 pmafter market close | Sep 30, 2019 | $3.3B+9% y/y | −$0.08 |
| Jul 25, 2019 Thu | 4:25 pmafter market close | Jun 30, 2019 | $3.2B+13% y/y | $0.08−62% y/y |
| Apr 29, 2019 Mon | 4:30 pmafter market close | Mar 31, 2019 | $3.2B+13% y/y | $0.05−87% y/y |
| Jan 28, 2019 Mon | 5:25 pmafter market close | Dec 31, 2018 | $3.1B+18% y/y | −$0.06 |
| Oct 30, 2018 Tue | 4:30 pmafter market close | Sep 30, 2018 | $3.0B+7% y/y | $0.26+0% y/y |
| Aug 2, 2018 Thu | 7:46 ambefore market open | Jun 30, 2018 | $2.9B+8% y/y | $0.21−42% y/y |
| Apr 26, 2018 Thu | 8:55 ambefore market open | Mar 31, 2018 | $2.8B+4% y/y | $0.38+6% y/y |
| Feb 20, 2018 Tue | 8:00 ambefore market open | Dec 31, 2017 | $2.6B+6% y/y | $2.39 |
| Nov 8, 2017 Wed | 8:00 ambefore market open | Sep 30, 2017 | $2.8B+13% y/y | $0.26−72% y/y |
| Jul 27, 2017 Thu | 8:56 ambefore market open | Jun 30, 2017 | $2.7B+17% y/y | $0.36−57% y/y |
| Apr 27, 2017 Thu | 8:55 ambefore market open | Mar 31, 2017 | $2.7B+23% y/y | $0.36+200% y/y |
| Feb 16, 2017 Thu | 7:55 ambefore market open | Dec 31, 2016 | $2.5B+12% y/y | $0.04 |
| Nov 7, 2016 Mon | 7:55 ambefore market open | Sep 30, 2016 | $2.5B+10% y/y | $0.93+675% y/y |
| Aug 4, 2016 Thu | 8:31 ambefore market open | Jun 30, 2016 | $2.3B−5% y/y | $0.83+388% y/y |
| May 5, 2016 Thu | 8:47 ambefore market open | Mar 31, 2016 | $2.2B−5% y/y | $0.12−64% y/y |
| Feb 18, 2016 Thu | 8:01 ambefore market open | Dec 31, 2015 | $2.2B−8% y/y | −$1.38−97% y/y |
| Oct 29, 2015 Thu | 7:18 ambefore market open | Sep 30, 2015 | $2.3B−8% y/y | $0.12 |
| Aug 4, 2015 Tue | 8:16 ambefore market open | Jun 30, 2015 | $2.4B−8% y/y | $0.17−23% y/y |
| May 4, 2015 Mon | 8:31 ambefore market open | Mar 31, 2015 | $2.3B−11% y/y | $0.33+65% y/y |
| Feb 17, 2015 Tue | 8:17 ambefore market open | Dec 31, 2014 | $2.4B−5% y/y | −$0.70−483% y/y |
| Oct 30, 2014 Thu | 8:16 ambefore market open | Sep 30, 2014 | $2.5B+1% y/y | −$0.04+20% y/y |
| Aug 5, 2014 Tue | 8:16 ambefore market open | Jun 30, 2014 | $2.6B+4% y/y | $0.22 |
| Apr 29, 2014 Tue | 8:15 ambefore market open | Mar 31, 2014 | $2.6B+12% y/y | $0.20 |
| Feb 19, 2014 Wed | 8:11 ambefore market open | Dec 31, 2013 | $2.5B+10% y/y | −$0.12+95% y/y |
| Oct 31, 2013 Thu | 8:15 ambefore market open | Sep 30, 2013 | $2.5B+9% y/y | −$0.05+86% y/y |
| Aug 6, 2013 Tue | 8:16 ambefore market open | Jun 30, 2013 | $2.5B+7% y/y | −$0.20+33% y/y |
| May 2, 2013 Thu | 8:45 ambefore market open | Mar 31, 2013 | $2.4B+3% y/y | $0.01 |
| Feb 20, 2013 Wed | 8:45 ambefore market open | Dec 31, 2012 | $2.3B−0% y/y | −$2.50−987% y/y |
| Oct 31, 2012 Wed | 8:45 ambefore market open | Sep 30, 2012 | $2.3B+1% y/y | −$0.37−48% y/y |
| Aug 7, 2012 Tue | 8:40 ambefore market open | Jun 30, 2012 | $2.3B+29% y/y | −$0.30 |
| May 3, 2012 Thu | 8:30 ambefore market open | Mar 31, 2012 | $2.3B+51% y/y | −$0.44−144% y/y |
| Feb 22, 2012 Wed | 8:00 ambefore market open | Dec 31, 2011 | $2.3B | −$0.23 |
Show all 59 reports since 2012Show fewer
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Companies that file the 8-K late in the evening publish the release the next morning: the date is that morning, before market open, and the evening filing time is not shown. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
MGM Resorts International: 15-year financials
| 2025 | 17,538 | 1,002 | 206 | 1,461 | — |
| 2024 | 17,241 | 1,491 | 747 | 1,212 | — |
| 2023 | 16,164 | 1,892 | 1,142 | 1,759 | — |
| 2022 | 13,128 | 1,439 | 1,473 | 991 | 4 |
| 2021 | 9,680 | 2,279 | 1,254 | 883 | 4.8 |
| 2020 | 5,162 | −642 | −1,033 | −1,764 | 77.6 |
| 2019 | 12,900 | 3,940 | 2,049 | 1,071 | 271 |
| 2018 | 11,763 | 1,470 | 467 | 236 | 261 |
| 2017 | 10,798 | 1,713 | 1,952 | 342 | 252 |
| 2016 | 9,478 | 2,078 | 1,100 | −729 | — |
| 2015 | 9,190 | −156 | −448 | −462 | — |
| 2014 | 10,082 | 1,324 | −150 | 259 | — |
| 2013 | 9,810 | 1,137 | −172 | 748 | — |
| 2012 | 9,161 | 121 | −1,768 | 487 | — |
| 2011 | 7,849 | 4,057 | 3,115 | 374 | — |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP)*.
How we calculate
Figures are annual report lines; if a year was later restated (discontinued operations, mergers), we use the latest filing that shows it. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing. The table starts in 2011; where the listed issuer changed (holding reorganization, redomicile), earlier years come from the predecessor’s filings.
Shareholders’ equity at Jun 30, 2026: $2.5B (6.3% of total assets). Compare with other S&P 500 companies →
MGM Resorts International (MGM) earnings: FAQ
How does MGM Resorts International make money?
MGM Resorts International brought in $4.45 billion of revenue in Q2 2026, up 1.0% year over year. The largest source was Casino: $2.38 billion, or 54% of the total, followed by Rooms ($849M, 19%) and Food and beverage ($802M, 18%); other lines add the remaining 9%. Net income for the quarter was $292 million, up 497% year over year.
When is MGM's next earnings date?
We have not yet seen an announcement of the date from MGM Resorts International (MGM). Based on last year's report on Oct 29, 2025, the next report is expected around Oct 28, 2026.
What time does MGM report earnings?
MGM Resorts International usually reports after market close: its latest results release was filed with the SEC at 4:15 pm ET on Jul 29, 2026.
When did MGM last report earnings?
MGM Resorts International reported Q2 2026 results on Jul 29, 2026.
Where can I find MGM Resorts International's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to MGM's filings; this page breaks the latest report down in a Sankey chart.
What was MGM's net income in Q2 2026?
MGM Resorts International reported net income of $292M for Q2 2026 (+497% year over year), under US GAAP.
How has MGM Resorts International's revenue changed since 2011?
Per its 10-K filings, revenue grew 2.2x: $7,849M in 2011 and $17,538M in 2025. The latest year is the highest in the table. Year-by-year figures are in the table above.
New to earnings reports? Start with how to read an earnings report.
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