$MGM

MGM Resorts International

CIK:0000789570|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Total revenue	$ 4,450,993	$ 4,404,870	$ 8,905,711	$ 8,681,952
Expenses
General and administrative	1,263,260	1,213,691	2,546,092	2,378,589
Corporate expense	131,433	124,096	268,653	266,447
Preopening and start-up expenses	112	849	1,089	934
Property transactions, net	(286,695)	125	(272,475)	15,593
Goodwill impairment	111,019	0	111,019	0
Depreciation and amortization	282,315	241,975	546,040	478,419
Total expenses	3,973,195	4,026,165	8,136,697	7,905,294
Income from unconsolidated affiliates	25,838	25,860	35,864	12,964
Operating income	503,636	404,565	804,878	789,622
Non-operating income (expense)
Interest expense, net of amounts capitalized	(102,129)	(105,584)	(202,818)	(212,853)
Non-operating items from unconsolidated affiliates	2,525	(4,055)	18	(3,793)
Other, net	9,488	(161,170)	13,691	(172,436)
Non-operating income (expense)	(90,116)	(270,809)	(189,109)	(389,082)
Income before income taxes	413,520	133,756	615,769	400,540
Provision for income taxes	(90,731)	(15,662)	(118,188)	(55,715)
Net income	322,789	118,094	497,581	344,825
Less: Net income attributable to noncontrolling interests	(30,356)	(69,143)	(80,012)	(147,320)
Net income attributable to MGM Resorts International	$ 292,433	$ 48,951	$ 417,569	$ 197,505
Earnings per share
Basic (in dollars per share)	$ 1.12	$ 0.18	$ 1.61	$ 0.70
Diluted (in dollars per share)	$ 1.11	$ 0.18	$ 1.59	$ 0.70
Weighted average common shares outstanding
Basic (in shares)	254,018	273,329	255,193	280,199
Diluted (in shares)	257,758	275,615	258,327	282,328
Casino
Revenues
Total revenue	$ 2,383,185	$ 2,329,798	$ 4,762,040	$ 4,581,946
Expenses
Cost of sales	1,349,281	1,333,850	2,698,833	2,578,160
Rooms
Revenues
Total revenue	849,143	860,401	1,716,997	1,723,809
Expenses
Cost of sales	276,390	272,066	561,666	552,915
Food and beverage
Revenues
Total revenue	802,332	778,179	1,607,172	1,548,352
Expenses
Cost of sales	582,734	576,633	1,159,014	1,136,928
Entertainment, retail and other
Revenues
Total revenue	416,333	436,492	819,502	827,845
Expenses
Cost of sales	$ 263,346	$ 262,880	$ 516,766	$ 497,309

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 497,581	$ 344,825
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	546,040	478,419
Amortization of debt discounts and issuance costs	12,694	13,862
Provision for credit losses	50,094	29,757
Stock-based compensation	50,808	45,109
Foreign currency transaction (gain) loss	(55,195)	308,454
Property transactions, net	(272,475)	15,593
Goodwill impairment	111,019	0
Noncash lease expense	208,313	257,052
Other investment losses (gains)	19,475	(38,226)
Income from unconsolidated affiliates	(35,882)	(9,171)
Distributions from unconsolidated affiliates	8,890	6,825
Deferred income taxes	(44,990)	(27,997)
Change in operating assets and liabilities:
Accounts receivable	(134,763)	24,733
Inventories	939	13,557
Income taxes receivable and payable, net	230,837	29,074
Prepaid expenses and other	(22,325)	(11,392)
Accounts payable and accrued liabilities	(117,991)	(194,910)
Other	73,538	(92,615)
Net cash provided by operating activities	1,126,607	1,192,949
Cash flows from investing activities
Capital expenditures	(396,045)	(496,483)
Dispositions of property and equipment	5,920	91
Investments in unconsolidated affiliates	(137,556)	(85,487)
Proceeds from sale of operating resorts	506,659	0
Distributions from unconsolidated affiliates	4,531	1,089
Investments and other	(92,609)	(24,540)
Net cash used in investing activities	(109,100)	(605,330)
Cash flows from financing activities
Net borrowings (repayments) of debt - maturities of 90 days or less	(140,788)	339,382
Issuance of long-term debt	750,000	0
Repayment of long-term debt	(750,000)	(500,000)
Debt issuance costs	(9,560)	(40,839)
Distributions to noncontrolling interest owners	(83,035)	(80,037)
Repurchases of common stock	(262,499)	(717,163)
Other	(54,900)	(61,248)
Net cash used in financing activities	(550,782)	(1,059,905)
Effect of exchange rate on cash, cash equivalents, and restricted cash	(14,805)	13,867
Change in cash and cash equivalents classified as assets held for sale	31,802	0
Cash, cash equivalents, and restricted cash
Net change for the period	483,722	(458,419)
Balance, beginning of period	2,150,364	2,503,064
Balance, end of period	2,634,086	2,044,645
Supplemental cash flow disclosures
Interest paid, net of amounts capitalized	189,787	197,440
Income taxes paid (refunds received), net	$ (69,062)	$ 63,243

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 2,547,380	$ 2,062,994
Accounts receivable, net	1,218,354	1,122,940
Inventories	123,371	124,535
Income tax receivable	1,612	220,154
Prepaid expenses and other	513,236	486,419
Assets held for sale	0	315,382
Total current assets	4,403,953	4,332,424
Property and equipment, net	6,182,784	6,305,614
Investments in and advances to unconsolidated affiliates	637,534	536,066
Goodwill	4,768,737	4,901,960
Other intangible assets, net	1,258,099	1,356,676
Operating lease right-of-use assets, net	21,659,125	23,002,707
Deferred income taxes	117,192	89,792
Other long-term assets, net	820,902	848,547
Total assets	39,848,326	41,373,786
Current liabilities
Accounts and construction payable	422,884	421,502
Accrued interest on long-term debt	72,345	71,845
Other accrued liabilities	2,803,719	2,993,179
Liabilities related to assets held for sale	0	25,581
Total current liabilities	3,298,948	3,512,107
Deferred income taxes	2,600,028	2,617,067
Long-term debt, net	6,068,442	6,230,141
Operating lease liabilities	23,778,515	24,962,742
Other long-term obligations	726,335	775,411
Total liabilities	36,472,268	38,097,468
Commitments and contingencies (Note 8)
Redeemable noncontrolling interests	8,404	21,777
Stockholders' equity
Common stock, $0.01 par value: authorized 1,000,000,000 shares, issued and outstanding 251,586,206 and 258,323,143 shares	2,516	2,583
Capital in excess of par value	0	0
Retained earnings	2,308,750	2,106,836
Accumulated other comprehensive income	202,509	320,498
Total MGM Resorts International stockholders' equity	2,513,775	2,429,917
Noncontrolling interests	853,879	824,624
Total stockholders’ equity	3,367,654	3,254,541
Total liabilities and stockholders' equity	$ 39,848,326	$ 41,373,786