10-Q · April 29, 2026
MGM Resorts International reported Q1 2026 financial results with consolidated net revenues of $4.45 billion, representing a 4% increase from the prior year. However, diluted EPS came in at $0.48, missing the estimate…
Earnings analysis · 10-Q
MGM earnings analysis
Filed October 28, 2026 · Our reading of the company's report
The latest report
MGM reported Q3 2026 revenue of $4.212 billion and diluted EPS of $(0.07), missing consensus estimates of $4.221 billion and $0.10, respectively. Revenue declined sequentially and slightly year over year, while the…
Read full summary
MGM reported Q3 2026 revenue of $4.212 billion and diluted EPS of $(0.07), missing consensus estimates of $4.221 billion and $0.10, respectively. Revenue declined sequentially and slightly year over year, while the diluted loss improved from $(1.05) in Q3 2025; however, Consolidated Adjusted EBITDA fell 20.4% year over year to $403 million. MGM China and MGM Digital grew, but no quantitative forward guidance was provided and management reported no material changes to previously disclosed risk factors.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.07
What stood out
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Revenue declined sequentially and year over year
Third-quarter revenue was $4.212 billion, down approximately 5.4% from $4.45 billion in Q2 2026 and approximately 0.9% from $4.25 billion in Q3 2025. Revenue was slightly below the $4.221 billion consensus estimate.
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EPS missed estimates but improved year over year
Diluted EPS was $(0.07), versus $1.11 in Q2 2026 and $(1.05) in Q3 2025. EPS was below the $0.10 consensus estimate, but the year-over-year loss narrowed by $0.98 per share.
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GAAP loss narrowed
GAAP net loss narrowed to $17 million from the substantially larger loss implied by the $(1.05) diluted EPS reported in Q3 2025.
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MGM China and Digital grew
MGM China and MGM Digital posted growth during the quarter, although the supplied filing extract does not provide revenue amounts for the individual segments.
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Segment growth did not offset EBITDA decline
Consolidated Adjusted EBITDA fell to $403 million from $506 million in the year-ago quarter, a decline of $103 million, or approximately 20.4%.
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No material control deficiencies reported
Management certified that disclosure controls were effective as of September 30, 2026, and reported no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, those controls during the quarter.
What to watch
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Adjusted EBITDA contracted materially
Consolidated Adjusted EBITDA declined to $403 million from $506 million in Q3 2025, reducing earnings conversion despite growth in MGM China and MGM Digital.
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Quarterly results missed consensus
Revenue of $4.212 billion was approximately $9 million below the $4.221 billion consensus estimate, while diluted EPS of $(0.07) was $0.17 below the $0.10 estimate.
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No updated risk-factor disclosure
The filing states that there were no material changes to the risk factors previously disclosed in the 2025 Form 10-K, limiting visibility into any newly emerging risks.
Management's outlook
No quantitative forward revenue or EPS guidance was provided in the filing; the 10-Q states there were no material changes to the risk factors disclosed in the 2025 Form 10-K.
Earlier filings 4
10-K · February 11, 2026
MGM’s 2025 Form 10-K emphasizes an asset-light, omni-channel strategy: monetize real estate, reinvest in core resorts, and scale digital via consolidated LeoVegas and a 50% stake in BetMGM. The company operates 16…
10-Q · April 30, 2025
MGM reported first-quarter revenue of $4,277,082 (in thousands), down from $4,383,470 in Q1 2024, with operating income of $385,057 (in thousands) and diluted EPS of $0.51 (down from $0.67). Operating cash flow remained…
10-K · February 18, 2025
MGM’s 2024 Form 10-K emphasizes an asset-light, omni-channel growth strategy: monetize real estate, reinvest in core resorts, and scale digital (consolidated LeoVegas and a 50% stake in BetMGM). The company highlights…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.