10-Q · May 7, 2026
Red Rock Resorts reported Q1 2026 net revenues of $507.3 million, reflecting a modest year-over-year growth of 1.9%, while diluted EPS reached $0.73, exceeding the consensus estimate. Despite these results, operating…
Earnings analysis · 10-Q
RRR earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
Red Rock Resorts delivered $488.7 million of third-quarter revenue, up approximately 2.7% year over year but down from $510 million in the prior quarter, and modestly above the $479.1 million estimate. Profitability was…
Read full summary
Red Rock Resorts delivered $488.7 million of third-quarter revenue, up approximately 2.7% year over year but down from $510 million in the prior quarter, and modestly above the $479.1 million estimate. Profitability was materially weaker: diluted EPS was $(0.17) versus $0.40 expected, while Adjusted EBITDA fell 4.3% to $182.6 million despite 2.2% Las Vegas revenue growth. The 10-Q provided no quantitative forward guidance, and it reported no material changes to the risk factors disclosed in the 2025 Form 10-K.
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
- $-0.17
- Segment
- Las Vegas revenue increased 2.2% year over year; consolidated Adjusted EBITDA declined 4.3% to $182.6 million.
- Segment
- Native American operations were described as accelerating, but no segment revenue amount was provided.
What stood out
-
Revenue beat estimates
Third-quarter revenue was $488.7 million, approximately 2.0% above the $479.1 million consensus estimate. Revenue declined from $510 million in 2026 Q2 but increased from $476 million in 2025 Q3.
-
EPS missed sharply
Diluted EPS was $(0.17), versus the $0.40 consensus estimate, and declined from $0.67 in 2026 Q2 and $0.68 in 2025 Q3.
-
Las Vegas revenue grew
Las Vegas revenue increased 2.2% year over year, while Native American growth was described as accelerating.
-
Share repurchases continued
The company repurchased 468,342 shares under its public program during the quarter at an average price of $56.93, leaving $459.4 million authorized for future repurchases at September 30, 2026.
-
Controls remained effective
Management concluded that disclosure controls were effective as of September 30, 2026, and reported no material change in internal control over financial reporting during the quarter.
What to watch
-
Operating leverage deteriorated
Consolidated Adjusted EBITDA declined 4.3% to $182.6 million despite Las Vegas revenue growth of 2.2%, indicating weaker operating conversion and pressure on earnings quality.
-
Significant earnings miss
The company reported diluted EPS of $(0.17), compared with $0.67 in the prior quarter and $0.68 in the year-ago quarter, creating a material earnings downside versus the $0.40 estimate.
-
Interest-rate exposure persists
Long-term debt remains exposed to interest-rate movements; the company uses two zero-cost interest-rate collars to manage that exposure. The filing states there were no material changes from the risks disclosed in the 2025 Form 10-K.
-
Capital allocation flexibility
The company had $459.4 million remaining under its equity repurchase authorization at September 30, 2026, while it repurchased 468,342 shares during the quarter; continued buybacks could compete with other capital-allocation needs.
-
No risk-factor update
Item 1A states there were no material changes to the risk factors in the 2025 Form 10-K, so previously disclosed litigation and operating risks remain applicable; the company is a defendant in various lawsuits.
Management's outlook
No quantitative revenue or EPS guidance was provided in the 10-Q; the filing did not state a revised outlook.
Earlier filings 4
10-K · February 20, 2026
Red Rock positions itself as a locally-focused, asset-light operator of Las Vegas regional casinos emphasizing operational discipline, customer loyalty and master-planned expansions (Durango). For 2025 the company…
10-Q · November 6, 2025
Red Rock reported Q3 net revenues of $475,572 (amounts in thousands) and diluted Class A EPS of $0.68. Results show modest year-over-year top-line and EPS improvement, stable operating income of $131,484 and strong…
10-Q · May 8, 2025
Red Rock Resorts reported net revenues of $497,861,000 and operating income of $154,353,000 for the three months ended March 31, 2025, producing diluted Class A EPS of $0.75. Revenues and EPS were up versus the year-ago…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.