Melco Resorts & Entertainment (MLCO) Q4 2025 earnings summary

Executive summary

• Achieved $1.4 billion in group property EBITDA for 2025, up 17% year-over-year, with Macau property EBITDA up 25% for the year and 24% in Q4 year-over-year.

• Achieved global presence with integrated resorts across Asia and Europe, adapting to diverse markets.

• Fourth quarter 2025 operating revenues rose 9% year-over-year to $1.29 billion, driven by improved rolling chip and mass market table games performance.

• Net income for FY2025 was $145M, a turnaround from a $28M loss in FY2024; Q4'25 net income was $60.6 million, reversing a net loss of $20.3 million in Q4 2024.

• Recognized with over 1,400 awards, including 19 Forbes Five-Star Awards in 2026 and multiple Michelin stars.

Financial highlights

• FY2025 total operating revenues rose 11.3% year-over-year to $5,163M; 4Q'25 revenues up 8.6% to $1,293M.

• Adjusted Property EBITDA for FY2025 increased 17.3% to $1,430M; 4Q'25 Adjusted Property EBITDA was $331M, up 12.2% year-over-year.

• Group-wide Property EBITDA margin expanded 141bps to 27.8% in FY2025.

• $413M in debt repaid and $165M in shares repurchased during FY2025.

• Favorable win rates at COD Macau and COD Manila positively impacted EBITDA by $7 million and $3 million, respectively.

Outlook and guidance

• 1Q 2026 guidance: Depreciation & amortization of $140–145M, corporate expenses of $35M, and net interest expense of $115–120M.

• Macau daily OpEx expected at $3.2 million in Q1 2026 due to increased marketing for Chinese New Year and new brand campaigns.

• Total CapEx for 2026 projected at $450 million, with $100 million allocated to the Countdown Hotel renovation.

• Planned renovations at City of Dreams Macau, including hotel rebranding and retail area revamp.

• Management remains focused on growth priorities and margin expansion, with new initiatives planned for the coming year.