MGM Resorts International (MGM) Q4 2025 earnings summary

Executive summary

• Achieved record fourth quarter and full year EBITDA in Macau, maintaining strong margins and market share, with premium mass customers driving results.

• Consolidated net revenues grew 6% year-over-year in Q4 2025 to $4.6B, with net income up 87% to $294M and Adjusted EBITDA up 20% to $635M.

• BetMGM North America delivered a $470M EBITDA turnaround, distributed $135M in Q4, and began cash distributions to parent companies.

• Over 15M shares repurchased in Q4, totaling $1.2B in 2025 and reducing shares outstanding by 48% since 2021.

• Broke ground on MGM Osaka, set to be the world's largest integrated resort upon opening.

Financial highlights

• Las Vegas Strip Resorts Q4 2025 net revenues: $2.2B, Segment Adjusted EBITDAR: $735M, margin 43.9%.

• Regional Operations Q4 2025 net revenues: $950M, Segment Adjusted EBITDAR: $280M, margin 30.2%.

• MGM China Q4 2025 net revenues: $1.2B (up 21% YoY), Segment Adjusted EBITDAR: $334M (up 30% YoY), margin 27.0%.

• MGM Digital Q4 2025 net revenues: $188M (up 35% YoY), Segment Adjusted EBITDAR: $140M, margin 74.5%.

• BetMGM FY 2025 EBITDA: $220M, up $466M YoY; Q4 EBITDA: $71M, up $176M YoY.

Outlook and guidance

• FY 2026 BetMGM net revenue guidance: $3.1–$3.2B; Adjusted EBITDA: $300–$350M, with a pathway to $500M in 2027.

• 2026 capital expenditures: $685–$735M domestically, $350–$400M for MGM Osaka, funded by a yen-denominated facility.

• Expecting mid-single-digit revenue growth in group and convention channels for 2026.

• 2026 corporate expense forecast: $450–$485M (excluding stock-based comp).

• Anticipate further stabilization and growth in Las Vegas, with easier comparisons in the second half of 2026.