Wynn Resorts (WYNN) Q4 2025 earnings summary

Executive summary

• Achieved strong Q4 2025 operational and financial performance, with robust results in Las Vegas, Boston, and Macau, though net income and Adjusted Property EBITDAR declined year-over-year.

• Fourth quarter 2025 operating revenues rose to $1.87 billion, up $27.2 million year-over-year, with full-year revenues at $7.14 billion.

• Geographic diversification advances with Wynn Al Marjan Island, with construction on schedule, tower topped out, and opening expected in Q1 2027.

• Leadership transition announced as CFO Julie Cameron-Doe will retire before the next earnings call.

• Ongoing investments in property enhancements and new amenities support premium positioning and guest experience.

Financial highlights

• Total operating revenues for Q4 2025 reached $1.87B, up from $1.84B in Q4 2024; full-year Adjusted Property EBITDAR was $2.22B.

• Las Vegas generated $240.8M in adjusted property EBITDA on $688.1M revenue, with a 35% margin; Boston delivered $57M EBITDA on $210.2M revenue, margin 27.1%.

• Macau reported $270.9M adjusted property EBITDA on $967.7M revenue, with a 28% margin; Wynn Palace and Wynn Macau both saw YoY revenue gains.

• Net income for Q4 2025 was $100.0M, down from $277.0M in Q4 2024; full-year net income was $327.3M.

• Global cash and revolver availability stood at $4.7B as of December 31, with total debt outstanding at $10.55B.

Outlook and guidance

• 2026 outlook remains positive, with strong group and convention bookings expected to drive Las Vegas growth.

• Wynn Al Marjan Island in the UAE is on track for a Q1 2027 opening, with $914.2M contributed to date and expected to add $345M in EBITDAR at steady state.

• CapEx for 2026 projected at $400M-$450M for Macau and $750M-$850M for domestic projects, with major projects completing by 2027.

• No material domestic cash income taxes expected in 2026.