MGM Resorts (MGM) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

May 04, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

0.6

Last Year’s EPS

0.69

Same Quarter Last Year

Analyst Consensus

Hold

Based on 12 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 05, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presented multiple strong, quantifiable positives — notably a 6% consolidated revenue gain, 20% quarter EBITDA growth, a record-performing MGM China (Q4 revenue +21%, EBITDAR +31%), and a major BetMGM turnaround with clear distribution and growth targets — alongside meaningful operational and near-term headwinds concentrated in Las Vegas (Las Vegas EBITDAR down 4% in Q4), one-time renovation impacts (~$65M EBITDA hit) and ongoing digital investment losses. Management emphasized stabilization in Las Vegas, a clear pipeline of development projects on schedule, improving recurring high‑margin cash flows (MGM China branding fee and BetMGM distributions), and active share repurchases. Overall, the positives and momentum across high-margin international and digital channels and capital allocation actions outweigh the localized and partly transitory challenges in Las Vegas and certain areas of investment.

Company Guidance

Management guided to a constructive 2026 outlook driven by portfolio diversification and specific numeric targets: consolidated net revenues grew 6% in 2025 and consolidated EBITDA was up 20% in 4Q, Las Vegas EBITDAR was down 4% in 4Q but the company expects Las Vegas to return to growth in 2026 (benefiting from full‑year contributions of projects completed in 2025 after ~700–1,000 rooms/day were offline during MGM Grand’s remodel that cost roughly $65M of EBITDA in 2025), group & convention pacing is mid‑single‑digit revenue growth with mix nearer 20%, and CON/AGG is expected to approach 2023 attendance among ~140,000 attendees; BetMGM turned annual EBITDA around by nearly $470M, delivered a $135M Q4 distribution, saw monthly player volumes +24% and active player days +14%, and is guiding to $300–$350M adjusted EBITDA in 2026 (with $50M CapEx) and a $500M adjusted EBITDA target for 2027; MGM China posted Q4 net revenue +21% and segment adj. EBITDAR +31% with 16.5% Q4 market share and mid‑to‑high‑20s margins (branding fees rising from 1.75% to 3.5% implying >$50M incremental cash flow on 2025 results); MGM Digital revenue grew ~35% in 2025 with 2026 EBITDAR losses expected to be roughly half of 2025; other notable metrics include digital check‑ins +18% (check‑in time 1.5 vs 6.5 minutes), 1M digital concierge chats, a 2026 Japan funding commitment of $350–$400M (backed by a ~ $350M low‑single‑digit yen facility), 2028 Dubai tower openings and MGM Osaka on track for 2030 (≈20% foundation piles complete), corporate expense run‑rate ~$110–115M/quarter, Q4 Las Vegas hold benefit ≈$20M, $516M of Q4 buybacks (15M shares) and $1.2B repurchased in 2025 (37.5M shares, avg $32.43) while share count is down ~50% over five years.

Consolidated Revenue and EBITDA Growth

Consolidated net revenues grew 6% year-over-year; consolidated EBITDA (quarter) up 20%, reflecting diversified portfolio strength across physical and digital channels.

MGM China Record Performance

MGM China reported a 21% increase in fourth quarter net revenues and a 31% increase in segment adjusted EBITDAR in the quarter; achieved a 16.5% market share in Q4 and maintained over 16% for the full year (record annual market share).

BetMGM Turnaround and Momentum

BetMGM delivered a nearly $470 million annual EBITDA turnaround; monthly player volumes rose 24% and active player days increased 14% in 2025; BetMGM North America net revenues up 39% in Q4 and EBITDA improved by $176 million to $71 million in the quarter, leading to a $135 million distribution to MGM in Q4 and a path to $500 million adjusted EBITDA in 2027.

Digital and Technology Gains

Digital check-ins increased 18%, reducing average check-in time from 6.5 minutes to 1.5 minutes; 1 million digital concierge chats processed last year; MGM Digital net revenues grew 35% driven by international markets (LeoVegas, Sweden) and Brazil expansion.

Luxury and Casino Product Investments Paying Off

Luxury properties (Bellagio and ARIA) together saw a 7% increase in EBITDAR in 2025; record full-year slot win in 2025 driven by luxury offerings; successful high-limit product launches and invitation-only tournaments being repeated.

Development Pipeline On Schedule

MGM Osaka construction on track with about 20% of foundation piles completed and an on-target 2030 opening; Dubai Bellagio/ARIA/MGM Grand towers scheduled to open 3Q 2028; development timelines and budgets reported as on schedule and on budget.

Balance Sheet and Capital Allocation Strength

Raised/upsized a yen-denominated credit facility (~$350 million) at low single-digit cost to fund Japan commitments; sold Northfield Park expected H1 2026 close; repurchased 37.5 million shares in 2025 for $1.2 billion (Q4: >15 million shares for $516 million, average price $32.43), reducing share count ~50% over five years.

Recurring High‑Margin Cash Sources

Increased MGM China branding fee from 1.75% to 3.5% (effective this year), which would represent over $50 million incremental cash flow to MGM using 2025 results; BetMGM distributions adding a new recurring high-margin cash source.

Regional Operations Resilience

Regional segment delivered its best-ever fourth quarter slot win and best annual slot win in 2025; regional net revenues increased 2% in Q4 with stable EBITDAR; targeted investments (e.g., Borgata high-limit rooms) yielding positive results.

MGM Resorts (MGM) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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MGM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 04, 2026	2026 (Q1)	0.60 / -	0.69	―	―	―
Feb 05, 2026	2025 (Q4)	0.67 / 1.60	0.45	255.56% (+1.15)
Oct 29, 2025	2025 (Q3)	0.41 / 0.24	0.54	-55.56% (-0.30)
Jul 30, 2025	2025 (Q2)	0.58 / 0.79	0.86	-8.14% (-0.07)
Apr 30, 2025	2025 (Q1)	0.46 / 0.69	0.74	-6.76% (-0.05)
Feb 12, 2025	2024 (Q4)	0.30 / 0.45	1.06	-57.55% (-0.61)
Oct 30, 2024	2024 (Q3)	0.59 / 0.54	0.64	-15.62% (-0.10)
Jul 31, 2024	2024 (Q2)	0.61 / 0.86	0.59	45.76% (+0.27)
May 01, 2024	2024 (Q1)	0.57 / 0.74	0.44	68.18% (+0.30)
Feb 13, 2024	2023 (Q4)	0.71 / 1.06	-1.53	169.28% (+2.59)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

MGM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 05, 2026	$36.28	$37.49	+3.34%
Oct 29, 2025	$31.21	$30.72	-1.57%
Jul 30, 2025	$37.88	$36.45	-3.78%
Apr 30, 2025	$31.46	$30.86	-1.91%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.