Short answer
MGM Resorts (MGM) filed its fiscal 2025 10-K annual report with the SEC on Feb 11, 2026. It reported revenue of $17.5B (+1.7% year over year) and net income of $206M.
- Top risk flagged: CISO vacancy risk with CTO temporarily acting as CISO, impacting cybersecurity leadership stability
FY2025 key financial metrics · XBRL
- Revenue
- $17.5B
- +1.7% YoY
- Net income
- $206M
- −72.4% YoY
- Operating margin
- 5.7%
- −2.9 pp YoY
- EPS (diluted)
- $0.76
- −68.3% YoY
- ROE
- 8.5%
- −16.2 pp YoY
- Operating cash flow
- $2.5B
- +7.1% YoY
Source: XBRL data from the MGM Resorts (MGM) FY2025 10-K on SEC EDGAR. USD.
MGM Resorts FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Global gaming and entertainment holding company focusing on casino resorts, live entertainment, and online gaming operations
- Emphasis on online gaming growth through consolidation of LeoVegas and 50% stake in BetMGM in North America
- Strategic pivot to an asset-light model by monetizing owned real estate and redeploying capital into digital and international expansions
- Operates 16 domestic casinos, 2 Macau casinos via 56% stake in MGM China, developing integrated resort in Osaka, Japan through 50% ownership
- Noteworthy shift toward increased online and international ventures, specifically U.S. sports betting, iGaming, and expansion in Japanese market
Management Discussion & Analysis
- Revenue $17.54B, up 2% YoY; MGM China +11%, MGM Digital +19%, Regional +1%, Las Vegas Strip -4%
- Operating income $1.00B, down 33% YoY; Las Vegas Strip EBITDAR margin 33.9% vs 35.2%, Regional margin 30.8% vs 30.7%, MGM China margin 27.0% flat
- Best segment: MGM Digital revenue +19% to $654M with narrowing EBITDAR loss to -$90M; worst: Las Vegas Strip revenue down 4% and EBITDAR down 8%
- Operating cash flow $2.53B (+7% YoY); investing cash flow use $1.14B; financing cash flow use $1.73B; sales proceeds $1.5B+ from Mirage and Gold Strike Tunica
- Management notes impairment charges $279M including $256M on Empire City, Empire City license $52M write-down, and sale of Northfield Park in progress for $546M
Risk Factors
- CISO vacancy risk with CTO temporarily acting as CISO, impacting cybersecurity leadership stability
- Cybersecurity risk oversight concentrated in Audit Committee and CISO reporting, with potential delay in incident escalation
- Dependency on CISO reporting to Chief Legal and Administrative Officer, risking slower cross-functional risk communication
- Enterprise Risk Management process integrates cybersecurity, but current leadership transition may hinder timely risk assessments
Generated from the filing text; verify against the original. How to read a 10-K
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