MGM Resorts (MGM) FY2025 10-K Annual Report
MGM Resorts (MGM) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 11, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
MGM Resorts FY2025 10-K Analysis
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
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
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
MGM Resorts FY2025 Key Financial MetricsXBRL
Revenue
$17.5B
▲ +1.7% YoY
Net Income
$206M
▼ -72.4% YoY
Operating Margin
5.7%
▼ -293bp YoY
Net Margin
1.2%
▼ -316bp YoY
ROE
8.5%
▼ -1622bp YoY
Total Assets
$41.4B
▼ -2.0% YoY
EPS (Diluted)
$0.76
▼ -68.3% YoY
Operating Cash Flow
$2.5B
▲ +7.1% YoY
Source: XBRL data from MGM Resorts FY2025 10-K filing on SEC EDGAR. All figures in USD.
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