Short answer
MGM Resorts (MGM) filed its Q3 2025 10-Q quarterly report on Oct 29, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $4.3B (up 1.6% year over year) with net income of −$285M.
Q3 2025 key financials · XBRL
- Revenue
- $4.3B
- +1.6% YoY · −3.5% QoQ
- Net income
- −$285M
- −254.5% YoY · −682.7% QoQ
- Operating margin
- -2.7%
- EPS (diluted)
- −$1.02
- −267.2% YoY · −636.8% QoQ
Source: XBRL data from the MGM Resorts (MGM) Q3 2025 10-Q on SEC EDGAR. USD.
MGM Resorts Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $4.25B Q3 2025, up 2% YoY from $4.18B; 9-month flat at $12.93B vs $12.89B
- Operating loss Q3 2025 $(113M) vs income $315M YoY; operating margin -2.7% vs 7.5% YoY
- Best segment: MGM China revenue +17% Q3; worst: Las Vegas Strip Resorts revenue down 7% Q3
- Cash from operations $1.9B in 9 months, capex $772M, share repurchases $717M in 9 months
- Outlook impacted by $256M Empire City goodwill impairment, withdrawal from gaming license application, sale of MGM Northfield Park pending 2026 closing
Risk Factors
- No new or changed risk factors from 2024 Annual Report on Form 10-K
- Continued exposure to gaming regulation and compliance risks across multiple jurisdictions
- Operational risks from COVID-19 impacts on resort and casino demand persist
- Competitive risks amid evolving consumer preferences in hospitality and entertainment sectors
- Financial risks include significant leverage with $10B debt maturities over next 3 years (from 2024 10-K)
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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