MGM Resorts (MGM) Q3 2025 10-Q Quarterly Report
MGM Resorts (MGM) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Oct 29, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
MGM Resorts Q3 2025 10-Q Analysis
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)
MGM Resorts Q3 2025 Quarterly FinancialsXBRL
Revenue
$4.3B
▲ +1.6% YoY▼ -3.5% QoQ
Net Income
-$285M
▼ -254.5% YoY▼ -682.7% QoQ
Operating Margin
-2.7%
▼ -1018bp YoY▼ -1184bp QoQ
Net Margin
-6.7%
▼ -1112bp YoY▼ -782bp QoQ
ROE
-10.7%
Total Assets
$41.4B
EPS (Diluted)
$-1.02
▼ -267.2% YoY▼ -636.8% QoQ
Operating Cash Flow
$681M
▲ +2.1% YoY▲ +5.5% QoQ
Source: XBRL data from MGM Resorts Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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