MGM Resorts International (MGM) 10-K Summaries & Annual Filing History
Review MGM Resorts International (MGM) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
MGM Resorts International reported revenue growth and positive operating cash flow, though net income was relatively low due to foreign currency losses and other charges. The company's financial results reflect its global hospitality and gaming operations.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$17.5B
Revenue reported for the fiscal year.
Operating income
$1B
Income from operations reported for the year.
Net income
$205.9M
Net income reported for the year.
Operating cash flow
$2.5B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $13.1B | +35.6% |
| Dec 31, 2023 | $16.2B | +23.1% |
| Dec 31, 2024 | $17.2B | +6.7% |
| Dec 31, 2025 | $17.5B | +1.7% |
Business overview
The company operates a portfolio of integrated casino resorts and entertainment venues, with a presence in the United States and Macau. Its business overview section outlines operational segments, though detailed descriptions are not fully provided in the supplied context.
Financial performance
Revenue increased year over year, and operating income remained positive. However, net income was significantly lower than operating income, primarily due to foreign currency transaction losses and derivative-related charges. Operating cash flow remained strong.
Material risks
The filing identifies foreign currency exposure as a material risk, evidenced by significant transaction losses on debt held by a foreign subsidiary. Changes in tax valuations and exemptions also pose uncertainty to profitability.
Liquidity and capital
The company manages debt and investments, with notable foreign currency translation impacts on U.S. dollar-denominated debt. Capital allocation is influenced by operating cash flow and tax benefits, though specific priorities are not detailed.
What to watch
Sustainability of tax benefits from foreign tax credit valuation allowance releases and Macau gaming profit exemptions should be monitored in future filings.