mgm-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 001-10362

MGM Resorts International

(Exact name of registrant as specified in its charter)


Delaware			88-0215232
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

3600 Las Vegas Boulevard South, Las Vegas, Nevada 89109

(Address of principal executive offices) (Zip Code)

(702) 693-7120

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock (Par Value $0.01)	MGM	New York Stock Exchange (NYSE)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class						Outstanding at April 27, 2026
Common Stock, $0.01 par value						255,851,235 shares

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

FORM 10-Q

I N D E X


		Page
PART I.	FINANCIAL INFORMATION	1
Item 1.	Financial Statements (Unaudited)	1
	Consolidated Balance Sheets at March 31, 2026 and December 31, 2025	1
	Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and March 31, 2025	2
	Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2026 and March 31, 2025	3
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and March 31, 2025	4
	Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 31, 2026 and March 31, 2025	5
	Condensed Notes to Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 4.	Controls and Procedures	31
PART II.	OTHER INFORMATION	32
Item 1.	Legal Proceedings	32
Item 1A.	Risk Factors	32
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
Item 5.	Other Information	32
Item 6.	Exhibits	33
SIGNATURES		34

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)


	March 31, 2026		December 31, 2025
ASSETS
Current assets
Cash and cash equivalents	$	2,292,830	$	2,062,994
Accounts receivable, net	1,127,143		1,122,940
Inventories	123,158		124,535
Income tax receivable	100,380		220,154
Prepaid expenses and other	571,335		486,419
Assets held for sale	313,917		315,382
Total current assets	4,528,763		4,332,424
Property and equipment, net	6,201,736		6,305,614
Investments in and advances to unconsolidated affiliates	660,360		536,066
Goodwill	4,885,382		4,901,960
Other intangible assets, net	1,309,252		1,356,676
Operating lease right-of-use assets, net	22,877,266		23,002,707
Deferred income taxes	98,673		89,792
Other long-term assets, net	840,726		848,547
	$	41,402,158	$	41,373,786
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts and construction payable	$	404,489	$	421,502
Accrued interest on long-term debt	95,497		71,845
Other accrued liabilities	2,867,531		2,993,179
Liabilities related to assets held for sale	26,057		25,581
Total current liabilities	3,393,574		3,512,107
Deferred income taxes	2,614,529		2,617,067
Long-term debt, net	6,403,265		6,230,141
Operating lease liabilities	24,933,161		24,962,742
Other long-term obligations	725,625		775,411
Total liabilities	38,070,154		38,097,468
Commitments and contingencies (Note 8)
Redeemable noncontrolling interests	20,452		21,777
Stockholders' equity
Common stock, $0.01 par value: authorized 1,000,000,000 shares, issued and outstanding 255,846,644 and 258,323,143 shares	2,558		2,583
Capital in excess of par value	—		—
Retained earnings	2,173,529		2,106,836
Accumulated other comprehensive income	257,335		320,498
Total MGM Resorts International stockholders' equity	2,433,422		2,429,917
Noncontrolling interests	878,130		824,624
Total stockholders’ equity	3,311,552		3,254,541
	$	41,402,158	$	41,373,786

The accompanying notes are an integral part of these consolidated financial statements.

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Revenues
Casino	$	2,378,855	$	2,252,148
Rooms	867,854		863,408
Food and beverage	804,840		770,173
Entertainment, retail and other	403,169		391,353
	4,454,718		4,277,082
Expenses
Casino	1,349,552		1,244,310
Rooms	285,276		280,849
Food and beverage	576,280		560,295
Entertainment, retail and other	253,420		234,429
General and administrative	1,282,832		1,164,898
Corporate expense	137,220		142,351
Preopening and start-up expenses	977		85
Property transactions, net	14,220		15,468
Depreciation and amortization	263,725		236,444
	4,163,502		3,879,129
Income (loss) from unconsolidated affiliates	10,026		(12,896)
Operating income	301,242		385,057
Non-operating income (expense)
Interest expense, net of amounts capitalized	(100,689)		(107,269)
Non-operating items from unconsolidated affiliates	(2,507)		262
Other, net	4,203		(11,266)
	(98,993)		(118,273)
Income before income taxes	202,249		266,784
Provision for income taxes	(27,457)		(40,053)
Net income	174,792		226,731
Less: Net income attributable to noncontrolling interests	(49,656)		(78,177)
Net income attributable to MGM Resorts International	$	125,136	$	148,554

Earnings per share
Basic	$	0.49	$	0.52
Diluted	$	0.48	$	0.51
Weighted average common shares outstanding
Basic	256,348		287,125
Diluted	258,877		289,096

The accompanying notes are an integral part of these consolidated financial statements.

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Net income	$	174,792	$	226,731
Foreign currency translation	(69,923)		148,308
Comprehensive income	104,869		375,039
Less: Comprehensive income attributable to noncontrolling interests	(42,896)		(77,244)
Comprehensive income attributable to MGM Resorts International	$	61,973	$	297,795

The accompanying notes are an integral part of these consolidated financial statements.

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities
Net income	$	174,792	$	226,731
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	263,725		236,444
Amortization of debt discounts and issuance costs	6,376		6,820
Provision for credit losses	18,587		10,784
Stock-based compensation	35,137		28,653
Foreign currency transaction (gain) loss	(25,303)		100,923
Property transactions, net	14,220		15,468
Noncash lease expense	126,547		128,361
Other investment losses (gains)	12,043		(35,029)
(Income) loss from unconsolidated affiliates	(7,519)		12,634
Distributions from unconsolidated affiliates	1,553		1,449
Deferred income taxes	(11,935)		(9,781)
Change in operating assets and liabilities:
Accounts receivable	(23,071)		91,780
Inventories	1,137		5,507
Income taxes receivable and payable, net	125,812		49,407
Prepaid expenses and other	(76,859)		(70,475)
Accounts payable and accrued liabilities	(98,008)		(227,015)
Other	30,555		(25,582)
Net cash provided by operating activities	567,789		547,079
Cash flows from investing activities
Capital expenditures	(154,664)		(228,041)
Dispositions of property and equipment	5,629		60
Investments in unconsolidated affiliates	(137,558)		—
Distributions from unconsolidated affiliates	610		522
Investments and other	(86,811)		419
Net cash used in investing activities	(372,794)		(227,040)
Cash flows from financing activities
Net borrowings of debt - maturities of 90 days or less	178,393		50,374
Distributions to noncontrolling interest owners	(5,404)		(11,807)
Repurchases of common stock	(88,902)		(489,280)
Other	(44,162)		(19,506)
Net cash provided by (used in) financing activities	39,925		(470,219)
Effect of exchange rate on cash, cash equivalents, and restricted cash	(6,440)		5,089
Change in cash and cash equivalents classified as assets held for sale	731		—
Cash, cash equivalents, and restricted cash
Net change for the period	229,211		(145,091)
Balance, beginning of period	2,150,364		2,503,064
Balance, end of period	$	2,379,575	$	2,357,973
Supplemental cash flow disclosures
Interest paid, net of amounts capitalized	$	70,741	$	70,023
Income tax refunds received, net	(86,837)		(156)

The accompanying notes are an integral part of these consolidated financial statements.

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands)

(Unaudited)


	Common Stock
	Shares	Par Value		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Income		Total MGM Resorts International Stockholders’ Equity		Noncontrolling Interests		Total Stockholders’ Equity
Balances, January 1, 2026	258,323	$	2,583	$	—	$	2,106,836	$	320,498	$	2,429,917	$	824,624	$	3,254,541
Net income	—	—		—		125,136		—		125,136		50,409		175,545
Currency translation adjustment	—	—		—		—		(63,163)		(63,163)		(6,760)		(69,923)
Stock-based compensation	—	—		31,510		—		—		31,510		3,613		35,123
Issuance of common stock pursuant to stock-based compensation awards	22	—		(323)		—		—		(323)		—		(323)
Distributions to noncontrolling interest owners	—	—		—		—		—		—		(5,124)		(5,124)

Repurchases of common stock	(2,498)	(25)		(31,187)		(58,462)		—		(89,674)		—		(89,674)
Adjustment of redeemable noncontrolling interest to redemption value	—	—		—		18		—		18		—		18
Other	—	—		—		1		—		1		11,368		11,369
Balances, March 31, 2026	255,847	$	2,558	$	—	$	2,173,529	$	257,335	$	2,433,422	$	878,130	$	3,311,552

The accompanying notes are an integral part of these consolidated financial statements.

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands)

(Unaudited)


	Common Stock
	Shares	Par Value		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total MGM Resorts International Stockholders’ Equity		Noncontrolling Interests		Total Stockholders’ Equity
Balances, January 1, 2025	294,374	$	2,944	$	—	$	3,081,753	$	(61,216)	$	3,023,481	$	661,670	$	3,685,151
Net income	—	—		—		148,554		—		148,554		78,378		226,932
Currency translation adjustment	—	—		—		—		149,241		149,241		(933)		148,308
Stock-based compensation	—	—		27,758		—		—		27,758		746		28,504
Issuance of common stock pursuant to stock-based compensation awards	31	1		(366)		—		—		(365)		—		(365)
Distributions to noncontrolling interest owners	—	—		—		—		—		—		(11,365)		(11,365)
Repurchases of common stock	(14,754)	(148)		(26,513)		(467,544)		—		(494,205)		—		(494,205)
Adjustment of redeemable noncontrolling interest to redemption value	—	—		—		(41)		—		(41)		—		(41)
Other	—	—		(879)		—		—		(879)