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Sentiment · FY2026 Q2
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $4.35B | -1.4% | $0.52 | -43.5% | 6.7% | 3.6% | $268M |
| FY2025 Q1 | $4.28B | -2.4% | $0.51 | -23.9% | 9.0% | 3.5% | $319M |
| FY2025 Q2 | $4.40B | +1.8% | $0.18 | -70.0% | 9.2% | 1.1% | $377M |
| FY2025 Q3 | $4.25B | +1.6% | $-1.05 | -272.1% | -2.7% | -6.7% | $405M |
| FY2025 Q4 | $4.61B | +6.0% | $1.11 | +113.5% | 7.1% | 6.4% | $536M |
| FY2026 Q1 | $4.45B | +4.2% | $0.48 | -5.9% | 6.8% | 2.8% | $413M |
| FY2026 Q2 | $4.45B | +1.0% | $1.11 | +516.7% | 11.3% | 6.6% | $317M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
MGM's Q1 2026 marked a turning point as Las Vegas revenue grew for the first time in six quarters, powered by strong convention performance with record Q1 ADRs and the return of CON/AGG. However, EBITDA lagged due to a $37 million self-insurance charge that management characterized as an unusual onetime item tied to frivolous litigation, plus $31 million in lower business interruption proceeds. The all-inclusive package at Luxor and Excalibur showed early promise in attracting first-time visitors, while the broader portfolio continued demonstrating diversity with MGM Digital revenue growing 43% and Macau holding above 15% share despite new branding fee headwinds. Japan construction progressed on schedule with 40% of piles complete, and the Northfield Park sale closed, freeing capital for reaccelerating share repurchases at what management views as deeply discounted valuations.
Demand | Revenue Growth | Pricing | Geographic Expansion | Capital Allocation | Competitive Dynamics | Capex Investment | Innovation & R&D | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 7 | 4 | 6 | 2 | 1 | 4 | 2 | 2 |
| 2025Q1 | 6 | 2 | 1 | 3 | 2 | 1 | 5 | 2 |
| 2025Q2 | 7 | 2 | 3 | 3 | 2 | 2 | 3 | 2 |
| 2025Q3 | 4 | 2 | 5 | 1 | 7 | 2 | 2 | 1 |
| 2025Q4 | 6 | 5 | 1 | 1 | 1 | 2 | 1 | |
| 2026Q1 | 8 | 4 | 3 | 6 | 1 | 2 | 1 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 7 | 6 | 7 | 4 | 6 | 8 |
| Revenue Growth | 4 | 2 | 2 | 2 | 5 | 4 |
| Pricing | 6 | 1 | 3 | 5 | 1 | 3 |
| Geographic Expansion | 2 | 3 | 3 | 1 | 1 | 6 |
| Capital Allocation | 1 | 2 | 2 | 7 | 1 | 1 |
| Competitive Dynamics | 4 | 1 | 2 | 2 | 2 | 2 |
| Capex Investment | 2 | 5 | 3 | 2 | 1 | |
| Innovation & R&D | 2 | 2 | 2 | 1 | 1 | 2 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Brandt Montour | Barclays | 14 (14%) |
| Barry Jonas | Truist Securities | 14 (21%) |
| Shaun Kelley | Bank of America | 13 (0%) |
| John DeCree | CBRE | 13 (0%) |
| Stephen Grambling | Morgan Stanley | 12 (0%) |
| Chad Beynon | Macquarie | 12 (0%) |
| Dan Politzer | JPMorgan | 11 (9%) |
| Dave Katz | Jefferies | 9 (0%) |
| Steve Wieczynski | Stifel | 7 (14%) |
| Carlo Santarelli | Deutsche Bank | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Barclays | 1 | 14 (14%) |
| Truist Securities | 1 | 14 (21%) |
| Bank of America | 1 | 13 (0%) |
| CBRE | 1 |
| 13 (0%) |
| Macquarie | 1 | 12 (0%) |
| Morgan Stanley | 1 | 12 (0%) |
| JPMorgan | 1 | 11 (9%) |
| Jefferies | 1 | 9 (0%) |
What MGM and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Subsequent to quarter end, we entered into a new lease agreement with Clairvest in connection with the closing of Clairvest's acquisition of Northfield Park in Ohio from MGM.”
MGM divested Northfield Park in Ohio to Clairvest, trimming its regional casino footprint while VICI retained the real estate under a new tenant.
“having a very close relationship with both MGM and Wynn, one could argue 2 of the best operators in the space should yield more transactions for us.”
MGM operates Realty Income's gaming assets (CityCenter, Bellagio) as a key tenant; management calls it one of the best operators, a positive read-through on MGM.
“we heard last night from Caesars, and obviously, you probably listened to that call that they've been starting to work a little bit more aggressively with the LVCVA”
An analyst notes competitor Caesars is working more aggressively with the LVCVA to attract large events to Las Vegas; MGM says it agrees with the sentiment and is also involved.
“We've got Google coming back and a few other, Cisco is coming in with a massive group this summer.”
MGM cites Cisco bringing a massive group to Las Vegas this summer, a read-through on large tech-sector convention demand.
“We've got Google coming back and a few other, Cisco is coming in with a massive group this summer.”
MGM names Google as a returning corporate convention customer for summer 2026, a read-through on tech-sector event demand at its Las Vegas properties.
“drove increased production from our strategic relationship with Marriott.”
MGM credits its strategic Marriott partnership (MGM Collection with Marriott Bonvoy) with driving increased convention and room production in Las Vegas.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
MGM MGM Resorts | 5 | +4.2% | |
| DKNG DraftKings Inc. | 9 | +16.8% | |
| LVS Las Vegas Sands | 9 | +25.3% | |
| WYNN Wynn Resorts | 7 | +9.2% |