Q3 25 EPS
$0.24
MISS 19.84%
Est. $0.30
Q3 25 Revenue
$4.25B
BEAT +0.30%
Est. $4.24B
vs S&P Since Q3 25
+48.5%
BEATING MARKET
MGM +56.4% vs S&P +7.9%
Market Reaction
Did MGM Beat Earnings? Q3 2025 Results
MGM Resorts International delivered a mixed third quarter, posting adjusted EPS of $0.24 against a consensus of $0.30, a miss of nearly 20%, even as revenue of $4.25 billion edged past estimates by 0.30% and grew 1.6% year over year. The headline ear… Read more MGM Resorts International delivered a mixed third quarter, posting adjusted EPS of $0.24 against a consensus of $0.30, a miss of nearly 20%, even as revenue of $4.25 billion edged past estimates by 0.30% and grew 1.6% year over year. The headline earnings shortfall was driven largely by a $256.13 million non-cash goodwill impairment charge tied to MGM's decision to withdraw its Empire City gaming license application, which helped swing the company to a net loss of $285.25 million from net income of $184.58 million a year earlier. The split in segment performance was sharp: Las Vegas Strip revenues fell 7% to $1.98 billion, pressured by the MGM Grand room remodel, an 8% decline in RevPAR to $210, and softer table games hold, while MGM China surged 17% to a record quarterly Adjusted EBITDAR of $283.99 million. CEO Bill Hornbuckle acknowledged Las Vegas pricing missteps and signaled efforts to recalibrate hotel rates, while BetMGM raised full-year 2025 guidance for the second consecutive quarter and announced cash distributions to MGM beginning in Q4 2025, with an initial payment expected to reach at least $100 million.
Key Takeaways
- • MGM China achieved record Q3 Segment Adjusted EBITDAR and 15.5% market share driven by 18% increase in main floor table games drop
- • MGM Digital grew revenues 23% due to organic growth and brand expansion
- • BetMGM North American venture reported accelerated revenue and EBITDA growth
- • Las Vegas Strip Resorts declined 7% due to MGM Grand room remodel, lower RevPAR, decreased table games win percentage, and lower food and beverage revenue
- • Non-cash goodwill impairment of $256 million related to Empire City gaming license withdrawal
MGM YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
MGM Revenue by Segment
With YoY comparisons, source: SEC Filings
“MGM Resorts delivered another quarter of consolidated net revenue growth as we benefit from our operational scale and diversity, highlighted by record third quarter results from MGM China.”
— Bill Hornbuckle, Q3 2025 Earnings Press Release
MGM Earnings Trends
MGM vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
MGM EPS Trend
Earnings per share: estimate vs actual
MGM Revenue Trend
Quarterly revenue: estimate vs actual
MGM Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.53 | $0.49 | -7.83% | $4.45B | +1.79% |
| Q4 25 BEAT FY | $0.56 | $1.60 | +187.36% | $4.61B | +3.67% |
| FY Full Year | $2.26 | $3.31 | +46.38% | $17.54B | +0.92% |
| Q3 25 MISS | $0.30 | $0.24 | -19.84% | $4.25B | +0.30% |
| Q2 25 BEAT | $0.55 | $0.79 | +42.70% | $4.40B | +2.03% |
| Q1 25 BEAT | $0.46 | $0.69 | +51.45% | $4.28B | -0.16% |