Q1 26 EPS
$0.49
MISS 7.83%
Est. $0.53
Q1 26 Revenue
$4.45B
BEAT +1.79%
Est. $4.38B
vs S&P Since Q1 26
+16.5%
BEATING MARKET
MGM +18.5% vs S&P +2.0%
Market Reaction
Did MGM Beat Earnings? Q1 2026 Results
MGM Resorts International delivered a mixed first quarter for 2026, posting revenue that edged past Wall Street expectations while earnings fell short. The casino and hospitality giant reported consolidated net revenues of $4.45 billion, up 4.2% year… Read more MGM Resorts International delivered a mixed first quarter for 2026, posting revenue that edged past Wall Street expectations while earnings fell short. The casino and hospitality giant reported consolidated net revenues of $4.45 billion, up 4.2% year-over-year and ahead of the $4.38 billion consensus, but adjusted EPS of $0.49 missed the $0.53 estimate by 7.83%, sliding sharply from $0.69 in the year-ago period. The profitability shortfall reflected broad cost pressure, with G&A expenses climbing to $1.28 billion from $1.16 billion and consolidated Adjusted EBITDA contracting to $580.16 million from $637.05 million. The standout driver on the revenue side was MGM China, where revenues rose 9% to $1.12 billion on an 18% surge in table games win, while MGM Digital contributed 43% growth to $182.74 million. Las Vegas Strip margins remained a soft spot, with segment Adjusted EBITDAR falling 8% despite modest revenue growth. Looking ahead, management pointed to strengthening Las Vegas trends into March, solid convention bookings, and the $546 million sale of MGM Northfield Park as sources of incremental liquidity for share repurchases and balance sheet flexibility.
Key Takeaways
- • MGM China revenue growth of 9% driven by 10% increase in main floor table games drop and 18% increase in table games win
- • MGM Digital revenue growth of 43% year-over-year
- • BetMGM North America Venture swung to positive operating income of $7.4 million from a loss of $15.2 million
- • Las Vegas Strip Resorts quarterly revenue increased year-over-year for first time since Q3 2024
- • Regional Operations casino revenue increased 2% with table games drop up 6%
MGM Forward Guidance & Outlook
Management sees signs of strength heading into Q2 2026 and beyond, citing solid convention bookings, a newly launched all-inclusive promotion, and recently refreshed rooms at MGM Grand Las Vegas. Monthly net revenues at Las Vegas Strip Resorts strengthened into March. The sale of MGM Northfield Park for $546 million provides incremental liquidity to be deployed toward maintaining a strong balance sheet and returning capital to shareholders through share repurchases.
MGM YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
MGM Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are pleased to report record 1Q consolidated net revenues driven primarily by MGM China and MGM Digital, as well as growth at our BetMGM North America Venture.”
— Bill Hornbuckle, Q1 2026 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% |