MGMMGM Resorts

Consumer discretionary · Hotels · NYSE

MGM Resorts International is referred to as the “Company,” “MGM Resorts,” or the “Registrant,” and together with its subsidiaries may also be referred to as “we,” “us” or “our.” 10-K, Item 1

Headquarters: Las Vegas, NV
CEO: William Hornbuckle
Next results: around Feb 3, 2027

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MGM and 9 peers, year by year

The 9 Consumer discretionary companies closest to MGM in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
MGM MGM Resorts	FY2025	$17.5B	+1.7%	-	5.7%	1.2%	8.3%	8.5%	2.56
DASH DoorDash	FY2025	$13.7B	+27.9%	-	5.3%	6.8%	15.8%	9.3%	-
ORLY O'Reilly Automotive	FY2025	$17.8B	+6.4%	51.6%	19.5%	14.3%	9.0%	n/m	n/m
RCL Royal Caribbean Group	FY2025	$17.9B	+8.8%	-	27.4%	23.8%	6.9%	42.5%	2.13
EXPE Expedia Group	FY2025	$14.7B	+7.6%	-	12.7%	8.8%	21.1%	100.8%	4.80
PHM PulteGroup	FY2025	$17.3B	−3.5%	-	-	12.8%	10.1%	17.1%	0.00
TSCO Tractor Supply	FY2025	$15.5B	+4.3%	36.4%	9.5%	7.1%	4.8%	42.5%	0.06
AZO AutoZone	FY2026	$20.3B	+7.4%	52.3%	18.3%	12.6%	8.9%	n/m	n/m
APTV Aptiv	FY2025	$20.4B	+3.5%	-	5.8%	0.8%	7.5%	1.8%	0.83
ABNB Airbnb	FY2025	$12.2B	+10.3%	-	20.8%	20.5%	-	30.6%	0.24

Revenuepeer median $17.3B

Sales growthpeer median +7.4%

Gross marginpeer median 51.6%

AZO 52.3%
ORLY 51.6%
TSCO 36.4%
MGM -
DASH -
RCL -
EXPE -
PHM -
APTV -
ABNB -

Operating marginpeer median 15.5%

Net marginpeer median 12.6%

FCF marginpeer median 8.9%

Return on equitypeer median 30.6%

Debt / equitypeer median 0.54

EXPE 4.80
MGM 2.56
RCL 2.13
APTV 0.83
ABNB 0.24
TSCO 0.06
PHM 0.00
DASH -
ORLY n/m
AZO n/m

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MGM Dec	$9.5B	$10.8B	$11.8B	$12.9B	$5.2B	$9.7B	$13.1B	$16.2B	$17.2B	$17.5B
DASH Dec	-	-	$291.0M	$885.0M	$2.9B	$4.9B	$6.6B	$8.6B	$10.7B	$13.7B
ORLY Dec	$8.6B	$9.0B	$9.5B	$10.1B	$11.6B	$13.3B	$14.4B	$15.8B	$16.7B	$17.8B
RCL Dec	$8.5B	$8.8B	$9.5B	$11.0B	$2.2B	$1.5B	$8.8B	$13.9B	$16.5B	$17.9B
EXPE Dec	$8.8B	$10.1B	$11.2B	$12.1B	$5.2B	$8.6B	$11.7B	$12.8B	$13.7B	$14.7B
PHM Dec	$7.7B	$8.6B	$10.2B	$10.2B	$11.0B	$13.7B	$16.0B	$16.1B	$17.9B	$17.3B
TSCO Dec	-	$7.3B	$7.9B	$8.4B	$10.6B	$12.7B	$14.2B	$14.6B	$14.9B	$15.5B
AZO Aug	$10.6B	$10.9B	$11.2B	$11.9B	$12.6B	$14.6B	$16.3B	$17.5B	$18.5B	$18.9B
APTV Dec	$12.3B	$12.9B	$14.4B	$14.4B	$13.1B	$15.6B	$17.5B	$20.1B	$19.7B	$20.4B
ABNB Dec	-	-	-	$4.8B	$3.4B	$6.0B	$8.4B	$9.9B	$11.1B	$12.2B
Peer median	$8.7B	$9.0B	$9.9B	$10.2B	$10.6B	$12.7B	$14.2B	$14.6B	$16.5B	$17.3B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MGM Dec	+2.9%	+13.9%	+8.9%	+9.7%	−60.0%	+87.5%	+35.6%	+23.1%	+6.7%	+1.7%
DASH Dec	-	-	-	+204%	+226%	+69.4%	+34.7%	+31.2%	+24.2%	+27.9%
ORLY Dec	+7.9%	+4.5%	+6.2%	+6.4%	+14.3%	+14.8%	+8.1%	+9.7%	+5.7%	+6.4%
RCL Dec	+2.4%	+3.3%	+8.2%	+15.3%	−79.8%	−30.6%	+477%	+57.2%	+18.6%	+8.8%
EXPE Dec	+31.5%	+14.7%	+11.6%	+7.5%	−56.9%	+65.4%	+35.7%	+10.0%	+6.6%	+7.6%
PHM Dec	+28.2%	+11.7%	+18.8%	+0.2%	+8.1%	+26.2%	+16.5%	+0.4%	+11.7%	−3.5%
TSCO Dec	-	-	+9.0%	+5.6%	+27.2%	+19.9%	+11.6%	+2.5%	+2.2%	+4.3%
AZO Aug	-	+2.4%	+3.1%	+5.7%	+6.5%	+15.8%	+11.1%	+7.4%	+5.9%	+2.4%
APTV Dec	+13.0%	+5.0%	+12.0%	−0.5%	−9.0%	+19.5%	+12.0%	+14.6%	−1.7%	+3.5%
ABNB Dec	-	-	-	-	−29.7%	+77.4%	+40.2%	+18.1%	+11.9%	+10.3%
Peer median	+13.0%	+4.7%	+9.0%	+6.1%	+6.5%	+19.9%	+16.5%	+10.0%	+6.6%	+6.4%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MGM Dec	-	-	-	-	-	-	-	-	-	-
DASH Dec	-	-	-	-	-	-	-	-	-	-
ORLY Dec	52.5%	52.6%	52.8%	53.1%	52.4%	52.7%	51.2%	51.3%	51.2%	51.6%
RCL Dec	-	-	-	-	-	-	-	-	-	-
EXPE Dec	-	-	-	-	-	-	-	-	-	-
PHM Dec	-	-	-	-	-	-	-	-	-	-
TSCO Dec	-	34.3%	34.2%	34.4%	35.4%	35.2%	35.0%	35.9%	36.3%	36.4%
AZO Aug	52.7%	52.7%	53.2%	53.7%	53.6%	52.8%	52.1%	52.0%	53.1%	52.6%
APTV Dec	22.4%	20.3%	18.9%	18.4%	14.8%	-	-	-	-	-
ABNB Dec	-	-	-	-	-	-	-	-	-	-
Peer median	52.5%	43.5%	43.5%	43.8%	43.9%	52.7%	51.2%	51.3%	51.2%	51.6%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MGM Dec	21.9%	15.9%	12.5%	30.5%	−12.4%	23.5%	11.0%	11.7%	8.6%	5.7%
DASH Dec	-	-	−72.2%	−69.6%	−15.1%	−9.2%	−17.1%	−6.7%	−0.4%	5.3%
ORLY Dec	19.8%	19.2%	19.0%	18.9%	20.8%	21.9%	20.5%	20.2%	19.5%	19.5%
RCL Dec	17.4%	19.9%	20.0%	19.0%	−208.3%	−252.6%	−8.7%	20.7%	24.9%	27.4%
EXPE Dec	5.3%	6.2%	6.4%	7.5%	−52.3%	2.2%	9.3%	8.0%	9.6%	12.7%
PHM Dec	-	-	-	-	-	-	-	-	-	-
TSCO Dec	-	9.5%	8.9%	8.9%	9.4%	10.3%	10.1%	10.2%	9.9%	9.5%
AZO Aug	19.4%	19.1%	16.1%	18.7%	19.1%	20.1%	20.1%	19.9%	20.5%	19.1%
APTV Dec	12.5%	11.0%	10.2%	8.9%	16.2%	7.6%	7.2%	7.8%	9.3%	5.8%
ABNB Dec	-	-	-	−10.4%	−106.3%	7.2%	21.5%	15.3%	23.0%	20.8%
Peer median	17.4%	15.0%	10.2%	8.9%	−2.9%	7.4%	9.7%	12.7%	14.7%	15.9%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MGM Dec	11.6%	18.1%	4.0%	15.9%	−20.0%	13.0%	11.2%	7.1%	4.3%	1.2%
DASH Dec	-	-	−70.1%	−75.4%	−16.0%	−9.6%	−20.7%	−6.5%	1.1%	6.8%
ORLY Dec	12.1%	12.6%	13.9%	13.7%	15.1%	16.2%	15.1%	14.8%	14.3%	14.3%
RCL Dec	15.1%	18.5%	19.1%	17.2%	−262.5%	−343.3%	−24.4%	12.2%	17.5%	23.8%
EXPE Dec	3.2%	3.8%	3.6%	4.7%	−50.2%	0.1%	3.0%	6.2%	9.0%	8.8%
PHM Dec	7.9%	5.2%	10.0%	10.0%	12.7%	14.2%	16.4%	16.2%	17.2%	12.8%
TSCO Dec	-	5.8%	6.7%	6.7%	7.1%	7.8%	7.7%	7.6%	7.4%	7.1%
AZO Aug	11.7%	11.8%	11.9%	13.6%	13.7%	14.8%	14.9%	14.5%	14.4%	13.2%
APTV Dec	10.2%	10.5%	7.4%	6.9%	13.8%	3.8%	3.4%	14.7%	9.1%	0.8%
ABNB Dec	-	-	-	−14.0%	−135.7%	−5.9%	22.5%	48.3%	23.9%	20.5%
Peer median	11.0%	10.5%	8.7%	6.9%	7.1%	3.8%	7.7%	14.5%	14.3%	12.8%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MGM Dec	−$728.5M	$342.3M	$235.7M	$1.1B	−$1.8B	$882.7M	$991.4M	$1.8B	$1.2B	$1.5B
DASH Dec	-	-	−$172.0M	−$545.0M	$146.0M	$563.0M	$191.0M	$1.6B	$2.0B	$2.2B
ORLY Dec	$1.0B	$937.7M	$1.2B	$1.1B	$2.4B	$2.8B	$2.6B	$2.0B	$2.0B	$1.6B
RCL Dec	$22.3M	$2.3B	−$180.9M	$691.7M	−$5.7B	−$4.1B	−$2.2B	$580.0M	$2.0B	$1.2B
EXPE Dec	$800.0M	$1.1B	$1.1B	$1.6B	−$4.6B	$3.1B	$2.8B	$1.8B	$2.3B	$3.1B
PHM Dec	$29.0M	$631.0M	$1.4B	$1.0B	$1.7B	$931.2M	$555.8M	$2.1B	$1.6B	$1.7B
TSCO Dec	$424.7M	$381.0M	$415.9M	$594.3M	$1.1B	$510.3M	$583.6M	$580.1M	$636.8M	$740.5M
AZO Aug	$1.2B	$1.0B	$1.6B	$1.6B	$2.3B	$2.9B	$2.5B	$2.1B	$1.9B	$1.8B
APTV Dec	$1.3B	$770.0M	$782.0M	$843.0M	$829.0M	$611.0M	$419.0M	$990.0M	$1.6B	$1.5B
ABNB Dec	-	-	-	$97.3M	−$777.0M	$2.3B	$3.4B	-	-	-
Peer median	$800.0M	$937.7M	$939.5M	$843.0M	$829.0M	$931.2M	$583.6M	$1.7B	$2.0B	$1.7B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MGM Dec	−7.7%	3.2%	2.0%	8.3%	−34.2%	9.1%	7.6%	10.9%	7.0%	8.3%
DASH Dec	-	-	−59.1%	−61.6%	5.1%	11.5%	2.9%	18.0%	18.9%	15.8%
ORLY Dec	12.0%	10.4%	12.8%	10.6%	20.4%	20.7%	17.9%	12.8%	12.1%	9.0%
RCL Dec	0.3%	26.3%	−1.9%	6.3%	−257.9%	−268.1%	−25.2%	4.2%	12.1%	6.9%
EXPE Dec	9.1%	11.3%	9.8%	13.3%	−89.1%	35.8%	23.8%	14.4%	17.0%	21.1%
PHM Dec	0.4%	7.4%	13.6%	10.0%	15.6%	6.8%	3.5%	13.1%	8.7%	10.1%
TSCO Dec	-	5.3%	5.3%	7.1%	10.4%	4.0%	4.1%	4.0%	4.3%	4.8%
AZO Aug	10.8%	9.3%	13.9%	13.8%	17.9%	19.8%	15.6%	12.3%	10.4%	9.5%
APTV Dec	10.5%	6.0%	5.4%	5.9%	6.3%	3.9%	2.4%	4.9%	8.2%	7.5%
ABNB Dec	-	-	-	2.0%	−23.0%	38.2%	40.5%	-	-	-
Peer median	9.8%	9.3%	7.6%	7.1%	6.3%	11.5%	4.1%	12.6%	11.3%	9.2%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MGM Dec	17.8%	25.8%	7.2%	26.5%	−15.9%	20.7%	30.5%	30.0%	24.7%	8.5%
DASH Dec	-	-	n/m	n/m	−9.8%	−10.0%	−20.2%	−8.2%	1.6%	9.3%
ORLY Dec	63.8%	173.6%	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
RCL Dec	14.1%	15.2%	16.3%	15.4%	−66.2%	−103.4%	−75.1%	35.9%	38.0%	42.5%
EXPE Dec	6.8%	8.4%	9.9%	14.2%	−173.0%	0.6%	15.4%	52.0%	79.3%	100.8%
PHM Dec	12.9%	10.8%	21.2%	18.6%	21.4%	26.0%	29.4%	25.1%	25.4%	17.1%
TSCO Dec	30.1%	29.8%	34.1%	35.9%	38.9%	49.8%	53.3%	51.5%	48.5%	42.5%
AZO Aug	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
APTV Dec	52.4%	41.1%	30.8%	25.9%	22.8%	7.1%	6.7%	25.4%	20.3%	1.8%
ABNB Dec	-	-	-	n/m	−158.0%	−7.4%	34.0%	58.7%	31.5%	30.6%
Peer median	22.1%	22.5%	21.2%	18.6%	−9.8%	0.6%	15.4%	35.9%	31.5%	30.6%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MGM Dec	2.10	1.70	2.32	1.45	1.90	2.10	1.80	1.66	2.10	2.56
DASH Dec	-	-	-	-	-	-	-	-	-	-
ORLY Dec	1.17	4.56	9.66	9.79	n/m	n/m	n/m	n/m	n/m	n/m
RCL Dec	1.03	0.70	0.97	0.91	2.21	4.15	8.15	4.54	2.65	2.13
EXPE Dec	0.76	0.94	0.91	1.24	5.44	4.11	2.73	4.08	4.02	4.80
PHM Dec	-	-	-	-	-	0.01	0.01	0.01	0.00	0.00
TSCO Dec	0.00	0.11	0.10	0.10	0.08	0.07	0.07	0.07	0.07	0.06
AZO Aug	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
APTV Dec	1.65	1.26	1.34	1.25	0.53	0.49	0.75	0.55	1.02	0.83
ABNB Dec	-	-	-	-	0.63	0.42	0.36	0.24	0.24	0.24
Peer median	1.03	0.94	0.97	1.24	0.63	0.45	0.55	0.39	0.63	0.54

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
MGM Dec	$1.92	$3.34	$0.81	$3.88	−$2.02	$2.41	$3.49	$3.19	$2.40	$0.76
DASH Dec	-	-	−$4.67	−$15.44	−$7.39	−$1.39	−$3.68	−$1.42	$0.29	$2.13
ORLY Dec	$0.72	$0.84	$1.07	$1.19	$1.57	$2.07	$2.23	$2.56	$2.71	$2.97
RCL Dec	$5.93	$7.53	$8.56	$8.95	−$27.05	−$20.89	−$8.45	$6.31	$10.94	$15.61
EXPE Dec	$1.82	$2.42	$2.65	$3.77	−$19.00	−$1.80	$2.17	$5.31	$8.95	$9.81
PHM Dec	$1.75	$1.44	$3.55	$3.66	$5.18	$7.43	$11.01	$11.72	$14.69	$11.12
TSCO Dec	$0.65	$0.66	$0.86	$0.93	$1.28	$1.72	$1.94	$2.02	$2.04	$2.06
AZO Aug	$40.70	$44.07	$48.77	$63.43	$71.93	$95.19	$117.19	$132.36	$149.55	$144.87
APTV Dec	$4.59	$5.06	$4.02	$3.85	$6.66	$1.94	$1.96	$10.39	$6.96	$0.75
ABNB Dec	-	-	-	-	-	-	-	-	-	-
Peer median	$1.82	$2.42	$3.10	$3.71	$1.42	$1.83	$2.06	$5.81	$7.96	$6.39

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out MGM and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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