MGM US S&P 500Russell 1000 Earnings call

MGM Resorts (MGM) · Q2 2026 results and valuation

Share price: $33.47 · 2026-11-11

MGM Resorts is a global gaming and entertainment company that operates hotels, casinos, meeting spaces, and restaurants. The company provides entertainment experiences, sports betting, and online gaming services to customers in domestic and international markets, including the United States, Macau, and Japan. Source: 10-K annual report (2026-02-11)

Results Q2 2026 vs Q1 2026 · previous quarter · published 29 Jul 2026 and 29 Apr 2026

Net income up 133.7% on the previous quarter. Management sounded cautious, in its script and in answers to analysts.

1 · Numbers

+133.7%

Net income vs Q1 2026

Outlook given

Net income 292.4M vs 125.1M

Revenue −0.1%

Against the same quarter last year (Q2 2025) it is +497.4%, so it is not just seasonal.

Why Against the same quarter last year (+497.4%), net income rose primarily because of record consolidated net revenue driven by growth at Las Vegas Strip resorts, all-time best same-store quarterly revenue in regional operations, and 20% year-over-year revenue growth at MGM Digital.

2 · How management spoke

Cautious

Among the least upbeat of all company calls

Answers to analysts: upbeat, in line with the script.

Similar to last call.

3 · What stood out

MGM China's market share increased by one percentage point to 16.4% in the second quarter, outperforming the market.

Valuation

Is MGM Resorts undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 10.1% growth a year (3-year revenue growth), the model's fair value is $122.09 a share — the stock trades 73% below it. Today's price assumes −3.9% growth a year.

Current price

$33.47

close of 2026-11-11

Market implies growth of i

-3.9% for 10 yrs

Fair value / share

$122.09

Buy below

$91.57

Price vs fair value

Undervalued 73%

Price vs buy-below price

Undervalued 63%

FCF growth / yr i Discount rate i Terminal growth i Margin of safety i

Official channels

The company's own website and social media accounts.

Website

Read between the lines

Figure

MGM achieved record second quarter consolidated net revenue driven by a 20% year over year revenue growth at MGM Digital and record growth from Las Vegas Strip resorts and regional operations.

Source quote
“The company delivered record second quarter consolidated net revenue driven by a second consecutive quarter of year over year revenue growth from our Las Vegas Strip resorts, all time best regional operations same store quarterly revenue, and a 20% year over year revenue growth at MGM Digital.”
Figure

MGM China's market share increased by one percentage point to 16.4% in the second quarter, indicating the company outperformed the market.

Source quote
“At MGM China, we continue to outperform the market in the second quarter while maintaining solid market share of 16.4% a sequential increase of a full percentage point.”
Figure

MGM bought back about 4.3 million shares for $164 million during the quarter to return capital to shareholders.

Source quote
“During the quarter, we bought back about 4.3 million shares for $164 million.”
Guidance

MGM expects to capture its fair share of market opportunities that are "literally on MGM Resorts' doorstep.
Key theme

The company expects to be able to self-fund part of its ongoing investments in Brazil and other global geographies.

Source quote
“So we do think there will be the ability to self fund in part the ongoing investments in Brazil a few other geographies around the world.”

3 more

Figure

MGM Resorts drove demand from a diverse customer mix that included technology and hospitality corporate groups as well as top B2B trade shows and professional association meetings leading to the highest second quarter convention…

Source quote
“We drove demand from a diverse customer mix that included technology and hospitality corporate groups as well as top B2B trade shows and professional association meetings leading to the highest second quarter convention ADR and catering and banquet revenue in our history.”
Key theme

Nearly half of the guests who booked this offer were first-time visitors to MGM at the end of the quarter.

Source quote
“At the end of the quarter, nearly half of the guests booked this offer were first time visitors to MGM.”
Key theme

MGM Digital reported double-digit revenue growth this quarter and is making progress toward profitability in its underlying businesses.

Source quote
“MGM Digital reported double digit revenue growth again this quarter and continues to make progress towards profitability in our underlying businesses.”

Tone

How upbeat the language was, compared with other companiesi. Dot: Q2 2026. Ring: Q1 2026.

Prepared remarks Cautious (was typical)

Answers to analysts Upbeat (was cautious)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“And, you know, all of this in the context of some of the prior questions around you know, some of the sort of lower-half or lower-quartile properties within the portfolio.”

“And as we continue calibrating in Brazil, we are expecting full year EBITDA losses at MGM Digital to be less than last year.”

“And over the last 5 years, we have decreased our share count by nearly 50%.”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)

Metric	Q2 2026period end 2026-06-30	Q1 2026period end 2026-03-31	Change	Q2 2025	YoY
Revenue	4.45B	4.45B	−0.1%	4.40B	+1.0%
Operating income	503.6M	301.2M	+67.2%	404.6M	+24.5%
Net income	292.4M	125.1M	+133.7%	49.0M	+497.4%
EPS	1.11	0.48	+131.3%	0.18	+516.7%
P/E today 12.4	29.0	50.7	−21.7	18.8	+10.2

Topics

Most discussed now

New This year, EBITDAR is up $25 million at MGM Resorts' Strip resorts, and the main driver was a recovery at the...
New MGM Resorts' regional operations continue to deliver robust results marked by record breaking performances and an exceptional guest…
Several of MGM Resorts' properties delivered record revenue results during the quarter, including Empire City, which grew GGR in...
Over the past year, MGM Resorts successfully debuted the ultra luxury villas at MGM Macau, expanded its premium mass offerings with...
Macau has bounced back nicely in July while maintaining mid teen share throughout the temporary disruption caused by the World...

Faded since Q1 2026

Fading The first quarter is simply its seasonally strong group and convention quarter of the year, and MGM Resorts experienced robust business...
Fading In Las Vegas, MGM Resorts was able to grow net revenues despite the strong leisure comparison in the prior year.
Fading MGM Resorts is encouraged by the incremental momentum driven by its all-inclusive program as well as the convention strength it has on...
Fading MGM Resorts has got some really good groups lined up for the summer.

Latest announcements

Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.

2026-10-28 Results of operations · SEC 8-K
2026-10-28 Material agreement; Regulation FD disclosure · SEC 8-K
2026-07-29 Results of operations · SEC 8-K
MGM Resorts reported consolidated revenue of $4.5 billion for the quarter ended June 30, 2026, representing a 1% increase compared to the prior year quarter.
2026-05-14 Material agreement; New financial obligation · SEC 8-K
The company entered into an indenture for 6.25% senior notes due 2033 with MGM China Holdings Limited.
2026-05-08 Shareholder vote results · SEC 8-K · routine
2026-04-29 Results of operations · SEC 8-K
MGM Resorts reported consolidated net revenues of $4.5 billion for the first quarter of 2026, representing a 4% increase compared to the same period last year.
2026-04-07 Material agreement · SEC 8-K
MGM Resorts International entered into a Voting Agreement with IAC Inc. and Barry Diller on April 3, 2026, regarding voting securities exceeding 25.73% of the total voting power.
2026-02-05 Results of operations · SEC 8-K
MGM Resorts International filed an 8-K on February 5, 2026, to announce its results of operations for the quarter and year ended December 31, 2025.

Balance sheet & ownership

From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-12.

Cash & runway

Cash & equivalents

$2.55B

2026-06-30

Implied runway

—

operating cash flow positive over the TTM window

Dilution

weighted-average basic shares, per quarter. Change: -7.1% YoY, -0.9% QoQ.

Quarter	Shares
Q3 2024	300.5M
Q1 2025	287.1M
Q2 2025	273.3M
Q3 2025	272.5M
Q1 2026	256.3M
Q2 2026	254.0M

Shares outstanding: 251.6M (2026-07-27)

Insider transactions

Form 4 open-market trades (codes S/P), trailing 12 months. 49 filings parsed.

Sold by insiders

44.2K shares

$1.5M · 2 transactions

Bought by insiders

2.1M shares

$77.1M · 3 transactions

Net direction

net buying

Catalyst calendar

management-stated targets — from the latest earnings call; plans, not promises.

this November

Players' Era basketball tournament

Source quote
“1 example is the Players' Era basketball tournament taking place across 2 weeks this November at Michelob Ultra Arena in Mandalay Bay and the T Mobile Arena.”
between now and the end of the year

investing capital to enhance premium lounge offerings at Beau Rivage and Borgata and a room remodel at Borgata

Source quote
“We continue to invest targeted capital throughout our regional portfolio, which between now and the end of the year will include enhancing our premium lounge offerings at both Beau Rivage and Borgata as well as a room remodel beginning at Borgata.”
2030

Osaka opening

Source quote
“Our construction continues to reach milestones on a timely basis as we advance towards the 2030 opening.”
first half of 26

handle per active and NGR per active growth

Source quote
“And over the course of the first half of 26, handle per active grew 7% while NGR per active grew 9%.”
first half of 26

growth per handle growth of handle per active and NGR per of 18%, 17%, respectively

Source quote
“Resulting in growth per handle growth of handle per active and NGR per of 18%, 17%, respectively, during the first half of 26.”