WYNN US S&P 500Russell 1000 Earnings call
Wynn Resorts (WYNN) · Q2 2026 results and valuation
Share price: $85.38 · 2026-11-11
Wynn Resorts designs, develops, and operates integrated resorts featuring hotel rooms, retail space, dining, entertainment, and gaming. The company serves a wide range of domestic and international customers across locations in Macau, Las Vegas, and Boston. Source: 10-K annual report (2026-03-02)
Results Q2 2026 vs Q1 2026 · previous quarter · published 4 Aug 2026 and 7 May 2026
Net income up 16.3% on the previous quarter. Management sounded restrained, in its script and in answers to analysts.
1 · Numbers
+16.3%
Net income vs Q1 2026
Outlook given
Net income 140.1M vs 120.5M
Revenue ±0%
Against the same quarter last year (Q2 2025) it is +111.5%, so it is not just seasonal.
Why Against the same quarter last year (+111.5%), net income rose primarily due to higher business volumes, including a 5% increase in mass drop and a 3% increase in RevPAR, alongside growth in retail lease revenue and slot revenues.
2 · How management spoke
Restrained
Less upbeat than 77% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Wynn Resorts is increasing the total project budget for Wynn Al Marjan Island by approximately $600 million.
Valuation
Is Wynn 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 20.0% growth a year (3-year revenue growth), the model's fair value is $242.34 a share — the stock trades 65% below it. Today's price assumes 11.2% growth a year.
Current price
$85.38
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+11.2% for 10 yrs
Fair value / share
$242.34
Buy below
$181.76
Price vs fair value
Undervalued 65%
Price vs buy-below price
Undervalued 53%
Read between the lines
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Figure
The business generated $306 million in VIP normalized EBITDA, while unfavorable VIP hold negatively impacted the company by nearly $9 million.
Source quote
“The business generated $306 million in VIP normalized EBITDA with unfavorable VIP hold negatively impacting us by nearly $9 million.”
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Guidance
The company updated its 2026 expansionary CapEx in Macau to the $350 million to $400 million range.
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Key theme
Janu is expected to be approximately $525 million to $650 million.
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Figure
The total project budget for Wynn Al Marjan Island is increasing by approximately $600 million.
Source quote
“With respect to budget, we are increasing the total project budget for Wynn Al Marjan Island by approximately $600 million.”
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Figure
The company reported a liquidity position of $4 billion in global cash and revolver availability as of June 30, split between $2.3 billion in Macau and $1.7 billion in the U.S.
Source quote
“Our liquidity position remains excellent, $4 billion of global cash and revolver availability as of June 30, split roughly as $2.3 billion in Macau and $1.7 billion in the U.S.”
4 more
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Figure
On the Macau side, the Wynn Macau Board approved a 2025 final dividend of $150 million, up from $124 million in the prior period, which was paid in the second quarter.
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Key theme
The absence of inventory on peak days is expected to cost the company $2 million to $4 million in revenue per quarter through the first half of next year.
Source quote
“And I would expect the absence of that inventory on those peak days to cost us something like $2 million to $4 million in revenue per quarter through the first half of next year.”
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Key theme
The company is doubling down on a specific customer type that is currently driving the market.
Source quote
“We're very focused on one particular customer type. That happens to be the customer type that is driving the market at the moment, and we continue to double down.”
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Figure
When Wynn Resorts went into the concession, it effectively committed to $2.6 billion of overall non-gaming spend, of which $1.6 billion of that is CapEx, and the rest is OpEx.
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“And as I mentioned on the last call, we continue to believe very strongly in the market, very strongly in the opportunity and stand by the projections that we put...”
“Of that, approximately half is directly attributable to disruption from the regional conflict, material cost increases, shipping cost increases and the preopening and capitalized interest costs associated with the extended...”
“On the group and convention side, we saw the forward booking pace accelerate as July progressed, and the business looks strong heading into both Q4 and 2027.”
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 | 1.86B | 1.86B | ±0% | 1.74B | +6.9% |
| Operating income | 297.6M | 282.6M | +5.3% | 264.6M | +12.5% |
| Net income | 140.1M | 120.5M | +16.3% | 66.2M | +111.5% |
| EPS | 1.32 | 1.04 | +26.9% | 0.64 | +106.2% |
| P/E today 23.5 | 23.3 | 29.1 | −5.8 | 27.7 | −4.4 |
Topics
Most discussed now
- New Wage increases and Wynn Resorts' continued investment in the types of offerings that matter must to its premium customers.
- New Wynn Resorts has thousands of workers on site, thousands of construction drawings in flight, specific trades mobilized in a precise…
- On the group and convention side, Wynn Resorts saw the forward booking pace accelerate as July progressed, and the business looks...
- In Macau, the team delivered particularly solid results in the quarter.
- Wynn Resorts saw impressive increases in both drop and handle, driving a 5% increase in total casino revenues.
Faded since Q1 2026
- Dropped Looking ahead, the UAE has world-class tourism infrastructure, unrivaled airport capacity and a strong policy framework.
- Dropped While Wynn Resorts has faced logistical and shipping challenges in the region, deliveries have largely continued, and it is rerouting…
- Dropped What Wynn Resorts has been able to do with the Gourmet Pavilion is drive a whole bunch of incremental foot traffic into...
- Fading The team in Boston continues to do a great job of mitigating union-related payroll increases with identified cost efficiencies that...
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations; Regulation FD disclosure; Other events · SEC 8-K
- Regulation FD disclosure · SEC 8-K
The filing is a Regulation FD disclosure regarding a subscription of fund announcement by Wynn Macau, Limited, dated October 23, 2026.
- Material agreement · SEC 8-K
Wynn Resorts, Limited issued $900 million aggregate principal amount of 6.875% Senior Notes due 2035 on September 22, 2026.
- Other events · SEC 8-K
Wynn Resorts, Limited announced the pricing of $900 million of 6.875% Senior Notes due 2035 in a private offering.
- Other events · SEC 8-K
Wynn Resorts, Limited announced a plan to offer $900 million in Senior Notes due 2035 to redeem outstanding 5.250% Senior Notes due 2027 and cover related fees.
- Regulation FD disclosure · SEC 8-K
Wynn Resorts, Limited reported that its indirect subsidiary, Wynn Macau, Limited, filed its interim report for the six months ended June 30, 2026.
- Results of operations; Regulation FD disclosure; Other events · SEC 8-K
Wynn Resorts reported operating revenues of $1.86 billion for the second quarter of 2026, up $119.1 million from $1.74 billion in the second quarter of 2025.
- Material agreement; Regulation FD disclosure · SEC 8-K
The company filed a First Amendment to the Land Concession Contract with Palo Real Estate Company Limited and Wynn Resorts (Macau), S.A. on July 22, 2026.
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
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before the end of the year
commence construction on the Enclave tower
Source quote
“Last quarter, we announced Enclave, a new 432 all-suite hotel and expect to commence construction on that tower before the end of the year.”
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in the coming weeks
begin construction on our long planned and previously announced Event Center and Theater at Wynn Palace
Source quote
“This quarter, I'm pleased to announce that we will also begin construction on our long planned and previously announced Event Center and Theater at Wynn Palace in the coming weeks after receiving our revised land contract from the government in July.”
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2028
completion of the Event Center and Theater
Source quote
“The Event Center and Theater are expected to be completed in 2028, and Enclave is expected to be opened in 2029.”
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September 2027
opening of Wynn Al Marjan Island stores to the public
Source quote
“On timing, we now expect the project to open its stores to the public in September 2027.”
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2026
expansionary CapEx in Macau
Source quote
“All in, we now expect our 2026 expansionary CapEx in Macau to land in the $350 million to $400 million range.”