BetMGM's accelerating EBITDA growth and positive cash flow to parents signal the venture is reaching self-sustaining profitability. Monitor MGM Resorts' Q3 earnings on Oct 28 for consolidated impact and any update on BetMGM's path to $500M EBITDA target.
Price Chart
Executive Summary
BetMGM reported Q3 2026 net revenue of $710M (+7% YoY) and Adjusted EBITDA of $86M (+112% YoY), reiterating FY26 guidance toward the lower end of the $2.9-$3.1B revenue and $300-$350M EBITDA ranges. The strong EBITDA growth and positive cash flow signal accelerating profitability, but the guidance reiteration at the lower end tempers the upside.
Key Financial Metrics
Key Facts
- Q3 2026 net revenue $710M, up 7% YoY from $667M
- iGaming net revenue $483M (+6% YoY), Online Sports net revenue $216M (+7% YoY)
- Adjusted EBITDA $86M, up 112% YoY from $41M
- FY26 guidance reiterated: net revenue $2.9-$3.1B, Adjusted EBITDA $300-$350M, trending toward lower end
- Average monthly actives down 3% YoY to 878K, reflecting refined player acquisition
- Total cash to parents of $68M in Q3, including $18M parent fees and $50M distribution
Financial Impact
Q3 net revenue $710M (+7% YoY), Adjusted EBITDA $86M (+112% YoY), FY26 guidance $2.9-$3.1B revenue and $300-$350M EBITDA
Risk Factors
- FY26 guidance at lower end implies Q4 revenue and EBITDA may underwhelm vs consensus expectations
- Average monthly actives declining 3% YoY suggests customer acquisition trade-off for profitability
- Highly competitive online sports betting environment could pressure market share and margins
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-prn-302906311 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 14d ago | Press Release | $29.40 $28.90 | ▼ −1.70% | ▼ −0.55% | $28.41 (−3.37%) |
Sep 28, 2026 28d ago | Press Release | $31.52 $30.54 | ▼ −3.11% | ▼ −5.06% | $28.41 (−9.87%) |
Sep 24, 2026 4w ago | SC 13D/A | $33.69 $30.47 | ▼ −9.56% | ▼ −9.14% | $28.41 (−15.67%) |
Sep 23, 2026 4w ago | Press Release | $33.69 $30.47 | ▼ −9.56% | ▼ −9.14% | $28.41 (−15.67%) |
Jul 29, 2026 12w ago | Press Release | $45.66 $44.70 | ▼ −2.10% | ▼ −5.73% | $28.41 (−37.78%) |
May 14, 2026 23w ago | 8-K | $36.95 $38.44 | ▲ +4.03% | ▲ +3.07% | $28.41 (−23.11%) |
Apr 7, 2026 28w ago | DEFA14A | $37.12 $38.36 | ▲ +3.35% | ▼ −0.17% | $28.41 (−23.46%) |
Apr 7, 2026 28w ago | 8-K | $37.12 $38.36 | ▲ +3.35% | ▼ −0.17% | $28.41 (−23.46%) |
Mar 27, 2026 30w ago | DEFA14A | $35.61 $37.88 | ▲ +6.38% | ▲ +2.08% | $28.41 (−20.21%) |
US Market Status
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