Results are essentially in line with consensus with no guidance change, suggesting limited near-term stock reaction. Monitor MGM China's EBITDAR trajectory (branding fee headwinds) and Las Vegas Strip RevPAR trends. The $1.4B buyback authorization provides downside support. Watch for any forward commentary on upcoming Osaka project milestone updates.
Price Chart
Executive Summary
MGM Resorts reported Q2 2026 results with record consolidated revenue of $4.45B (+1% YoY), but profitability declined with Adjusted EBITDA down 5.9% to $610M and Adjusted EPS down 25% to $0.59 (vs $0.79 YoY). Results were in line with consensus estimates (EPS beat by 1.7%, revenue beat by 0.7%), and no explicit guidance was provided. The mixed picture reflects Las Vegas Strip and MGM Digital growth offset by weakness in MGM China and Regional Operations Adjusted EBITDAR.
Key Financial Metrics
Key Facts
- Q2 2026 consolidated revenue $4.45B, up 1% YoY from $4.40B (record Q2)
- Adjusted EPS of $0.59, down 25% YoY from $0.79; GAAP EPS $1.11 vs $0.18 YoY, boosted by $287M property transaction gain
- Las Vegas Strip Resorts revenue up 3% to $2.17B, Segment Adjusted EBITDAR up 3% to $735M
- MGM Digital revenue up 20% to $196M; Segment Adjusted EBITDAR loss widened to $31M from $26M
- MGM China revenue flat at $1.1B, Segment Adjusted EBITDAR down 15% to $257M due to $21M increase in branding fees
- Regional Operations same-store revenue up 3% but total revenue down 4% due to Northfield Park disposition
- Repurchased ~4M shares for $164M in Q2; $1.4B remaining under buyback authorization
Financial Impact
Revenue up 1% to $4.45B; Adjusted EBITDA down 6% to $610M; Adjusted EPS down 25% to $0.59; GAAP net income $292M vs $49M YoY on $287M property gain and $111M goodwill impairment
Risk Factors
- MGM China Adjusted EBITDAR down 15% YoY, pressured by $21M higher intercompany branding license fees
- Regional Operations same-store Segment Adjusted EBITDAR flat YoY; MGM Digital losses widening
- Adjusted EBITDA and Adjusted EPS declined YoY despite record revenue, signaling margin compression
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-prn-302838122 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 29, 2026 9w ago | Press Release | $45.66 $42.97 | ▼ −5.89% | ▼ −9.86% | $30.49 (−33.23%) |
May 14, 2026 20w ago | 8-K | $36.95 $48.62 | ▲ +31.59% | ▲ +29.48% | $30.49 (−17.49%) |
Apr 7, 2026 25w ago | DEFA14A | $37.12 $37.91 | ▲ +2.14% | ▼ −6.41% | $30.49 (−17.87%) |
Apr 7, 2026 25w ago | 8-K | $37.12 $37.91 | ▲ +2.14% | ▼ −6.41% | $30.49 (−17.87%) |
Mar 27, 2026 26w ago | DEFA14A | $35.61 $39.74 | ▲ +11.61% | ▼ −0.99% | $30.49 (−14.38%) |
US Market Status
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