The strong YoY improvement in revenue and profitability is a positive catalyst, but the heavy debt load and lack of guidance limit upside conviction. Watch for any commentary from parent Melco Resorts (MLCO) on Macau market trends and Studio City's Phase 2 expansion timeline.
Price Chart
Executive Summary
Studio City reported Q1 2026 revenue of $176.7M (+9.3% YoY) and swung to net income of $2.9M vs a $16.0M loss a year ago, driven by stronger mass-market casino performance and higher non-gaming revenue. Adjusted EBITDA rose 14.5% to $80.0M, but the company carries $2.01B in net debt with only $87M cash, and the stock has historically declined sharply following prior neutral reports.
Key Financial Metrics
Key Facts
- Q1 2026 total operating revenues $176.7M vs $161.7M YoY (+9.3%)
- Net income attributable to Studio City of $2.9M ($0.02/ADS) vs net loss of $16.0M ($0.08/ADS) YoY
- Adjusted EBITDA $80.0M vs $69.9M YoY (+14.5%)
- Casino contract revenue $87.0M vs $75.9M YoY (+14.6%)
- Gross gaming revenues $373.5M vs $336.2M YoY (+11.1%)
- Total debt net $2.01B, cash $87.0M, net debt $1.92B
- Capital expenditures $4.6M in Q1 2026
- No guidance provided in the release
Financial Impact
Revenue up $15M YoY, net income swing of +$18.9M YoY, Adjusted EBITDA up $10.1M
Risk Factors
- Net debt of $1.92B vs $87M cash leaves minimal liquidity buffer
- No forward guidance provided, limiting visibility
- Historical stock performance shows sharp declines after prior neutral reports on this ticker
- Dependence on Macau gaming market conditions and regulatory environment
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3284837 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 30, 2026 26d ago | Insider Cluster | $0.9700 $0.9800 | ▲ +1.03% | ▼ −0.27% | $0.8140 (−16.08%) |
Sep 28, 2026 29d ago | Insider Cluster | $0.8500 $0.9800 | ▲ +15.29% | ▲ +13.35% | $0.8140 (−4.24%) |
Sep 23, 2026 4w ago | 6-K | $0.7991 $0.9240 | ▲ +15.63% | ▲ +16.30% | $0.8140 (+1.86%) |
Aug 28, 2026 8w ago | 6-K | $1.77 $1.71 | ▲ +3.14% | ▲ +3.25% | $0.8140 (+54.01%) |
Aug 14, 2026 10w ago | 6-K | $1.80 $1.86 | ▼ −3.06% | ▼ −4.42% | $0.8140 (+54.78%) |
Aug 13, 2026 10w ago | Press Release | $1.73 $1.80 | ▼ −4.05% | ▼ −6.01% | $0.8140 (+52.95%) |
Aug 7, 2026 11w ago | 6-K | $1.81 $1.80 | ▼ −0.55% | ▼ −0.95% | $0.8140 (−55.03%) |
Jul 21, 2026 14w ago | 6-K | $1.73 $1.75 | ▲ +1.16% | ▲ +2.38% | $0.8140 (−52.95%) |
Jun 18, 2026 18w ago | 6-K | $1.98 $1.83 | ▼ −7.58% | ▼ −5.51% | $0.8140 (−58.89%) |
Jun 8, 2026 20w ago | 6-K | $2.34 $2.09 | ▼ −10.68% | ▼ −12.79% | $0.8140 (−65.21%) |
US Market Status
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