MGM Q2 FY2026: record revenue, weaker adjusted profit
MGM's second quarter set a revenue record, yet the profit measure management prefers went backwards, so the headline EPS jump needs a second look. Revenue rose 1.0% to $4.45 billion, while Adjusted EPS fell to $0.59 from $0.79 and Consolidated Adjusted EBITDA slipped to $610 million from $648 million. The view is Neutral: a stable base, not an accelerating one.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS of $1.11 looks spectacular against $0.18 a year ago, but a $286.7 million net gain on property transactions and a $111.0 million goodwill impairment are doing much of that work. Adjusted EPS, which strips both out, actually fell 25.3% to $0.59 from $0.79 — though it still edged past the $0.5789 consensus estimate. Net income attributable to MGM was $292 million versus $49 million, so the GAAP line rose even as the profit engine slowed.
Revenue was $4.45 billion, up 1.0% from $4.40 billion a year earlier and a record for a second quarter. Las Vegas Strip Resorts rose 3.0% to $2.17 billion and Regional Operations same-store revenue rose 3.0% to $904 million, though reported Regional revenue fell 4.0% to $924 million because of property sales. MGM Digital grew 20.0% to $196 million while MGM China was roughly flat at $1.10 billion.
Log in to read 35 analyses a week for free
Create a free account to read 35 full earnings analyses each week — all five steps: expected vs. actual, guidance tracker, money flow, balance sheet and risks. Members get unlimited access.
Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
Answers are based on the earnings release and the analysis above. Free accounts get 3 questions a week; members get 30 a day.