MGM Resorts Q3 FY2026: revenue down 0.9%, adjusted EBITDA down 20.4%
MGM's September quarter was a miss on both the top line and the profit line: revenue fell 0.9% to $4.21 billion and consolidated adjusted EBITDA dropped 20.4% to $402.8 million, with adjusted EPS of -$0.11 against a consensus estimate of $0.09. Strip room rates were the culprit. Read the segments first, then the balance sheet, which still carries $2.40 billion of cash.
1 · Expected vs. Actual
Free preview belowThe GAAP loss of $0.07 per share compares with a $1.05 loss a year ago, but last year's figure carried a $0.94 goodwill impairment charge, so the comparison flatters. Adjusted EPS of -$0.11 is the number that matters, and it is well below the $0.09 consensus estimate and below the $0.24 earned a year earlier. Adjusted EBITDA of $402.8 million versus $505.8 million, a 20.4% drop, explains most of that swing.
Revenue of $4.21 billion was down 0.9% from $4.25 billion a year earlier, so the headline decline looks mild. Underneath, Las Vegas Strip revenue fell 1.5% to $1.95 billion on an 8.0% lower average daily rate, while MGM China rose 4.6% to $1.14 billion and digital rose 5.5% to $184 million. Regional revenue fell 7.7% to $883 million but was up 1.1% on a same-store basis once the Northfield Park sale is stripped out.
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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 2026-11-03
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