MGM Resorts International FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$17.5B
Gross margin	— not reported
Operating income	$1.0B
Net income	$205.9M
Diluted EPS	$0.76
Cash & equivalents	$2.1B
Total assets	$41.4B
Long-term debt	$6.2B

Key takeaway

MGM operates 16 domestic casinos, two Macau properties via its ~56% stake in MGM China, and a growing digital arm (LeoVegas, BetMGM) as four reportable segments.

🔒 4 more takeaways in the full analysis

Beneath the surface

The effective tax rate was -85.5%, driven largely by a 19.2-point impact from non-deductible impairment losses, showing the goodwill charge materially distorted reported tax expense and net income.

🔒 4 more insights a headline reader would miss