MGM earnings date: February 4, 2027
MyStockButler's November 2026 analysis: MGM’s next results are expected on February 4, 2027. Watch whether October’s improvement and the events season restored Las Vegas margins.
What has MGM guided for 2026?
For 2026, MGM guides BetMGM North America to $2.9–$3.1 billion of net revenue. It guides adjusted EBITDA of $300–$350 million. Domestic capital spending is guided to $725–$775 million, including $600 million of maintenance capital. Cash rent is expected to be $1.8 billion.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Net Revenue (BetMGM North America Venture) | Year to Dec 2026 | 2,900 | 3,100 | Oct 28, 2026 |
| Adjusted EBITDA (BetMGM North America Venture) | Year to Dec 2026 | 300 | 350 | Oct 28, 2026 |
| 2026 Capital Expenditures — domestic | Year to Dec 2026 | 725 | 775 | Oct 28, 2026 |
| 2026 Capital Expenditures — maintenance capital | Year to Dec 2026 | 600 | 600 | Oct 28, 2026 |
| 2026 Cash Rent | Year to Dec 2026 | 1,800 | 1,800 | Oct 28, 2026 |
What this means. MGM China’s separate corporate expense is already included in the total corporate expense, so it should not be added again.
Has MGM kept its past promises?
MGM says Osaka remains on budget for a 2030 opening. But its earlier $500 million BetMGM EBITDA path for 2027 is now described as arriving in the coming years, so that promise has softened.
How have MGM’s revenue and profit trended?
Revenue was $4.21 billion, down from $4.25 billion in the September 2025 quarter. Operating income moved from a $112.9 million loss to $118.7 million of income. The comparison benefited from the earlier quarter’s $256.1 million Empire City impairment.
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,211,891 | 4,450,993 | 4,454,718 | 4,605,267 | 4,250,464 | 4,404,870 | 4,277,082 | 4,346,562 |
| Operating income | 118,684 | 503,636 | 301,242 | 325,010 | -112,852 | 404,565 | 385,057 | 291,565 |
| Net income | -17,108 | 292,433 | 125,136 | 293,612 | -285,255 | 48,951 | 148,554 | 157,432 |
| EPS, diluted | -0.07 | 1.11 | 0.48 | 1.11 | -1.05 | 0.18 | 0.51 | 0.52 |
| − Capital spending | 221,661 | 241,381 | 154,664 | 296,455 | 275,989 | 268,442 | 228,041 | 404,017 |
| = Free cash flow | 310,798 | 317,437 | 413,125 | 358,540 | 405,445 | 377,428 | 319,038 | 267,538 |
What this means. The company's profit can look very different from its cash flow because accounting charges and tax benefits can change reported profit without changing the cash the business generated.
What should you watch in MGM’s next results?
The first test is the fourth-quarter 2026 report: did October’s improvement and the events season restore Las Vegas margins, and did BetMGM produce the promised acceleration?
The next tests are Osaka’s actual contributions, construction progress and financing announcements through 2027 and 2028. The important milestones are the structure, interiors, operating approvals and eventual opening, not foundations alone.