Analyst Consensus ?
ConsensusHold37 ratings
Bullish1848.7%
Neutral1848.6%
Bearish12.7%
MGM Resorts International · MGM · FY2026 Q1 · Calendar Q2 2026
MGM Resorts Q1 2026: Vegas Rebounds, Digital Grows 43%, Macau Up 9%
MGM Resorts' fiscal Q1 2026 results tell a story of operational recovery and digital acceleration, tempered by a one-time expense headwind. Las Vegas returned to year-over-year revenue growth, fueled by record convention ADRs and a new all-inclusive bundle that attracted many first-time visitors. The digital segment grew revenue 43%, with BetMGM nearing $2 billion in annual revenue and LeoVegas expanding in Europe. MGM China posted a 9% revenue increase with Macau suite renovations complete. Against these gains, sharply higher self-insurance costs from litigation created a one-time EBITDA hit. Revenue beat consensus by nearly 2% while EPS narrowly missed by about 1.3%. The stock initially dipped post-report but subsequently drifted roughly 12% higher, suggesting the market looked past the expense spike to the underlying operational momentum. Management tone was confident with a…
Reported After market closeNYSEConsumer Cyclical
$11.68B market cap
100quality score
Company context
Snapshot as of publicationMGM Resorts International, through its various divisions, manages and possesses casino, lodging, and entertainment complexes across the United States and Macau. The company's operations are segmented into three main areas: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its resort properties offer a comprehensive suite of amenities including gaming facilities, accommodation, convention spaces, dining options, entertainment venues, retail outlets, and more.…
Earnings scorecard
Reported versus consensus
Reported EPS
$0.49
Consensus $0
EPS surprise
-1.3%
Reported versus consensus
Reported revenue
$4.45B
Consensus $4.37B
Revenue surprise
+2.0%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$44.52Current
$30Low
$50.25Average
$76High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 31, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Macquarie | Outperform | Outperform | Maintain | Jul 30, 2026 |
| Susquehanna | Positive | Positive | Maintain | Jul 29, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 9, 2026 |
| Wells Fargo | Equal Weight | Underweight | Upgrade | Jul 7, 2026 |
| Stifel | Hold | Buy | Downgrade | Jun 15, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jun 12, 2026 |
| UBS | Neutral | Neutral | Maintain | Jun 4, 2026 |
| CBRE | Hold | Buy | Downgrade | Jun 3, 2026 |
| Truist Securities | Buy | Hold | Upgrade | May 27, 2026 |
| Jefferies | Hold | Buy | Downgrade | May 1, 2026 |
| Citigroup | Neutral | Neutral | Maintain | May 1, 2026 |
| Morgan Stanley | Underweight | Underweight | Maintain | Apr 8, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Oct 13, 2025 |
| Seaport Global | Neutral | Buy | Downgrade | Jul 22, 2025 |
| JMP Securities | Market Perform | Market Outperform | Downgrade | Jun 26, 2025 |
| Deutsche Bank | Buy | Buy | Maintain | Oct 1, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | May 2, 2023 |
| Argus Research | Hold | Buy | Downgrade | Sep 8, 2022 |
| B of A Securities | Neutral | Neutral | Maintain | Apr 18, 2022 |
| Bernstein | Outperform | Market Perform | Upgrade | Sep 13, 2021 |
| Goldman Sachs | Neutral | Sell | Upgrade | Jul 28, 2021 |
| Roth Capital | Neutral | Neutral | Maintain | Oct 30, 2020 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | Jul 21, 2020 |
| Nomura | Buy | Buy | Maintain | Oct 3, 2019 |
| Bank of America | Neutral | Buy | Downgrade | Aug 2, 2019 |
| Stifel Nicolaus | Hold | Hold | Maintain | Aug 3, 2018 |
| Argus | Buy | Hold | Upgrade | May 5, 2018 |
| CLSA | Outperform | Buy | Maintain | Mar 18, 2015 |
| Craig-Hallum | Buy | Hold | Upgrade | Oct 9, 2014 |
| Argus Capital | Hold | Buy | Downgrade | Sep 19, 2014 |
| Imperial Capital | Outperform | Outperform | Maintain | Nov 7, 2013 |
| Janney Montgomery Scott | Buy | Neutral | Upgrade | Jul 1, 2013 |
| Janney Capital | Buy | Neutral | Upgrade | Jul 1, 2013 |
| Sterne Agee | Buy | Neutral | Upgrade | May 9, 2013 |
| RBC Capital | Outperform | Sector Perform | Upgrade | Feb 19, 2013 |
| ISI Group | Neutral | Buy | Downgrade | Jan 16, 2013 |
| Brean Capital | Buy | Buy | Maintain | Feb 21, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $44.52. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Susquehanna | Analyst unavailable | $53 | $46.2 | +19.0% | Jul 29, 2026 |
| Goldman Sachs | Lizzie Dove | $43 | $46.57 | -3.4% | Jul 15, 2026 |
| Barclays | Analyst unavailable | $48 | $46.28 | +7.8% | Jul 9, 2026 |
| Wells Fargo | Analyst unavailable | $48.3 | $46.4 | +8.5% | Jul 7, 2026 |
| UBS | Analyst unavailable | $48 | $47.1 | +7.8% | Jul 2, 2026 |
| Stifel Nicolaus | Analyst unavailable | $49 | $48.97 | +10.1% | Jun 15, 2026 |
| UBS | Analyst unavailable | $49 | $48.97 | +10.1% | Jun 15, 2026 |
| UBS | Analyst unavailable | $50 | $48.12 | +12.3% | Jun 4, 2026 |
| CBRE | Analyst unavailable | $50 | $48.36 | +12.3% | Jun 2, 2026 |
| Truist Financial | Barry Jonas | $55 | $38.45 | +23.5% | May 27, 2026 |
| Jefferies | Analyst unavailable | $44 | $38.94 | -1.2% | May 1, 2026 |
| Goldman Sachs | Lizzie Dove | $38 | $38.7 | -14.7% | Apr 30, 2026 |
| Truist Financial | Barry Jonas | $42 | $39.27 | -5.7% | Apr 30, 2026 |
| Barclays | Analyst unavailable | $39 | $39.27 | -12.4% | Apr 30, 2026 |
| Wells Fargo | Trey Bowers | $30 | $38.36 | -32.6% | Apr 16, 2026 |
| Morgan Stanley | Analyst unavailable | $35 | $37.89 | -21.4% | Apr 8, 2026 |
| Morgan Stanley | Analyst unavailable | $34 | $36.68 | -23.6% | Feb 11, 2026 |
| Stifel Nicolaus | Steven Wieczynski | $50 | $35.91 | +12.3% | Feb 6, 2026 |
| Barclays | Brandt Montour | $37 | $36.28 | -16.9% | Feb 6, 2026 |
| Morgan Stanley | Stephen Grambling | $33 | $35.41 | -25.9% | Jan 16, 2026 |
| Truist Financial | Analyst unavailable | $38 | $34.82 | -14.7% | Jan 13, 2026 |
| Barclays | Analyst unavailable | $38 | $36.84 | -14.7% | Dec 17, 2025 |
| Goldman Sachs | Lizzie Dove | $33 | $37.38 | -25.9% | Dec 15, 2025 |
| Stifel Nicolaus | Analyst unavailable | $45 | $30.9 | +1.1% | Oct 30, 2025 |
| Barclays | Analyst unavailable | $42 | $31.21 | -5.7% | Oct 30, 2025 |
| Goldman Sachs | Lizzie Dove | $31 | $31.21 | -30.4% | Oct 30, 2025 |
| Mizuho Securities | Ben Chaiken | $62 | $31.21 | +39.2% | Oct 30, 2025 |
| Stifel Nicolaus | Steven Wieczynski | $47 | $32.67 | +5.6% | Oct 22, 2025 |
| Mizuho Securities | Analyst unavailable | $58 | $31.28 | +30.3% | Oct 13, 2025 |
| UBS | Robin Farley | $39 | $35.95 | -12.4% | Sep 11, 2025 |
| UBS | Robin Farley | $44 | $39.52 | -1.2% | Aug 28, 2025 |
| UBS | Robin Farley | $46 | $39.99 | +3.3% | Aug 28, 2025 |
| Morgan Stanley | Stephen Grambling | $38 | $37.93 | -14.7% | Jul 11, 2025 |
| Truist Financial | Barry Jonas | $45 | $30.77 | +1.1% | Apr 23, 2025 |
| Morgan Stanley | Stephen Grambling | $39 | $33.23 | -12.4% | Jan 14, 2025 |
| Jefferies | David Katz | $50 | $33.85 | +12.3% | Jan 3, 2025 |
| CFRA | Zachary Warring | $42 | $36.87 | -5.7% | Oct 31, 2024 |
| Citigroup | George Choi | $55 | $41.41 | +23.5% | Oct 31, 2024 |
| Deutsche Bank | Carlo Santarelli | $52 | $38.68 | +16.8% | Oct 1, 2024 |
| Morgan Stanley | Stephen Grambling | $43 | $36.29 | -3.4% | Sep 4, 2024 |
| BTIG | Clark Lampen | $52 | $42.33 | +16.8% | Jul 2, 2024 |
| JMP Securities | Jordan Bender | $58 | $41.04 | +30.3% | May 6, 2024 |
| Susquehanna | Joseph Stauff | $54 | $39.75 | +21.3% | May 2, 2024 |
| Deutsche Bank | Carlo Santarelli | $57 | $39.75 | +28.0% | May 2, 2024 |
| Seaport Global | Vitaly Umansky | $56 | $42.48 | +25.8% | Apr 15, 2024 |
| Jefferies | David Katz | $62 | $47.78 | +39.2% | Apr 2, 2024 |
| Truist Financial | Barry Jonas | $23.2 | $45.84 | -47.9% | Aug 3, 2023 |
| Morgan Stanley | Analyst unavailable | $43 | $40.98 | -3.4% | Feb 1, 2023 |
| Truist Financial | Analyst unavailable | $50 | $37.08 | +12.3% | Dec 5, 2022 |
| Citigroup | Analyst unavailable | $58.5 | $31.06 | +31.4% | Sep 26, 2022 |
| Deutsche Bank | Carlo Santarelli | $51 | $35.01 | +14.5% | Aug 17, 2022 |
| Credit Suisse | Analyst unavailable | $72 | $35.33 | +61.7% | Aug 4, 2022 |
| Wells Fargo | Analyst unavailable | $58 | $34.2 | +30.3% | Aug 4, 2022 |
| Truist Financial | Barry Jonas | $35 | $32.73 | -21.4% | Jul 30, 2022 |
| Wells Fargo | Analyst unavailable | $49 | $28.68 | +10.1% | Jul 14, 2022 |
| Citigroup | Analyst unavailable | $56 | $30.36 | +25.8% | Jul 5, 2022 |
| JMP Securities | Analyst unavailable | $55 | $30.03 | +23.5% | Jun 28, 2022 |
| UBS | Robin Farley | $40 | $27.95 | -10.2% | Jun 18, 2022 |
| Deutsche Bank | Analyst unavailable | $48 | $34.15 | +7.8% | May 20, 2022 |
| Morgan Stanley | Analyst unavailable | $52 | $40.82 | +16.8% | May 3, 2022 |
| Wells Fargo | Analyst unavailable | $57 | $41.97 | +28.0% | May 3, 2022 |
| Morgan Stanley | Thomas Allen | $51 | $41.08 | +14.5% | May 2, 2022 |
| Truist Financial | Analyst unavailable | $48 | $42.77 | +7.8% | Apr 19, 2022 |
| Citigroup | George Choi | $57 | $47.07 | +28.0% | Feb 10, 2022 |
| Credit Suisse | Ben Combes | $76 | $47.07 | +70.7% | Feb 10, 2022 |
| Jefferies | David Katz | $59 | $40.96 | +32.5% | Jan 21, 2022 |
| Goldman Sachs | Stephen Grambling | $48 | $47.01 | +7.8% | Oct 27, 2021 |
| Bernstein | Vitaly Umansky | $58.9 | $43.09 | +32.3% | Sep 13, 2021 |
| J.P. Morgan | Joseph Greff | $52 | $42.66 | +16.8% | Jun 10, 2021 |
Track every rating change on MGM the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
-0.8%
Event window
SPY move
+1.0%
Same window
Abnormal move
-1.8%
Stock minus SPY
Volume
2.0×
Versus trailing sessions
Subsequent drift
+12.1%
Up to 20 sessions
MGMSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Compared to the prior quarter, Las Vegas returned to year-over-year revenue growth after leisure demand headwinds had weighed on Q4. The all-inclusive bundle at Luxor and Excalibur is a new product. Self-insurance costs emerged as a fresh headwind from litigation, not prominent in Q4. BetMGM revenue growth accelerated from 39% in Q4 to 43% in Q1. The company acquired Tipico's U.S. sportsbook technology and sold Northfield Park at a 6.6x EBITDA multiple to fund additional repurchases. In Macau, the focus shifted from record EBITDAR achievement to steady 9% growth with completed suite renovations.
Guidance delta
Guidance was maintained, consistent with the prior quarter's stance. Management did not adjust forward expectations despite the narrow EPS miss and elevated self-insurance costs, indicating confidence that Vegas momentum and digital growth offset near-term expense pressures.
Key takeaways
- Las Vegas revenue growth rebounded on record convention ADRs and the new all-inclusive offering
- Digital segment delivered 43% revenue growth, with LeoVegas leading in Europe and BetMGM approaching $2 billion annual revenue
- MGM China revenue rose 9%, Macau suite renovations completed, and MGM Osaka remains on schedule for 2030
- Self-insurance expenses rose sharply due to increased litigation, adding a one-time hit to EBITDA
- Capital discipline remains a focus with targeted capex, ongoing suite upgrades, and an accelerated share-repurchase program
Management priorities
- Extend the all-inclusive offering to additional properties if performance remains strong
- Complete suite and premium gaming renovations in Macau and launch new suites
- Proceed with MGM Osaka construction, targeting a 2030 opening
- Invest in Brazil ahead of the World Cup and expand sportsbook integration
- Continue discussions on NBA expansion team and leverage Allegiant Stadium proximity
Related earnings events
Consumer CyclicalDECK · FY2027 Q1 · Calendar Q3 2026Deckers Crosses $1 Billion Quarterly Revenue as HOKA and UGG DTC Drive Margin GainsTSCO · FY2026 Q2 · Calendar Q3 2026TSCO Q2: Comp Sales Turn Negative as Pet Ecosystem ExpandsPKG · FY2026 Q2 · Calendar Q3 2026PKG Beats Q2 EPS Guidance as Greif Integration Hits Stride
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-31T15:41:23.238024+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-31T15:41:23.235058+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.