Analyst Consensus ?
ConsensusHold37 ratings
Bullish1951.4%
Neutral1745.9%
Bearish12.7%
MGM Resorts International · MGM · FY2026 Q3 · Calendar Q4 2026
MGM posts solid Q3 as fuel costs pressure leisure demand
MGM’s Q3 showed operating momentum in Las Vegas, digital gaming and Macau, but the next phase depends on whether leisure demand holds up as costs, competition and investment needs rise.
Reported After market closeNYSEConsumer Cyclical
$6.86B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$-0.11
Consensus $0.04
EPS surprise
-405.6%
Reported versus consensus
Reported revenue
$4.21B
Consensus $4.21B
Revenue surprise
-0.1%
Reported versus consensus
Market reaction
close-to-close (session unavailable)
Stock move
-2.6%
Event window
SPY move
+0.3%
Same window
Abnormal move
-2.9%
Stock minus SPY
Volume
1.7×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
MGMSPY benchmark
Ask FN2 about MGM FY2026 Q3
Transcript, numbers and history already loaded
Why did MGM fall 2.6% after missing EPS estimates in FY2026 Q3?What changed in MGM's guidance and outlook in FY2026 Q3?Give me the bull and bear case for MGM after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, management’s tone remained confident and full-year guidance was maintained, while capital needs increased with roughly $1 billion per year of Japan funding through 2028. MGM also disclosed the withdrawal of People Inc.’s takeover offer, Brazil digital shutdown actions and continued progress on Osaka.
Guidance delta
Maintained: management reaffirmed full-year guidance; no increase or reduction was supplied in the analysis.
Key takeaways
- Las Vegas casino revenue rose 8% year over year, helped by record slot win and convention demand.
- BetMGM remained a primary growth engine, contributing 70% of MGM Digital net revenue and expanding in the UK and Netherlands.
- MGM China delivered record quarterly revenue and market share, although EBITDAR declined modestly.
- MGM Osaka remains on schedule and budget, with 70% of foundation piles complete and the project about 11% finished.
Management priorities
- Fund and advance the MGM Osaka project toward its 2030 opening.
- Expand BetMGM’s licensing and digital footprint while improving the product and user experience.
- Use selective share repurchases alongside property renovations and other targeted upgrades.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$27.27Previous close
$29Low
$48.47Average
$76High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 29, 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 |
|---|---|---|---|---|
| Truist Securities | Buy | Buy | Maintain | Oct 20, 2026 |
| Stifel | Hold | Hold | Maintain | Oct 20, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 20, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Oct 19, 2026 |
| Morgan Stanley | Underweight | Underweight | Maintain | Oct 19, 2026 |
| Macquarie | Outperform | Outperform | Maintain | Oct 13, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Oct 12, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Oct 9, 2026 |
| Susquehanna | Positive | Positive | Maintain | Oct 8, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Sep 24, 2026 |
| UBS | Neutral | Neutral | Maintain | Sep 11, 2026 |
| Argus Research | Buy | Buy | Maintain | Aug 17, 2026 |
| CBRE | Hold | Buy | Downgrade | Jun 3, 2026 |
| Jefferies | Hold | Buy | Downgrade | May 1, 2026 |
| 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 |
| 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 previous close $27.27. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| CBRE | Analyst unavailable | $42 | $28.87 | +54.0% | Oct 22, 2026 |
| Wells Fargo | Analyst unavailable | $29 | $28.6 | +6.3% | Oct 19, 2026 |
| Morgan Stanley | Stephen Grambling | $29 | $28.6 | +6.3% | Oct 19, 2026 |
| Goldman Sachs | Analyst unavailable | $30 | $29.32 | +10.0% | Oct 13, 2026 |
| Susquehanna | Analyst unavailable | $41 | $30 | +50.3% | Oct 8, 2026 |
| Mizuho Securities | Ben Chaiken | $55 | $37.85 | +101.7% | Sep 24, 2026 |
| Argus Research | John Staszak | $55 | $43.64 | +101.7% | Aug 17, 2026 |
| Susquehanna | Analyst unavailable | $53 | $46.2 | +94.4% | Jul 29, 2026 |
| Goldman Sachs | Lizzie Dove | $43 | $46.57 | +57.7% | Jul 15, 2026 |
| Barclays | Analyst unavailable | $48 | $46.28 | +76.0% | Jul 9, 2026 |
| Wells Fargo | Analyst unavailable | $48.3 | $46.4 | +77.1% | Jul 7, 2026 |
| UBS | Analyst unavailable | $48 | $47.1 | +76.0% | Jul 2, 2026 |
| Stifel Nicolaus | Analyst unavailable | $49 | $48.97 | +79.7% | Jun 15, 2026 |
| UBS | Analyst unavailable | $49 | $48.97 | +79.7% | Jun 15, 2026 |
| UBS | Analyst unavailable | $50 | $48.12 | +83.4% | Jun 4, 2026 |
| CBRE | Analyst unavailable | $50 | $48.36 | +83.4% | Jun 2, 2026 |
| Truist Financial | Barry Jonas | $55 | $38.45 | +101.7% | May 27, 2026 |
| Jefferies | Analyst unavailable | $44 | $38.94 | +61.3% | May 1, 2026 |
| Goldman Sachs | Lizzie Dove | $38 | $38.7 | +39.3% | Apr 30, 2026 |
| Truist Financial | Barry Jonas | $42 | $39.27 | +54.0% | Apr 30, 2026 |
| Barclays | Analyst unavailable | $39 | $39.27 | +43.0% | Apr 30, 2026 |
| Wells Fargo | Trey Bowers | $30 | $38.36 | +10.0% | Apr 16, 2026 |
| Morgan Stanley | Analyst unavailable | $35 | $37.89 | +28.3% | Apr 8, 2026 |
| Morgan Stanley | Analyst unavailable | $34 | $36.68 | +24.7% | Feb 11, 2026 |
| Stifel Nicolaus | Steven Wieczynski | $50 | $35.91 | +83.4% | Feb 6, 2026 |
| Barclays | Brandt Montour | $37 | $36.28 | +35.7% | Feb 6, 2026 |
| Morgan Stanley | Stephen Grambling | $33 | $35.41 | +21.0% | Jan 16, 2026 |
| Truist Financial | Analyst unavailable | $38 | $34.82 | +39.3% | Jan 13, 2026 |
| Barclays | Analyst unavailable | $38 | $36.84 | +39.3% | Dec 17, 2025 |
| Goldman Sachs | Lizzie Dove | $33 | $37.38 | +21.0% | Dec 15, 2025 |
| Stifel Nicolaus | Analyst unavailable | $45 | $30.9 | +65.0% | Oct 30, 2025 |
| Barclays | Analyst unavailable | $42 | $31.21 | +54.0% | Oct 30, 2025 |
| Goldman Sachs | Lizzie Dove | $31 | $31.21 | +13.7% | Oct 30, 2025 |
| Mizuho Securities | Ben Chaiken | $62 | $31.21 | +127.4% | Oct 30, 2025 |
| Stifel Nicolaus | Steven Wieczynski | $47 | $32.67 | +72.4% | Oct 22, 2025 |
| Mizuho Securities | Analyst unavailable | $58 | $31.28 | +112.7% | Oct 13, 2025 |
| UBS | Robin Farley | $39 | $35.95 | +43.0% | Sep 11, 2025 |
| UBS | Robin Farley | $44 | $39.52 | +61.3% | Aug 28, 2025 |
| UBS | Robin Farley | $46 | $39.99 | +68.7% | Aug 28, 2025 |
| Morgan Stanley | Stephen Grambling | $38 | $37.93 | +39.3% | Jul 11, 2025 |
| Truist Financial | Barry Jonas | $45 | $30.77 | +65.0% | Apr 23, 2025 |
| Morgan Stanley | Stephen Grambling | $39 | $33.23 | +43.0% | Jan 14, 2025 |
| Jefferies | David Katz | $50 | $33.85 | +83.4% | Jan 3, 2025 |
| CFRA | Zachary Warring | $42 | $36.87 | +54.0% | Oct 31, 2024 |
| Citigroup | George Choi | $55 | $41.41 | +101.7% | Oct 31, 2024 |
| Deutsche Bank | Carlo Santarelli | $52 | $38.68 | +90.7% | Oct 1, 2024 |
| Morgan Stanley | Stephen Grambling | $43 | $36.29 | +57.7% | Sep 4, 2024 |
| BTIG | Clark Lampen | $52 | $42.33 | +90.7% | Jul 2, 2024 |
| JMP Securities | Jordan Bender | $58 | $41.04 | +112.7% | May 6, 2024 |
| Susquehanna | Joseph Stauff | $54 | $39.75 | +98.0% | May 2, 2024 |
| Deutsche Bank | Carlo Santarelli | $57 | $39.75 | +109.0% | May 2, 2024 |
| Seaport Global | Vitaly Umansky | $56 | $42.48 | +105.4% | Apr 15, 2024 |
| Jefferies | David Katz | $62 | $47.78 | +127.4% | Apr 2, 2024 |
| Truist Financial | Barry Jonas | $23.2 | $45.84 | -14.9% | Aug 3, 2023 |
| Morgan Stanley | Analyst unavailable | $43 | $40.98 | +57.7% | Feb 1, 2023 |
| Truist Financial | Analyst unavailable | $50 | $37.08 | +83.4% | Dec 5, 2022 |
| Citigroup | Analyst unavailable | $58.5 | $31.06 | +114.5% | Sep 26, 2022 |
| Deutsche Bank | Carlo Santarelli | $51 | $35.01 | +87.0% | Aug 17, 2022 |
| Credit Suisse | Analyst unavailable | $72 | $35.33 | +164.0% | Aug 4, 2022 |
| Wells Fargo | Analyst unavailable | $58 | $34.2 | +112.7% | Aug 4, 2022 |
| Truist Financial | Barry Jonas | $35 | $32.73 | +28.3% | Jul 30, 2022 |
| Wells Fargo | Analyst unavailable | $49 | $28.68 | +79.7% | Jul 14, 2022 |
| Citigroup | Analyst unavailable | $56 | $30.36 | +105.4% | Jul 5, 2022 |
| JMP Securities | Analyst unavailable | $55 | $30.03 | +101.7% | Jun 28, 2022 |
| UBS | Robin Farley | $40 | $27.95 | +46.7% | Jun 18, 2022 |
| Deutsche Bank | Analyst unavailable | $48 | $34.15 | +76.0% | May 20, 2022 |
| Morgan Stanley | Analyst unavailable | $52 | $40.82 | +90.7% | May 3, 2022 |
| Wells Fargo | Analyst unavailable | $57 | $41.97 | +109.0% | May 3, 2022 |
| Morgan Stanley | Thomas Allen | $51 | $41.08 | +87.0% | May 2, 2022 |
| Truist Financial | Analyst unavailable | $48 | $42.77 | +76.0% | Apr 19, 2022 |
| Citigroup | George Choi | $57 | $47.07 | +109.0% | Feb 10, 2022 |
| Credit Suisse | Ben Combes | $76 | $47.07 | +178.7% | Feb 10, 2022 |
| Jefferies | David Katz | $59 | $40.96 | +116.4% | Jan 21, 2022 |
| Goldman Sachs | Stephen Grambling | $48 | $47.01 | +76.0% | Oct 27, 2021 |
| Bernstein | Vitaly Umansky | $58.9 | $43.09 | +116.0% | Sep 13, 2021 |
| J.P. Morgan | Joseph Greff | $52 | $42.66 | +90.7% | Jun 10, 2021 |
Track every rating change on MGM the moment it posts. Free to start.
Start freeCompany 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.…
Historical context
All MGM earningsConsumer Cyclical peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| F-PD Ford Motor Company 6.500% Notes | FY2026 Q3 · Calendar Q4 2026 | +19.5% | — | Ford raises 2026 EBIT outlook as trucks and adjacencies strengthen |
| CVNA Carvana Co. | FY2026 Q3 · Calendar Q4 2026 | -11.6% | -0.3% | Carvana scales past 200,000 Q3 sales while maintaining EBITDA guidance |
| SW Smurfit Westrock plc | FY2026 Q3 · Calendar Q4 2026 | -29.5% | -5.2% | Smurfit WestRock Holds Margin Despite $700M Cost Headwind |
Latest beats and misses
Who reports nextBeat on EPS
- FTNTFY2026 Q3 · October 28, 2026+5.8% EPS-5.9% move
- CLHFY2026 Q3 · October 28, 2026+20.6% EPS+0.1% move
- GSKFY2026 Q3 · October 28, 2026+10.5% EPS-4.3% move
- FERFY2026 Q3 · October 27, 20260.0% EPS+7.3% move
- F-PDFY2026 Q3 · October 28, 2026+19.5% EPS— move
- GENVRFY2027 Q2 · October 28, 2026+2.9% EPS-13.1% move
Missed on EPS
- CVNAFY2026 Q3 · October 28, 2026-11.6% EPS-0.3% move
- GOOGMFY2026 Q3 · October 28, 2026-29.6% EPS+1.0% move
- GOOGLFY2026 Q3 · October 28, 2026-28.6% EPS+1.3% move
- GOOGNFY2026 Q3 · October 28, 2026-29.8% EPS+1.0% move
- UMCFY2026 Q3 · October 28, 2026-8.7% EPS-3.2% move
- EQNRFY2026 Q3 · October 28, 2026-13.0% EPS+1.3% move
Get the MGM recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-10-29T04:10:18.710419+00:00
- FN2 earnings calendar · 2026-10-29T01:23:20.584741+00:00
- Polygon adjusted daily market bars · 2026-10-29T08:10:42.669328+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-29T08:10:42.666377+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 · As of 2026-10-29. For educational purposes only; not investment advice.