The quarter was a narrow earnings miss despite a small revenue beat. Adjusted EPS came in at $0.59 versus the published consensus of roughly $0.63, while revenue reached $4.451 billion, about 1% above last year and slightly ahead of expectations (Adjusted EPS reconciliation; Income Statement). The headline GAAP EPS of $1.11 was flattered by a $286.7 million property-transaction gain and therefore is not the clean operating read (Adjusted EPS reconciliation; Income Statement).
| Metric | Q2 2026 | Q2 2025 / expectation | Read |
|---|---|---|---|
| Revenue | $4.451B | $4.405B prior year; slightly below revenue growth implied by the actual beat | Small beat (Income Statement) |
| Adjusted EPS | $0.59 | $0.79 prior year; ~$0.63 consensus | Miss (Adjusted EPS reconciliation) |
| Consolidated Adjusted EBITDA | $610.4M | $647.5M prior year | Down 5.7% (Consolidated Adjusted EBITDA reconciliation) |
| Net income attributable to MGM | $292.4M | $49.0M prior year | Up sharply, helped by non-operating items (Income Statement) |
| Share repurchases | $164M | Approximately 4M shares | Capital return continued (Share repurchase disclosure) |
Underlying profitability weakened even as revenue grew. Consolidated Adjusted EBITDA fell 6% year over year, with Las Vegas Strip Resorts up 3% but Regional Operations down 9% and MGM China down 15% (Segment Adjusted EBITDAR). Regional same-store revenue improved 3%, yet same-store EBITDAR was essentially flat at $270.8 million, showing that the revenue gain did not translate into incremental operating profit (Regional Operations same-store results).
Las Vegas benefited from unusually favorable table-game hold, not broad-based demand acceleration. Casino revenue rose 17% even though table-games drop fell 2% and slot handle was flat; table-games win percentage jumped to 29.6% from 22.9% (Las Vegas Strip casino statistics). That mix supports the quarter's revenue, but the weak drop and flat slot activity make the earnings miss more understandable and reduce the quality of the reported growth.
Digital was improving, but not enough to offset weakness elsewhere. MGM Digital revenue increased 20% year over year, and BetMGM North America revenue was broadly flat at $23.1 million for MGM's share (Revenue by segment; Unconsolidated affiliates). BetMGM had already indicated on July 28, 2026 that full-year guidance remained intact but toward the lower end, so that part of the update was partly known before the filing. Net: revenue and capital returns were supportive, but the below-consensus adjusted EPS and lower EBITDA make this an earnings miss rather than a clean beat.
Read the original 8-K on SEC EDGAR ↗