Cash Flow Statement

Operating Cash Flow

+45%

10Y

+149%

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	168	193	277	292	261	213	191	244	299	350	429	412	418	454	420	443	476	482	545	648	673	886	914	1 584	1 535	1 288	1 165	(855)	(868)	(1 194)	(2 006)	(1 292)	(1 494)	(2 165)	(1 732)	(1 437)	(1 431)	2 904	3 115	3 235	3 122	(400)	(448)	(1 617)	(1 391)	(1 351)	(1 170)	41	205	414	437	127	154	102	146	(1 040)	(1 161)	(773)	(306)	1 236	1 398	1 125	739	2 088	2 102	2 002	1 997	584	384	320	154	2 214	2 823	1 810	1 202	(1 320)	(2 330)	(1 304)	636	1 208	1 510	3 042	643	207	721	(658)	615	1 315	1 135	1 174	1 206	1 065	992	827	376	521
Depreciation & Amortization	398	398	396	399	401	410	416	413	405	397	396	403	416	470	530	588	633	646	648	654	667	669	677	700	726	756	785	778	761	738	708	689	676	666	654	633	623	635	726	817	902	960	939	928	903	885	869	849	845	830	821	816	815	820	822	820	813	812	817	850	900	937	977	994	1 013	1 064	1 115	1 178	1 226	1 264	1 286	1 305	1 307	1 271	1 243	1 211	1 183	1 167	1 152	1 151	1 149	1 231	2 357	3 482	3 397	3 234	2 031	814	807	796	827	831	871	921	948	1 018
Change in Deffered Taxes	54	58	81	91	84	50	29	28	(14)	(15)	33	56	76	61	99	52	30	46	(7)	60	70	56	39	33	53	43	11	80	(8)	224	(150)	(345)	(163)	(812)	(660)	(634)	(791)	(431)	(270)	(394)	(371)	(292)	(223)	(117)	(12)	(4)	(18)	49	(21)	(22)	7	332	270	253	219	(4)	73	40	13	(81)	(98)	(31)	104	(1 259)	(1 340)	(1 343)	(1 413)	47	204	186	158	595	804	656	592	18	(339)	(180)	122	242	323	853	460	496	533	(11)	136	(117)	(164)	(213)	(198)	(85)	(87)	(53)	(19)	(246)
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	74	14	24	34	46	43	33	22	36	34	43	52	37	37	36	36	35	35	36	38	40	41	42	41	40	38	35	33	32	32	32	35	37	40	42	41	43	44	47	51	55	59	62	63	62	63	65	67	70	86	85	84	89	94	95	102	107	87	79	68	65	72	76	73	71	72	68	71	74	77	78	79	80	82	86	88	90
Other Non-Cash Items	123	108	46	61	51	58	61	(16)	(15)	(51)	(163)	(125)	(57)	(44)	64	37	23	30	(14)	(204)	(135)	(468)	(548)	(1 797)	(1 567)	(1 215)	(1 074)	1 181	1 023	1 278	2 421	1 885	2 015	2 984	2 204	1 651	1 676	(3 022)	(3 266)	(3 112)	(2 978)	629	590	1 592	1 484	1 484	1 445	352	334	259	225	184	98	52	21	1 475	1 575	1 187	777	(711)	(745)	(376)	69	101	117	129	69	67	83	155	448	(2 022)	(3 256)	(3 175)	(3 349)	(815)	525	246	(1 305)	(1 344)	(1 293)	(3 303)	(1 667)	(2 605)	(2 921)	(634)	(624)	493	825	885	890	767	825	950	1 216	1 317
Cash Taxes Paid	16	24	31	45	50	54	53	95	90	135	147	128	137	91	116	76	214	321	298	370	240	229	412	391	695	680	476	438	34	(76)	(53)	(54)	26	(337)	(330)	(330)	(329)	(141)	(170)	172	172	350	350	7	9	2	1	1	1	8	40	42	43	56	33	12	12	45	44	68	66	153	163	182	182	52	31	(10)	(19)	(14)	(37)	29	37	23	38	9	4	9	52	43	(22)	8	21	23	91	273	297	344	346	293	283	267	265	164	7	0
Cash Interest Paid	312	277	265	266	278	293	306	308	301	318	321	321	355	388	505	589	715	747	760	779	753	752	766	732	711	687	623	622	589	656	622	808	884	959	1 067	1 020	988	1 025	974	1 002	994	970	1 022	1 040	1 047	1 003	951	840	822	796	791	777	790	784	805	777	758	726	704	661	678	655	633	659	615	641	653	724	765	814	805	827	780	701	658	640	624	698	719	706	743	688	609	574	482	495	463	452	408	413	413	406	428	392	414	389
Change in Working Capital	63	60	41	4	(31)	2	21	56	35	45	97	83	12	147	(75)	63	(6)	(222)	(11)	50	52	324	44	474	(134)	(299)	(86)	(444)	104	(176)	(202)	(335)	(625)	(110)	(16)	292	496	365	299	130	268	(6)	224	124	(171)	114	(8)	20	44	(97)	(253)	(332)	(325)	(453)	(370)	(243)	(241)	(94)	25	241	260	204	108	284	488	509	322	(153)	(352)	(328)	(363)	(281)	(690)	(805)	(484)	(587)	(196)	31	38	116	193	77	(13)	151	310	210	280	212	(67)	(208)	(318)	(215)	(240)	(112)	24	(95)
Cash from Operating Activities	806 N/A	817 +1%	841 +3%	847 +1%	766 -9%	733 -4%	717 -2%	726 +1%	710 -2%	726 +2%	792 +9%	829 +5%	865 +4%	1 089 +26%	1 038 -5%	1 183 +14%	1 155 -2%	982 -15%	1 161 +18%	1 207 +4%	1 326 +10%	1 467 +11%	1 125 -23%	994 -12%	613 -38%	573 -7%	801 +40%	739 -8%	1 011 +37%	871 -14%	771 -11%	602 -22%	409 -32%	564 +38%	450 -20%	504 +12%	573 +14%	451 -21%	605 +34%	675 +12%	943 +40%	891 -6%	1 081 +21%	909 -16%	812 -11%	1 127 +39%	1 118 -1%	1 310 +17%	1 407 +7%	1 384 -2%	1 236 -11%	1 127 -9%	1 011 -10%	774 -23%	839 +8%	1 009 +20%	1 058 +5%	1 171 +11%	1 324 +13%	1 534 +16%	1 715 +12%	1 860 +8%	1 997 +7%	2 206 +10%	2 379 +8%	2 361 -1%	2 090 -11%	1 723 -18%	1 545 -10%	1 597 +3%	1 683 +5%	1 810 +8%	988 -45%	(243) N/A	(795) -227%	(1 493) -88%	(1 158) +22%	(39) +97%	643 N/A	1 373 +113%	1 882 +37%	1 901 +1%	1 780 -6%	1 731 -3%	2 040 +18%	2 142 +5%	2 438 +14%	2 717 +11%	2 536 -7%	2 434 -4%	2 407 -1%	2 362 -2%	2 360 0%	2 532 +7%	2 546 +1%	2 515 -1%
Investing Cash Flow
Capital Expenditures	(316)	(312)	(298)	(300)	(333)	(393)	(453)	(550)	(641)	(676)	(719)	(703)	(634)	(588)	(605)	(760)	(1 007)	(1 323)	(1 716)	(1 759)	(1 984)	(2 755)	(2 857)	(2 917)	(2 586)	(1 606)	(1 109)	(782)	(591)	(396)	(230)	(137)	(132)	(123)	(143)	(208)	(188)	(214)	(255)	(301)	(381)	(432)	(442)	(423)	(406)	(450)	(486)	(562)	(658)	(689)	(800)	(872)	(972)	(1 096)	(1 255)	(1 467)	(1 602)	(1 843)	(2 057)	(2 263)	(2 291)	(2 165)	(2 072)	(1 864)	(1 827)	(1 853)	(1 689)	(1 487)	(1 252)	(947)	(746)	(739)	(629)	(558)	(434)	(271)	(276)	(314)	(415)	(491)	(513)	(544)	(625)	(765)	(803)	(922)	(912)	(932)	(964)	(949)	(1 075)	(1 151)	(1 207)	(1 237)	(1 176)	(1 069)
Other Items	(79)	(69)	(100)	(71)	(24)	(41)	(12)	(6)	205	219	340	355	101	(4 513)	(4 602)	(4 543)	(4 503)	257	259	116	154	431	472	3 127	2 865	2 129	1 739	(1 200)	(871)	(672)	(488)	(193)	(560)	(472)	(334)	(379)	(192)	215	216	280	360	(35)	(29)	(24)	(34)	(12)	(9)	2	(13)	(33)	20	(652)	(222)	(203)	(80)	672	260	793	74	(14)	(21)	(272)	259	284	280	186	(564)	(596)	(1 126)	(1 334)	(568)	4 258	7 238	7 296	7 254	2 430	(82)	(142)	1 980	2 034	1 975	4 588	2 074	2 883	3 371	754	1 027	218	(71)	(92)	(98)	(133)	(195)	(266)	(168)	(72)
Cash from Investing Activities	(395) N/A	(382) +3%	(398) -4%	(371) +7%	(357) +4%	(434) -22%	(465) -7%	(556) -19%	(436) +22%	(456) -5%	(379) +17%	(348) +8%	(533) -53%	(5 101) -858%	(5 206) -2%	(5 303) -2%	(5 510) -4%	(1 066) +81%	(1 458) -37%	(1 642) -13%	(1 830) -11%	(2 323) -27%	(2 386) -3%	209 N/A	279 +33%	523 +87%	631 +21%	(1 981) N/A	(1 462) +26%	(1 068) +27%	(719) +33%	(330) +54%	(693) -110%	(594) +14%	(477) +20%	(586) -23%	(380) +35%	1 N/A	(39) N/A	(21) +46%	(21) +3%	(467) -2 158%	(471) -1%	(446) +5%	(440) +1%	(462) -5%	(494) -7%	(560) -13%	(671) -20%	(722) -8%	(780) -8%	(1 524) -95%	(1 193) +22%	(1 299) -9%	(1 335) -3%	(795) +40%	(1 342) -69%	(1 050) +22%	(1 983) -89%	(2 276) -15%	(2 312) -2%	(2 437) -5%	(1 813) +26%	(1 581) +13%	(1 547) +2%	(1 667) -8%	(2 253) -35%	(2 083) +8%	(2 377) -14%	(2 281) +4%	(1 314) +42%	3 519 N/A	6 609 +88%	6 738 +2%	6 820 +1%	2 159 -68%	(358) N/A	(456) -27%	1 565 N/A	1 544 -1%	1 461 -5%	4 044 +177%	1 449 -64%	2 118 +46%	2 568 +21%	(168) N/A	115 N/A	(714) N/A	(1 035) -45%	(1 041) -1%	(1 173) -13%	(1 283) -9%	(1 402) -9%	(1 503) -7%	(1 344) +11%	(1 141) +15%
Financing Cash Flow
Net Issuance of Common Stock	(14)	(36)	(23)	(162)	(253)	(258)	(327)	(407)	(390)	(575)	(476)	(213)	(76)	142	94	(72)	(184)	(282)	(333)	(158)	(271)	(167)	(43)	464	(499)	(644)	(664)	(1 227)	(125)	1 107	1 104	1 105	1 105	1	1	589	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	5	5	6	0	1 209	1 209	1 255	1 255	47	125	77	(285)	(880)	(1 133)	(1 283)	(349)	6	(90)	219	(182)	58	329	171	557	453	(233)	(961)	(2 520)	(3 530)	(3 150)	(2 775)	(2 258)	(1 762)	(2 021)	(2 292)	(2 314)	(2 104)	(1 861)	(1 358)	(1 341)	(1 160)	(837)	(1 228)
Net Issuance of Debt	(451)	(408)	(413)	(270)	(153)	(72)	152	287	176	388	294	(98)	(97)	4 005	3 991	4 196	4 496	358	707	662	760	983	1 200	(1 805)	(451)	(541)	(835)	2 390	1 681	(593)	(332)	547	(1 533)	840	(137)	(1 873)	(670)	(1 121)	123	718	523	636	280	(414)	(135)	(714)	(1 243)	(140)	(759)	(187)	(117)	714	1 622	1 896	1 353	102	(50)	(878)	(500)	(301)	(433)	225	659	(138)	133	294	1 172	2 240	1 472	1 113	243	(4 148)	(2 011)	(2 292)	(2 491)	2 413	1 541	1 245	(517)	(1 346)	(3 240)	(1 707)	83	78	(741)	(1 768)	(2 076)	(2 383)	(623)	(417)	415	29	156	(89)	(762)	(140)
Cash Paid for Dividends	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(63)	(126)	(190)	(252)	(257)	(259)	(260)	(261)	(262)	(266)	(269)	(271)	(275)	(208)	(143)	(78)	(5)	(5)	(5)	(5)	(5)	(4)	(4)	(4)	(3)	(2)	(1)	0	0	0	0	0	0	0	0	0
Other	7	7	(2)	(23)	(25)	(33)	(43)	(46)	(51)	(41)	(38)	(15)	(8)	(65)	(61)	(62)	(56)	(4)	1	6	32	43	71	100	75	72	6	(41)	(70)	(200)	(177)	(163)	(212)	(195)	(182)	(191)	(121)	(11)	(14)	(7)	(243)	(251)	(265)	(373)	(392)	(405)	(449)	(349)	(343)	(388)	(400)	(406)	(360)	(400)	(368)	(366)	(203)	(290)	(411)	(435)	(429)	(312)	(234)	(256)	(287)	(329)	(299)	(307)	(330)	(284)	(323)	(329)	(341)	(382)	(366)	(403)	(421)	(407)	(475)	(502)	(529)	(543)	(430)	(323)	(238)	(282)	(323)	(330)	(316)	(278)	(155)	(236)	(221)	(252)	(424)	(363)
Cash from Financing Activities	(459) N/A	(437) +5%	(437) +0%	(455) -4%	(431) +5%	(362) +16%	(219) +40%	(165) +25%	(265) -61%	(228) +14%	(220) +3%	(326) -48%	(181) +45%	4 082 N/A	4 024 -1%	4 063 +1%	4 256 +5%	73 -98%	375 +417%	510 +36%	521 +2%	859 +65%	1 228 +43%	(1 241) N/A	(875) +29%	(1 113) -27%	(1 493) -34%	1 122 N/A	1 485 +32%	315 -79%	595 +89%	1 489 +150%	(641) N/A	646 N/A	(317) N/A	(1 475) -365%	(202) +86%	(544) -169%	697 N/A	712 +2%	280 -61%	385 +37%	15 -96%	(787) N/A	(527) +33%	(1 119) -112%	(1 691) -51%	(490) +71%	(1 102) -125%	(575) +48%	(517) +10%	308 N/A	1 262 +310%	1 502 +19%	989 -34%	(258) N/A	(246) +5%	41 N/A	298 +630%	519 +74%	329 -37%	(166) N/A	360 N/A	(569) N/A	(696) -22%	(1 174) -69%	(519) +56%	389 N/A	531 +36%	570 +7%	(438) N/A	(4 530) -934%	(2 810) +38%	(2 824) -1%	(2 670) +5%	2 103 N/A	1 672 -21%	1 286 -23%	(1 230) N/A	(2 814) -129%	(6 293) -124%	(5 784) +8%	(3 501) +39%	(3 024) +14%	(3 239) -7%	(3 814) -18%	(4 421) -16%	(5 005) -13%	(3 254) +35%	(2 799) +14%	(1 601) +43%	(1 564) +2%	(1 406) +10%	(1 501) -7%	(2 023) -35%	(1 731) +14%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(0)	(0)	1	1	2	3	2	0	0	(0)	(0)	0	(0)	(1)	(1)	1	0	2	1	(1)	(1)	(1)	(1)	(1)	(3)	(3)	(4)	(5)	(3)	(2)	(2)	(0)	2	(1)	3	6	4	5	2	(1)	(0)	(1)	(2)	(2)	(3)	(4)	9	4	(14)	(24)	(19)	(31)	(23)	2	(27)	(4)	15	4	4
Net Change in Cash	(47) N/A	(2) +96%	6 N/A	21 +259%	(22) N/A	(64) -196%	33 N/A	5 -86%	9 +81%	42 +395%	193 +357%	155 -19%	151 -3%	70 -54%	(145) N/A	(57) +60%	(99) -73%	(11) +88%	78 N/A	75 -4%	17 -77%	3 -85%	(32) N/A	(37) -14%	18 N/A	(18) N/A	(61) -249%	(120) -96%	1 034 N/A	117 -89%	647 +452%	1 761 +172%	(925) N/A	616 N/A	(344) N/A	(1 557) -352%	(9) +99%	(92) -885%	1 262 N/A	1 367 +8%	1 204 -12%	810 -33%	628 -22%	(322) N/A	(154) +52%	(453) -194%	(1 068) -136%	260 N/A	(366) N/A	86 N/A	(62) N/A	(90) -45%	1 081 N/A	977 -10%	494 -49%	(44) N/A	(531) -1 120%	161 N/A	(362) N/A	(224) +38%	(270) -20%	(746) -177%	541 N/A	53 -90%	130 +143%	(484) N/A	(684) -41%	27 N/A	(302) N/A	(113) +63%	(69) +38%	803 N/A	4 793 +497%	3 675 -23%	3 360 -9%	2 772 -18%	155 -94%	791 +410%	977 +24%	101 -90%	(2 953) N/A	158 N/A	(276) N/A	833 N/A	1 373 +65%	(1 854) N/A	(1 892) -2%	(3 021) -60%	(1 783) +41%	(1 429) +20%	(365) +74%	(512) -40%	(451) +12%	(457) -1%	(817) -79%	(353) +57%
Free Cash Flow
Free Cash Flow	490 N/A	505 +3%	543 +7%	547 +1%	434 -21%	340 -22%	264 -22%	175 -34%	69 -61%	51 -26%	73 +44%	126 +74%	231 +83%	501 +117%	433 -14%	423 -2%	148 -65%	(341) N/A	(555) -63%	(551) +1%	(658) -19%	(1 287) -96%	(1 732) -35%	(1 923) -11%	(1 973) -3%	(1 033) +48%	(308) +70%	(43) +86%	420 N/A	474 +13%	540 +14%	465 -14%	277 -41%	441 +60%	307 -30%	297 -4%	385 +30%	238 -38%	349 +47%	374 +7%	562 +50%	458 -18%	640 +40%	487 -24%	406 -17%	678 +67%	632 -7%	748 +18%	749 +0%	695 -7%	436 -37%	255 -42%	40 -84%	(322) N/A	(416) -29%	(458) -10%	(544) -19%	(672) -24%	(732) -9%	(729) +0%	(576) +21%	(305) +47%	(75) +76%	342 N/A	552 +61%	507 -8%	401 -21%	236 -41%	293 +24%	651 +122%	937 +44%	1 071 +14%	359 -67%	(801) N/A	(1 229) -54%	(1 764) -43%	(1 434) +19%	(353) +75%	228 N/A	883 +287%	1 368 +55%	1 356 -1%	1 155 -15%	965 -16%	1 237 +28%	1 220 -1%	1 526 +25%	1 785 +17%	1 572 -12%	1 485 -6%	1 332 -10%	1 212 -9%	1 154 -5%	1 295 +12%	1 369 +6%	1 446 +6%

Income Statement Balance Sheet Cash Flow Statement

MGM Resorts International
NYSE:MGM

Cash Flow Statement

Cash Flow Statement
MGM Resorts International

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MGM Resorts International NYSE:MGM

Cash Flow Statement

Cash Flow Statement MGM Resorts International

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MGM Resorts International
NYSE:MGM

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MGM Resorts International