NASDAQ$MLCO
Melco Resorts & Entertainment Ltd-ADR · Q3 2025 earnings
Q3 2025 earnings · · Before market open · Investor relations
Briefing
Melco Resorts posted strong Q3 2025 results with double-digit revenue growth and a significant rise in net income, driven by robust performance across Macau and Cyprus operations.
Melco delivered a solid Q3 2025, with $1.31 billion in revenue and notable Adjusted EBITDA gains across key properties. Macau and Cyprus led the growth, supported by expanded gaming activities and stable margins.
- Total revenue grew to $1.31 billion, driven by improved gaming and non-gaming operations.
- Adjusted Property EBITDA rose to $380.4 million, led by City of Dreams and Studio City.
- Net income attributable to Melco surged to $74.7 million, or $0.19 per ADS.
- City of Dreams Manila faced softness in gaming machine and non-gaming revenues.
Headline financials
Revenue & EPS history
Melco Resorts · Revenue · Quarterly
$1.31B
Revenue by segment
Melco Resorts · $1.27B total across 4 segments · Q1 2026
- City of Dreams Macau$735M—57.8%
- Studio City$392M—30.9%
- City of Dreams Manila$106M—8.3%
- Altira Macau$38.1M—3.0%
Forward guidance
Melco remains optimistic with new initiatives and stable operating margins driving long-term growth across core markets.
Tailwinds
- Strong growth in Macau property EBITDA with stable margins.
- COD Mediterranean posted its best quarter since opening.
- Philippines EBITDA grew 45% quarter-over-quarter.
- Revenue increased 11% year-over-year to $1.31B.
- Robust liquidity position with $2.6B in available liquidity.
Headwinds
- City of Dreams Manila experienced softness in gaming machine revenue.
- Altira Macau reported negative EBITDA and lower revenue.
- Mocha Clubs closures impacted Mocha and Other segment revenue.
- Interest expense remained high at $113.3M for the quarter.
- Pre-opening costs increased to $6.8M in Q3 2025.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2025
+0.0%
Avg return
Earnings day
-1.6%
Avg return
5 days after
-1.4%
Avg return
30 days after
54%
35 / 65 earnings
Positive
+11.7%
Q4 2009
Best reaction
-14.1%
Q3 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.4% | -1.6% | +5.9% | |
| Q4 2025 | -12.5% | -8.8% | -9.3% | |
| Q3 2025 | +4.1% | +10.6% | +8.4% | |
| Q2 2025 | +1.2% | +0.0% | +14.9% | |
| Q1 2025 | +3.9% | +8.9% | +0.7% | |
| Q4 2024 | -2.6% | -1.4% | -8.0% | |
| Q3 2024 | +3.0% | +4.0% | -1.2% | |
| Q2 2024 | -4.6% | -3.5% | +2.6% | |
| Q1 2024 | +0.2% | +10.0% | +22.5% | |
| Q4 2023 | -13.8% | -11.5% | -12.7% | |
| Q3 2023 | -11.8% | -19.8% | -13.4% | |
| Q2 2023 | -5.6% | -5.6% | -17.6% | |
| Q1 2023 | -6.8% | -6.7% | -2.6% | |
| Q4 2022 | +8.5% | +6.7% | -0.4% | |
| Q3 2022 | +3.5% | +12.1% | +57.9% | |
| Q2 2022 | -3.1% | -8.9% | +5.1% | |
| Q1 2022 | -11.6% | -19.4% | -3.9% | |
| Q4 2021 | +1.1% | -6.1% | -23.8% | |
| Q3 2021 | -4.0% | +0.1% | -10.0% | |
| Q2 2021 | +5.7% | -1.3% | -9.9% | |
| Q1 2021 | +1.3% | +2.4% | -10.4% | |
| Q4 2020 | +4.4% | +9.9% | -5.6% | |
| Q3 2020 | -3.7% | +7.5% | +16.8% | |
| Q2 2020 | +0.8% | +2.7% | -4.8% | |
| Q1 2020 | +1.5% | +3.8% | +19.3% | |
| Q4 2019 | -6.1% | -14.0% | -37.9% | |
| Q3 2019 | -3.8% | +1.3% | -5.0% | |
| Q2 2019 | -1.3% | -4.6% | -20.8% | |
| Q1 2019 | -4.0% | -9.5% | -21.1% | |
| Q4 2018 | +7.6% | +9.1% | +3.5% | |
| Q3 2018 | -14.1% | -12.2% | -6.2% | |
| Q2 2018 | +7.8% | +0.8% | -2.4% | |
| Q1 2018 | +2.1% | -1.7% | +1.1% | |
| Q4 2017 | -6.6% | -3.9% | +1.0% | |
| Q3 2017 | -2.3% | -5.7% | +0.2% | |
| Q2 2017 | -4.7% | -5.3% | -2.2% | |
| Q1 2017 | -0.6% | -1.9% | -0.1% | |
| Q4 2016 | -4.0% | -5.2% | +4.8% | |
| Q3 2016 | -2.5% | -2.5% | +4.0% | |
| Q2 2016 | +1.6% | +6.2% | +3.2% | |
| Q1 2016 | -3.0% | — | — | |
| Q4 2015 | -1.0% | — | — | |
| Q3 2015 | -2.2% | — | — | |
| Q2 2015 | +8.7% | — | — | |
| Q1 2015 | +4.2% | — | — | |
| Q4 2014 | +6.5% | — | — | |
| Q3 2014 | -1.7% | — | — | |
| Q1 2014 | +0.6% | — | — | |
| Q4 2013 | +0.6% | — | — | |
| Q3 2013 | +1.3% | — | — | |
| Q1 2013 | +1.2% | — | — | |
| Q4 2012 | -4.9% | — | — | |
| Q3 2012 | +0.8% | — | — | |
| Q2 2012 | +4.8% | — | — | |
| Q4 2011 | +4.8% | — | — | |
| Q1 2012 | -6.2% | — | — | |
| Q3 2011 | +10.5% | — | — | |
| Q2 2011 | +7.3% | — | — | |
| Q4 2008 | +11.7% | — | — | |
| Q4 2010 | +11.7% | — | — | |
| Q4 2009 | +11.7% | — | — | |
| Q1 2011 | +4.6% | — | — | |
| Q3 2010 | -0.2% | — | — | |
| Q2 2010 | -2.6% | — | — | |
| Q1 2010 | +1.7% | — | — |
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