NASDAQ$MLCO

Melco Resorts & Entertainment Ltd-ADR · Q4 2025 earnings

Q4 2025 earnings · · Before market open · Investor relations

Briefing

MLCO reported Q4 2025, revenue of $5.16B, net income of $185M.

For Q4 2025, MLCO reported revenue of $5.16B, net income of $185M. Management discusses segment performance, capital allocation, and outlook in the earnings release.

  • Revenue $5.16B.
  • Net income $185M.
  • MLCO highlights liquidity, operations, and forward priorities.

Headline financials

Total Revenue

$5.16B

Previous: $1.19B+333.6%
EPS (adj)

$0.23

Previous: -$0.05+560.0%
Adjusted Property EBITDA

$303M

No prior period
City of Dreams Adjusted EBITDA

$170M

No prior period
CoD Rolling Chip Volume

$7B

No prior period
CoD Rolling Chip Win Rate

3.2%

No prior period
CoD Mass Market Table Drop

$1.3B

No prior period
CoD Mass Market Table Hold %

26.9%

No prior period
CoD Gaming Machine Handle

$1.1B

No prior period
CoD Gaming Machine Win Rate

4.7%

No prior period
Studio City Adjusted EBITDA

$90M

No prior period
Studio City Mass Market Table Drop

$700M

No prior period
Studio City Mass Market Table Hold %

25.9%

No prior period
Studio City Gaming Machine Handle

$800M

No prior period
Studio City Gaming Machine Win Rate

4.2%

No prior period
Altira Macau Adjusted EBITDA

$10M

No prior period
Mocha Clubs and Other Adjusted EBITDA

$10M

No prior period
City of Dreams Manila Adjusted EBITDA

$50M

No prior period
CoD Manila Rolling Chip Volume

$1.1B

No prior period
CoD Manila Rolling Chip Win Rate

3.1%

No prior period
CoD Manila Mass Market Table Drop

$160M

No prior period
CoD Manila Mass Market Table Hold %

24.9%

No prior period
CoD Manila Gaming Machine Handle

$1.1B

No prior period
CoD Manila Gaming Machine Win Rate

5.2%

No prior period
CoD Mediterranean and Other Adjusted EBITDA

$0.00

No prior period
CoD Med. Rolling Chip Volume

$100M

No prior period
CoD Med. Rolling Chip Win Rate

2.8%

No prior period
CoD Med. Mass Market Table Drop

$100M

No prior period
CoD Med. Mass Market Table Hold %

20.8%

No prior period
CoD Med. Gaming Machine Handle

$400M

No prior period
CoD Med. Gaming Machine Win Rate

4.2%

No prior period
Capital Expenditures

$10M

No prior period
Total Cash and Bank Balances

$1.2B

No prior period
Available Liquidity

$1.9B

No prior period
Total Debt Net

$7.4B

No prior period
Net Income

$185M

Previous: -$20.3M+1011.3%
Operating Income

$179M

Previous: $97M+84.5%

Revenue & EPS history

Melco Resorts · Revenue · Quarterly

$5.16B

Q4 2025+333.6%vs Q4 2024
Beat estimate in 6 of 11 quarters(55%)
ActualEstimate

Revenue by segment

Melco Resorts · $1.27B total across 4 segments · Q1 2026

  • City of Dreams Macau
    $735M
  • Studio City
    $392M
  • City of Dreams Manila
    $106M
  • Altira Macau
    $38.1M

Forward guidance

The release discusses MLCO's outlook for upcoming periods, including capital allocation, operating priorities, and market risks.

Tailwinds

  • MLCO cites operational execution and demand trends supporting the outlook.
  • Balance sheet and capital actions aim to fund growth and shareholder returns.

Headwinds

  • Macro, pricing, and input-cost volatility could pressure margins.
  • Segment mix and one-time items may affect quarter-to-quarter comparability.

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 Q4 2025

Historical avgQ4 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

Earnings price reactions
QuarterReport dateReaction (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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