Red Rock Resorts (RRR) Q4 2025 earnings summary

Executive summary

• Achieved ninth consecutive record quarter and second consecutive year of record net revenue and adjusted EBITDA in Q4 2025, led by Las Vegas operations.

• Maintains a durable business model with high free cash flow conversion and a proven track record of returning capital to shareholders.

• Owns all real estate and development sites, providing significant capacity for organic growth and high barriers to entry.

• Durango Casino Resort continues to expand the locals market, with recent expansions and positive customer response validating capital investments.

• Ongoing renovations and expansions at Durango, Sunset Station, and Green Valley Ranch are central to the long-term growth strategy.

Financial highlights

• Q4 2025 net revenues reached $511.8M, up 3.2% year-over-year; full-year 2025 net revenues were $2.01B, up 3.7%.

• Q4 2025 adjusted EBITDA was $213.3M (45.8% margin), up 5.4%; full-year adjusted EBITDA was $848.6M (42.2% margin), up 6.6%.

• Q4 2025 Las Vegas net revenue: $505M, up 2.5%; Adjusted EBITDA: $231.1M, up 3.2%; margin: 45.8%.

• Full-year Las Vegas net revenue: $1.98B, up 2.9%; Adjusted EBITDA: $915.9M, up 4.2%; margin: 46.2%.

• Full-year net income for 2025 was $355.7M, up 22.1% from 2024.

Outlook and guidance

• Guidance for 2026 includes continued reinvestment in existing properties and ongoing expansion at Durango, Sunset Station, and Green Valley Ranch.

• 2026 capital spend expected between $375M-$425M, with $275M-$300M in investment capital and $100M-$125M in maintenance capital.

• Confident in ability to grow Las Vegas EBITDA in 2026 despite construction disruption.

• Regular quarterly dividend of $0.26 per share and special $1.00 per share dividend declared for early 2026.