Wynn Resorts (WYNN) Q4 2025 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q4 2025, with continued market leadership in Las Vegas, Macau, and Boston, despite some headwinds from room renovations and lower table hold in certain markets.

• Fourth quarter 2025 operating revenues rose to $1.87 billion, up $27.2 million year-over-year, with full-year revenues at $7.14 billion.

• Net income for Q4 2025 was $100.0 million, down from $277.0 million in Q4 2024; full-year net income was $327.3 million.

• Geographic diversification is accelerating, with Wynn Al Marjan Island expected to shift over 55% of revenues to non-U.S. dollar-denominated markets and opening on track for Q1 2027.

• Leadership transition announced, with CFO Julie Cameron-Doe set to retire before the next earnings call.

Financial highlights

• Total operating revenues for Q4 2025 reached $1.87B, up from $1.84B in Q4 2024; full-year Adjusted Property EBITDAR was $2.22B, down $140.8M year-over-year.

• Las Vegas Q4 adjusted property EBITDA/EBITDAR: $240.8M on $688.1M revenue, 35% margin; Boston: $57M on $210.2M revenue, 27.1% margin; Macau: $270.9M on $967.7M revenue, 28% margin.

• Net income attributable for 2025A was $327M; Q4 2025 diluted EPS was $0.82, down from $2.29 in Q4 2024.

• Global cash and revolver availability: $4.7B as of Dec 31, with $2.9B in Macau and $1.8B in the US.

• Total debt outstanding at year-end 2025 was $10.55B.

Outlook and guidance

• 2026 outlook positive, with strong group and convention bookings expected to drive growth in Las Vegas; Encore Tower remodel to remove ~80,000 room nights in 2026, with some impact recaptured via rate.

• Wynn Al Marjan Island in the UAE is on track for a Q1 2027 opening, with $914.2M contributed to date and an estimated $345M in EBITDAR at steady state.

• CapEx for 2026 expected at $400M-$450M in Macau and $750M-$850M domestically, with major projects completing by 2027.

• No material domestic cash income taxes expected in 2026.