Melco Resorts & Entertainment LTD financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Melco Resorts & Entertainment LTD files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4,519	5,285	5,189	5,737	1,728	2,012	1,350	3,775	4,638	5,163
Selling, general and administrative	447	467	506	559	424	426	423	488	569	657
Operating expenses	724	818	873	942	836	813	744	977
Operating income	363	605	613	748	-941	-577	-743	65	485	600
Interest expense	272	256	265	310	341	351	377	492	487	465
Interest income	5.95	3.58	5.47	9.31	5.13	6.62	26.5	23.3	15.8	8.48
Other non-operating income	3.57	5.28	3.68	-23.9	-151	3.08	3.93	2.75	3.83	3
Pre-tax income	75.1	312	339	403	-1,458	-954	-1,092	-402	-6.35	148
Income tax	8.18	-0.01	0.24	8.34	-2.91	2.89	5.24	13.4	21.6	2.83
Net income to minority interests	-109	-32.6	-1.4	21.1	-191	-145	-167	-88.4	-71.5	-39.6
Net income	176	345	340	373	-1,263	-812	-931	-327	43.5	185
EBITDA	915	1,145	1,181	1,399	-414	-90.3	-289	548	972	1,087
EPS, basic	0.12	0.23	0.23	0.26	-0.88	-0.57	-0.67	-0.25	0.03	0.16
EPS, diluted	0.12	0.23	0.22	0.26	-0.88	-0.57	-0.67	-0.25	0.03	0.15
Shares, basic (weighted)	1,517	1,484	1,507	1,437	1,432	1,434	1,391	1,315	1,296	1,194
Shares, diluted (weighted)	1,525	1,496	1,516	1,443	1,432	1,434	1,391	1,315	1,299	1,202
Dividend per share	0.24	0.56	0.19	0.21	0.06

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,702	1,408	1,472	1,395	1,755	1,653	1,813	1,311	1,147	1,023
Short-term investments		89.9	91.6	49.4	0
Receivables	225	177	242	284	130	54.5	56	91.6	144	126
Inventory	32.6	35	41.1	44	37.3	29.6	26.4	29.4	32.5	36.9
Other current assets	68.1	77.5	95.2	84.2	85.8	36.2	41.6	44.7	43.3	40.2
Total current assets	2,280	1,845	2,078	1,895	2,009	1,869	2,075	1,544	1,429	1,269
Property, plant and equipment	5,656	5,731	5,784	5,724	5,681	5,911	5,871	5,534	5,273	5,157
Lease right-of-use assets			0	111	92.2	68	58.7	62.4	89.2	76.9
Goodwill	81.9	81.9	81.4	95.6	82.2	81.7	81.6	81.6	82.1	23.5
Intangible assets	313	256	198	31.6	58.8	51.5	43.6	305	289	271
Long-term investments			0	569	0
Total assets	9,340	9,151	9,122	9,488	9,021	8,884	9,302	8,335	7,985	7,598
Accounts payable	17.4	16	25	21.9	9.48	5.99	6.73	11.8	24.8	25.9
Short-term debt	50.6	51	396	0.15	0	0.13	323	0	21.6	0
Total current liabilities	1,479	1,684	2,147	1,525	1,116	1,022	1,199	1,104	1,191	1,184
Long-term debt	3,670	3,507	3,665	4,394	5,645	6,560	8,090	7,473	7,136	6,748
Lease liabilities			0	88.3	75.9	62.9	55.8	53.9	80.7	76.1
Other non-current liabilities	49.3	48.1	29.3	18.8	29.2	30.5	33.7	323	315	310
Total liabilities	5,517	5,559	6,150	6,345	7,183	8,064	9,616	9,175	8,925	8,501
Total debt	3,720	3,558	4,061	4,394	5,645	6,560	8,413	7,473	7,157	6,748
Paid-in capital	2,783	3,672	3,716	3,179	3,207	3,239	3,219	3,109	2,986	2,989
Retained earnings	571	-772	-717	-645	-1,987	-2,800	-3,730	-4,057	-4,013	-3,828
Treasury stock									-217	-357
Other comprehensive income	-24.8	-26.6	-59.3	-18.8	-11.3	-76	-112	-98.6	-95.8	-63.7
Shareholders' equity	3,344	2,888	2,297	2,439	1,102	245	-850	-1,287	-1,326	-1,247
Minority interests	480	448	675	704	736	575	536	447	386	343
Total equity	3,823	3,590	2,972	3,143	1,838	820	-314	-840	-940	-904
Total liabilities and equity	9,340	8,895	9,122	9,488	9,021	8,884	9,302	8,335	7,985	7,598
Shares outstanding	1,465	1,469	1,435	1,437	1,431	1,423	1,335	1,311	1,259	1,172

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	66.9	312	339	394	-1,455	-956	-1,097	-415	-28	145
Depreciation and amortization	552	541	568	651	526	487	454	483	487	486
Stock-based compensation	18.5	17.3	25.1	31.8	54.4	68	71.8	35.5	27.4	29.3
Deferred income tax	0.82	-2.33	-1.76	0.87	-14	-2.24	2.3	-4.08	1.84	-2.02
Change in receivables	-18.3	54.9	-60.5	-77.6	27.5	67.6	-0.4	-31.5	-53.9	4.95
Cash from operations	1,158	1,161	1,053	836	-861	-269	-619	623	627	818
Capital expenditures		-342	-251	-8.65	-228	-533	-480	-133	-34.2	-15.9
Purchases of investments	0	-91	-45	-618	0	0
Cash from investing	2.98	-404	-662	-1,032	-53.3	-675	-806	-48.5	-301	-342
Debt issued	0	703	1,096	2,934	2,707	1,416	1,850	1,252	850	1,671
Debt repaid	-124	-896	-593	-2,593	-1,455	-503	0	-2,202	-1,170	-2,094
Stock issued	3.25	3.61	5.02	2.7	1.06	7.1	0	0.23	0	0.68
Share buybacks	-803	0	-656	0	-45	-52	-189	-170	-112	-166
Dividends paid	-386	-821	-272	-301	-79.1	0	-0.2	-0.31	-0.34	-0.08
Cash from financing	-1,340	-1,016	-341	97.1	1,264	822	1,783	-1,129	-478	-603
Exchange rate effect	-7.95	-0.28	-12.6	10.5	-26.1	19.4	-22.6	2.33	-10.3	2.14
Net change in cash	-187	-259	38.1	-88.1	323	-102	335	-553	-163	-125
Free cash flow		820	802	828	-1,089	-801	-1,099	490	592	802
Interest paid	210	240
Income taxes paid	3.41	6.54	0.28	3.89	5.36	4.52	2.99	1	10.1	13.7

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $4.73 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	11.6%	Operating income / revenue.
EBITDA margin	21.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.9%	Pre-tax income / revenue.
Net margin	3.6%	Net income / revenue.
FCF margin	15.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.8%	Cash from operations / revenue.
Effective tax rate	1.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	2.4%	Net income / average total assets.
Return on invested capital (ROIC)	12.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	12.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.3%	Capital expenditures / revenue.
D&A / revenue	9.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	56.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	24.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	23.9%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	11.8%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	325.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	352.9%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	30.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	35.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-4.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-6.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-3.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-7.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.07x	Current assets / current liabilities.
Quick ratio	0.97x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.86x	(Cash + short-term investments) / current liabilities.
Debt / assets	88.8%	Total debt / total assets.
Liabilities / assets	111.9%	Total liabilities / total assets.
Net debt	$5.72B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.27x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.29x	Operating income / interest expense.
Working capital	$84.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	3.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.54B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.66x	Revenue / average total assets.
Fixed asset turnover	0.99x	Revenue / average property, plant and equipment.
Receivables turnover	38.2x	Revenue / average receivables.
Days sales outstanding	10 days	365 x average receivables / revenue.
FCF conversion	433.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.15	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.16	Net income per basic share, as reported (split-adjusted).
Revenue per share	$4.30	Revenue / diluted weighted shares.
FCF per share	$0.67	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.68	Cash from operations / diluted weighted shares.
Book value per share	-$1.06	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$1.31	Tangible book value / shares outstanding.
Cash per share	$0.87	(Cash + short-term investments) / shares outstanding.
Payout ratio	0.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	0.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	20.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.92B	Share price x shares outstanding.
Enterprise value	$7.65B	Market cap + total debt - cash - short-term investments.
P/E	10.4x	Market cap / net income. Only when net income is positive.
P/S	0.37x	Market cap / revenue.
P/FCF	2.40x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	2.35x	Market cap / cash from operations, when positive.
EV/Sales	1.48x	Enterprise value / revenue.
EV/EBIT	12.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.04x	Enterprise value / EBITDA, when both are positive.
EV/FCF	9.53x	Enterprise value / free cash flow, when both are positive.
FCF yield	41.7%	Free cash flow / market cap.
Earnings yield	9.6%	Net income / market cap (the inverse of P/E).
Dividend yield	0.0%	Dividends paid over the period / market cap.
Shareholder yield	8.6%	(Dividends paid + share buybacks) / market cap.

What was Melco Resorts & Entertainment LTD's revenue in fiscal 2025?

Melco Resorts & Entertainment LTD reported revenue of $5.16B for fiscal 2025, 11.3% higher than the year before.

Was Melco Resorts & Entertainment LTD profitable in fiscal 2025?

Yes. Net income was $185.0M, a net margin of 3.6%.

How much free cash flow did Melco Resorts & Entertainment LTD generate in fiscal 2025?

Cash from operations of $818.1M minus capital expenditures of $15.9M left free cash flow of $802.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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