Red Rock Resorts, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Red Rock Resorts, Inc. 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	1,476	1,642	1,681	1,857	1,182	1,618	1,664	1,724	1,939	2,011
Selling, general and administrative	327	381	390	416	325	347	353	374	432	441
Operating income	310	331	372	186	88.6	402	561	559	569	597
Interest expense	140	131	143	157	128	103	130	181	229	202
Other non-operating income	-147	-135	-131	-196	-150	-119	-130	-181	-243	-198
Pre-tax income	164	198	243	-8.47	-60.5	286	435	381	328	402
Income tax	8.24	135	23.9	-1.73	114	-69.3	44.5	43	36.9	46.7
Income from continuing operations	92
Net income to minority interests	64	28.1	61.9	-3.39	-24.1	113	185	162	137	168
Net income	92	35.4	158	-3.35	-150	242	205	176	154	188
EBITDA	466	509	552	408	320	559	690	691	756	795
EPS, basic	1.04	0.53	2.28	-0.05	-2.13	3.50	3.48	3.04	2.61	3.19
EPS, diluted	1.03	0.42	1.77	-0.05	-2.13	2.84	3.36	2.94	2.53	3.12
Shares, basic (weighted)	34.1	67.4	69.1	69.6	70.5	69.1	59	57.9	59	59
Shares, diluted (weighted)	34.3	116	117	69.6	70.5	116	105	103	104	103
Dividend per share	0.20	0.40	0.40	0.40	0.10	3.00	3.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	134	231	115	129	121	275	117	138	164	142
Receivables	43.5	48.7	51.4	56.7	35.1	36.7	43.6	61.9	64.4	73.9
Inventory	12	12.6	14.9	17.8	13.1	11.7	13.2	15.3	16.4	17.9
Other current assets	11.4	19.4	34.4	17.6	13.8	20.4	24	28.2	22.5	23.3
Total current assets	250	342	262	282	225	379	221	282	295	287
Property, plant and equipment	2,438	2,542	3,012	3,062	2,858	2,010	2,195	2,772	2,782	2,972
Lease right-of-use assets				13.1	11.5	21.1	30.8	30.5	28.2	28.1
Goodwill	196	196	196	196	196	196	196	196	196	196
Intangible assets	149	128	117	109	101	87.2	84.4	82.8	81.2	80.1
Other non-current assets	59.7	75.5	89.9	87.4	72.5	99.3	83.2	81.7	85.5	89.8
Total assets	3,526	3,620	4,010	4,114	3,740	3,140	3,346	3,955	4,046	4,167
Accounts payable	30.7	21.6	25.9	34	11.2	17.5	11.4	25.4	31.8	21.6
Accrued liabilities	153	183	266	201	146	147	235	280	178	183
Deferred revenue										11.3
Short-term debt	46.1	30.1	33.9	34	22.8	25.9	26.1	26.1	52.9	17.2
Total current liabilities	247	245	334	276	200	205	293	349	325	363
Long-term debt	2,376	2,588	2,821	2,999	2,879	2,828	2,959	3,302	3,355	3,379
Lease liabilities				10.7	11	21.9	29.7	29.4	28.1	28.7
Other non-current liabilities	10	11.3	12.4	31.2	28.5	30.7	39.6	39.3	39.9	42.6
Total liabilities	2,893	2,988	3,193	3,332	3,135	3,090	3,314	3,711	3,739	3,835
Total debt	2,422	2,618	2,855	3,033	2,902	2,854	2,985	3,328	3,407	3,396
Paid-in capital	329	349	362	376	386	55	0	7.35	18.6	0
Retained earnings	17.6	26.1	156	124	-33.1	3.85	43.2	161	196	208
Other comprehensive income	2.46	2.47	1.08	-0.64	-0.62	0
Shareholders' equity	350	379	520	501	353	59.5	43.8	169	215	208
Minority interests	284	253	297	282	252	-9.46	-11.5	75	91.8	124
Total equity	628	632	817	783	605	50	32.2	244	307	332
Total liabilities and equity	3,526	3,620	4,010	4,114	3,740	3,140	3,346	3,955	4,046	4,167

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	156	63.5	219	-6.74	-175	355	390	338	291	356
Depreciation and amortization	157	178	180	222	231	158	128	133	187	197
Stock-based compensation	6.89	7.92	11.3	16.8	10.9	12.7	17.5	19.7	30.9	32.1
Deferred income tax	6.99	136	23.9	-1.74	114	-74.2	11.9	35.9	2.31	25.2
Change in receivables	-3.49	-4.61	-1.86	1.07	-16.4	1.31	4.21	18.3	2.45	9.52
Change in payables	8.93	-1.18	2.68	9.69	-21.4	7.37	-6.15	13.9	-7.57	3.89
Cash from operations	346	290	346	317	213	610	542	494	548	610
Capital expenditures	-162	-248	-579	-353	-58.5	-61.3	-329	-700	-284	-319
Acquisitions	-304	0	0
Cash from investing	-442	-282	-607	-405	-69.6	586	-442	-654	-322	-246
Debt issued	0	550	0	0	750	500	0	0	500	0
Stock issued	0	2.5	5.38	6.71	0.49	1.18	0	0
Share buybacks				-0.38	0	-500	-142	0	-3.92	-79
Dividends paid	-10.6	-27	-27.7	-27.9	-7.31	-204	-117	-58.6	-118	-121
Cash from financing	115	90.3	144	103	-150	-1,015	-290	180	-200	-386
Net change in cash	19.5	98.6	-116	14.7	-7.21	182	-190	20.3	26.8	-21.9
Free cash flow	184	41.5	-233	-36.6	154	549	214	-205	264	291
Interest paid	116	119	124	143	109	98	120	171	210	198
Income taxes paid	9.5	9.16	0.18	-0.06	0	4.14	31.4	21.1	30.3	20.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $50.76 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	27.7%	Operating income / revenue.
EBITDA margin	38.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	18.2%	Pre-tax income / revenue.
Net margin	8.4%	Net income / revenue.
FCF margin	9.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	31.1%	Cash from operations / revenue.
Effective tax rate	12.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	98.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.9%	Net income / average total assets.
Return on invested capital (ROIC)	13.5%	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	22.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	21.4%	Capital expenditures / revenue.
D&A / revenue	10.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	5.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	2.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	46.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	5.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	4.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	20.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	22.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-2.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	23.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-2.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	11.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	4.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	23.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	9.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	10.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	13.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-3.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	68.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-10.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.6%	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	2.2%	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	-1.0%	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	-0.7%	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	7.8%	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	0.68x	Current assets / current liabilities.
Quick ratio	0.49x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.33x	(Cash + short-term investments) / current liabilities.
Debt / equity	20.9x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	82.0%	Total debt / total assets.
Liabilities / assets	93.3%	Total liabilities / total assets.
Net debt	$3.44B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.47x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.78x	Operating income / interest expense.
Working capital	-$134.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	6.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$103.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.46x	Revenue / average total assets.
Fixed asset turnover	0.63x	Revenue / average property, plant and equipment.
Receivables turnover	30.0x	Revenue / average receivables.
Days sales outstanding	12 days	365 x average receivables / revenue.
FCF conversion	114.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	69.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.87	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.
Revenue per share	$34.09	Revenue / diluted weighted shares.
FCF per share	$3.28	Free cash flow / diluted weighted shares.
Operating cash flow per share	$10.59	Cash from operations / diluted weighted shares.
Book value per share	$2.91	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$1.77	Tangible book value / shares outstanding.
Cash per share	$2.32	(Cash + short-term investments) / shares outstanding.
Payout ratio	71.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	62.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	44.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.33B	Share price x shares outstanding.
Enterprise value	$8.77B	Market cap + total debt - cash - short-term investments.
P/E	31.6x	Market cap / net income. Only when net income is positive.
P/S	2.66x	Market cap / revenue.
P/B	31.2x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	27.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.56x	Market cap / cash from operations, when positive.
EV/Sales	4.38x	Enterprise value / revenue.
EV/EBIT	15.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	45.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.6%	Free cash flow / market cap.
Earnings yield	3.2%	Net income / market cap (the inverse of P/E).
Dividend yield	2.3%	Dividends paid over the period / market cap.
Shareholder yield	3.9%	(Dividends paid + share buybacks) / market cap.

What was Red Rock Resorts, Inc.'s revenue in fiscal 2025?

Red Rock Resorts, Inc. reported revenue of $2.01B for fiscal 2025, 3.7% higher than the year before.

Was Red Rock Resorts, Inc. profitable in fiscal 2025?

Yes. Net income was $188.1M, a net margin of 9.3%.

How much free cash flow did Red Rock Resorts, Inc. generate in fiscal 2025?

Cash from operations of $609.5M minus capital expenditures of $319.0M left free cash flow of $290.5M.

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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