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MGM Resorts International vs PENN Entertainment: revenue, profit, margins and growth compared

MGM Resorts International brought in $17.5B of revenue in fiscal 2025, PENN Entertainment $7B in fiscal 2025. Revenue changed by +1.7% at MGM Resorts International and +5.8% at PENN Entertainment on the year before, so PENN Entertainment grew faster. MGM Resorts International kept 1.2% of its revenue as net profit, PENN Entertainment -12.1%. Free cash flow was $1.5B at MGM Resorts International and -$139.5M at PENN Entertainment.

Side by side, latest fiscal year

MGMPENN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$17.5B$7B
Revenue growth+1.7%+5.8%
Net income$205.9M-$843.1M
Net margin1.2%-12.1%
Free cash flow$1.5B-$139.5M
Free cash flow margin8.3%-2.0%
Earnings per share (diluted)$0.76-$5.83
Cash$2.1B$686.6M
Debt$6.2B$2.9B
Price to earnings42.9n/a
Market value$8.4B$2.1B
Dividend yieldn/an/a
Rank by revenue in sector#70 of 778 · Consumer discretionary#156 of 778 · Consumer discretionary

Over the years

Revenue
MGM FY2018: $11.8BMGM FY2019: $12.9BMGM FY2020: $5.2BMGM FY2021: $9.7BMGM FY2022: $13.1BMGM FY2023: $16.2BMGM FY2024: $17.2BMGM FY2025: $17.5BPENN FY2018: $3.6BPENN FY2019: $5.3BPENN FY2020: $3.6BPENN FY2021: $5.9BPENN FY2022: $6.4BPENN FY2023: $6.4BPENN FY2024: $6.6BPENN FY2025: $7BFY18FY19FY20FY21FY22FY23FY24FY25
MGM $17.5BPENN $7B
Net income
MGM FY2018: $466.8MMGM FY2019: $2BMGM FY2020: -$1BMGM FY2021: $1.3BMGM FY2022: $1.5BMGM FY2023: $1.1BMGM FY2024: $746.6MMGM FY2025: $205.9MPENN FY2018: $93.5MPENN FY2019: $43.9MPENN FY2020: -$669.5MPENN FY2021: $420.8MPENN FY2022: $222.1MPENN FY2023: -$490MPENN FY2024: -$311.5MPENN FY2025: -$843.1MFY18FY19FY20FY21FY22FY23FY24FY25
MGM $205.9MPENN -$843.1M
Net margin
MGM FY2018: 4.0%MGM FY2019: 15.9%MGM FY2020: -20.0%MGM FY2021: 13.0%MGM FY2022: 11.2%MGM FY2023: 7.1%MGM FY2024: 4.3%MGM FY2025: 1.2%PENN FY2018: 2.6%PENN FY2019: 0.8%PENN FY2020: -18.7%PENN FY2021: 7.1%PENN FY2022: 3.5%PENN FY2023: -7.7%PENN FY2024: -4.7%PENN FY2025: -12.1%FY18FY19FY20FY21FY22FY23FY24FY25
MGM 1.2%PENN -12.1%
Revenue growth
MGM FY2019: +9.7%MGM FY2020: -60.0%MGM FY2021: +87.5%MGM FY2022: +35.6%MGM FY2023: +23.1%MGM FY2024: +6.7%MGM FY2025: +1.7%PENN FY2019: +47.8%PENN FY2020: -32.5%PENN FY2021: +65.0%PENN FY2022: +8.4%PENN FY2023: -0.6%PENN FY2024: +3.4%PENN FY2025: +5.8%FY19FY20FY21FY22FY23FY24FY25
MGM +1.7%PENN +5.8%
Free cash flow
MGM FY2018: $235.7MMGM FY2019: $1.1BMGM FY2020: -$1.8BMGM FY2021: $882.7MMGM FY2022: $991.4MMGM FY2023: $1.8BMGM FY2024: $1.2BMGM FY2025: $1.5BPENN FY2018: $260.2MPENN FY2019: $513.3MPENN FY2020: $201.8MPENN FY2021: $652MPENN FY2022: $614.8MPENN FY2023: $95.9MPENN FY2024: -$123.4MPENN FY2025: -$139.5MFY18FY19FY20FY21FY22FY23FY24FY25
MGM $1.5BPENN -$139.5M

Fiscal years as each company reports them; the two may end in different months.

Questions about MGM Resorts International and PENN Entertainment

Which is bigger by revenue, MGM Resorts International or PENN Entertainment?

MGM Resorts International is bigger by revenue: $17.5B in fiscal 2025, against $7B for PENN Entertainment in fiscal 2025.

Which keeps more of its revenue as profit, MGM Resorts International or PENN Entertainment?

MGM Resorts International had a net margin of 1.2% in fiscal 2025; PENN Entertainment had -12.1% in fiscal 2025.

Which grew revenue faster, MGM Resorts International or PENN Entertainment?

In their latest fiscal years revenue changed by +1.7% at MGM Resorts International and +5.8% at PENN Entertainment.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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