WYNN WYNN RESORTS LTD

Overview and Growth

In fiscal 2025, WYNN RESORTS LTD recorded $7.14B of revenue, net income of $327.33M, and an operating cash inflow of $1.35B. The $7.14B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 0.1% above fiscal 2024 revenue of $7.13B, marking a year-over-year increase. On a per-share basis, diluted EPS was $3.14, which connects the reported earnings outcome with the company’s diluted share count. Against diluted EPS of $4.35 in fiscal 2024, the current result was 27.8% lower. Total assets stood at $13.11B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 0.54x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Operations produced $1.12B of income after the reported operating expense base, before the remaining non-operating and tax effects. Operating margin measured 15.7%, showing the portion of revenue preserved after the full set of operating costs. Net income came to $327.33M, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 4.6%, meaning that this portion of revenue remained as net income after all recognized expenses. Before income taxes, the company reported $514.14M of earnings, providing a bridge between the operating result and final net income. Measured against revenue, pretax income equaled 7.2%, adding a pre-tax profitability layer between revenue and net income. The company recognized $105.00M of income tax for the period, completing the transition from pretax income to net income. The effective relationship between income tax and positive pretax income was 20.4%, without assuming a statutory-rate comparison. Return on period-end assets was 2.5%, connecting net income with the company’s total asset base.

Liquidity and Capital Structure

Total assets were $13.11B, supported by $14.14B of liabilities and -$1.03B of shareholder equity. With total equity at -$1.03B, the company carried a negative book-capital position, increasing its reliance on liabilities and future earnings. At period end, current assets of $2.68B compared with current liabilities of $1.64B, defining the company’s short-term resource position. Current assets covered current liabilities by 1.63x, leaving a positive buffer for near-term obligations. The company held $1.46B in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 89.1%, excluding receivables and other current assets. The company carried $10.55B of total debt at period end, which frames its leverage and debt-service burden. The debt-to-assets relationship was 80.5%, comparing borrowing with the total asset balance. Liabilities represented 107.9% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 11.2%, comparing reported cash and equivalents with the full positive asset balance. Total assets were 1.0% higher than fiscal 2024 assets of $12.98B, measuring the company’s own balance-sheet change.

Cash Flow and Earnings Quality

The company reported $1.35B of operating cash flow, a cash inflow that shows the cash generated by operations. Against net income, operating cash flow measured 4.13x, showing the relationship between accrual earnings and operating cash. Capital spending was $660.43M, absorbing part of the cash generated from operations before free cash flow. Capital spending absorbed 48.8% of operating cash flow, quantifying the share of cash from operations directed to investment. Free cash flow came to $692.22M, leaving a positive amount after capital expenditures. Relative to revenue, free cash flow equaled 9.7%, showing how much sales converted into cash after investment. The free-cash-flow-to-assets relationship was 5.3%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.