Wynn Resorts

WYNN · Nasdaq · Consumer Discretionary · Financials, fiscal 2016 to 2025

WYNN · Last close · October 26, 2026

$74.20

Wynn Resorts' revenue rose 0.1% to $7.1 billion in fiscal 2025. Its operating margin was 15.7%, down from 15.9% a year earlier. Free cash flow was $692 million, down 31.2%. It paid out $555 million in dividends and buybacks, 80% of free cash flow. The diluted share count fell 5.5%.

WYNN RESORTS, LIMITED Latest fiscal year ended December 31, 2025 10-K filed March 2, 2026 · 0001174922-26-000013 Updated October 9, 2026

Revenue

$7.1B

0.1%

Operating margin

15.7%

0.2 pts

Net income

$327M

34.7%

Free cash flow

$692M

31.2%

Return on capital

11.6%

3.4 pts

Market cap

$7.6B

Oct 26 close

P/E

17.8x

On $4.17 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Wynn Resorts does

Wynn Resorts builds and runs large resort hotels that combine casinos with luxury rooms, shops, restaurants, entertainment and convention space. It has four resorts: Wynn Palace and Wynn Macau in Macau, China, Wynn Las Vegas and Encore in Nevada, and Encore Boston Harbor in Massachusetts. Guests are gamblers, vacationers and groups attending meetings.

Its four resorts are its reporting segments, and it gets its money from casino gaming, hotel rooms, food and drink, retail space and entertainment. It owns about 72% of Wynn Macau, Limited, the company that runs its Macau resorts. Macau operators pay a special gaming tax of 35% of gross gaming revenue. Wynn Resorts competes with the other casinos in each market, including the 18 other casinos in Macau.

Its right to run casinos in Macau comes from a gaming concession (a government contract) that runs from 2023 to the end of 2032. It also owns a 40% stake in an unconsolidated resort, Wynn Al Marjan Island, which is under construction in Ras Al Khaimah, United Arab Emirates, and which it expects to open in 2027.

Its biggest risks, as it describes them

Weaker spending by guests if the economy slows, because casino resorts rely on discretionary spending.
Depending on a small number of resorts for all of its cash flow.
The Macau government could end its gaming concession without paying compensation if the terms are not met.
Strict gaming regulation and licensing in Macau, Nevada and Massachusetts.
Heavy debt and the chance that cash flow will not cover what it owes.

From Wynn Resorts's annual report on Form 10-K, filed March 2, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 3.1% a year and net income 3.4% a year, as new shares raised the share count by 2% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Wynn Resorts yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Wynn Resorts' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Wynn Resorts' fiscal 2025 free cash flow of $692M, net cash of −$9.2B at December 31, 2025 and 104 million diluted shares, from its filings. The scenarios are fitted to Wynn Resorts: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 23.9% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 13%: 11% for a cyclical or higher-risk business (Casinos & Gaming), plus 1 point as a smaller company, worth $7.6B, plus 1 point for unsteady results (a loss in fiscal 2022); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means Wynn Resorts' net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Wynn Resorts's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 14% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 13% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 12% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $74.20
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Wynn Resorts' earnings per share of $4.17 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17.8×, the average of the Consumer Discretionary median and Wynn Resorts' own P/E today for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 14%, 13% and 12%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Boyd Gaming.

Earnings growth in the years ahead (% a year) Starts at Wynn Resorts' revenue growth over the last 3 years, 23.9% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $74.20
Value at this multiple, against the last close: —
Wynn Resorts' P/E at the last close: 17.8×

Company	Last close	Earnings per share	P/E today
Wynn ResortsWYNN	$74.20	$4.17	17.8×
Boyd GamingBYD	$72.46	$22.91	3.2×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	2,522	3,650	2,879	2,426	1,463
Debt incl. finance leases	11,995	12,165	11,776	10,632	10,648
Net debt (negative means net cash)	9,472	8,514	8,897	8,206	9,185
Net debt to EBITDA	29.5x	14.4x	5.8x	4.6x	5.3x
Debt to equity	—	—	—	—	—
Interest coverage	−0.7x	−0.1x	1.1x	1.6x	1.8x
Current ratio	2.2x	2.2x	1.9x	1.9x	1.6x
Quick ratio	2.2x	2.2x	1.9x	1.9x	1.6x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

No officer, director or 10% owner of Wynn Resorts reported buying or selling its shares on the open market between October 27, 2025 and October 26, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	7 of 8	6 of 8	5 of 8
Accruals ratio	−3.8%	−6.9%	−7.9%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Wynn Resorts side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Wynn Resorts	FY25	0.1%	15.7%	9.7%	11.6%	5.3x	5
Penn Entertainment	FY25	5.8%	−9.7%	−2.0%	−8.1%	—	4	Compare
DraftKings	FY25	27.0%	−0.3%	10.7%	−0.7%	0.5x	8	Compare
Caesars Entertainment	FY25	2.1%	16.2%	4.3%	9.6%	3.4x	6	Compare
Boyd Gaming	FY25	4.1%	18.3%	9.5%	13.5%	1.6x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	4,346	6,070	6,718	6,611	2,096	3,764	3,757	6,532	7,128	7,138
Revenue growth	6.6%	39.7%	10.7%	−1.6%	−68.3%	79.6%	−0.2%	73.9%	9.1%	0.1%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	522	1,056	736	878	−1,232	−394	−101	840	1,133	1,118
Net income	242	747	572	123	−2,067	−756	−424	730	501	327
Diluted EPS (US$)	2.38	7.28	5.35	1.15	−19.37	−6.64	−3.73	6.32	4.35	3.14
Diluted shares (millions)	102	103	107	107	107	114	114	113	110	104
Cash flow
Cash from operations	970	1,877	962	901	−1,072	−223	−71	1,248	1,426	1,353
Capital expenditure	1,226	936	1,476	1,063	290	291	300	443	420	660
Free cash flow	−255	941	−514	−162	−1,363	−513	−371	805	1,006	692
Dividends paid	325	321	570	566	109	2	1	85	140	175
Share buybacks	14	18	160	67	12	14	188	212	402	380
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	43	44	36	40	62	95	68	64	59	92
Balance sheet at fiscal year end
Cash and short-term investments	2,627	2,971	2,215	2,352	3,482	2,522	3,650	2,879	2,426	1,463
Debt incl. finance leases	10,125	9,629	9,423	10,422	13,134	11,995	12,165	11,776	10,632	10,648
Total assets	11,954	12,682	13,216	13,871	13,870	12,531	13,415	13,996	12,978	13,108
Total liabilities	11,696	11,603	11,402	12,330	14,607	13,367	15,056	15,097	13,947	14,139
Shareholders' equity	158	948	2,034	1,743	−352	−214	−751	−251	−224	−276
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	12.0%	17.4%	10.9%	13.3%	−58.8%	−10.5%	−2.7%	12.9%	15.9%	15.7%
Net margin	5.6%	12.3%	8.5%	1.9%	−98.6%	−20.1%	−11.3%	11.2%	7.0%	4.6%
Free cash flow margin	−5.9%	15.5%	−7.7%	−2.5%	−65.0%	−13.6%	−9.9%	12.3%	14.1%	9.7%
Return on capital	6.9%	13.6%	8.8%	6.0%	−10.5%	−3.5%	−1.0%	11.4%	15.0%	11.6%
Return on equity	—	—	38.4%	6.5%	−297.2%	—	—	—	—	—
Return on assets	2.2%	6.1%	4.4%	0.9%	−14.9%	−5.7%	−3.3%	5.3%	3.7%	2.5%
Net debt to EBITDA	8.1x	4.1x	5.6x	5.4x	—	29.5x	14.4x	5.8x	4.6x	5.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Wynn Resorts' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Wynn Resorts.