Abstract

Wynn Resorts will report fourth-quarter fiscal 2025 results on February 12, 2026 Post Market. This preview consolidates recent forecasts and institutional commentary, focusing on revenue, margins, adjusted EPS, and segment dynamics to frame near-term expectations and the key debates around the stock.

Market Forecast

Consensus and company-indicated projections for the current quarter point to revenue of $1.85 billion, gross profit margin near 69.05%, net profit margin close to 4.82%, GAAP net profit growth in the low single digits year over year, and adjusted EPS of $1.47, with year-over-year growth of 20.91%. The main business is expected to remain driven by total operating segments in the United States and Macau, with a balanced outlook on gaming and non-gaming revenue streams. The most promising segment is expected to be Macau gaming and integrated resort operations, where revenue acceleration and improving mix support year-over-year growth consistent with the consolidated revenue forecast.

Last Quarter Review

Wynn Resorts delivered last quarter revenue of $1.83 billion, a gross profit margin of 69.05%, GAAP net profit attributable to the parent company of $88.34 million, a net profit margin of 4.82%, and adjusted EPS of $0.86; year over year, revenue grew 8.29%, EPS declined by 4.44%, and EBIT rose 13.20%. Operational discipline and a stronger mix in premium mass supported margins, while cost controls aided EBIT resilience despite uneven VIP trends. The main business totaled $1.83 billion in revenue, reflecting an 8.29% year-over-year increase, with improved visitation and spend across Wynn Macau and Wynn Las Vegas.

Current Quarter Outlook

Main Integrated Resort Operations

The core drivers this quarter revolve around integrated resort operations in Macau and Las Vegas, which together anchor Wynn Resorts’ revenue and cash generation. Forecast revenue of $1.85 billion implies modest sequential growth and a 4.75% year-over-year increase, matching steady visitation and healthy premium mass recovery in Macau alongside resilient leisure demand in Las Vegas. Margin performance is expected to remain broadly stable, with gross margin guided around 69.05% and net margin near 4.82%, underpinned by cost efficiency and improved non-gaming contributions. With EBIT forecast at $357.23 million, management’s operational focus suggests balanced profitability despite currency variability and mixed VIP hold rates.

Most Promising Growth Segment

Macau’s premium mass segment continues to be the most promising business driver for Wynn Resorts, contributing to higher-quality revenue and steadier margin outcomes. The company’s last quarter revenue of $1.83 billion and the current quarter projection of $1.85 billion indicate sustained momentum, supported by robust hotel occupancy, retail footfall, and entertainment demand. Year-over-year growth of 4.75% for consolidated revenue, paired with an estimated EPS increase of 20.91%, implies stronger flow-through from mix improvements and disciplined marketing. As capacity and amenities normalize, Macau’s integrated resort operations are positioned to extend gains through higher spend per visitor and improved utilization of gaming and non-gaming assets.

Key Stock Price Drivers This Quarter

Earnings visibility hinges on a few sensitive variables that can sway equity performance around the print. The first is hold percentage and VIP volatility, which can meaningfully impact reported revenue and margins despite stable underlying demand; investors will parse commentary on mass-market mix and VIP normalization to gauge sustainability. The second is expense leverage, where consistent cost management supports EBIT of $357.23 million and EPS of $1.47; any deviation in labor costs, promotional intensity, or maintenance expenses could alter the earnings trajectory. The third is forward guidance for visitation, calendar events, and capital plans, which will influence expectations for the coming fiscal year and frame the durability of current momentum in Macau and Las Vegas.

Analyst Opinions

Analyst sentiment skews bullish in the latest six-month window, with prominent institutions reiterating Buy ratings and supportive price targets. Morgan Stanley analyst Stephen Grambling maintained a Buy rating with a price target of $139.00, highlighting constructive near-term fundamentals. Barclays analyst Brandt Montour kept a Buy rating with a $143.00 target, citing balanced growth drivers across core properties. Argus Research upgraded to Buy and set a $150.00 target, noting ongoing recovery in Macau and longer-term potential tied to project development. Bank of America Securities maintained a Buy rating, reinforcing confidence in sustained operational performance, while Citi held a Neutral view with a $124.50 target, representing a smaller contingent of cautious voices. The ratio of views is majority bullish, and the bullish case emphasizes improving mass-market dynamics, stable margin execution, and an earnings setup that favors upside to EPS and EBIT if volumes modestly exceed expectations.