Latest quarter
Wynn Resorts reported Q2 FY2026 revenue of $1.9 billion, up 6.86% from Q2 FY2025, and revenue exceeded the consensus of $1.8 billion by 0.92%. The company reported adjusted EPS, as the consensus counts it, of $1.24, compared with the $1.01 consensus, or 22.8% above consensus.
The company reported diluted EPS of $1.32, compared with $0.64 in Q2 FY2025, a 106.3% increase. Its filing attributed the increase in operating revenue largely to higher casino revenue at Wynn Palace, driven by higher mass-market table-games volume and win. The filing also showed operating revenue growth at the Macau operations and Las Vegas Operations, while Encore Boston Harbor recorded lower operating revenue.
Wynn Resorts reported a gross margin of 40.9%, compared with 41.8% a year earlier, while operating margin was 16.0%, compared with 15.2%. The company reported free cash flow of $339.3 million, up from $239.7 million in Q2 FY2025.
| Q2 FY2026 | Q2 FY2025 | Change | |
|---|---|---|---|
| Revenue | $1.9 billion | $1.7 billion | 6.86% |
| Diluted EPS | $1.32 | $0.64 | 106.3% |
| Gross margin | 40.9% | 41.8% | −0.9 percentage points |
| Operating margin | 16.0% | 15.2% | 0.8 percentage points |
| Free cash flow | $339.3 million | $239.7 million | 41.6% |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | $1.24 | $1.01 | Beat by 22.8% |
| Revenue | $1.9 billion | $1.8 billion | Beat by 0.92% |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
Chief Executive Officer Craig Billings said Las Vegas generated $215 million of EBITDA during the quarter and that casino revenue rose as drop and handle increased. Billings said the company saw growth in RevPAR and retail lease revenue, and that more recent Las Vegas volumes, slot revenue and RevPAR had increased, although July included unusually low hold. He said forward group and convention booking pace accelerated during July and that the business looked strong heading into Q4 and 2027.
Billings said Encore Boston Harbor generated $56 million of EBITDA, while the second quarter set records for its second-quarter RevPAR and hotel revenue. Chief Financial Officer Craig Fullalove said daily Boston operating expense increased despite labor pressure, and he attributed the result to cost discipline and efficiencies.
In Macau, Billings said the business generated $306 million in VIP-normalized EBITDA and that mass drop increased during the quarter. He said rolling volumes and mass drop were down slightly year on year early in the third quarter amid the World Cup and seasonality, before improvement in late July and early August. Fullalove said Macau operating expense excluding gaming tax rose year on year, partly reflecting investment in the premium guest experience, cost-of-living adjustments and variable costs associated with higher volumes.
Billings said the company would begin construction on the Wynn Palace Events Center and Theater after receiving a revised land contract, while Enclave construction was expected to begin before year-end. He said regional conflict-related disruptions had affected the timing and cost of Wynn Al Marjan Island, requiring materials and equipment to be resourced, rerouted or expedited. In response to an analyst question about the World Cup’s Las Vegas effect, Billings said it was hard to say whether it had an impact. When asked about competition and promotions, Billings said Macau remained competitive but stable in promotional activity and reinvestment.
Guidance
Fullalove said Wynn Resorts now expects 2026 expansionary CapEx in Macau to land in the $350.0 million to $400.0 million range, compared with the company’s previous FY2026 expansionary CapEx expectation of $400.0 million to $450.0 million. Billings said Wynn Al Marjan Island is now expected to open to the public in September 2027, and that the total project budget is increasing by approximately $600.0 million. Fullalove said the company’s remaining equity for the project, including Janu, is expected to be approximately $525 million to $650 million.
| Metric | For | Guide | Previous guide | Change |
|---|---|---|---|---|
| Capex, Expansionary | FY2026 | $400.0 million–$450.0 million | — | New |