What changed in this filing

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Item 1. Financial Statements

2026-04-29 compared with 2025-10-29 · 130 added, 244 removed, 482 unchanged (44% of the section changed)

3 unchanged sentences

(In thousands, except share data)

September 30,

2026 December 31,

5 unchanged sentences

Prepaid expenses and other 571,335 486,419

Assets held for sale

313,917 315,382

Total current assets 4,528,763 4,332,424

13 unchanged sentences

Other accrued liabilities 2,867,531 2,993,179

Liabilities related to assets held for sale

26,057 25,581

Total current liabilities 3,393,574 3,512,107

11 unchanged sentences

Retained earnings 2,173,529 2,106,836

Accumulated other comprehensive income (loss) 347,843 ( 61,216 )

Accumulated other comprehensive income 257,335 320,498

Total MGM Resorts International stockholders' equity 2,433,422 2,429,917

7 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Casino $ 2,378,855 $ 2,252,148

11 unchanged sentences

Property transactions, net 14,220 15,468

Goodwill impairment 256,133 — 256,133 —

Depreciation and amortization 263,725 236,444

1 unchanged sentence

Income (loss) from unconsolidated affiliates 10,026 ( 12,896 )

Operating income (loss) ( 112,852 ) 314,857 676,770 1,198,891

Operating income 301,242 385,057

Non-operating income (expense)

3 unchanged sentences

( 98,993 ) ( 118,273 )

Income (loss) before income taxes ( 219,587 ) 296,734 180,953 911,381

Benefit (provision) for income taxes 12,858 ( 52,570 ) ( 42,857 ) ( 84,689 )

Net income (loss) ( 206,729 ) 244,164 138,096 826,692

Income before income taxes 202,249 266,784

Provision for income taxes ( 27,457 ) ( 40,053 )

Net income 174,792 226,731

Net income attributable to noncontrolling interests ( 49,656 ) ( 78,177 )

Net income (loss) attributable to MGM Resorts International $ ( 285,255 ) $ 184,578 $ ( 87,750 ) $ 589,126

Earnings (loss) per share

Net income attributable to MGM Resorts International $ 125,136 $ 148,554

Earnings per share

Basic $ 0.49 $ 0.52

5 unchanged sentences

MGM RESORTS INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Net income (loss) $ ( 206,729 ) $ 244,164 $ 138,096 $ 826,692

Other comprehensive income (loss), net of tax:

Net income $ 174,792 $ 226,731

Foreign currency translation ( 69,923 ) 148,308

Comprehensive income (loss) ( 212,928 ) 401,132 547,029 877,392

Comprehensive income 104,869 375,039

Comprehensive income attributable to noncontrolling interests ( 42,896 ) ( 77,244 )

Comprehensive income (loss) attributable to MGM Resorts International $ ( 298,931 ) $ 338,770 $ 321,309 $ 636,805

Comprehensive income attributable to MGM Resorts International $ 61,973 $ 297,795

The accompanying notes are an integral part of these consolidated financial statements.

2 unchanged sentences

(In thousands)

Nine Months Ended September 30,

Three Months Ended March 31,

Cash flows from operating activities

3 unchanged sentences

Amortization of debt discounts and issuance costs 6,376 6,820

Loss on retirement of long-term debt — 2,013

Provision for credit losses 18,587 10,784

Stock-based compensation 35,137 28,653

Foreign currency transaction loss 285,452 28,303

Foreign currency transaction (gain) loss ( 25,303 ) 100,923

Property transactions, net 14,220 15,468

Goodwill impairment 256,133 —

Noncash lease expense 126,547 128,361

Other investment gains ( 35,275 ) ( 11,134 )

Other investment losses (gains) 12,043 ( 35,029 )

(Income) loss from unconsolidated affiliates ( 7,519 ) 12,634

13 unchanged sentences

Investments in unconsolidated affiliates ( 137,558 ) —

Acquisitions, net of cash acquired — ( 113,882 )

Distributions from unconsolidated affiliates 610 522

2 unchanged sentences

Cash flows from financing activities

Net borrowings (repayments) under bank credit facilities - maturities of 90 days or less 289,543 ( 19,061 )

Issuance of long-term debt — 2,100,000

Repayment of long-term debt ( 500,000 ) ( 1,500,000 )

Debt issuance costs ( 40,839 ) ( 38,268 )

Net borrowings of debt - maturities of 90 days or less 178,393 50,374

Distributions to noncontrolling interest owners ( 5,404 ) ( 11,807 )

1 unchanged sentence

Other ( 44,162 ) ( 19,506 )

Net cash used in financing activities ( 1,232,400 ) ( 773,799 )

Net cash provided by (used in) financing activities 39,925 ( 470,219 )

Effect of exchange rate on cash, cash equivalents, and restricted cash ( 6,440 ) 5,089

Change in cash and cash equivalents classified as assets held for sale 731 —

Cash, cash equivalents, and restricted cash

4 unchanged sentences

Interest paid, net of amounts capitalized $ 70,741 $ 70,023

Federal, state, and foreign income taxes paid (refunds received), net ( 34,389 ) 225,280

Income tax refunds received, net ( 86,837 ) ( 156 )

The accompanying notes are an integral part of these consolidated financial statements.

2 unchanged sentences

(In thousands)

Shares Par Value Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Income (Loss)

Shares Par Value Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Income

Total MGM Resorts International Stockholders’ Equity Noncontrolling Interests Total Stockholders’ Equity

Balances, July 1, 2025 272,182 $ 2,722 $ — $ 2,609,529 $ 361,519 $ 2,973,770 $ 737,417 $ 3,711,187

Net income (loss) — — — ( 285,255 ) — ( 285,255 ) 79,008 ( 206,247 )

Currency translation adjustment — — — — ( 13,676 ) ( 13,676 ) 7,477 ( 6,199 )

Stock-based compensation — — 12,920 — — 12,920 834 13,754

Issuance of common stock pursuant to stock-based compensation awards 31 — ( 481 ) — — ( 481 ) — ( 481 )

Distributions to noncontrolling interest owners — — — — — — ( 77,558 ) ( 77,558 )

Adjustment of redeemable noncontrolling interest to redemption value — — ( 392 ) 15 — ( 377 ) — ( 377 )

Other — — ( 10,920 ) — — ( 10,920 ) ( 3,234 ) ( 14,154 )

Balances, September 30, 2025 272,213 $ 2,722 $ 1,127 $ 2,324,289 $ 347,843 $ 2,675,981 $ 743,944 $ 3,419,925

Balances, January 1, 2026 258,323 $ 2,583 $ — $ 2,106,836 $ 320,498 $ 2,429,917 $ 824,624 $ 3,254,541

Net income (loss) — — — ( 87,750 ) — ( 87,750 ) 226,857 139,107

Net income — — — 125,136 — 125,136 50,409 175,545

Currency translation adjustment — — — — ( 63,163 ) ( 63,163 ) ( 6,760 ) ( 69,923 )

5 unchanged sentences

Other — — — 1 — 1 11,368 11,369

Balances, September 30, 2025 272,213 $ 2,722 $ 1,127 $ 2,324,289 $ 347,843 $ 2,675,981 $ 743,944 $ 3,419,925

Balances, March 31, 2026 255,847 $ 2,558 $ — $ 2,173,529 $ 257,335 $ 2,433,422 $ 878,130 $ 3,311,552

The accompanying notes are an integral part of these consolidated financial statements.

2 unchanged sentences

(In thousands)

Shares Par Value Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Income

Shares Par Value Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Income (Loss)

Total MGM Resorts International Stockholders’ Equity Noncontrolling Interests Total Stockholders’ Equity

Balances, July 1, 2024 304,965 $ 3,050 $ — $ 3,172,243 $ 37,383 $ 3,212,676 $ 601,469 $ 3,814,145

Net income — — — 184,578 — 184,578 59,499 244,077

Currency translation adjustment — — — — 154,192 154,192 2,776 156,968

Stock-based compensation — — 11,443 — — 11,443 774 12,217

Issuance of common stock pursuant to stock-based compensation awards 270 3 ( 4,396 ) — — ( 4,393 ) — ( 4,393 )

Distributions to noncontrolling interest owners — — — — — — ( 84,424 ) ( 84,424 )

Repurchases of common stock ( 8,349 ) ( 84 ) ( 6,535 ) ( 319,208 ) — ( 325,827 ) — ( 325,827 )

Adjustment of redeemable noncontrolling interest to redemption value — — — ( 216 ) — ( 216 ) — ( 216 )

Other — — ( 512 ) — — ( 512 ) 9,506 8,994

Balances, September 30, 2024 296,886 $ 2,969 $ — $ 3,037,397 $ 191,575 $ 3,231,941 $ 589,600 $ 3,821,541

Balances, January 1, 2025 294,374 $ 2,944 $ — $ 3,081,753 $ ( 61,216 ) $ 3,023,481 $ 661,670 $ 3,685,151

7 unchanged sentences

Other — — ( 879 ) — — ( 879 ) 4,296 3,417

Balances, September 30, 2024 296,886 $ 2,969 $ — $ 3,037,397 $ 191,575 $ 3,231,941 $ 589,600 $ 3,821,541

Balances, March 31, 2025 279,651 $ 2,797 $ — $ 2,762,722 $ 88,025 $ 2,853,544 $ 732,792 $ 3,586,336

The accompanying notes are an integral part of these consolidated financial statements.

4 unchanged sentences

MGM Resorts International, a Delaware corporation, (together with its consolidated subsidiaries, unless otherwise indicated or unless the context requires otherwise, the “Company”) is a global gaming and entertainment company with domestic and international locations featuring hotels and casinos, convention, dining, and retail offerings, and sports betting and online gaming operations.

As of September 30, 2025, the Company’s domestic casino resorts include the following integrated casino, hotel and entertainment resorts in Las Vegas, Nevada:

Aria (including Vdara), Bellagio, The Cosmopolitan of Las Vegas ( “ The Cosmopolitan”), MGM Grand Las Vegas (including The Signature), Mandalay Bay (including W Las Vegas and Four Seasons), Luxor, New York-New York, Park MGM (including NoMad Las Vegas), and Excalibur.

The Company also operates MGM Grand Detroit in Detroit, Michigan, MGM National Harbor in Prince George’s County, Maryland, MGM Springfield in Springfield, Massachusetts, Borgata in Atlantic City, New Jersey, Empire City in Yonkers, New York, MGM Northfield Park in Northfield Park, Ohio, and Beau Rivage in Biloxi, Mississippi.

As of March 31, 2026, the Company’s domestic casino resorts include the following integrated casino, hotel and entertainment resorts in Las Vegas, Nevada:

Additionally, the Company operates The Park, a dining and entertainment district located between New York-New York and Park MGM.

The Company leases the real estate assets of its domestic properties pursuant to triple net lease agreements.

The Company has an approximate 56 % controlling interest in MGM China Holdings Limited (together with its subsidiaries, “MGM China”), which owns MGM Grand Paradise, S.A.

As of March 31, 2026 the Company has an approximate 56 % controlling interest in MGM China Holdings Limited (together with its subsidiaries, “MGM China”), which owns MGM Grand Paradise, S.A.

(“MGM Grand Paradise”).

1 unchanged sentence

The Company also owns LV Lion Holding Limited (together with its subsidiaries, “LeoVegas”), a consolidated subsidiary that has global online gaming operations headquartered in Sweden and Malta.

Additionally, the Company and its venture partner, Entain plc, each have a 50 % ownership interest in BetMGM, LLC (“BetMGM North America Venture”), an unconsolidated affiliate, which provides online sports betting and gaming in certain jurisdictions in North America.

The Company also has a 50 % ownership interest in MGM Osaka Corporation (“MGM Osaka”), an unconsolidated affiliate, which is developing an integrated resort in Osaka, Japan.

MGM Northfield Park sale.

In October 2025, the Company entered into an agreement to sell the operations of MGM Northfield Park to private equity funds managed by Clairvest Group Inc.

for $ 546 million in cash, subject to customary purchase price adjustments.

Upon closing, the master lease between the Company and VICI will be amended to remove MGM Northfield Park and to reflect a $ 53 million reduction in annual cash rent, subject to a 2 % escalator on May 1, 2026.

The transaction is expected to close in the first half of 2026, subject to the receipt of regulatory approvals and other customary closing conditions.

Additionally, the Company has a 50 % ownership interest in BetMGM, LLC (“BetMGM North America Venture”), an unconsolidated affiliate, which provides online sports betting and gaming in certain jurisdictions in North America.

As of March 31, 2026, the Company also has a 50 % ownership interest in MGM Osaka Corporation (“MGM Osaka”), an unconsolidated affiliate, which is developing an integrated resort in Osaka, Japan.

In April 2026, the Company’s ownership interest in MGM Osaka decreased from 50 % to approximately 39 %, reflecting investment into the venture by other shareholders.

Reportable segments.

12 unchanged sentences

The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary.

Bellagio REIT Venture (the

landlord of Bellagio, which is a venture in which the Company has a 5 % ownership interest) and MGM Osaka are VIEs in which the Company is not the primary beneficiary because it does not have power on its own to direct the activities that could potentially be significant to the ventures and, accordingly, does not consolidate the ventures.

The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary.

Bellagio REIT Venture (the landlord of Bellagio, which is a venture in which the Company has a 5 % ownership interest) and MGM Osaka are VIEs in which the Company is not the primary beneficiary because it does not have power on its own to direct the activities that could potentially be significant to the ventures and, accordingly, does not consolidate the ventures.

The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that

affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary.

The Company performs this analysis on an ongoing basis.

4 unchanged sentences

For entities over which the Company does not have significant influence, the Company accounts for its equity investment under ASC 321.

Reclassifications.

Certain reclassifications have been made to conform the prior period presentation.

Fair value measurements .

10 unchanged sentences

• Level 1 and Level 2 inputs for its debt investments.

• Level 3 inputs when measuring the impairment of goodwill related to the Empire City reporting unit and the existing Empire City gaming license.

Equity investments.

Fair value is measured based upon trading prices on the applicable securities exchange for equity investments for which the Company has elected the fair value option of ASC 825 and equity investments accounted for under ASC 321 that have a readily determinable fair value.

The fair value of these investments was $ 415 million and $ 388 million as of September 30, 2025 and December 31, 2024, respectively, and is reflected within “Other long-term assets, net” on the consolidated balance sheets.

Fair value is measured based upon trading prices on the applicable securities exchange for equity investments accounted for under ASC 321 that have a readily determinable fair value.

The fair value of these investments was $ 342 million and $ 355 million as of March 31, 2026 and December 31, 2025, respectively, and is reflected within “Other long-term assets, net” on the consolidated balance sheets.

Gains and losses are recorded in “Other, net” in the statements of operations.

For the three months ended September 30, 2025 the Company recorded a net loss on its equity investments of $ 6 million.

For the nine months ended September 30, 2025, the Company recorded a net gain on its equity investments of $ 27 million.

For the three months ended September 30, 2024, the Company recorded a net gain on its equity investments of $ 48 million.

For the nine months ended September 30, 2024, the Company recorded a net loss on its equity investments of $ 2 million.

For the three months ended March 31, 2026 the Company recorded a net loss on its equity investments of $ 13 million.

For the three months ended March 31, 2025, the Company recorded a net gain on its equity investments of $ 32 million.

The Company uses derivatives that are not designated for hedge accounting.

1 unchanged sentence

The balance sheet classification of the derivatives in a current liability position are within “Other accrued liabilities,” a long-term liability position are within “Other long-term obligations,” a current asset position are within “Prepaid expenses and other,” and a long-term asset position are within “Other long-term assets, net.”

As of September 30, 2025, the Company has forward currency exchange contracts to manage its exposure to changes in foreign currency exchange rates.

As of September 30, 2025, the fair value of derivatives classified as assets were $ 1 million in current assets and those classified as liabilities were $ 39 million in current liabilities.

December 31, 2024, the fair value of derivatives classified as liabilities were $ 96 million, with $ 57 million in current liabilities and $ 39 million in long-term liabilities.

For the three months ended September 30, 2025, the Company recorded a net loss on its derivatives of $ 41 million and for the nine months ended September 2025, the Company recorded a net gain of $ 34 million.

For the three months ended September 30, 2024, the Company recorded a net gain on its derivatives of $ 87 million and for the nine months ended September 30, 2024, the Company recorded a net loss on its derivatives of $ 13 million.

As of March 31, 2026, the Company has forward currency exchange contracts to manage its exposure to changes in foreign currency exchange rates.

As of March 31, 2026, the fair value of derivatives classified as assets were $ 2 million with $ 1 million in each of current assets and long-term assets and those classified as liabilities were $ 25 million in current liabilities.

As of December 31, 2025, the fair value of derivatives classified as liabilities were $ 88 million, with $ 69 million in current liabilities and $ 19 million in long-term liabilities.

For the three months ended March 31, 2026, the Company recorded a net loss on its derivatives of $ 19 million.

For the three months ended March 31, 2025, the Company recorded a net gain on its derivatives of $ 40 million.

Debt investments.

3 unchanged sentences

The following table presents information regarding the Company’s debt investments:

Fair value level September 30, 2025 December 31, 2024

Fair value level March 31, 2026 December 31, 2025

(In thousands)

8 unchanged sentences

Asset-backed securities

12,457 12,681

Short-term investments

3 unchanged sentences

Cash and cash equivalents.

Cash and cash equivalents consist of cash and highly liquid investments with maturities of 90 days or less at the date of purchase.

Cash and cash equivalents consist of cash and highly liquid investments with effective maturities of 90 days or less at the date of purchase.

The fair value of cash and cash equivalents approximates carrying value because of the short maturity of those instruments (Level 1).

Restricted cash.

MGM China’s pledged cash of $ 87 million for each of September 30, 2025 and December 31, 2024 , securing the bank guarantees discussed in Note 8 is restricted in use and classified within “Other long-term assets, net.” Such amounts plus “Cash and cash equivalents” on the consolidated balance sheets equal “Cash, cash equivalents, and restricted cash” on the consolidated statements of cash flows as of September 30, 2025 and December 31, 2024 .

MGM China’s pledged cash of $ 87 million for each of March 31, 2026 and December 31, 2025 , securing the bank guarantees discussed in Note 8 is restricted in use and classified within “Other long-term assets, net.” Such amounts plus “Cash and cash equivalents” on the consolidated balance sheets equal “Cash, cash equivalents, and restricted cash” on the consolidated statements of cash flows as of March 31, 2026 and December 31, 2025 .

Accounts receivable.

As of September 30, 2025 and December 31, 2024, the loss reserve on accounts receivable was $ 142 million and $ 135 million, respectively.

Goodwill and intangible assets.

During the third quarter of 2025, the Company performed an interim impairment test of goodwill related to the Empire City reporting unit.

See Note 4 for further discussion.

As of March 31, 2026 and December 31, 2025, the loss reserve on accounts receivable was $ 147 million and $ 139 million, respectively.

Accounts payable.

As of September 30, 2025 and December 31, 2024, the Company had accrued $ 82 million and $ 109 million, respectively, for purchases of property and equipment within “Accounts and construction payable” on the consolidated balance sheets.

As of March 31, 2026 and December 31, 2025, the Company had accrued $ 80 million and $ 83 million, respectively, for purchases of property and equipment within “Accounts and construction payable” on the consolidated balance sheets.

Revenue recognition.

9 unchanged sentences

Balance at January 1 $ 204,020 $ 215,710 $ 216,579 $ 215,005 $ 860,126 $ 825,236

Balance at September 30 187,067 171,502 217,802 213,330 789,532 795,489

Increase / (decrease) $ ( 28,643 ) $ ( 40,104 ) $ 2,797 $ 11,357 $ ( 35,704 ) $ 29,263

Balance at March 31 178,828 177,017 205,314 205,276 838,793 813,917

Decrease $ ( 25,192 ) $ ( 38,693 ) $ ( 11,265 ) $ ( 9,729 ) $ ( 21,333 ) $ ( 11,319 )

The January 1, 2026 and March 31, 2026 balances exclude liabilities related to assets held for sale.

Revenue by source.

1 unchanged sentence

Refer to Note 7 for information regarding leases under which the Company is a lessee.

The Company is a lessor under certain other lease arrangements.

The Company is a

lessor under certain other lease arrangements.

Lease revenues earned by the Company from third parties are classified within the line item corresponding to the type or nature of the tenant’s good or service .

For the three and nine months ended September 30, 2025, lease revenues from third-party tenants include $ 18 million and $ 54 million recorded within food and beverage revenue, respectively, and $ 30 million and $ 88 million recorded within entertainment, retail, and other revenue for the same such periods, respectively.

For the three and nine months ended September 30, 2024, lease revenues from third-party tenants include $ 21 million and $ 62 million recorded within food and beverage revenue, respectively and $ 28 million and $ 86 million recorded within entertainment, retail, and other revenue for the same such periods, respectively.

For the three months ended March 31, 2026, lease revenues from third-party tenants include $ 15 million recorded within food and beverage revenue and $ 29 million recorded within entertainment, retail, and other revenue.

For the three months ended March 31, 2025, lease revenues from third-party tenants include $ 18 million recorded within food and beverage revenue and $ 28 million recorded within entertainment, retail, and other revenue.

Lease revenues from the rental of hotel rooms are recorded as rooms revenues within the consolidated statements of operations.

Property transactions, net.

The Company classifies transactions such as write-downs and impairments, demolition costs, and normal gains and losses on the sale of assets as “Property transactions, net.” During the third quarter of 2025, the Company recorded charges for write-downs and impairments within “Property transactions, net” of $ 93 million related to the Company determining it would withdraw its application for a commercial gaming license for Empire City as discussed in Note 4, of which charges primarily consist of the impairment of $ 52 million relating to Empire City’s existing gaming license.

Recently issued accounting standards.

In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-06, “Targeted Improvements to the Accounting for Internal-Use Software,” which removes software development project stages and requires entities to begin capitalizing eligible costs when both (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended.

ASU 2025-06 is effective for the Company’s interim and annual periods beginning after December 31, 2027.

Early adoption is permitted.

The Company is currently assessing the impact of adoption.

NOTE 3 — INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

Investments in and advances to unconsolidated affiliates were $ 540 million and $ 381 million as of September 30, 2025 and December 31, 2024, respectively.

The Company’s share of losses of BetMGM North America Venture in excess of its equity method investment balance is $ 55 million and $ 89 million as of September 30, 2025 and December 31, 2024, respectively, which is recorded within “Other accrued liabilities” on the consolidated balance sheets.

Investments in and advances to unconsolidated affiliates were $ 660 million and $ 536 million as of March 31, 2026 and December 31, 2025, respectively.

The Company’s share of losses of BetMGM North America Venture in excess of its equity method investment balance is $ 153 million and $ 160 million as of March 31, 2026 and December 31, 2025, respectively, which is recorded within “Other accrued liabilities” on the consolidated balance sheets.

The Company recorded its share of income (loss) from unconsolidated affiliates as follows:

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

(In thousands)

2 unchanged sentences

$ 7,519 $ ( 12,634 )

The following table summarizes information related to the Company’s share of operating income (loss) from unconsolidated affiliates:

The following table summarizes the Company’s share of operating income (loss) from unconsolidated affiliates:

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

(In thousands)

3 unchanged sentences

$ 10,026 $ ( 12,896 )

NOTE 4 — GOODWILL AND OTHER INTANGIBLE ASSETS

A summary of changes in the Company’s goodwill is as follows:

Balance at January 1 Impairment

Currency exchange Balance at September 30

NOTE 4 — DIVESTITURES

MGM Northfield Park sale.

In April 2026, the Company completed the sale of the operations of MGM Northfield Park to private equity funds managed by Clairvest Group Inc.

for cash considerations of $ 546 million, subject to certain purchase price adjustments.

At closing, the master lease between the Company and VICI Properties, Inc.

(“VICI”) was amended to remove MGM Northfield Park and to reflect a $ 53 million reduction in annual cash rent.

The major classes of assets and liabilities classified as held for sale are as follows:

2026 December 31,

(In thousands)

Las Vegas Strip Resorts $ 2,707,009 $ — $ — $ 2,707,009

Regional Operations 660,940 ( 256,133 ) — 404,807

MGM China 1,356,625 — ( 2,398 ) 1,354,227

420,430 — 56,086 476,516

$ 5,145,004 $ ( 256,133 ) $ 53,688 $ 4,942,559

Empire City goodwill and gaming license impairment.

The value of the Empire City reporting unit has been dependent upon the Company obtaining a commercial gaming license and the timing thereof, as well as other assumptions related to constructing and operating a commercial gaming facility.

In the third quarter of 2025, the competitive and economic assumptions underpinning the Company’s return expectations on its investment in a commercial gaming facility changed, which led the Company to determine it would withdraw its application for a commercial gaming license for Empire City.

Accordingly, the Company performed an interim impairment test of the goodwill related to the Empire City reporting unit using a discounted cash flow model to estimate fair value.

As a result of the decrease in forecasted cash flows, the carrying value of Empire City exceeded its fair value.

As such, the Company recorded an impairment of the full amount of the Empire City reporting unit’s goodwill of $ 256 million, which is reflected within Regional Operations above and presented in “Goodwill impairment” in the accompanying statements of operations.

Additionally, the Company recorded an impairment of $ 52 million relating to Empire City’s existing gaming license, presented in “Property transactions, net” in the accompanying statements of operations.

Cash and cash equivalents $ 31,071 $ 31,802

Accounts receivable, net 4,628 6,224

Inventories 305 302

Prepaid expenses and other 1,664 1,831

Property and equipment, net 30,006 28,980

Goodwill 17,915 17,915

Other intangible assets, net 228,000 228,000

Other long-term assets, net 328 328

Assets held for sale $ 313,917 $ 315,382

Accounts payable $ 6,885 $ 6,833

Other accrued liabilities 18,952 18,497

Other long-term obligations 220 251

Liabilities related to assets held for sale $ 26,057 $ 25,581

NOTE 5 — LONG-TERM DEBT

Long-term debt consisted of the following:

September 30,

2026 December 31,

(In thousands)

Senior secured yen credit facility

$ 341,766 $ 346,528

MGM China revolving credit facility

663,341 488,247

MGM China first revolving credit facility — 477,567

5.875 % MGM China senior notes, due 2026

750,000 750,000

18 unchanged sentences

$ 6,403,265 $ 6,230,141

Debt due within one year of the applicable balance sheet date were classified as long-term as the Company and MGM China had both the intent and ability to refinance the notes on a long-term basis.

Debt due within one year of the applicable balance sheet date were classified as long-term as the Company had both the intent and ability to refinance the debt on a long-term basis.

Senior secured credit facility.

At September 30, 2025, the Company’s senior secured credit facility consisted of a $ 2.3 billion revolving credit facility, of which no amounts were drawn.

At March 31, 2026, the Company’s senior secured credit facility consisted of a $ 2.3 billion revolving credit facility, of which no amounts were drawn.

The Company’s senior secured credit facility contains customary representations and warranties, events of default and positive and negative covenants.

The Company was in compliance with its credit facility covenants at September 30, 2025.

The Company was in compliance with its credit facility covenants at March 31, 2026.

Senior secured yen credit facility.

In October 2025, the Company entered into a senior secured credit facility, which consisted of a JPY 45.2 billion term loan A facility with an option to increase the amount of the credit facility up to JPY 67.8 billion.

The senior secured yen credit facility bears interest at a fluctuating rate per annum based on the Tokyo Interbank Offered Rate plus 1.75 % until the submission of the covenant certificate for the quarter ending March 31, 2026 and then at 1.50 % to 2.25 %, as determined by a rent adjusted total net leverage ratio pricing grid and will mature in October 2030, provided that if, as of February 2029, the revolving loans or commitments thereof under the Company’s senior secured credit facility remain outstanding and have not been extended, replaced or refinanced with a scheduled maturity date of no earlier than October 23, 2030, then the maturity date will be in February 2029.

The Company's senior secured yen credit facility is guaranteed by each of the Company’s existing direct and indirect wholly owned material domestic restricted subsidiaries, subject to certain exclusions.

The senior secured yen credit facility is secured by a pledge of the equity in certain of the Company's domestic operating properties, subject to receipt of gaming approvals.

Mandatory prepayments will be required upon the occurrence of certain events.

At March 31, 2026 the Company’s senior secured yen credit facility consisted of a JPY 54.2 billion term loan A facility with an option to increase the amount of the credit facility up to JPY 67.8 billion.

At March 31, 2026, the interest rate was 2.74 %.

The Company’s senior secured yen credit facility also contains customary representations and warranties, events of default, and positive and negative covenants.

The Company was in compliance with its credit facility covenants at March 31, 2026.

MGM China revolving credit facility.

In April 2025, MGM China entered into the MGM China revolving credit facility and subsequently repaid in full, the amounts outstanding under the MGM China first revolving credit facility with borrowings under the MGM China revolving credit facility.

The total commitments of the MGM China first revolving credit facility and MGM China second revolving credit facility were cancelled in full.

At September 30, 2025, the MGM China revolving credit facility consisted of a HK$ 23.4 billion (approximately $ 3.0 billion) senior unsecured revolving credit facility, which matures in April 2030 and bears interest at a fluctuating rate per annum based on the Hong Kong Interbank Offer Rate plus 1.625 % to 2.75 %, as determined by MGM China’s leverage ratio.

At September 30, 2025, the weighted average interest rate was 6.18 %.

At March 31, 2026, the MGM China revolving credit facility consisted of a HK$ 23.4 billion (approximately $ 3.0 billion) senior unsecured revolving credit facility.

At March 31, 2026, the weighted average interest rate was 4.16 %.

The MGM China revolving credit facility contains customary representations and warranties, events of default, and positive, negative and financial covenants, including that MGM China maintains compliance with a maximum leverage ratio and a minimum interest coverage ratio.

MGM China was in compliance with its credit facility covenants at September 30, 2025.

Senior notes.

In September 2024, the Company issued $ 850 million in aggregate principal amount of 6.125 % notes due 2029.

The Company used the net proceeds from the offering to fund the early redemption of its $ 675 million in aggregate principal amount of 5.75 % notes due 2025 at a redemption price of 100.607 % in October 2024, with the remainder primarily used for general corporate purposes.

In April 2024, the Company issued $ 750 million in aggregate principal amount of 6.5 % notes due 2032.

The Company used the net proceeds from the offering to fund the early redemption of its $ 750 million in aggregate principal amount of 6.75 % notes due 2025 in May 2024.

MGM China senior notes.

In June 2025, MGM China repaid its $ 500 million in aggregate principal amount of 5.25 % notes due 2025 with borrowings under the MGM China revolving credit facility.

In June 2024, MGM China issued $ 500 million in aggregate principal amount of 7.125 % notes due 2031.

In May 2024, MGM China repaid its $ 750 million in aggregate principal amount of 5.375 % notes due 2024.

MGM China was in compliance with its credit facility covenants at March 31, 2026.

Fair value of long-term debt.

The estimated fair value of the Company’s long-term debt was $ 6.2 billion and $ 6.3 billion at September 30, 2025 and December 31, 2024, respectively.

The estimated fair value of the Company’s long-term debt was $ 6.4 billion and $ 6.3 billion at March 31, 2026 and December 31, 2025, respectively.

NOTE 6 — INCOME TAXES

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The income tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur.

The Company’s effective income tax rate was a benefit of 5.9 % on loss before income taxes and a provision of 23.7 % on income before income taxes for the three and nine months ended September 30, 2025, respectively, and a provision of 17.7 % and 9.3 % for the three and nine months ended September 30, 2024, respectively.

The Company recognizes deferred income tax assets, net of applicable reserves, related to net operating losses, tax credit carryforwards and certain temporary differences.

The Company recognizes future tax benefits to the extent that realization of such benefit is more likely than not.

Otherwise, a valuation allowance is applied.

During the nine months ended September 30, 2025, the Company received a closing letter from the IRS for the examination of its U.S.

consolidated federal income tax returns for tax years 2015 through 2019.

No material changes occurred as a result of the closure.

The Company received approximately half of the related refund claim in September 2025 and anticipates receiving the remaining unpaid refund claim in the next twelve months.

On July 4, 2025, the One Big Beautiful Bill (OBBB) Act was signed into law in the United States, which has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027.

The legislation did not have a material impact on the Company’s income tax expense for the quarter ended September 30, 2025, and the Company does not expect it to materially impact its 2025 effective income tax rate.

The Company’s effective income tax rate was a provision of 13.6 % and 15.0 % on income before income taxes for the three months ended March 31, 2026 and March 31, 2025, respectively.

NOTE 7 — LEASES

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Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

(In thousands)

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Total finance lease costs $ 22,504 $ 22,489

(1) Operating lease cost includes $ 83 million for each of the three months ended September 30, 2025 and 2024 and $ 248 million for each of the nine months ended September 30, 2025 and 2024 related to the Bellagio lease, which is held with a related party.

September 30,

(1) Operating lease cost includes $ 83 million for each of the three months ended March 31, 2026 and 2025 related to the Bellagio lease, which is held with a related party.

2026 December 31,

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Finance leases 6 6

(1) As of September 30, 2025 and December 31, 2024, operating lease right-of-use assets (“ROU”), net included $ 3.4 billion related to the Bellagio lease.

(2) As of September 30, 2025 and December 31, 2024, operating lease liabilities – long-term included $ 3.8 billion related to the Bellagio lease.

As of September 30, 2025 and December 31, 2024, operating lease liabilities – current included $ 8 million and $ 3 million related to the Bellagio lease, respectively.

Nine Months Ended

September 30,

(1) As of March 31, 2026 and December 31, 2025, operating lease right-of-use assets (“ROU”), net included $ 3.3 billion related to the Bellagio lease.

(2) As of March 31, 2026 and December 31, 2025, operating lease liabilities – long-term included $ 3.8 billion related to the Bellagio lease.

As of March 31, 2026 and December 31, 2025, operating lease liabilities – current included $ 11 million and $ 9 million related to the Bellagio lease, respectively.

Three Months Ended

Cash paid for amounts included in the measurement of lease liabilities (In thousands)

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Year ending December 31, (In thousands)

2025 (excluding the nine months ended September 30, 2025) $ 460,751 $ 24,997

2026 (excluding the three months ended March 31, 2026) $ 1,413,231 $ 69,634

2027 1,910,736 85,144

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NOTE 8 — COMMITMENTS AND CONTINGENCIES

Cybersecurity litigation, claims, and investigations.

In September 2023, through unauthorized access to certain of its U.S.

systems, third-party criminal actors accessed, for some of the Company’s customers, personal information (including name, contact information (such as phone number, email address and postal address), gender, date of birth and driver’s license numbers).

For a limited number of customers, Social Security numbers and passport numbers were also accessed by the criminal actors.

The Company has notified individuals impacted by this issue in accordance with federal and state law.

In connection with this cybersecurity issue, the Company became subject to consumer class actions in U.S.

and Canadian courts.

These class actions assert a variety of common law and statutory claims based on allegations that the Company failed to use reasonable security procedures and practices to safeguard customers’ personal information, and seek monetary and statutory damages, injunctive relief and other related relief.

The Company reached a settlement for $ 45 million to resolve the purported U.S.

civil class action litigation related to the 2023 cybersecurity issue and a 2019 cybersecurity issue, which was paid by insurance carriers into a settlement fund in February 2025.

The District Court for the District of Nevada approved the parties' settlement in the U.S.

class actions and entered judgment in June 2025.

In addition, the Company continues to be subject to investigations by state regulators, which also could result in monetary fines and other relief.

The Company cannot predict the timing or outcome of any of these potential matters, or whether the Company may be subject to additional legal proceedings, claims, regulatory inquiries, investigations, or enforcement actions.

While the Company believes it is reasonably possible that it may incur losses associated with the above-described proceedings, it is not possible to estimate the amount of loss or range of loss, if any, that might result from adverse judgments, settlements, or other resolution given the preliminary stage of these proceedings.

Other litigation.

The Company is a party to various other legal proceedings, most of which relate to routine matters incidental to its business.

Management does not believe that the outcome of such proceedings will have a material adverse

effect on the Company’s financial position, results of operations or cash flows .

The Company is a party to various legal proceedings, most of which relate to routine matters incidental to its business.

Management does not believe that the outcome of such proceedings will have a material adverse effect on the Company’s financial position, results of operations or cash flows .

Commitments and guarantees.

MGM China bank guarantees.

In connection with the issuance of the gaming concession in January 2023, bank guarantees were provided to the government of Macau in the amount of MOP 1 billion (approximately $ 125 million as of September 30, 2025 ) to warrant the fulfillment of labor liabilities and of damages or losses that may result if there is noncompliance with the concession.

In connection with the issuance of the gaming concession in January 2023, bank guarantees were provided to the government of Macau in the amount of MOP 1 billion (approximately $ 124 million as of March 31, 2026 ) to warrant the fulfillment of labor liabilities and of damages or losses that may result if there is noncompliance with the concession.

The guarantees expire 180 days after the end of the concession term.

As of September 30, 2025 , MOP 700 million of the bank guarantees (approximately $ 87 million as of September 30, 2025 ) were secured by pledged cash.

As of March 31, 2026 , MOP 700 million of the bank guarantees (approximately $ 87 million as of March 31, 2026 ) were secured by pledged cash.

Bellagio REIT shortfall guarantee.

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MGM Osaka guarantees.

The Company provides for guarantees (1) in the amount of JPY 12.65 billion (approximately $ 86 million as of September 30, 2025 ) for 50 % of MGM Osaka’s obligations to Osaka under various agreements related to the venture’s development of an integrated resort in Osaka, Japan and (2) of an uncapped amount to provide funding to MGM Osaka, if necessary, for the completion of the construction and full opening of the integrated resort.

The Company provides for guarantees (1) in the amount of JPY 12.65 billion (approximately $ 80 million as of March 31, 2026 ) for 50 % of MGM Osaka’s obligations to Osaka under various agreements related to the venture’s development of an integrated resort in Osaka, Japan and (2) of an uncapped amount to provide funding to MGM Osaka, if necessary, for the completion of the construction and full opening of the integrated resort.

The guarantees expire when the obligations relating to the full opening of the integrated resort are fulfilled.

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such value is immaterial.

Additionally, the Company’s ownership interest in MGM Osaka, which had a carrying value of $ 432 million as of September 30, 2025 , is pledged as collateral for MGM Osaka’s obligations under its credit agreement.

Additionally, the Company’s ownership interest in MGM Osaka, which had a carrying value of $ 556 million as of March 31, 2026 , is pledged as collateral for MGM Osaka’s obligations under its credit agreement.

MGM Osaka funding commitment.

The Company has commitments to fund MGM Osaka of JPY 428 billion, of which an estimated amount of approximately JPY 361 billion (approximately $ 2.4 billion as of September 30, 2025 ) remains to be funded as of September 30, 2025 .

The amount and timing of funding is expected to change as a result of project progress, inflation, and other factors.

During the three and nine months ended September 30, 2025, the Company funded JPY 18.4 billion (approximately $ 123 million) and JPY 30.7 billion (approximately $ 208 million) of the committed amount, respectively.

During the three and nine months ended September 30, 2024 , the Company funded JPY 22.2 billion (approximately $ 138 million) and JPY 25.2 billion (approximately $ 157 million) of the committed amount, respectively.

In connection with MGM Osaka’s development of an integrated resort, the Company has commitments to fund MGM Osaka of JPY 428 billion, of which an estimated amount of approximately JPY 335.9 billion (approximately $ 2.1 billion as of March 31, 2026 ) remains to be funded as of March 31, 2026 .

During the three months ended March 31, 2026, the Company funded JPY 21.0 billion (approximately $ 138 million) of the committed amount.

The fundings are recognized as contributions to investment in unconsolidated affiliates upon payment.

Other guarantees.

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The Company’s senior credit facility limits the amount of letters of credit that can be issued to $ 1.35 billion.

At September 30, 2025, $ 25 million in letters of credit were outstanding under the Company’s senior credit facility.

At March 31, 2026, $ 25 million in letters of

credit were outstanding under the Company’s senior credit facility.

The amount of available borrowings under the credit facility is reduced by any outstanding letters of credit.

4 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

(In thousands)

Net income (loss) attributable to MGM Resorts International $ ( 285,255 ) $ 184,578 $ ( 87,750 ) $ 589,126

Net income attributable to MGM Resorts International $ 125,136 $ 148,554

Adjustment related to redeemable noncontrolling interests 18 ( 41 )

Net income (loss) available to common stockholders – basic and diluted $ ( 285,632 ) $ 184,362 $ ( 88,137 ) $ 589,140

Net income available to common stockholders – basic and diluted $ 125,154 $ 148,513

Weighted-average common shares outstanding – basic 256,348 287,125

Potential dilution from stock-based awards

— 2,980 — 3,164

Weighted-average common and common equivalent shares – diluted 258,877 289,096

1 unchanged sentence

MGM Resorts International stock repurchases.

In February 2023, the Company announced that the Board of Directors authorized a $ 2.0 billion stock repurchase plan, in November 2023, the Company announced that the Board of Directors authorized a $ 2.0 billion stock repurchase plan, and in April 2025, the Company announced that the Board of Directors authorized a $ 2.0 billion stock repurchase plan.

In each of November 2023 and April 2025, the Company announced that the Board of Directors authorized a $ 2.0 billion stock repurchase plan.

Under these stock repurchase plans, the Company may repurchase shares from time to time in the open market or in privately negotiated agreements.

1 unchanged sentence

The timing, volume and nature of stock repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws, and other factors, and may be suspended or discontinued at any time.

During the three months ended September 30, 2024, the Company repurchased approximately 8 million shares of its common stock for an aggregate amount of $ 326 million.

During the nine months ended September 30, 2024, the Company repurchased approximately 30 million shares of its common stock for an aggregate amount of $ 1.3 billion.

In connection with these repurchases, the February 2023 stock repurchase plan was completed.

During the three months ended March 31, 2025, the Company repurchased approximately 15 million shares of its common stock for an aggregate amount of $ 494 million.

Repurchased shares were retired.

During the nine months ended September 30, 2025, the Company repurchased approximately 22 million shares of its common stock for an aggregate amount of $ 711 million.

During the three months ended March 31, 2026, the Company repurchased approximately 2 million shares of its common stock for an aggregate amount of $ 90 million.

Repurchased shares were retired.

The remaining availability under the November 2023 $ 2.0 billion stock repurchase plan was $ 122 million and the remaining availability under the April 2025 $ 2.0 billion stock repurchase plan was $ 2.0 billion as of September 30, 2025.

The remaining availability under the April 2025 $ 2.0 billion stock repurchase plan was $ 1.5 billion as of March 31, 2026.

NOTE 11 — SEGMENT INFORMATION

The Company’s management views the operations of each of its casino properties as an operating segment which are aggregated into the reportable segments of Las Vegas Strip Resorts, Regional Operations, and MGM China based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate and their management and reporting structure.

The Company’s interactive gaming operations are reported within the MGM Digital reportable segment.

During the fourth quarter of 2024, the Company added MGM Digital as a reportable segment to reflect the Company’s strategic focus on interactive gaming.

The corresponding items of segment information for MGM Digital, which were previously included within “Corporate and other”, as applicable, were recast for prior periods.

The Company’s management views the operations of each of its casino properties as an operating segment which are aggregated into the reportable segments of Las Vegas Strip Resorts, Regional Operations, and MGM China and the Company’s operating segments that comprise the Company’s interactive gaming operations are aggregated into the MGM Digital reportable segment based on their similar economic characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure.

Las Vegas Strip Resorts.

Las Vegas Strip Resorts consists of the following casino resorts in Las Vegas, Nevada:

Aria (including Vdara), Bellagio, The Cosmopolitan, MGM Grand Las Vegas (including The Signature), Mandalay Bay

(including W Las Vegas and Four Seasons), Luxor, New York-New York (including The Park), Excalibur, and Park MGM (including NoMad Las Vegas).

Aria (including Vdara), Bellagio, The Cosmopolitan, MGM Grand Las Vegas (including The Signature), Mandalay Bay (including W Las Vegas and Four Seasons), Luxor, New York-New York (including The Park), Excalibur, and Park MGM (including The Reserve at Park MGM).

Regional Operations.

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Empire City in Yonkers, New York;

and MGM Northfield Park in Northfield Park, Ohio.

and MGM Northfield Park in Northfield Park, Ohio (until its disposition in April 2026).

MGM China consists of MGM Macau and MGM Cotai.

2 unchanged sentences

therefore, these operations are included in “Corporate and other” in the following segment disclosures to reconcile to consolidated results.

The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer.

The CODM uses and monitors budget-to-actual and actual-to-actual results of Segment Adjusted EBITDAR in assessing performance of each segment and deciding where to invest capital.

Segment Adjusted EBITDAR is the Company’s reportable segment GAAP measure, which management utilizes as the primary profit measure for its reportable segments and underlying operating segments.

Segment Adjusted EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, triple net lease rent expense, income (loss) from unconsolidated affiliates, goodwill impairment, and also excludes corporate expense and stock compensation expense, which are not allocated to each operating segment.

Segment Adjusted EBITDAR is a measure defined as earnings before interest and other non-operating income (expense), income taxes, depreciation and amortization, preopening and start-up expenses, property transactions, net, triple net lease rent expense, income (loss) from unconsolidated affiliates, and also excludes corporate expense and stock compensation expense, which are not allocated to each operating segment.

Triple net lease rent expense is the expense for rent to landlords under triple net operating leases for its domestic properties, the ground subleases of Beau Rivage and MGM National Harbor, and the land concessions at MGM China.

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Net revenue (In thousands)

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$ 4,454,718 $ 4,277,082

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Expenses (In thousands)

Las Vegas Strip Resorts

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Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

(In thousands)

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Property transactions, net ( 14,220 ) ( 15,468 )

Goodwill impairment ( 256,133 ) — ( 256,133 ) —

Depreciation and amortization ( 263,725 ) ( 236,444 )

1 unchanged sentence

Income (loss) from unconsolidated affiliates 10,026 ( 12,896 )

Operating income (loss) ( 112,852 ) 314,857 676,770 1,198,891

Operating income 301,242 385,057

Non-operating income (expense)

3 unchanged sentences

( 98,993 ) ( 118,273 )

Income (loss) before income taxes ( 219,587 ) 296,734 180,953 911,381

Benefit (provision) for income taxes 12,858 ( 52,570 ) ( 42,857 ) ( 84,689 )

Net income (loss) ( 206,729 ) 244,164 138,096 826,692

Income before income taxes 202,249 266,784

Provision for income taxes ( 27,457 ) ( 40,053 )

Net income 174,792 226,731

Net income attributable to noncontrolling interests ( 49,656 ) ( 78,177 )

Net income (loss) attributable to MGM Resorts International $ ( 285,255 ) $ 184,578 $ ( 87,750 ) $ 589,126

Net income attributable to MGM Resorts International $ 125,136 $ 148,554

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Capital expenditures:

9 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements