MGM Resorts International (MGM)

Operating profit margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Operating income (ttm)	US$ in thousands	1,891,497	1,470,257	54,351	2,064,423	1,439,372	1,810,115	4,748,865	2,631,175	2,278,697	1,546,282	-841,680	-2,139,970	-642,440	2,681,218	3,414,781	4,820,796	3,940,216	1,315,877	1,488,399	1,479,989
Revenue (ttm)	US$ in thousands	15,642,020	14,936,500	14,365,390	15,941,210	14,865,260	14,215,440	13,432,030	10,091,140	8,870,390	7,329,990	5,774,612	3,842,475	5,850,905	7,589,185	9,735,953	12,610,310	12,110,220	12,119,940	11,844,790	11,514,580
Operating profit margin		12.09%	9.84%	0.38%	12.95%	9.68%	12.73%	35.35%	26.07%	25.69%	21.10%	-14.58%	-55.69%	-10.98%	35.33%	35.07%	38.23%	32.54%	10.86%	12.57%	12.85%

December 31, 2023 calculation

Operating profit margin = Operating income (ttm) ÷ Revenue (ttm)
= $1,891,497K ÷ $15,642,020K
= 12.09%

The operating profit margin of MGM Resorts International has displayed significant fluctuations over the past eight quarters, as indicated in the table. In Q4 2023, the operating profit margin improved to 9.41%, representing a substantial increase from the previous quarter's meager 0.20%. However, it is important to note that the company reported negative operating profit margins in Q2 2023 (-9.50%) and Q1 2023 (-12.03%), indicating operational challenges during those periods.

Comparing the recent performance to the same quarter a year ago, MGM Resorts International has shown progress as the operating profit margin in Q4 2023 improved significantly from the -14.29% recorded in Q4 2022. Despite some fluctuations, the company managed to achieve positive operating profit margins in Q2 2022 (7.39%) and Q1 2022 (8.68%).

Overall, MGM Resorts International's operating profit margin reflects a volatile trend in recent quarters, with notable improvements in Q4 2023 compared to previous periods. This suggests that the company may be implementing successful strategies to enhance operational efficiency and profitability, although it will be crucial to monitor future performance to assess the sustainability of these improvements.