MGM Resorts International (MGM)

Pretax 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
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	1,300,019	1,616,019	740,265	2,857,108	2,170,165	1,762,391	4,097,158	1,879,957	1,507,787	791,113	-1,452,922	-2,720,001	-1,224,304	1,898,155	2,465,211	3,647,850	2,681,488	182,211	388,544	480,892
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
Pretax margin		8.31%	10.82%	5.15%	17.92%	14.60%	12.40%	30.50%	18.63%	17.00%	10.79%	-25.16%	-70.79%	-20.93%	25.01%	25.32%	28.93%	22.14%	1.50%	3.28%	4.18%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $1,300,019K ÷ $15,642,020K
= 8.31%

MGM Resorts International's pretax margin has displayed fluctuations over the past eight quarters. In Q4 2023, the pretax margin stood at 9.11%, showing an increase from the previous quarter's 7.27%. However, this figure is lower compared to Q3 2022 (8.62%) and Q1 2023 (11.46%). Notably, in Q2 2023, the pretax margin was negative at -1.97%, indicating a loss before taxes during that period. The highest pretax margin recorded in recent quarters was in Q2 2022 at 32.75%, followed by Q1 2022 at 16.73%. Overall, MGM Resorts International's pretax margin has experienced variability, emphasizing the importance of analyzing trends over multiple periods to gain a comprehensive understanding of its financial performance.