Melco International Development (200) Q4 2025 earnings summary

Executive summary

• Fourth quarter 2025 operating revenues rose 9% year-over-year to $1.29 billion, driven by improved rolling chip and mass market table games performance.

• Operating income for Q4 2025 was $146.4 million, up from $97.0 million in Q4 2024.

• Net income attributable for Q4 2025 was $60.6 million ($0.16 per ADS), reversing a net loss of $20.3 million in Q4 2024.

• Full year 2025 operating revenues reached $5.16 billion, up from $4.64 billion in 2024, with net income attributable of $185.0 million ($0.46 per ADS), up from $43.5 million in 2024.

Financial highlights

• Adjusted Property EBITDA for Q4 2025 was $331.3 million, up from $295.2 million in Q4 2024.

• Full year Adjusted Property EBITDA was $1.43 billion, compared to $1.22 billion in 2024.

• Casino revenues for Q4 2025 were $1.07 billion, up from $972 million in Q4 2024; full year casino revenues were $4.25 billion, up from $3.77 billion.

• Q4 2025 depreciation and amortization costs were $140.9 million.

• Q4 2025 total net non-operating expenses were $114.6 million, mainly interest expense.

Outlook and guidance

• Enhancement projects at City of Dreams in Macau and Studio City are ongoing, with capital expenditures of $82.3 million in Q4 2025.

• Additional repayments of revolving credit facilities planned for February 2026.