# Wynn Resorts, Limited (WYNN)

> Source: Nexqual · https://nexqual.com/WYNN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Wynn Resorts, Limited (WYNN), nexqual.com/WYNN" · informational, not investment advice.

**Price:** USD 75.13 (-0.83% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 75.76 · day 73.3–76.11 · 52w 73.07–134.72 · market cap $7.74B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $7.41B, net income $449M (6.1% margin), free cash flow $792M (SEC filings).
- Valuation: P/E 17.2x (avg 23.8x at the last 3 fiscal year-ends), EV/EBITDA 9.4x, net debt $9.15B.
- Earnings quality: non-operating income -$472M vs operating income $1.17B over the last four quarters; P/E excluding non-operating income ≈9.1x (estimate: non-operating income taxed at the company's 15.8% effective rate).
- Analysts: Buy (mean 1.81 on a 1–5 scale) (21 analysts), mean target USD 121.65 (range 102–138).
- Total return with dividends: 1Y -39.5% vs S&P 500 +14.9%; 5Y -12.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.61, revenue estimate $1.76B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.76B | $3.76B | $6.53B | $7.13B | $7.14B | $7.41B |
| Operating income | -$395M | -$101M | $840M | $1.13B | $1.12B | $1.17B |
| Net income | -$756M | -$424M | $730M | $501M | $327M | $449M |
| EPS (diluted) | -$6.64 | -$3.73 | $6.32 | $4.35 | $3.14 | — |
| Free cash flow | -$513M | -$371M | $805M | $1.01B | $692M | $792M |
| Operating margin | -10.5% | -2.7% | 12.9% | 15.9% | 15.7% | 15.7% |
| Net margin | -20.1% | -11.3% | 11.2% | 7.0% | 4.6% | 6.1% |
| Revenue growth | +79.6% | -0.2% | +73.9% | +9.1% | +0.1% | — |
| Cash + short-term investments | $2.52B | $3.65B | $2.88B | $2.43B | $1.46B | — |
| Total debt | $11.9B | $12.1B | $11.7B | $10.5B | $10.5B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 17.2x · P/E ex non-operating (est.) ≈9.1x · P/S 1.0x · EV/EBITDA 9.4x · EV/Sales 2.3x · P/FCF 9.8x · FCF yield 10.24% · Earnings yield 5.80% · Dividend yield (paid, TTM) 2.34% · Buyback yield (TTM) 2.17% · Net debt $9.15B · EV $16.9B
P/E at fiscal year-ends: Dec 2025 38.3x, Dec 2024 19.0x, Dec 2023 14.1x.

## Analysts
Consensus Buy (mean 1.81 on a 1–5 scale), 21 analysts; mean target USD 121.65 (low 102, high 138).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | JP Morgan | Target lowered | Overweight | $134 → $115 |
| 2026-10-20 | Stifel | Target lowered | Buy | $143 → $120 |
| 2026-10-20 | Truist Securities | Target lowered | Buy | $125 → $110 |
| 2026-10-19 | Morgan Stanley | Target lowered | Overweight | $128 → $120 |
| 2026-10-19 | Wells Fargo | Target lowered | Overweight | $131 → $125 |
| 2026-10-12 | Citigroup | Target lowered | Buy | $135 → $103 |
| 2026-10-09 | Barclays | Target lowered | Overweight | $136 → $128 |
| 2026-10-07 | Macquarie | Target lowered | Outperform | $143 → $132 |
| 2026-09-11 | UBS | Target lowered | Buy | $145 → $138 |
| 2026-09-02 | Wolfe Research | Initiated | Outperform | $128 |
| 2026-08-06 | Argus Research | Target raised | Buy | $115 → $130 |
| 2026-08-05 | Macquarie | Maintained | Outperform | $143 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -39.5% | -12.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -39.6% | -2.7% |
| Volatility (annualized) | 31.6% | 39.1% |
| Max drawdown | -44.2% (Dec 2025→Oct 2026) | -43.3% (Nov 2021→Jun 2022) |

## Peers (Resorts & Casinos)
MGM (MGM Resorts International) USD 29.5 +2.18% · CZR (Caesars Entertainment, Inc.) USD 29.07 +0.59% · MTN (Vail Resorts, Inc.) USD 148.23 +0.83% · BYD (Boyd Gaming Corporation) USD 72.27 +2.35% · RRR (Red Rock Resorts, Inc.) USD 50.43 +2.38% · VAC (Marriott Vacations Worldwide Co) USD 112.93 -0.16%

## More
Full page: https://nexqual.com/WYNN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Las Vegas Operations | $643.2M | 34.6% | +0.7% |
| Encore Boston Harbor | $209.3M | 11.3% | -3.0% |
| Total revenue | $1.86B | 100% | — |
The lines above cover 45.9% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Casino | $1.18B | 63.3% | +11.7% |
| Rooms | $290.3M | 15.6% | -0.3% |
| Food and beverage | $264.3M | 14.2% | +1.3% |
| Entertainment, retail and other | $127.0M | 6.8% | -5.1% |
| Total revenue | $1.86B | 100% | — |

## Company outlook (8-K filed 2026-08-04)

- "VIP table games win as a percentage of turnover was 2.97%, below the property's expected range of 3.1% to 3.4% and above the 2.86% experienced in the second quarter of 2025. 1 Wynn Macau Operating revenues from Wynn Macau were $351.1 million for the second quarter of 2026, an increase of $7.3 million from $343.8 million for the second quarter of 2025."
- "VIP table games win as a percentage of turnover was 2.58%, below the property's expected range of 3.1% to 3.4% and below the 3.41% experienced in the second quarter of 2025."
- "Table games win percentage for the second quarter of 2026 was 23.9%, within the property's expected range of 22% to 26% and above the 21.8% experienced in the second quarter of 2025."
- "Table games win percentage for the second quarter of 2026 was 18.1%, within the property's expected range of 18% to 22% and below the 21.3% experienced in the second quarter of 2025."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.61 | $0.96 | -36.7% | $1.76B | 13 |
| Next quarter (ends 2026-12-31) | $1.11 | $1.29 | -14.0% | $1.93B | 14 |
| Current fiscal year (ends 2026-12-31) | $4.32 | $4.64 | -6.8% | $7.41B | 17 |
| Next fiscal year (ends 2027-12-31) | $4.38 | $5.02 | -12.8% | $7.65B | 10 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-05): ±9.4%; earnings reaction alone ±7.1%; last 8 reports averaged ±4.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 39.0% | ±4.6% |
| 2026-11-06 | 14 | 58.5% | ±9.4% |
| 2026-11-13 | 21 | 51.3% | ±10.0% |
| 2026-11-20 | 28 | 49.4% | ±11.1% |
| 2026-11-27 | 35 | 44.0% | ±11.0% |
| 2026-12-04 | 42 | 41.8% | ±11.4% |
| 2026-12-18 | 56 | 44.8% | ±14.0% |
| 2027-01-15 | 84 | 40.0% | ±15.3% |