Wynn Resorts Q3 2026 earnings review

Adjusted EPS of $0.33 missed the Zacks consensus as revenue fell 7.9%.

Wynn Resorts, Limited · Q3 2026 · Published Nov 6, 2026 · By DeepCell AI · Sources

Wynn Resorts Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Wynn Resorts (WYNN) Q3 2026 earnings review

Adjusted EPS of $0.33 missed the Zacks consensus as revenue fell 7.9%

  1. 1.Operating revenues fell 7.9% to $1,689.1M
  2. 2.Adjusted Property EBITDAR fell 18.6% to $464.2M
  3. 3.Adjusted EPS of $0.33 missed Zacks at $0.58; diluted EPS was $0.17
  4. 4.Shares were $77.45 after-hours, -2.4% vs. the Nov 5 close of $79.32

Note: EBITDAR is earnings before interest, taxes, depreciation, amortization and rent. After-hours is 6:35 PM EST Nov 5, not a close. Revenue consensus figure was not verified with a named provider.Source: Wynn Resorts earnings release, Nov 5, 2026; Zacks, Nov 5, 2026; Yahoo Finance Nov 4-5 closes; CNBC after-hours 6:35 PM EST Nov 5; analysis of company data

2

2 · Executive summary

Adjusted EPS of $0.33 missed the Zacks Consensus Estimate of $0.58

Q3 2026 results vs. Zacks Consensus Estimate, Nov 5, 2026

MetricActualConsensusVarianceResult
Adjusted diluted EPS vs. Zacks$0.33$0.58-$0.25 / -43.1%Miss

Share price, Nov 4–5, 2026 (Yahoo Finance closes; CNBC after-hours)

MeasureNov 4 closeNov 5 closeNov 5 after-hoursAH vs. close
Wynn Resorts (Nasdaq)$82.38$79.32$77.45-$1.87 / -2.4%

Note: After-hours is not a close. Zacks also said revenues lagged estimates; the exact revenue consensus figure was not verified here.Source: Wynn Resorts earnings release, Nov 5, 2026; Zacks, Nov 5, 2026; Yahoo Finance Nov 4-5 closes; CNBC after-hours 6:35 PM EST Nov 5; analysis of company data

3

3 · Q3 results vs. consensus

Revenue fell 7.9%, and net income fell 80.4% to $17.3M

  1. Hold rate hurt Las VegasLas Vegas table games win percentage was 18.9%, below the 22% to 26% expected range.
  2. Macau demand was softerWynn Palace revenue fell 8.1%; Wynn Macau fell 8.2%.
  3. Dividend maintainedThe board declared a $0.25 quarterly cash dividend.

Key figures in $M and YoY % for Q3 2026 vs. Q3 2025

$M unless notedQ3 2025Q3 2026YoY
Operating revenues$1,833.7M$1,689.1M(7.9%)
Adjusted Property EBITDAR$570.1M$464.2M(18.6%)
Net income attributable to Wynn$88.3M$17.3M(80.4%)
Diluted EPS$0.85$0.17(80.0%)
Adjusted diluted EPS$0.86$0.33(61.6%)

Note: EBITDAR is earnings before interest, taxes, depreciation, amortization and rent. Adjusted Property EBITDAR and adjusted EPS are company non-GAAP measures.Source: Wynn Resorts earnings release, Nov 5, 2026; analysis of company data

4

4 · Q3 key financials

Las Vegas revenue fell 7.4% and Palace revenue fell 8.1%

Revenue and Adjusted Property EBITDAR by property

$M unless noted, Q3 2025 vs. Q3 2026

PropertyRevenue Q3 26Rev YoYEBITDAR Q3 26EBITDAR YoY
Wynn Palace$583.8M-8.1%$165.8M-17.2%
Wynn Macau$335.4M-8.2%$89.5M-17.1%
Las Vegas Operations$575.2M-7.4%$158.8M-21.9%
Encore Boston Harbor$194.7M-8.1%$50.1M-14.1%
Total$1,689.1M-7.9%$464.2M-18.6%
Las Vegas EBITDAR fell 21.9% on a below-range hold rate“Our third quarter results demonstrated strong operational discipline from the teams in each of our regions.” Craig Billings, CEO

Note: EBITDAR is earnings before interest, taxes, depreciation, amortization and rent. Property EBITDAR is Adjusted Property EBITDAR. Totals match consolidated figures.Source: Wynn Resorts earnings release, Nov 5, 2026; analysis of company data

5

5 · Segment results

Every property cut revenue; Las Vegas and Palace supplied most of the ($144.7M) decline

Revenue change by property

$M, Q3 2025 to Q3 2026

$M · Wynn Palace: ($51.7M)$M · Wynn Macau: ($30.1M)$M · Las Vegas: ($45.9M)$M · Boston: ($17.1M)$M · Total: ($144.7M)Wynn PalaceWynn MacauLas VegasBostonTotal-$160.0M-$100.0M-$50.0M$20.0M($51.7M)($30.1M)($45.9M)
Las Vegas revenue fell ($45.9M)

Note: Bars are each property’s YoY revenue change and sum to the total.Source: Wynn Resorts earnings release, Nov 5, 2026; analysis of company data

6

6 · Revenue bridge

Adjusted Property EBITDAR fell 18.6% to $464.2M

EBITDAR change by property

$M, Q3 2025 to Q3 2026

$M · Wynn Palace: ($34.5M)$M · Wynn Macau: ($18.5M)$M · Las Vegas: ($44.6M)$M · Boston: ($8.3M)$M · Total: ($105.9M)Wynn PalaceWynn MacauLas VegasBostonTotal-$120.0M-$100.0M-$75.0M-$50.0M-$25.0M$0.0M$20.0M($34.5M)($18.5M)($44.6M)($8.3M)($105.9M)
Las Vegas EBITDAR fell ($44.6M), the largest property decline

Note: EBITDAR is earnings before interest, taxes, depreciation, amortization and rent. Bars are each property’s YoY Adjusted Property EBITDAR change.Source: Wynn Resorts earnings release, Nov 5, 2026; analysis of company data

7

7 · EBITDAR bridge

Net income attributable to Wynn fell to $17.3M from $88.3M

Net income bridge

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $88.3M$M · Operating income: ($132.3M)$M · Below operating: $61.2M$M · Q3 2026: $17.3MQ3 2025Operating incomeBelow operatingQ3 2026$0.0M$25.0M$50.0M$75.0M$100.0M$120.0M$88.3M$61.2M$17.3M
Operating income fell ($132.3M)

Note: Below-operating combines interest, derivatives, other items, tax and noncontrolling interests.Source: Wynn Resorts earnings release, Nov 5, 2026; analysis of company data

8

8 · Net income bridge

Adjusted Property EBITDAR margin was 27.5%, down from 31.1%

Margin rates

% of operating revenues, Q3 2025 vs. Q3 2026

Adjusted Property EBITDAR · Q3 2025: 31.1%Adjusted Property EBITDAR · Q3 2026: 27.5%Operating margin · Q3 2025: 16.9%Operating margin · Q3 2026: 10.6%Q3 2025Q3 20260.0%10.0%20.0%35.0%31.1%27.5%16.9%10.6%

Adjusted Property EBITDAROperating margin

Operating margin was 10.6% vs. 16.9% a year earlier

Note: EBITDAR is earnings before interest, taxes, depreciation, amortization and rent. Both margins use operating revenues as the denominator.Source: Wynn Resorts earnings release, Nov 5, 2026; analysis of company data

9

9 · Margin analysis

10 · EBITDAR trend

The company repurchased $58.1M of stock and declared a $0.25 dividend

Capital returns and development

$M unless noted, Q3 2026

ItemAmount
Share repurchases$58.1M
Repurchase authority remaining$268.0M
Quarterly dividend per share$0.25
Cash to Al Marjan JV, Q3$62.2M
Life-to-date Al Marjan cash$1.12B
Wynn Al Marjan Island is planned to open in September 2027

Note: Repurchase average price was $92.61 per the release. Al Marjan is a 40%-owned joint venture.Source: Wynn Resorts earnings release, Nov 5, 2026; analysis of company data

11

11 · Capital returns

Total debt was $10.73B and cash was $1.64B at Sep 30

Cash and debt at Sep 30, 2026

$M

$MSep 30, 2026
Cash and cash equivalents$1,640.0M
Short-term investments at WML (excluded from cash)$150.2M
Total current and long-term debt$10,730.0M
Revolver availability was $1.03B (WRF) and $1.35B (WM Cayman II)

Note: Dec 31, 2025 cash and debt were not restated in the Q3 release. Revolver figures are company-provided.Source: Wynn Resorts earnings release, Nov 5, 2026; analysis of company data

12

12 · Balance sheet and debt

Las Vegas hold of 18.9% sat below the 22% to 26% expected range

Selected property operating notes, Q3 2026

As disclosed in the release

PropertyNote
Las VegasTable games win 18.9% vs. 22%–26% expected range
Wynn PalaceVIP win 3.82% of turnover, above 3.1%–3.4% expected
Wynn MacauVIP win 4.88% of turnover, above 3.1%–3.4% expected
Encore Boston HarborManaging through a strike that began in early September
Al Marjan IslandPlanned September 2027 opening
Boston revenue fell 8.1% amid the strike

Note: The company did not issue numerical forward guidance in the release.Source: Wynn Resorts earnings release, Nov 5, 2026; analysis of company data

13

13 · Property operating notes

Adjusted Property EBITDAR margin compressed to 27.5% from 31.1%

Indicator
What to watch
Implication
Q3 reading
Las Vegas hold
Win-rate variance
EBITDAR swing
Table win -21.9% YoY on EBITDAR
Macau volumes
VIP and mass demand
Revenue pressure
Palace rev -8.1%
Boston labor
Strike duration
Property profit
Boston EBITDAR -14.1%
Leverage
$10.73B debt
Interest burden
Debt $10.73B

Note: EBITDAR is earnings before interest, taxes, depreciation, amortization and rent. These are analytical watch points, not company targets.Source: Wynn Resorts earnings release, Nov 5, 2026; analysis of company data

14

14 · Key risks

15 · Appendix: Palace and Macau

16 · Appendix: Las Vegas and Boston

17 · Appendix: Non-GAAP items

18 · Appendix: Revenue mix

Appendix: income and EBITDAR detail

Income statement highlights, $M and YoY %

$M unless notedQ3 2025Q3 2026YoY
Operating revenues$1,833.7M$1,689.1M(7.9%)
Operating income$310.5M$178.2M(42.6%)
Net income to Wynn$88.3M$17.3M(80.4%)
Adjusted Property EBITDAR$570.1M$464.2M(18.6%)

EPS, $

$M unless notedQ3 2025Q3 2026YoY
Diluted EPS$0.85$0.17(80.0%)
Adjusted diluted EPS$0.86$0.33(61.6%)

Note: EBITDAR is earnings before interest, taxes, depreciation, amortization and rent. Adjusted measures exclude pre-opening, property charges, derivatives, debt financing losses and related tax and NCI effects per the company definition.Source: Wynn Resorts earnings release, Nov 5, 2026; analysis of company data

19

19 · Appendix: Income detail

Appendix: sources

  • Earnings release (PR Newswire), Nov 5, 2026, 4:01 PM ET — https://www.prnewswire.com/news-releases/wynn-resorts-limited-reports-third-quarter-2026-results-302931200.html
  • Company site — http://www.wynnresorts.com
  • Q3 adjusted EPS consensus: Zacks, Nov 5, 2026 — https://www.zacks.com/stock/news/3024840/wynn-resorts-wynn-q3-earnings-and-revenues-lag-estimates
  • Share price: Yahoo Finance WYNN Nov 4 and Nov 5 closes; CNBC after-hours $77.45 at 6:35 PM EST Nov 5, not a close — https://finance.yahoo.com/quote/WYNN/history/
  • Revenue consensus: Zacks said revenues lagged estimates, but the exact consensus revenue figure was not verified this turn.
  • Dec 31, 2025 cash and debt were not restated in the Q3 release.

Built with DeepCell / deepcell.net

20

20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Wynn Resorts' Nov 5, 2026 earnings release. Consensus estimates (Zacks) and share prices (Yahoo Finance, CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Forward-looking statements. Company plans and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Non-GAAP measures. Adjusted Property EBITDAR, adjusted net income and adjusted EPS follow Wynn Resorts' own definitions and are reconciled to GAAP in its release. They may not be comparable with other companies' measures.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Wynn Resorts, Limited. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. The analysis reflects information available on November 5, 2026, with share prices through the Nov 5 after-hours session.

Built with DeepCell / deepcell.net

21

21 · Disclosures

Sources

Not investment advice; no rating or price target.

Built in DeepCell Every figure on these slides opens its formula and its source. See how a review like this is made.

Share this review

Send the link: it opens with the picture below, and every number on the page still opens its formula and source. The picture is free to download and share.

Post on XShare on LinkedIn

More earnings reviews

All earnings reviews