Luxury hotels and casino operator Wynn Resorts (NASDAQ: WYNN) announced better-than-expected revenue in Q1 CY2026, with sales up 9.2% year on year to $1.86 billion. Its non-GAAP profit of $1.25 per share was 5.5% above analysts’ consensus estimates.
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Wynn Resorts (WYNN) Q1 CY2026 Highlights:
- Revenue: $1.86 billion vs analyst estimates of $1.82 billion (9.2% year-on-year growth, 1.8% beat)
- Adjusted EPS: $1.25 vs analyst estimates of $1.18 (5.5% beat)
- Adjusted EBITDA: $468.9 million vs analyst estimates of $565.6 million (25.3% margin, 17.1% miss)
- Operating Margin: 15.2%, in line with the same quarter last year
- Market Capitalization: $11.03 billion
"Our first quarter results reflect the strength of Wynn's business across all of our markets," said Craig Billings, CEO of Wynn Resorts, Limited.
Company Overview
Founded by the former Mirage Resorts CEO, Wynn Resorts (NASDAQ: WYNN) is a global developer and operator of high-end hotels and casinos, known for its luxurious properties and premium guest services.
Revenue Growth
Reviewing a company’s long-term sales performance reveals insights into its quality. Any business can put up a good quarter or two, but many enduring ones grow for years. Over the last five years, Wynn Resorts grew its sales at a 31.2% compounded annual growth rate. Though this growth is acceptable on an absolute basis, we need to see more than just topline growth for the consumer discretionary sector, which can display significant earnings volatility. This means our bar for the sector is particularly high, reflecting the non-essential and hit-driven nature of the products and services offered. Additionally, five-year CAGR starts around Covid, when revenue was depressed then rebounded.
We at StockStory place the most emphasis on long-term growth, but within consumer discretionary, a stretched historical view may miss a company riding a successful new product or trend. Wynn Resorts’s recent performance shows its demand has slowed as its annualized revenue growth of 2.3% over the last two years was below its five-year trend. We’re wary when companies in the sector see decelerations in revenue growth, as it could signal changing consumer tastes aided by low switching costs. Note that COVID hurt Wynn Resorts’s business in 2020 and part of 2021, and it bounced back in a big way thereafter. 
We can better understand the company’s revenue dynamics by analyzing its three most important segments: Casino, Hotel, and Dining and Entertainment, which are 63.4%, 15.6%, and 14% of revenue. Over the last two years, Wynn Resorts’s Casino revenue (Poker, slots) averaged 5.3% year-on-year growth while its Hotel (overnight bookings) and Dining and Entertainment (food, beverage, Wynn Interactive) revenues averaged declines of 4.8% and 2%. 
This quarter, Wynn Resorts reported year-on-year revenue growth of 9.2%, and its $1.86 billion of revenue exceeded Wall Street’s estimates by 1.8%.
Looking ahead, sell-side analysts expect revenue to grow 2.3% over the next 12 months, similar to its two-year rate. This projection doesn't excite us and indicates its newer products and services will not catalyze better top-line performance yet.
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Operating Margin
Operating margin is an important measure of profitability as it shows the portion of revenue left after accounting for all core expenses – everything from the cost of goods sold to advertising and wages. It’s also useful for comparing profitability across companies with different levels of debt and tax rates because it excludes interest and taxes.
Wynn Resorts’s operating margin has more or less stayed the same over the last 12 months , and we generally like to see margin increases due to economies of scale and cost efficiency over time.
In Q1, Wynn Resorts generated an operating margin profit margin of 15.2%, in line with the same quarter last year. This indicates the company’s overall cost structure has been relatively stable.
Earnings Per Share
We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company’s growth is profitable.
Wynn Resorts’s full-year EPS flipped from negative to positive over the last five years. This is encouraging and shows it’s at a critical moment in its life.
In Q1, Wynn Resorts reported adjusted EPS of $1.25, up from $1.07 in the same quarter last year. This print beat analysts’ estimates by 5.5%. Over the next 12 months, Wall Street expects Wynn Resorts’s full-year EPS of $4.37 to grow 9%.
Key Takeaways from Wynn Resorts’s Q1 Results
It was encouraging to see Wynn Resorts beat analysts’ revenue expectations this quarter. We were also glad its EPS outperformed Wall Street’s estimates. On the other hand, its EBITDA missed. Overall, this quarter could have been better. The stock traded down 2.3% to $105.15 immediately following the results.
Is Wynn Resorts an attractive investment opportunity right now? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).
