Monarch Casino & Resort reported net revenue of $140.0 million for Q4 2025, up 4.1% from $134.5 million a year earlier, and full-year net revenue of $545.1 million, a 4.4% increase over 2024. Adjusted EBITDA climbed 9.6% in the quarter to $51.8 million and rose 10.4% for the year to $199.1 million. Fourth-quarter adjusted EBITDA margin expanded by 185 basis points to 37.0%, while full-year margin improved by 197 basis points to 36.5%. Net income for the quarter surged to $22.9 million from $4.2 million in Q4 2024, lifting diluted EPS to $1.25 versus $0.22, and full-year net income reached $101.4 million, up 39.3%, with diluted EPS of $5.43 compared to $3.84 in 2024.

Casino revenue grew 5.3% year-over-year in Q4, driven by stronger table games and slot machine yields, while food & beverage revenue increased 4.8%. Hotel revenue dipped 1.9% due to lower average daily rates at the Black Hawk property. Operating expense ratios improved across segments: casino expense as a percentage of revenue fell to 35.8% from 36.8%, food & beverage expense declined to 70.0% from 73.4%, and SG&A expense as a share of net revenue tightened to 19.9% from 20.7%, reflecting enhanced labor management and procurement strategies.

At year-end, Monarch held $96.5 million in cash and cash equivalents with no borrowings under its credit facility. Capital expenditures of $3.4 million in Q4 were funded by operating cash flow and focused on maintenance at Atlantis and Monarch Black Hawk. The company paid a quarterly dividend of $0.30 per share in December and repurchased 445,715 shares for $41.0 million during the quarter, bringing full-year repurchases to 797,279 shares for $72.2 million. Remaining share-buyback authorization stands at approximately 1.15 million shares.

Q4 2025 results included $7.0 million of non-cash charges related to interest and legal costs from the ongoing PCL Construction judgment appeal, impacting EPS by $0.30. Full-year litigation expenses totaled $8.2 million, including accruals for other legal proceedings. Despite these items, management highlighted sustained market share gains at both properties, committed to further luxury enhancements, and emphasized free cash flow generation as a driver of future dividends, share repurchases and potential strategic acquisitions.