Revenue growth has plateaued into a 0.8% contraction as of 2026Q1, while gross margins have experienced significant volatility, compressing from 53.8% in 2025Q3 to 37.0% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 301.74M | 302.38M | 292.06M | 241.06M | 163.28M | 180.16M | 125.59M | 165.43M | 163.88M | 161.27M | 145.99M | 124.59M | 121.42M | 144.73M | 128.76M | 105.46M | 32.9M | 19.01M | 9.67M | 9.56M | 3.86M | 3.7M | 3.59M | 3.34M | 4.82M | 5M | 3.92M | 3.6M | 4.6M | 8.3M | 7.7M |
| Revenue Growth % | 1.53% | 3.53% | 21.16% | 47.64% | -9.37% | 43.45% | -24.08% | 0.95% | 1.62% | 10.46% | 17.18% | 2.61% | -16.1% | 12.4% | 22.09% | 220.58% | 73.02% | 96.58% | 1.13% | 147.77% | 4.3% | 3.21% | 7.4% | -30.7% | -3.56% | 27.35% | 8.97% | -21.74% | -44.58% | 7.79% | 37.5% |
| Cost of Goods Sold | 167.44M | 188.88M | 142.17M | 109.64M | 73.36M | 74.73M | 59.18M | 94.83M | 92.43M | 91.84M | 80.46M | 68.72M | 67.18M | 77.86M | 74.56M | 51.44M | 4.18M | 4.24M | 4.72M | 4.19M | 75.08K | 76.96K | 102.26K | 0 | 0 | 122.44K | 528.9K | 300K | 700K | 3.4M | 3.9M |
| COGS % of Revenue | - | 62.46% | 48.68% | 45.48% | 44.93% | 41.48% | 47.12% | 57.32% | 56.4% | 56.95% | 55.11% | 55.16% | 55.33% | 53.8% | 57.91% | 48.78% | 12.69% | 22.31% | 48.81% | 43.8% | 1.95% | 2.08% | 2.85% | - | - | 2.45% | 13.48% | 8.33% | 15.22% | 40.96% | 50.65% |
| Gross Profit | 134.3M | 113.5M | 149.9M | 131.42M | 89.92M | 105.43M | 66.41M | 70.61M | 71.46M | 69.43M | 65.53M | 55.87M | 54.24M | 66.8M | 54.2M | 54.02M | 28.72M | 14.77M | 4.95M | 5.38M | 3.86M | 3.7M | 3.59M | 3.34M | 4.82M | 4.87M | 3.39M | 3.3M | 3.9M | 4.9M | 3.8M |
| Gross Margin % | 44.51% | 37.54% | 51.32% | 54.52% | 55.07% | 58.52% | 52.88% | 42.68% | 43.6% | 43.05% | 44.89% | 44.84% | 44.67% | 46.15% | 42.09% | 51.22% | 87.31% | 77.69% | 51.19% | 56.2% | 100% | 100% | 100% | 100% | 100% | 97.54% | 86.52% | 91.67% | 84.78% | 59.04% | 49.35% |
| Gross Profit Growth % | - | -24.28% | 14.06% | 46.15% | -14.71% | 58.76% | -5.94% | -1.19% | 2.93% | 5.95% | 17.29% | 3% | -18.79% | 23.24% | 0.33% | 88.07% | 94.45% | 198.34% | -7.89% | 39.25% | 4.3% | 3.21% | 7.4% | -30.7% | -1.13% | 43.58% | 2.85% | -15.38% | -20.41% | 28.95% | 137.5% |
| Operating Expenses | 129.29M | 109.71M | 147.15M | 132.58M | 77.24M | 67.88M | 55.94M | 64.39M | 64.03M | 62.36M | 59M | 50.82M | 68.12M | 63.93M | 4.56M | 29.93M | 5.18M | 6.18M | 1.34M | 3.56M | 2.71M | 2.61M | 2.01M | 2.73M | 2.95M | 7.89M | 2.43M | 4.5M | 2.9M | 3.1M | 2.9M |
| OpEx % of Revenue | - | 36.28% | 50.38% | 55% | 47.3% | 37.68% | 44.54% | 38.92% | 39.07% | 38.67% | 40.41% | 40.79% | 56.1% | 44.17% | 3.54% | 28.38% | 15.75% | 32.53% | 13.81% | 37.19% | 70.1% | 70.58% | 56.16% | 81.67% | 61.17% | 157.97% | 61.99% | 125% | 63.04% | 37.35% | 37.66% |
| Selling, General & Admin | 80.19M | 109.71M | 104.12M | 85.75M | 69.26M | 59.98M | 47.59M | 56.05M | 54.71M | 53.47M | 49.76M | 41.88M | 46.68M | 50.45M | 37M | 25.43M | 6.43M | 6.47M | 6.26M | 6.81M | 3.8M | 2.34M | 1.65M | 1.86M | 1.78M | 1.64M | 1.85M | 2.2M | 2.1M | 2.5M | 2.4M |
| SG&A % of Revenue | - | 36.28% | 35.65% | 35.57% | 42.42% | 33.29% | 37.89% | 33.88% | 33.39% | 33.16% | 34.08% | 33.62% | 38.45% | 34.86% | 28.74% | 24.11% | 19.55% | 34.05% | 64.74% | 71.21% | 98.34% | 63.28% | 46.1% | 55.65% | 36.86% | 32.89% | 47.06% | 61.11% | 45.65% | 30.12% | 31.17% |
| Research & Development | 33K | 0 | 368K | 53K | 0 | 0 | 0 | 0 | 843K | 284K | 1.31M | 891K | 296K | 67K | 1.86M | 792.75K | 423.16K | 218.35K | 151.12K | 431.44K | 513.18K | 1.24M | 1.07M | 692.4K | 954.06K | 1.08M | 0 | 1.6M | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 0.13% | 0.02% | - | - | - | - | 0.51% | 0.18% | 0.9% | 0.72% | 0.24% | 0.05% | 1.45% | 0.75% | 1.29% | 1.15% | 1.56% | 4.51% | 13.29% | 33.37% | 29.75% | 20.74% | 19.8% | 21.68% | - | 44.44% | - | - | - |
| Other Operating Expenses | 2M | 0 | 42.66M | 46.78M | 7.97M | 7.89M | 8.35M | 8.34M | 8.48M | 8.6M | 8.27M | 7.9M | 21.1M | 13.41M | -6K | 3.7M | -1.67M | 2.09M | -5.66M | 1.02M | -1.6M | -965K | 102.26K | 176.56K | 216.55K | 5.17M | 586.48K | 700K | 800K | 600K | 500K |
| Operating Income | 5.01M | 3.79M | 2.75M | -1.16M | 12.68M | 37.55M | 10.48M | 6.22M | 7.43M | 7.06M | 6.19M | 5.04M | -13.84M | 2.96M | 49.64M | 19.17M | 23.54M | 8.59M | 3.62M | 1.82M | 1.16M | -3.65M | 1.57M | 612.24K | 1.87M | -3.02M | 962.25K | -1.2M | 1M | 1.8M | 900K |
| Operating Margin % | 1.66% | 1.25% | 0.94% | -0.48% | 7.77% | 20.84% | 8.34% | 3.76% | 4.53% | 4.38% | 4.24% | 4.05% | -11.4% | 2.05% | 38.55% | 18.18% | 71.55% | 45.16% | 37.38% | 19.01% | 29.92% | -98.73% | 43.84% | 18.34% | 38.83% | -60.43% | 24.53% | -33.22% | 21.74% | 21.69% | 11.69% |
| Operating Income Growth % | - | 37.67% | 336.66% | -109.16% | -66.23% | 258.48% | 68.53% | -16.29% | 5.23% | 14.02% | 22.7% | 136.45% | -567.5% | -94.04% | 158.9% | -18.55% | 174.16% | 137.51% | 98.84% | 57.4% | 131.61% | -332.44% | 156.76% | -67.28% | 161.97% | -413.75% | 180.46% | -219.6% | -44.44% | 100% | 139.13% |
| EBITDA | 47.52M | 46.4M | 44.85M | 29.93M | 20.61M | 44.77M | 18.14M | 14.55M | 15.82M | 15.66M | 14.12M | 12.94M | -4.66M | 12.35M | 56.52M | 26.18M | 24.59M | 9.66M | 4.83M | 2.83M | 1.23M | -3.58M | 1.67M | 788.8K | 2.09M | -2.45M | 1.55M | -496K | 1.8M | 2.4M | 1.4M |
| EBITDA Margin % | 15.75% | 15.34% | 15.36% | 12.42% | 12.62% | 24.85% | 14.45% | 8.79% | 9.66% | 9.71% | 9.67% | 10.38% | -3.83% | 8.53% | 43.9% | 24.82% | 74.74% | 50.79% | 49.93% | 29.63% | 31.87% | -96.65% | 46.69% | 23.62% | 43.33% | -48.97% | 39.48% | -13.78% | 39.13% | 28.92% | 18.18% |
| EBITDA Growth % | 2.9% | 3.44% | 49.85% | 45.2% | -53.96% | 146.79% | 24.71% | -8.06% | 1.05% | 10.92% | 9.12% | 377.92% | -137.7% | -78.15% | 115.94% | 6.45% | 154.61% | 99.98% | 70.4% | 130.39% | 134.39% | -313.65% | 112.25% | -62.21% | 185.32% | -257.98% | 412.24% | -127.56% | -25% | 71.43% | 227.27% |
| D&A (Non-Cash Add-back) | 42.51M | 42.61M | 42.1M | 31.09M | 7.93M | 7.22M | 7.67M | 8.33M | 8.4M | 8.6M | 7.93M | 7.89M | 9.18M | 9.39M | 6.88M | 7M | 1.05M | 1.07M | 1.21M | 1.02M | 75.08K | 76.96K | 102.26K | 176.56K | 216.55K | 572.37K | 586.48K | 700K | 800K | 600K | 500K |
| EBIT | 4.27M | 3.79M | 526K | 167K | 12.72M | 38.23M | 11.16M | 6.22M | 5.47M | 4.8M | 3.96M | 3.44M | -15.56M | 2.94M | 47.92M | 18.67M | 23.66M | 8.97M | 3.79M | 2.37M | 1.16M | 1.09M | 1.57M | 612.24K | 1.87M | -3.02M | 962.25K | -1.2M | 1M | 1.8M | 900K |
| Net Interest Income | -22.06M | -42.74M | -43.2M | -22.98M | -22.99M | -22.31M | -9.82M | -10.73M | -10.16M | -10.86M | -9.49M | -6.71M | -6.27M | -7.27M | -2.73M | -2.84M | 62.38K | 215.19K | -361K | -525K | -101K | -86.78K | 0 | -68.89K | 0 | 0 | -317K | 0 | 0 | 0 | 0 |
| Interest Income | 106K | 0 | 763K | 3.74M | 1.35M | 0 | 0 | 0 | 146K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 120.75K | 389.01K | 171.96K | 745.66K | 88.33K | 60.63K | 0 | 30.28K | 0 | 0 | 11.62K | 0 | 0 | 0 | 0 |
| Interest Expense | 22.17M | 42.74M | 43.96M | 26.71M | 24.34M | 22.31M | 9.82M | 10.73M | 10.31M | 10.86M | 9.49M | 6.71M | 6.27M | 7.27M | 2.73M | 2.84M | 58.37K | 173.82K | 532.5K | 1.27M | 189.54K | 147.41K | 0 | 99.17K | 0 | 0 | 328.38K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -43.14M | -43.45M | -43.2M | -22.59M | -27.52M | -25.41M | -10.42M | -11.96M | -11.32M | -12.23M | -10.65M | -6.7M | -8M | -7.26M | -4.45M | -3.34M | 62.38K | 215.19K | -361K | -723K | 22.38K | -86.78K | -97.42K | -68.89K | -41.72K | -278K | -317K | -104K | 0 | -500K | -800K |
| Pretax Income | -38.14M | -39.67M | -40.45M | -23.75M | -14.84M | 12.14M | 55K | -5.74M | -3.9M | -5.18M | -4.46M | -1.66M | -21.83M | -4.32M | 45.19M | 15.83M | 23.6M | 8.8M | 3.25M | 1.09M | 1.18M | 1M | 1.48M | 543.35K | 1.83M | -3.3M | 645.48K | -1.3M | 1M | 1.3M | 100K |
| Pretax Margin % | -12.64% | -13.12% | -13.85% | -9.85% | -9.09% | 6.74% | 0.04% | -3.47% | -2.38% | -3.21% | -3.06% | -1.33% | -17.98% | -2.99% | 35.1% | 15.01% | 71.74% | 46.29% | 33.65% | 11.45% | 30.49% | 27.07% | 41.13% | 16.27% | 37.96% | -65.99% | 16.45% | -36.11% | 21.74% | 15.66% | 1.3% |
| Income Tax | 444K | 530K | 221K | 1.15M | -31K | 435K | -92K | 80K | 476K | -150K | 630K | -342K | -988K | -361K | 15.18M | 3.24M | 5.74M | 3.19M | 1.31M | 441.02K | 537.22K | 793.68K | 697.55K | 350.15K | 873.53K | -846K | 490.39K | -300K | 300K | 300K | 1.7M |
| Effective Tax Rate % | -1.16% | -1.34% | -0.55% | -4.84% | 0.21% | 3.58% | -167.27% | -1.39% | -12.22% | 2.9% | -14.11% | 20.61% | 4.53% | 8.35% | 33.58% | 20.47% | 24.32% | 36.19% | 40.15% | 40.28% | 45.64% | 79.21% | 47.29% | 64.44% | 47.76% | 25.66% | 75.97% | 23.08% | 30% | 23.08% | 1700% |
| Net Income | -38.58M | -40.2M | -40.67M | -24.9M | -14.8M | 11.71M | 147K | -5.82M | -4.37M | -5.03M | -5.09M | -1.32M | -20.84M | -3.96M | 27.83M | 2.34M | 7.67M | 4.77M | 1.62M | 940.59K | 639.67K | 839.34K | 777.01K | 193.2K | 955.76K | -2.45M | 155.09K | -1.5M | 700K | 1M | -800K |
| Net Margin % | -12.79% | -13.29% | -13.93% | -10.33% | -9.07% | 6.5% | 0.12% | -3.52% | -2.67% | -3.12% | -3.49% | -1.06% | -17.17% | -2.74% | 21.62% | 2.22% | 23.31% | 25.08% | 16.73% | 9.83% | 16.57% | 22.68% | 21.67% | 5.79% | 19.84% | -49.06% | 3.95% | -41.67% | 15.22% | 12.05% | -10.39% |
| Net Income Growth % | 1.49% | 1.17% | -63.32% | -68.22% | -226.47% | 7863.27% | 102.52% | -33.2% | 13.07% | 1.3% | -286.79% | 93.68% | -426.12% | -114.23% | 1087.96% | -69.45% | 60.84% | 194.68% | 72.02% | 47.04% | -23.79% | 8.02% | 302.19% | -79.79% | 138.99% | -1680.38% | 110.34% | -314.29% | -30% | 225% | 85.71% |
| Net Income (Continuing) | -38.58M | -40.2M | -40.67M | -24.9M | -14.8M | 11.71M | 147K | -5.82M | -4.37M | -5.03M | -5.09M | -1.32M | -20.84M | -3.96M | 30.02M | 12.59M | 17.86M | 5.62M | 1.95M | 654.3K | 639.67K | 839.34K | 777.01K | 193.2K | 955.76K | -2.45M | 155.09K | -1M | 700K | 1M | -800K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38.15K | 286.29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.14M | 5.58M | 5.45M | 4.6M | 4.23M | 2.04M | 2.1M | 1.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.07 | -1.12 | -1.16 | -0.72 | -0.43 | 0.34 | 0.01 | -0.22 | -0.23 | -0.22 | -0.26 | -0.07 | -1.05 | -0.20 | 1.42 | 0.12 | 0.41 | 0.25 | 0.08 | 0.05 | 0.04 | 0.05 | 0.05 | 0.02 | 0.07 | -0.25 | -0.01 | -0.16 | 0.05 | 0.08 | -0.09 |
| EPS Growth % | 3.6% | 3.45% | -61.11% | -67.44% | -226.47% | - | 102.41% | 4.35% | -4.55% | 15.38% | -286.9% | 93.6% | -425% | -114.08% | 1083.33% | -70.73% | 64% | 228.95% | 60% | 25% | -29.89% | 14.11% | 168.36% | -73.38% | 126.6% | - | 94.06% | -436.84% | -37.5% | 188.89% | 84.73% |
| EPS (Basic) | - | -1.12 | -1.16 | -0.72 | -0.43 | 0.36 | 0.01 | -0.22 | -0.17 | -0.22 | -0.26 | -0.07 | -1.10 | -0.20 | 1.42 | 0.12 | 0.41 | 0.25 | 0.08 | 0.05 | 0.04 | 0.06 | 0.05 | 0.02 | 0.07 | -0.25 | -0.01 | -0.16 | 0.05 | 0.08 | -0.09 |
| Diluted Shares Outstanding | 36.15M | 36.03M | 34.97M | 34.52M | 34.35M | 34.95M | 27.78M | 26.98M | 26.46M | 22.88M | 19.6M | 19.61M | 19.87M | 19.73M | 19.66M | 19.37M | 18.95M | 18.98M | 20.12M | 20.32M | 11.65M | 11.62M | 11.62M | 10.88M | 10.88M | 10.88M | 10.88M | 10.88M | 10.88M | 10.53M | 10.88M |
| Basic Shares Outstanding | 36.15M | 36.03M | 34.97M | 34.52M | 34.35M | 32.52M | 27.09M | 26.46M | 19.14M | 22.88M | 19.6M | 19.61M | 18.87M | 19.73M | 19.66M | 19.37M | 18.95M | 18.97M | 20.12M | 20.32M | 11.49M | 10.88M | 10.88M | 10.88M | 10.88M | 10.88M | 10.88M | 10.88M | 10.88M | 10.53M | 10.88M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High leverage execution risk
According to reported financial statements, FLL's year-over-year revenue growth has decelerated significantly from 66.4% in 2023Q4 to a contraction of 0.8% in 2026Q1, suggesting that the initial tailwinds from recent property developments are failing to sustain long-term top-line momentum across the legacy portfolio.
The sharp decline in growth rates indicates that the company's regional gaming assets may be reaching a saturation point in their respective markets. Investors should monitor whether the current revenue stagnation reflects broader regional economic weakness or a failure of new properties to capture expected market share.
Based on the provided income statement data, gross margins have experienced notable volatility, dropping from a peak of 53.8% in 2025Q3 to 37.0% in 2026Q1, which highlights the company's difficulty in maintaining pricing power amidst rising operational costs and competitive regional pressures.
The significant contraction in gross margin suggests that the company's high fixed-cost base is not scaling efficiently with current revenue levels. This trend warrants further investigation into whether state-mandated gaming taxes or increased promotional allowances are permanently eroding the profitability of the gaming floor.
As reported in recent filings, FLL's operating income has struggled to maintain positive territory, fluctuating between a $2.4 million profit and a $760,000 loss, which implies that SG&A expenses are consuming the majority of gross profit generated by the company's regional casino operations.
The inability to consistently scale operating income suggests that the company's current cost structure is overly burdensome for its revenue scale. This lack of operating leverage may indicate that the management's expansion strategy has created a permanent overhead drag that limits bottom-line profitability.
Based on the company's reported figures, FLL has consistently posted negative net income over the last ten quarters, with losses reaching $12.4 million in 2025Q4, suggesting that non-operating items and high interest expenses are significantly impairing the company's ability to achieve bottom-line profitability.
The recurring net losses appear to be driven by a combination of high debt-servicing costs and significant depreciation from capital-intensive projects. Investors should be cautious, as the persistent negative earnings suggest that the company's current business model may not be generating sufficient cash to cover its capital structure.
As indicated by the 209% debt-to-equity ratio, FLL's reliance on debt to fund its growth strategy creates a precarious financial position, where any delay in the Waukegan permanent facility could trigger a liquidity crisis that the current income statement is ill-equipped to absorb.
Short-sellers would likely focus on the company's inability to convert revenue growth into positive net income, viewing the current expansion as a value-destructive endeavor. The high leverage profile suggests that the company has little margin for error if regional gaming demand experiences a cyclical downturn.
Quick answers to the most common questions about buying FLL stock.
For fiscal year 2025, Full House Resorts, Inc. (FLL) reported total revenue of $302.4M. This represents a 3827.0% increase compared to $7.7M in 1996.
Full House Resorts, Inc. (FLL) reported a net loss of $40.2M for the fiscal year ending 2025.
Full House Resorts, Inc. (FLL) reported an operating income of $3.8M, resulting in an operating profit margin of 1.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Full House Resorts, Inc. (FLL) generated $113.5M in gross profit for the year, representing a gross profit margin of 37.5%. This demonstrates the company's core pricing power and production efficiency.