Revenue grew by 15.9% in 2025Q4, yet the company continues to struggle with profitability, reporting a net loss of $95.2M despite maintaining a 61.5% NOI margin.
| Revenue | 1.14B | 729.95M | 286.65M | 6.43M | 1.53M |
| Revenue Growth % | 56.25% | 154.65% | 4357.33% | 320.59% | - |
| Property Operating Expenses | 355.45M | 198.84M | 85.52M | 28.61M | 18.98M |
| Net Operating Income (NOI) | 785.09M | 531.11M | 201.14M | -22.18M | -17.45M |
| NOI Margin % | 68.83% | 72.76% | 70.17% | -344.95% | -1141.15% |
| Operating Expenses | 1.15B | 2.07B | 514.25M | 215.32M | 67.95M |
| G&A Expenses | 693.43M | 659.31M | 285.78M | 120.11M | 44.59M |
| EBITDA | -75.08M | -1.22B | -177.61M | -191.96M | -83.3M |
| EBITDA Margin % | -6.58% | -167.01% | -61.96% | -2984.85% | -5447.62% |
| Depreciation & Amortization | 288.44M | 319.77M | 135.5M | 1.27M | 2.11M |
| D&A / Revenue % | 25.29% | 43.81% | 47.27% | 19.72% | 137.74% |
| Operating Income | -363.52M | -1.54B | -313.11M | -193.22M | -85.4M |
| Operating Margin % | -31.87% | -210.81% | -109.23% | -3004.57% | -5585.36% |
| Interest Expense | 1.47B | 797.02M | 303.75M | 86.49M | 50.53M |
| Interest Coverage | 0.81x | -3.39x | 1.02x | -2.44x | 1.01x |
| Non-Operating Income | -1.54B | 1.16B | -622.52M | -563.49M | -50.89M |
| Pretax Income | -285.28M | -3.5B | 5.66M | 475.09M | 350.55K |
| Pretax Margin % | -25.01% | -478.84% | 1.98% | 7387.42% | 22.93% |
| Income Tax | -2.9M | 72.68M | -52.13M | 230.71M | 105.86M |
| Effective Tax Rate % | 1.02% | -2.08% | -920.59% | 48.56% | 30197.62% |
| Net Income | -282.38M | -3.57B | 57.79M | 244.38M | -105.51M |
| Net Margin % | -24.76% | -488.79% | 20.16% | 3799.98% | -6900.2% |
| Net Income Growth % | 92.09% | -6273.71% | -76.35% | 331.62% | - |
| Funds From Operations (FFO) | 6.06M | -3.25B | 193.29M | 245.65M | -103.4M |
| FFO Margin % | 0.53% | -444.99% | 67.43% | 3819.7% | -6762.46% |
| FFO Growth % | 100.19% | -1780.46% | -21.31% | 337.56% | - |
| FFO per Share | 0.08 | -42.15 | 2.44 | 6.33 | -2.66 |
| FFO Payout Ratio % | 0% | 0% | 0% | 0% | 0% |
| EPS (Diluted) | -3.55 | -46.30 | 0.73 | 3.08 | -1.33 |
| EPS Growth % | 92.33% | -6442.47% | -76.3% | 331.58% | - |
| EPS (Basic) | -3.55 | -46.30 | 0.73 | 3.08 | -1.33 |
| Diluted Shares Outstanding | 79.49M | 77.06M | 79.24M | 38.81M | 38.81M |
Development and liquidity concentration
As reported in recent financial statements, Murano Global Investments achieved a 15.9% revenue increase in 2025Q4, reflecting the ongoing integration of new hospitality assets into the portfolio, though this growth trajectory remains heavily dependent on the successful stabilization of large-scale projects like the Grand Island Cancun development.
The company's revenue expansion appears driven by the aggressive onboarding of new room inventory rather than organic same-store growth. Investors should monitor whether this top-line momentum can translate into sustainable cash flow as the development pipeline matures and the reliance on transactional revenue diminishes.
Based on the provided income statement data, the company reported a 61.5% NOI margin in 2025Q4, yet this property-level profitability is frequently offset by significant corporate overhead and non-cash charges, resulting in persistent negative net margins that warrant careful scrutiny regarding long-term operational efficiency.
The disparity between high property-level margins and negative bottom-line results suggests that the company is currently absorbing substantial pre-opening costs and depreciation associated with its luxury asset portfolio. This structure implies that profitability may remain strained until the portfolio reaches a critical mass of stabilized, mature operations.
According to the company's quarterly filings, FFO per share has exhibited extreme volatility, swinging from a positive $5.03 in 2025Q2 to a negative $0.29 in 2025Q4, which suggests that current earnings metrics are heavily influenced by non-recurring items and the ongoing transition to public market reporting.
The erratic nature of FFO and AFFO figures indicates that investors should look past headline earnings to evaluate the underlying cash-generating capacity of the assets. The negative AFFO figures, in particular, suggest that maintenance CAPEX and development costs are currently consuming significant liquidity, potentially limiting dividend capacity.
Analysis of the reported figures reveals that the company's reliance on aggressive development cycles may lead to the capitalization of interest and other costs, which potentially masks the true extent of the cash burn occurring within the current capital structure as of the 2025Q4 reporting period.
The persistent gap between revenue growth and negative net income raises questions about the sustainability of the current business model. If the company continues to prioritize rapid expansion over operational stabilization, the risk of further equity dilution or increased leverage to fund ongoing projects appears elevated.
Quick answers to the most common questions about buying MRNO stock.
For fiscal year 2025, Murano Global Investments PLC Ordinary Shares (MRNO) reported total revenue of $1.14B. This represents a 74491.1% increase compared to $1.5M in 2021.
Murano Global Investments PLC Ordinary Shares (MRNO) reported a net loss of $282.4M for the fiscal year ending 2025.
Murano Global Investments PLC Ordinary Shares (MRNO) reported an operating income of $-363.5M, resulting in an operating profit margin of -31.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Murano Global Investments PLC Ordinary Shares (MRNO) generated $785.1M in gross profit for the year, representing a gross profit margin of 68.8%. This demonstrates the company's core pricing power and production efficiency.