The market has been steadily taking risk off Melco International Development, with the stock down about 21% over three months and closing at HK$3.02 on 1 September. Yet the latest half year numbers show a different story. Revenue for H1 2026 came in at HK$20,498.3m and net income reached HK$309.5m. The key tension for investors is not whether Melco can generate profit. It is how much that profit is worth when the P/E multiple sits well below peers and the balance sheet still carries the weight of interest costs.
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H1 2026 Earnings Summary
- Revenue H1 2026 vs. H1 2025: HK$20,498.3m vs. HK$19,964.6m (change of about 2.7%)
- Net Income H1 2026 vs. H1 2025: HK$309.5m vs. HK$350.8m (decline of about 11.8%)
- Basic EPS H1 2026 vs. H1 2025: HK$0.14 vs. HK$0.18 (decline of about 20.5%)
- Trailing 12-Month Net Income to H1 2026 vs. TTM to H1 2025: HK$1,017.0m vs. a loss of HK$180.6m (shift from loss to profit over the period)
Tired of scrolling through dense tables and rows of figures just to understand Melco International Development? Get a clear visual snapshot of its valuation in the context of recent earnings in the company report for Melco International Development.
Melco bullish story leans on resilience of earnings
For a bullish view on Melco International Development, the latest figures point to a business that is still generating cashflow from its resort platform. Revenue in H1 2026 edged ahead of H1 2025 while trailing 12 month net income shifted from a loss to a profit of HK$1,017.0m. That supports the idea that the integrated resorts model across Macau and other hubs can still convert visitor traffic into earnings, even though the first half profit and EPS softened year on year.
Profit drift and weaker EPS keep bear case alive
The cautious view also finds support in these numbers. H1 2026 net income and basic EPS both fell compared with H1 2025, which suggests pressure on profitability despite the higher revenue base. The share price is down over the past 7, 30 and 90 days, which shows investors are treating these mixed earnings with some scepticism. For now, Melco International Development looks profitable on a trailing 12 month basis but still working through margin and sentiment headwinds.
Compare Melco International Development's shift to trailing 12 month profitability with the recent share price slide and consider whether the market or the analysts have this balance right. See the consensus price target analysis for Melco International Development to gauge how current targets line up with the latest H1 2026 story.Take Control of Your Next Move
If the recent share price slide alongside trailing 12 month profitability has put Melco International Development on your radar, register for free with Simply Wall St and add it to a Watchlist to track price against fair value and wait for a setup that suits your plan. When you decide to build or adjust a position, use the Portfolio Command Center to cut through market noise and focus on the key updates that matter for your holdings. For a broader view on what other investors are seeing in Melco International Development and similar stocks, tap into the Community and compare perspectives. Spot potential catalysts or emerging risks early and stay a step ahead of the market.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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