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Boyd Gaming Corp Financials

BYD
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Boyd Gaming Corp (BYD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 57 / 100
Financial Profile 57/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
63

Boyd Gaming Corp has an operating margin of 18.3%, meaning the company retains $18 of operating profit per $100 of revenue. This results in a moderate score of 63/100, indicating healthy but not exceptional operating efficiency. This is down from 23.6% the prior year.

Growth
40

Boyd Gaming Corp's revenue grew a modest 4.1% year-over-year to $4.1B. This slow but positive growth earns a score of 40/100.

Leverage
86

Boyd Gaming Corp carries a low D/E ratio of 0.78, meaning only $0.78 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 86/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
5

Boyd Gaming Corp's current ratio of 0.54 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 5/100, which could limit financial flexibility.

Cash Flow
49

Boyd Gaming Corp has a free cash flow margin of 9.5%, earning a moderate score of 49/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
100

Boyd Gaming Corp earns a strong 70.7% return on equity (ROE), meaning it generates $71 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 36.5% the prior year.

Altman Z-Score Grey Zone
2.41

Boyd Gaming Corp scores 2.41, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Neutral
6/9

Boyd Gaming Corp passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed
0.53x

For every $1 of reported earnings, Boyd Gaming Corp generates $0.53 in operating cash flow ($976.7M OCF vs $1.8B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage Adequate
4.7x

Boyd Gaming Corp earns $4.7 in operating income for every $1 of interest expense ($748.4M vs $157.6M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue
$4.1B
YoY+4.1%
5Y CAGR+13.4%
10Y CAGR+6.3%

Boyd Gaming Corp generated $4.1B in revenue in fiscal year 2025. This represents an increase of 4.1% from the prior year.

EBITDA
$1.1B
YoY-12.7%
5Y CAGR+28.9%
10Y CAGR+8.2%

Boyd Gaming Corp's EBITDA was $1.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 12.7% from the prior year.

Net Income
$1.8B
YoY+218.9%
10Y CAGR+44.1%

Boyd Gaming Corp reported $1.8B in net income in fiscal year 2025. This represents an increase of 218.9% from the prior year.

EPS (Diluted)
$22.56
YoY+264.5%
10Y CAGR+48.9%

Boyd Gaming Corp earned $22.56 per diluted share (EPS) in fiscal year 2025. This represents an increase of 264.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$388.5M
YoY-30.2%
5Y CAGR+27.8%
10Y CAGR+7.1%

Boyd Gaming Corp generated $388.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 30.2% from the prior year.

Cash & Debt
$353.4M
YoY+11.6%
5Y CAGR-7.4%
10Y CAGR+8.3%

Boyd Gaming Corp held $353.4M in cash against $2.0B in long-term debt as of fiscal year 2025.

Dividends Per Share
$0.72
YoY+5.9%

Boyd Gaming Corp paid $0.72 per share in dividends in fiscal year 2025. This represents an increase of 5.9% from the prior year.

Shares Outstanding
76M
YoY-11.4%
5Y CAGR-7.3%
10Y CAGR-3.7%

Boyd Gaming Corp had 76M shares outstanding in fiscal year 2025. This represents a decrease of 11.4% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
18.3%
YoY-5.3pp
5Y CAGR+17.6pp
10Y CAGR+6.0pp

Boyd Gaming Corp's operating margin was 18.3% in fiscal year 2025, reflecting core business profitability. This is down 5.3 percentage points from the prior year.

Net Margin
45.1%
YoY+30.3pp
5Y CAGR+51.2pp
10Y CAGR+42.9pp

Boyd Gaming Corp's net profit margin was 45.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 30.3 percentage points from the prior year.

Return on Equity
70.7%
YoY+34.1pp
5Y CAGR+82.6pp
10Y CAGR+61.3pp

Boyd Gaming Corp's ROE was 70.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 34.1 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
$778.3M
YoY+13.5%
5Y CAGR+133.9%

Boyd Gaming Corp spent $778.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 13.5% from the prior year.

Capital Expenditures
$588.2M
YoY+46.9%
5Y CAGR+27.4%
10Y CAGR+16.2%

Boyd Gaming Corp invested $588.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 46.9% from the prior year.

BYD Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $1.1B+5.7% $1.0B-2.9% $1.0B+4.3% $991.6M-4.7% $1.0B+8.3% $961.2M-0.6% $967.5M+0.7% $960.5M
Cost of Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A N/A N/A N/A N/A
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $111.2M+6.9% $104.0M-5.5% $110.1M+2.1% $107.8M-3.3% $111.5M+8.9% $102.4M-2.6% $105.1M-2.8% $108.2M
Operating Income $166.4M+19.0% $139.8M-42.3% $242.4M+21.3% $199.9M-23.5% $261.3M+18.8% $220.0M-3.1% $227.1M+3.5% $219.4M
Interest Expense $25.4M-23.7% $33.3M-34.2% $50.6M+4.4% $48.4M+5.4% $45.9M-0.6% $46.2M+7.6% $42.9M+1.5% $42.3M
Income Tax $3.5M-99.1% $403.2M+843.0% $42.8M+3.6% $41.3M-9.4% $45.5M+6.3% $42.9M-4.1% $44.7M+8.9% $41.0M
Net Income $140.4M-90.2% $1.4B+850.8% $151.5M+35.9% $111.4M-34.7% $170.5M+30.0% $131.1M-6.2% $139.8M+2.5% $136.5M
EPS (Diluted) N/A $17.81+867.9% $1.84+40.5% $1.31 N/A $1.43-2.7% $1.47+5.0% $1.40

BYD Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $6.6B+0.9% $6.5B-0.7% $6.6B+1.4% $6.5B+1.2% $6.4B+1.4% $6.3B+0.7% $6.3B+0.5% $6.2B
Current Assets $530.7M+7.1% $495.6M-8.2% $540.0M+7.5% $502.4M-10.5% $561.5M+11.9% $501.9M+3.0% $487.1M+1.4% $480.4M
Cash & Equivalents $353.4M+10.8% $319.1M-0.3% $320.1M+2.8% $311.5M-1.6% $316.7M+10.6% $286.3M+2.0% $280.8M-1.0% $283.5M
Inventory $20.2M-3.5% $20.9M-3.3% $21.6M+4.4% $20.7M-2.3% $21.2M+4.0% $20.4M-3.6% $21.2M+3.6% $20.4M
Accounts Receivable $84.4M+2.6% $82.2M-28.8% $115.4M+5.0% $110.0M-16.9% $132.3M+27.8% $103.5M-5.7% $109.7M-7.7% $118.9M
Goodwill $958.0M0.0% $957.9M0.0% $958.0M0.0% $957.9M0.0% $957.9M0.0% $958.0M+1.1% $947.3M0.0% $947.3M
Total Liabilities $4.0B+3.1% $3.8B-25.6% $5.2B+0.9% $5.1B+6.4% $4.8B+3.0% $4.7B+2.7% $4.5B+1.7% $4.5B
Current Liabilities $979.2M+1.6% $963.4M+53.2% $628.8M-0.2% $630.3M+1.2% $622.7M+2.0% $610.5M+3.6% $589.1M-1.9% $600.4M
Long-Term Debt $2.0B+8.1% $1.9B-46.3% $3.5B+1.5% $3.5B+10.9% $3.1B+3.6% $3.0B+3.7% $2.9B+3.3% $2.8B
Total Equity $2.6B-2.2% $2.7B+91.3% $1.4B+3.3% $1.3B-14.7% $1.6B-3.1% $1.6B-4.7% $1.7B-2.5% $1.8B
Retained Earnings $2.6B-2.2% $2.7B+91.3% $1.4B+3.3% $1.4B-14.7% $1.6B-3.0% $1.6B-4.7% $1.7B-2.4% $1.8B

BYD Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $275.3M+14.7% $240.0M+17.1% $205.0M-20.0% $256.4M-2.2% $262.1M+13.3% $231.2M+8.5% $213.1M-15.0% $250.7M
Capital Expenditures $148.3M+1.9% $145.6M+17.0% $124.4M-26.8% $169.9M+52.8% $111.2M+30.5% $85.2M-25.5% $114.4M+27.6% $89.6M
Free Cash Flow $127.0M+34.5% $94.4M+17.2% $80.6M-6.8% $86.5M-42.7% $150.9M+3.3% $146.0M+47.9% $98.7M-38.7% $161.1M
Investing Cash Flow -$192.5M-111.9% $1.6B+1384.2% -$125.5M+49.9% -$250.4M-120.7% -$113.4M+1.3% -$114.9M+0.2% -$115.2M-27.5% -$90.3M
Financing Cash Flow -$48.3M+97.4% -$1.9B-2544.4% -$70.1M-565.7% -$10.5M+91.0% -$117.3M-5.8% -$110.9M-9.6% -$101.2M+43.9% -$180.2M
Dividends Paid $14.2M-2.1% $14.5M-1.4% $14.7M+0.5% $14.7M-3.2% $15.2M-3.7% $15.7M-3.2% $16.3M+4.9% $15.5M
Share Buybacks $185.3M+15.8% $160.0M+52.4% $105.0M-68.0% $328.0M+61.9% $202.6M+0.3% $202.0M+15.0% $175.7M+66.5% $105.5M

BYD Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin N/A N/A N/A N/A N/A N/A N/A N/A
Operating Margin 15.7%+1.8pp 13.9%-9.5pp 23.4%+3.3pp 20.2%-4.9pp 25.1%+2.2pp 22.9%-0.6pp 23.5%+0.6pp 22.8%
Net Margin 13.2%-130.1pp 143.4%+128.7pp 14.6%+3.4pp 11.2%-5.1pp 16.4%+2.7pp 13.6%-0.8pp 14.4%+0.2pp 14.2%
Return on Equity 5.4%-48.6pp 54.0%+43.1pp 10.9%+2.6pp 8.3%-2.5pp 10.8%+2.7pp 8.0%-0.1pp 8.2%+0.4pp 7.8%
Return on Assets 2.1%-20.0pp 22.1%+19.8pp 2.3%+0.6pp 1.7%-1.0pp 2.7%+0.6pp 2.1%-0.2pp 2.2%+0.0pp 2.2%
Current Ratio 0.54+0.0 0.51-0.3 0.86+0.1 0.80-0.1 0.90+0.1 0.820.0 0.83+0.0 0.80
Debt-to-Equity 0.78+0.1 0.71-1.8 2.53-0.0 2.57+0.6 1.98+0.1 1.85+0.2 1.70+0.1 1.61
FCF Margin 11.9%+2.5pp 9.4%+1.6pp 7.8%-0.9pp 8.7%-5.8pp 14.5%-0.7pp 15.2%+5.0pp 10.2%-6.6pp 16.8%

Note: The current ratio is below 1.0 (0.54), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Boyd Gaming Corp (BYD) reported $4.1B in total revenue for fiscal year 2025. This represents a 4.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Boyd Gaming Corp (BYD) revenue grew by 4.1% year-over-year, from $3.9B to $4.1B in fiscal year 2025.

Yes, Boyd Gaming Corp (BYD) reported a net income of $1.8B in fiscal year 2025, with a net profit margin of 45.1%.

Boyd Gaming Corp (BYD) reported diluted earnings per share of $22.56 for fiscal year 2025. This represents a 264.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Boyd Gaming Corp (BYD) had EBITDA of $1.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Boyd Gaming Corp (BYD) had $353.4M in cash and equivalents against $2.0B in long-term debt.

Boyd Gaming Corp (BYD) had an operating margin of 18.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Boyd Gaming Corp (BYD) had a net profit margin of 45.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Boyd Gaming Corp (BYD) paid $0.72 per share in dividends during fiscal year 2025.

Boyd Gaming Corp (BYD) has a return on equity of 70.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Boyd Gaming Corp (BYD) generated $388.5M in free cash flow during fiscal year 2025. This represents a -30.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Boyd Gaming Corp (BYD) generated $976.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Boyd Gaming Corp (BYD) had $6.6B in total assets as of fiscal year 2025, including both current and long-term assets.

Boyd Gaming Corp (BYD) invested $588.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Yes, Boyd Gaming Corp (BYD) spent $778.3M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Boyd Gaming Corp (BYD) had 76M shares outstanding as of fiscal year 2025.

Boyd Gaming Corp (BYD) had a current ratio of 0.54 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

Boyd Gaming Corp (BYD) had a debt-to-equity ratio of 0.78 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Boyd Gaming Corp (BYD) had a return on assets of 28.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Boyd Gaming Corp (BYD) has an Altman Z-Score of 2.41, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Boyd Gaming Corp (BYD) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Boyd Gaming Corp (BYD) has an earnings quality ratio of 0.53x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Boyd Gaming Corp (BYD) has an interest coverage ratio of 4.7x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Boyd Gaming Corp (BYD) scores 57 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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