BOYD GAMING REPORTS FOURTH-QUARTER, FULL-YEAR 2025 RESULTS

Rhea-AI Summary

Boyd Gaming (NYSE: BYD) reported Q4 2025 revenue of $1.06B and full-year 2025 revenue of $4.09B. Q4 net income was $140.4M ($1.79/sh), and full-year net income was $1.84B ($22.56/sh), driven by a $1.4B after-tax gain from the sale of its FanDuel equity.

Adjusted EBITDAR was $336.6M in Q4 and $1.35B for the year. The company repurchased $185M in Q4 and returned over $800M in buybacks/dividends in 2025. Cash was $353.4M and total debt $2.1B at year-end.

Positive

• Full-year revenue increased to $4.09B
• Recorded $1.4B after-tax gain from FanDuel sale
• Returned over $800M to shareholders in 2025
• Maintained full-year Adjusted EBITDAR of $1.35B

Negative

• Q4 Adjusted EBITDAR declined to $336.6M (Q4 2024: $379.3M)
• Recorded $128.4M impairment charges in 2025
• Cash of $353.4M vs total debt of $2.1B at year-end

Key Figures

Q4 2025 revenue: $1.1 billion Q4 2025 net income: $140.4 million Q4 2025 Adjusted EBITDAR: $336.6 million +5 more

8 metrics

Q4 2025 revenue $1.1 billion Fourth quarter 2025 vs $1.0 billion in Q4 2024

Q4 2025 net income $140.4 million Fourth quarter 2025 vs $170.5 million in Q4 2024

Q4 2025 Adjusted EBITDAR $336.6 million Fourth quarter 2025 vs $379.3 million in Q4 2024

Full-year 2025 revenue $4.1 billion Full year 2025 vs $3.9 billion in 2024

Full-year 2025 Adjusted Earnings $604.6 million Full year 2025 vs $611.3 million in 2024

FanDuel after-tax gain $1.4 billion Gain from sale of equity interest in FanDuel in 2025

Capital returns 2025 More than $800 million Share repurchases and dividends during full year 2025

Cash and debt $353.4 million cash; $2.1 billion debt Balance sheet as of December 31, 2025

Market Reality Check

Price: $83.64 Vol: Volume 670,179 is below t...

normal vol

$83.64 Last Close

Volume Volume 670,179 is below the 20-day average of 797,225 (relative volume 0.84x). normal

Technical Price at $84.77 trades above the 200-day MA of $81.08 and about 5.8% below the $89.96 52-week high.

Peers on Argus

BYD is up 2.14% while key peers are mixed: CZR +3.15%, MTN +5.26%, but MGM -3.29...

BYD is up 2.14% while key peers are mixed: CZR +3.15%, MTN +5.26%, but MGM -3.29% and RRR -0.17%. With peers moving in both directions and no momentum scanner hits, the move appears more company-specific than sector-driven.

Historical Context

5 past events · Latest: Jan 09 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 09	Acquisition completion	Positive	-0.5%	Closed US$1.3B Joe Hudson's Collision Center acquisition expanding footprint.
Jan 05	Earnings date set	Neutral	+2.6%	Scheduled Q4 and full-year 2025 results release and conference call.
Dec 30	Charitable donation	Positive	-0.3%	Announced over $215,000 in Trees of Hope charitable donations.
Dec 04	Dividend declaration	Positive	-0.6%	Declared regular $0.18 per-share cash dividend payable Jan 15, 2026.
Oct 23	Quarterly earnings	Neutral	+2.4%	Reported Q3 2025 results with FanDuel gain and stable adjusted earnings.

Pattern Detected

Recent news often saw modest price moves, with several positive or shareholder-friendly announcements met by small declines, while core operating updates like earnings dates and quarterly results skewed to positive reactions.

Recent Company History

Over the past few months, Boyd Gaming’s news flow has focused on capital returns, operations, and portfolio growth. In October 2025, Q3 results highlighted the large $1.4 billion FanDuel gain and stable adjusted earnings. A $0.18 dividend declaration in December 2025 and the charitable Trees of Hope program underscored ongoing shareholder returns and community engagement. Early January 2026 brought the Q4 earnings date announcement. Separate from this ticker, an acquisition by Boyd Group Services was announced in January 2026. Today’s full-year 2025 results build directly on the FanDuel monetization and ongoing property performance.

Market Pulse Summary

This announcement highlights record $4.1 billion in 2025 revenues, stable full-year Adjusted EBITDAR...

Analysis

This announcement highlights record $4.1 billion in 2025 revenues, stable full-year Adjusted EBITDAR of about $1.4 billion, and Adjusted Earnings of $604.6 million despite softer Q4 margins. The $1.4 billion after-tax FanDuel gain and more than $800 million in 2025 capital returns underscore balance sheet flexibility. Investors may track performance in Las Vegas Locals, the Midwest & South segment, progress on the $750 million Virginia resort, and trends in the online business to gauge sustainability.

Key Terms

ebitda, adjusted ebitda, ebitdar, non-gaap financial measures, +2 more

6 terms

ebitda financial

"Our financial presentations include the following non-GAAP financial measures:EBITDA: earnings before interest, taxes..."

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

adjusted ebitda financial

"Adjusted EBITDA: EBITDA adjusted for deferred rent, share-based compensation expense..."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

ebitdar financial

"EBITDAR: EBITDA further adjusted for rent expense associated with master leases..."

EBITDAR stands for Earnings Before Interest, Taxes, Depreciation, Amortization, and Rent; it measures a company's operating profit before the cost of financing, taxes, accounting write-downs, and lease or rent payments. For investors, it reveals how much cash a business generates from its core activities without the effects of capital structure or rent commitments — similar to checking how much money a store makes from selling goods before paying for the building, loan interest, or taxes.

non-gaap financial measures financial

"Collectively, we refer to these and other non-GAAP financial measures as the "Non-GAAP Measures.""

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

master lease financial

"EBITDAR: EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust..."

A master lease is a single, overarching lease agreement that covers multiple properties or assets and sets the main terms for how they will be used, paid for, and maintained—like a master key that opens many doors at once. It matters to investors because it shapes where cash flows come from, who bears operating costs and risks, and how easy it is to sell, finance, or change the assets; a strong master lease can make income more predictable, while a restrictive one can limit flexibility and increase risk.

real estate investment trust financial

"rent expense associated with master leases with a real estate investment trust, Adjusted EBITDAR..."

A real estate investment trust (REIT) is a company that owns and manages income-producing properties—like apartment buildings, shopping centers, offices, or warehouses—and is required to pass most of its rental income to shareholders as dividends. Think of it as a shared property owner: instead of buying a whole building, investors buy a slice of a portfolio that pays regular income and can offer exposure to property values and rental markets without direct management. REITs matter to investors for predictable income, diversification, and liquidity compared with owning physical real estate.

AI-generated analysis. Not financial advice.

LAS VEGAS, Feb. 5, 2026 /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the fourth quarter and full year ended December 31, 2025.  

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "Our Company delivered another successful performance in 2025, as we continued to position ourselves for growth and to deliver long-term value for our shareholders. For the full year, we achieved record revenues while maintaining strong property-level margins. These results were driven by strength in play from our core customers and our focus on operational discipline. We further enhanced our customer offerings and the growth potential of our portfolio through our ongoing capital investments, including our progress toward the completion of our $750 million resort in Virginia. We also unlocked the substantial value of our equity ownership in FanDuel, utilizing nearly $1.8 billion in gross proceeds to further fortify our balance sheet. And we continued to return significant capital to our shareholders, with more than $800 million in share repurchases and dividends in 2025.  Looking ahead, we are optimistic about 2026, as we expect to benefit from continued strength in play from our core customers, returns from our ongoing capital investments, and the financial strength created by our diversified free cash flow and strong balance sheet."

Fourth-Quarter and Full-Year 2025 Results
Boyd Gaming reported fourth-quarter 2025 revenues of $1.1 billion, increasing from $1.0 billion in the fourth quarter of 2024. The Company reported net income of $140.4 million, or $1.79 per share, for the fourth quarter of 2025, compared to $170.5 million, or $1.92 per share, for the year-ago period. Total Adjusted EBITDAR⁽¹⁾ was $336.6 million in the fourth quarter of 2025 versus $379.3 million in the fourth quarter of 2024. Adjusted Earnings⁽¹⁾ for the fourth quarter of 2025 were $173.5 million, or $2.21 per share, compared to $174.7 million, or $1.96 per share, for the same period in 2024. 

For the full year 2025, Boyd Gaming reported revenues of $4.1 billion, increasing from $3.9 billion for the full year 2024. The Company reported net income of $1.8 billion, or $22.56 per share, compared to net income of $578.0 million, or $6.19 per share, for the full year 2024.  The Company's net income for the full year 2025 was impacted by a $1.4 billion after tax gain from the sale of the Company's equity interest in FanDuel, and $128.4 million in non-cash, pretax long-lived asset impairment charges.

Total Adjusted EBITDAR for the full year 2025 was $1.4 billion, in-line with the full year 2024.  Full-year 2025 Adjusted Earnings were $604.6 million, or $7.40 per share, compared to Adjusted Earnings of $611.3 million, or $6.55 per share, for the full year 2024. 

_{(1)      See footnotes at the end of the release for additional information relative to non-GAAP financial measures.}

Operations Review
During the fourth quarter, the Las Vegas Locals segment saw continued growth in gaming revenues due to strong play from our core customers, as well as impacts from continued softness in destination business. In Downtown Las Vegas, results reflected stability in play among Hawaiian guests and reduced destination business. In the Midwest & South segment, the Company's properties continued to benefit from strong growth in play from our core customers, while year-over-year results were impacted by severe winter weather in December 2025.

Results in the Company's Online segment reflected growth from the Company's online casino gaming business, changes to the Company's revenue-sharing agreements due to the FanDuel transaction in the third quarter of 2025, and one-time fees recorded in the year-ago quarter. Year-over-year gains in Managed & Other were driven by continued growth in management fees from Sky River Casino in northern California.

Dividend and Share Repurchase Update
Boyd Gaming paid a quarterly cash dividend of $0.18 per share on January 15, 2026, as previously announced.

As part of its ongoing share repurchase program, the Company repurchased $185 million in shares of its common stock during the fourth quarter of 2025. As of December 31, 2025, the Company had approximately $362 million remaining under current share repurchase authorizations.

Balance Sheet Statistics
As of December 31, 2025, Boyd Gaming had cash on hand of $353.4 million, and total debt of $2.1 billion. 

Conference Call Information
Boyd Gaming will host a conference call to discuss its fourth-quarter and full-year 2025 results today, February 5, at 5:00 p.m. Eastern.  The conference call number is (800) 836-8184. No passcode is required to join the call.  Please call up to 15 minutes in advance to ensure you are connected prior to the start of the call. 

The conference call will also be available online at https://investors.boydgaming.com or https://app.webinar.net/rR1M7oeGwXm. 

Following the call's completion, a replay will be available by dialing (888) 660-6345 today, February 5, and continuing through Thursday, February 12.  The passcode for the replay will be 02984#.  The replay will also be available at https://investors.boydgaming.com.

 

BOYD GAMING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
		Three Months Ended				Year Ended
		December 31,				December 31,
(In thousands, except per share data)		2025		2024		2025		2024
Revenues
Gaming		$             670,631		$             658,440		$          2,638,150		$          2,583,926
Food & beverage		82,351		81,161		310,246		303,522
Room		47,201		52,840		191,286		204,608
Online		26,165		61,022		132,165		155,760
Online reimbursements		173,937		127,799		576,158		450,473
Management fee		26,251		23,880		98,869		88,407
Other		35,529		35,773		145,115		143,498
Total revenues		1,062,065		1,040,915		4,091,989		3,930,194
Operating costs and expenses
Gaming		261,218		249,787		1,026,555		999,753
Food & beverage		69,166		66,088		265,604		253,940
Room		19,081		19,863		77,056		77,591
Online		17,782		16,715		68,174		47,310
Online reimbursements		173,937		127,799		576,158		450,473
Other		13,223		12,990		51,239		51,322
Selling, general and administrative		111,184		111,517		433,100		427,226
Master lease rent expense (a)		28,583		28,159		113,769		111,406
Maintenance and utilities		36,697		36,255		151,216		148,366
Depreciation and amortization		90,753		77,705		302,710		276,639
Corporate expense		25,921		25,680		121,859		113,934
Project development, preopening and writedowns		7,146		6,618		12,360		28,572
Impairment of assets		31,000		—		128,395		10,500
Other operating items, net		9,989		438		15,388		5,385
Total operating costs and expenses		895,680		779,614		3,343,583		3,002,417
Operating income		166,385		261,301		748,406		927,777
Other expense (income)
Interest income		(1,254)		(384)		(4,826)		(1,625)
Interest expense, net of amounts capitalized		25,374		45,943		157,642		177,409
Loss on early extinguishments and modifications of debt		—		—		1,446		—
Other, net (b)		(107)		(299)		(1,735,527)		(10)
Total other (income) expense, net		24,013		45,260		(1,581,265)		175,774
Income before income taxes		142,372		216,041		2,329,671		752,003
Income tax provision		(3,542)		(45,535)		(490,769)		(174,051)
Net income		138,830		170,506		1,838,902		577,952
Net loss attributable to noncontrolling interest		1,573		—		4,371		—
Net income attributable to Boyd Gaming		$             140,403		$             170,506		$          1,843,273		$             577,952
Basic net income per common share		$                   1.79		$                   1.92		$                 22.56		$                   6.19
Weighted average basic shares outstanding		78,616		88,982		81,701		93,314
Diluted net income per common share		$                   1.79		$                   1.92		$                 22.56		$                   6.19
Weighted average diluted shares outstanding		78,630		89,006		81,716		93,349
(a) Rent expense incurred by those properties subject to a master lease with a real estate investment trust.
(b) Includes the gain on sale of the equity interest in FanDuel for the year ended December 31, 2025.

 

BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Reconciliation of Adjusted EBITDA to Net Income Attributable to Boyd Gaming
(Unaudited)
		Three Months Ended				Year Ended
		December 31,				December 31,
(In thousands)		2025		2024		2025		2024
Total Revenues by Segment
Las Vegas Locals		$             227,225		$             231,971		$             889,957		$             894,508
Downtown Las Vegas		62,973		65,559		228,737		230,091
Midwest & South		533,078		518,499		2,116,594		2,063,415
Online		200,102		188,821		708,323		606,233
Managed & Other		38,687		36,065		148,378		135,947
Total revenues		$          1,062,065		$             1,040,915		$          4,091,989		$          3,930,194
Adjusted EBITDAR by Segment
Las Vegas Locals		$             109,118		$             112,318		$             420,507		$             428,423
Downtown Las Vegas		24,005		26,981		80,451		83,325
Midwest & South		191,429		192,390		777,655		765,706
Online		8,172		44,066		63,146		107,604
Managed & Other		28,590		25,703		108,141		96,153
Corporate expense, net of share-based compensation expense (a)		(24,696)		(22,174)		(96,138)		(90,618)
Adjusted EBITDAR		336,618		379,284		1,353,762		1,390,593
Master lease rent expense (b)		(28,583)		(28,159)		(113,769)		(111,406)
Adjusted EBITDA		308,035		351,125		1,239,993		1,279,187
Other operating costs and expenses
Deferred rent		147		162		588		648
Depreciation and amortization		90,753		77,705		302,710		276,639
Share-based compensation expense		2,615		4,901		32,146		29,666
Project development, preopening and writedowns		7,146		6,618		12,360		28,572
Impairment of assets		31,000		—		128,395		10,500
Other operating items, net		9,989		438		15,388		5,385
Total other operating costs and expenses		141,650		89,824		491,587		351,410
Operating income		166,385		261,301		748,406		927,777
Other expense (income)
Interest income		(1,254)		(384)		(4,826)		(1,625)
Interest expense, net of amounts capitalized		25,374		45,943		157,642		177,409
Loss on early extinguishments and modifications of debt		—		—		1,446		—
Other, net (c)		(107)		(299)		(1,735,527)		(10)
Total other (income) expense, net		24,013		45,260		(1,581,265)		175,774
Income before income taxes		142,372		216,041		2,329,671		752,003
Income tax provision		(3,542)		(45,535)		(490,769)		(174,051)
Net income		138,830		170,506		1,838,902		577,952
Net loss attributable to noncontrolling interest		1,573		—		4,371		—
Net income attributable to Boyd Gaming		$             140,403		$             170,506		$          1,843,273		$             577,952
(a) Reconciliation of corporate expense:
		Three Months Ended				Year Ended
		December 31,				December 31,
(In thousands)		2025		2024		2025		2024
Corporate expense as reported on Condensed Consolidated Statements of Operations		$               25,921		$               25,680		$             121,859		$             113,934
Corporate share-based compensation expense		(1,225)		(3,506)		(25,721)		(23,316)
Corporate expense, net, as reported on the above table		$               24,696		$               22,174		$               96,138		$               90,618
(b) Rent expense incurred by those properties subject to a master lease with a real estate investment trust.
(c) Includes the gain on sale of the equity interest in FanDuel for the year ended December 31, 2025.

 

BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Reconciliations of Net Income Attributable to Boyd Gaming to Adjusted Earnings
and Net Income Per Share to Adjusted Earnings Per Share
(Unaudited)
		Three Months Ended				Year Ended
		December 31,				December 31,
(In thousands, except per share data)		2025		2024		2025		2024
Net income attributable to Boyd Gaming		$             140,403		$             170,506		$          1,843,273		$             577,952
Pretax adjustments:
Project development, preopening and writedowns		7,146		6,618		12,360		28,572
Impairment of assets		31,000		—		128,395		10,500
Other operating items, net		9,989		438		15,388		5,385
Loss on early extinguishments and modifications of debt		—		—		1,446		—
Other, net (a)		(107)		(299)		(1,735,527)		(10)
Total adjustments		48,028		6,757		(1,577,938)		44,447
Income tax effect for above adjustments		(14,887)		(2,531)		339,238		(11,135)
Adjusted earnings		$             173,544		$             174,732		$             604,573		$             611,264
Net income per share, diluted		$                   1.79		$                   1.92		$                 22.56		$                   6.19
Pretax adjustments:
Project development, preopening and writedowns		0.09		0.07		0.15		0.31
Impairment of assets		0.39		—		1.57		0.11
Other operating items, net		0.13		—		0.19		0.06
Loss on early extinguishments and modifications of debt		—		—		0.02		—
Other, net (a)		—		—		(21.24)		—
Total adjustments		0.61		0.07		(19.31)		0.48
Income tax effect for above adjustments		(0.19)		(0.03)		4.15		(0.12)
Adjusted earnings per share, diluted		$                   2.21		$                   1.96		$                   7.40		$                   6.55
Weighted average diluted shares outstanding		78,630		89,006		81,716		93,349
(a) Includes the gain on sale of the equity interest in FanDuel for the year ended December 31, 2025.

Non-GAAP Financial Measures
Our financial presentations include the following non-GAAP financial measures:

• EBITDA: earnings before interest, taxes, depreciation and amortization,
• Adjusted EBITDA: EBITDA adjusted for deferred rent, share-based compensation expense, project development, preopening and writedown expenses, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt, net income (loss) attributable to noncontrolling interest and other items, net, as applicable,
• EBITDAR: EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust,
• Adjusted EBITDAR: Adjusted EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust,
• Adjusted Earnings: net income before project development, preopening and writedown expenses, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt, net income (loss) attributable to noncontrolling interest, and other non-recurring adjustments, net, as applicable, and,
• Adjusted Earnings Per Share (Adjusted EPS): Adjusted Earnings divided by weighted average diluted shares outstanding.

Collectively, we refer to these and other non-GAAP financial measures as the "Non-GAAP Measures." 

The Non-GAAP Measures are commonly used measures of performance in our industry that we believe, when considered with measures calculated in accordance with accounting principles generally accepted in the United States (GAAP), provide our investors with a more complete understanding of our operating results and facilitates comparisons between us and our competitors. We provide this information to investors to enable them to perform comparisons of our past, present and future operating results and as a means to evaluate the results of core on-going operations. We have historically reported these measures to our investors and believe that the continued inclusion of the Non-GAAP Measures provides consistency in our financial reporting. We also believe this information is useful to investors in allowing greater transparency related to significant measures used by our management in their financial and operational decision-making, their evaluation of total company and individual property performance, in the evaluation of incentive compensation and in the annual budget process. Management also uses Non-GAAP Measures in the evaluation of potential acquisitions and dispositions. We believe these measures continue to be used by investors in their assessment of our operating performance and the valuation of our company.

The use of Non-GAAP Measures has certain limitations. Our presentation of the Non-GAAP Measures may be different from the presentation used by other companies and therefore comparability may be limited. While excluded from certain of the Non-GAAP Measures, depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred. Each of these items should also be considered in the overall evaluation of our results. Additionally, the Non-GAAP Measures do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, capital expenditures and other items both in our reconciliations to the historical GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance. We do not provide a reconciliation of forward-looking Non-GAAP Measures to the corresponding forward-looking GAAP measure due to our inability to project special charges and certain expenses.

The Non-GAAP Measures are to be used in addition to and in conjunction with results presented in accordance with GAAP. The Non-GAAP Measures should not be considered as an alternative to net income, operating income, or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. The Non-GAAP Measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding historical GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure.

Forward-looking Statements and Company Information
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as "may," "will," "might," "expect," "believe," "anticipate," "could," "would," "estimate," "continue," "pursue," or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding future performance. These forward-looking statements are based on the current beliefs and expectations of management and involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Boyd Gaming's ability to control or estimate precisely. Additional factors that could cause actual results to differ are discussed under the heading "Risk Factors" and in other sections of the Company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and in the Company's other current and periodic reports filed from time to time with the SEC. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.

About Boyd Gaming
Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 27 gaming entertainment properties in 11 states. The Company also manages a tribal casino in northern California, and owns and operates Boyd Interactive, a B2B and B2C online casino gaming business. Boyd Gaming's nationwide portfolio is connected through Boyd Rewards, recognized as the nation's favorite casino loyalty program by readers of both USA Today and Newsweek. Named by Forbes magazine as one of "America's Best Companies," and led by one of the most experienced teams in the industry, Boyd Gaming is dedicated to delivering an outstanding entertainment experience and memorable guest service. For additional Company information and press releases, visit https://www.boydgaming.com. 

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SOURCE Boyd Gaming Corporation

FAQ

What were Boyd Gaming (BYD) Q4 2025 results and EPS?

Boyd Gaming reported Q4 2025 net income of $140.4M, or $1.79 per share. According to the company, total Q4 revenue was $1.06B and Adjusted EBITDAR was $336.6M, reflecting year-over-year segment mix shifts.

How did the FanDuel sale affect Boyd Gaming's 2025 net income for BYD?

The FanDuel sale generated a $1.4B after-tax gain in 2025, substantially increasing net income. According to the company, this gain was the primary driver of the $1.84B full-year net income figure.

How much capital did Boyd Gaming (BYD) return to shareholders in 2025?

Boyd Gaming returned more than $800M via share repurchases and dividends in 2025. According to the company, Q4 repurchases were $185M and approximately $362M remained authorized at year-end.

What is Boyd Gaming's (BYD) balance sheet position at December 31, 2025?

At year-end, Boyd Gaming had $353.4M cash and $2.1B total debt. According to the company, proceeds from the FanDuel sale were used to strengthen the balance sheet and support capital allocation.

Did Boyd Gaming (BYD) report any impairment charges in 2025?

Yes. Boyd Gaming recorded $128.4M of non-cash, pretax long-lived asset impairment charges in 2025. According to the company, impairments contributed to adjustments between GAAP and Adjusted Earnings.