Boyd Gaming Corp

Latest Results (02.04.2026):

Boyd Gaming Corp’s fourth quarter of 2025 results: the company reported Q4 2025 revenues of $1.06 billion and net income attributable to Boyd Gaming of $140.4 million ($1.79 per share). Full-year 2025 results were driven by a $1.4 billion after‑tax gain from the sale of its equity interest in FanDuel, producing full‑year net income of $1.84 billion ($22.56 per share), while comparable operating performance (adjusted measures) was roughly in line with 2024.

Quarterly revenue and GAAP earnings

Q4 2025 total revenues were $1.062 billion (reported as $1.1B), up from $1.041B a year earlier. GAAP net income for Q4 was $140.4M, or $1.79 per share, down from $170.5M, or $1.92 per share, in Q4 2024.

Adjusted performance (non‑GAAP)

Q4 Adjusted EBITDAR was $336.6M versus $379.3M in Q4 2024. Q4 Adjusted Earnings were $173.5M, or $2.21 per diluted share, essentially flat versus the prior year on an adjusted basis (vs. $174.7M and $1.96 per share in Q4 2024).

Full‑year results and FanDuel sale impact

Full‑year 2025 revenues were $4.09B (vs. $3.93B in 2024). Full‑year GAAP net income was $1.843B ($22.56/share) compared with $578.0M ($6.19/share) in 2024; the large increase reflects a $1.4B after‑tax gain from the sale of the company’s FanDuel equity. Full‑year Adjusted EBITDAR was about $1.35B (reported as roughly $1.4B) and Adjusted Earnings were $604.6M, or $7.40 per share, essentially flat versus 2024 on an adjusted basis ($611.3M, $6.55/share).

Key expense items and impairments

Full‑year results include $128.4M of non‑cash, pretax long‑lived asset impairment charges and higher depreciation and amortization. These and other adjustments explain much of the gap between GAAP and adjusted results for 2025.

Operations and segment trends

Las Vegas Locals saw gaming revenue growth driven by core customers but noted softness in destination business; Downtown was stable (including Hawaiian guests); Midwest & South benefited from core customer play but was hit by severe winter weather in December. Online segment grew its online casino business but was affected by changes to revenue‑sharing after the FanDuel transaction and by one‑time fees in the prior year. Managed & Other grew on higher management fees (e.g., Sky River).

Capital return and share repurchases

Boyd returned significant capital in 2025—more than $800M of share repurchases and dividends for the year. In Q4 2025 the company repurchased $185M of common stock and as of December 31, 2025 had approximately $362M remaining under current repurchase authorizations. The company also paid a quarterly cash dividend of $0.18 per share on January 15, 2026.

Balance sheet and liquidity

As of December 31, 2025, Boyd Gaming had cash on hand of $353.4M and total debt of $2.1B, and management highlighted the strengthened balance sheet following the FanDuel sale proceeds (~$1.8B gross proceeds referenced).

Outlook

Management expressed optimism for 2026, citing expected continued strength from core customers, returns from ongoing capital projects (including progress on a $750M Virginia resort), and the financial flexibility from diversified free cash flow and a stronger balance sheet.