Boyd Gaming (BYD) Q2 FY2025 earnings: revenue $1.0 billion, up 6.9% on the year

Boyd Gaming Corp. (BYD) reported revenue of $1.0 billion for Q2 FY2025, the quarter ended 30 June 2025, up 6.9% on the same quarter a year earlier. Net income was $151 million, up 8.3% on the year, and diluted earnings per share $1.84. The figures are the company's own, from the 10-Q it filed with the SEC on 30 July 2025.

Revenue$1.0 billionup 6.9%

Net income$151 millionup 8.3%

Diluted EPS$1.84

QuarterQ2 FY2025ended 30 June 2025

The quarter, against the one before and a year earlier

Line	Q2 FY2025	Q1 FY2025	Q2 FY2024	Change on the year
Revenue	1,034	992	968	+6.9%
Selling, general and administrative	110	108	105	+4.7%
Operating income	242	200	227	+6.7%
Operating margin	23.4%	20.2%	23.5%
Interest expense	50.6	48.4	42.9	+17.7%
Pre-tax income	193	152	185	+4.7%
Income tax	42.8	41.3	44.7	-4.3%
Effective tax rate	22.1%	27.1%	24.2%
Net income	151	111	140	+8.3%
Net margin	14.6%	11.2%	14.5%
Diluted EPS	$1.84	$1.31	$1.47	+25.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2025	Q1 FY2025	Q2 FY2024	Change on the year
Operating cash flow	205	256	213	-3.8%
Capital expenditure	124	170	114	+8.8%
Free cash flow	80.6	86.5	98.7	-18.3%
Free cash flow margin	7.8%	8.7%	10.2%
Cash from investing	-125	-250	-115	n/a
Cash from financing	-70.1	-10.5	-101	n/a
Depreciation and amortisation	70.0	68.2	65.7	+6.6%
Share-based compensation	13.4	7.6	10.4	+29.2%
Buybacks	105	328	176	-40.2%
Dividends paid	14.7	14.7	16.3	-9.3%
Dividend per share	$0.18	$0.18	$0.17	+5.9%
Diluted shares, weighted	82m	85m	95m	-13.4%
Shares outstanding at period end	81m	82m	92m	-12.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2025	Q1 FY2025	Q2 FY2024	Change on the year
Shareholders' equity	1,394	1,349	1,712	-18.6%
Non-controlling interest	2.1	3.2	n/a	n/a
Debt	3,568	3,517	2,961	+20.5%
Operating lease liabilities	585	598	680	-14.0%
Other liabilities	1,012	1,002	909	+11.3%
Total liabilities and equity	6,560	6,469	6,261	+4.8%
Fixed assets	2,818	2,751	2,626	+7.3%
Goodwill	958	958	947	+1.1%
Intangible assets	1,385	1,388	1,376	+0.7%
Cash and equivalents	320	312	281	+14.0%
Receivables	115	110	110	+5.2%
Inventory	21.6	20.7	21.2	+2.2%
Other assets	942	930	901	+4.6%
Total assets	6,560	6,469	6,261	+4.8%

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	903	954	961	968	961	1,041	992	1,034	1,004	1,062	997	1,034
SG&A	99.9	90.6	108	105	102	112	108	110	104	111	110	111
Operating income	218	155	219	227	220	261	200	242	140	166	164	201
Operating margin	24%	16%	23%	23%	23%	25%	20%	23%	14%	16%	16%	19%
Interest expense	42.4	42.3	42.3	42.9	46.2	45.9	48.4	50.6	33.3	25.4	28.5	31.4
Pre-tax income	177	113	177	185	174	216	152	193	1,842	142	137	171
Tax rate	24%	18%	23%	24%	25%	21%	27%	22%	22%	2%	24%	24%
Net income	135	92.6	136	140	131	171	111	151	1,440	140	106	131
Net margin	15%	10%	14%	14%	14%	16%	11%	15%	143%	13%	11%	13%
Diluted EPS	$1.34	$0.94	$1.40	$1.47	$1.43	$1.92	$1.31	$1.84	$17.81	$1.79	$1.37	$1.75
Operating cash flow	234	217	251	213	231	262	256	205	240	275	134	-23.5
Capital expenditure	108	94.9	89.6	114	85.2	111	170	124	146	148	155	142
Free cash flow	126	122	161	98.7	146	151	86.5	80.6	94.4	127	-20.8	-165
Buybacks	106	100.0	106	176	202	203	328	105	160	185	155	156
Dividends paid	16.0	15.8	15.5	16.3	15.7	15.2	14.7	14.7	14.5	14.2	13.8	15.0
Shares outstanding	98m	99m	95m	92m	89m	86m	82m	81m	79m	76m	75m	73m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2025, filed 30 July 2025, accession 0001437749-25-023972: the filing on EDGAR. All of Boyd Gaming Corp.'s filings: EDGAR company page.

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