Open the filing on EDGARBOYD GAMING REPORTS FOURTH-QUARTER, FULL-YEAR 2025 RESULTS
LAS VEGAS - FEBRUARY 5, 2026 - 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 EBITDARwas $336.6 million in the fourth quarter of 2025 versus $379.3 million in the fourth quarter of 2024. Adjusted Earnings 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.
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
Forward-looking statements notice
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.
Contacts
Financial Contact: Josh Hirsberg · (702) 792-7234 · joshhirsberg@boydgaming.com
David Strow · (702) 792-7386 · davidstrow@boydgaming.com