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Visual22 Oct 2025
Epiroc's cash spent on M&A
Boyd Gaming (BYD) investor relations material
Boyd Gaming Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary24 Jul, 2025
Executive summary
Announced sale of 5% FanDuel equity to Flutter for $1.76B, unlocking value and extending market access agreements through 2038, with closing expected in Q3 2025.
Q2 2025 revenues rose 6.9% year-over-year to $1.034B, with net income up to $150.4M and operating income up 6.7%.
Delivered strong Q2 results with broad-based segment growth, robust property-level margins above 40%, and record property-level revenue.
Proceeds from FanDuel sale will be used to pay down debt, reduce leverage below 2x, increase share repurchases, and support future investments.
Ongoing capital projects include a $750M Norfolk resort and new Cadence Crossing casino.
Financial highlights
Q2 2025 revenues: $1.034B (up from $967.5M in Q2 2024); Adjusted EBITDAR: $357.9M (up from $344.2M); net income: $150.4M.
Q2 2025 EPS (diluted): $1.84 (vs. $1.47 in Q2 2024); Adjusted EPS: $1.87 (vs. $1.58).
Online revenues grew to $173.1M in Q2 2025, driven by tax reimbursements and Boyd Interactive.
Property-level margins exceeded 40%, with Las Vegas Locals segment margins near 50%.
Cash on hand at June 30, 2025: $320.1M; total debt: $3.6B.
Outlook and guidance
FanDuel equity sale expected to close in Q3 2025, providing significant liquidity for investments.
Capital expenditures for 2025 projected at $600M–$650M, including $150M–$200M for Norfolk.
Online segment expected to generate $50M–$55M in EBITDAR for 2025, then $30M in 2026 under new agreements.
Share repurchase target increased to $150M per quarter starting Q3.
Management anticipates continued revenue growth from online operations and new property developments.
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Next Boyd Gaming earnings date
Q3 202523 Oct, 2025
Next Boyd Gaming earnings date
Q3 202523 Oct, 2025
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Frequently asked questions
Boyd Gaming Corporation operates as a multi-jurisdictional gaming company. It owns and operates various hotel and casino properties across the United States, including Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Nevada, New Jersey, Ohio and Pennsylvania. Its facilities include restaurants; slot machines; table games; race and sports books; keno; poker rooms; lounges; bars; entertainment shows; food courts and retail outlets. The company also develops video lottery terminals (VLTs), which are slot machines that are located in certain racetracks. In addition it engages in direct marketing programs that target its customers throughout their Las Vegas communities.
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