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Boyd Gaming
Boyd Gaming (BYD) investor relations material
Boyd Gaming Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Achieved record full-year revenues of $4.1 billion and $1.4 billion EBITDA for 2025, with property-level margins at 40%, driven by strong core customer play and operational discipline.
Net income for 2025 was $1.8 billion, significantly higher than $578 million in 2024, primarily due to a $1.4 billion after-tax gain from the sale of the FanDuel equity interest.
Unlocked $1.8 billion in cash from FanDuel ownership, used to reduce leverage and return capital to shareholders.
Returned over $800 million to shareholders, reducing share count by 11%.
Continued significant capital investments, including a $750 million Virginia resort and property enhancements nationwide.
Financial highlights
Full-year EBITDA reached $1.4 billion, with record revenues and 40% property operating margins.
Fourth-quarter 2025 revenues were $1.1 billion, up from $1.0 billion in Q4 2024; Q4 EBITDA was $337 million.
Full-year Adjusted EBITDAR was $1.4 billion; Adjusted Earnings were $604.6 million ($7.40/share).
Online segment delivered $63 million EBITDAR for 2025; projected $30–$35 million in 2026 due to changes in revenue share agreements.
Managed and other business projected to generate $110–$114 million EBITDAR in 2026.
Outlook and guidance
Optimistic for 2026, expecting benefits from new property openings (Cadence Crossing, Suncoast modernization) and tax legislation boosting consumer spending.
Management expects continued strength in core customer play, benefits from ongoing capital investments, and financial strength from diversified free cash flow and a strong balance sheet.
Midwest and South segment to benefit from recent hotel renovations and expanded meeting space at Ameristar St. Charles.
Capital expenditures for 2026 expected at $650–$700 million, with $250 million in recurring maintenance and significant growth capital for new projects.
Ongoing share repurchases of $150 million per quarter and regular dividends planned.
Net impact of FanDuel sale on 2025 EPS?
Expected ROI from Virginia resort in 2026?
Explain Q4 Las Vegas Locals revenue decline.
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Next Boyd Gaming earnings date
Q1 202623 Apr, 2026
Boyd Gaming
Next Boyd Gaming earnings date
Q1 202623 Apr, 2026
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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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