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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.
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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