Boyd Gaming (BYD) Q3 2025 earnings summary

Executive summary

• Third quarter 2025 revenue exceeded $1 billion, with EBITDA/Adjusted EBITDAR at $321.8 million, and company-wide margins consistent with the prior year at 37%.

• Net income surged to $1.4 billion ($17.81 per share) in Q3 2025, primarily due to a $1.4 billion after-tax gain from the sale of a 5% FanDuel equity interest.

• Growth in play from core and retail customers drove healthy gaming revenue across all property segments, offsetting weakness in destination business.

• Capital investments in property enhancements and expansions are delivering strong returns and supporting long-term growth.

• Substantial free cash flow and a strong balance sheet enabled $175 million returned to shareholders in Q3 2025, with $637 million returned year-to-date.

Financial highlights

• Q3 2025 revenues reached $1,004.4 million, up 4.5% year-over-year; Adjusted EBITDAR was $321.8 million, down from $336.6 million year-over-year.

• Net income for Q3 2025 was $1,438.8 million, up from $131.1 million prior year, driven by the FanDuel sale.

• Midwest and South segment revenues rose 3% to $539 million, with EBITDA up over 2% to $202 million; operating margins exceeded 37%.

• Las Vegas Locals segment posted $211 million in revenue and $92 million in EBITDA; margins at 47%.

• Q3 2025 EPS was $17.81 basic and diluted, compared to $1.43 prior year.

Outlook and guidance

• Customer trends from Q3 have continued into October, with improving play from both core and retail customers.

• Online segment EBITDA guidance raised to $60 million for 2025; $30 million expected in 2026.

• Capital expenditures for 2025 estimated at $600 million, with $440 million spent year-to-date.

• Sufficient liquidity projected for the next twelve months, supported by cash, operating cash flow, and credit facility availability.

• Share repurchases to continue at $150 million per quarter, supplemented by recurring dividends.