Boyd Gaming (BYD) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue exceeded $1 billion, with net income surging to $1,438.8 million due to a $1,748.0 million gain from the FanDuel equity sale, while operational efficiencies and strong core customer play supported results.

• Adjusted EBITDAR was $321.8 million, down from $336.6 million year-over-year, reflecting lower market access fees post-FanDuel transaction and asset impairment charges of $65.1 million.

• Growth in gaming revenue across all property segments offset weakness in destination business, particularly at the Orleans and Downtown Las Vegas.

• Capital investments in property enhancements and expansions are driving returns and positioning for future growth.

• Returned $175 million to shareholders in Q3 2025 and maintained a strong balance sheet.

Financial highlights

• Q3 2025 revenues: $1,004.4 million (up 4.5% year-over-year); net income: $1,438.8 million ($17.81 per share), primarily from FanDuel sale.

• Adjusted EBITDAR for Q3 2025: $321.8 million (down from $336.6 million prior year); impairment charges of $65.1 million.

• Midwest and South segment revenues rose 3% to $539 million, with best Q3 revenue and EBITDAR in three years.

• Company-wide margins held at 37%; Las Vegas Locals segment margins at 47%.

• Share repurchases totaled $160 million in Q3 2025; $547 million remained authorized as of September 30, 2025.

Outlook and guidance

• Lower online segment margins expected to continue due to new market access agreements; online segment EBITDA guidance raised to $60 million for 2025.

• 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.