Boyd Gaming (BYD) Q4 2025 earnings summary

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.