Boyd Gaming (BYD) Q4 2025 earnings summary

Executive summary

• Achieved record full-year revenues of $4.1 billion and approximately $1.4 billion in 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 below 2x and return over $800 million to shareholders, reducing share count by 11%.

• Continued capital investments enhanced property competitiveness and growth potential, including new projects in Norfolk, Virginia, and Las Vegas.

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, flat year-over-year after adjusting for $40 million impact from online segment changes and severe winter weather.

• Returned $836 million to shareholders in 2025 via $58 million in dividends and $778 million in share repurchases.

• Repurchased 10.1 million shares at an average price of $76.91, reducing share count by 11% year-over-year.

• Cash on hand at year-end: $353.4 million; total debt: $2.1 billion.

Outlook and guidance

• 2026 capital expenditures expected at $650–$700 million, including $250 million in maintenance and $250–$300 million for the Virginia project.

• Projected leverage to approach 2.5x by year-end 2026, factoring in tax credit payments and ongoing investments.

• Online segment EBITDAR projected at $30–$35 million in 2026; managed and other business EBITDAR expected at $110–$114 million.

• Continued share repurchases of ~$150 million per quarter and regular quarterly dividends planned.

• 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 in 2026.