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BYD

Boyd Gaming Corporation

BYD

Boyd Gaming Corporation • NYSE
$83.30 ▼ -0.10% (-0.08)
Market Cap $6.51 B
52w High $88.49
52w Low $58.94
Dividend Yield 0.71%
P/E 3.71
Volume 525.32K
Outstanding Shares 78.13M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.004B ▼ $209.547M ▼ $1.44B ▲ 143.374% ▲ $17.81 ▲ $1.949B ▲
Q2-2025 $1.034B ▲ $284.705M ▼ $151.458M ▲ 14.648% ▲ $1.84 ▲ $313.666M ▲
Q1-2025 $991.565M ▼ $304.4M ▲ $110.345M ▼ 11.128% ▼ $1.31 ▼ $268.811M ▼
Q4-2024 $1.041B ▲ $286.372M ▲ $170.506M ▲ 16.38% ▲ $1.92 ▲ $339.689M ▲
Q3-2024 $961.246M $279.371M $131.128M 13.641% $1.43 $290.532M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $320.111M ▲ $6.56B ▲ $5.165B ▲ $1.394B ▲
Q1-2025 $311.503M ▼ $6.469B ▲ $5.117B ▲ $1.352B ▼
Q4-2024 $316.688M ▲ $6.392B ▲ $4.81B ▲ $1.582B ▼
Q3-2024 $286.281M ▲ $6.302B ▲ $4.671B ▲ $1.632B ▼
Q2-2024 $285.529M $6.261B $4.55B $1.712B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $150.354M ▲ $205.019M ▼ $-125.46M ▲ $-70.087M ▼ $9.2M ▲ $80.59M ▼
Q1-2025 $110.882M ▼ $256.393M ▼ $-250.421M ▼ $-10.528M ▲ $-4.551M ▼ $86.5M ▼
Q4-2024 $170.506M ▲ $262.056M ▲ $-113.448M ▲ $-117.288M ▼ $31.155M ▲ $150.88M ▲
Q3-2024 $131.128M ▼ $231.207M ▲ $-114.939M ▲ $-110.859M ▼ $5.48M ▲ $146.014M ▲
Q2-2024 $139.845M $213.083M $-115.195M $-101.165M $-3.309M $98.697M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Casino
Casino
 $640.00M ▲$1.29Bn ▲$640.00M ▼$670.00M ▲
Food and Beverage
Food and Beverage
 $70.00M ▲$150.00M ▲$70.00M ▼$80.00M ▲
Management Fee
Management Fee
 $0 ▲$0 ▲$0 ▲$20.00M ▲
Occupancy
Occupancy
 $50.00M ▲$100.00M ▲$50.00M ▼$50.00M ▲
Product and Service Other
Product and Service Other
 $40.00M ▲$70.00M ▲$40.00M ▼$40.00M ▲
Management Service
Management Service
 $20.00M ▲$50.00M ▲$30.00M ▼$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Boyd’s income statement shows a business that has grown solidly from the pandemic years and then leveled off. Revenue has climbed steadily over the last five years, and profitability has been consistently strong since 2021. Operating profits and cash-based earnings (like EBITDA) suggest the company runs its casinos efficiently, with healthy margins for this industry. The one watchpoint is that net income and earnings per share peaked a couple of years ago and have edged down slightly more recently, even as sales continued to grow. That hints at some pressure from higher costs, interest expense, or competitive spending. Still, overall profitability remains robust compared with the difficult 2020 period and appears structurally sound rather than fragile.

Balance Sheet

Balance Sheet The balance sheet is stable but clearly carries meaningful debt, which is common in casinos and resorts. Total assets have stayed fairly steady over several years, suggesting a mature asset base rather than rapid expansion. Equity has improved a lot since 2020 and remains solid, showing value has been built up over time, even if it ticked down a bit most recently. Debt is still sizable relative to equity, though it has gradually come down from earlier, heavier levels. Cash on hand is modest but not unusually low for this type of business. Overall, the company looks financially stable but still leveraged enough that interest costs and credit conditions matter. A more conservative balance sheet than during the pandemic, but not a low-debt story.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been strong and consistent in the post‑pandemic years, comfortably covering everyday needs and investment spending. Free cash flow has been solid as well, even as the company has ramped up capital spending compared with earlier years. Capital expenditures have moved from “light upkeep” levels to more meaningful reinvestment, which may support future growth and modernization. The business seems capable of funding its investments internally without stressing the cash position. The main risk is that, as a cyclical, consumer‑driven business, cash flow would likely weaken in a severe downturn, but recent years show good resilience.

Competitive Edge

Competitive Edge Boyd operates in a tough industry with many strong competitors, but it has carved out a distinct regional and digital niche. Its properties span multiple states rather than relying heavily on a single destination market, which spreads regulatory and economic risk. The company focuses on recurring local and regional customers more than purely on high‑end tourists, which can make revenue somewhat steadier. A key competitive advantage is its unified technology and loyalty platform across all properties. This lets Boyd treat customers as “known” guests wherever they play, offering smoother experiences and more targeted rewards. The integration of physical casinos with online play under consistent brands and programs strengthens customer loyalty and makes it harder for rivals to poach frequent players. On the other hand, the company still competes against much larger national and global casino operators, tribal casinos, and fast‑growing pure‑online gaming providers. Regulatory changes, new property openings by rivals, and shifts in consumer spending remain important competitive risks.

Innovation and R&D

Innovation and R&D Boyd is leaning heavily into digital and data‑driven innovation, which is notable for a mid‑sized casino operator. Its single, unified system for slot management, casino operations, and loyalty across all properties is a real operational advantage, reducing complexity and enabling a smoother guest experience. The digital evolution centers on Boyd Rewards and the Stardust online casino brand. By linking on‑property and online activity into a single customer profile, Boyd can personalize offers, rewards, and communications across channels. This kind of data‑driven personalization can deepen loyalty and support higher spending from core customers. The acquisition of Pala Interactive gave Boyd its own online gaming technology rather than relying entirely on partners, while the later sale of its FanDuel stake brought in cash and allowed it to focus on platforms it controls. The partnership with UNLV’s innovation center further strengthens its pipeline of new ideas, technology testing, and talent. Initiatives like cashless gaming, digital wallets, analytics‑driven labor management, and automated marketing show a clear push toward a more modern, technology‑first operating model. All of this positions Boyd as a relatively forward‑thinking player in a traditionally brick‑and‑mortar industry, though success will depend on execution and how quickly customers adopt these digital experiences.

Summary

Overall, Boyd Gaming looks like a mature, profitable casino and gaming operator that has successfully moved past the pandemic slump and is now in a steady, cash‑generative phase. Revenue and margins have held up well, even though earnings have eased slightly from their recent peak. The balance sheet is stronger than it was a few years ago but still meaningfully leveraged, which is typical for the sector and worth ongoing attention. The company’s most distinctive trait is its blend of physical casinos with a controlled, in‑house digital platform and a tightly integrated loyalty system. This combination, backed by strong cash flows and targeted technology investments, provides both stability and room for growth. Key things to monitor going forward are cost pressures, the pace of digital adoption, competitive responses in online gaming, and how effectively Boyd continues to use its data and unified platform to keep its best customers engaged across both in‑person and online channels.

NEWS

October 29, 2025 · 8:05 AM UTC

Boyd Unveils a New 2 Megawatt High-Capacity Coolant Distribution Unit for Liquid Cooled AI Data Centers

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October 23, 2025 · 4:05 PM UTC

BOYD GAMING REPORTS THIRD-QUARTER 2025 RESULTS

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October 1, 2025 · 9:00 AM UTC

BOYD GAMING TO REPORT THIRD-QUARTER 2025 RESULTS, HOST CONFERENCE CALL AND WEBCAST ON OCTOBER 23

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