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Jun 30, 2025
Boyd Gaming Q2 2025 Earnings Report
Boyd Gaming reported solid Q2 2025 results with revenue growth and improved Adjusted EBITDAR.
Key Takeaways
Boyd Gaming posted $1.03 billion in Q2 2025 revenue, supported by strong performance in Las Vegas Locals and Midwest & South segments. Adjusted EBITDAR grew to $357.9 million, while net income rose to $151.5 million.
Revenue reached $1.03 billion, up from $967.5 million YoY
Net income grew to $151.5 million, EPS at $1.84
Adjusted EBITDAR hit $357.9 million, highest in over three years
The company repurchased $105 million in shares and paid a $0.18 dividend per share
Revenue by Segment
Forward Guidance
Boyd Gaming expects continued strength in core customer play and operational efficiencies, while monitoring macroeconomic conditions and completing the FanDuel equity sale to enhance its balance sheet.
Positive Outlook
- Strong Las Vegas Locals segment growth
- Midwest & South performance led by Treasure Chest Casino
- Online and Managed segments continue to expand
- FanDuel equity sale to strengthen financial position
- Board authorized additional $500 million for share repurchases
Challenges Ahead
- Challenging Downtown Las Vegas comps due to prior year surge
- Continued macroeconomic uncertainties
- Industry-wide pricing pressures remain
- Potential regulatory shifts impacting online operations
Historical Earnings Impact
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Avg. Return Before/After Earnings
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