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Sep 30
Boyd Gaming Q3 2025 Earnings Report
Reported higher revenue and adjusted earnings driven by strong performance across property segments despite FanDuel transaction impacts.
Key Takeaways
Boyd Gaming delivered Q3 2025 revenue of $1.0 billion, up from $961.2 million a year earlier. Net income surged to $1.44 billion due to a $1.4 billion gain from the sale of its FanDuel stake, while adjusted earnings remained stable at $139.1 million. Adjusted EBITDAR reached $321.8 million, reflecting solid property performance across all operating segments and continued operational efficiency.
Revenue increased to $1.0 billion, up 4.5% year-over-year.
Net income rose sharply to $1.44 billion, benefiting from the FanDuel stake sale.
Adjusted EBITDAR totaled $321.8 million versus $336.6 million a year ago.
Quarterly dividend of $0.18 per share and $160 million in share repurchases executed.
Boyd Gaming
Boyd Gaming
Boyd Gaming Revenue by Segment
Revenue by Segment
Las Vegas Locals Revenue
CapyFin.comDowntown Las Vegas Revenue
CapyFin.comMidwest & South Revenue
CapyFin.comOnline Revenue
CapyFin.comManaged & Other Revenue
CapyFin.com Forward Guidance
Boyd Gaming expects to maintain revenue and profitability momentum supported by strong regional gaming trends and operational efficiency following the FanDuel divestiture.
Positive Outlook
- Continued strong gaming performance across all property segments.
- Operational efficiency supporting stable margins.
- Robust balance sheet with $319 million in cash and manageable debt levels.
- Ongoing capital investment and shareholder return programs.
- Strength in the Midwest & South and online segments.
Challenges Ahead
- Adjusted EBITDAR declined modestly year-over-year.
- Reduced online revenue following FanDuel transaction impact.
- Slight decline in Las Vegas Locals and Downtown Las Vegas revenues.
- Impairment charges of $65 million affected GAAP results.
- Potential headwinds from macroeconomic uncertainty and consumer spending trends.