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Dec 31, 2025
Boyd Gaming Q4 2025 Earnings Report
Boyd Gaming reported a successful fourth quarter and full year in 2025, achieving record revenues and maintaining strong property-level margins, driven by core customer strength and operational discipline.
Key Takeaways
Boyd Gaming Corporation announced strong financial results for the fourth quarter and full year ended December 31, 2025, with revenues increasing to $1.1 billion for the quarter and $4.1 billion for the full year. The company reported net income of $140.4 million for the quarter and $1.8 billion for the full year, significantly impacted by a $1.4 billion after-tax gain from the sale of its equity interest in FanDuel.
Fourth-quarter 2025 revenues increased to $1.1 billion from $1.0 billion in the fourth quarter of 2024.
Net income for Q4 2025 was $140.4 million, or $1.79 per share, compared to $170.5 million, or $1.92 per share, in the prior-year period.
Adjusted EBITDAR for Q4 2025 was $336.6 million, down from $379.3 million in Q4 2024.
Adjusted Earnings for Q4 2025 were $173.5 million, or $2.21 per share, compared to $174.7 million, or $1.96 per share, in Q4 2024.
Revenue by Segment
Forward Guidance
Boyd Gaming is optimistic about 2026, expecting continued strength from core customers, returns from ongoing capital investments, and financial strength from diversified free cash flow and a strong balance sheet.
Positive Outlook
- Continued strength in play from core customers is anticipated.
- Returns from ongoing capital investments, including the $750 million resort in Virginia, are expected.
- Financial strength created by diversified free cash flow is a positive outlook.
- A strong balance sheet is expected to contribute to future performance.
- The company continues to position itself for growth and long-term value for shareholders.
Challenges Ahead
- No specific negative forward guidance points were explicitly stated in the provided text.
- The impact of severe winter weather in December 2025 on Midwest & South segment results could potentially carry over.
- Continued softness in destination business for Las Vegas Locals could persist.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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