Boyd Gaming reports record fourth-quarter revenue

Summary

Boyd Gaming posted record revenue for the fourth quarter of 2025 — $1.1 billion, up from $1.0 billion a year earlier — while several profitability measures fell year-on-year. Net income for Q4 was $140.4 million ($1.79 per share), down from $170.5 million the prior year, and total adjusted EBITDAR also declined. For the full year, revenue rose to $4.1 billion and net income jumped to $1.8 billion, driven largely by a one‑time $1.4 billion after‑tax gain from the sale of its FanDuel stake.

Key Points

Q4 2025 revenue: $1.1bn, up from $1.0bn in Q4 2024.
Q4 2025 net income: $140.4m ($1.79/share) vs $170.5m ($1.92/share) a year earlier.
Q4 adjusted EBITDAR: $336.6m (down from $379.3m year on year).
Full‑year 2025 revenue: $4.1bn (from $3.9bn); full‑year net income: $1.8bn, boosted by a $1.4bn after‑tax FanDuel gain.
Full‑year adjusted EBITDAR roughly flat at $1.4bn; adjusted earnings modestly lower year on year.
Operational highlights: Las Vegas locals and Midwest/South showed strong core-customer play; destination business remained soft.
Capital moves: nearly $1.8bn gross proceeds from FanDuel sale used to strengthen the balance sheet; $800m+ returned to shareholders via buybacks and dividends in 2025.
Balance sheet: cash on hand $353.4m; total debt $2.1bn; $362m remaining on current repurchase authorisation after $185m repurchased in Q4.

Content summary

Boyd delivered record top-line revenue in both Q4 and for the year, but profitability measures painted a mixed picture. Q4 adjusted EBITDAR and adjusted earnings slipped versus the year-ago quarter, while net income for the year was materially higher due to the FanDuel transaction and some impairment charges.

Regionally, Las Vegas locals and the company’s Midwest and South properties benefited from strong play among core customers. Destination and downtown segments saw softer results, with downtown showing stable Hawaiian guest play but reduced destination footfall. The online segment grew through igaming, and revenue-sharing changes following the FanDuel deal affected results.

Management emphasised operational discipline, ongoing capital investment (including progress on a $750m Virginia resort) and the use of FanDuel sale proceeds to fortify the balance sheet. Shareholder returns were significant, with more than $800m in repurchases and dividends in 2025.

Context and relevance

This update matters if you follow casino operators, leisure-sector stocks or companies with large digital-investment exits. The FanDuel sale is the headline driver of the year-on-year net income swing — a one-off event that masks the underlying operational trends. Adjusted metrics show stability or slight decline, so investors should separate recurring operating performance from non-recurring gains when assessing Boyd’s outlook.

Key industry takeaways: regional/local gaming demand remains resilient post-pandemic; destination travel and downtown gaming are still recovering unevenly; igaming contributes to growth but revenue-sharing changes can shift reported top-line timing.

Why should I read this?

Short version: if you own Boyd stock or watch casino stocks, this is where the big money moves happened — FanDuel cashing out, hefty buybacks, and a mixed showing at the property level. We’ve pulled out the numbers and the bits that actually change what you should be thinking about next.