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Boyd Gaming Corporation reported record fourth-quarter revenue while experiencing declines in adjusted EBITDAR and certain earnings metrics compared to the prior year period.
Fourth Quarter 2025 Financial Performance
The company generated fourth-quarter revenue of $1.1 billion, an increase from $1 billion in the fourth quarter of 2024. Net income for the quarter totaled $140.4 million, or $1.79 per share, compared to $170.5 million, or $1.92 per share, in the year-ago period.
Total adjusted EBITDAR reached $336.6 million in the fourth quarter of 2025 versus $379.3 million in the fourth quarter of 2024. Adjusted earnings for the quarter were $173.5 million, or $2.21 per share, compared to $174.7 million, or $1.96 per share, for the same period in 2024.
Full Year 2025 Results
For the full year 2025, Boyd Gaming reported revenue of $4.1 billion, increasing from $3.9 billion for full year 2024. The company posted net income of $1.8 billion, or $22.56 per share, compared to net income of $578 million, or $6.19 per share for the full year 2024.
The company’s full-year 2025 net income included a $1.4 billion after-tax gain from the sale of its equity interest in FanDuel, along with $128.4 million in non-cash, pretax, long-lived asset impairment charges.
Total adjusted EBITDAR for full year 2025 was $1.4 billion, consistent with full year 2024. Full-year 2025 adjusted earnings were $604.6 million, or $7.40 per share, compared to adjusted earnings of $611.3 million, or $6.55 per share for the full year 2024.
Segment Performance and Market Conditions
CEO Keith Smith noted that the Las Vegas locals segment experienced continued growth in gaming revenues driven by strong play from core customers, though results reflected ongoing softness in destination business. Downtown Las Vegas properties showed stability in play among Hawaiian guests while also experiencing reduced destination business.
In the Midwest and South segment, properties continued to benefit from strong growth in play from core customers. However, year-over-year results were impacted by severe winter weather conditions in December 2025.
“Our company delivered another successful performance in 2025, as we continued to position ourselves for growth and to deliver long-term value for our shareholders,” said CEO Keith Smith. “For the full year, we achieved record revenues while maintaining strong property-level margins. These results were driven by strength in play from our core customers and our focus on operational discipline.”
Smith highlighted the company’s ongoing capital investments, including progress toward completing its $750 million resort in Virginia. He also noted the strategic value unlocked through the FanDuel equity sale, with nearly $1.8 billion in gross proceeds used to strengthen the balance sheet.
Online and Managed Operations
Results in the company’s online segment reflected growth from its igaming business, changes to revenue-sharing agreements following the FanDuel transaction in the third quarter, and one-time fees recorded in the year-ago quarter.
Year-over-year gains in the managed and other category were driven by continued growth in management fees from Sky River Casino in northern California.
Capital Allocation and Balance Sheet
Boyd Gaming paid a quarterly cash dividend of $0.18 per share on January 15, as previously announced. The company returned more than $800 million to shareholders through share repurchases and dividends in 2025.
As part of its ongoing share repurchase program, the company repurchased $185 million in shares of its common stock during the fourth quarter of 2025. As of December 31, approximately $362 million remained under current share-repurchase authorizations.
As of December 31, Boyd Gaming had cash on hand of $353.4 million and total debt of $2.1 billion.
Outlook
Looking ahead to 2026, Smith expressed optimism based on expected continued strength in play from core customers, returns from ongoing capital investments, and the financial strength created by the company’s diversified free cash flow and strong balance sheet.
Source: Boyd Gaming Corporation
