Boyd Gaming revenue hits new record in 2025
Net income was up 211.4 per cent year-on-year.
US.- Boyd Gaming Corporation has reported financial results for full year 2025. Revenue totalled $4.1bn, up from $3.9bn in 2024. Net income was $1.8bn, impacted by a $1.4bn after-tax gain from the sale of the company’s equity interest in FanDuel, and $128.4m in non-cash, pre-tax long-lived asset impairment charges. Net income was up 211.4 per cent year-on-year.
Adjusted EBITDAR was $1.4bn. Adjusted earnings were $604.6m, or $7.40 per share, compared to $611.3m, or $6.55 per share, for 2024.
For the fourth quarter of 2025, revenue was $1.1bn, an increase of 10 per cent in year-on-year terms. Net income reached $140.4m, up from $170.5m a year prior. Adjusted EBITDAR was $336.6m, down 11.3 per. Adjusted earnings were $173.5m, or $2.21 per share, compared to $174.7m, for the same period in 2024.
Keith Smith, president and chief executive officer of Boyd Gaming, said: “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. 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. We further enhanced our customer offerings and the growth potential of our portfolio through our ongoing capital investments, including our progress toward the completion of our $750m resort in Virginia.
“We also unlocked the substantial value of our equity ownership in FanDuel, utilizing nearly $1.8bn in gross proceeds to further fortify our balance sheet. And we continued to return significant capital to our shareholders, with more than $800m in share repurchases and dividends in 2025.
“Looking ahead, we are optimistic about 2026, as we expect to benefit from continued strength in play from our core customers, returns from our ongoing capital investments, and the financial strength created by our diversified free cash flow and strong balance sheet.”
