New: Instantly spot drawdowns, dips, insider moves, and breakout themes across Maps and Screener.

Learn More

Boyd Gaming Q4 Earnings & Revenues Beat Estimates, Increase Y/Y

By Zacks Equity Research | February 06, 2026, 1:03 PM

Boyd Gaming Corporation BYD reported fourth-quarter 2025 results, with earnings and revenues surpassing the Zacks Consensus Estimate. The company’s top and bottom lines increased year over year.

Boyd Gaming reported solid performance in 2025, backed by strong engagement from core customers and a continued emphasis on operational discipline. Customer offerings and portfolio growth potential were further enhanced through ongoing capital investments, including steady progress toward the completion of the $750 million Virginia resort. The company also realized significant value from its equity stake in FanDuel, generating nearly $1.8 billion in gross proceeds that strengthened the balance sheet.

Looking ahead to 2026, management expects the momentum to continue, supported by sustained strength from core customers and incremental returns from capital investments.

BYD’s Q4 Earnings & Sales Discussion

In the reported quarter, adjusted earnings per share (EPS) were $2.21, surpassing the Zacks Consensus Estimate of $1.88 by 17.6%. In the year-ago quarter, it reported an adjusted EPS of $1.96.

Boyd Gaming Corporation Price, Consensus and EPS Surprise

Boyd Gaming Corporation Price, Consensus and EPS Surprise

Boyd Gaming Corporation price-consensus-eps-surprise-chart | Boyd Gaming Corporation Quote

Total revenues of $1.06 billion beat the consensus mark of $1 billion by 5.7%. The top line rose 2% on a year-over-year basis.

Total adjusted EBITDAR in the reported quarter amounted to $336.6 million compared with $379.3 million reported in the prior-year quarter.

Boyd Gaming's Segmental Details

Las Vegas Locals

In the fourth quarter of 2025, the segment’s revenues amounted to $227.2 million compared with $232 million reported in the prior-year quarter. The segment’s adjusted EBITDAR totaled $109.1 million compared with $112.3 million reported in the year-ago quarter.

Downtown Las Vegas

Revenues in the segment came in at $62.9 million compared with $65.6 million reported in the prior-year quarter. Adjusted EBITDAR was $24 million compared with $27 million reported in the year-ago quarter.

Midwest and South Segment

In the quarter, the segment’s revenues were $533.1 million compared with $518.5 million reported in the prior-year quarter. The segment’s adjusted EBITDAR totaled $191.4 million compared with $192.4 million reported in the year-ago quarter.

Online Segment

In the quarter, the segment’s revenues were $200.1 million compared with $188.8 million reported in the prior-year quarter. The segment’s adjusted EBITDAR totaled $8.2 million compared with $44.1 million reported in the year-ago quarter.

BYD’s Q4 Operating Highlights

In fourth-quarter 2025, the company’s total operating costs and expenses came in at $895.7 million compared with $779.6 million reported in the prior-year quarter. Selling, general and administrative expenses in the quarter were $111.2 million compared with $111.5 million reported in the prior-year quarter.

Boyd Gaming’s 2025 Highlights

Total revenues in 2025 amounted to $4.1 billion compared with $3.93 billion in 2024.

Net income in 2025 came in at $1.84 billion compared with $578 million reported in 2024.

In 2025, adjusted diluted EPS came in at $7.40 compared with $6.55 reported in the previous year.

BYD’s Balance Sheet

As of Dec. 31, 2025, the company had cash on hand of $353.4 million compared with $316.7 million as of Dec. 31, 2024. Total debt in the fourth quarter of 2025 amounted to $2.1 billion compared with $3.2 billion reported in the previous year.

In the quarter, BYD repurchased shares of its common stock worth $185 million. As of Dec. 31, 2025, the company stated the availability of approximately $362 million under its repurchase program.

BYD’s Zacks Rank & Stocks to Consider

Boyd Gaming currently has a Zacks Rank #3 (Hold).

Some better-ranked stocks from the Consumer Discretionary sector are Callaway Golf Company CALY, Monarch Casino & Resort, Inc. MCRI and Rush Street Interactive, Inc. RSI.

Callaway flaunts a Zacks Rank #1 (Strong Buy) at present. The company delivered a trailing four-quarter earnings surprise of 292.2%, on average. CALY stock has surged 81.9% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Callaway’s 2026 sales indicates a decline of 47%, while EPS indicates growth of 258.8% from the year-ago period’s levels.

Monarch Casino currently carries a Zacks Rank #2 (Buy). The company delivered a trailing four-quarter earnings surprise of 3.5%, on average. MCRI stock has gained 10% in the past year.

The Zacks Consensus Estimate for Monarch Casino’s fiscal 2026 sales and EPS indicates growth of 2.4% and 6.3%, respectively, from the prior-year levels.

Rush Street has a Zacks Rank of 2 at present. The company delivered a trailing four-quarter earnings surprise of 19%, on average. RSI stock has climbed 16.6% in the past year.

The Zacks Consensus Estimate for Rush Street’s 2026 sales and EPS indicates growth of 14.1% and 20.7%, respectively, from the prior-year levels.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report


 
Boyd Gaming Corporation (BYD): Free Stock Analysis Report
 
Monarch Casino & Resort, Inc. (MCRI): Free Stock Analysis Report
 
Rush Street Interactive, Inc. (RSI): Free Stock Analysis Report
 
Callaway Golf Company (CALY): Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

Latest News