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 $750 million resort in Virginia. We also unlocked the substantial value of our equity ownership in FanDuel, utilizing nearly $1.8 billion in gross proceeds to further fortify our balance sheet. And we continued to return significant capital to our shareholders, with more than $800 million 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."
Fourth-Quarter and Full-Year 2025 ResultsBoyd Gaming reported fourth-quarter 2025 revenues of $1.1 billion, increasing from $1.0 billion in the fourth quarter of 2024. The Company reported net income of $140.4 million, or $1.79 per share, for the fourth quarter of 2025, compared to $170.5 million, or $1.92 per share, for the year-ago period. Total Adjusted EBITDAR(1) was $336.6 million in the fourth quarter of 2025 versus $379.3 million in the fourth quarter of 2024. Adjusted Earnings(1) for the fourth quarter of 2025 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.
For the full year 2025, Boyd Gaming reported revenues of $4.1 billion, increasing from $3.9 billion for the full year 2024. The Company reported net income of $1.8 billion, or $22.56 per share, compared to net income of $578.0 million, or $6.19 per share, for the full year 2024. The Company's net income for the full year 2025 was impacted by a $1.4 billion after tax gain from the sale of the Company's equity interest in FanDuel, and $128.4 million in non-cash, pretax long-lived asset impairment charges.
Total Adjusted EBITDAR for the full year 2025 was $1.4 billion, in-line with the 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.
(1) See footnotes at the end of the release for additional information relative to non-GAAP financial measures.
Operations ReviewDuring the fourth quarter, the Las Vegas Locals segment saw continued growth in gaming revenues due to strong play from our core customers, as well as impacts from continued softness in destination business. In Downtown Las Vegas, results reflected stability in play among Hawaiian guests and reduced destination business. In the Midwest & South segment, the Company's properties continued to benefit from strong growth in play from our core customers, while year-over-year results were impacted by severe winter weather in December 2025.
Results in the Company's Online segment reflected growth from the Company's online casino gaming business, changes to the Company's revenue-sharing agreements due to the FanDuel transaction in the third quarter of 2025, and one-time fees recorded in the year-ago quarter. Year-over-year gains in Managed & Other were driven by continued growth in management fees from Sky River Casino in northern California.
Dividend and Share Repurchase UpdateBoyd Gaming paid a quarterly cash dividend of $0.18 per share on January 15, 2026, as previously announced.
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, 2025, the Company had approximately $362 million remaining under current share repurchase authorizations.
Balance Sheet StatisticsAs of December 31, 2025, Boyd Gaming had cash on hand of $353.4 million, and total debt of $2.1 billion.
Conference Call InformationBoyd Gaming will host a conference call to discuss its fourth-quarter and full-year 2025 results today, February 5, at 5:00 p.m. Eastern. The conference call number is (800) 836-8184. No passcode is required to join the call. Please call up to 15 minutes in advance to ensure you are connected prior to the start of the call.
The conference call will also be available online at https://investors.boydgaming.com or https://app.webinar.net/rR1M7oeGwXm.
Following the call's completion, a replay will be available by dialing (888) 660-6345 today, February 5, and continuing through Thursday, February 12. The passcode for the replay will be 02984#. The replay will also be available at https://investors.boydgaming.com.
BOYD GAMING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
(In thousands, except per share data)
2025
2024
2025
2024
Revenues
Gaming
$ 670,631
$ 658,440
$ 2,638,150
$ 2,583,926
Food & beverage
82,351
81,161
310,246
303,522
Room
47,201
52,840
191,286
204,608
Online
26,165
61,022
132,165
155,760
Online reimbursements
173,937
127,799
576,158
450,473
Management fee
26,251
23,880
98,869
88,407
Other
35,529
35,773
145,115
143,498
Total revenues
1,062,065
1,040,915
4,091,989
3,930,194
Operating costs and expenses
Gaming
261,218
249,787
1,026,555
999,753
Food & beverage
69,166
66,088
265,604
253,940
Room
19,081
19,863
77,056
77,591
Online
17,782
16,715
68,174
47,310
Online reimbursements
173,937
127,799
576,158
450,473
Other
13,223
12,990
51,239
51,322
Selling, general and administrative
111,184
111,517
433,100
427,226
Master lease rent expense (a)
28,583
28,159
113,769
111,406
Maintenance and utilities
36,697
36,255
151,216
148,366
Depreciation and amortization
90,753
77,705
302,710
276,639
Corporate expense
25,921
25,680
121,859
113,934
Project development, preopening and writedowns
7,146
6,618
12,360
28,572
Impairment of assets
31,000
—
128,395
10,500
Other operating items, net
9,989
438
15,388
5,385
Total operating costs and expenses
895,680
779,614
3,343,583
3,002,417
Operating income
166,385
261,301
748,406
927,777
Other expense (income)
Interest income
(1,254)
(384)
(4,826)
(1,625)
Interest expense, net of amounts capitalized
25,374
45,943
157,642
177,409
Loss on early extinguishments and modifications of debt
—
—
1,446
—
Other, net (b)
(107)
(299)
(1,735,527)
