Boyd Group Services Inc. Reports Fourth Quarter and Full Year 2025 Results Accessibility StatementSkip Navigation - Strong Finish To 2025, With Second Consecutive Quarter of Positive Same-Store Sales Growth and Solid Year-Over-Year Adjusted EBITDA Margin Improvement - WINNIPEG, MB, March 18, 2026 /PRNewswire/ - Boyd Group Services Inc. (TSX: BYD) (NYSE: BGSI) ("the Boyd Group", "Boyd" or "the Company") today announced the results for the three and twelve-month periods ended December 31, 2025. The Boyd Group ...

Core Insights - BYD has secured a significant export order of 100,000 vehicles from its newly operational factory in Brazil, indicating strong demand and expansion in international markets [1] Group 1: Company Developments - The export order will see shipments evenly distributed between Argentina and Mexico, showcasing BYD's strategic focus on Latin American markets [1]

Company Overview - Boyd Gaming Corporation is a prominent multi-jurisdictional gaming operator with a strong presence in Nevada and several Midwest and Southern states, catering to local residents, regional visitors, and tourists seeking casino and resort experiences [1] - The company generates revenue primarily from gaming operations, supplemented by hospitality and entertainment services, leveraging regional diversification and a mix of local and destination markets [2] Recent Transaction Details - William Boyd, a Director of Boyd Gaming Corporation, sold 30,000 shares for a transaction value of $2,545,200 on February 18, 2026, which is above his recent median sell size of 17,500 shares but within a historical range of 10,000 to 100,000 shares [5][6] - Following the sale, Mr. Boyd retains 2,017,481 indirect shares through a trust and 15,188 shares held directly, indicating he is not in a rush to dispose of his holdings [4][6] Stock Performance - Boyd Gaming's stock reached a 52-week high of $89.96 in January 2026, significantly above its low of $58.94, driven by strong company performance [7] - The company achieved record revenue of $4.1 billion in 2025, with net income soaring to $1.8 billion from $578 million in 2024, largely due to the sale of its stake in FanDuel [8] Dividend and Cash Flow - In February 2026, Boyd Gaming raised its quarterly dividend to $0.20 per share, contributing to the stock's price stability [7] - Despite the strong revenue growth, the company's free cash flow per share has declined over the past year, suggesting caution for potential investors [8] Investment Considerations - Analysts from The Motley Fool Stock Advisor have identified other stocks as better investment opportunities, indicating that Boyd Gaming is not currently among the top recommendations for investors [9]

Core Viewpoint - Boyd Gaming Corporation has reached an agreement to sell the Sam's Town Hotel & Casino in Shreveport, Louisiana, to Bally's Corporation for an undisclosed amount [2]. Company Summary - The Sam's Town Hotel & Casino in Shreveport features a 29,000-square-foot casino with 750 gaming machines [2].

Core Viewpoint - Boyd Gaming Corporation has entered into a definitive agreement to sell Sam's Town Hotel & Casino in Shreveport, Louisiana, to Bally's Corporation [1] Company Overview - Sam's Town Shreveport features a 29,000-square-foot casino with 750 slot machines and 14 table games [1] - The property includes a 514-room hotel, multiple restaurants, a live entertainment venue, and convention and meeting space [1] Transaction Details - The sale involves a strategic move for both Boyd Gaming Corporation and Bally's Corporation, as Sam's Town Shreveport is located adjacent to Bally's Shreveport Casino & Hotel in downtown Shreveport [1]

Debt and Financial Obligations - As of December 31, 2025, the company had approximately $2.1 billion in long-term debt, with $0.2 billion outstanding under the Credit Facility and $12.7 million in outstanding letters of credit[126]. - The company has approximately $1,276.6 million available for borrowing under the Revolving Credit Facility as of December 31, 2025[126]. - The company is required to maintain a minimum consolidated interest coverage ratio of 2.50 to 1.00 and a maximum Consolidated Total Net Leverage Ratio of 4.50 to 1.00[131]. - The company may incur substantial additional indebtedness in the future for expansion and strategic initiatives, which could increase financial risks[127]. - The company’s financial instruments are sensitive to changes in interest rates, particularly long-term U.S. treasury rates and SOFR rates[319]. - The company has a credit facility with a total revolving credit commitment of $1,450,000,000, with $135,000,000 and $25,700,000 in borrowings outstanding on the Revolving Credit Facility and Swing Loan, respectively[449]. - The outstanding principal amounts under the Credit Facility decreased from $1,300,300,000 in 2024 to $160,700,000 in 2025, reflecting significant debt repayment[448]. - The company fully repaid the $880,000,000 Term A Loan as of December 31, 2025, using proceeds from the sale of equity interest in FanDuel[448]. - The interest rate on the Revolving Credit Facility ranges from 1.25% to 2.25% based on the Secured Overnight Financing Rate (SOFR) and from 0.25% to 1.25% based on the base rate[450]. - As of December 31, 2025, the company had a total outstanding principal of long-term debt amounting to $2,060.7 million, with scheduled maturities including $1,160.7 million due in 2027[470]. Revenue and Income - Total revenues for 2025 reached $4,091.99 million, an increase of 4.1% compared to $3,930.19 million in 2024[339]. - Net income for 2025 was $1,838.90 million, significantly up from $577.95 million in 2024, representing a growth of 217.5%[341]. - The company reported an operating income of $1,843.27 million for 2025, compared to $752.00 million in 2024, indicating a substantial increase[339]. - Basic net income per common share for 2025 was $22.56, up from $6.19 in 2024, marking a significant rise of 264.3%[339]. - Comprehensive income for 2025 was $1,839.75 million, compared to $576.65 million in 2024, showing an increase of 218.5%[341]. - The company reported total income before income taxes of $2,329.7 million for the year ended December 31, 2025, compared to $752.0 million in 2024[476]. - The total income tax provision for the year ended December 31, 2025, was $490.8 million, with an effective tax rate of 21.1%[476]. Assets and Liabilities - Boyd Gaming's total assets increased to $6,574.69 million in 2025 from $6,391.82 million in 2024, reflecting a growth of 2.9%[337]. - Total current liabilities increased to $979.22 million in 2025 from $622.69 million in 2024, a rise of 57.3%[337]. - The company’s operating lease liabilities decreased to $554.25 million in 2025 from $651.75 million in 2024, a reduction of 14.9%[337]. - The carrying value of goodwill as of December 31, 2025, was $958.0 million, while gaming license rights indefinite-lived intangible assets were valued at $1,203.9 million[331]. - The company reported a total of $15.6 million in future maturities for the City Bonds, with $845,000 due in 2026[369]. - The company’s accounts receivable net balance was maintained at a level that approximates fair value, with no significant changes reported[361]. - The company’s inventories primarily consist of food & beverage and retail items, stated at the lower of cost or market[363]. Cash Flow and Investments - Total cash provided by operating activities in 2025 was $976,679, compared to $957,075 in 2024 and $914,516 in 2023, indicating consistent cash generation capabilities[345]. - Capital expenditures for 2025 amounted to $588,215, up from $400,400 in 2024 and $373,950 in 2023, highlighting ongoing investments in growth[346]. - The company repurchased and retired shares worth $778,324 in 2025, compared to $685,850 in 2024 and $412,655 in 2023, demonstrating a commitment to returning value to shareholders[346]. - The company’s total cash, cash equivalents, and restricted cash at the end of 2025 was $358,767, an increase from $321,364 in 2024 and $307,930 in 2023[346]. - Cash and cash equivalents increased to $353.4 million in 2025 from $316.7 million in 2024, representing a 11.0% growth[360]. - The provision for expected credit losses at the end of 2025 was $2.6 million, up from $2.3 million in 2024, reflecting a 9.3% increase[362]. Acquisitions and Strategic Initiatives - Boyd Gaming's online segment includes the acquisition of Resorts Digital Gaming, LLC on September 1, 2024, enhancing its digital gaming portfolio[349]. - The acquisition of Boyd Digital on September 1, 2024, involved a total cash consideration of $34.0 million, with $30.3 million net cash paid after accounting for cash and restricted cash acquired[418]. - Boyd Gaming's revenue and earnings from the Boyd Digital acquisition are not material for the period from September 1, 2024, through December 31, 2024[421]. - The company entered into agreements to purchase $400.9 million of transferable federal energy tax credits during 2025, resulting in an income tax benefit recorded for the year[383]. - The Company entered into an amendment to the management agreement with Wilton Rancheria for the expansion of Sky River Casino, which includes 400 additional slots and a hotel, without funding obligations[499]. Taxation and Regulatory Matters - The company maintained a valuation allowance of $13.3 million against certain deferred tax assets as of December 31, 2025[475]. - The IRS examination of the company's federal corporate income tax return for the tax year ended December 31, 2021, was closed in the second quarter of 2025 with no significant adjustments[482]. - The company has state income tax net operating loss carryforwards of approximately $754.0 million, which may be utilized to reduce future state income taxes[473]. - The Company received $98.9 million, $88.4 million, and $76.9 million in management fees for its services in 2025, 2024, and 2023, respectively[498]. Marketing and Customer Relations - The estimated retail values related to complimentary goods and services provided to customers included $135.9 million for food & beverage, $65.4 million for rooms, and $9.0 million for other services in 2025[393]. - The marketing agreement provides projected marketing expense savings, valued at $4,200.0 million, enhancing the company's promotional capabilities[432]. - Boyd Gaming's online market access agreements generate revenue based on actual net wagering wins and losses or fixed annual fees, contributing to online revenue on the consolidated statements of operations[404].

Core Viewpoint - Boyd Gaming Corporation has increased its quarterly dividend to $0.20 per share from the previous $0.18 per share, reflecting a commitment to returning value to shareholders [1]. Company Overview - Boyd Gaming Corporation, founded in 1975, operates 27 gaming entertainment properties across 11 states and manages a tribal casino in northern California [1]. - The company also owns and operates Boyd Interactive, a B2B and B2C online casino gaming business [1]. - Boyd Rewards, the company's loyalty program, is recognized as the nation's favorite casino loyalty program by USA Today readers [1]. - Boyd Gaming has been named one of "America's Best Companies" by Forbes magazine and is led by an experienced team in the industry [1]. Dividend Details - The new dividend of $0.20 per share is payable on April 15, 2026, to shareholders of record as of March 16, 2026 [1].

Group 1 - Boyd Gaming reported a double-beat in its earnings, consistent with predictions made in previous analyses [1] - The company has achieved this double-beat for the last six reporting periods, indicating a strong performance trend [1] Group 2 - The research firm Goulart's Restaurant Stocks focuses on the U.S. restaurant industry, covering various segments from quick-service to fine dining [2] - The firm employs advanced financial modeling and sector-specific KPIs to identify hidden value in public equities, particularly in micro and small-cap stocks [2] - The analyst has a background in finance and business management, holding an MBA in Controllership and Accounting Forensics, which supports the firm's research efforts [2]

Core Insights - Boyd Gaming Corporation (BYD) reported strong fourth-quarter 2025 results, with earnings and revenues exceeding the Zacks Consensus Estimate, showing year-over-year growth [1][4] Financial Performance - Adjusted earnings per share (EPS) for Q4 were $2.21, surpassing the consensus estimate of $1.88 by 17.6%, and up from $1.96 in the same quarter last year [4] - Total revenues reached $1.06 billion, beating the consensus mark of $1 billion by 5.7%, and increased by 2% year-over-year [4] - Total adjusted EBITDAR for the quarter was $336.6 million, down from $379.3 million in the prior-year quarter [4] Segment Performance - **Las Vegas Locals**: Revenues were $227.2 million, down from $232 million year-over-year; adjusted EBITDAR was $109.1 million compared to $112.3 million [5] - **Downtown Las Vegas**: Revenues decreased to $62.9 million from $65.6 million; adjusted EBITDAR fell to $24 million from $27 million [6] - **Midwest and South Segment**: Revenues increased to $533.1 million from $518.5 million; adjusted EBITDAR slightly decreased to $191.4 million from $192.4 million [7] - **Online Segment**: Revenues grew to $200.1 million from $188.8 million; adjusted EBITDAR significantly dropped to $8.2 million from $44.1 million [8] Operational Highlights - Total operating costs and expenses for Q4 were $895.7 million, up from $779.6 million in the prior-year quarter; selling, general and administrative expenses were relatively stable at $111.2 million compared to $111.5 million [10] Annual Performance - For the full year 2025, total revenues were $4.1 billion, an increase from $3.93 billion in 2024; net income rose to $1.84 billion from $578 million in 2024; adjusted diluted EPS was $7.40, up from $6.55 [11] Balance Sheet Strength - As of December 31, 2025, cash on hand was $353.4 million, up from $316.7 million a year earlier; total debt decreased to $2.1 billion from $3.2 billion [12] - The company repurchased $185 million worth of common stock in Q4, with approximately $362 million available under its repurchase program [12] Future Outlook - Management anticipates continued momentum into 2026, supported by strong core customer engagement and returns from capital investments [3]

Core Insights - Boyd Gaming reported record revenues and EBITDA for 2025, with approximately $1.4 billion in EBITDA and property-level margins of 40% [3][6] - The company unlocked significant value from its FanDuel ownership interest, generating nearly $1.8 billion in cash proceeds, which helped reduce leverage to 1.7x [2][6] - Management expects traditional leverage to approach 2.5x in 2026 due to a $340 million tax payment and ongoing capital investments [1][6] Financial Performance - For Q4 2025, Boyd reported company-wide revenue of $1.1 billion and EBITDA of $337 million, driven by strong core customer play [7] - Year-over-year EBITDA comparisons were impacted by approximately $40 million due to changes in the Online segment and severe winter weather [8] - The Las Vegas locals segment showed strong performance, with nearly 2.5% EBITDAR growth excluding The Orleans, which faced a decline in cash hotel revenue [10] Capital Returns and Shareholder Value - Boyd returned $836 million to shareholders in 2025, including $778 million in share repurchases and $58 million in dividends [5][19] - The company plans to continue repurchasing approximately $150 million in shares per quarter, supplemented by a quarterly dividend [5][19] Capital Expenditures and Development - Boyd guided for capital expenditures of approximately $650 million to $700 million in 2026, including significant projects like the $750 million Norfolk resort [5][16][17] - The company is also working on a $160 million new gaming facility at Par-A-Dice, with construction expected to begin in 2027 [17] Online and Managed Businesses - The Online segment generated full-year EBITDAR of $63 million, with projections for 2026 EBITDAR of $30 million to $35 million due to changes in revenue share agreements [14] - Managed businesses, including Sky River Casino, are expected to contribute EBITDAR of $110 million to $114 million in 2026 [15]