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]

Key Takeaways BYD posted Q4 adjusted EPS of $2.21, beating estimates, up from $1.96 a year ago.BYD's Q4 revenues rose 2% Y/Y to $1.06B, topping consensus as the Midwest and Online segments grew.BYD strengthened its balance sheet via nearly $1.8B FanDuel proceeds, lower debt and $185M in Q4 buybacks.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 repo ...

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]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

For the quarter ended December 2025, Boyd Gaming (BYD) reported revenue of $1.06 billion, up 2% over the same period last year. EPS came in at $2.21, compared to $1.96 in the year-ago quarter.The reported revenue represents a surprise of +5.73% over the Zacks Consensus Estimate of $1 billion. With the consensus EPS estimate being $1.88, the EPS surprise was +17.3%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectati ...

Boyd Gaming (NYSE:BYD) Q4 2025 Earnings call February 05, 2026 05:00 PM ET Company ParticipantsDavid Strow - VP of Corporate CommunicationsJosh Hirsberg - CFOKeith Smith - President and CEOMax Marsh - Equity Research AssociateConference Call ParticipantsBen Chaiken - Managing Director and Senior Equity AnalystDan Politzer - Executive Director and Senior Equity Research AnalystDavid Katz - Managing Director and Senior Equity AnalystJordan Bender - Director and Senior Equity Research AnalystPatrick Scholes - ...

Boyd Gaming (NYSE:BYD) Q4 2025 Earnings call February 05, 2026 05:00 PM ET Company ParticipantsDavid Strow - VP of Corporate CommunicationsJosh Hirsberg - CFOKeith Smith - President and CEOMax Marsh - Equity Research AssociateConference Call ParticipantsBen Chaiken - Managing Director and Senior Equity AnalystDan Politzer - Executive Director and Senior Equity Research AnalystDavid Katz - Managing Director and Senior Equity AnalystJordan Bender - Director and Senior Equity Research AnalystPatrick Scholes - ...

Financial Data and Key Metrics Changes - In 2025, the company achieved record company-wide revenues with EBITDA of approximately $1.4 billion, maintaining property level margins at 40% [4][21] - For Q4 2025, revenues were $1.1 billion and EBITDA was $337 million, reflecting continued growth in gaming revenues [7][21] - Year-over-year EBITDA comparisons in Q4 were impacted by approximately $40 million due to changes in the online segment and severe winter weather [7][21] Business Line Data and Key Metrics Changes - The Las Vegas Locals segment saw strong gaming revenue growth driven by core customers, although cash hotel revenues declined by nearly $6 million due to softness in destination business [8][9] - The Midwest and South segment experienced growth from core and retail customers, but revenues were impacted by severe winter weather and the permanent closure of Sam's Town Tunica [10][11] - The online segment achieved EBITDAR of $63 million for the full year, with projections of $30-$35 million in 2026 [11][21] Market Data and Key Metrics Changes - The Las Vegas locals market showed strong play from local residents, while destination play remained weak, particularly affecting hotel revenues at the Orleans [31][32] - The company expects consumer spending to benefit from last year's tax legislation, particularly in Southern Nevada [6][27] - The Midwest and South markets are anticipated to continue benefiting from customers staying closer to home [11][70] Company Strategy and Development Direction - The company plans to continue investing in property improvements and growth projects, with capital expenditures expected to be between $650 million and $700 million in 2026 [22][23] - New projects include the opening of Cadence Crossing Casino and the development of a $160 million gaming facility at Par-A-Dice [16][23] - The company remains open to M&A opportunities but emphasizes a disciplined approach to acquisitions [35][42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing strong customer trends and the expected benefits from new investments and tax legislation [5][27] - The company noted that while destination business remains weak, core customer segments continue to perform well [70][90] - Management highlighted the importance of operational discipline and cost controls in maintaining performance [7][21] Other Important Information - The company returned over $800 million to shareholders in 2025 through share repurchases and dividends, reducing the total share count by 11% [5][24] - The company plans to continue repurchasing approximately $150 million in shares per quarter, supplemented by regular dividends [25][27] - The transitional casino in Norfolk, Virginia, is expected to break even until the permanent resort opens in late 2027 [61] Q&A Session Summary Question: Can you bifurcate between real locals play and destination locals play? - Management noted strong play from Las Vegas local residents, while destination play has shown weakness, particularly affecting hotel revenues at the Orleans [31][32] Question: Any updates on the M&A pipeline? - Management remains interested in M&A opportunities but emphasizes a disciplined approach to ensure the right asset at the right price [35][36] Question: What are the expectations for the customer base aged 65 and older? - Approximately 40% of the customer base is 65 and older, and management expects positive impacts from tax legislation for both Nevada and Midwest customers [49][51] Question: How is the weather impacting the Midwest and South segments? - Management indicated a similar impact to last year, estimating about a $5 million impact from weather in January [72][73] Question: What is the operational perspective on the transitional casino in Virginia? - Management expects the transitional casino to break even until the permanent facility opens [61] Question: How does the company view iGaming expansion? - The company supports iGaming expansion and sees it as complementary to their business, looking for opportunities to participate in new state launches [62][88]

Exhibit 99.1 BOYD GAMING REPORTS FOURTH-QUARTER, FULL-YEAR 2025 RESULTS LAS VEGAS - FEBRUARY 5, 2026 - Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the fourth quarter and full year ended December 31, 2025. 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 re ...

Core Insights - Boyd Gaming Corporation reported record revenues for the full year 2025, driven by strong performance from core customers and operational discipline [2][4] - The company achieved a net income of $1.8 billion for 2025, significantly up from $578 million in 2024, largely due to a $1.4 billion after-tax gain from the sale of its equity interest in FanDuel [4][5] - Boyd Gaming plans to continue capital investments, including a $750 million resort in Virginia, and has returned over $800 million to shareholders through share repurchases and dividends in 2025 [2][4] Financial Performance - For Q4 2025, Boyd Gaming reported revenues of $1.1 billion, up from $1.0 billion in Q4 2024, with net income of $140.4 million or $1.79 per share [3][4] - Full-year revenues for 2025 reached $4.1 billion, an increase from $3.9 billion in 2024, while total adjusted EBITDAR was $1.4 billion, consistent with the previous year [4][5] - Adjusted earnings for Q4 2025 were $173.5 million or $2.21 per share, compared to $174.7 million or $1.96 per share in Q4 2024 [3][5] Operational Review - The Las Vegas Locals segment experienced growth in gaming revenues, although there was softness in destination business [6] - The Midwest & South segment benefited from strong customer play, despite being impacted by severe winter weather in December 2025 [6] - The online segment saw growth due to the online casino gaming business and changes in revenue-sharing agreements following the FanDuel transaction [7] Shareholder Returns - Boyd Gaming paid a quarterly cash dividend of $0.18 per share on January 15, 2026, and repurchased $185 million in shares during Q4 2025 [8] - As of December 31, 2025, the company had approximately $362 million remaining under its share repurchase authorization [8] Balance Sheet - As of December 31, 2025, Boyd Gaming had cash on hand of $353.4 million and total debt of $2.1 billion [9]