Boyd Gaming (US:BYD)2026-02-05 21:10Financial Performance - Boyd Gaming reported fourth-quarter 2025 revenues of $1.1 billion, a 10% increase from $1.0 billion in Q4 2024[3] - The company achieved full-year 2025 revenues of $4.1 billion, up from $3.9 billion in 2024, marking a 5% growth[4] - Net income for Q4 2025 was $140.4 million, or $1.79 per share, compared to $170.5 million, or $1.92 per share, in Q4 2024[3] - Full-year 2025 net income reached $1.8 billion, or $22.56 per share, significantly up from $578.0 million, or $6.19 per share, in 2024[4] - Total revenues for the three months ended December 31, 2025, were $1,062,065,000, an increase from $1,040,915,000 in the same period of 2024, representing a growth of 2.0%[18] - Adjusted EBITDA for the year ended December 31, 2025, was $1,239,993,000, compared to $1,279,187,000 in 2024, reflecting a decrease of 3.1%[18] - Net income attributable to Boyd Gaming for the three months ended December 31, 2025, was $140,403,000, down from $170,506,000 in the same period of 2024, a decline of 17.6%[21] - Adjusted earnings for the year ended December 31, 2025, were $604,573,000, slightly lower than $611,264,000 in 2024, a decrease of 1.1%[21] - Adjusted earnings per share for the three months ended December 31, 2025, were $2.21, compared to $1.96 in the same period of 2024, an increase of 12.8%[21] Shareholder Returns - Boyd Gaming returned over $800 million to shareholders through share repurchases and dividends in 2025[2] - The company repurchased $185 million in shares during Q4 2025, with approximately $362 million remaining under current share repurchase authorizations[10] Asset Management - The company utilized nearly $1.8 billion in gross proceeds from the sale of its equity interest in FanDuel to strengthen its balance sheet[2] - Boyd Gaming's cash on hand as of December 31, 2025, was $353.4 million, with total debt of $2.1 billion[11] - Impairment of assets for the year ended December 31, 2025, amounted to $128,395,000, significantly higher than $10,500,000 in 2024[21] Segment Performance - The online segment reported revenues of $200,102,000 for the three months ended December 31, 2025, up from $188,821,000 in 2024, an increase of 6.8%[18] - The Midwest & South segment generated revenues of $533,078,000 for the three months ended December 31, 2025, compared to $518,499,000 in 2024, an increase of 2.2%[18] Company Outlook and Strategy - Boyd Gaming is optimistic about 2026, expecting continued strength in play from core customers and returns from ongoing capital investments[2] - Boyd Gaming operates 27 gaming entertainment properties across 11 states, including a tribal casino in northern California[28] - The company manages Boyd Interactive, a B2B and B2C online casino gaming business, enhancing its digital presence[28] - Boyd Rewards is recognized as the nation's favorite casino loyalty program, indicating strong customer engagement[28] - The company has been named one of "America's Best Companies" by Forbes, reflecting its industry reputation[28] - Boyd Gaming is committed to delivering outstanding entertainment experiences and memorable guest service, emphasizing customer satisfaction[28]