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

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]